Published Date: July 27, 2026
Author: HANetf
The Regan Total Return Income UCITS ETF (RMBS LN Equity) delivered a total return of +1.34% for Q2 2026 (31 March 2026 to 30 June 2026), equivalent to an annualised return of +5.48%, while maintaining a portfolio duration of less than one year. As of 30 June 2026, the portfolio’s yield to forward — the yield implied by the market’s forward interest-rate curve, which better reflects the expected reset income on the fund’s floating-rate holdings than a spot measure — stood at 4.72% — compared to short-duration U.S. Treasury bills yielding below 4% at quarter-end (the 3-month U.S. Treasury bill yielded 3.75% as of mid-June), this represents a yield pickup of more than 90 basis points for investors holding a portfolio with comparable duration and government-backed credit quality.[1] [2]
The result underscores the fund’s core proposition: delivering an income profile that may be beneficial to cash and short-duration government alternatives without requiring investors to extend duration or take on corporate credit risk. With a yield to forward of 4.72% against a sub-4% T-bill rate, RMBS aims to offer a compelling income advantage that is backed by the U.S. government and supported by the fund’s CMO floater-led strategy.[3]
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 6.5%, resulting in prepayment activity near historic lows. Our discount purchases are priced assuming these currently slow speeds — the portfolio is therefore positioned to benefit from any future acceleration in prepayments, providing an additional return lever not available to par or premium purchasers.[4]
The rate backdrop shifted notably during the quarter. The Federal Reserve held the federal funds rate steady at 3.50%–3.75% at both its April and June meetings — the fourth consecutive hold — and its June projections signalled a more hawkish stance, with the median year-end 2026 rate revised upward to 3.8% and markets now pricing the potential for a rate increase later in the year.[5] 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:
Higher-for-longer / rising rates: With the Federal Reserve signalling rates may stay elevated or move higher, the portfolio is well positioned. Its floating-rate coupon structure means interest income rises alongside prevailing rates, allowing the fund to continue generating an attractive yield pickup — assuming economic conditions remain conducive to fund achieving its investment goal — over comparable-duration government securities — a direct benefit in the current environment.
Eventual rate cuts: Should the Federal Reserve resume cutting rates, lower mortgage rates would be expected to accelerate prepayment speeds, pulling the fund’s discount-priced holdings toward par and generating capital appreciation for current holders. Therefore, the portfolio may be positioned to benefit across both paths.
The fund continues to offer senior, high-quality fixed income exposure at competitive 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 107 basis points — as measured by the FNCL current coupon basis (Bloomberg: .30CC105 G Index) — a level broadly in line with its one-year average of approximately 118 basis points, and one we continue to view as a potentially attractive premium given the securities’ short duration and government-backed credit quality. 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.[6]
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 competitive proposition for investors seeking high-quality, short-duration income.
Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026
Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
[1] https://tradingeconomics.com/united-states/3-month-bill-yield
[2] Source: Regan Capital, Bloomberg. Data as of 30.06.2026
[3] https://tradingeconomics.com/united-states/3-month-bill-yield
[4] https://www.bankrate.com/mortgages/analysis/mortgage-rates-june-10-2026/
[5] Source: Regan Capital, Federal Reserve. Data as of 30.06.2026
[6] Source: Regan Capital, Bloomberg. Data as of 30.06.2026
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An investment in an exchange traded product is dependent on the performance of the underlying asset class, less costs, but it is not expected to track that performance exactly. The Products involve numerous risks including among others, general market risks relating to underlying adverse price movements in an Index (for ETFs) or underlying asset class and currency, liquidity, operational, legal and regulatory risks. In addition, in relation to Cryptocurrency ETCs, these are highly volatile digital assets and performance is unpredictable.
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