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* 0.68%
30 Day SEC Yield ** 4.09%

* 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 0.62%. The Fund's investment adviser has contractually agreed to waive 3 basis points (0.03%) of its management fees for the Fund through at least April 30, 2023.

** As of 12/31/22

FUND DATA & PRICING
Net Assets $67.98M
NAV $14.70
Shares Outstanding 4,625,000
Premium/discount Percentage 0.29%
Closing Price $14.74
Median 30 Day Spread 0.56%

Data as of 02/02/2023

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 January 31, 2023 As of December 31, 2022
  MTD QTD YTD QTD YTD 1 YEAR 2 YEARS SINCE INCEPTION
Market Price 8.86% 8.86% 8.86% 10.76% - - - -30.31%
Fund NAV 9.32% 9.32% 9.32% 11.07% - - - -30.62%
Benchmark Index 9.25% 9.25% 9.25% 11.01% - - - -30.29%

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 January 31, 2023 2023 YTD 2022
Market Price 8.86% -
Fund NAV 9.32% -
Benchmark Index 9.25% -

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 28, 2022 March 29, 2022 March 31, 2022 0.1047
June 27, 2022 June 28, 2022 June 30, 2022 0.2013
September 27, 2022 September 28, 2022 September 30, 2022 0.2316
December 27, 2022 December 28, 2022 December 30, 2022 0.0930
TOP 10 HOLDINGS
Percentage Of Net Assets Name Ticker CUSIP Shares Held Market Value
24.72 US ULTRA BOND CBT Mar23 WNH3 Comdty WNH3 COMDTY 115 $16,423,437.50
23.94 US 10YR NOTE (CBT)Mar23 TYH3 Comdty TYH3 COMDTY 139 $15,904,640.63
14.18 WORLD GOLD TR SPDR GLD MINIS GLDM 98149E303 254,478 $9,423,320.34
13.77 SP500 MIC EMIN FUTMar23 HWAH3 Index HWAH3 INDEX 441 $9,145,788.75
6.68 Cash & Other Cash&Other Cash&Other 4,440,890 $4,440,890.19
5.67 MSCI EmgMkt Mar23 MESH3 Index MESH3 INDEX 73 $3,767,895
5.57 UNITED STATES TREAS BDS TIPS 02/15/40 1.375% 02/15 912810RF7 912810RF7 3,819,916 $3,698,857.78
5.38 TSY INFL IX N/B 0 3/4 02/15/45 0.75% 02/15/2045 912810RL4 912810RL4 4,205,160 $3,575,459.83
5.28 UNITED STATES TREAS BDS TIPS 2.125% 41 2.125% 02/1 912810QP6 912810QP6 3,190,274 $3,505,972.76
5.27 TSY INFL IX N/B 0.625% 02/15/2043 912810RA8 912810RA8 4,151,761 $3,499,777.34

Data as of 02/06/2023.Holdings are subject to change.