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MVPL

GradeCNew York Stock Exchange Arca

Miller Value Partners Leverage ETF

Leveraged · Leveraged & Inverse · Miller Value Partners · Inception 2024-02-26

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$44.40−0.62 (−1.37%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Feb 28, 2024.
Intraday session: down, 58 prints from 45.02 to 44.40. Range 44.20 to 44.86. Use the arrow keys to read each point.$44.20$44.60$44.8010 AM12 PM2 PM4 PM
Expense ratio
0.88%
Fund size
$32M
1Y return
+24.0%
Yield · Last 12 months
0.88%
Holdings
1
Volume · 30D
0M sh
NAV per share
$43.61
52W range
low $32.95high $45.75

The ETF.net MVPL Grade

C

53/ 100

Rank 4 of 9 in 2x/3x Long S&P 500⁠

Confidence High

Six-pillar profile for MVPL. Scores out of 100: Cost 59, Risk 73, Mission 0, Tradability 27, Holdings 42, Durability 40. Strongest: Risk (73). Weakest: Mission (0). Leans toward Risk.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 of 100 sits in the C 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.
    BScore 59
    Category rank4/9 · top 44%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    FScore 0
    Category rank3/3 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 73
    Category rank1/9 · top 11%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 27
    Category rank9/9 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 42
    Category rank3/3 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank5/9 · mid-pack

Graded as of Sep 22, 2026

Our read on MVPL

ETF.net Research

CMost leveraged S&P 500 funds are always-on. MVPL runs a daily signal that flips the fund between plain index exposure and 2x, so the leverage dial gets turned by a model instead of by you.

Stated mandate

The fund seeks capital appreciation through active management of equity securities, index-tracking and leveraged ETFs, and swaps linked to the S&P 500, using daily signals to vary leveraged or unleveraged exposure.

Why people hold it

  1. 01Leverage with a switch: a daily signal decides whether the fund sits in unleveraged S&P 500 exposure or geared exposure, rather than running levered every session.
  2. 02Its declared ceiling is 2x, a milder setting than the 3x members of its S&P 500 leveraged group (UPRO, SPXL).
  3. 03Delivered as a 1940 Act fund holding other ETFs and swaps, so the exposure arrives in an ordinary brokerage ticker with no margin account or swap desk required.

Worth knowing

  1. 01At 1.39% it is the costliest in its S&P 500 leveraged group; SPUU charges 0.66% and SSO 0.88% for always-on 2x.
  2. 02The leveraged pieces it holds reset daily, so choppy stretches can pull results away from 2x the index move over periods longer than a day.
  3. 03A small, lightly traded fund launched in 2024: short history on the signal, and spreads deserve a limit order.

MVPL Holdings

As of Sep 20, 2026, 10:38 PM
Asset class
Stocks
Holdings
1
Top-10 weight
100%
Largest holding
SPUU100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001SPUUDIREXION DAILY S&P 500 BULL 2X ETF100.03%143,568$32M1

Showing 1–1 of 1 holdings

MVPL Performance

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

MVPL$12,402
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. MVPL $12,402. SPY $11,723. Use the arrow keys to read each point.$8,802$10,823$12,843Sep 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 MVPL. Periods over one year show the average yearly return.
PeriodMVPL
Year to date+23.9%
1 month+2.0%
3 months+6.6%
1 year+24.0%
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 MVPL
YearReturn barMVPL
2026 YTD+23.9%
2025+25.6%
2024+24.4%

History from Feb 28, 2024

MVPL in the news

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

MVPL 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.
0.88%Last 12 months
Payout per share
$0.40Last 12 months
Last payment
$0.40 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 $2.07; Dec 18, 2025 $0.40. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 18, 2025Dec 19, 2025$0.40
Dec 27, 2024Dec 30, 2024$2.07

MVPL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
21.6%
Annualised · 30 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.
1.09
vs 3-month T-bills · 30 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.
−25.7%
30 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.
1.83
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.

MVPL Cost

Expense ratio0.88%
  • The middle half of 2x/3x Long S&P 500 funds
  • Median 0.88%

3 of the 7 2x/3x Long S&P 500 funds charge less.

MVPL costs $88.00 a year on $10,000. The median 2x/3x Long S&P 500 fund costs $88.00.