1https://www.ark-funds.com/funds/arkk
The Mag 7 or Magnificent 7 are a group of companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. Price to book ratio is used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price to earnings is the market price per share divided by earnings per share. Price-to-cash flow (P/CF) is a valuation multiple that compares a company’s its stock price per share to operating cash flow per share. Price to sales ratio is a tool for calculating a stock’s valuation relative to other companies. It is calculated by dividing a stock’s current price by its revenue per share. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
Click to view the Miller Value Partners Appreciation ETF Prospectus
Read the Prospectus and Summary Prospectus carefully before investing.
Miller Value Partners Appreciation ETF (MVPA)
Objective: Seeks capital appreciation
| Annualized Performance as of 12/31/24 | 1-Year | 3-Year | 5-Year | Since Inception (1/30/24) |
| NAV | TBD | TBD | TBD | 38.47% |
| Market Value | TBD | TBD | TBD | 38.79% |
Gross Expense Ratio: 0.60%
ARK Innovation ETF (ARKK)
Objective: Seeks long-term growth of capital by investing under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation.
| Annualized Performance as of 12/31/24 | 1-Year | 3-Year | 5-Year | 10-Year |
| NAV | 8.36% | -15.64% | 3.05% | 11.99% |
| Market Value | 8.40% | -15.65% | 3.06% | 11.98% |
Net asset value (“NAV”) returns are based on the dollar value of a single share of the ETF, calculated using the value of the underlying assets of the ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects the reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of the ETF’s shares may differ significantly from their NAV during periods of market volatility.
Gross Expense Ratio: 0.75%
SPDR® S&P 500® ETF Trust (SPY)
Objective: Provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index
| Annualized Performance as of 12/31/24 | 1-Year | 3-Year | 5-Year | 10-Year |
| NAV | 24.87% | 8.81% | 14.38% | 12.96% |
| Market Value | 24.86% | 8.81% | 14.40% | 12.96% |
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.
The views expressed are those of the portfolio managers as of the date indicated, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Discussions of individual securities are intended to inform shareholders as to the basis (in whole or in part) for previously made decisions by a portfolio manager to buy, sell or hold a security in a portfolio. References to specific securities are not intended and should not be relied upon as the basis for anyone to buy, sell or hold any security. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of its representatives may give legal or tax advice.
Diversification does not assure a profit or protect against a loss in a declining market.
Earnings growth is not a measure of the Fund’s future performance.
The Miller Value Funds are distributed by Quasar Distributors, LLC.
©2025 Miller Value Partners, LLC
