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Launched

Miller Value Partners Leverage ETF

MVPLNYSE ArcaMiller Value PartnersDThis 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.

$42.15−0.43 (−1.01%)

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

D31/ 100

Rank 9 of 9 in 2x/3x Long S&P 500

D31/100Rank 9 of 9in2x/3x Long S&P 500
Intraday session: down, 78 prints from 42.58 to 42.15. Range 42.15 to 43.44. Use the arrow keys to read each point.42.7543.0043.2543.5010 AM12 PM2 PM4 PM
Expense ratio
1.72%
Fund size
$32M
1Y total return
+14.5%
Yield · Last 12 months
0.94%
Holdings
1
Avg volume · 30D
3.49K sh
52W range
low $32.95high $45.78
Launched

The ETF.net MVPL Grade

D

Score 31 out of 100

Category
2x/3x Long S&P 500⁠
Rank
9 of 9
Six-pillar profile for MVPL. Scores out of 100: Cost 6, Risk 74, Mission 0, Tradability 37, Holdings 51, Durability 40. Strongest: Risk (74). Weakest: Mission (0). Leans toward Risk.

Score 31 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.
    F6 out of 100
    Rank 9 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    F0 out of 100
    Rank 3 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A74 out of 100
    Rank 1 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 7 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C51 out of 100
    Rank 3 of 4

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C40 out of 100
    Rank 5 of 9

Our read on MVPL

ETF.net Research

In short

DMost 2x S&P 500 funds leave the leverage on all day, every day. MVPL is the one with a switch: an active fund that flips between plain index exposure and 2x leveraged ETFs on its adviser's daily signal.

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

  • Leverage with an off switch: when the signal says no, the fund sits in unleveraged S&P 500 exposure, something the always-on 2x and 3x funds in this category cannot do.sec.gov
  • Exposure is set by daily signals rather than fixed at 2x forever, so the leverage dial moves with conditions instead of running wide open through every market.
  • When leverage is on, it buys established 2x S&P 500 ETFs such as SSO and SPUU rather than building the exposure itself. Live since 2024.sec.gov

Worth knowing

  • The 1.72% fee is above the category median, and straight 2x peers cost less: SSO charges 0.84% net of a waiver through September 30, 2027.
  • It does not target a set leverage level, and the 2x ETFs it holds reset daily, so results over several days can drift from twice the index move.sec.gov
  • A small fund that trades lightly, so the spread you pay at the point of trade is part of the real cost of owning it.

MVPL Holdings

Holdings pillarC51 out of 100Rank 3 of 4 in 2x/3x Long S&P 500
Asset class
Stocks
Holdings
1
Top-10 weight
100%
Largest holding
SPUU100.0%

Geography

  • United States99.54%
  • Switzerland0.25%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1SPUUDirexion Daily S&P 500 Bull 2X Etf100.01%143,568$32.3M1

Showing 1–1 of 1 holdings

MVPL Performance

Launched Feb 27, 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.
MVPL$11,448
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. MVPL $11,448. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000$12,000Oct 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 MVPL. Periods over one year show the average yearly return.
PeriodMVPL
Year to date+17.2%
1 month−2.7%
3 months+0.7%
1 year+14.5%
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 MVPL
YearReturn barMVPL
2026 YTD+17.2%
2025+25.6%
2024+24.4%

History from Feb 28, 2024

MVPL in the news

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 Oct 30, 2026.
0.94%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

$10,000 in MVPL 1 year ago paid $106 in dividends.

MVPL Risk

Risk pillarA74 out of 100Rank 1 of 9 in 2x/3x Long S&P 500

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.
21.2%
Annualised · 32 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.
0.96
vs 3-month T-bills · 32 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.
−25.7%
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.
1.83
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.

FMP measures it over up to five years of monthly returns.

MVPL Cost

Compare MVPL and USLX

Overpaying vs USLX, cheapest in 2x/3x Long S&P 500

$25,153

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

  • MVPL 1.72%

    $29,308

  • USLX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • MVPL 1.72%
  • USLX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MVPL $29,308USLX $4,155

Year by year

YearMVPLUSLXOverpaying
10$2,943$365$2,578
20$10,712$1,421$9,291
30$29,308$4,155$25,153

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