UPAR Ultra Risk Parity ETF

UPAR Ultra Risk Parity ETF, from Tidal Financial Group, uses leverage to hold about 1.4 times the asset mix of the Advanced Research Risk Parity Index. That mix covers global stocks, gold and commodity-producer stocks, inflation-protected Treasuries (TIPS) and Treasuries. Total exposure targets 160% to 180% of assets and is reset quarterly, not daily. It charges 0.68% a year, compared with 0.50% for RPAR, its unleveraged sibling.

• Over the year to Oct 27, 2026, UPAR returned +2.0%.
• Its worst full calendar year was 2024 (-2.2%); its best was 2025 (+23.9%).
• The deepest fall in its price history was 39% (Jan 12, 2022 to Oct 25, 2023), recovered by Feb 23, 2026.

As of Jun 30, 2026, the fund held 145 securities; the ten largest made up 52.64% of assets.

The bonds mature in 21.7 years on average (weighted by size), with an average coupon of 1.07%.

• Over the three months to Jun 30, 2026, investors withdrew a net $8.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.26%, +1.56%, -2.42%.

UPAR is an actively managed ETF, but its job is to replicate the Advanced Research Ultra Risk Parity Index. That index builds on a sister benchmark, the Advanced Research Risk Parity Index, which spreads money across four asset classes: global stocks, commodities (through commodity-producer stocks and gold), long-term TIPS and U.S. Treasuries. "Risk parity" means each asset class is sized so that it adds a similar amount of risk, based on its long-term volatility. Calmer assets such as TIPS therefore get larger dollar allocations than stocks.

The "Ultra" in the name means leverage. At each quarterly rebalance, the index holds 1.4 times the sister index's allocations, for total exposure of 160% to 180% of the fund's assets. At the December 31, 2025 rebalance, the targets were 48% Treasury futures, 48% longer-maturity TIPS, 37% commodity-producer stocks and gold, and 35% global stocks, for a total of 168%. These targets do not change with market conditions.

To reach those targets, the fund holds Treasuries and TIPS, Treasury and stock index futures, reverse repurchase agreements (short-term borrowing secured by bonds), stock ETFs and individual shares. Leverage resets every quarter, not every day, so exposure drifts between rebalances. It magnifies losses as well as gains. As of June 30, 2026, the fund held 145 securities.

• UPAR charges 0.68% a year, versus an average of 0.5% for the similar funds below.
• Of that, 0.65% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).

Built-in leverage and a 39% peak-to-trough drop make it better suited to a small, higher-risk position next to a core portfolio than to being the anchor.

UPAR spreads risk across stocks, gold, TIPS and Treasuries, which can behave differently from a plain stock-and-bond mix. But leverage cuts both ways. The fund launched in January 2022, so it has no record from 2008 or 2020. Its share price fell about 29% in 2022. Its deepest drop was 39%, from January 12, 2022 to October 25, 2023. It did not regain that peak until February 23, 2026, 28 months after the low. Anyone who had to sell shares in 2023 would have locked in large losses. As of October 27, 2026, it had a 3.36% trailing yield, paid quarterly, though payments can vary. It costs 0.68% a year, or $69 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.