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Launched

Miller Value Partners Appreciation ETF

MVPANYSED

$35.25+0.18 (+0.51%)

As of Oct 13, 2026, 2:05 PM

D25/ 100

Rank 57 of 66 in US Active Value

D25/100Rank 57 of 66inUS Active Value
Intraday session: up, 4 prints from 35.07 to 35.25. Range 35.03 to 35.25. Use the arrow keys to read each point.35.1035.1535.2010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$69M
1Y total return
+7.0%
Yield · Last 12 months
0.53%
Holdings
36
Avg volume · 30D
0M sh
NAV per share
$34.93
52W range
low $30.40high $38.05
Launched

The ETF.net MVPA Grade

Based on 5 of 6 pillars

D

Score 25 out of 100

Category
US Active Value⁠
Rank
57 of 66
Six-pillar profile for MVPA. Scores out of 100: Cost 34, Risk 3, Mission not scored, Tradability 20, Holdings 34, Durability 41. Strongest: Durability (41). Weakest: Risk (3). Based on 5 of 6 pillars.

Score 25 of 100 falls in the D 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.
    D34 out of 100
    Rank 43 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.
    F3 out of 100
    Rank 63 of 63

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F20 out of 100
    Rank 62 of 66

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D34 out of 100
    Rank 56 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 49 of 66

Our read on MVPA

ETF.net Research

DA 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 Oct 13, 2026
Asset class
Stocks
Holdings
36
Top-10 weight
51%
Largest holding
CRGY7.2%

Sectors

  • Consumer Discretionary26.5%
  • Financials17.2%
  • Technology15.4%
  • Energy11.7%
  • Industrials10.3%
  • Communication7.9%
  • Consumer Staples5.5%
  • Health Care2.9%
  • Real Estate2.7%

Geography

  • United States95.37%
  • Uruguay4.63%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001CRGYCrescent Energy Co7.16%390,237$5M136
002METAMeta Platforms Inc-Class A6.21%5,969$4M704
003BLMNBloomin Brands Inc5.26%422,218$4M72
004MSTRMicrostrategy Inc.5.17%23,108$4M197
005CROXCrocs Inc4.94%29,680$3M160
006LNCLincoln National Corp4.68%80,297$3M155
007MELIMercadolibre Inc4.60%1,681$3M222
008HRBH&R Block Inc4.57%71,546$3M211
009JXNJackson Financial Inc4.06%21,614$3M140
010UPSUnited Parcel Service-Cl B4.05%29,543$3M351
011FIGRFigure Technology Solutions Inc Ordinary Shares-Class A3.65%88,259$3M97
012COTYCoty Inc3.62%876,480$2M85
013CNXCConcentrix Corp3.57%94,850$2M109
014AMPAmeriprise Financial Inc3.25%4,481$2M342
015CARTMaplebear Inc3.14%45,384$2M211

Showing 1–15 of 36 holdings

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$10,702
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. MVPA $10,702. SPY $12,044. Use the arrow keys to read each point.$9,066$10,673$12,281Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+5.5%
1 month−4.2%
3 months+1.2%
1 year+7.0%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+5.5%
2025−2.9%
2024+40.7%

History from Jan 31, 2024

MVPA in the news

Filtered to MVPA · US Active Value

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 12, 2026.
0.53%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.
21.7%
Annualised · 32 months to Sep 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.
0.52
vs 3-month T-bills · 32 months to Sep 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.

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.

Other funds in US Active Value

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