Key Takeaways
- • The Simplify Managed Futures Strategy ETF, a $1.6 billion trend-following fund, has lost its outside adviser, Altis Partners, according to an Aug. 31 regulatory filing.
- • Both of the fund's portfolio managers, Michael Green and Paisley Nardini, have left issuer Simplify Asset Management in recent weeks.
- • The fund has built an unusually large oil position amid the leadership and adviser shake-up, per Bloomberg.
- • The fund had been steered by Altis Partners since its 2022 inception, making the adviser exit a material change in the fund's governance.
Summary
A $1.6 billion trend-following exchange-traded fund has had its outside adviser and both portfolio managers depart in the midst of a prolonged shake-up that has seen the fund build an unusually large oil position, according to Bloomberg.
The Simplify Managed Futures Strategy ETF had been managed by Altis Partners since the fund's 2022 inception. According to an Aug. 31 regulatory filing, Altis is no longer the fund's adviser. Separately, the fund's portfolio managers, Michael Green and Paisley Nardini, both left Simplify Asset Management, the fund's issuer, in recent weeks.
The combination of an adviser exit, the departure of both portfolio managers, and a notably large energy exposure marks a significant change for a fund of this size. Investors in managed futures and quantitative ETFs will likely focus on how the strategy is being run going forward and whether the oil positioning reflects a new approach. The primary source does not provide further detail on the fund's current performance or the identity of its replacement adviser.
The Simplify Managed Futures Strategy ETF had been managed by Altis Partners since the fund's 2022 inception. According to an Aug. 31 regulatory filing, Altis is no longer the fund's adviser. Separately, the fund's portfolio managers, Michael Green and Paisley Nardini, both left Simplify Asset Management, the fund's issuer, in recent weeks.
The combination of an adviser exit, the departure of both portfolio managers, and a notably large energy exposure marks a significant change for a fund of this size. Investors in managed futures and quantitative ETFs will likely focus on how the strategy is being run going forward and whether the oil positioning reflects a new approach. The primary source does not provide further detail on the fund's current performance or the identity of its replacement adviser.
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