ETF Evaluator:
Regan Fixed Rate MBS ETF ()
Follow This ETF
(as of Aug 25)
Best Performing in Intermediate Government Over the Last Year
| 6.1% | Regan Fixed Rate MBS ETF (MBSX) |
| 3.1% | Simplify MBS ETF (MTBA) |
| 2.6% | Vanguard Government Securities Actv ETF (VGVT) |
| 2.2% | Intermediate Government () |
| 2.1% | State Street SPDR Port Itmt Term Trs ETF (SPTI) |
Risk
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Risk
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ETF Details
Regan Fixed Rate MBS ETF Overview
Regan Fixed Rate MBS ETF (MBSX) is an actively managed Taxable Bond Intermediate Government exchange-traded fund (ETF). Regan Capital launched the ETF in 2025.
The investment seeks current income.
Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in fixed rate mortgage-backed securities (“MBS”). Regan Capital, LLC (the “Advisor”), the fund’s investment advisor, intends to invest primarily in fixed rate agency residential MBS. Agency residential MBS are securities issued, secured, or collateralized by government sponsored entities and are considered investment grade.
About Regan Fixed Rate MBS ETF (MBSX)
There are 2 members of the management team with an average tenure of 1.25 years: Skyler Weinand (2025) and Chris Hall (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Regan Fixed Rate MBS ETF has 105 securities in its portfolio. The top 10 holdings constitute 60.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Regan Fixed Rate MBS ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Regan Fixed Rate MBS ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 63.9% (63.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Regan Fixed Rate MBS ETF has 35.3% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $6 billion average for the Intermediate Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MBSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Regan Fixed Rate MBS ETF expense ratio is average compared to funds in the Intermediate Government category. Regan Fixed Rate MBS ETF has an expense ratio of 0.40%, which is 282% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Regan Fixed Rate MBS ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 252% for the Intermediate Government category.
Recently, in the month of July 2026, Regan Fixed Rate MBS ETF returned -0.4%, which earned it a grade of A, as the Intermediate Government category had an average return of -1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Regan Fixed Rate MBS ETF has a trailing yield of 2.17%, which is below the 4.79% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Regan Fixed Rate MBS ETF Grades
Year to date, the ETF has returned 1.9%, 2.7 percentage points better than the category, which translates into a grade of A. The fund has returned 6.1% over the past year (grade of A).
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MBSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MBSX Return (NAV) | -0.4% | 0.3% | 6.1% | na | na | na |
| MBSX Return (Price) | 0.0% | 2.3% | 9.2% | na | na | na |
| NAV +/- Price Return | -0.408% | -1.927% | -3.082% | na | na | na |
| Intermediate Government Avg | -1.0% | -0.8% | 2.2% | 3.4% | -0.4% | 1.0% |
| MBSX Grade (NAV) | A | A | A | na | na | na |
| +/- Category (NAV) | 0.6% | 1.1% | 4.0% | na | na | na |
| MBSX Tax-Cost Ratio | na | na | 1.5% | na | na | na |
MBSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBSX Return (NAV) | 1.9% | na | na | na | na | na | na | na | na | na | na |
| MBSX Return (Price) | 4.5% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 1.328% | na | na | na | na | na | na | na | na | na | na |
| Intermediate Government Avg | -0.8% | 7.1% | 1.2% | 4.3% | -11.0% | -2.5% | 7.5% | 6.3% | 1.3% | 1.5% | 1.1% |
| MBSX Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.2% |
| Total Assets: | $ 20 Mil |
| Share Class Assets: | $ 20 Mil |
| Turnover: | na |
| Expense Ratio: | 0.40% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.3 years | |||
| Managers (Year): Weinand Skyler (2025), Hall Chris (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 60.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 63.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.8% |
| Cash: | 35.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Regan Capital |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | April 30, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.10% |
