MPAY — Akros Monthly Payout ETF

MPAY Fund Overview

MPAY — Akros Monthly Payout ETF is a US ETF managed by Exchange Listed Funds Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Exchange Listed Funds Trust
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $3.31M
• 1-year return: 14.6%
• Ticker: MPAY
• SEC CIK: 0001547950
• SEC series ID: S000076036
• Share class ID: C000235473

MPAY Investment Objective and Strategy

Akros Monthly Payout ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Exchange Listed Funds Trust.

Investment objective

The Akros Monthly Payout ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Akros Multi-Asset Index (the Index).

Principal investment strategy

The Fund normally invests in securities comprising the Index. The Index generally consists of 18 exchange-traded funds (ETFs) (the ETF Portfolio Sleeve) and 50 U.S. exchange-listed stocks (the Equity Portfolio Sleeve), though this may change from time to time. Because the Index is expected to be comprised, in part, of securities issued by other investment companies, the Fund operates as a fund of funds. The Index is broadly diversified and seeks to offer the potential for monthly distributions, which may include return of capital to investors. The goal of the Index is to represent an allocation to a balanced portfolio of international equities, fixed income securities and alternative investments. The Index composition is dynamically allocated across asset classes taking into consideration the current macroeconomic state.

The portion of the Index devoted to the Equity Portfolio Sleeve generally will range between 20% and 60%. The Index will have risk characteristics similar to the international stock and bond markets and foreign exchange markets and will generally rise and fall with prevailing market conditions, with the goal, but not the guarantee , of achieving a total return sufficient, over time and after expenses, to support a seven percent (7.0%) annual distribution rate. To be initially eligible for inclusion in the Equity Portfolio Sleeve of the Index, a company must be U.S. exchange-listed and have a market capitalization of at least $1 billion. Additionally, a stock will no longer be eligible for inclusion in the Index if its free float falls below 10%. Next, a proprietary algorithm is used to analyze historical financial and trading data, and stocks are selected and ranked based on excess return factors.

An excess return factor is a formula that combines mathematical operators, fundamental values, and market values to determine if a stock could outperform markets in the future. The top 50 stocks are included in the Index. The ETF Portfolio Sleeve of the Index provides exposure to ETFs across a range of asset categories including international equity, fixed-income, and commodity markets. The following asset categories and types of investments are represented in the ETF Portfolio Sleeve: ? Foreign Equity ETFs that provide exposure to foreign stocks (including in emerging markets); ? Commodity ETFs that provide exposure to commodities; ? Gold ETFs that provide exposure to gold; ? Treasury Bonds ETFs that provide exposure to U.S. Treasury bonds of any duration or maturity including inflation protected bonds; ?

High-Yield Bonds ETFs that provide exposure to high-yield corporate bonds (also known as junk bonds) of any duration or maturity; ? Investment Grade Bonds ETFs that provide exposure to investment grade corporate bonds of any duration or maturity; ? MBS ETFs that provide exposure to U.S. mortgage-backed securities; ? REITs ETFs that provide exposure to domestic and foreign real estate investment trusts; ? Global Infrastructure ETFs that provide exposure to domestic and foreign infrastructure securities (including emerging markets securities). Securities in the Index are weighted according to a proprietary weighting methodology that incorporates modern portfolio theory principles such as historical covariance, historical mean, historical risk contribution, and cluster analysis. The individual weight of an ETF in the Index is capped at 10%.

Where an individual ETFs weight would be greater than 10% if not capped, the excess weighting will be allocated to one or more additional ETFs from the same asset class. In such case, the number of ETFs in the Index would increase. The Index is rebalanced and reconstituted on a monthly basis. Because of the frequency of the Indexs rebalances and reconstitutions, the Fund is expected to have a high rate of portfolio turnover. Deletions from the Index may be made at any time due to changes in business, mergers, acquisitions, bankruptcies, suspensions, de-listings and spin-offs. As of March 3, 2025, the Index was comprised of 59 securities. As of March 3, 2025, the average market capitalization of the Index components was $443.787 billion. The Fund employs a passive management investment strategy designed to track the performance of the Index.

The Adviser generally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to their respective weightings in the Index. However, the Adviser may utilize a sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Index. The Adviser expects that over time, if the Fund has sufficient assets, the correlation between the Funds performance, before fees and expenses, and that of the Index will be 95% or better. A figure of 100% would indicate perfect correlation. The Fund may invest up to 20% of its assets in investments that are not included in the Index, but that the Adviser believes will help the Fund track the performance of the Index. The Fund will concentrate its investments ( i.e.

, invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent the Index concentrates in an industry or group of industries. As of March 3, 2025, the Index was not concentrated in any industry. In addition, in replicating the Index, the Fund may from time to time invest a significant portion of its assets in the securities of companies in one or more sectors. As of March 3, 2025, the Technology Sector represented a significant portion of the Index. The Index was created by Akros Technologies, Inc. (the Index Provider), which is not affiliated with the Fund or the Adviser. The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index.

The Index is calculated by Moorgate Benchmarks Ltd., which is not affiliated with the Fund, the Adviser, or the Index Provider. To allow shareholders of the Fund to realize a predictable, but not assured, level of cash flow, the Fund has a distribution policy to make monthly distributions with the goal, but not the guarantee of a target rate that represents an annualized payout of 7.0% on the Funds per-share net asset value on the date of a distributions declaration. Additionally, the Adviser reserves the discretion to raise or lower the payout percentage at any time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit.

For more information about the Funds distribution policy, please see Dividends, Distributions and Taxes Fund Distributions.

MPAY Holdings

Top 10 holdings of Akros Monthly Payout ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all MPAY holdings

MPAY Portfolio Allocation

Asset-class allocation of Akros Monthly Payout ETF by percentage of net assets, from the latest SEC N-PORT filing.

MPAY Performance

Total returns for MPAY (as of 2026-10-01), from SEC filings.

MPAY Risk Information

Risk metrics for MPAY, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.9%

MPAY Costs and Fees

MPAY costs about $56 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.56%
• Gross expense ratio: 0.81%
• Portfolio turnover: 601%
• Brokerage commissions: 16.36 bps of average net assets (SEC N-CEN)

MPAY Cashflows

Over the 12 months to 2025-02, Akros Monthly Payout ETF had net inflows of $4.63M, from monthly SEC N-PORT filings.

MPAY Debt Constituents

No individual debt constituents are reported in Akros Monthly Payout ETF's latest SEC N-PORT filing.

MPAY Prospectus and SEC Filings

Official Akros Monthly Payout ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-03-26
• Prospectus (485BPOS) — filed 2023-03-31
• Prospectus supplement (497) — filed 2025-04-02
• Portfolio holdings (N-PORT) — filed 2025-04-28
• Portfolio holdings (N-PORT) — filed 2025-01-22
• Portfolio holdings (N-PORT) — filed 2024-10-22
• Annual census (N-CEN) — filed 2025-02-12
• Annual census (N-CEN) — filed 2023-02-06

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.