UPAR Fees and Costs — UPAR Ultra Risk Parity ETF
Data updated: 2026-08-25
The net expense ratio is 0.68%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $20K in broker commissions, 0.0329% of average net assets, and portfolio turnover was 24%.
UPAR Fees and Expenses
Annual operating expenses and sales charges of UPAR. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.68% |
| Fee waiver | — |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
UPAR Costs Over Time
On $10,000 invested in UPAR, assuming 5% a year before costs, total costs come to $448 over 5 years, cutting the return by 0.75% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.68%) | $71 | $223 | $389 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $75 | $246 | $448 |
| Value after costs | $10,425 | $11,330 | $12,314 |
| Impact on return, per year | 0.75% | 0.75% | 0.75% |
UPAR Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0329%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $21.4M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
UPAR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SNC CAPITAL MANAGEMENT CORP. | $10K | 48.60% |
| CANACCORD GENUITY LLC | $8K | 41.02% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $680 | 3.44% |
| TELSEY ADVISORY GROUP LLC | $511 | 2.58% |
| CITIGROUP GLOBAL MARKETS INC. | $315 | 1.59% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $315 | 1.59% |
| ROBERT W. BAIRD & CO. INCORPORATED | $233 | 1.18% |
UPAR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $6.8M | 31.64% |
| GOLDMAN SACHS & CO. LLC | $6.3M | 29.41% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $3.6M | 16.75% |
| STONEX FINANCIAL INC. | $2.1M | 9.79% |
| BOFA SECURITIES, INC. | $1.8M | 8.59% |
| BARCLAYS CAPITAL INC. | $550K | 2.57% |
| PERSHING LLC | $268K | 1.25% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.