ETF Evaluator:
RPAR Risk Parity ETF ()
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(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) |
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ETF Details
RPAR Risk Parity ETF Overview
RPAR Risk Parity ETF (RPAR) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Evoke launched the ETF in 2019.
The investment seeks to generate positive returns during periods of economic growth, preserve capital during periods of economic contraction, and preserve real rates of return during periods of heightened inflation.
The fund is an actively-managed exchange-traded fund that seeks to achieve its investment objective primarily by investing across a variety of asset classes, including exposure to global equity securities, U.S. Treasury securities, and commodities. It's investment adviser seeks to invest the fund's assets to achieve exposures similar to those of the Advanced Research Risk Parity Index.
About RPAR Risk Parity ETF (RPAR)
There are 2 members of the management team with an average tenure of 0.25 years: Andrew Hicks (2026) and Qiao Duan (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. RPAR Risk Parity ETF has 158 securities in its portfolio. The top 10 holdings constitute 91.8% 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.
RPAR Risk Parity ETF is part of the Allocation global asset class and is within the Allocation ETF group. RPAR Risk Parity ETF has 21.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 19.8% There is 21.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 68.9% (68.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). RPAR Risk Parity ETF has -21.4% of the portfolio in cash.
Assets Under Management
The fund has $569 million in total assets, which is above 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.
RPAR 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 RPAR Risk Parity ETF expense ratio is average compared to funds in the Tactical Allocation category. RPAR Risk Parity ETF has an expense ratio of 0.52%, which is 47% lower than its category average, making the fund expense ratio grade a A. 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. RPAR Risk Parity ETF has a portfolio turnover rate of 17%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 261% for the Tactical Allocation category.
Recently, in the month of July 2026, RPAR Risk Parity ETF returned -2.6%, which earned it a grade of D, 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.
RPAR Risk Parity ETF has a trailing yield of 2.45%, which is above the 2.15% category average.
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.
RPAR Risk Parity ETF Grades
Year to date, the ETF has returned 2.2%, 5.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.9% over the past year (grade of D), 6.8% over the past three years (grade of F) and 0.3% per year over the past five years (grade of F).
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RPAR 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 |
|
| RPAR Return (NAV) | -2.6% | -3.4% | 11.9% | 6.8% | 0.3% | na |
| RPAR Return (Price) | -2.4% | -3.4% | 12.0% | 6.7% | 0.2% | na |
| NAV +/- Price Return | -0.171% | 0.040% | -0.103% | 0.048% | 0.053% | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| RPAR Grade (NAV) | D | F | D | F | F | na |
| +/- Category (NAV) | -1.2% | -5.0% | -4.0% | -3.9% | -5.2% | na |
| RPAR Tax-Cost Ratio | na | na | 1.0% | 1.1% | 1.2% | na |
RPAR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RPAR Return (NAV) | 2.2% | 18.3% | -0.1% | 6.3% | -22.8% | 7.8% | 19.4% | na | na | na | na |
| RPAR Return (Price) | 2.6% | 17.9% | 0.1% | 6.0% | -22.8% | 7.6% | 19.4% | na | na | na | na |
| NAV +/- Price Ret | 0.179% | -0.021% | -1.664% | -0.046% | -0.000% | -0.029% | 0.002% | 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% |
| RPAR Grade (NAV) | F | B | F | D | F | F | A | na | na | na | na |
| +/- Category | -5.2% | 5.6% | -11.8% | -4.4% | -9.5% | -9.1% | 11.9% | na | na | na | na |
| Risk Measures | |
| Beta: | 1.10 |
| R-Squared: | 79% |
| Standard Deviation: | 11.6% |
| Category Risk Index: | 0.98 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.94 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.5% |
| Total Assets: | $ 569 Mil |
| Share Class Assets: | $ 569 Mil |
| Turnover: | 17.0% |
| Expense Ratio: | 0.52% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Hicks Andrew (2026), Duan Qiao (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 158 |
| % in Top 10 Holdings: | 91.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.1% |
Portfolio Allocation |
|
| Domestic Stock: | 19.8% |
| Foreign Stock: | 21.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 68.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 11.6% |
| Cash: | -21.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Evoke |
| Phone Number: | 833-540-0039 |
| Website: | |
| Inception Date: | December 12, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.52% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.97% |
