Regan Floating Rate MBS ETF

MBSF
ETF Ticker

+2.44%

+4.19%

NYSE Arca Exchange

Fixed Income

United States

Floating Rate

The Regan Floating Rate MBS ETF, MBSF_US, is an actively managed strategy providing exposure to United States, Floating Rate Fixed Income. It is listed on the NYSE Arca Exchange and has assets under management of $245.0m (as of Aug 31, 2026). The ETF trades in USD and was listed on the exchange on Feb 28, 2024. It has a net expense ratio of 49bps. (All data in USD as of Oct 15, 2026 unless stated.)

The investment process driving the actively managed Regan Floating Rate MBS ETF seeks current income by investing primarily in floating-rate residential mortgage-backed securities, with an emphasis on agency RMBS backed by U.S. government-sponsored entities. Selection focuses on adjustable-rate pools and floaters whose coupons reset to short-tenor references, evaluating index type, reset lags, caps/floors, seasoning, and pool-level prepayment behavior to target low credit-risk carry with limited interest-rate sensitivity. Portfolio construction concentrates in highly liquid agency structures while allowing flexibility across maturities and durations; position sizing reflects collateral quality, reset mechanics and convexity characteristics, and cash or short-term USD instruments are used for liquidity management. The fund maintains ≥80% of assets in floating-rate RMBS under normal circumstances. Rebalancing is ongoing, trimming exposures when reset dynamics, convexity, or relative value deteriorate, and rotating across coupons or pool types to manage extension/prepayment risk and preserve ETF liquidity and capacity.

ETF Details

Key Facts

Issuer:
Regan
AUM:
$245.0m (as of Aug 31, 2026)
Net Expense Ratio:
49 bps
Inception Date:
Feb 28, 2024
Index:
Actively managed strategy
Dividend Frequency:
N/A

Trading

Ticker:
MBSF
Exchange:
NYSE Arca Exchange
ISIN:
US92046L3380
Trading Currency:
USD
Domicile:
United States

Classification & Risk

Asset Class:
Fixed Income
Asset Region:
United States
Theme:
Floating Rate
Economic Development:
Developed Markets
1 Year Volatility:
2.76%
3 Year Volatility:
N/A
5 Year Volatility:
N/A

Performance

TTM Dividend Yield:
4.28% (verify with issuer)
1 Month Performance:
-0.35%
3 Month Performance:
0.34%
6 Month Performance:
1.56%
1 Year Performance:
4.19%
3 Year Performance:
N/A
5 Year Performance:
N/A
Investment Proposition

Regan Floating Rate MBS ETF (MBSF) delivers actively managed exposure to floating-rate residential mortgage-backed securities and adjustable-rate mortgage structures, targeting income with lower interest-rate duration relative to fixed-coupon pools. The philosophy centers on loan-level underwriting, structural protections, and reset mechanics that transfer rate sensitivity to coupons, with emphasis on credit quality, collateral seasoning, and servicer performance. Portfolio design typically blends floaters and hybrids to balance spread capture and reset lags, while managing liquidity, tranche complexity, and tail risks from housing and employment cycles. MBSF can serve as a diversifier within core or multi-sector bond allocations, as a tactical sleeve for duration management when policy trajectories are uncertain, or as a complement to fixed-rate MBS to moderate convexity exposure. Investors running absolute-return or risk-parity-adjacent fixed income sleeves may use it to access securitized income with reduced rate beta. Supportive backdrops include environments where short-term policy rates are elevated or variable and mortgage credit remains stable; sharp credit deterioration or liquidity stress can hinder results. Key risk to monitor: structural and liquidity complexity in floating-rate RMBS that can magnify dispersion under market stress.

ETF Analytics

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