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MCVT

GradeCNew York Stock Exchange Arca

Miller Convertible Total Return ETF

Specialty Bonds · The Miller · Inception 2026-03-24 · SEC filings

$27.49−0.24 (−0.85%)

As of Sep 23, 2026, 1:02 PM EDT

History starts Mar 25, 2026.History starts Mar 25, 2026.History starts Mar 25, 2026.
Intraday session: down, 7 prints from 27.73 to 27.49. Range 27.49 to 27.67. Use the arrow keys to read each point.$27.55$27.60$27.6510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$21M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$27.56
52W range
low $24.41high $28.96

The ETF.net MCVT Grade

C

44/ 100

Rank 5 of 7 in Convertible Bond⁠

Confidence Medium

Six-pillar profile for MCVT. Scores out of 100: Cost 32, Risk 76, Mission not scored, Tradability 35, Holdings 61, Durability 14. Strongest: Risk (76). Weakest: Durability (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 32
    Category rank5/7 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 76
    Category rank1/7 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 35
    Category rank4/7 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 61
    Category rank4/7 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 14
    Category rank7/7 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

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 Sep 20, 2026, 10:09 AM
Asset class
Bonds
Holdings
—
Top-10 weight
32%
Largest holding
BBH SWEEP VEHICLE4.5%

Geography

  • United States93.85%
  • Canada4.57%
  • United Kingdom1.58%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—BBH SWEEP VEHICLE4.46%944,000$944K51
002—Bridgebio Pharma, Inc. 1.75%, Due 03/01/20313.60%500,000$761K2
003—Uber Technologies, Inc. 0.875%, Due 12/01/20283.59%650,000$760K3
004—Halozyme Therapeutics, Inc. 0.875%, Due 11/15/20323.13%475,000$663K2
005GOOGMAlphabet, Inc. Series A3.03%13,000$641K38
006—HAT Holdings I, LLC / HAT Holdings II, LLC 3.75%, Due 08/15/20282.99%450,000$634K2
007—Vishay Intertechnology, Inc. 2.25%, Due 09/15/20302.82%450,000$597K1
008—SiTime Corporation 0%, Due 06/15/20312.80%600,000$592K3
009—Datadog, Inc. 0%, Due 12/01/20292.78%450,000$588K2
010—Revolution Medicines, Inc. 0.5%, Due 05/01/20332.76%470,000$584K2
011—Ligand Pharmaceuticals, Inc. 0.75%, Due 10/01/20302.59%350,000$549K1
012—TransMedics Group, Inc. 1.5%, Due 06/01/20282.53%450,000$536K1
013—Cloudflare, Inc. 0%, Due 06/15/20302.48%350,000$526K2
014—Procore Technologies, Inc. 0%, Due 08/15/20312.43%550,000$514K2
015—First Majestic Silver Corporation 0.125%, Due 01/15/20312.39%425,000$507K1

Showing 1–15 of 50 holdings

MCVT Performance

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

MCVT$9,926
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. MCVT $9,926. SPY $10,415. Use the arrow keys to read each point.$9,710$10,108$10,505Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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−2.5%
3 months−0.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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+10.9%

History from Mar 25, 2026

MCVT in the news

ETF.net Research hasn’t filed on MCVT yet — coverage lands here as it’s written.

MCVT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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.