We aim to actively manage our leverage position using a daily signal from our proprietary models. The Fund seeks to capitalize on the Index’s propensity to increase in value over long time horizons, while attempting to reduce the probability that drawdowns result in permanent capital loss.
The Miller Value Partners Leverage ETF (the “Fund”) will seek its investment objective by investing in either a leveraged position or unleveraged position as described under Principal Investment Strategies. If the holdings for today are PROSHARES ULTRA S&P 500 (SSO) or Direxion Daily S&P 500 Bull 2X Shares (SPUU), then the Fund is in a 2x leveraged position. If the holdings for today are SPDR S&P 500 ETF Trust SPY, then the Fund is not in a leveraged position. Please see current holdings below.
Fund Details
Principal Investment Strategies: When the Fund is in a leveraged position, the Fund invests in Leveraged ETFs that seek daily leveraged exposure equal to 200% of the S&P 500® Index (the “S&P 500 Index," or the “Index”). As a result, when the Fund is in a leveraged position, the Fund may be riskier than alternatives that do not use leverage because the objective of the Leveraged ETFs in which the Fund invests is to magnify the daily performance of the Index. When the Fund is in a leveraged position, the return of the Fund for periods longer than a single day will be the result of the Leveraged ETFs’ return for each day compounded over the period. 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 from 200% of the daily return of the Leveraged ETF. For periods longer than a single day, the Fund will lose money if the Underlying ETF's performance is flat, and it is possible that the Fund will lose money even if the value of the Index rises. This effect can be magnified in volatile markets. Consequently, these investment vehicles may be extremely volatile and can potentially expose the Fund to complete loss of its investment. Longer holding periods, higher volatility of the Index, and leveraged exposure each increase the impact of compounding on an investor’s returns. During periods in which the Index experiences higher volatility, that volatility may affect the Leveraged ETFs’ returns, and the Fund’s return as a result, as much as or more than the return of the Index. 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 time period 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. On a daily basis, Investors may check the Fund’s holdings on this website to see whether the Fund is in a leveraged or unleveraged position.
| Primary Exchange | NYSE |
| Ticker | MVPL |
| Cusip | 00777X553 |
| Net Assets | 5,742,506 |
| Median 30-Day Bid/Ask Spread | 0.43% |
| # of Holdings | 1 |
| Fund Inception Date | 02/28/2024 |
| Shares Outstanding | 230,000 |
| Management Fee | 0.88% |
| Total Annual Fund Operating Expenses | 1.45% |
| NAV | 24.97 |
| Daily Change ($) | 0.04 |
| Daily Change (%) | 0.16% |
| Closing Price | 24.9811 |
| Daily Change ($) | 0.0403 |
| Daily Change (%) | 0.16% |
| NAV | Market Price | Premium/Discount |
| 24.97 | 24.9811 | 0.04% |
| 1 Month | 3 Months | YTD | Since Inception | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|---|
| Fund NAV | -10.25% | -9.06% | -9.06% | 13.28% | 6.52% | TBD | TBD |
| Market Price | -9.85% | -8.84% | -8.84% | 13.6% | 6.44% | TBD | TBD |
| 1 Month | 3 Months | YTD | Since Inception | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|---|
| Fund NAV | -10.25% | -9.06% | -9.06% | 13.28% | 6.52% | TBD | TBD |
| Market Price | -9.85% | -8.84% | -8.84% | 13.6% | 6.44% | TBD | TBD |
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 of less than one year are not annualized.
| Month | Ex Date | Record Date | Pay Date | Dividend |
|---|---|---|---|---|
| December | 12/27/2024 | 12/30/2024 | 12/30/2024 | 2.06757044 |
There is no guarantee that distributions will be made. Must be a registered shareholder of the fund on the record date to receive dividends.
| Company Name | Ticker | FIGI | Shares | Market Value | % of Net Asset Values |
|---|---|---|---|---|---|
| SPDR S&P 500 ETF TRUST | SPY | BBG000BDTBL9 | 10,898 | 5,736,816.18 | 99.90% |
| CASH / OTHER | Cash-USD | BBG0013HGBT3 | 5,548 | 5,548.32 | 0.10% |
Holdings are subject to change.
| Calendar Year 2024 | First Quarter 2025 | |
|---|---|---|
| Days traded at NAV | 1 | 0 |
| Days traded at Premium | 135 | 43 |
| Days traded at Discount | 78 | 17 |
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.
