Simplify National Muni Bond ETF is notifying shareholders that its Board approved a new sub-advisory agreement keeping FCO Advisors LP ("Foundation Credit") as the Fund’s sole sub-adviser after a change in its ownership structure. JAB Holding Company acquired Prosperity Life Insurance Group, which indirectly controls Foundation Credit, triggering an automatic termination of the prior agreement under the Investment Company Act.
Under the new agreement effective September 5, 2025, Simplify Asset Management, Inc. continues as adviser, charging a unitary fee of 0.50% of average daily net assets and paying Foundation Credit a 0.25% sub-advisory fee from its own resources, so the Fund’s total fees do not increase. The Board, including a majority of independent trustees, reviewed Foundation Credit’s services, fees, profitability and performance, noting that the Fund had outperformed its benchmark over several recent periods with unchanged portfolio personnel. As of the September 9, 2025 record date, 1,925,001 Fund shares were outstanding. No shareholder vote is required due to an existing SEC exemptive order.