MBSF

Regan Floating Rate MBS ETF

Market Price

As of Apr 19, 2024

$25.30

Market Price Daily Change

As of Apr 19, 2024

-$0.07

Market Price YTD Change

As of Apr 19, 2024

1.35%

Current NAV

As of Apr 19, 2024

$25.29

MBSF Fact Sheet

MBSF Brochure

Current Holdings

As of Apr 19, 2024

Fund Prospectus

Fund SAI

Summary Prospectus

Investment Objective

Preserve capital and create income by investing at least 80% of the fund’s assets in government agency-backed, floating-rate residential mortgage-backed securities (RMBS) that may serve as a cash replacement.

Interested in MBSF?

Request additional information by contacting us at ir@regancapital.com or by phone at 844-988-6273.

Why MBSF?

Gain Exposure To
U.S. Mortgages

Access one of the largest portions of the fixed income market, second only to Treasuries.

Low Duration,
Agency-Backed

Invest in short-duration, government agency-backed securities.

Income and
Experience

Income producing fund managed by Regan’s experienced team who has been investing in this space for 12+ years on behalf of their investors. 

Fund Highlights

Agency-Backed

US RMBS

Seeks Current 

Income

Monthly

Distributions

Seeks To Maintain Low

Duration

Seeks Low

Credit Risk

As stated in the prospectus

Fees and Expenses

Management Fees: 0.49%

Distribution (12b-1) Fees: 0.00%

Other Expenses: 0.00%


Gross Expense Ratio: 0.49%

Net Expense Ratio: 0.49%

As of Apr 19, 2024

Performance

Cumulative Market Return
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
0.54%TBDTBD1.35%TBDTBD1.35%02/27/2024
Annualized Market Return as of the Most Recent Quarter-End
Q1 20241 YearSince Inception
TBDTBDTBD

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. For performance information current to the most recent month-end, please call toll-free 844-988-6273.

Market return is calculated using the price which investors buy and sell ETF shares in the market. The market returns in the table above are based upon the midpoint of the bid/ask spread at 4:00pm EST, and do not represent the returns you would have received if you traded shares at other times.

Cumulative NAV Return
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
0.54%TBDTBD1.31%TBDTBD1.31%02/27/2024
Annualized NAV Return as of the Most Recent Quarter-End
Q1 20241 YearSince Inception
TBDTBDTBD

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. For performance information current to the most recent month-end, please call toll-free 844-988-6273.

NAV return represents the closing price of the underlying securities. 

Dividend Calendar
 Ex-Date Record Date Pay Date Ordinary Income  Capital Gains Ordinary Income Per Share  Capital Gains Per Share
3/26/2024 3/27/2024 4/1/2024 0.15% $0.0368

 

As of Apr 19, 2024

Portfolio

Portfolio Characteristics
Net Assets41095561.09
Shares Outstanding1625000
Weighted Average CouponTBD
Interest Rate DurationTBD
Effective Spread DurationTBD
30 Day SEC Yield - Subsidized
30 Day SEC Yield - Unsubsidized

30-Day SEC Yield (Subsidized/Unsubsidized): Represents the net investment income a fund earns over a thirty-day period. This figure is based on the fund’s share price at the end of the thirty-day period and is shown as an annual percentage rate. The subsidized 30-day SEC yield represents expense reimbursements and or fee waivers during the period.

Top Holdings As of Apr 19, 2024
# Ticker Description CUSIP Quantity % Weight
1 FNR 2019-41 GF FNR 2019-41 GF 3136B5E27 4,979,127.97 12.05%
2 FHR 3930 KF FHR 3930 KF 3137AFBC5 3,450,574.96 8.30%
3 FNR 2011-93 EF FNR 2011-93 EF 3136A0R25 2,456,871.00 5.93%
4 BBH SWEEP VEHICLE BBH SWEEP VEHICLE BBHETFMM 2,299,360.36 5.60%
5 FNR 2023-4 FB FNR 2023-4 FB 3136BPB34 2,116,574.85 5.11%
6 FNR 2016-106 EF FNR 2016-106 EF 3136AUZP9 2,036,235.20 4.86%
7 GNR 2007-79 FA GNR 2007-79 FA 383742AA1 1,623,027.94 3.95%
8 FNR 2019-81 FJ FNR 2019-81 FJ 3136B8GL7 1,529,817.37 3.64%
9 GNR 2019-35 GF GNR 2019-35 GF 38381RG60 1,446,108.04 3.45%
10 FNR 2012-122 FM FNR 2012-122 FM 3136A95L8 1,410,955.58 3.35%

As of Most Recently Completed Calendar Quarter Since Year End

ETF Shares Relative to NAV Number of Days Traded
Premium
Discount

As of Most Recently Completed Calendar Year

ETF Shares Relative to NAV Number of Days Traded
Premium
Discount

Premium/Discount to NAV

Updated As Of Premium Discount to NAV
Apr 19, 2024 0.01
Additional Documents
Semiannual ReportQuarter-End Schedule of InvestmentsAnnual Report
Investment Team
Fund Facts

Skyler Weinand, CFA

Managing Partner
21 Years Industry Experience

Chris Hall

Senior Portfolio Manager
20 Years Industry Experience

Cusip:92046L338
Exchange:NYSE
30-Day Median Bid / Ask Spread*0.36%
Asset Class:Fixed Income
Domicile:United States
Fund Inception:February 27, 2024
Distributions:Monthly
Liquidity:Daily
Distributor:Northern Lights Distributors, LLC
Custodian:Brown Brothers Harriman
Legal Counsel:Troutman, Pepper, Hamilton, Sanders LLP
Management Fee:0.49%
Gross Expense Ratio:0.49%
Net Expense Ratio:0.49%

*30-Day Median Bid/Ask is defined as the average over the prior 30 days of the percentage difference between the highest price that a buyer is willing to pay for shares of the Fund and the lowest price that a seller is willing to accept.

MBSF Disclosures

This information is for use with concurrent or prior delivery of the Regan Floating Rate MBS ETF prospectus. Investors should consider the investment objective, risks, and charges and expenses of the Fund(s) before investing. The prospectus contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained by calling, 844-988-6273 or at www.regancapital.com/etf-mbsf/.

Northern Lights Distributors, LLC. (“NLD”) member FINRA/SIPC is the distributor solely for the Regan Floating Rate MBS ETF. NLD has had no role in the structuring or distribution for any other investment products referenced herein, and is not responsible for the marketing or promotional material related to the other investments products produced or sponsored by any other firm. Regan Capital, LLC and Northern Lights Distributors, LLC are not affiliated. Northern Lights Distributors, LLC has reviewed and approved this website for publication, approval code 17896210-NLD-02/27/2024.

Important Risks

Exchange Traded Fund investing involves risk. Principal loss is possible. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of, including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss of principal and interest than higher-rated securities do.

The ETF is newly formed and has no operating history. While the shares of ETFs are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

Credit risk is the risk that the issuer of a security will not be able to make principal and interest payments when due.

Prepayment Risk: When interest rates fall, certain obligations may be paid off by the obligor earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund which could result in a decline in the Fund’s income.

Mortgage-Backed Securities Risks: Mortgage-backed securities are dependent on real estate prices and real estate fundamentals. When real estate prices face a significant decline, the Fund’s securities may be negatively affected. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligation.

Cash Transactions Risk: The Fund may effect creations and redemptions in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. Investments in shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by any government agency. There is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses.

Glossary / Definitions

Interest rate duration is a measure used to determine a fixed income security’s sensitivity to moves in interest rates. When interest rates increase, the market values of mortgage backed securities decline. At the same time, however, mortgage refinancing and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of mortgage backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, when market interest rates decline, while the value of mortgage backed securities may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities.

Weighted average coupon represents the average coupon rate of the securities held in the fund based on the size of each security. 

Effective spread duration is a measure of a fixed income security’s sensitivity to changes in its credit spread. The credit spread is the difference between the yield of a security and the yield of a benchmark rate, such as a cash interest rate or government bond yield.