Propel Bio Management LLC

Item 5 Fees and Compensation
The following sets forth a description of the advisory fee arrangements in effect with respect to the
Clients.

Private Fund
For its private fund Clients, Propel receives an asset-based management fee (the "Management Fee")
set forth in the private funds' governing documents.Propel or the General Partner, in its sole discretion,
may waive the Management Fee.

In addition, Propel receives performance-based compensation, which is compensation based on a
share of capital gains or capital appreciation of the assets of the private fund as is more fully set forth
in the governing documents of the private fund.

Propel will negotiate its compensation, if any, from co-investment opportunities on a case-by-case
basis, and such compensation may include asset-based fees, carried interest and expense
reimbursement or non-advisory administrative fees.

ETF
With respect to the ETF, Propel will receive a sub-advisory fee as set forth in the prospectus of the
ETF. The sub-advisory fee charged by Propel is documented in writing in an investment sub-advisory
agreement between the ETF's adviser, Simplify Asset Management, Inc. ("Simplify"), and the Simplify
Exchange Traded Funds Trust (the "Trust"). Such agreement has been approved by the Board of
Trustees of the Trust. Investors are encouraged to review the ETF's prospectus to understand its fees
and expenses, which includes expenses for custody, administration, and other non-advisory services.

Item 7 Types of Clients
As described in Item 4, Propel's Clients are private funds and an ETF.

The private funds are private investment partnerships whose interests are offered to investors on a
private placement basis and is organized as a Delaware limited partnership. Capital commitments to
the private funds must be in a minimum amount of at least $1,000,000 for individuals and $5,000,000
for institutional investors, although the general partner of the private fund reserves the right to waive or
reduce this requirement in its sole discretion from time to time. An investment in the private fund is
limited to investors that are "accredited investors" within the meaning of Regulation D under the
Securities Act of 1933, as amended (the "Securities Act"). The private fund's governing documents
contain a complete discussion of the investor eligibility requirements and the terms and conditions of
an investment in the private fund.

The ETF is a U.S. investment company registered under the 1940 Act.