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Launched · SEC filings

Miller Convertible Total Return ETF

MCVTNYSE ArcaC

$27.11−0.16 (−0.59%)

As of Oct 13, 2026, 3:14 PM

C48/ 100

Rank 5 of 7 in Convertible Bond

C48/100Rank 5 of 7inConvertible Bond
Intraday session: down, 3 prints from 27.27 to 27.11. Range 27.11 to 27.27. Use the arrow keys to read each point.27.1527.1827.2027.2327.2510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$27M
1Y total return
—
Yield · Last 12 months
Data unavailable
Holdings
46
Avg volume · 30D
0M sh
NAV per share
$27.37
52W range
low $24.41high $28.96
Launched
Filings
SEC EDGAR

The ETF.net MCVT Grade

Based on 5 of 6 pillars

C

Score 48 out of 100

Category
Convertible Bond⁠
Rank
5 of 7
Six-pillar profile for MCVT. Scores out of 100: Cost 32, Risk 76, Mission not scored, Tradability 56, Holdings 63, Durability 18. Strongest: Risk (76). Weakest: Durability (18). Based on 5 of 6 pillars.

Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D32 out of 100
    Rank 5 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A76 out of 100
    Rank 1 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B56 out of 100
    Rank 3 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B63 out of 100
    Rank 4 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F18 out of 100
    Rank 6 of 7

Our read on MCVT

ETF.net Research

CConvertibles handled by bond people, not stock people: Wellesley, a convertibles-only shop since 1991, hunts converts with put provisions, short maturities and issuer principal guarantees. Active where most rivals just index.

Stated mandate

The fund seeks to maximize total return while limiting volatility and preserving principal. Its strategy uses convertible securities to combine income potential with capital appreciation.

Why people hold it

  1. 01Bond-first mechanics: it targets convertibles with put provisions, remaining maturities generally under seven years, or an issuer guarantee of principal.sec.gov
  2. 02Active, not index-bound: the manager buys a convert when it sees a high probability the bond's principal is repaid at the put or at maturity.sec.gov
  3. 03Specialist bench: Wellesley has built its business around convertible bonds since 1991, and the founding family sits on the portfolio management team.wellesleyassetmanagement.commilleretf.com

Worth knowing

  1. 01Costs 0.85% a year, above the category's index choices such as ICVT (0.20%) and CWB (0.40%). You are paying for security selection, not market beta.
  2. 02New in ETF form (NYSE Arca, 2026) and small so far, so spreads and daily liquidity can run thinner than the category's index heavyweights.prnewswire.com
  3. 03Put provisions and principal guarantees are only as strong as the issuer behind them, so credit risk travels with the equity upside.sec.gov

MCVT Holdings

As of Oct 13, 2026
Asset class
Bonds
Holdings
46
Top-10 weight
30%
Largest holding
Datadog, Inc. 0%, Due 12/01/20293.7%

Geography

  • United States93.72%
  • Canada4.07%
  • United Kingdom2.22%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Datadog, Inc. 0%, Due 12/01/20293.68%700,000$1M2
002—Bridgebio Pharma, Inc. 1.75%, Due 03/01/20313.39%650,000$974K2
003—HAT Holdings I, LLC / HAT Holdings II, LLC 3.75%, Due 08/15/20283.17%650,000$913K2
004—TransMedics Group, Inc. 1.5%, Due 06/01/20283.17%800,000$910K1
005—Mirion Technologies, Inc. 0.25%, Due 06/01/20303.13%900,000$899K1
006—Dropbox, Inc. 0%, Due 03/01/20282.88%750,000$829K1
007—Cloudflare, Inc. 0%, Due 06/15/20302.81%500,000$808K2
008—Granite Construction, Inc. 3.25%, Due 06/15/20302.68%500,000$771K2
009—Nova Ltd. 0%, Due 09/15/20302.65%575,000$761K1
010—Uber Technologies, Inc. 0.875%, Due 12/01/20282.63%650,000$757K3
011—Haemonetics Corporation 2.5%, Due 06/01/20292.52%600,000$724K2
012—Akamai Technologies, Inc. 1.125%, Due 02/15/20292.51%650,000$720K1
013—ANI Pharmaceuticals, Inc. 2.25%, Due 09/01/20292.46%600,000$708K1
014—SiTime Corporation 0%, Due 06/15/20312.38%700,000$683K3
015—Merit Medical Systems, Inc. 3%, Due 02/01/20292.34%575,000$673K2

Showing 1–15 of 46 holdings

MCVT Performance

Launched Mar 24, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
MCVT$9,627
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. MCVT $9,627. SPY $10,332. Use the arrow keys to read each point.$9,570$9,986$10,403Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MCVT. Periods over one year show the average yearly return.
PeriodMCVT
Year to dateFund launched this year—
1 month−1.3%
3 months−3.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MCVT
YearReturn barMCVT
2026 YTD+9.1%

History from Mar 25, 2026

MCVT in the news

No ETF.net Research article names MCVT yet.

MCVT Dividends

Last payment
$0.02 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 15, 2026 $0.0075; Sep 15, 2026 $0.02. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 15, 2026Sep 21, 2026$0.02
Jun 15, 2026Jun 22, 2026$0.0075

MCVT Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.38
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MCVT Cost

Expense ratio0.85%
  • The middle half of Convertible Bond funds
  • Median 0.80%

4 of the 7 Convertible Bond funds charge less.

MCVT costs $85.00 a year on $10,000. The median Convertible Bond fund costs $80.00.

Other funds in Convertible Bond

See others