CYA Stock, Simplify Tail Risk Strategy ETF Information

The Simplify Tail Risk Strategy ETF (the Fund) seeks to provide income and capital appreciation while protecting against significant downside risk. The Fund invests in fixed income and income generating ETFs. The Fund will invest between 50-90% of the Funds assets in income generating ETFs including affiliated funds managed by the adviser. The Fund considers an ETF an income generating ETF if the ETF demonstrates an attractive distribution or income yield (i.e., a yield that is greater than 2 year Treasury notes), for example ETFs that invest in REITs or MLPs or ETFs that seek to provide the inverse of the S&P 500 VIX Short-Term Futures Index. A REIT is a company that owns, operates, or finances income-generating real estate. An MLP is a business venture that exists in the form of a publicly traded limited partnership. The Fund defines fixed income ETFs as ETFs that invest in debt securities of any credit quality or maturity.