ETF Evaluator:
Miller Value Ptnrs Leverage ETF (MVPL)
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(as of Sep 02)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
Miller Value Ptnrs Leverage ETF Overview
Miller Value Ptnrs Leverage ETF (MVPL) is an actively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). Miller Value Funds launched the ETF in 2024.
The investment seeks capital appreciation over a multi-year horizon.
The fund is an actively-managed exchanged-traded fund (ETF) that seeks to achieve its investment objective by investing in ETFs that provide unleveraged or leveraged exposure to the S&P 500 Index, depending on trading signals from proprietary models used by the fund’s investment adviser, Miller Value Partners, LLC (the Adviser), to implement the fund’s investment strategy. When the adviser’s trading signals indicate that the fund should be in an unleveraged (or leverage off) position, the fund will invest its assets in an ETF that seeks to track the performance of the index.
About Miller Value Ptnrs Leverage ETF (MVPL)
There are 1 members of the management team with an average tenure of 2.42 years: Bill Miller (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 200%. Miller Value Ptnrs Leverage ETF has 3 securities in its portfolio. The top 10 holdings constitute 99.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Miller Value Ptnrs Leverage ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Miller Value Ptnrs Leverage ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.4% There is 0.5% 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). Miller Value Ptnrs Leverage ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $251 million average for the Trading--Leveraged Equity 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.
MVPL 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 Miller Value Ptnrs Leverage ETF expense ratio is high compared to funds in the Trading--Leveraged Equity category. Miller Value Ptnrs Leverage ETF has an expense ratio of 1.72%, which is 81% higher than its category average, making the fund expense ratio grade a F. 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. Miller Value Ptnrs Leverage ETF has a portfolio turnover rate of 662%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, Miller Value Ptnrs Leverage ETF returned -0.7%, which earned it a grade of B, as the Trading--Leveraged Equity category had an average return of -18.2%. 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.
Miller Value Ptnrs Leverage ETF has a trailing yield of 0.69%, which is below the 5.84% category average.
The fund normally distributes its income 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.
Miller Value Ptnrs Leverage ETF Grades
Year to date, the ETF has returned 16.5%, 12.7 percentage points better than the category, which translates into a grade of B. The fund has returned 28.9% over the past year (grade of C).
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MVPL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MVPL Return (NAV) | -0.7% | 6.6% | 28.9% | na | na | na |
| MVPL Return (Price) | -0.5% | 6.8% | 29.4% | na | na | na |
| NAV +/- Price Return | -0.236% | -0.181% | -0.560% | na | na | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| MVPL Grade (NAV) | B | B | C | na | na | na |
| +/- Category (NAV) | 17.5% | 17.4% | -18.3% | na | na | na |
| MVPL Tax-Cost Ratio | na | na | 0.5% | na | na | na |
MVPL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MVPL Return (NAV) | 16.5% | 25.1% | na | na | na | na | na | na | na | na | na |
| MVPL Return (Price) | 16.4% | 24.1% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | -0.038% | na | na | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| MVPL Grade (NAV) | B | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 12.7% | -16.2% | 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: | 0.7% |
| Total Assets: | $ 25 Mil |
| Share Class Assets: | $ 25 Mil |
| Turnover: | 662.0% |
| Expense Ratio: | 1.72% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.4 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Miller Bill (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.4% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Miller Value Funds |
| Phone Number: | 888-593-5110 |
| Website: | |
| Inception Date: | February 27, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.72% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
