Skip to content
etf.net

MVPA

GradeFNew York Stock Exchange

Miller Value Partners Appreciation ETF

Active Equity · Miller Value Partners · Inception 2024-01-29

$35.62−0.37 (−1.04%)

As of Sep 23, 2026, 10:37 AM EDT

History starts Jan 31, 2024.
Intraday session: down, 3 prints from 35.99 to 35.62. Range 35.62 to 35.99. Use the arrow keys to read each point.$35.70$35.80$35.90$36.0010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$71M
1Y return
+2.1%
Yield · Last 12 months
0.52%
Holdings
37
Volume · 30D
0M sh
NAV per share
$35.79
52W range
low $30.40high $38.05

The ETF.net MVPA Grade

F

24/ 100

Rank 58 of 66 in US Active Value⁠

Confidence Medium

Six-pillar profile for MVPA. Scores out of 100: Cost 35, Risk 6, Mission not scored, Tradability 11, Holdings 34, Durability 42. Strongest: Durability (42). Weakest: Risk (6). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 24 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 35
    Category rank43/66 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 6
    Category rank61/62 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 11
    Category rank61/66 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 34
    Category rank57/66 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 42
    Category rank49/66 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MVPA

ETF.net Research

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

  1. 01Genuinely active. The stated objective is plain capital appreciation, so the manager picks stocks rather than tracking a rules-based value screen.
  2. 02At 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.
  3. 03Appreciation-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

  1. 01That 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.
  2. 02Thinly traded. Limit orders matter here, and a large order can push the price around more than it would in a household-name value ETF.
  3. 03Launched 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 Holdings

As of Sep 20, 2026, 10:38 PM
Asset class
Stocks
Holdings
37
Top-10 weight
49%
Largest holding
CRGY7.7%

Sectors

  • Consumer Discr.28.0%
  • Financials21.9%
  • Energy11.5%
  • Industrials9.8%
  • Technology9.6%
  • Communication8.6%
  • Cons. Staples5.3%
  • Real Estate2.6%
  • Health Care2.6%

Geography

  • United States95.53%
  • Uruguay4.47%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001CRGYCRESCENT ENERGY CO7.71%386,449$5M135
002METAMETA PLATFORMS INC5.74%5,951$4M683
003CROXCROCS INC5.02%28,856$4M157
004LNCLINCOLN NATIONAL CORP4.76%79,529$3M155
005BLMNBLOOMIN BRANDS INC4.74%416,324$3M71
006MELIMERCADOLIBRE INC4.42%1,712$3M225
007FIGRFIGURE TECHNOLOGY SOLUTIONS INC ORDINARY SHARES-CLASS A4.34%91,103$3M83
008UPSUNITED PARCEL SERVICE-CL B4.17%29,403$3M351
009MSTRMICROSTRATEGY INC.4.11%21,998$3M190
010JXNJACKSON FINANCIAL INC3.88%21,227$3M142
011BFHBREAD FINANCIAL HOLDINGS INC3.73%24,398$3M158
012AMPAMERIPRISE FINANCIAL INC3.42%4,428$2M347
013CTRNCITI TRENDS INC3.25%39,200$2M66
014COTYCOTY INC3.15%904,790$2M87
015CARTMAPLEBEAR INC2.93%45,645$2M210

Showing 1–15 of 38 holdings

MVPA Performance

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

MVPA$10,212
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MVPA $10,212. SPY $11,723. Use the arrow keys to read each point.$8,389$10,200$12,011Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 MVPA. Periods over one year show the average yearly return.
PeriodMVPA
Year to date+8.4%
1 month−4.9%
3 months+9.3%
1 year+2.1%
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 MVPA
YearReturn barMVPA
2026 YTD+8.4%
2025−2.9%
2024+40.7%

History from Jan 31, 2024

MVPA in the news

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

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 Sep 22, 2026.
0.52%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

MVPA Risk

How much the fund’s monthly returns vary, scaled to a year.
21.5%
Annualised · 31 months to Aug 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.
0.67
vs 3-month T-bills · 31 months to Aug 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%
31 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.
1.07
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.

MVPA Cost

Expense ratio0.60%
  • The middle half of US Active Value funds
  • Median 0.55%

42 of the 66 US Active Value funds charge less.

MVPA costs $60.00 a year on $10,000. The median US Active Value fund costs $55.00.