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MHIP

GradeDNew York Stock Exchange Arca

Milliman Healthcare Inflation Plus ETF

Sectors · Milliman · Inception 2026-04-21 · SEC filings

$20.96+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Apr 21, 2026.History starts Apr 21, 2026.History starts Apr 21, 2026.
Intraday session: up, 8 prints from 20.62 to 20.96. Range 20.62 to 20.96. Use the arrow keys to read each point.$20.60$20.70$20.80$20.90Sep 17Sep 18Sep 21Sep 22Sep 23
Expense ratio
0.55%
Fund size
$2M
1Y return
—
Yield · Last 12 months
—
Holdings
86
Volume · 30D
0M sh
NAV per share
$20.77
52W range
low $19.45high $22.57

The ETF.net MHIP Grade

D

37/ 100

Rank 17 of 25 in Health Care (Broad)⁠

Confidence High

Six-pillar profile for MHIP. Scores out of 100: Cost 42, Risk 78, Mission 77, Tradability 0, Holdings 25, Durability 20. Strongest: Risk (78). Weakest: Tradability (0). Leans toward Risk and Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 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 earned37This cap took−0Published score37 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 42
    Category rank15/25 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 77
    Category rank4/11 · top 36%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 78
    Category rank3/24 · top 13%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 0
    Category rank25/25 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 25
    Category rank25/25 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 20
    Category rank25/25 · bottom quartile

Graded as of Sep 22, 2026

Our read on MHIP

ETF.net Research

DMost 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

  1. 01The 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.
  2. 02Multi-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.
  3. 03The 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

  1. 01Costs 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.
  2. 02Launched in 2026, still small and thinly traded, so spreads and fill quality matter more here than with the sector's household-name funds.
  3. 03Short history. There's no full-cycle record yet showing how the strategy behaves when markets and healthcare costs move in opposite directions.

MHIP Holdings

As of Sep 20, 2026, 9:23 AM
Asset class
Stocks
Holdings
86
Top-10 weight
70%
Largest holding
United States Treasury Bill 11/19/202615.5%

Geography

  • United States98.73%
  • Ireland1.27%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202615.51%243,300$242K48
002XFIVBondBloxx Bloomberg Five Year Target Duration US Treasury ETF11.32%3,730$176K2
003SPYMState Street SPDR Portfolio S&P 500 ETF10.90%1,897$170K25
004LLYEli Lilly & Co10.65%144$166K569
005ABBVAbbVie Inc4.68%276$73K511
006JNJJohnson & Johnson4.61%266$72K521
007XHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETF4.28%1,330$67K5
008GILDGilead Sciences Inc2.76%285$43K482
009—4GLD US 11/19/26 C351.76 FLX2.63%8$41K1
010HCAHCA Healthcare Inc2.42%88$38K297
011TMOThermo Fisher Scientific Inc2.20%52$34K369
012AMGNAmgen Inc1.76%72$27K470
013PFEPfizer Inc1.52%857$24K374
014ISRGIntuitive Surgical Inc1.43%58$22K406
015UNHUnitedHealth Group Inc1.42%59$22K474

Showing 1–15 of 86 holdings

MHIP Performance

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

MHIP$10,672
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. MHIP $10,672. SPY $10,415. Use the arrow keys to read each point.$9,705$10,345$10,984Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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 year—
1 month−2.0%
3 months+6.7%
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 MHIP
YearReturn barMHIP
2026 YTD+5.9%

Since listing, Apr 21, 2026

MHIP in the news

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

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 Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

MHIP 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.
0.27
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.

MHIP Cost

Expense ratio0.55%
  • The middle half of Health Care (Broad) funds
  • Median 0.50%

14 of the 25 Health Care (Broad) funds charge less.

MHIP costs $55.00 a year on $10,000. The median Health Care (Broad) fund costs $50.00.