RPAR Risk Parity ETF
Name
As of 11/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
4.0%
1 yr return
14.2%
3 Yr Avg Return
-5.2%
5 Yr Avg Return
N/A
Net Assets
$627 M
Holdings in Top 10
73.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.52%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RPAR - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return -5.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.72%
- Dividend Yield 1.9%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameRPAR Risk Parity ETF
-
Fund Family NameEvoke
-
Inception DateDec 12, 2019
-
Shares Outstanding68775000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerCharles Ragauss
Fund Description
The Fund is an actively-managed exchange-traded fund (“ETF”) 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. The Fund’s investment adviser seeks to invest the Fund’s assets to achieve exposures similar to those of the Advanced Research Risk Parity Index (the “RPAR Index”), a rules-based index created by Advanced Research Investment Solutions, LLC (“ARIS”).
The RPAR Index
The RPAR Index allocates its exposure to the four asset classes described below using a “risk-parity” approach that seeks to achieve an equal balance between the risk associated with each asset class based on the long-term historic volatility exhibited by each asset class. This means that lower risk asset classes (such as U.S. Treasury Inflation Protected Securities (“TIPS”)) will generally have higher notional allocations than higher risk asset classes (such as global equities). The RPAR Index seeks long-term risk exposure and long-term target allocations across asset classes as follows:
Long-Term Target Risk Allocation | Long-Term Target Asset Allocation | Asset Class | Sub-Class |
25% | 35% | TIPS | Long-Term TIPS (15+ years) |
25% | 25% | Global Equities | U.S. Equities |
Non-U.S. Developed Markets Equities | |||
Emerging Markets Equities | |||
25% | 25% | Commodities | Commodity Producer Equities |
Gold | |||
25% | 15%* | U.S. Treasuries | U.S. Treasury Bills U.S. Treasury Futures |
* This figure represents the RPAR Index’s allocation to U.S. Treasury bills which serve as collateral for the RPAR Index’s allocation to U.S. Treasury futures. Total notional exposure to the U.S. Treasuries asset class will exceed 15% due to the RPAR Index’s allocation to 10-year U.S. Treasury note futures and Ultra U.S. Treasury Bond futures.
The RPAR Index is rebalanced quarterly.
The Fund’s Investment Strategy
In seeking to obtain exposures comparable to those of the RPAR Index, the Fund may invest in a combination of (i) U.S. Treasury securities (including TIPS), (ii) U.S. Treasury futures contracts, (iii) ETFs that track a broad-based index of equity securities for one or more asset classes (or sub-classes), (iv) individual equity securities or depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), representing an interest in foreign equity securities, and (v) other exchange-listed vehicles issuing equity securities (“ETVs”) (including ETFs, exchange-traded notes (“ETNs”) and exchange-listed trusts).
Asset Classes
TIPS are marketable securities whose principal is adjusted based on changes in the Consumer Price Index (“CPI”). With inflation (an increase in the CPI), the principal increases, and with deflation (a decrease in the CPI), the principal decreases. The relationship between TIPS and the CPI affects both the principal amount paid when a TIPS instrument matures and the amount of interest that a TIPS instrument pays semi-annually. When a TIPS instrument matures, the principal paid is the greater of the CPI-adjusted principal or the original principal. TIPS pay interest at a fixed rate. However, because the fixed rate is applied to the CPI-adjusted principal, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. The Fund may purchase TIPS of any maturity.
The Fund will invest directly in U.S. Treasury securities or directly or indirectly in futures contracts to gain long exposure to U.S. Treasury bonds.
The ETFs in which the Fund invests will typically be index-based ETFs that track a broad-based index that principally invests in equity securities of one or more asset classes set forth above (e.g., U.S. equities, non-U.S. developed market equities, emerging market equities, or gold as described below). Such ETFs will typically have net assets of at least $100 million and have aggregate volume over the last 90 days of at least 100,000 shares traded. The Fund may invest in ETFs to obtain exposure to the equity securities of commodity producers including in the energy (including clean energy), industrial metals, agriculture and water sectors.
An ETV allows the Fund to indirectly obtain exposure to an underlying asset class such as futures contracts and commodities without directly trading futures or taking physical delivery of the underlying commodity. For example, the Fund may obtain exposure to gold by investing in an ETV that owns gold, rather than the Fund directly holding gold.
In addition to achieving exposure to the global equities asset class indirectly through ETFs, the Fund may also invest directly in equity securities. The equity securities that may comprise the Fund’s equity positions include, but are not limited to, U.S.-listed common and preferred stock of domestic and foreign companies, including those in developed and emerging markets, real estate investment trusts (“REITs”), ADRs and GDRs. Such securities may be issued by small-, mid-, or large-capitalization companies. ADRs trade on U.S. stock exchanges and GDRs trade on stock exchanges outside the U.S. Both ADRs and GDRs represent interests in securities issued by a foreign publicly listed company.
Under normal market conditions, the Fund’s investment adviser will typically buy or sell investments to reflect the quarterly rebalance of the RPAR Index, rather than based on an individual determination of which investments are most attractive at a given time.
RPAR - Performance
Return Ranking - Trailing
Period | RPAR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -23.7% | 16.4% | 27.25% |
1 Yr | 14.2% | -8.9% | 48.3% | 26.39% |
3 Yr | -5.2%* | -2.2% | 16.4% | N/A |
5 Yr | N/A* | -0.7% | 13.4% | N/A |
10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Return Ranking - Calendar
Period | RPAR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.7% | -40.8% | 20.6% | 39.47% |
2022 | -25.7% | -21.0% | 24.5% | 1.37% |
2021 | 5.4% | -24.2% | 27.8% | N/A |
2020 | 18.4% | -23.1% | 11.7% | N/A |
2019 | N/A | -100.0% | 20.6% | N/A |
Total Return Ranking - Trailing
Period | RPAR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -23.7% | 16.4% | 87.34% |
1 Yr | 14.2% | -12.8% | 48.3% | 24.79% |
3 Yr | -5.2%* | -3.4% | 16.4% | N/A |
5 Yr | N/A* | -1.1% | 13.4% | N/A |
10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | RPAR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.0% | -40.8% | 20.6% | 39.47% |
2022 | -22.8% | -21.0% | 24.5% | 1.37% |
2021 | 7.6% | -24.2% | 27.8% | N/A |
2020 | 19.4% | -23.1% | 11.7% | N/A |
2019 | N/A | -2.9% | 23.1% | N/A |
RPAR - Holdings
Concentration Analysis
RPAR | Category Low | Category High | RPAR % Rank | |
---|---|---|---|---|
Net Assets | 627 M | 1.12 M | 110 B | 26.78% |
Number of Holdings | 99 | 2 | 10961 | 67.01% |
Net Assets in Top 10 | 445 M | -31.7 M | 22 B | 14.61% |
Weighting of Top 10 | 73.88% | 10.8% | 100.0% | 23.06% |
Top 10 Holdings
- First American Government Obligations Fund 20.04%
- Vanguard Total Stock Market ETF 12.73%
- SPDR Gold MiniShares Trust 9.91%
- Vanguard FTSE Emerging Markets ETF 7.59%
- Vanguard FTSE Developed Markets ETF 4.89%
- United States Treasury Inflation Indexed Bonds 4.42%
- United States Treasury Inflation Indexed Bonds 3.74%
- United States Treasury Inflation Indexed Bonds 3.58%
- United States Treasury Inflation Indexed Bonds 3.53%
- United States Treasury Inflation Indexed Bonds 3.46%
Asset Allocation
Weighting | Return Low | Return High | RPAR % Rank | |
---|---|---|---|---|
Stocks | 49.18% | -45.72% | 98.42% | 93.53% |
Bonds | 35.27% | -39.76% | 93.84% | 7.10% |
Cash | 20.04% | -97.12% | 185.58% | 28.39% |
Other | 0.95% | -1.25% | 197.12% | 15.24% |
Preferred Stocks | 0.00% | -0.03% | 14.00% | 64.51% |
Convertible Bonds | 0.00% | 0.00% | 25.49% | 86.22% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RPAR % Rank | |
---|---|---|---|---|
Basic Materials | 21.01% | 0.00% | 60.23% | 2.12% |
Energy | 18.61% | 0.00% | 38.61% | 14.01% |
Technology | 12.32% | 0.00% | 39.48% | 63.91% |
Industrials | 11.34% | 0.09% | 32.39% | 25.27% |
Financial Services | 9.98% | 0.00% | 30.34% | 76.43% |
Consumer Cyclical | 6.71% | 0.00% | 20.84% | 56.69% |
Healthcare | 6.34% | 0.00% | 30.30% | 78.98% |
Communication Services | 4.75% | 0.00% | 28.59% | 71.76% |
Consumer Defense | 4.57% | 0.00% | 31.85% | 73.46% |
Real Estate | 2.23% | 0.00% | 90.14% | 74.95% |
Utilities | 2.12% | 0.00% | 40.29% | 71.97% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RPAR % Rank | |
---|---|---|---|---|
US | 45.46% | -4.82% | 95.75% | 93.32% |
Non US | 3.72% | -46.69% | 57.06% | 86.64% |
Bond Sector Breakdown
Weighting | Return Low | Return High | RPAR % Rank | |
---|---|---|---|---|
Government | 86.89% | 0.00% | 98.64% | 2.09% |
Cash & Equivalents | 20.04% | 0.10% | 100.00% | 61.17% |
Derivative | 0.95% | 0.00% | 41.88% | 47.18% |
Corporate | 0.01% | 0.00% | 99.90% | 93.53% |
Securitized | 0.00% | 0.00% | 83.28% | 83.30% |
Municipal | 0.00% | 0.00% | 31.28% | 63.67% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RPAR % Rank | |
---|---|---|---|---|
US | 35.27% | -177.12% | 87.76% | 3.76% |
Non US | 0.00% | -39.00% | 137.36% | 90.19% |
RPAR - Expenses
Operational Fees
RPAR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.52% | 0.16% | 2.71% | 94.57% |
Management Fee | 0.50% | 0.00% | 1.70% | 34.26% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 5.58% |
Administrative Fee | N/A | 0.01% | 0.70% | N/A |
Sales Fees
RPAR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
RPAR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RPAR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 441.00% | 0.98% |
RPAR - Distributions
Dividend Yield Analysis
RPAR | Category Low | Category High | RPAR % Rank | |
---|---|---|---|---|
Dividend Yield | 1.86% | 0.00% | 10.92% | 8.94% |
Dividend Distribution Analysis
RPAR | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
RPAR | Category Low | Category High | RPAR % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.72% | -5.20% | 6.33% | 3.92% |
Capital Gain Distribution Analysis
RPAR | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 26, 2024 | $0.092 | OrdinaryDividend |
Jun 26, 2024 | $0.206 | OrdinaryDividend |
Mar 25, 2024 | $0.049 | OrdinaryDividend |
Dec 26, 2023 | $0.198 | OrdinaryDividend |
Sep 26, 2023 | $0.145 | OrdinaryDividend |
Jun 27, 2023 | $0.182 | OrdinaryDividend |
Mar 28, 2023 | $0.078 | OrdinaryDividend |
Dec 27, 2022 | $0.072 | OrdinaryDividend |
Sep 27, 2022 | $0.263 | OrdinaryDividend |
Jun 27, 2022 | $0.275 | OrdinaryDividend |
Mar 28, 2022 | $0.137 | OrdinaryDividend |
Dec 28, 2021 | $0.320 | OrdinaryDividend |
Sep 22, 2021 | $0.080 | OrdinaryDividend |
Jun 23, 2021 | $0.072 | OrdinaryDividend |
Mar 24, 2021 | $0.036 | OrdinaryDividend |
Dec 16, 2020 | $0.076 | OrdinaryDividend |
Sep 23, 2020 | $0.048 | OrdinaryDividend |
Jun 24, 2020 | $0.019 | OrdinaryDividend |
Mar 25, 2020 | $0.039 | OrdinaryDividend |
Dec 26, 2019 | $0.047 | OrdinaryDividend |
RPAR - Fund Manager Analysis
Managers
Charles Ragauss
Start Date
Tenure
Tenure Rank
Dec 12, 2019
2.47
2.5%
Mr. Ragauss currently serves as Director of Product Management at CSat Investment Advisory, having joined the it in April 2016. Prior to joiningCSat Investment Advisory, Mr. Ragauss was Assistant Vice President at Huntington National Bank (“Huntington”), where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development bringing to market some of the first actively managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.
Michael Venuto
Start Date
Tenure
Tenure Rank
Dec 12, 2019
2.47
2.5%
Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Toroso Investments, LLC since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.03 | 30.27 | 6.52 | 9.25 |