You can easily create this data extraction process with the IBM commands WRKQRY, STRSQL or as a last
resort the CPYF command with SELECT/OMIT criteria. Use the WRKJOBSCDE command to schedule the job to run on a nightly, weekly or monthly basis, depending upon your user's need for "current" data. To get your existing application to point to the "current" data versus the "old" data, you would be amazed with what you can accomplish with simple "Library List" changes.

Create the new object in a new library, keep the object name the same. Make sure to duplicate all indexes or logical files into this new library. Now just "toggle" the library list to switch between datasets.