UPAR Ultra Risk Parity ETF
UPAR
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- UPAR Ultra Risk Parity ETF (UPAR) is an actively managed exchange-traded fund that employs a risk parity strategy to target higher returns with equity-like risk levels by diversifying across equities, commodities, U.S. Treasury bonds, and Treasury inflation-protected securities (TIPS); it invests directly and through derivatives such as futures in growth and value stocks across market capitalizations, U.S. Treasury securities of varying maturities, gold, and other commodities; the portfolio seeks to generate positive returns in economic growth periods, preserve capital during contractions, and maintain real returns amid inflation. Launched on January 3, 2022, and domiciled in the United States, UPAR trades on the NYSE Arca and benchmarks against the Advanced Research Ultra Risk Parity Index and the S&P 500 Total Return Index; it is issued through Tidal ETF Trust (also known as Tidal Trust I), with investment advisory services provided by Tidal Investments LLC, headquartered at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. The fund targets institutional and retail investors seeking alternatives to traditional equity exposure, with a net expense ratio of 0.65% to 0.67%, assets under management around $59-60 million, and top holdings including Ultra US Treasury Bond Futures, 10-Year Treasury Note Futures, SPDR Gold MiniShares, and equity index futures. UPAR represents an extension of the risk parity lineup from the same team behind RPAR Risk Parity ETF, launched by Evoke Advisors (formerly associated with Tidal) to offer a more leveraged approach; recent administrative updates include a shift in registered addresses for Tidal Investments LLC from Toroso Investments and confirmation of ongoing operations under Tidal Financial Group as of 2024-2025 SEC filings, with no major acquisitions, partnerships, or product shifts reported in the past 1-2 years.