Simplify Piper Sandler US Small-Cap PLUS Income ETF

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. small-capitalization companies. The manager defines small-capitalization companies as those with market capitalizations, at the time of purchase, no larger than the largest constituent of the Russell 2000 Index. The fund is non-diversified.