Strategy. 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 Funds 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. Cash balances awaiting investment in portfolio holdings may be held in cash or other short-term investments, including short-term U.S. government securities and government agency securities; investment grade money market instruments; repurchase agreements; commercial paper and cash equivalents; and money market funds. The Fund may invest, without limitation, in securities of any maturity and duration. Maturity refers to the length … Show more… 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 Funds 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. Cash balances awaiting investment in portfolio holdings may be held in cash or other short-term investments, including short-term U.S. government securities and government agency securities; investment grade money market instruments; repurchase agreements; commercial paper and cash equivalents; and money market funds. The Fund may invest, without limitation, in securities of any maturity and duration. Maturity refers to the length of time until a debt securitys principal is repaid with interest. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates that incorporates a securitys yield, coupon, final maturity, call and put features, and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates. The Fund is an actively managed exchanged-traded Fund (an ETF), which means that it does not seek to replicate the performance of a specified index and its shares are listed and trade on the NYSE Arca (the Exchange) at market-determined prices. The Fund may engage in frequent and active trading as art of its principal investment strategies. When purchasing portfolio securities for the Fund, the Advisor looks for attractive risk-return profiles. In selecting portfolio securities, the Advisor undertakes a bottom-up analysis on collateral characteristics and capital structure to find both deep value investments and trading opportunities. Show less