MBOX
Freedom Day Dividend ETF
MBOX is an actively managed fund that seeks dividend growth by selecting US-listed companies the advisor believes to have the greatest potential to provide rising dividends over time.
US
EQUITY
Active
MANAGEMENT STYLE
124.5 M
ASSETS UNDER MGMT
39 bp
EXPENSES
Fund Basics
| Fund sponsor | EMPIRICAL FINANCE LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | May 05, 2021 |
| Assets (mns) | $124 |
| Expense ratio | 39 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| BROADCOM INC. | 3.7 % |
| JPMORGAN CHASE & CO | 3.0 % |
| KLA CORPORATION | 2.8 % |
| AGNICO-EAGLE MINES LTD | 2.8 % |
| MORGAN STANLEY | 2.5 % |
| ENTERPRISE PRODUCTS PARTNERS | 2.5 % |
| MUELLER INDUSTRIES INC | 2.4 % |
| ASML HOLDING NV-NY REG SHS | 2.3 % |
| CINCINNATI FINANCIAL CORP | 2.3 % |
| ENERGY TRANSFER, L.P. | 2.3 % |
Constituent Breakdown
| Number of holdings | 49 |
| Herfindahl-Hirschman Index | 225 |
| Wgt avg mkt cap (mns) | $242,543 |
| Large cap (>$10bn) | 86.2% |
| Mid cap ($2-10bn) | 13.7% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.2% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 83.8 % |
 |
CANADA | 6.3 % |
 |
SWITZERLAND | 4.2 % |
 |
NETHERLANDS | 2.3 % |
 |
BRITAIN | 1.6 % |
 |
IRELAND | 1.5 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.6% | 1.4% | 14.1% | 12.0% | -- | -- | -- | 7.7% |
| Dividend Yield | 0.0% | 0.4% | 1.3% | 2.0% | -- | -- | -- | 1.9% |
| Total Returns | 5.6% | 1.8% | 15.4% | 14.0% | -- | -- | -- | 9.6% | Ann. Volatility | 18.1% | 16.8% | 14.8% | 15.3% | -- | -- | -- | 15.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.87 | 74% |
| MSCI EAFE | 0.68 | 51% |
| MSCI Emg Mkts | 0.44 | 23% |
Liquidity Measures
| Avg. volume (000) | 5 |
| ADV traded (mns) | $0 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.13% |
Technical Indicators
| Recent close | $35.17 |
| 30d moving avg. | $34.36 |
| Annualized volatility | 15.3% |
| Relative strength (RSI) | 62 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| PY | Principal Value ETF | 22.4% | -24 bp | +7.2% |
| DGRO | iShares Core Dividend Growth ETF | 21.8% | -31 bp | +6.5% |
| BGIG | Bahl & Gaynor Income Growth ETF | 20.2% | +6 bp | +5.2% |
| VIG | Vanguard Dividend Appreciation ETF | 19.6% | -34 bp | +5.5% |
| SPMV | Invesco S&P 500 Minimum Variance ETF | 19.1% | -29 bp | +5.4% |
| RDVY | First Trust Rising Dividend Achievers ETF | 19.0% | +11 bp | +6.9% |
| VYM | Vanguard High Dividend Yield Index ETF | 18.9% | -33 bp | +7.0% |
| PFM | Invesco Dividend Achievers ETF | 18.8% | +14 bp | +5.2% |
| STXD | Strive 1000 Dividend Growth ETF | 18.7% | -4 bp | +4.8% |
| YLDE | ClearBridge Dividend Strategy ESG ETF | 18.6% | +21 bp | +5.6% |
Risk and Returns: MBOX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/16/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
MBOX
7.6%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 978 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. MBOX's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places MBOX in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
MBOXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| (39 bp) Percentile rank | 25 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MBOX | 39.0 | 0.0 | 39 |
| Peer Avg. | 53.0 | 27.8 | 80.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .