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MVPL uses leverage to get more exposure to the market when our proprietary model suggests returns are likely to improve with leverage. We own the market on an unlevered basis when our model suggests danger may be afoot.
By embracing volatility while actively trying to mitigate the big drawdown, we try to make leverage work to generate outperformance over the S&P 500 for our clients over the long haul.
The manager is the largest investor in the strategy. This “skin in the game” mentality provides important alignment with investors.
Fund Details as of 07/17/2026
Performance
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | Since Inception 2/27/24 | |
|---|---|---|---|---|---|---|---|
| Fund NAV | -2.59% | 25.4% | 17.35% | 35.04% | TBD | TBD | 29.42% |
| Market Price | -2.56% | 25.54% | 17.04% | 34.79% | TBD | TBD | 29.54% |
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | Since Inception 2/27/24 | |
|---|---|---|---|---|---|---|---|
| Fund NAV | -2.59% | 25.4% | 17.35% | 35.04% | TBD | TBD | 29.42% |
| Market Price | -2.56% | 25.54% | 17.04% | 34.79% | TBD | TBD | 29.54% |
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the original cost. Returns for periods one year and longer are annualized.
Distributions
| Month | Ex Date | Record Date | Pay Date | Dividend | Short Term Capital Gains | Ordinary Income |
|---|
There is no guarantee that distributions will be made. Must be a registered shareholder of the fund on the record date to receive dividends.
Holdings as of 07/17/2026
| Company Name | Ticker | FIGI | Shares | Market Value | % of Net Asset Values |
|---|
Holdings are subject to change.
Premium Discount Table
| Calendar Year 2025 | First Quarter 2026 | Second Quarter 2026 | |
|---|---|---|---|
| Days traded at NAV | 0 | 0 | 0 |
| Days traded at Premium | 168 | 52 | 49 |
| Days traded at Discount | 82 | 9 | 13 |
Premium Discount Graph
Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting https://etf.millervaluefunds.com/mvpa or https://etf.millervaluefunds.com/mvpl. Read the Prospectus and Summary Prospectus carefully before investing.
Miller Value Funds are distributed by Quasar Distributors, LLC.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities.
The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Basis point (bps) is one hundredth of one percent.
Diversification cannot assure a profit or protect against loss in a down market.
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