The Board of Trustees (the “Board”) of Simplify Exchange Traded Funds (the “Trust”) has determined that it is in the best interests of shareholders to liquidate the Simplify Nasdaq 100 PLUS Downside Convexity ETF (QQD) and Simplify Nasdaq 100 PLUS Convexity ETF (QQC) and Simplify US Small Cap PLUS Downside Convexity ETF (RTYD), and Simplify Volt Cloud and Cybersecurity Disruption ETF (VCLO) (each, a “Fund” and together the “Funds”), each a series of the Trust, following a recommendation by each Fund’s investment adviser, Simplify Asset Management Inc. and, solely with respect to Simplify Volt Cloud and Cybersecurity Disruption ETF, its investment sub-adviser, Volt Equity LLC.

The Board has determined to liquidate the Funds with the liquidation payment to their respective shareholders expected to take place on or about May 5, 2023 (“Liquidation Date”). After the close of business on April 28, 2023, the Funds will no longer accept creation orders. The last day of trading in Simplify US Small Cap PLUS Downside Convexity ETF and Simplify Volt Cloud and Cybersecurity Disruption ETF on the NYSE Arca, Inc. will be April 28, 2023. The last day of trading in Simplify Nasdaq 100 PLUS Convexity ETF and Simplify Nasdaq 100 PLUS Downside Convexity ETF on The Nasdaq Stock Market LLC will be April 28, 2023. Shareholders who do not sell their shares of a Fund before market close on April 28, 2023 will receive cash equal to the amount of the net asset value of their shares in their brokerage accounts, on or about the Liquidation Date. As calculated on the Liquidation Date, each Fund’s net asset value will reflect any costs of closing the Fund. Once the distributions are complete, the Funds will terminate.

ABOUT SIMPLIFY ASSET MANAGEMENT INC

Simplify Asset Management Inc. is a Registered Investment Adviser founded in 2020 to help advisors tackle the most pressing portfolio challenges with an innovative set of options-based strategies. By accounting for real-world investor needs and market behavior, along with the non-linear power of options, our strategies allow for the tailored portfolio outcomes for which clients are looking. For more information, visit www.simplify.us.

Investors should carefully consider the investment objectives, risks, charges, and expenses of Exchange Traded Funds (ETFs) before investing. To obtain an ETF's prospectus containing this and other important information, please call (855) 772-8488, or visit SimplifyETFs.com. Please read the prospectus carefully before you invest.

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