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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 Leverage ETF

MVPL | ETF

$27.94

$6.8 M

0.00%

1.45%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$6.8 M

Holdings in Top 10

100.1%

52 WEEK LOW AND HIGH

$29.3
$23.81
$30.56

Expenses

OPERATING FEES

Expense Ratio 1.45%

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 Leverage ETF

MVPL | ETF

$27.94

$6.8 M

0.00%

1.45%

MVPL - 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 Leverage ETF
  • Fund Family Name
    N/A
  • Inception Date
    Feb 28, 2024
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively-managed exchanged-traded fund (“ETF”) that seeks to achieve its investment objective by investing in ETFs that provide unleveraged or leveraged exposure to the S&P 500 Index, depending on trading signals from proprietary models used by the Fund’s investment adviser, Miller Value Partners, LLC (the “Adviser”), to implement the Fund’s investment strategy. When the Adviser’s trading signals indicate that the Fund should be in an unleveraged (or “leverage off”) position, the Fund will invest its assets in an ETF that seeks to track the performance of the Index (“Unleveraged ETF”). Currently, the Unleveraged ETF the Fund intends to invest in when in an unleveraged position is SPDR S&P 500 ETF (ticker: SPY). When the Adviser’s trading signals indicate that the Fund should be in a leveraged (or “leverage on”) position, the Fund will invest its assets in an ETF that seeks investment results that correspond to two times the performance of the Index on a daily basis (“Leveraged ETF”). Currently, the Leveraged ETF the Fund intends to invest in when in a leveraged position is the ProShares Ultra S&P 500 ETF (ticker: SSO). An Unleveraged ETF or a Leveraged ETF may also be referred to herein as an “Underlying ETF.”
The Adviser's proprietary models provide daily trading signals based on certain technical data for the Index (e.g., price changes, valuation metrics, and volatility measures, among others discussed below) to determine whether to implement the Fund’s investment strategy in a leveraged or unleveraged position on a daily basis. The Fund will seek to capitalize on the Index's propensity to increase in value over long time horizons by opportunistically timing the use of leverage when the trading signals indicate conditions are favorable for the Fund to be in a leverage on position. Such opportunistic use of leverage (as contrasted with an investment that is continuously in a leverage on position) should help to minimize the probability that decreases or volatility in the value of the Index will cause permanent loss of capital. The Index is a float-adjusted, market-capitalization weighted index that includes the stocks of the 500 leading U.S.-listed large-cap issuers. The Index is constructed by S&P Dow Jones Indices LLC. It is not possible to invest in the Index directly. As of June 30, 2023, the Index consisted of 500 constituents and was concentrated in the information technology sector. The Index is rebalanced quarterly. The Fund will be concentrated in an industry or group of industries to the extent the Index is concentrated in an industry or group of industries.
To gain unleveraged exposure to the Index, the Fund expects to hold a single Unleveraged ETF that invests in the common stocks of the issuers that comprise the Index substantially weighted to correspond to the Index weightings. When the Fund is in a leveraged position, the Fund expects to invest in a single Leveraged ETF. Leveraged ETFs seek to provide investment results that enhance the performance of the index or other benchmark that they track for a single day and rely, often extensively, on derivatives to achieve their objectives. The ProShares Ultra S&P 500 ETF seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Index for a single day by investing in a combination of common stocks of securities that comprise the Index and derivatives, including swaps and futures contracts. Although the Fund, when in a leveraged position, invests in Leveraged ETFs that seek daily leveraged exposure equal to 200% of the Index, the Fund does not target a specific level of leverage over any period of time that is more than a single day. Rather, the Fund opportunistically uses leverage in seeking to achieve its objective of capital appreciation over a multi-year horizon.
The Fund expects that it will be invested in a Leveraged ETF for periods greater than one day when the Adviser’s trading signals so indicate. As a result, the Fund will be subject to the risks of compounding that affect investments in Leveraged ETFs, and the Fund’s returns during such a period are consequently expected to differ in amount, and possibly even direction, from the Leveraged ETF’s stated multiple (2x) times the return of the Index for the same period.
Although, the Fund expects to hold a single Underlying ETF to achieve its leveraged or unleveraged position, the Fund may invest in more than one Underlying ETF, if, in the Adviser’s opinion, such combination will better achieve the Fund’s investment objective, based on the Adviser’s assessment of the Underlying ETFs’ exposure to the Index, fees and liquidity. However, the Fund will invest in only Unleveraged ETFs or only Leveraged ETFs at any given time depending on the leverage signal; the Fund will not invest in a combination of Unleveraged and Leveraged ETFs at any time.
The Adviser will use an adaptive, data-driven approach in constructing the models that generate the trading signal that determines whether the Fund will be in a leveraged or unleveraged position. Data factors considered may include Index price levels, price changes, valuation metrics, correlations, interest rates, volatility measures, and other observable market data the Adviser identifies as important inputs to the proprietary models generating the leveraged or unleveraged trading signals. The Adviser may consider additional factors as the environment changes or as additional data emerge. The Adviser may also select certain factors over others, potentially exclusively, depending on market conditions or if the Adviser believes that including or excluding certain factors would result in a higher risk-adjusted rate of return over a multi-year holding period. When the Adviser’s trading signals dictate, the Fund will be in a leveraged position to maximize returns.
The Adviser will determine whether to adjust the Fund’s portfolio from a leverage off position to a leverage on position or vice versa at the close of each trading day consistent with the Adviser’s trading signals. Once the Fund is in an unleveraged or leveraged position it will maintain its investment in the Unleveraged ETF or Leveraged ETF, respectively, until the signal indicates a change to the opposite position. The Fund may engage in frequent and active trading a result of its investment strategies. Investors may check the Fund’s portfolio holdings posted on its website (www.millervaluefunds.com) to see whether the Fund is in a leveraged or unleveraged position for the current day.
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MVPL - Performance

Return Ranking - Trailing

Period MVPL 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 MVPL 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 MVPL 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 MVPL 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

MVPL - Holdings

Concentration Analysis

MVPL Category Low Category High MVPL % Rank
Net Assets 6.8 M N/A N/A N/A
Number of Holdings 2 N/A N/A N/A
Net Assets in Top 10 5.61 M N/A N/A N/A
Weighting of Top 10 100.05% N/A N/A N/A

Top 10 Holdings

  1. ProShares Ultra SP500 99.73%
  2. U.S. Bank Money Market Deposit Account 0.32%

Asset Allocation

Weighting Return Low Return High MVPL % Rank
Stocks 		99.73% N/A N/A N/A
Cash 		0.32% 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 MVPL % 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 MVPL % Rank
US 		99.73% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

MVPL - Expenses

Operational Fees

MVPL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.45% N/A N/A N/A
Management Fee 0.88% 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

MVPL 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

MVPL 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.

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

MVPL - Distributions

Dividend Yield Analysis

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

Dividend Distribution Analysis

MVPL Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

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

Capital Gain Distribution Analysis

MVPL Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

MVPL - 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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