ETF Evaluator: Miller Convertible Total Return ETF () Follow This ETF

Miller Convertible Total Return ETF Overview

Miller Convertible Total Return ETF (MCVT) is an actively managed Allocation Convertibles exchange-traded fund (ETF). Wellesley Asset Management, Inc. launched the ETF in 2026.

The investment seeks to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The fund seeks to invest in convertible bonds of issuers that have strong growth characteristics, as determined by Wellesley Asset Management, Inc. (“Wellesley”), the investment advisor to the fund. Under normal conditions, it invests at least 80% of its assets in convertible bonds.

About Miller Convertible Total Return ETF (MCVT)

There are 3 members of the management team with an average tenure of 0.35 years: David Clott (2026), Michael Miller (2026) and James Buckham (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

Miller Convertible Total Return ETF has 35 securities in its portfolio. The top 10 holdings constitute 35.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Miller Convertible Total Return ETF is part of the Hybrid Securities global asset class and is within the Allocation ETF group. Miller Convertible Total Return ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 97.9% convertible bond). Miller Convertible Total Return ETF has 2.1% of the portfolio in cash.

Assets Under Management

The fund has $14 million in total assets, which is below the $2 billion average for the Convertibles category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

MCVT Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Miller Convertible Total Return ETF expense ratio is high compared to funds in the Convertibles category. Miller Convertible Total Return ETF has an expense ratio of 0.85%, which is 36% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Miller Convertible Total Return ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 79% for the Convertibles category.

Recently, in the month of July 2026, Miller Convertible Total Return ETF returned -1.0%, which earned it a grade of B, as the Convertibles category had an average return of -4.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Miller Convertible Total Return ETF has a trailing yield of 0.00%, which is below the 1.40% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

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