Investment objective & strategy
As of Oct. 28, 2025 · prospectusObjective. The UVA Unconstrained Medium-Term Fixed Income ETF (the Fund) seeks current income with limited risk to principal.
Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective of current income by investing principally in fixed income securities of any kind with a dollar-weighted average effective duration of between three and ten years, under normal circumstances. Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. Fixed income securities include bonds, debt securities, and income-producing instruments of any kind issued by governmental or private-sector entities. The fixed income and other income-producing instruments in which the Fund invests will typically be investment grade (rated BBB or better by either Moodys Investors Services, Inc. (Moodys) or Standard … The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective of current income by investing principally in fixed income securities of any kind with a dollar-weighted average effective duration of between three and ten years, under normal circumstances. Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. Fixed income securities include bonds, debt securities, and income-producing instruments of any kind issued by governmental or private-sector entities. The fixed income and other income-producing instruments in which the Fund invests will typically be investment grade (rated BBB or better by either Moodys Investors Services, Inc. (Moodys) or Standard & Poors (S&P) and unrated securities considered by the Sub-Adviser to be of comparable credit quality). The Sub-Adviser considers all mortgage-backed securities to be eligible for purchase regardless of their credit rating or lack thereof, and such securities, if present in the Fund, are not considered by the Sub-Adviser to be below investment grade. The Fund may invest in mortgage-backed securities of any maturity or type, including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities, or sponsored corporations, as well as those of private issuers not subject to any guarantee. Mortgage-backed securities include, among others, government mortgage pass-through securities, collateralized mortgage obligations (CMOs), multiclass pass-through securities, and private mortgage pass-through securities. The Fund may also invest in corporate debt obligations, asset-backed securities, foreign securities (corporate and government), inflation-indexed bonds, and preferred securities. The average maturity or duration of the Funds portfolio of fixed income securities will vary based on the Sub-Advisers assessment of economic and market conditions, as well as current and anticipated changes in interest rates. The Fund may invest in individual securities of any maturity or duration.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FREDDIE MAC POOL FR 04/53 FIXED 5 | FR | $1.48M | 2.84% |
| MSILF Treasury Portfolio, Class Institutional | MISXX | $1.48M | 2.83% |
| FNMASECY | FHLMC | $1.03M | 1.97% |
| FR RQ0075 | — | $966.83K | 1.85% |
| FN MA5822 | — | $919.30K | 1.76% |
| US TREASURY N/B | — | $906.60K | 1.73% |
| US TREASURY N/B | — | $906.39K | 1.73% |
| FHLG 30YR 5% 07/01/2054#RJ1927 | — | $865.76K | 1.66% |
| FNMASECY | — | $855.80K | 1.64% |
| EBAY INC | — | $853.98K | 1.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Series Long-Term Treasury Bond Index Fund · FTLTX | 6% | 0.00% |
| Invesco Equal Weight 0-30 Year Treasury ETF · GOVI | 6% | 0.15% |
| Fidelity Long-Term Treasury Bond Index Fund · FNBGX | 6% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| OBP Capital LLC | Adviser |
| Universal Value Advisors, LLC | Sub-adviser |
Footnotes
- Expense ratio as of October 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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