Simplify Exchange Traded Funds Simplify Wolfe US Equity 150/50 ETF

The fund invests primarily in total return swaps that provide the returns, long or short, of a basket of common stocks. 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. companies. Equity securities include investments that provide long or short exposure to equity securities, including total return swaps.