When Strategy Shares launched the Monopoly ETF (Ticker: MPLY) in May 2025, it sent a clear signal: in a world of noise, bet on dominance. I sat down with David Miller, the firm’s Chief Investment Officer, to understand why he believes MPLY is more than just another ETF—it’s a blueprint for how companies thrive in winner-takes-all markets.
Amy Smith: David, let’s start at the beginning. What inspired you to create the Monopoly ETF?
David Miller: Great question. The short version? We looked at what’s actually working in today’s market—and it’s the companies with pricing power, irreplaceable brands, and business models protected by real economic moats. Whether it’s Microsoft in productivity, NVIDIA in AI infrastructure, or Amazon in logistics, these aren’t just market leaders. They’re category killers. MPLY is our attempt to capture that dynamic in one focused, actively managed fund.
Amy: Why call it the “Monopoly ETF”? That’s a bold label—some might even say provocative.
David: We debated that. But it’s honest. This fund isn’t about owning “market darlings” or whatever the latest meme stock is. It’s about owning the companies that, frankly, have won their category. And they’re not apologizing for it. We’re not investing in monopolies in the antitrust sense—we’re investing in firms that behave like monopolies because of their brand strength, network effects, scale advantages, and strategic moats. The name gets attention, yes—but it also speaks to the strategy’s essence.
Amy: What distinguishes MPLY from a typical large-cap growth ETF? Many funds already hold these giants.
David: That’s true, but the difference is intentionality and avoiding the losers. Passive funds own companies because they’re big. We only own companies because they’re dominant and generating massive growing free cash flows. MPLY is actively managed, so we’re not bound by an index. We can lean into the winners, cut the laggards, and rotate based on market structure—not arbitrary benchmarks. Every holding must clear a high bar: strong margins, recurring revenues, durable pricing power, and a clear path to continued dominance. It’s about quality control.
Amy: So this is more of a high-conviction, curated portfolio?
David: Exactly. We’re not interested in being “diversified for diversification’s sake.” We typically hold 75 to 125 names—enough to spread risk, but concentrated enough to matter. When you look at a company like Visa, for example—85% operating margins, embedded in global commerce, virtually no real competition—why not own more of that? If you believe in the power of compounders, MPLY gives you a direct line to them.
Amy: Let’s talk performance. I know it’s early days, but what should investors expect from MPLY over the long term?
David: We’re not here to chase short-term pops. The goal is risk-adjusted outperformance over full market cycles. These are businesses that throw off cash in recessions and booms. Our ideal is to deliver equity-like returns with lower drawdowns—not through gimmicks, but by owning companies that don’t blink when the Fed raises rates or when energy prices spike. These firms tend to outperform over time because they’re not just reacting to the macro—they’re shaping it.
Amy: How do you decide what gets into the portfolio? What’s your screening process like?
David: It’s a blend of quantitative rigor and qualitative conviction. First, we look at profitability metrics—ROIC, EBITDA margins, gross margin durability, free cash flow yield. Then we ask: does this company have real pricing power? Can it raise prices without losing customers? Is it protected by network effects, scale, regulation, or customer dependency?
And finally, we do the narrative work. What’s the story? Is it Microsoft controlling productivity ecosystems? Is it ASML owning the future of chipmaking? We’re looking for firms that not only lead but define their space.
Amy: You’ve mentioned “pricing power” a few times. Why is that such a central theme?
David: Because it’s the ultimate inflation hedge. If a company can raise prices and still grow volume, it doesn’t matter what CPI is doing—it’s going to protect your capital. That’s especially important in an era where inflation isn’t dead—it’s just mutating. Owning firms with pricing power means you’re not relying on rate cuts or stimulus—you’re relying on customer dependence and competitive moat.
Amy: Let’s play devil’s advocate. What’s the biggest risk to the MPLY thesis?
David: Great question. One is regulatory pressure. Big Tech especially is facing scrutiny, and we take that seriously. But antitrust cycles are long and often toothless. Most of these companies are protected by global scale, not just U.S. dominance. Another risk is valuation—dominant firms can get expensive. That’s where active management matters. We won’t chase stretched multiples—we’ll pivot if fundamentals erode.
Amy: What’s the investor profile you had in mind when designing this ETF?
David: MPLY is for the modern long-term investor. Someone who wants equity growth, but not indiscriminate exposure. Someone who’s tired of paying for passive beta that just rides the wave. This is for investors who want to own the tide—the companies that are the wave. It works in taxable accounts, IRAs, 401(k)s, even model portfolios. We’re seeing interest from RIAs, institutions, and high-net-worth individuals alike.
Amy: You’ve been in the ETF industry a long time. How does this product reflect your own evolution as an investor?
David: I love that question. When I started, ETFs were about access. Now, they’re about precision. MPLY reflects everything I’ve learned about what actually works: simplicity, quality, and conviction. I don’t want to own everything—I want to own what matters. And I want to give investors a vehicle that reflects the world as it is, not as a factor model says it should be.
Amy: Last question: If you had to sum up the Monopoly ETF in one sentence for a skeptical investor, what would you say?
David: Sure—“If you believe the future belongs to the winners, why not own the companies that have already won?”
Amy: That’s a mic drop. David, thanks so much for your time today—and congratulations on the launch.
David: Thank you, Amy. Always a pleasure to talk markets with someone who asks the right questions.
Disclosure: This interview is for informational purposes only. Investing involves risk, including possible loss of principal. Please consult a financial advisor and read the MPLY prospectus before investing.
