At a glance
MVPL charges 1.72% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $24.6M in assets, the 8th largest of that group; it paid 0.9% of its price in distributions over the past 12 months, annual. Over the past year it returned +18.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Miller Value Partners Leverage ETF (MVPL) is an actively managed ETF that invests in other ETFs: either SPDR S&P 500 ETF (SPY) or a fund seeking twice the S&P 500's daily return, depending on its manager's signals. The aim is capital growth over several years by using leverage only when signals look favorable. The trade-offs are bigger swings than the index and a 1.72% expense ratio, per its prospectus filed January 28, 2026.
Price history
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MVPL +18.0% 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 | |
|---|---|---|---|---|---|---|
| MVPL official prospectus, to Dec 31, 2025 | — | +25.09% | — | — | — | +27.19% |
| MVPL price data to Oct 27, 2026 | +21.9% | +18.0% | — | — | — | +27.4% |
- Over the year to Oct 27, 2026, MVPL returned +18.0%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+25.6%); its best was 2025 (+25.6%).
- The deepest fall in its price history was 25.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.9% | — |
| 2025 | +25.6% | +25.09% |
| 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 | $0.4000 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 99.84% of assets.
| Fund held | Weight | |
|---|---|---|
| Direxion Daily S&P 500 Bull 2X ETF | 99.84% |
By country
United States 99.84%By asset type
Stocks 99.84%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +16.76%, +10.25%, -2.59%.
How it works
Miller Value Partners' proprietary models produce a daily signal from S&P 500 data such as price changes, valuation measures, correlations, interest rates and volatility. When the signal reads “leverage off,” the fund holds an ETF that tracks the S&P 500; the prospectus names SPDR S&P 500 ETF (SPY). When it reads “leverage on,” the fund holds an ETF that seeks twice the index's return for a single day: ProShares Ultra S&P 500 ETF (SSO) and/or Direxion Daily S&P 500 Bull 2X Shares (SPUU). It never holds both types at once. As of June 30, 2026, 99.8% of assets sat in SPUU, so leverage was on.
The 2x funds use swaps and futures (derivatives tied to the index) and reset their leverage daily. Because MVPL may hold them for many days, compounding means its return over longer stretches can differ from twice the index's return in size and even direction, especially in choppy markets. The fund does not target a set level of leverage beyond one day.
Switching happens often: the prospectus reports portfolio turnover (a measure of yearly trading) of 662%. The S&P 500 weights companies by market value and had 503 members as of December 31, 2025, concentrated in information technology, a tilt MVPL inherits. Holders also indirectly pay a share of the underlying ETFs' expenses.
What it really costs
- MVPL charges 1.72% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.88% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $175 in the first year and $2,030 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MVPL | $175 | $542 | $933 | $2,030 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
MVPL aims for multi-year growth but can hold twice the S&P 500's daily exposure for many days at a time, so it may fit only as a small, higher-risk slice of a portfolio.
MVPL launched in February 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 25.09%, but that year also held its deepest drop: a 25.7% fall from February 19 to April 8, 2025. It recovered by June 30, about 2.7 months later. Its worst quarter lost 9.06% (January–March 2025). Anyone withdrawing money during a slide like that would lock in losses, and leverage can make such slides steeper than the S&P 500's.
Income is minor: the trailing 12-month yield was 0.9% as of October 27, 2026, paid once a year. Costs are high at 1.72%. On $10,000, the SEC's standard example comes to $175 over one year and $2,030 over ten. Past results don't predict future ones, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who accept sharp swings and want S&P 500 exposure that shifts to 2x daily leverage when the manager's signals look favorable.
- Those who prefer model-driven timing of leverage over holding a 2x fund such as SSO or SPUU continuously.
- Long-horizon investors who can keep it to a small slice and sit through drops like its 25.7% fall in early 2025.
Look elsewhere if
- Cost-conscious investors: its 1.72% expense ratio is high for a fund whose holdings are S&P 500 ETFs, before 662% turnover adds trading costs.
- Retirees seeking income: it yielded 0.9% over the 12 months to October 27, 2026, paid only once a year.
- Those wanting a long record or large fund: it launched in February 2024 and had $24.6 million in assets as of June 30, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MVPL this fund | 1.72% | $24.6M | +18.0% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is MVPL a leveraged ETF?
Sometimes. MVPL does not hold a fixed level of leverage. When its manager's signals call for leverage, it holds an ETF seeking twice the S&P 500's daily return, such as Direxion Daily S&P 500 Bull 2X Shares (SPUU). Otherwise it holds SPDR S&P 500 ETF (SPY). As of June 30, 2026, 99.8% of its assets were in SPUU. Its one-year beta was 1.77 as of October 27, 2026, meaning it tended to move about 1.77 times as much as the market.
What's the difference between MVPL and SSO?
ProShares Ultra S&P 500 ETF (SSO) always seeks twice the S&P 500's daily return. MVPL holds SSO or a similar 2x fund only when its manager's signals favor leverage, and switches to SPDR S&P 500 ETF (SPY) otherwise. The prospectus says this timing should help reduce the chance that drops or volatility cause permanent loss of capital. While leveraged, MVPL still faces the same compounding risk. Its expense ratio is 1.72%, including a 0.88% management fee.
How has MVPL performed since launch?
MVPL returned 25.09% in 2025, its first full calendar year, according to its prospectus. It averaged 27.19% a year from its February 28, 2024 launch through December 31, 2025. Based on share price, it gained 18% in the year to October 27, 2026, and 21.9% in 2026 through that date. Returns came with big swings: its strongest quarter gained 19.53% (April–June 2025), and its weakest lost 9.06% (January–March 2025). Past results don't predict future returns.
What is MVPL's expense ratio?
MVPL's expense ratio is 1.72%, including a 0.88% management fee, according to its prospectus filed January 28, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and a sale at the end of each period. On that basis, costs total $175 after one year, $542 after three, $933 after five and $2,030 after ten. That is high for a fund built from S&P 500 ETFs. Trading costs from its 662% portfolio turnover are not included in that ratio.
Is MVPL good for retirement income?
Not as an income source. MVPL pays once a year, and its trailing 12-month yield was 0.9%, about $0.40 per share, as of October 27, 2026. It aims for capital growth over several years instead. It is also volatile: it fell 25.7% between February 19 and April 8, 2025, before recovering by June 30, 2025. It launched in February 2024, so it has no record from 2008, 2020 or 2022. It may suit only a small, higher-risk slice of a retirement portfolio.