ETF Evaluator:
m+ Income Momentum Autocall ETF (MPIM)
Follow This ETF
(as of Sep 17)
Best Performing in Defined Outcome Over the Last Year
| 23.6% | FT Vest Emerging Mkts Buffr ETF - Mar (TMAR) |
| 21.9% | Innovator Growth-100 Acltd Ps ETF™ April (QTAP) |
| 20.9% | Innovator Emerg Mkts Pwr Bffr ETF™-Oct (EOCT) |
| 20.6% | FT Vest U.S. Eq Uncppd Acceler ETF - Jan (UXJA) |
| 20.5% | ProShares Nasdaq-100 Dynamic Buffer ETF (QB) |
Risk
Index
Risk
Index
ETF Details
m+ Income Momentum Autocall ETF Overview
m+ Income Momentum Autocall ETF (MPIM) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Alaia Capital, LLC launched the ETF in 2026.
The investment seeks to generate high monthly income while seeking to provide reduced downside risk through exposure to S&P U.S. Equity Momentum 40% VT 4% Decrement Autocall Index (USD) ER (the “Autocall Index”).
The fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in unfunded total return swaps (based on their notional value) that provide exposure to the S&P U.S. Equity Momentum 40% VT 4% Decrement Autocall Index (USD) ER (the “Autocall Index”). It is non-diversified.
About m+ Income Momentum Autocall ETF (MPIM)
There are 2 members of the management team with an average tenure of 0.05 years: Stephen Clancy (2026) and Charles Guttilla (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P US EqMomntm40%VT4%DcrmntAtcll TR USD index with a weighting of 100%. m+ Income Momentum Autocall ETF has 4 securities in its portfolio. The top 10 holdings constitute 302.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
m+ Income Momentum Autocall ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. m+ Income Momentum Autocall ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). m+ Income Momentum Autocall ETF has 101.5% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $181 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MPIM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The m+ Income Momentum Autocall ETF expense ratio is above average compared to funds in the Defined Outcome category. m+ Income Momentum Autocall ETF has an expense ratio of 0.70%, which is 2% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. m+ Income Momentum Autocall ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 6% for the Defined Outcome category.
Recently, in the month of August 2026, m+ Income Momentum Autocall ETF returned 0.0%, which earned it a grade of NA, as the Defined Outcome category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
m+ Income Momentum Autocall ETF has a trailing yield of 0.00%, which is below the 0.45% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about m+ Income Momentum Autocall ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MPIM Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MPIM Return (NAV) | na | na | na | na | na | na |
| MPIM Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Defined Outcome Avg | 1.6% | 1.9% | 11.4% | 12.6% | 8.7% | na |
| MPIM Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| MPIM Tax-Cost Ratio | na | na | na | na | na | na |
MPIM Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MPIM Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| MPIM Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 7.4% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| MPIM Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 9 Mil |
| Share Class Assets: | $ 9 Mil |
| Turnover: | na |
| Expense Ratio: | 0.70% |
| Index Fund: | No |
| Index Tracked: | S&P US EqMomntm40%VT4%DcrmntAtcll TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.1 years | |||
| Average Tenure: 0.1 years | |||
| Managers (Year): Clancy Stephen (2026), Guttilla Charles (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 302.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -1.5% |
| Cash: | 101.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Alaia Capital, LLC |
| Phone Number: | 888-852-4281 |
| Website: | |
| Inception Date: | August 11, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.71% |
