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Launched · SEC filings

Milliman Healthcare Inflation Plus ETF

MHIPNYSE ArcaMillimanC

$21.47+0.30 (+1.42%) past 5 days

As of Nov 2, 2026, 10:00 AM ET

C40/ 100

Rank 16 of 25 in Health Care (Broad)

C40/100Rank 16 of 25inHealth Care (Broad)
5D price: up, 9 points from 21.17 to 21.47. Range 21.22 to 21.63. Use the arrow keys to read each point.21.2021.3021.4021.60Oct 27Oct 28Oct 29Oct 30Nov 2
Market opens at 9:30 AM ET.
Expense ratio
0.55%*
Fund size
$2M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
87
Avg volume · 30D
147 sh
52W range
low $19.45high $22.57
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Apr 30, 2027. Without it: 0.56%.

The ETF.net MHIP Grade

C

Score 40 out of 100

Category
Health Care (Broad)⁠
Rank
16 of 25
Six-pillar profile for MHIP. Scores out of 100: Cost 42, Risk 82, Mission 79, Tradability 27, Holdings 28, Durability 21. Strongest: Risk (82). Weakest: Durability (21). Leans toward Risk and Mission.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
44
This cap took
−4
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C42 out of 100
    Rank 15 of 25

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A79 out of 100
    Rank 4 of 11

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A82 out of 100
    Rank 1 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D27 out of 100
    Rank 19 of 25

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D28 out of 100
    Rank 22 of 25

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F21 out of 100
    Rank 25 of 25

Our read on MHIP

ETF.net Research

In short

CMost health-care ETFs track the sector's stocks. MHIP aims at its bills: a multi-asset, US-focused portfolio whose stated goal is returns above U.S. healthcare cost inflation. Different yardstick, different fund.

Stated mandate

The Fund seeks to generate returns before fees and expenses that, over time, exceed U.S. healthcare cost inflation.

Why people hold it

  • The benchmark is a cost, not a stock index. The prospectus goal is returns, before fees, above U.S. healthcare cost inflation, a yardstick the sector's big index trackers don't use.
  • Multi-asset by design. The mandate isn't limited to healthcare equities and runs an advertised factor approach rather than a market-cap ladder, with a US focus.
  • The paperwork is specific: sector, geography and objective are all pinned down in SEC filings, and the portfolio has matched the mission it advertises.

Worth knowing

  • Costs 0.55% a year, above the typical health-care sector fund and several times what plain index trackers such as VHT, XLV and FHLC charge.
  • Launched in 2026, still small and thinly traded, so spreads and fill quality matter more here than with the sector's household-name funds.
  • Short history. There's no full-cycle record yet showing how the strategy behaves when markets and healthcare costs move in opposite directions.

MHIP Performance

Launched Apr 21, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
MHIP$10,676
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. MHIP $10,676. SPY $10,141. Use the arrow keys to read each point.$10,000$10,250$10,500$10,750Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 MHIP. Periods over one year show the average yearly return.
PeriodMHIP
Year to dateFund launched this yearNo data
1 month+3.8%
3 months+6.8%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 MHIP
YearReturn barMHIP
2026 YTD+8.4%

Since listing, Apr 21, 2026

MHIP in the news

MHIP 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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

MHIP Risk

Risk pillarA82 out of 100Rank 1 of 25 in Health Care (Broad)
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.
0.27
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.

FMP measures it over up to five years of monthly returns.

MHIP Cost

Compare MHIP and XLV

Overpaying vs XLV, cheapest in Health Care (Broad)

$9,215

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MHIP 0.55%

    $10,904

  • XLV 0.08% Cheapest

    $1,689

$10,000
30 years

Cost over time

  • MHIP 0.55%
  • XLV 0.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530MHIP $10,904XLV $1,689

Year by year

YearMHIPXLVOverpaying
10$988$147$841
20$3,790$575$3,215
30$10,904$1,689$9,215
How the 0.55% is worked out

Full fee 0.56%− waiver 0.01%= you pay 0.55%

The waiver ends Apr 30, 2027. After that the fee is 0.56% unless Milliman renews it. Source: prospectus, Apr 2026.

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