Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in securities that Miller Value Partners, LLC (the Advisor) believes have an above-average probability of outperforming the S&P 500 Index (the S&P 500) over a multi-year time horizon. The Fund will typically invest in a portfolio of approximately 20-40 common stocks without regard to market capitalization. In selecting investments for the Funds portfolio, the Advisor seeks maximum flexibility to identify stocks that are undervalued and likely to generate excess returns, using models designed to estimate possible outcomes under various conditions. The Advisor will seek to select stocks it believes are likely to trade at a significantly higher price in the future. The Advisor … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in securities that Miller Value Partners, LLC (the Advisor) believes have an above-average probability of outperforming the S&P 500 Index (the S&P 500) over a multi-year time horizon. The Fund will typically invest in a portfolio of approximately 20-40 common stocks without regard to market capitalization. In selecting investments for the Funds portfolio, the Advisor seeks maximum flexibility to identify stocks that are undervalued and likely to generate excess returns, using models designed to estimate possible outcomes under various conditions. The Advisor will seek to select stocks it believes are likely to trade at a significantly higher price in the future. The Advisor makes such judgments by estimating the intrinsic value of the issuers shares, based on its projections of future free cash flows and asset values, with the expectation that the market will adopt that price in the next several years. In reaching an estimate of intrinsic value, the Advisor considers economic and industry data, capital allocation, management commentary on the state of the business, analyst notes, and current stock valuations as compared to historical valuations for that stock and peers. The Advisor uses times of market dislocation, when prices for compelling businesses with less stable cash flows have come under pressure, presenting an opportunity for long-term investors to shift capital away from winners trading at now-fair prices into some of those names whose embedded expectations look too low. In assessing value, the Advisor places a heavy emphasis on a companys capital allocation, business strategy and stakeholder alignment (i.e., economic alignment between a companys management team and its common shareholders). The Advisor may vary the weighting of each portfolio position based on its assessment of each stocks probability to generate appropriate risk-adjusted returns, where risk is defined as the Advisors assessment of the probability of permanent capital impairment over a multi-year time horizon. The Fund may have a high active share, meaning it may take concentrated positions in stocks that have little or no weight in the S&P 500. The Fund may experience a high level of volatility, and performance of the Funds portfolio may deviate significantly from the S&P 500. While investing in a particular market sector is not a strategy of the Fund, its portfolio may be significantly invested in one or more sectors from time-to-time as a result of the investment selection decisions made pursuant to its strategy. The Fund can invest without limit in foreign securities of issuers in any country, including securities denominated in foreign currencies, and including countries with developing or emerging markets. To enhance the Funds returns, the Fund may borrow for investment purposes, subject to the limits of the Investment Company Act of 1940 (the 1940 Act) and the rules and regulations thereunder. To the extent the Fund borrows more money than it has cash or short-term cash equivalents and invests the proceeds, the Fund will create financial leverage. The use of borrowing for investment purposes increases both investment opportunity and investment risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. Additionally, the Funds investment strategies may involve active and frequent trading resulting in high portfolio turnover. Show less