Strategy. The Fund has adopted a non-fundamental policy that, 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. entities. The Fund defines equity securities as common stock, preferred stock, and futures on common stock. Additionally, the Fund defines U.S. entities as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or deriving more than 50% of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintaining more than 50% of its employees, assets, investments, operations, or other business activity in the U.S. The Adviser believes that, based upon its … Show more… The Fund has adopted a non-fundamental policy that, 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. entities. The Fund defines equity securities as common stock, preferred stock, and futures on common stock. Additionally, the Fund defines U.S. entities as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or deriving more than 50% of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintaining more than 50% of its employees, assets, investments, operations, or other business activity in the U.S. The Adviser believes that, based upon its historical research, allocations to a combination of US equity strategies and multiple quantitative investment strategies (or QIS) across equity, fixed income, commodity, currency, and volatility markets may achieve long-term capital appreciation and mitigate asset-class and single-strategy risks. QIS are quantitative investment strategies that provide model portfolios directly accessed by the Fund through total return swaps (each a QIS swap) or indirectly by investing in the Simplify Multi-QIS Alternative ETF (the QIS Fund). The Adviser also uses an income generating option strategy to contribute to the Funds investment objective. The Fund is designed to provide exposure to U.S. equities plus QIS, and an income generating option overlay, as further described below. US Equity Strategies The Adviser believes that, based upon its historical research, a base allocation to equities will make a significant contribution to long-term capital appreciation, while providing dividend income to help offset Fund operating expenses. The Fund invests in equity securities of U.S. entities primarily through (i) equity securities of U.S. companies, (ii) ETFs that primarily invest in the equity securities of U.S. companies, and (iii) exchange-traded equity futures contracts. The Fund invests in companies without restriction as to capitalization. The Adviser evaluates expected return, expenses, management, and leveraging effects when initially choosing between specific stocks, ETFs, and futures and evaluates allocations among these instruments on an ongoing basis to determine whether any adjustments to the allocations would provide better returns. Through a combination of securities and futures, the Adviser targets an allocation equivalent to approximately 100% of Fund net assets to the US equity strategy. The Adviser reduces equity exposure when it believes the QIS strategy will produce higher returns and changes allocations among specific stocks, ETFs, and futures to those with the highest expected return. QIS Strategies (i.e. multiple quantitative investment strategies) This component of the Funds strategy is designed to identify the optimal allocation among quantitative investment strategies to achieve positive returns and mitigate asset-class and single-strategy risks. The Adviser executes the QIS strategy primarily by investing in the Simplify Multi-QIS Alternative ETF (the QIS Fund), which is a US domiciled and US exchange-traded fund managed by the Adviser, and through QIS swaps. The Fund looks through the QIS Fund and QIS swaps to measure its contribution to the Funds 80% investment policy. Through the QIS Fund and QIS swaps, the Fund may indirectly invest in foreign issuers (including emerging markets), on foreign exchanges, and in debt of any quality. The QIS Fund invests in multiple quantitative investment strategies across equity, fixed income, commodity, currency, and volatility markets. The QIS swaps provide returns to the Fund that are based on model portfolios generated by the quantitative investment strategies. The quantitative investment strategies are third-party investment strategies that analyse historical quantitative data and use models to identify investments that, based on historical results, can provide attractive risk adjusted returns. The Adviser evaluates multiple strategies and selects the individual strategies based on multiple qualitative and quantitative considerations, including portfolio diversification, scalability, expected risk adjusted returns and correlation to one another. The Adviser evaluates these strategies on a quarterly basis and makes adjustments to the strategy allocations when the Adviser believes an alternative strategy would provide better returns. The quantitative investment strategies selected by the Adviser are thematic based strategies provided by third-party research providers. The strategies are not specifically designed for the Fund, and the third parties are agnostic to the Fund's overall investment posture. The Adviser decides whether to use a quantitative investment strategy as an input to its decision-making process and maintains full discretion over investment decisions for the Fund. When the Fund enters into a QIS swap, the Fund makes payments to the swap counterparty based on either a fixed or variable rate, and the swap counterparty makes payments to the Fund based on the return of the underlying strategy. When it believes conditions are favorable for the QIS strategy, the Adviser may allocate up to 50% of the Funds net assets to the QIS strategy. When the Adviser believes conditions are unfavorable for the QIS strategy, the Adviser will sell all or a portion of its assets allocated to the QIS strategy. The Adviser rebalances the Funds portfolio between U.S. equities and the QIS strategy at least quarterly. Income Generating Option Strategy To generate additional income, the Fund employs an exchange-traded and over-the-counter (OTC) option spread writing strategy on instruments linked to equities, fixed income, volatility indices, commodities, and currencies. The equity and fixed income strategies include primarily U.S. companies but may include companies from both emerging and developed foreign markets and may include companies of any market capitalization. The commodity strategies may include all types of commodities and commodity indexes. Currency strategies are those that attempt to profit from the changes in the relative value of various currencies. Volatility strategies are those that attempt to profit from the changes in the historical or implied return volatility of futures or securities indexes. Volatility is a measure of a reference assets historical or expected future price movements. A call option gives the owner the right, but not the obligation, to buy, for example, an ETF at a specified price (strike price) within a specific time period. A put option gives the owner the right, but not the obligation, to sell, for example, an ETF at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written option premiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options. Call Spread Sub-Strategy When the Adviser believes a reference assets price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a further out of the money call option. Put Spread Sub-Strategy When the Adviser believes reference assets price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a further out of the money put option. The Adviser expects the written options to expire worthless but purchases lower-cost further out of the money options to insulate the Fund from large losses if the written options increase in value. Generally, the Adviser selects options based upon its evaluation of relative value based on cost, strike price (price that the optioned asset can be bought or sold by the option holder) and maturity (the last date the option contract is valid) and will exercise or close the options based on approaching maturity or opportunistic portfolio rebalancing. The Adviser expects options to be held to expiration but may adjust positions following a large (over 10%) price swing in an options reference asset. The Fund also holds cash and invests in cash-like instruments or high-quality short term fixed income securities as collateral for futures and assuring its performance to an option buyer when writing options (collectively, Collateral). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default. Show less