ETF Evaluator:
Milliman Healthcare Inflation Plus ETF ()
Follow This ETF
(as of Jul 30)
Best Performing in Health Over the Last Year
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ETF Details
Milliman Healthcare Inflation Plus ETF Overview
Milliman Healthcare Inflation Plus ETF (MHIP) is an actively managed Sector Equity Health exchange-traded fund (ETF). Milliman launched the ETF in 2026.
The investment seeks to generate returns (before Fund fees and expenses) that over time exceed the healthcare costs for an individual utilizing an employer-provided health plan in the United States (“U.S. Healthcare Cost Inflation”).
The common stocks in which the fund primarily invests are those issued by companies in the U.S. healthcare sector and sectors that comprise the supply chain for the U.S. healthcare sector, and include companies of all capitalization sizes. Milliman determines the common stock portfolio weight by implementing a factor approach. The fund is non-diversified.
About Milliman Healthcare Inflation Plus ETF (MHIP)
There are 1 members of the management team with an average tenure of 0.28 years: Management Team (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Milliman Healthcare Inflation Plus ETF has 77 securities in its portfolio. The top 10 holdings constitute 74.0% 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.
Milliman Healthcare Inflation Plus ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Milliman Healthcare Inflation Plus ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 54.8% 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 41.3% (41.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Milliman Healthcare Inflation Plus ETF has -2.8% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $1 billion average for the Health 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.
MHIP 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 Milliman Healthcare Inflation Plus ETF expense ratio is average compared to funds in the Health category. Milliman Healthcare Inflation Plus ETF has an expense ratio of 0.55%, which is 6% higher than its category average, making the fund expense ratio grade a C. 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. Milliman Healthcare Inflation Plus 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 45% for the Health category.
Recently, in the month of July 2026, Milliman Healthcare Inflation Plus ETF returned 1.0%, which earned it a grade of C, as the Health category had an average return of -0.1%. 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.
Milliman Healthcare Inflation Plus ETF has a trailing yield of 0.00%, which is below the 1.10% category average.
The fund normally distributes its income annually 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.
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MHIP 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 |
|
| MHIP Return (NAV) | 1.0% | 2.1% | na | na | na | na |
| MHIP Return (Price) | 1.7% | 4.0% | na | na | na | na |
| NAV +/- Price Return | -0.735% | -1.926% | na | na | na | na |
| Health Avg | -0.1% | 11.2% | 36.9% | 9.9% | 1.6% | 8.7% |
| MHIP Grade (NAV) | C | F | na | na | na | na |
| +/- Category (NAV) | 1.0% | -9.2% | na | na | na | na |
| MHIP Tax-Cost Ratio | na | na | na | na | na | na |
MHIP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MHIP Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| MHIP 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 |
| Health Avg | 9.7% | 21.8% | 0.1% | 2.2% | -16.3% | 4.3% | 30.5% | 25.4% | -1.5% | 26.5% | -10.2% |
| MHIP 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: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | na |
| Expense Ratio: | 0.55% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Team Management (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 77 |
| % in Top 10 Holdings: | 74.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 54.8% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 41.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 6.7% |
| Cash: | -2.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Milliman |
| Phone Number: | 855-700-7959 |
| Website: | |
| Inception Date: | April 20, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.52% |
