ETF Evaluator:
UPAR Ultra 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
UPAR Ultra Risk Parity ETF Overview
UPAR Ultra Risk Parity ETF (UPAR) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Evoke launched the ETF in 2022.
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 ETF that seeks to replicate the returns of the Advanced Research Ultra Risk Parity Index (the “UPAR Index”). The UPAR Index is designed to provide leveraged exposure to the RPAR Index by using an implied financing rate to target 1.4 times the asset class exposures of the RPAR Index at each quarterly rebalance. It is non-diversified.
About UPAR Ultra Risk Parity ETF (UPAR)
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%. UPAR Ultra Risk Parity ETF has 159 securities in its portfolio. The top 10 holdings constitute 108.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
UPAR Ultra Risk Parity ETF is part of the Allocation global asset class and is within the Allocation ETF group. UPAR Ultra Risk Parity ETF has 29.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.2% There is 29.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.1% (100.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). UPAR Ultra Risk Parity ETF has -76.6% of the portfolio in cash.
Assets Under Management
The fund has $58 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.
UPAR 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 UPAR Ultra Risk Parity ETF expense ratio is above average compared to funds in the Tactical Allocation category. UPAR Ultra Risk Parity ETF has an expense ratio of 0.68%, which is 30% lower than its category average, making the fund expense ratio grade a B. 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. UPAR Ultra Risk Parity ETF has a portfolio turnover rate of 24%, 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, UPAR Ultra Risk Parity ETF returned -4.1%, which earned it a grade of F, 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.
UPAR Ultra Risk Parity ETF has a trailing yield of 3.43%, which is above the 2.15% category average.
The fund normally distributes its income quarterly.
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.
UPAR Ultra Risk Parity ETF Grades
Year to date, the ETF has returned 2.4%, 5.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.1% over the past year (grade of C) and 7.4% over the past three years (grade of F).
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UPAR 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 |
|
| UPAR Return (NAV) | -4.1% | -5.0% | 15.1% | 7.4% | na | na |
| UPAR Return (Price) | -3.4% | -4.3% | 16.2% | 7.5% | na | na |
| NAV +/- Price Return | -0.687% | -0.608% | -1.116% | -0.128% | na | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| UPAR Grade (NAV) | F | F | C | F | na | na |
| +/- Category (NAV) | -2.7% | -6.6% | -0.8% | -3.3% | na | na |
| UPAR Tax-Cost Ratio | na | na | 1.4% | 1.4% | na | na |
UPAR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UPAR Return (NAV) | 2.4% | 24.4% | -2.8% | 6.7% | na | na | na | na | na | na | na |
| UPAR Return (Price) | 3.4% | 23.9% | -2.2% | 5.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.397% | -0.021% | -0.193% | -0.151% | 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% |
| UPAR Grade (NAV) | F | A | F | D | na | na | na | na | na | na | na |
| +/- Category | -5.1% | 11.7% | -14.5% | -4.0% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.56 |
| R-Squared: | 80% |
| Standard Deviation: | 16.5% |
| Category Risk Index: | 1.39 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.34 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 58 Mil |
| Share Class Assets: | $ 58 Mil |
| Turnover: | 24.0% |
| Expense Ratio: | 0.68% |
| 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: | Quarterly |
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: | 159 |
| % in Top 10 Holdings: | 108.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 29.9% |
Portfolio Allocation |
|
| Domestic Stock: | 28.2% |
| Foreign Stock: | 29.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 18.5% |
| Cash: | -76.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Evoke |
| Phone Number: | 833-540-0039 |
| Website: | |
| Inception Date: | January 3, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.68% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.97% |
