Ocean Park International ETF

Ocean Park International ETF (DUKX) is an actively managed fund of funds. It owns other international stock ETFs and can shift into cash-like holdings when its trend-following signals turn negative. It may appeal to investors who want foreign stocks plus a rules-based attempt to limit losses. The trade-offs: a 1.03% expense ratio, just $3.7 million in assets as of June 30, 2026, and a 10.97% return in 2025 versus 31.59% for its benchmark index.

• Over the year to Oct 27, 2026, DUKX returned +6.9%, 8th of 8 among similar funds.
• Its worst full calendar year was 2025 (+11.0%); its best was 2025 (+11.0%).
• The deepest fall in its price history was 19.5% (Sep 26, 2024 to Apr 8, 2025), recovered by Oct 3, 2025.

As of Jun 30, 2026, the fund held 10 securities; the ten largest made up 99.28% of assets.

• Over the three months to Jun 30, 2026, investors added a net $268K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.78%, +3.39%, -0.40%.

DUKX does not track an index. Its adviser, Ocean Park Asset Management, moves money between other international stock ETFs and cash equivalents. Cash equivalents include U.S. Treasury bills, money market funds and short-term investment-grade bond ETFs. The fund can choose from a wide range: developed or emerging markets, any company size, style or country, and index or actively managed funds. There is no cap on emerging markets or on the number of funds.

A proprietary trend-following model drives trades. For each candidate ETF, the adviser sets an upper and a lower band around a short-term exponential moving average, which is an average of recent prices that gives the latest days the most weight. The model flags a purchase when the price climbs above both the recent low of the upper band and a second moving average. It flags a sale when the price falls below the recent high of the lower band. The money may then go to another ETF or to cash equivalents, with the goal of limiting overall declines.

This means heavy trading. Portfolio turnover, the share of holdings replaced in a year, was 238%, and trading costs are not part of the expense ratio. As of June 30, 2026, the fund held 10 funds. The largest were a Vanguard total international fund (44.6%) and a SPDR Portfolio fund (24.7%), and it also held single-country funds for Taiwan, South Korea, Japan and Mexico. Holders also bear those funds' fees.

• DUKX charges 1.03% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 4.25% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $4,984 over 10 years (assuming a 5% annual return).

It is a small, actively traded international stock fund with a 1.03% expense ratio and a record going back only to July 2024, so it fits better as a minor add-on than as a portfolio's foundation.

DUKX could add foreign stocks with a rules-based attempt to sidestep downtrends, but its record is short. It launched in July 2024, so it has no history from the 2008, 2020 or 2022 market downturns. Its only full calendar year, 2025, was a gain of 10.97%. Its deepest drop was 19.5%, from September 26, 2024, to April 8, 2025, and it took about six months from that low to recover. The trend signals did not stop that fall, so anyone who had to cash out near the bottom would have locked in losses.

Income is modest: the trailing yield was 1.89% as of October 27, 2026, paid twice a year. Costs are high. The 1.03% expense ratio reflects a 4.25% fee waiver. The SEC's $10,000 example shows $105 in costs after one year but $1,200 after three, assuming the waiver ends. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.