Bramshill Power Income ETF BPOW would target a third in emerging-market debt, with no junk cap

Advisor Managed Portfolios filed on Oct. 16 to add the Bramshill Power Income ETF BPOW, a proposed bond fund that would target about a third of its assets in each of corporate credit, securitized credit and emerging-market debt. Securitized credit, in the prospectus, is debt backed by pools of loans. The prospectus sets no limit on high-yield, or junk, bonds, and the fund currently intends to borrow up to 25% of total assets.

Advisor Managed Portfolios is a Delaware statutory trust organized in February 2023. The trust's name is on the filing because the shares would be issued by the trust. Bramshill Investments would advise the new series, as it already advises the Bramshill Income Performance Fund in the same trust.

The amendment adds one series and describes no change to the funds already running.

The prospectus is marked subject to completion. It says the information may be changed, and that the shares may not be sold until the registration is effective. The fund has not started.

The amendment asks to become effective 75 days after filing. That date is Dec. 30. Bramshill would be paid a single management fee, and the rate is still blank.

What the document allows

The prospectus says the fund seeks to "maximize current income and long-term capital appreciation." Under normal circumstances the one-third weights are a target, and the adviser may generally move any sleeve by up to 25% of net asset value from that start. The prospectus says a sleeve could then run from about 8% to 58% of the fund.

The securitized sleeve may include asset-backed securities, residential and commercial mortgage bonds, and collateralized loan obligations, which are bonds backed by pools of corporate loans. The corporate sleeve may hold investment-grade and high-yield bonds, preferred securities and floating-rate loans, from U.S. and non-U.S. issuers. The emerging-market sleeve may hold dollar-denominated or foreign-currency debt of any credit quality, from governments, government-related borrowers and companies.

There is no minimum credit-quality requirement, and the fund may invest without limit in high-yield or unrated securities. It may also borrow up to one-third of total assets. The intention to borrow 25% of total assets sits inside that ceiling, and leverage may also come through derivatives or other instruments.

Read together, the fund may own junk or unrated debt without a ceiling, take any sleeve to about 58%, and borrow. The prospectus does not say it will be run that way. Opaque is an understatement.

Arif Joshi is named on the emerging-market sleeve

The prospectus names Art DeGaetano, Derek Pines, Paul Van Lingen and Arif Joshi as the senior portfolio managers jointly responsible for the fund from inception.

Joshi is the firm's head of emerging markets. Bramshill said on Sept. 16 that an emerging-market debt strategy launched in March had grown to about $200 million, and this proposed fund would put about a third of its assets in that market.

Different limits from the mutual fund

The proposed fund is not an exchange-traded copy of the Bramshill Income Performance Fund, BRMSX. That fund's summary prospectus dated July 29, 2026, says it may invest up to 40% in high-yield bonds and up to 25% in dollar-denominated debt of foreign issuers.

The ETF prospectus sets no high-yield limit. Its emerging-market sleeve may hold foreign-currency debt as well as dollar debt, and that sleeve can run to about 58% of the fund.