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Tuesday, November 7, 2023

A New ETF Simply Focuses On Newer MBS

Reported by Neil Anderson, Managing Editor

A Big Apple fund firm's team is rolling out another active ETF, this time focusing on mortgage-backed securities issued this year.

Today, Paul Kim, CEO of Simplify Asset Management Inc. [profile], and Harley Bassman, managing partner and convexity maven, unveil the launch of the Simplify MBS ETF (MBTA on the NYSE Arca, Inc.). The new fund is a series of Simplify Exchange Traded Funds.

This is Simplify's 6th ETF launch this year. The firm now offers 25 ETFs in total. As of Monday, the firm had $2.77 billion in AUM.

MBTA comes with an expense ratio of 15 basis points (including a 10bps fee waiver promised through October 31, 2024). The new, actively managed ETF's inception date was yesterday, and by the end of the day it had about $2.5 million in AUM.

Simplify serves as MBTA's investment advisor. The new fund's PM team includes: David Berns, chief investment officer; Ken Miller, portfolio manager; Bassman; and Kim.

Bassman puts the launch of MBTA in the context of recent MBS having "larger coupons and shorter duration in comparison to previous vintages."

"Newly issued MBS are the best risk-adjusted bonds in the market, and my colleagues and I are thrilled to be rolling out this fund at what is such a crucial time for income-focused investors," Bassman states.

"The current levels of complexity and volatility across the fixed income spectrum are unlike anything investors have seen in decades," Kim states. "Helping navigate this new normal is at the core of our efforts at Simplify, and we look forward to continuing to educate the marketplace about MTBA and all of the funds in our fast-growing lineup."

MBTA's other service providers include: Bank of New York Mellon as administrator, custodian, dividend disbursing agent, shareholder servicing agent, and transfer agent; Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Financial Services, LLC as distributor and principal underwriter; Foreside Fund Officer Services, LLC as chief compliance officer provider; and Thompson Hine LLP as counsel. 

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