Fund Evaluator:
Upright Assets Allocation Plus (UPAAX)
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Best Performing in Global Moderately Aggressive Allocation Over the Last Year
| 21.6% | TOPS® Moderately Aggressive ETF 2 () |
| 21.4% | Victory Cornerstone Aggressive (UCAGX) |
| 19.9% | Fidelity Advisor Asset Manager 70% Z (FIQBX) |
| 19.8% | Fidelity Asset Manager 70% (FASGX) |
| 19.8% | Fidelity Multi-Asset Index (FFNOX) |
Fund Details
Upright Assets Allocation Plus Overview
Upright Assets Allocation Plus (UPAAX) is an actively managed Allocation Global Moderately Aggressive Allocation fund. Upright Investments Trust launched the fund in 2017.
The investment seeks total return. The fund invests primarily in a portfolio of securities and other investments of issuers across a broad range of countries and asset categories. These global assets fall under five general categories which are: Equity Securities, Fixed Income Securities (corporate bonds and notes of domestic and foreign issuers of any maturity and credit quality), Real Estate Investment Trusts (both registered and privately offered), Commodity-related derivatives, and cash and cash equivalents such as money market funds.
About Upright Assets Allocation Plus (UPAAX)
There are 1 members of the management team with an average tenure of 8.81 years: David Chiueh (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Dow Jones Moderate Portfolio TR USD index with a weighting of 100% and Bloomberg US Govt/Credit TR USD index with a weighting of 100%. Upright Assets Allocation Plus has 34 securities in its portfolio. The top 10 holdings constitute 56.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Upright Assets Allocation Plus is part of the Allocation global asset class and is within the Allocation fund group. Upright Assets Allocation Plus has 39.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.1%. There is 39.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.6% (0.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Upright Assets Allocation Plus has 35.4% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $1 billion average for the Global Moderately Aggressive 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.
UPAAX 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 Upright Assets Allocation Plus expense ratio is high compared to funds in the Global Moderately Aggressive Allocation category. Upright Assets Allocation Plus has an expense ratio of 2.49%, which is 150% 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. A portfolio turnover rate cannot be currently calculated for Upright Assets Allocation Plus. By way of comparison, the average portfolio turnover is 32% for the Global Moderately Aggressive Allocation category.
Recently, in the month of July 2026, Upright Assets Allocation Plus returned -5.1%, which earned it a grade of F, as the Global Moderately Aggressive Allocation category had an average return of 0.2%. 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 funds in that category.
Upright Assets Allocation Plus has a trailing yield of 0.05%, which is below the 1.98% category average. The fund normally distributes its income 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.
Upright Assets Allocation Plus Grades
Year to date, the fund has returned 27.0%, 17.2 percentage points better than the category, which translates into a grade of A. The fund has returned 46.2% over the past year (grade of A), 25.6% over the past three years (grade of A) and 10.0% per year over the past five years (grade of A).
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UPAAX 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 |
|
| UPAAX Return (NAV) | -5.1% | 4.9% | 46.2% | 25.6% | 10.0% | na |
| UPAAX Grade | F | A | A | A | A | na |
| +/- Category | -5.2% | 2.1% | 27.8% | 11.5% | 2.2% | na |
| Global Moderately Aggressive Allocation Avg | 0.2% | 2.9% | 18.4% | 14.0% | 7.8% | 8.9% |
| UPAAX Tax Cost Ratio | na | na | 0.0% | 0.1% | 0.2% | na |
UPAAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UPAAX Return (NAV) | 27.0% | 24.4% | 25.7% | 24.6% | -41.1% | 48.3% | 44.7% | 0.6% | -28.0% | na | na |
| UPAAX Grade | A | A | A | A | F | A | A | F | F | na | na |
| +/- Category | 17.2% | 6.5% | 14.4% | 10.4% | -26.8% | 32.9% | 34.0% | -20.3% | -20.0% | na | na |
| Global Moderately Aggressive Allocation Avg | 9.8% | 17.8% | 11.2% | 14.2% | -14.3% | 15.4% | 10.8% | 20.9% | -7.9% | 16.7% | 7.6% |
| Risk Measures | |
| Standard Deviation: | 30.0% |
| Total Risk Index: | 2.45 - High |
| Category Risk Index: | 2.84 - High |
| Category Risk Grade: | F (110% Rank) |
| Beta: | 2.54 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $4 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Chiueh David (2017) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 56.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 39.0% |
Portfolio Allocation |
|
| Domestic Stock: | 25.1% |
| Foreign Stock: | 39.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 35.4% |
Purchase Information
| Fund Family: | Upright Investments Trust |
| Phone Number: | 877-385-2720 |
| Website: |
| Status: | Closed |
| Inception Date: | October 10, 2017 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 2.49% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.00% |
| Share Class: | Upright Assets Allocation Plus |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
