There are no assurances that the investment objectives of the fund will be met.
Agency-Backed
US RMBS
Seeks Current
Income
Monthly
Distributions
Seeks To Maintain Low
Duration
Seeks Low
Credit Risk
Management Fees: 0.49%
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 |
| 0.34% | 0.60% | 2.88% | 5.87% | TBD | TBD | 5.87% | 02/27/2024 |
| Q3 2024 | 1 Year | Since Inception |
| 2.46% | TBD | 5.36% |
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.
| 1 Month | 3 Months | 6 Months | Calendar YTD | 1 Year | 3 Year | Since Inception | Inception |
| 0.30% | 0.80% | 2.96% | 5.93% | TBD | TBD | 5.93% | 02/27/2024 |
| Q3 2024 | 1 Year | Since Inception |
| 2.18% | TBD | 5.12% |
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.
| 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 | – |
| 4/26/2024 | 4/29/2024 | 5/6/2024 | 0.48% | – | $0.1215 | – |
| 5/29/2024 | 5/29/2024 | 6/3/2024 | 0.42% | – | $0.1077 | – |
| 6/26/2024 | 6/26/2024 | 7/1/2024 | 0.43% | – | $0.1098 | – |
| 7/29/2024 | 7/29/2024 | 8/5/2024 | 0.42% | – | $0.1125 | – |
| 8/28/2024 | 8/28/2024 | 9/3/2024 | 0.37% | – | $0.0952 | – |
| 9/26/2024 | 9/26/2024 | 10/1/2024 | 0.42% | – | $0.1130 | – |
| 10/29/2024 | 10/29/2024 | 11/4/2024 | 0.47% | – | $0.1189 | – |
| 11/26/2024 | 11/26/2024 | 12/2/2024 | 0.39% | – | $0.0992 | – |
| 12/23/2024 | 12/23/2024 | 12/27/2024 | 0.51% | – | $0.1296 | – |
| Net Assets | 132764604.39 |
| Shares Outstanding | 5225000 |
| Weighted Average Coupon | 4.78% |
| Interest Rate Duration | 0.19 Years |
| Effective Spread Duration | 4.83 Years |
| 30 Day SEC Yield | 5.00847% |
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 | TF FLOAT 04/30/26 | TF FLOAT 04/30/26 | 91282CKM2 | 8,000,000.00 | 6.03% |
| 2 | 9BBH | BBH SWEEP VEHICLE | BBHETFMM | 6,527,444.96 | 4.92% |
| 3 | FNR 2020-10 FE | FNR 2020-10 FE | 3136B9AP2 | 6,212,474.35 | 4.59% |
| 4 | FNR 2019-38 FA | FNR 2019-38 FA | 3136B5DQ5 | 5,615,557.49 | 4.14% |
| 5 | FNR 2019-61 AF | FNR 2019-61 AF | 3136B7AM3 | 4,939,367.20 | 3.65% |
| 6 | FHR 4431 FT | FHR 4431 FT | 3137BFXK2 | 4,948,920.09 | 3.65% |
| 7 | FNR 2019-41 GF | FNR 2019-41 GF | 3136B5E27 | 4,396,967.21 | 3.28% |
| 8 | FHR 4882 FA | FHR 4882 FA | 3137FLVL5 | 4,388,203.79 | 3.24% |
| 9 | GNR 2016-33 UF | GNR 2016-33 UF | 38379VU28 | 3,355,118.89 | 2.48% |
| 10 | FHR 3930 KF | FHR 3930 KF | 3137AFBC5 | 3,218,714.17 | 2.40% |
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
| 7.31.24 Semi-Annual Shareholder Report | 7.31.24 Semi-Annual Report Financials | Annual Report |
Skyler Weinand, CFA
Managing Partner
23 Years Industry Experience
Chris Hall
Senior Portfolio Manager
22 Years Industry Experience
| Cusip: | 92046L338 |
| Exchange: | NYSE |
| 30-Day Median Bid / Ask Spread* | 0.27% |
| 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: | DLA Piper |
| 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.
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.