ETF Evaluator:
Simplify MBS ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Intermediate Government Over the Last Year
| 6.1% | Regan Fixed Rate MBS ETF (MBSX) |
| 3.1% | Simplify MBS ETF (MTBA) |
| 2.6% | Vanguard Government Securities Actv ETF (VGVT) |
| 2.2% | Intermediate Government () |
| 2.1% | State Street SPDR Port Itmt Term Trs ETF (SPTI) |
Risk
Index
Risk
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ETF Details
Simplify MBS ETF Overview
Simplify MBS ETF (MTBA) is an actively managed Taxable Bond Intermediate Government exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2023.
The investment seeks to maximize total return.
The fund invests at least 80% of its net assets in mortgage-backed securities. The advisor defines MBS as any agency or non-agency residential or commercial mortgage-backed security and any futures contract, forward agreement, swap contract, or option linked to the preceding. It is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing primarily in MBS’s issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.
About Simplify MBS ETF (MTBA)
There are 3 members of the management team with an average tenure of 2.73 years: Ken Miller (2023), David Berns (2023) and Harley Bassman (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
Simplify MBS ETF has 14 securities in its portfolio. The top 10 holdings constitute 100.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify MBS ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Simplify MBS ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 67.9% (67.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify MBS ETF has 32.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $6 billion average for the Intermediate Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MTBA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Simplify MBS ETF expense ratio is low compared to funds in the Intermediate Government category. Simplify MBS ETF has an expense ratio of 0.15%, which is 43% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Simplify MBS ETF has a portfolio turnover rate of 1376%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 252% for the Intermediate Government category.
Recently, in the month of July 2026, Simplify MBS ETF returned -1.1%, which earned it a grade of D, as the Intermediate Government category had an average return of -1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Simplify MBS ETF has a trailing yield of 5.54%, which is above the 4.79% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Simplify MBS ETF Grades
Year to date, the ETF has returned -0.8%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 3.1% over the past year (grade of A).
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MTBA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MTBA Return (NAV) | -1.1% | -0.6% | 3.1% | na | na | na |
| MTBA Return (Price) | -0.9% | -0.5% | 3.2% | na | na | na |
| NAV +/- Price Return | -0.216% | -0.175% | -0.060% | na | na | na |
| Intermediate Government Avg | -1.0% | -0.8% | 2.2% | 3.4% | -0.4% | 1.0% |
| MTBA Grade (NAV) | D | A | A | na | na | na |
| +/- Category (NAV) | -0.0% | 0.2% | 1.0% | na | na | na |
| MTBA Tax-Cost Ratio | na | na | 2.4% | na | na | na |
MTBA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MTBA Return (NAV) | -0.8% | 7.8% | 2.2% | na | na | na | na | na | na | na | na |
| MTBA Return (Price) | -0.6% | 7.8% | 2.0% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.178% | -0.009% | -0.094% | na | na | na | na | na | na | na | na |
| Intermediate Government Avg | -0.8% | 7.1% | 1.2% | 4.3% | -11.0% | -2.5% | 7.5% | 6.3% | 1.3% | 1.5% | 1.1% |
| MTBA Grade (NAV) | C | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.0% | 0.7% | 1.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.5% |
| Total Assets: | $ 1,505 Mil |
| Share Class Assets: | $ 1,505 Mil |
| Turnover: | 1376.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Miller Ken (2023), Berns David (2023), Bassman Harley (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 14 |
| % in Top 10 Holdings: | 100.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 67.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 32.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | November 6, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.10% |
