ETF Evaluator:
Miller Value Ptnrs Appreciation ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Small Value Over the Last Year
| 44.0% | EA Bridgeway Omni Small-Cap Value ETF (BSVO) |
| 43.5% | Cambria Micro and Smcp Shld Yld ETF (MYLD) |
| 42.4% | First Trust Small Cap Val AlphaDEX® ETF (FYT) |
| 42.0% | Invesco S&P SmallCap 600® Pure Value ETF (RZV) |
| 41.7% | EA Bridgeway Ultra-Small Company Mkt ETF (BUSM) |
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ETF Details
Miller Value Ptnrs Appreciation ETF Overview
Miller Value Ptnrs Appreciation ETF (MVPA) is an actively managed U.S. Equity Small Value exchange-traded fund (ETF). Miller Value Funds launched the ETF in 2024.
The investment seeks capital appreciation.
The fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in securities that Miller Value Partners, LLC (the Adviser) believes have an above-average probability of outperforming the S&P 500® Index (the S&P 500) over a multi-year time horizon. It will typically invest in a portfolio of approximately 20-40 common stocks without regard to market capitalization. The fund is non-diversified.
About Miller Value Ptnrs Appreciation ETF (MVPA)
There are 1 members of the management team with an average tenure of 2.50 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 100%. Miller Value Ptnrs Appreciation ETF has 39 securities in its portfolio. The top 10 holdings constitute 47.2% 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.
Miller Value Ptnrs Appreciation ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Miller Value Ptnrs Appreciation ETF has 4.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.3% There is 4.6% 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 Appreciation ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $70 million in total assets, which is below the $2 billion average for the Small Value 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.
MVPA 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 Appreciation ETF expense ratio is above average compared to funds in the Small Value category. Miller Value Ptnrs Appreciation ETF has an expense ratio of 0.60%, which is 25% higher than its category average, making the fund expense ratio grade a D. 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 Appreciation ETF has a portfolio turnover rate of 64%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 60% for the Small Value category.
Recently, in the month of July 2026, Miller Value Ptnrs Appreciation ETF returned 5.9%, which earned it a grade of A, as the Small Value category had an average return of 1.2%. 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 Appreciation ETF has a trailing yield of 0.52%, which is below the 1.71% 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 Appreciation ETF Grades
Year to date, the ETF has returned 6.7%, 13.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.8% over the past year (grade of F).
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MVPA 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 |
|
| MVPA Return (NAV) | 5.9% | 3.6% | 5.8% | na | na | na |
| MVPA Return (Price) | 5.6% | 3.3% | 5.5% | na | na | na |
| NAV +/- Price Return | 0.281% | 0.367% | 0.304% | na | na | na |
| Small Value Avg | 1.2% | 6.4% | 31.1% | 13.1% | 8.6% | 10.2% |
| MVPA Grade (NAV) | A | F | F | na | na | na |
| +/- Category (NAV) | 4.8% | -2.7% | -25.3% | na | na | na |
| MVPA Tax-Cost Ratio | na | na | 0.2% | na | na | na |
MVPA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MVPA Return (NAV) | 6.7% | -2.7% | na | na | na | na | na | na | na | na | na |
| MVPA Return (Price) | 6.5% | -2.9% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.040% | 0.096% | na | na | na | na | na | na | na | na | na |
| Small Value Avg | 19.7% | 7.0% | 7.8% | 17.1% | -10.9% | 33.0% | 4.1% | 21.2% | -12.2% | 9.8% | 29.4% |
| MVPA Grade (NAV) | F | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -13.0% | -9.7% | 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: | 0.5% |
| Total Assets: | $ 70 Mil |
| Share Class Assets: | $ 70 Mil |
| Turnover: | 64.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Miller Bill (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 39 |
| % in Top 10 Holdings: | 47.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.6% |
Portfolio Allocation |
|
| Domestic Stock: | 95.3% |
| Foreign Stock: | 4.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Miller Value Funds |
| Phone Number: | 888-593-5110 |
| Website: | |
| Inception Date: | January 30, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.48% |
