UPAR ETF — UPAR Ultra Risk Parity ETF

UPAR Ultra Risk Parity ETF (UPAR)

UPAR is an ETF. its distribution rate is 3.36%, its trailing-12-month yield is 3.36%, its expense ratio is 0.68%. Dividend Vision Distribution Safety Score™ is 53/100 (Caution). Total return is -6.5% over the past 4.7 years, 76.4 points behind SPY at 69.9%.

At the current 3.36% distribution rate, a $10,000 investment would generate approximately $336 per year, or about $84.00 per quarter if the next payment matches the last regular one.

UPAR Ultra Risk Parity ETF is an actively-managed fund that seeks to replicate a leveraged risk parity strategy, targeting 1.4 times the exposures of the underlying RPAR Index through quarterly rebalancing and an implied financing rate; it is non-diversified and classified as an equity asset class fund. The fund carries a modest current distribution rate paid quarterly and has an expense ratio of 0.68%. This fund appeals to investors seeking leveraged exposure to a risk parity strategy, though the leverage and non-diversified structure introduce elevated risk relative to traditional balanced approaches.

UPAR performance versus SPY

Price and return data through 2026-09-18.

Total return is -6.5% over the past 4.7 years, 76.4 points behind SPY at 69.9%. Over the past year its total return — price change plus distributions reinvested — is 9.2%. Its deepest 1-year drawdown was 11.1%.

UPAR key facts

Distribution Safety Score™

53 · Caution

Safety-Adjusted Yield

1.78%

Issuer

Evoke

Asset type

ETF

Asset class

Equity

Inception date

01/03/2022

Expense ratio

0.68%

Distribution rate

3.36%

Distribution frequency

Quarterly

Trailing yield

3.36%

Last close

$15.85 (as of 2026-09-18)

NAV

$15.83

Premium / discount

0.13% premium

AUM

$56,919,686

Average volume

29500.0

Last dividend

$0.329

Last ex-dividend date

06/29/2026 (as of 2026-06-29)

Last payment date

06/30/2026 (as of 2026-06-30)

Beta

1.56

P/E ratio

18.2047

How Dividend Vision calculates yield and returns

Distribution rate (3.36%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (3.36%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Evoke; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

UPAR risks and drawbacks

UPAR's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 11.1%.

Who may consider UPAR — and who may not

UPAR may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (UPAR pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Evoke.