$25.20
There are no assurances that the investment objectives of the fund will be met.
Agency-Backed
US RMBS
Seeks Current
Income
Designed For
Monthly Dividends
Actively Managed
Seeks Low
Credit Risk
Management Fees: 0.40%
Distribution (12b-1) Fees: 0.00%
Other Expenses: 0.00%
| 1 Month | 3 Months | 6 Months | Calendar YTD | 1 Year | 3 Year | Since Inception | Inception |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 1 Month | 3 Months | 6 Months | Calendar YTD | 1 Year | 3 Year | Since Inception | Inception |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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 800-617-0004.
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.
| 1 Month | 3 Months | 6 Months | Calendar YTD | 1 Year | 3 Year | Since Inception | Inception |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 1 Month | 3 Months | 6 Months | Calendar YTD | 1 Year | 3 Year | Since Inception | Inception |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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 800-617-0004.
NAV return represents the closing price of the underlying securities.
| Ex-Date | Record Date | Pay Date | Ordinary Income | Capital Gains | Ordinary Income Per Share | Capital Gains Per Share |
| 5/28/2025 | – | – | – | – | – | – |
| 6/26/2025 | – | – | – | – | – | – |
| 7/29/2025 | – | – | – | – | – | – |
| 8/27/2025 | – | – | – | – | – | – |
| 9/26/2025 | – | – | – | – | – | – |
| 10/29/2025 | – | – | – | – | – | – |
| 11/25/2025 | – | – | – | – | – | – |
| 12/23/2025 | – | – | – | – | – | – |
| 30-Day SEC Yield- Subsidized | TBD |
| 30-Day SEC Yield- Unsubsidized | TBD |
| Interest Rate Duration | TBD |
| Effective Spread Duration | TBD |
| Weighted Average Coupon | TBD |
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.
| # | Ticker | Description | CUSIP | Quantity | % Weight |
| 1 | 912797NV5 | United States Treasury Bill 06/20/2025 | 912797NV5 | 4,900,000.00 | 48.44% |
| 2 | 3136BBW81 | Fannie Mae REMICS 1.5% 10/25/2050 | 3136BBW81 | 1,133,366.14 | 8.36% |
| 3 | 38382RNQ7 | Government National Mortgage Association 1% 08/20/2050 | 38382RNQ7 | 925,995.91 | 6.66% |
| 4 | 3137F1ZS0 | Freddie Mac REMICS 2.5% 07/15/2047 | 3137F1ZS0 | 763,699.14 | 6.18% |
| 5 | 3136BGL66 | Fannie Mae REMICS 1.5% 02/25/2051 | 3136BGL66 | 739,825.40 | 6.02% |
| 6 | 38382RH76 | Government National Mortgage Association 1.25% 04/20/2051 | 38382RH76 | 711,270.13 | 5.35% |
| 7 | 3136AW4U8 | Fannie Mae REMICS 2% 07/25/2047 | 3136AW4U8 | 607,628.80 | 4.95% |
| 8 | 3136BGYE5 | Fannie Mae REMICS 1.5% 04/25/2051 | 3136BGYE5 | 591,216.43 | 4.90% |
| 9 | 3136B8U64 | Fannie Mae REMICS 2.5% 10/25/2049 | 3136B8U64 | 352,573.88 | 2.92% |
| 10 | 3136BATZ7 | Fannie Mae REMICS 2% 07/25/2050 | 3136BATZ7 | 320,196.00 | 2.63% |
Premium/Discount to NAV
TBD
Skyler Weinand, CFA
Managing Partner
24 Years Industry Experience
Chris Hall
Senior Portfolio Manager
23 Years Industry Experience
| Cusip: | 00777X520 |
| Exchange: | NYSE |
| 30-Day Median Bid / Ask Spread* | 6.46% |
| Premium/Discount As of Prior Business Day | 0.05% |
| Asset Class: | Fixed Income |
| Domicile: | United States |
| Fund Inception: | May 2025 |
| Dividends: | Monthly |
| Liquidity: | Daily |
| Distributor: | Quasar Distributors, LLC |
| Custodian: | US Bank |
| Management Fee: | 0.40% |
| Gross Expense Ratio: | 0.40% |
| Net Expense Ratio: | 0.40% |
*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.
Important Risks
Exchange Traded Fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities.
The ETF is newly formed and has no operating history.
The Fund invests in MBS issued or guaranteed by the U.S. government or one of its agencies or sponsored entities, some of which may not be backed by the full faith and credit of the U.S. government. MBS are subject to interest rate, prepayment, and extension risk. MBS are also subject to the risk of default on the underlying mortgage loans, particularly during periods of economic downturns.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
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.
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.