MBSF Fees and Costs — Regan Floating Rate MBS ETF
Data updated: 2026-09-28
The net expense ratio is 0.49%. There are no sales loads or redemption fees. Portfolio turnover was 37%.
MBSF Fees and Expenses
Annual operating expenses and sales charges of MBSF. Prospectus, as of June 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.49% |
| Fee waiver | — |
| Net expense ratio | 0.49% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MBSF Costs Over Time
On $10,000 invested in MBSF, assuming 5% a year before costs, total costs come to $310 over 5 years, cutting the return by 0.51% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.49%) | $51 | $161 | $281 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $169 | $310 |
| Value after costs | $10,449 | $11,407 | $12,453 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
MBSF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $161.4M
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
MBSF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF MONTREAL | $28.6M | 21.91% |
| MORGAN STANLEY AND CO LLC | $15.9M | 12.18% |
| STIFEL NICOLAUS AND COMPANY INC | $15.9M | 12.16% |
| BARCLAYS CAPITAL, INC. | $12.9M | 9.93% |
| WELLS FARGO SECURITIES LLC | $12.7M | 9.74% |
| NOMURA SECURITIES INTERNATIONAL INC | $11.0M | 8.47% |
| BNP PARIBAS SECURITIES CORP. | $10.9M | 8.33% |
| BOK FINANCIAL SECURITIES INC | $10.3M | 7.94% |
| CANTOR FITZGERALD & CO | $8.0M | 6.10% |
| STONEX FINANCIAL INC. | $4.2M | 3.24% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.