Request Tracker(rt): https://github.com/bestpractical/rt

The risk you are hiding will eventually show up. Charging .25% ER means you probably can make some decent money in the meantime and since the customer holds MBSF directly, you aren't on the hook for the risk. Smart.

It's a great business for you, if you can get enough customers. That said, I would never ever recommend anyone invest with you, since you are either purposely withholding the risks or not smart enough about the product you are trying to sell to understand the risks involved and share them with your customers. Either way, people shouldn't use your service.

At .49% expense ratio, plus whatever your cut is, it won't be a very cheap product. Even SPAXX, the default holding of cash at Fidelity is cheaper at .42% ER.

There is no free lunch in investing, so that extra yield comes with extra risk. Be that duration, credit, etc. That's not to say MBS's don't have their place, but I would never claim people's mortgages as equivalent to cash in any shape or form. Your website claims MBSF is safe for 3+ month durations, but that is not the avg duration of MBSF held securities, so you are encouraging duration risk.

I haven't read the full prospectus on MBSF, so I'm not an expert on that product, but it seems expensive and complicated, which is not what you want for cash and cash-like things. This should be a hard pass for literally everyone.

Meanwhile you can hold something like ICSH[0] or SGOV[1] with expense in the .09% or lower range(i.e. for every $10k we are talking $9/yr or less in fees). SGOV is 0-3 month max duration, so it's perfect for holdings in the 3 month time-frame. If you need longer time frames you can buy govt bond ladders in whatever time frame you want.

What your product should have been: You specify duration for each of your buckets, and then you pick appropriate, cheap index-based investments that are cheap and easy to reason about for each of the buckets.

0: https://www.ishares.com/us/products/258806/ishares-liquidity... 1: https://www.ishares.com/us/products/314116/ishares-0-3-month...

Don't worry, Seiko learned: https://www.grand-seiko.com/us-en/collections/sbgd223j

Firefox Send is still around in hobbyist land:

send.vis.ee along with ffsend[0] maybe?

0: https://github.com/timvisee/ffsend

I love and use ffsend every day.