MTBA Fees and Costs — Simplify MBS ETF
Data updated: 2026-09-11
The net expense ratio is 0.15% (0.25% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2K in broker commissions, 0.0001% of average net assets, and portfolio turnover was 1376%.
MTBA Fees and Expenses
Annual operating expenses and sales charges of MTBA. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.25% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MTBA Costs Over Time
On $10,000 invested in MTBA, assuming 5% a year before costs, total costs come to $95 over 5 years, cutting the return by 0.16% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $2 | $9 |
| Total costs | $16 | $52 | $95 |
| Value after costs | $10,484 | $11,524 | $12,667 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
MTBA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0001%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $55.7B
- Portfolio turnover (prospectus): 1376%
- Securities lending: none during the year
MTBA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $2K | 67.68% |
| VIRTU AMERICAS LLC | $735 | 32.32% |
MTBA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $21.0B | 37.66% |
| WELLS FARGO SECURITIES, LLC | $13.5B | 24.27% |
| J.P. Morgan Securities LLC | $11.7B | 20.95% |
| GOLDMAN SACHS & CO. LLC | $7.1B | 12.74% |
| Wolverine Execution Services, LLC | $1.6B | 2.80% |
| BARCLAYS CAPITAL, INC. | $598.6M | 1.08% |
| JANE STREET EXECUTION SERVICES, LLC | $152.6M | 0.27% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $101.1M | 0.18% |
| STONEX FINANCIAL INC. | $17.9M | 0.03% |
| CitiGroup Global Markets Inc. | $15.3M | 0.03% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.