Published Date: April 30, 2026
Author: HANetf
The Regan Total Return Income UCITS ETF (RMBS LN Equity) delivered a total return of +0.77% for Q1 2026, equivalent to an annualized return of 3.16%,[1] while maintaining a portfolio duration of less than one year. As of 31 March 2026, the portfolio’s yield to spot stood at 4.56%— compared to short-duration U.S. Treasury bills yielding below 4% at quarter-end,[2] this represents a yield pickup of more than 56 basis points for investors holding a portfolio with comparable duration and government-backed credit quality.
The result reinforces the fund’s core proposition: delivering a superior income profile to cash and short-duration government alternatives without requiring investors to extend duration or take on corporate credit risk. With a yield to spot of 4.56% against a sub-4% T-bill rate, RMBS offers a compelling income advantage that is backed by the U.S. government and supported by the fund’s CMO floater-led strategy.
All purchases during the period have been made at discount dollar prices. This deliberate approach is designed to capture potential capital appreciation in the event that mortgage prepayment speeds increase. Mortgage rates have remained above 6%,[3] resulting in prepayment activity near historic lows. Our discount purchases are priced assuming these currently slow speeds — the portfolio aims to be positioned to benefit from any future acceleration in prepayments, providing an additional return lever not available to par or premium purchasers.
We continue to actively manage both duration and security selection with the aim of capturing the best risk-adjusted opportunities available. Two scenarios inform our outlook:
These factors above helped limit spread volatility and reinforced the defensive profile of Agency CMO floaters heading into year-end, establishing a constructive base entering 2026.
The fund continues to offer senior, high-quality fixed income exposure at compelling valuations, with a portfolio duration of less than one year. All holdings are invested in Agency Mortgage-Backed Securities (MBS), which benefit from the explicit credit support of the U.S. government.
CMO Floaters remain the portfolio’s primary allocation. Relative to comparable-duration U.S. Treasuries, Agency MBS continues to trade at a spread of approximately 110 basis points – as measured by the FNCL current coupon basis –[4] a level that remains wide by historical standards, with the one-year average sitting closer to 130 basis points. With short-duration Treasury bills yielding below 4%, we believe CMO floaters represent a compelling cash-alternative, offering a material income pickup above comparable government securities.
On a relative-value basis, Agency MBS stands out further when compared to other short-duration credit alternatives. AAA-rated CLO spreads, as measured by the JPMorgan AAA CLO Index, currently sit near their tightest levels since the Global Financial Crisis — yet CLOs carry corporate credit risk and lack government backing. Agency Mortgages, by contrast, benefit from the explicit credit support of the U.S. government — making the additional spread on offer today a particularly attractive proposition for investors seeking high-quality, short-duration income.[5]
Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
[1] Source: Bloomberg. Data as of 31.03.2026
[2] Source: Regan Capital. Data as of 31.03.3036
[3] https://www.cbsnews.com/news/what-mortgage-interest-rates-look-like-end-2026-experts-predict/
[4] Source: Bloomberg. Data as of 31.03.2026
[5] Source: Regan Capital
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