A Neutrino Factory where neutrinos of all species are produced in equal quantities by muon decay is described as a facility at the intensity frontier for exquisite precision providing ideal conditions for ultimate neutrino studies and the ideal complement to Long Baseline Facilities like LBNF at Fermilab. It is foreseen to be built in stages with progressively increasing complexity and performance, taking advantage of existing or proposed facilities at an existing laboratory like Fermilab. A tentative layout based on a recirculating linac providing opportunities for considerable saving is discussed as well as its possible evolution toward a muon collider if and when requested by Physics. Tentative parameters of the various stages are presented as well as the necessary R&D to address the technological issues and demonstrate their feasibility.
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