ETF Evaluator:
PMV Adaptive Risk Parity ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Tactical Allocation Over the Last Year
| 31.2% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 27.5% | RH Tactical Rotation ETF (RHRX) |
| 25.2% | Cambria Global Momentum ETF (GMOM) |
| 24.3% | STF Tactical Growth ETF (TUG) |
| 23.1% | Alexis Practical Tactical ETF (LEXI) |
Risk
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ETF Details
PMV Adaptive Risk Parity ETF Overview
PMV Adaptive Risk Parity ETF (ARP) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). PMV CAPITAL launched the ETF in 2022.
The investment seeks to generate capital appreciation with lower volatility and reduced correlation to the overall equity market.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by taking advantage of broad asset trends throughout the economic cycle. It will obtain investment exposure to a variety of asset classes, including equities (primarily U.S. equities, non-U.S. developed market equities, and emerging market equities), fixed income securities including U.S. Treasuries, broad commodities, physical gold, currencies, and cash.
About PMV Adaptive Risk Parity ETF (ARP)
There are 4 members of the management team with an average tenure of 2.72 years: Jeffrey Kernagis (2022), Rafael Zayas (2024), Devin Ryder (2025) and Daniel Snover (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Morningstar US Core Bd TR USD index with a weighting of 100%. PMV Adaptive Risk Parity ETF has 8 securities in its portfolio. The top 10 holdings constitute 99.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PMV Adaptive Risk Parity ETF is part of the Allocation global asset class and is within the Allocation ETF group. PMV Adaptive Risk Parity ETF has 28.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 36.3% There is 28.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 17.8% (17.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PMV Adaptive Risk Parity ETF has 17.8% of the portfolio in cash.
Assets Under Management
The fund has $72 million in total assets, which is below the $144 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ARP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PMV Adaptive Risk Parity ETF expense ratio is high compared to funds in the Tactical Allocation category. PMV Adaptive Risk Parity ETF has an expense ratio of 1.42%, which is 46% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PMV Adaptive Risk Parity ETF has a portfolio turnover rate of 203%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 261% for the Tactical Allocation category.
Recently, in the month of July 2026, PMV Adaptive Risk Parity ETF returned 0.6%, which earned it a grade of A, as the Tactical Allocation category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
PMV Adaptive Risk Parity ETF has a trailing yield of 6.04%, which is above the 2.15% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PMV Adaptive Risk Parity ETF Grades
Year to date, the ETF has returned 8.1%, 0.7 percentage points better than the category, which translates into a grade of C. The fund has returned 22.5% over the past year (grade of A) and 12.9% over the past three years (grade of B).
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ARP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ARP Return (NAV) | 0.6% | -0.5% | 22.5% | 12.9% | na | na |
| ARP Return (Price) | 0.7% | -0.5% | 22.5% | 12.9% | na | na |
| NAV +/- Price Return | -0.022% | -0.042% | 0.007% | -0.018% | na | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| ARP Grade (NAV) | A | F | A | B | na | na |
| +/- Category (NAV) | 2.0% | -2.1% | 6.6% | 2.3% | na | na |
| ARP Tax-Cost Ratio | na | na | 2.5% | 1.9% | na | na |
ARP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ARP Return (NAV) | 8.1% | 18.9% | 13.3% | 3.6% | na | na | na | na | na | na | na |
| ARP Return (Price) | 8.2% | 18.3% | 13.8% | 3.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.012% | -0.029% | 0.037% | 0.004% | na | na | na | na | na | na | na |
| Tactical Allocation Avg | 7.5% | 12.7% | 11.7% | 10.7% | -13.3% | 16.9% | 7.5% | 14.0% | -6.3% | 19.2% | 7.1% |
| ARP Grade (NAV) | C | A | C | F | na | na | na | na | na | na | na |
| +/- Category | 0.7% | 6.1% | 1.6% | -7.1% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.69 |
| R-Squared: | 53% |
| Standard Deviation: | 8.9% |
| Category Risk Index: | 0.75 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.72 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 6.0% |
| Total Assets: | $ 73 Mil |
| Share Class Assets: | $ 73 Mil |
| Turnover: | 203.0% |
| Expense Ratio: | 1.42% |
| Index Fund: | No |
| Index Tracked: | Morningstar US Core Bd TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.6 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Kernagis Jeffrey (2022), Snover Daniel (2022), Zayas Rafael (2024), Ryder Devin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 99.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 28.0% |
Portfolio Allocation |
|
| Domestic Stock: | 36.3% |
| Foreign Stock: | 28.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 17.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 17.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PMV CAPITAL |
| Phone Number: | 888-495-9115 |
| Website: | www.cipvt.com |
| Inception Date: | December 21, 2022 |
Expenses and Fees
| Expense Ratio (%): | 1.42% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
