UPAR Ultra Risk Parity ETF

Access the same risk parity strategy as RPAR but with a higher target return and risk. 

  • The fund will diversify its allocations amongst four asset classes – equities, commodities, Treasury bonds (Treasuries), and Treasury inflation-protected securities (TIPS).
  • Portfolio is structured to target a risk comparable to equities.
  • Seeks to generate positive returns during periods of economic growth, preserve capital during periods of economic contraction, and preserve real rates of return during periods of heightened inflation.

The Index

The UPAR Ultra Risk Parity ETF is managed to track the Advanced Research Ultra Risk Parity Index, which is a proprietary index created by Evoke Advisors. The index is designed to target similar risk contributions from four diversifying asset classes – equities, commodities, Treasury bonds (Treasuries), and Treasury inflation-protected securities (TIPS). Returns for the index are available from Bloomberg [UPARTR]. It is not possible to invest directly in an index.

FUND INFORMATION
Fund Inception 1/3/2022
Ticker UPAR
Primary Exchange NYSE
CUSIP 886364595
NAV Symbol UPAR.NV
Net Expense Ratio* 0.65%
Gross Expense Ratio* 0.67%
30 Day SEC Yield ** 3.23%

* The Net Expense Ratio includes management fees and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.63%. The Fund's investment adviser has contractually agreed to waive 2 basis points (0.02%) of its management fees for the Fund through at least April 30, 2024.

** As of 09/30/23

FUND DATA & PRICING
Net Assets as of 05/20/2024 $88.53M
NAV $13.94
Shares Outstanding 6,350,000
Premium/discount Percentage 0.13%
Closing Price $13.96
Median 30 Day Spread 0.50%

Data as of 05/20/2024

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

30 Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

PERFORMANCE
As of 04/30/2024 As of 03/31/2024
MTD QTD YTD QTD YTD 1 YEAR 2 YEARS 3 YEARS SINCE INCEPTION
Market Price -5.52% -5.52% -4.36% 1.23% 1.23% -0.28% -11.01% - -12.28%
Fund NAV -5.40% -5.40% -4.75% 0.69% 0.69% 0.05% -11.12% - -12.29%
Benchmark Index -5.16% -5.16% -4.38% 0.82% 0.82% 0.47% -10.35% - -11.89%
No Performance Found

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (833) 540-0039.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Only returns greater than 1 year will be annualized.

A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

RETURNS
As of 04/30/2024 2024 YTD 2023 2022
Market Price -4.36% 5.71% -
Fund NAV -4.75% 6.74% -
Benchmark Index -4.38% 7.18% -

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (833) 540-0039.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Only returns greater than 1 year will be annualized.

A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

DISTRIBUTION DETAIL
EX- Date Record Date Payable Date Amount
March 25, 2024 March 26, 2024 March 28, 2024 0.047517640
December 26, 2023 December 27, 2023 December 29, 2023 0.094836390
September 26, 2023 September 27, 2023 September 29, 2023 0.114588850
June 27, 2023 June 28, 2023 June 30, 2023 0.147098220
March 28, 2023 March 29, 2023 March 31, 2023 0.0588
December 27, 2022 December 28, 2022 December 30, 2022 0.0930
September 27, 2022 September 28, 2022 September 30, 2022 0.2316
June 27, 2022 June 28, 2022 June 30, 2022 0.2013
March 28, 2022 March 29, 2022 March 31, 2022 0.1047
TOP 10 HOLDINGS
Percentage Of Net Assets Name Ticker CUSIP Shares Held Market Value
22.86 US 10YR NOTE (CBT)Jun24 TYM4 Comdty TYM4 COMDTY 176 $19,225,250
22.47 US ULTRA BOND CBT Jun24 WNM4 Comdty WNM4 COMDTY 152 $18,890,750
15.64 SPDR Gold MiniShares Trust GLDM 98149E303 273,783 $13,152,535.32
13.70 SP500 MIC EMIN FUTJun24 HWAM4 Index HWAM4 INDEX 431 $11,519,013.75
5.57 United States Treasury Inflation Indexed Bonds 1.3 912810RF7 912810RF7 5,436,696 $4,683,799.67
5.49 MSCI EmgMkt Jun24 MESM4 Index MESM4 INDEX 84 $4,612,860
5.22 Cash & Other Cash&Other Cash&Other 4,385,996 $4,385,995.96
5.12 Vanguard FTSE Emerging Markets ETF VWO 922042858 96,693 $4,305,739.29
4.81 United States Treasury Inflation Indexed Bonds 0.6 912810RA8 912810RA8 5,356,312 $4,041,467.17
4.69 United States Treasury Inflation Indexed Bonds 0.7 912810RL4 912810RL4 5,236,161 $3,941,177.46

Data as of 05/22/2024.Holdings are subject to change.