Regan Total Return Income UCITS ETF

The Fund aims to achieve long term investment returns, primarily by investing in a portfolio of fixed income securities that may have the potential to provide risk-adjusted income and capital appreciation. In order to achieve its investment objective the Fund will invest, in a manner consistent with the UCITS Regulations and Central Bank requirements, in a portfolio of bonds, primarily, residential mortgage-backed securities (RMBS), which are listed or traded on a Regulated Market as set out in Appendix 1 of the Prospectus. Issuers of such RMBS will primarily be located in North America. Under normal circumstances, the Fund will invest at least 80% of its net assets in RMBS. RMBS are securities issued or secured by government sponsored entities (Agency MBS), such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), or non-governmental issuers such as commercial banks, savings and loan institutions, mortgage banks and private mortgage companies (Non-Agency MBS). The Fund will invest up to 100% in Agency MBS and up to 10% in Non-Agency MBS The fund employs an active management approach, primarily in RMBS in order to achieve its investment objective. In selecting portfolio securities, the Investment Manager undertakes a bottom-up analysis on the collateral characteristics and capital structure to identify value investments and trading opportunities. In seeking value investments, the Investment Manager seeks securities whose market price is significantly lower than the Investment Manager’s estimate of the security’s true value. Investment Policy: The Fund employs an active management investment approach in order to achieve its investment objective. Dealing: Shares of the Fund (Shares) are listed on one or more stock exchanges. Typically, only authorised participants (i.e. brokers) can purchase Shares from or sell Shares back to the Fund. Other investors can purchase and sell Shares on exchange on each day the relevant stock exchange is open. Distribution policy: Income received by the Fund’s investments will not be distributed in respect of the Shares of this class and instead income will be accumulated and reinvested on behalf of the shareholders of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Currency: The base currency of the Fund is US Dollar. For full investment objectives and policy details, please refer to the Supplement