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Launched · SEC filings

UPAR Ultra Risk Parity ETF

UPARNYSE ArcaRPARC

$15.47+0.22 (+1.47%)

As of Nov 2, 2026, 12:44 PM ET

C43/ 100

Rank 10 of 19 in Capital-Efficient Allocation

C43/100Rank 10 of 19inCapital-Efficient Allocation
Intraday session: up, 34 prints from 15.24 to 15.47. Range 15.24 to 15.47. Use the arrow keys to read each point.15.3015.3515.4010 AM12 PM2 PM4 PM
Expense ratio
0.68%
Fund size
$55M
1Y total return
+1.8%
Yield · Last 12 months
3.39%
Holdings
153
Avg volume · 30D
9.81K sh
52W range
low $14.77high $17.71
Launched
Filings
SEC EDGAR

The ETF.net UPAR Grade

C

Score 43 out of 100

Category
Capital-Efficient Allocation⁠
Rank
10 of 19
Six-pillar profile for UPAR. Scores out of 100: Cost 47, Risk 38, Mission 78, Tradability 34, Holdings 54, Durability 54. Strongest: Mission (78). Weakest: Tradability (34). Leans toward Mission.

Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C47 out of 100
    Rank 10 of 19

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A78 out of 100
    Rank 5 of 8

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D38 out of 100
    Rank 14 of 18

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D34 out of 100
    Rank 15 of 19

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C54 out of 100
    Rank 7 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 10 of 19

Our read on UPAR

ETF.net Research

In short

CRisk parity built for four economic weathers, then dialed up. UPAR balances risk across global stocks, commodity producers and gold, TIPS and Treasuries, then levers the mix toward 160%-180% exposure, reset quarterly rather than daily.

Stated mandate

The actively managed Fund seeks positive returns during economic growth, capital preservation during economic contraction, and preservation of real returns during heightened inflation.

Why people hold it

  • Cheaper than the typical fund in its allocation cohort (0.68% versus a 0.78% median) for a playbook that mostly lived behind institutional doors.
  • Leverage resets at each quarterly rebalance, not daily. The index targets 1.4 times the exposures of its unlevered risk-parity sibling, so day-to-day compounding is not the story.sec.gov
  • Four sleeves, four jobs: equities for growth, Treasuries and TIPS for contraction, producers and gold for inflation. The lower-risk sleeves get the biggest notional weights.sec.gov

Worth knowing

  • Leverage magnifies moves in both directions, and the filings say so plainly. This sits at the higher-volatility end of the allocation group.sec.gov
  • Treasuries and TIPS carry the largest notional weights, so interest rate swings move this portfolio more than they would a stock-heavy allocation fund.sec.gov
  • Thinly traded for its category, so spreads and limit orders matter more here than with the giant allocation funds.

UPAR Holdings

Holdings pillarC54 out of 100Rank 7 of 13 in Capital-Efficient Allocation
Asset class
Stocks
Holdings
153
Top-10 weight
61%
Largest holding
US 10YR NOTE (CBT)Dec2614.6%

Sectors

  • Technology20.2%
  • Materials17.9%
  • Energy16.7%
  • Industrials12.7%
  • Financials10.8%
  • Consumer Discretionary5.5%
  • Health Care5.1%
  • Communication4.3%
  • Consumer Staples3.5%
  • Utilities1.9%
  • Real Estate1.3%

Geography

  • United States51.00%
  • United Kingdom6.50%
  • Taiwan5.37%
  • China4.89%
  • Canada4.19%
  • Australia3.90%
  • Japan3.78%
  • South Korea2.32%
  • Other countries (35)18.05%

Developed 62% · Emerging 38% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 11.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUS 10YR NOTE (CBT)Dec2614.58%131$14M21
2No dataUS ULTRA BOND CBT Dec2614.57%128$14M14
3No dataSP500 MIC EMIN FUTDec268.26%208$7.92M3
4GLDMSPDR Gold MiniShares Trust7.46%93,031$7.15M14
5912810RF7United States Treasury Inflation Indexed Bonds 1.375% 02/15/20443.02%3,728,408$2.9M7
6No dataMSCI EmgMkt Dec262.93%36$2.81M4
7912810RA8United States Treasury Inflation Indexed Bonds 0.625% 02/15/20432.65%3,649,785$2.54M6
8VWOVanguard FTSE Emerging Markets ETF2.63%45,321$2.52M16
9No dataMSCI EAFE Dec262.59%16$2.48M5
10912810RL4United States Treasury Inflation Indexed Bonds 0.75% 02/15/20452.57%3,643,099$2.46M9
11912810RR1United States Treasury Inflation Indexed Bonds 1% 02/15/20462.36%3,244,556$2.27M8
12912810SB5United States Treasury Inflation Indexed Bonds 1% 02/15/20482.32%3,295,503$2.22M6
13912810RW0United States Treasury Inflation Indexed Bonds 0.875% 02/15/20472.31%3,319,378$2.21M8
14912810TP3United States Treasury Inflation Indexed Bonds 1.5% 02/15/20531.96%2,647,135$1.88M9
15912810TY4United States Treasury Inflation Indexed Bonds 2.125% 02/15/20541.95%2,286,651$1.87M8

Showing 1–15 of 153 holdings

UPAR Performance

Launched Jan 3, 2022

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
UPAR$10,181
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. UPAR $10,181. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for UPAR. Periods over one year show the average yearly return.
PeriodUPAR
Year to date+1.5%
1 month+2.2%
3 months−1.8%
1 year+1.8%
3 yearsper year+14.0%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UPAR
YearReturn barUPAR
2026 YTD+1.5%
2025+23.9%
2024−2.2%
2023+5.7%
2022−30.3%

History from Jan 4, 2022

UPAR in the news

UPAR Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.39%Last 12 months
Payout per share
$0.52Last 12 months
Last payment
$0.11 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2022–2026

One bar per payment. 19 payments from 2022 to 2026 YTD. Mar 28, 2022 $0.10; Jun 27, 2022 $0.20; Sep 27, 2022 $0.23; Dec 27, 2022 $0.09; Mar 28, 2023 $0.06; Jun 27, 2023 $0.15; Sep 26, 2023 $0.11; Dec 26, 2023 $0.09; Mar 25, 2024 $0.05; Jun 26, 2024 $0.19; Sep 26, 2024 $0.06; Dec 27, 2024 $0.13; Mar 27, 2025 $0.09; Jun 27, 2025 $0.24; Sep 29, 2025 $0.13; Dec 29, 2025 $0.05; Mar 27, 2026 $0.03; Jun 29, 2026 $0.33; Sep 28, 2026 $0.11. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Sep 28, 2026Sep 29, 2026$0.11
Jun 29, 2026Jun 30, 2026$0.33
Mar 27, 2026Mar 30, 2026$0.03
Dec 29, 2025Dec 30, 2025$0.05
Sep 29, 2025Sep 30, 2025$0.13
Jun 27, 2025Jun 30, 2025$0.24
Mar 27, 2025Mar 28, 2025$0.09
Dec 27, 2024Dec 31, 2024$0.13
Sep 26, 2024Sep 30, 2024$0.06
Jun 26, 2024Jun 28, 2024$0.19
Mar 25, 2024Mar 28, 2024$0.05
Dec 26, 2023Dec 29, 2023$0.09

See all 19 payments⁠

$10,000 in UPAR 3 years ago paid $1,229 in dividends.⁠

UPAR Risk

Risk pillarD38 out of 100Rank 14 of 18 in Capital-Efficient Allocation
How much the fund’s monthly returns vary, scaled to a year.
15.9%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.62
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−39.0%
57 months · trough Oct 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.54
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

UPAR Cost

Compare UPAR and CTAP

Overpaying vs CTAP, cheapest in Capital-Efficient Allocation

$10,526

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UPAR 0.68%

    $13,252

  • CTAP 0.13% Cheapest

    $2,726

$10,000
30 years

Cost over time

  • UPAR 0.68%
  • CTAP 0.13%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530UPAR $13,252CTAP $2,726

Year by year

YearUPARCTAPOverpaying
10$1,215$238$977
20$4,633$930$3,703
30$13,252$2,726$10,526

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