MBSX

Regan Fixed Rate MBS ETF

Market Price

As of Apr 29, 2025
$25.43

Market Price Daily Change

As of Apr 29, 2025
-$0.04

Market Price Daily Change %

As of Apr 29, 2025
-0.16%

Current NAV

As of Apr 29, 2025
$25.37

Net Assets

As of Apr 29, 2025
7,610,923.35

MBSX Fact Sheet

MBSX Brochure

Current Holdings

As of Dec 17, 2019

Fund Prospectus

Fund SAI

Summary Prospectus

Investment Objective

The investment objective of the Regan Fixed Rate MBS ETF (the “Fund”) is current income. The Fund plans to invest at least 80% of the Fund’s assets in government agency-backed, fixed-rate residential mortgage-backed securities (RMBS).

Interested in MBSX?

Request additional information by contacting us at ir@regancapital.com or by phone at 800-617-0004.

Why MBSX?

Gain Exposure To
U.S. Mortgages

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

Actively Managed,
Agency-Backed

Invest in an actively-managed portfolio of fixed-rate 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. 

There are no assurances that the investment objectives of the fund will be met.

Fund Highlights

Agency-Backed

US RMBS

Seeks Current 

Income

Designed For

Monthly Dividends

Actively Managed

 

Seeks Low

Credit Risk

As stated in the prospectus

Fees and Expenses

Management Fees: 0.40%

Distribution (12b-1) Fees: 0.00%

Other Expenses: 0.00%


Gross Expense Ratio: 0.40%

Net Expense Ratio: 0.40%

As of Apr 29, 2025

Performance

Cumulative Market Return
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
N/AN/AN/AN/AN/AN/AN/AN/A
Market Return as of 06/30/2025 (Note: Returns Greater Than 1 Year Are Annualized)
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
N/AN/AN/AN/AN/AN/AN/AN/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.

Cumulative NAV Return
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
N/AN/AN/AN/AN/AN/AN/AN/A
NAV Return as of 06/30/2025 (Note: Returns Greater Than 1 Year Are Annualized)
1 Month3 Months6 MonthsCalendar YTD1 Year3 YearSince InceptionInception
N/AN/AN/AN/AN/AN/AN/AN/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. 

Dividend Calendar
 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

 

As of Apr 29, 2025

Portfolio

Portfolio Characteristics
30-Day SEC Yield- SubsidizedTBD
30-Day SEC Yield- UnsubsidizedTBD
Interest Rate DurationTBD
Effective Spread DurationTBD
Weighted Average CouponTBD

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 May 01, 2025
# Ticker Description CUSIP Quantity % Weight
1 Cash&Other Cash & Other Cash&Other 292,305.00 3.84%
2 626738AD0 MURPHY OIL USA INC 5.625% 05/01/2027 626738AD0 245,000.00 3.48%
3 12572QAF2 CME GROUP INC 5.3% 09/15/2043 12572QAF2 205,000.00 3.37%
4 171232AS0 CHUBB CORP 6.5% 05/15/2038 171232AS0 175,000.00 3.19%
5 17275RAF9 CISCO SYS INC 5.5% 01/15/2040 17275RAF9 190,000.00 3.14%
6 466313AG8 JABIL INC 4.7% 09/15/2022 466313AG8 220,000.00 3.10%
7 BP BP PLC 55622104 5,824.00 2.93%
8 478160AL8 JOHNSON & JOHNSON 4.95% 05/15/2033 478160AL8 175,000.00 2.76%
9 49456BAH4 KINDER MORGAN INC DEL 5.55% 06/01/2045 49456BAH4 190,000.00 2.70%
10 46625HJJ0 JPMORGAN CHASE & CO 3.375% 05/01/2023 46625HJJ0 195,000.00 2.62%

Premium/Discount to NAV

premium-discount
Investment Team
Fund Facts

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*0.18%
Premium/Discount As of Prior Business Day0.24%
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.

MBSX Disclosures

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.