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Launched · SEC filings

Miller Convertible Total Return ETF

MCVTNYSE ArcaC

$26.46−0.82 (−3.00%)

At close: Nov 5, 2026, 4:00 PM ET

C43/ 100

Rank 6 of 7 in Convertible Bond

C43/100Rank 6 of 7inConvertible Bond
Intraday session: down, 71 prints from 27.28 to 26.46. Range 26.42 to 27.28. Use the arrow keys to read each point.26.6026.8027.0010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$31M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
45
Avg volume · 30D
15.4K sh
52W range
low $24.41high $28.96
Launched
Filings
SEC EDGAR

The ETF.net MCVT Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
Convertible Bond⁠
Rank
6 of 7
Six-pillar profile for MCVT. Scores out of 100: Cost 20, Risk 75, Mission not scored, Tradability 60, Holdings 56, Durability 21. Strongest: Risk (75). Weakest: Cost (20). Based on 5 of 6 pillars.

Score 43 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.
    F20 out of 100
    Rank 6 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.
    A75 out of 100
    Rank 2 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B60 out of 100
    Rank 3 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B56 out of 100
    Rank 5 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F21 out of 100
    Rank 6 of 7

Our read on MCVT

ETF.net Research

In short

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

  • Bond-first mechanics: it targets convertibles with put provisions, remaining maturities generally under seven years, or an issuer guarantee of principal.sec.gov
  • Active, 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
  • Specialist 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

  • Costs 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.
  • New 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
  • Put provisions and principal guarantees are only as strong as the issuer behind them, so credit risk travels with the equity upside.sec.gov

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$9,267
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,546
Aug 5, 2026 to Nov 5, 2026. MCVT $9,267. SPY $9,546. Use the arrow keys to read each point.$9,250$9,500$9,750$10,000Aug 2026Sep 2026Nov 2026

Aug 5, 2026 – Nov 5, 2026

Returns run to the Nov 5, 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 yearNo data
1 month−4.4%
3 months−7.3%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+5.8%

History from Mar 25, 2026

MCVT in the news

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

Risk pillarA75 out of 100Rank 2 of 7 in Convertible Bond
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.

FMP measures it over up to five years of monthly returns.

MCVT Cost

Compare MCVT and ICVT

Overpaying vs ICVT, cheapest in Convertible Bond

$12,044

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MCVT 0.85%

    $16,199

  • ICVT 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • MCVT 0.85%
  • ICVT 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MCVT $16,199ICVT $4,155

Year by year

YearMCVTICVTOverpaying
10$1,508$365$1,143
20$5,706$1,421$4,285
30$16,199$4,155$12,044

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