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MHIG

GradeDNew York Stock Exchange Arca

Milliman Healthcare Inflation Guard ETF

Multi-Asset & Alternatives · Milliman · Inception 2026-04-21

$20.06+0.04 (+0.20%)

As of Sep 24, 2026, 11:46 AM EDT

History starts Apr 21, 2026.History starts Apr 21, 2026.History starts Apr 21, 2026.
Intraday session: up, 2 prints from 20.02 to 20.06. Range 20.02 to 20.06. Use the arrow keys to read each point.$20.02$20.03$20.04$20.0510 AM12 PM2 PM4 PM
Expense ratio
0.55%
Fund size
$1M
1Y return
—
Yield · Last 12 months
—
Holdings
83
Volume · 30D
0M sh
NAV per share
$20.09
52W range
low $19.64high $20.59

The ETF.net MHIG Grade

D

38/ 100

Rank 31 of 38 in Multi-Asset Allocation⁠

Confidence High

Six-pillar profile for MHIG. Scores out of 100: Cost 55, Risk 58, Mission 35, Tradability 0, Holdings 38, Durability 22. Strongest: Risk (58). Weakest: Tradability (0). Leans toward Risk and Cost.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned39This cap took−0Published score38 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank17/38 · top 45%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    DScore 35
    Category rank25/30 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 58
    Category rank14/36 · top 39%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 0
    Category rank38/38 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank26/34 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 22
    Category rank36/38 · bottom quartile

Graded as of Sep 23, 2026

Our read on MHIG

ETF.net Research

DMost of the health care aisle bets on drug and device stocks. MHIG aims at the bill instead, seeking returns that match the U.S. healthcare cost inflation rate through a quant-selected mix of equities, debt and commodities.

Stated mandate

The Fund seeks returns that generally match the U.S. healthcare cost inflation rate. It uses a combination of healthcare-related equities, debt, commodities, and other instruments selected through a proprietary quantitative model.

Why people hold it

  1. 01The benchmark is a rate, not a stock index: the fund seeks returns that generally match the U.S. healthcare cost inflation rate.
  2. 02Multi-asset by design: healthcare equities, debt, commodities and other instruments picked by a quantitative model, not a cap-weighted ladder of big pharma.
  3. 03A genuinely unusual mandate in a cohort where the best-regarded names (VHT, FHLC, XLV) are all cap-weighted US healthcare equity index funds.
  4. 04Standard 1940 Act ETF wrapper with a US focus, so the plumbing is conventional even though the strategy is not.

Worth knowing

  1. 01At 0.55% it sits above the health care cohort median of 0.50%, and far above plain index trackers such as VHT (0.09%) and XLV (0.08%).
  2. 02Launched in 2026, so the track record is short, and the selection model is proprietary: you get the holdings, not the recipe.
  3. 03Small and thinly traded next to the aisle's heavyweights, which means spreads and execution costs carry more weight.

MHIG Holdings

As of Sep 20, 2026, 9:23 AM
Asset class
Stocks
Holdings
83
Top-10 weight
85%
Largest holding
XFIV35.3%

Geography

  • United States99.39%
  • Ireland0.61%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001XFIVBondBloxx Bloomberg Five Year Target Duration US Treasury ETF35.30%7,504$355K2
002—United States Treasury Bill 11/19/202616.36%165,500$164K49
003XHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETF13.79%2,761$139K5
004SPYState Street SPDR S&P 500 ETF Trust5.37%71$54K39
005LLYEli Lilly & Co5.27%46$53K569
006ABBVAbbVie Inc2.31%88$23K511
007JNJJohnson & Johnson2.29%85$23K520
008—4GLD US 11/19/26 C372.46 FLX1.68%5$17K1
009GILDGilead Sciences Inc1.37%91$14K480
010HCAHCA Healthcare Inc1.20%28$12K296
011TMOThermo Fisher Scientific Inc1.11%17$11K368
012AMGNAmgen Inc0.87%23$9K472
013PFEPfizer Inc0.75%272$8K375
014UNHUnitedHealth Group Inc0.71%19$7K475
015ISRGIntuitive Surgical Inc0.69%18$7K406

Showing 1–15 of 83 holdings

MHIG Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MHIG$10,173
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,493
Jun 23, 2026 to Sep 23, 2026. MHIG $10,173. SPY $10,493. Use the arrow keys to read each point.$9,884$10,271$10,657Jun 2026Aug 2026Sep 2026

Jun 23, 2026 – Sep 23, 2026

Returns run to the Sep 23, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MHIG. Periods over one year show the average yearly return.
PeriodMHIG
Year to dateFund launched this year—
1 month−2.4%
3 months+1.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MHIG
YearReturn barMHIG
2026 YTD−0.6%

Since listing, Apr 21, 2026

MHIG in the news

ETF.net Research hasn’t filed on MHIG yet — coverage lands here as it’s written.

MHIG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 23, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

MHIG Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.36
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MHIG Cost

Expense ratio0.55%
  • The middle half of Multi-Asset Allocation funds
  • Median 0.58%

16 of the 37 Multi-Asset Allocation funds charge less.

MHIG costs $55.00 a year on $10,000. The median Multi-Asset Allocation fund costs $58.00.