At a glance
MVPA charges 0.6% a year. It has $70.1M in assets; it paid 0.54% of its price in distributions over the past 12 months, annual. Over the past year it returned +2.0% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 53.1% of the fund, out of 33 in all.
The short version
Miller Value Partners Appreciation ETF (MVPA) is an actively managed fund that holds about 20 to 40 stocks its manager believes are undervalued. Its goal is to beat the S&P 500 over several years. Unlike most stock funds, it places large bets on out-of-favor companies of any size, such as Crocs and Bread Financial, and it may borrow money to invest. It charges 0.60% a year.
Price history
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MVPA +2.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MVPA official prospectus, to Dec 31, 2025 | — | -2.67% | — | — | — | +16.81% |
| MVPA price data to Oct 27, 2026 | +6.9% | +2.0% | — | — | — | +14.8% |
- Over the year to Oct 27, 2026, MVPA returned +2.0%.
- Its worst full calendar year was 2025 (-2.9%); its best was 2025 (-2.9%).
- The deepest fall in its price history was 25.9% (Feb 14, 2025 to Apr 8, 2025), recovered by Aug 5, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.9% | — |
| 2025 | -2.9% | -2.67% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1900 |
What's inside
As of Jun 30, 2026, the fund held 33 securities; the ten largest made up 53.1% of assets.
| Holding | Weight | |
|---|---|---|
| Crocs Inc | 7.07% | |
| Bread Financial Holdings Inc | 5.99% | |
| Bloomin' Brands Inc | 5.84% | |
| Crescent Energy Co | 5.78% | |
| Ziff Davis Inc | 5.42% | |
| United Parcel Service Inc | 5.31% | |
| Citi Trends Inc | 4.73% | |
| MercadoLibre Inc | 4.45% | |
| Lincoln National Corp | 4.27% | |
| Figure Technology Solutions In | 4.25% | |
| CTO Realty Growth Inc | 3.99% | |
| Airbnb Inc | 3.51% | |
| Maplebear Inc | 3.28% | |
| Jackson Financial Inc | 3.25% | |
| Resideo Technologies Inc | 3.19% |
By country
United States 95.4%Uruguay 4.45%By asset type
Stocks 99.85%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.83%, -3.08%, +0.93%.
How it works
MVPA does not track an index. Its adviser, Miller Value Partners, picks stocks it believes are more likely than average to beat the S&P 500 over several years. It estimates each company's "intrinsic value," meaning what the business is worth based on projected free cash flow (cash left after running and investing in the business) and asset values. It then buys shares trading well below that estimate. The manager weighs heavily how a company spends its money, its strategy, and whether management's interests line up with shareholders'. During market sell-offs, it often moves money out of winners that look fairly priced and into beaten-down businesses.
The fund typically holds 20 to 40 stocks of any size. It can invest without limit outside the US, including in emerging markets. Position sizes reflect the manager's view of each stock's upside and its risk of permanent loss. There is no fixed rebalancing schedule. As of June 30, 2026, it held 33 stocks, and the top 10 made up 53.1% of assets. Crocs (7.1%), Bread Financial (6.0%) and Bloomin' Brands (5.8%) led the list. Portfolio turnover was 64%.
The fund is "non-diversified," so it can put more money into fewer companies than a diversified fund could. It may also borrow to invest. That creates leverage, which magnifies both gains and losses and adds interest costs. Its returns can differ sharply from the S&P 500's.
What it really costs
- MVPA charges 0.6% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MVPA | $61 | $192 | $335 | $750 |
In a retirement portfolio
It is a concentrated, actively managed portfolio of about 33 stocks that may borrow to invest, so it works better as a small add-on than as a foundation.
MVPA could add a value-focused stock sleeve that looks very different from an S&P 500 index fund. That difference cuts both ways. The fund launched January 30, 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its deepest drop was 25.9%, from February 14 to April 8, 2025. It took about 16 months, until August 5, 2026, to recover. It returned -2.67% in 2025. Anyone who had to sell shares or draw cash during that slump would have locked in losses. Income is small: the trailing yield was 0.54% as of October 27, 2026, paid once a year. Costs are 0.60% a year, or $61 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, actively managed value sleeve of about 33 stocks that looks very different from the S&P 500.
- Long-term holders who can ride out drops like the 25.9% fall in early 2025, which took about 16 months to recover.
- Those comfortable with a manager who buys out-of-favor names like Crocs, Bloomin' Brands and Citi Trends and may borrow to invest.
Look elsewhere if
- Investors who want low-cost, broad market exposure. The 0.60% expense ratio is higher than a typical broad index fund charges.
- Retirees who need regular income. The trailing yield was 0.54% as of October 27, 2026, paid only once a year.
- Those who want a long track record. The fund launched in January 2024 and has no history through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does MVPA invest in?
MVPA invests in a concentrated set of stocks that Miller Value Partners believes are undervalued. As of June 30, 2026, it held 33 stocks, and the top 10 made up 53.1% of assets. The largest were Crocs (7.1%), Bread Financial (6.0%), Bloomin' Brands (5.8%), Crescent Energy (5.8%), Ziff Davis (5.4%) and UPS (5.3%). About 95.4% was in US companies. MercadoLibre, based in Uruguay, made up the rest of the non-US exposure at 4.5%.
What is the MVPA expense ratio?
MVPA's expense ratio is 0.60% a year, according to its prospectus filed January 28, 2026. All of it is the management fee, and there is no fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $61 after one year, $192 after three, $335 after five and $750 after ten. If the fund borrows to invest, interest costs can reduce returns further.
Does MVPA pay a dividend?
Yes, but it is small and paid once a year. Over the 12 months to October 27, 2026, MVPA paid $0.19 per share, a trailing yield of 0.54%. The fund aims for capital appreciation, meaning growth in share price, rather than income. Its returns depend mainly on whether its stock picks rise in value. Investors who need steady cash flow would get little of it here.
How has MVPA performed since launch?
Its results have been uneven. Per its prospectus, MVPA returned 16.81% a year on average from its January 30, 2024 launch through December 31, 2025, but lost 2.67% in calendar 2025. As of October 27, 2026, it was up 6.9% for the year to date and 2.0% over one year. Its strongest quarter gained 10.4% and its weakest lost 8.78%. Its deepest drop was 25.9%, in early 2025.
How is MVPA different from an S&P 500 index fund?
MVPA tries to beat the S&P 500, not copy it. An index fund holds hundreds of large companies weighted by size. MVPA holds about 20 to 40 hand-picked stocks of any size, many with little or no weight in the S&P 500. It can invest abroad and borrow to invest, and it is non-diversified. As a result, its returns may differ sharply from the index, in both directions, and it charges 0.60% a year.