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Launched

Miller Value Partners Appreciation ETF

MVPANYSEMiller Value PartnersF

$36.60+0.46 (+1.27%)

As of Nov 2, 2026, 3:59 PM ET

F20/ 100

Rank 63 of 66 in US Active Value

F20/100Rank 63 of 66inUS Active Value
Intraday session: up, 73 prints from 36.14 to 36.60. Range 36.09 to 36.85. Use the arrow keys to read each point.36.4036.8010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$72M
1Y total return
+7.3%
Yield · Last 12 months
0.51%
Holdings
33
Avg volume · 30D
940 sh
52W range
low $30.40high $38.05
Launched

The ETF.net MVPA Grade

Based on 5 of 6 pillars

F

Score 20 out of 100

Category
US Active Value⁠
Rank
63 of 66
Six-pillar profile for MVPA. Scores out of 100: Cost 25, Risk 6, Mission not scored, Tradability 11, Holdings 34, Durability 41. Strongest: Durability (41). Weakest: Risk (6). Based on 5 of 6 pillars.

Score 20 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D25 out of 100
    Rank 49 of 66

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F6 out of 100
    Rank 63 of 65

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F11 out of 100
    Rank 66 of 66

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D34 out of 100
    Rank 57 of 66

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C41 out of 100
    Rank 50 of 66

Our read on MVPA

ETF.net Research

In short

FA boutique stock-picker's take on value: no index to hug, just a capital-appreciation mandate and a manager's judgment, in an ETF wrapper since 2024. You pay active-manager pricing for the privilege.

Stated mandate

The Fund seeks capital appreciation.

Why people hold it

  • Genuinely active. The stated objective is plain capital appreciation, so the manager picks stocks rather than tracking a rules-based value screen.
  • At 0.60%, the fee sits a whisker above the 0.55% median for active value funds. Boutique active management, priced near the middle of that pack.
  • Appreciation-first by design. Distributions come once or twice a year at most, not monthly. This is a growth-of-capital mandate, not an income one.

Worth knowing

  • That 0.60% is four to five times what the top-rated systematic value funds charge (WTV at 0.12%, AVLV at 0.15%). The stock picking has to earn that gap back.
  • Thinly traded. Limit orders matter here, and a large order can push the price around more than it would in a household-name value ETF.
  • Launched in 2024, so the record is short, and price swings have run wider than those of the typical fund in its value peer group.

MVPA Performance

Launched Jan 30, 2024

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.
MVPA$10,725
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MVPA $10,725. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – 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 MVPA. Periods over one year show the average yearly return.
PeriodMVPA
Year to date+8.9%
1 month+4.3%
3 months+2.3%
1 year+7.3%
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 MVPA
YearReturn barMVPA
2026 YTD+8.9%
2025−2.9%
2024+40.7%

History from Jan 31, 2024

MVPA in the news

MVPA 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.
0.51%Last 12 months
Payout per share
$0.19Last 12 months
Last payment
$0.19 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 27, 2024 $0.32; Dec 18, 2025 $0.19. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 18, 2025Dec 19, 2025$0.19
Dec 27, 2024Dec 30, 2024$0.32

$10,000 in MVPA 1 year ago paid $54.75 in dividends.

MVPA Risk

Risk pillarF6 out of 100Rank 63 of 65 in US Active Value
How much the fund’s monthly returns vary, scaled to a year.
21.5%
Annualised · 33 months to Oct 2026
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.
0.58
vs 3-month T-bills · 33 months to Oct 2026
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.
−25.9%
32 months · trough Apr 2025
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.
1.11
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.

MVPA Cost

Compare MVPA and WTV

Overpaying vs WTV, cheapest in US Active Value

$9,297

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

  • MVPA 0.60%

    $11,817

  • WTV 0.12% Cheapest

    $2,520

$10,000
30 years

Cost over time

  • MVPA 0.60%
  • WTV 0.12%
  • 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$12.5K051015202530MVPA $11,817WTV $2,520

Year by year

YearMVPAWTVOverpaying
10$1,076$220$856
20$4,116$859$3,257
30$11,817$2,520$9,297

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