Regan Fixed Rate MBS ETF (MBSX) is an exchange-traded fund in the Intermediate Government category. It has $17.30M in assets, an expense ratio of 0.40% and a 2.08% dividend yield. 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.