UPAR Ultra Risk Parity ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About UPAR
The Fund is an actively-managed exchange-tradedfund (“ETF”) that seeks to replicate the returns of the Advanced Research Ultra Risk Parity Index (the “UPARIndex”). The UPAR Index is designed to provide leveraged exposure to the Advanced Research Risk Parity Index (the “RPARIndex”). The Fund and the UPAR Index will utilizeleverage in an effort to balance portfolio risk across four major asset classes – Global Equities, Commodities (through commodityproducer equities and gold), U.S. Treasury Inflation Protected Securities (“TIPS”), and U.S. Treasuries. “Ultra”in the Fund’s name refers to the use of leverage to enhance returns. Through the use of leverage, the Fund targets an allocationthat is 160% to 180% of net asset value. The use of leverage may magnify the effect of any decrease or increase in the value ofthe Fund’s portfolio holdings over time relative to a fund that does not utilize leverage. The UPAR Index The UPAR Index is designed to provide leveragedexposure to the RPAR Index by using an implied financing rate to target 1.4 times the asset class exposures of the RPAR Index ateach quarterly rebalance. The RPAR Index allocates its exposure to four asset classes (Global Equities, Commodities (through commodityproducer equities and gold), TIPS, and U.S. Treasuries) using a “risk parity” approach that seeks to balance risk toeach asset class based on the long-term historic volatility exhibited by each asset class. This means that lower risk asset classes(such as TIPS) will generally have higher notional allocations than higher risk asset classes (such as global equities). At eachquarterly rebalance, the allocation of the UPAR Index among each of the four asset classes will be 1.4 times the allocation ofthe same asset classes in the RPAR Index. The UPAR Index seeks to balance risk across the four asset classes described below. TheUPAR Index is a leveraged index, meaning that the sum of the underlying asset class allocations will exceed 100%. The UPAR Indextargets a total economic exposure to the four asset classes of 160% to 180% at each quarterly rebalance. Asset Class Sub-Class Global Equities U.S. Equities Non-U.S. Developed Market Equities Emerging Market Equities Equity Index Futures Commodities Commodity Producer Equities Gold U.S. Treasuries U.S. Treasury Bills U.S. Treasury Futures TIPS Long-Term TIPS (15+ years) The Fund’s Investment Strategy The Fund will seek to replicate thereturns of the UPAR Index by targeting the same exposure as the UPAR Index to the four primary asset classes identified aboveand adopting the same quarterly rebalancing schedule as the UPAR Index. As of the last quarterly rebalance of the UPAR Index onDecember 31, 2024, the target asset-class exposures in the UPAR Index (which are based on the asset-class exposures of the RPARIndex) were 51% to nominal U.S. Treasuries (including 10-year and 30-year treasuries), 50% to longer-maturity TIPS, 36% to a mixof commodity-producer equities and gold, and 37% to a mix of domestic, international and emerging-market equities, for a totaleconomic exposure of 174%. By utilizing the same risk parity approach as the UPAR Index, the Fund expects to maintain an investmentportfolio with asset class exposure that substantively matches the asset class exposure of the UPAR Index by investing in a combinationof (i) U.S. Treasury securities (including TIPS), (ii) U.S. Treasury futures contracts, (iii) reverse repurchase agreements, (iv)ETFs that track a broad-based index of equity securities for one or more asset classes (or sub-classes), (v) individual equitysecurities or depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”),representing an interest in foreign equity securities, (vi) other exchange-listed vehicles issuing equity securities (“ETVs”)(including ETFs, exchange-traded notes (“ETNs”) and exchange-listed trusts), and (vii) equity index futures. The targetasset class exposures of the UPAR Index are not expected to change as a function of market conditions. In addition to investing directly in theasset classes noted above, the Fund may utilize reverse repurchase agreements to gain leveraged exposure to those asset classes. Based on market conditions (principallythe financing rates present in the market for reverse repurchase agreements), the Fund may seek sources of leverage through variousmeans, including (but not limited to) equity index futures, U.S. treasury futures, and reverse repurchase agreements, to achievethe Fund’s target leverage. The Adviser will seek to constructa portfolio of securities for the Fund that will provide investment results that are comparable to the UPAR Index. The Adviserexpects the Fund to hold approximately 100 securities under normal market conditions. Asset Classes The Fund will invest in TIPS. TIPS aremarketable securities whose principal is adjusted based on changes in the Consumer Price Index (“CPI”). With inflation(an increase in the CPI), the principal increases, and with deflation (a decrease in the CPI), the principal decreases. The relationshipbetween TIPS and the CPI affects both the principal amount paid when a TIPS instrument matures and the amount of interest thata TIPS instrument pays semi-annually. When a TIPS instrument matures, the principal paid is the greater of the CPI-adjusted principalor the original principal. TIPS pay interest at a fixed rate. However, because the fixed rate is applied to the CPI-adjusted principal,interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the eventof deflation, the interest payment decreases. The Fund may purchase TIPS of any maturity. The Fund will invest directly in U.S. Treasurysecurities or directly or indirectly in futures contracts to gain long exposure to U.S. Treasury bonds. The ETFs in which the Fund investswill typically be index-based ETFs that track a broad-based index that principally invests in equity securities of one or moreasset classes set forth above (e.g., U.S. equities, non-U.S. developed market equities, emerging market equities, or a gold-focusedindex as described below). Such ETFs will typically have net assets of at least $100 million and have aggregate volume over thelast 90 days of at least 100,000 shares traded. The Fund will also, specifically, invest in ETFs to obtain exposure to the equitysecurities of commodity producers including in the energy (including clean energy), industrial metals, agriculture, mining andwater sectors. The Fund’s investment in ETVs allowsthe Fund to indirectly obtain exposure to an underlying asset class, such as futures contracts and commodities, without directlytrading futures or taking physical delivery of the underlying commodity. For example, the Fund may obtain exposure to gold by investingin an ETV that owns gold, rather than the Fund directly holding gold. In addition to achieving exposure to theglobal equities asset class indirectly through ETFs, the Fund may also invest directly in equity securities. The equity securitiesthat may comprise the Fund’s equity positions include, but are not limited to, U.S.-listed common stock of domestic and foreigncompanies, including those in developed and emerging markets, real estate investment trusts (“REITs”), ADRs and GDRs.Such securities may be issued by small-, mid-, or large-capitalization companies. ADRs trade on U.S. stock exchanges and GDRs tradeon stock exchanges outside the U.S. Both ADRs and GDRs represent interests in securities issued by a foreign publicly listed company. The Fund will invest in equity index futures.Equity index futures are derivatives instruments that give the Fund exposure to price movements on an underlying index. The Fundtherefore can profit from the price movements of a basket of equities without trading the individual constituents. An index futurescontract gives the Fund the ability to buy or sell an underlying listed financial instrument at a fixed price on a future date.Equity index futures are cash settled; that is, there is no delivery of the underlying asset at the end of the contract. If onexpiry the price of the index is higher than the agreed-upon contract price, the buyer has made a profit, and the seller—thefuture writer—has suffered a loss. Should the opposite be true, the buyer suffers a loss, and the seller makes a profit. Under normal market conditions, the Fund’sinvestment adviser will typically buy or sell investments to reflect the quarterly rebalance of the UPAR Index, rather than basedon an individual determination of which investments are most attractive at a given time.
UPAR News
- Short Interest in UPAR Ultra Risk Parity ETF (NYSEARCA:UPAR) Declines By 51.2%
- (UPAR) Risk Channels and Responsive Allocation
- (UPAR) Movement as an Input in Quant Signal Sets
- Liquidity Mapping Around (UPAR) Price Events
- Liquidity Mapping Around (UPAR) Price Events
- Why (UPAR) Price Action Is Critical for Tactical Trading
- Understanding Momentum Shifts in (UPAR)
Data for UPAR is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.