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MVPL vs SPUU

Miller Value Partners Leverage ETF

MVPLDNYSE Arca

Direxion Daily S&P 500 Bull 2X ETF

SPUUBNYSE Arca

Overlap

Expense ratio

SPUU −1.12pt a year

MVPL1.72%SPUU0.60%

Avg volume · 30D

SPUU 5.3×the volume

MVPL3.49KSPUU18.4K

MVPL vs SPUU Performance

Oct 31, 2025 – Oct 30, 2026

+14.5%MVPL+17.5%SPUU

Oct 31, 2025 to Oct 30, 2026. MVPL +14.5%. SPUU +17.5%. Use the arrow keys to read each point.−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
MVPL 1.72%
SPUU 0.60%, better
Fund size
MVPL $32M
SPUU $300M
1Y total return
MVPL +14.5%
SPUU +17.5%, better
Yield (12M)
MVPL 0.94%
SPUU 1.34%, better
Holdings
MVPL 1
SPUU 509
Avg volume (30D)
MVPL 3.49K sh
SPUU 18.4K sh, better
NAV per share
MVPL $44.18
SPUU $224.77
52W range

ETF.net Grade

MVPL: Cost 6, Risk 74, Mission 0, Tradability 37, Holdings 51, Durability 40. SPUU: Cost 74, Risk 63, Mission not scored, Tradability 44, Holdings not scored, Durability 62.
Pillar letters and Scores for MVPL, SPUU, with each pillar’s weight
PillarMVPLSPUU
Cost30% weightF6A74Higher
Mission25% weightF0Not scored
Risk15% weightA74HigherB63
Tradability15% weightD37C44Higher
Holdings10% weightC51Not scored
Durability5% weightC40B62Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MVPL and SPUU are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds
See all 7 ›

SPUU ranks 2nd and MVPL 7th of 7 funds in the 2x/3x Long S&P 500 Category.

  1. Rank 1BSSOProShares Ultra S&P500Score 66
  2. Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
  3. Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55
  4. Rank 5CUSLXCorgi U.S. Large-Cap 2x Daily ETFScore 40
  5. Rank 7DMVPLMiller Value Partners Leverage ETFScore 31

Our read on each fund

ETF.net Research

MVPLDMiller Value Partners Leverage ETF

SPUUBDirexion Daily S&P 500 Bull 2X ETF

In short

MVPL Most 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.

SPUU Two times the daily move of the S&P 500, for 0.60% net of a waiver through September 1, 2027: the lowest fee on the S&P 500 bull-leverage shelf. The trade-off is a quieter ticker than the category's household name.

Stated mandate

MVPL 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.

SPUU The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P 500® Index.

Why people hold it

  • MVPL 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
  • SPUU 0.60% net of a waiver through September 1, 2027 (0.66% gross) undercuts the category median and rival SSO, at 0.84% net of its own waiver through September 30, 2027.
  • Aims for 200% of the S&P 500's daily move, reset every day, built on roughly 500 large-cap stocks plus swaps. No guesswork about the exposure.direxion.com
  • Listed in 2014, making it one of the longer-running 2x S&P 500 funds, and it rates among the stronger builds in a small peer group.direxion.com

Worth knowing

  • MVPL 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.
  • SPUU The daily reset is the whole story: over stretches longer than a day, results can drift from 2x the index's cumulative move, and choppy markets widen that gap.direxion.com
  • Thinly traded next to the biggest names in the aisle, which can show up as wider bid-ask spreads.
  • Leverage is symmetric. A 1% down day in the S&P 500 lands as roughly 2% here, before fees.

Full MVPL profile⁠

Full SPUU profile⁠

MVPL vs SPUU Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MVPL vs SPUU Cost

Overpaying MVPL vs SPUU

$17,491

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

  • MVPL 1.72%

    $29,308

  • SPUU 0.60%

    $11,817

$10,000
30 years

Cost over time

  • MVPL 1.72%
  • SPUU 0.60%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MVPL $29,308SPUU $11,817

Year by year

YearMVPLSPUUOverpaying
10$2,943$1,076$1,867
20$10,712$4,116$6,596
30$29,308$11,817$17,491

Expense ratio

  • 1.72%MVPL
  • 0.60%SPUU, cheaper
  • Middle half of 2x/3x Long S&P 500 funds
  • Median 0.84%

SPUU 3rd cheapest of 7 funds

MVPL 7th cheapest of 7 funds

MVPL vs SPUU Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MVPL 0.94%
SPUU 1.34%, better
Payout (12M)
MVPL $0.40
SPUU $2.90
Last payment
MVPL $0.40
SPUU $0.26
Ex-dividend
MVPL Dec 18, 2025
SPUU Sep 22, 2026
Paid on
MVPL Dec 19, 2025
SPUU Sep 29, 2026
Frequency
MVPL Irregular
SPUU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MVPLIrregular · 2 paymentsAll MVPL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 27, 2024 $2.07; Dec 18, 2025 $0.40. Use the arrow keys to read each point.$0$52017202020232026YTD
SPUUQuarterly · 31 paymentsAll SPUU payments⁠
One bar per payment. 31 payments from 2017 to 2026 YTD. Jun 20, 2017 $2.94; Sep 19, 2017 $0.08; Dec 19, 2017 $0.43; Jun 19, 2018 $0.22; Sep 25, 2018 $1.59; Dec 27, 2018 $0.42; Mar 19, 2019 $0.04; Jun 25, 2019 $0.47; Dec 23, 2019 $0.49; Jun 23, 2020 $0.27; Dec 10, 2020 $5.36; Dec 22, 2020 $0.36; Jun 22, 2021 $0.33; Dec 9, 2021 $2.27; Dec 21, 2021 $0.94; Dec 20, 2022 $0.62; Jun 21, 2023 $0.35; Sep 19, 2023 $0.19; Dec 21, 2023 $0.31; Mar 19, 2024 $0.28; Jun 25, 2024 $0.31; Sep 24, 2024 $0.11; Dec 23, 2024 $0.11; Mar 25, 2025 $0.37; Jun 24, 2025 $0.38; Sep 23, 2025 $0.24; Dec 10, 2025 $1.91; Dec 23, 2025 $0.10; Mar 24, 2026 $0.32; Jun 23, 2026 $0.31; Sep 22, 2026 $0.26. Use the arrow keys to read each point.$0$52017202020232026YTD

MVPL vs SPUU Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MVPL 21.2%since Mar 2024SPUU 25.1%
Return per unit of riskSharpe ratio, 3 years
MVPL 0.96since Mar 2024SPUU 1.32
Worst fallMax drawdown, 5 years
MVPL −25.7%since Feb 2024SPUU −46.6%
Market sensitivityBeta, 5 years
MVPL 1.83SPUU 2.01

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