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Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Miller Value Partners Appreciation ETF

MVPA | ETF

$31.64

$41.7 M

0.00%

0.60%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$41.7 M

Holdings in Top 10

58.4%

52 WEEK LOW AND HIGH

$32.3
$24.39
$32.71

Expenses

OPERATING FEES

Expense Ratio 0.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Miller Value Partners Appreciation ETF

MVPA | ETF

$31.64

$41.7 M

0.00%

0.60%

MVPA - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Miller Value Partners Appreciation ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jan 31, 2024
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in securities that Miller Value Partners, LLC (the “Adviser”) believes have an above-average probability of outperforming the S&P 500® Index (the “S&P 500”) over a multi-year time horizon. The Fund will typically invest in a portfolio of approximately 20-40 common stocks without regard to market capitalization.
In selecting investments for the Fund’s portfolio, the Adviser seeks maximum flexibility to identify stocks that are undervalued and likely to generate excess returns, using models designed to estimate possible outcomes under various conditions. The Adviser will seek to select stocks it believes are likely to trade at a significantly higher price in the future. The Adviser makes such judgments by estimating the “intrinsic” value of the issuer’s shares, based on its projections of future free cash flows and asset values, with the expectation that the market will adopt that price in the next several years. In reaching an estimate of “intrinsic value,” the Adviser considers economic and industry data, capital allocation, management commentary on the state of the business, analyst notes, and current stock valuations as compared to historical valuations for that stock and peers.
The Adviser uses times of market dislocation, when prices for compelling businesses with less stable cash flows have come under pressure, presenting an opportunity for long-term investors to shift capital away from winners trading at now-fair prices into some of those names whose embedded expectations look too low. In assessing value, the Adviser places a heavy emphasis on a company’s capital allocation, business strategy and stakeholder alignment (i.e., economic alignment between a company’s management team and its common shareholders).
The Adviser may vary the weighting of each portfolio position based on its assessment of each stock’s probability to generate appropriate risk-adjusted returns, where “risk” is defined as the Adviser’s assessment of the probability of permanent capital impairment over a multi-year time horizon. The Fund may have a high “active share,” meaning it may take concentrated positions in stocks that have little or no weight in the S&P 500. The Fund may experience a high level of volatility, and performance of the Fund’s portfolio may deviate significantly from the S&P 500. While investing in a particular market sector is not a strategy of the Fund, its portfolio may be significantly invested in one or more sectors from time-to-time as a result of the investment selection decisions made pursuant to its strategy. The Fund can invest without limit in foreign securities of issuers in any country, including securities denominated in foreign currencies, and including countries with developing or emerging markets.
To enhance the Fund’s returns, the Fund may borrow for investment purposes, subject to the limits of the Investment Company Act of 1940 (the “1940 Act”) and the rules and regulations thereunder. To the extent the Fund borrows more money than it has cash or short-term cash equivalents and invests the proceeds, the Fund will create financial leverage. The use of borrowing for investment purposes increases both investment opportunity and investment risk.
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. Additionally, the Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.
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MVPA - Performance

Return Ranking - Trailing

Period MVPA Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period MVPA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period MVPA Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period MVPA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

MVPA - Holdings

Concentration Analysis

MVPA Category Low Category High MVPA % Rank
Net Assets 41.7 M N/A N/A N/A
Number of Holdings 29 N/A N/A N/A
Net Assets in Top 10 31.1 M N/A N/A N/A
Weighting of Top 10 58.39% N/A N/A N/A

Top 10 Holdings

  1. MicroStrategy Inc 9.89%
  2. Crocs Inc 8.62%
  3. Builders FirstSource Inc 8.27%
  4. Masterbrand Inc 5.30%
  5. Encore Wire Corp 5.10%
  6. Centene Corp 4.92%
  7. CTO Realty Growth Inc 4.81%
  8. Bread Financial Holdings Inc 3.83%
  9. Coupang Inc 3.83%
  10. Jackson Financial Inc 3.82%

Asset Allocation

Weighting Return Low Return High MVPA % Rank
Stocks 		97.33% N/A N/A N/A
Cash 		2.88% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High MVPA % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High MVPA % Rank
US 		95.05% N/A N/A N/A
Non US 		2.28% N/A N/A N/A

MVPA - Expenses

Operational Fees

MVPA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.60% N/A N/A N/A
Management Fee 0.60% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

MVPA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

MVPA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MVPA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

MVPA - Distributions

Dividend Yield Analysis

MVPA Category Low Category High MVPA % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

MVPA Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

MVPA Category Low Category High MVPA % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

MVPA Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

MVPA - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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