RPAR on Steroids

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sunnywindy
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RPAR on Steroids

Post by sunnywindy »

I came across this SEC Form N-1A for the new RPAR Ultra Risk Parity ETF (UPAR). It should launch in late 2021 or early 2022. I assume the Ultra is a reference that it uses 160% to 180% leverage on a quarterly basis. I will never buy a product like this (nor the original RPAR ETF), but I will watch it because I am curious about its performance.

https://www.sec.gov/Archives/edgar/data ... neddoc.htm

I have noticed that a few leveraged products have recently hit the ETF market and these products are not just levering a well-known index. This is a new development and UPAR is just another example of this. I bet more will come out in the years ahead as long as the bull market continues.

Current leveraged ETFs (besides the obvious 2x, 3x ones):
Wisdom Tree Efficient Core ETFs
Howard Capital Management or HCM ETFs: HCM Defender 100 ETF (QQH) and HCM Defender 500 ETF (LGH) - both use leveraged ETFs in their holdings

Are there any more that you know of?
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JamesDean44
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Re: RPAR on Steroids

Post by JamesDean44 »

Very interesting. Will be interesting to see what sort of AUM this attracts.
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Re: RPAR on Steroids

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zkn
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Re: RPAR on Steroids

Post by zkn »

Great. Does anyone have any thoughts on RPAR and UPAR using commodity producers in the portfolio? I know that studies of risk parity have shown commodity futures (CCFs) worked very well, but commodity futures have worked less well recently post "financialization" of these instruments. Can commodity producers really fill the role that commodity futures used to have, that is, independent positive risk premium while hedging unexpected inflation?
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Re: RPAR on Steroids

Post by nisiprius »

Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
What's that about? I would not have expected anything about a risk parity strategy in itself to lead to classification as non-diversified.

It's in the RPAR prospectus, too.
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Re: RPAR on Steroids

Post by stormcrow »

nisiprius wrote: Sun Oct 17, 2021 6:17 am
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
What's that about? I would not have expected anything about a risk parity strategy in itself to lead to classification as non-diversified.

It's in the RPAR prospectus, too.
I believe that is an SEC classification. I think it allows the fund more leeway in the investments/allocations it holds.
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Re: RPAR on Steroids

Post by nisiprius »

stormcrow wrote: Mon Oct 18, 2021 8:56 am
nisiprius wrote: Sun Oct 17, 2021 6:17 am
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
What's that about? I would not have expected anything about a risk parity strategy in itself to lead to classification as non-diversified.

It's in the RPAR prospectus, too.
I believe that is an SEC classification. I think it allows the fund more leeway in the investments/allocations it holds.
Usually it means that more that 5% of the portfolio is invested in a single stock, or that the fund holds more than 10% of all the stock of some issuer.

It's not apparently true of all risk parity funds. The prospectus for the Wealthfront Risk Parity Fund has a few notes that "The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio" and that one risk is "Real Estate Investment Trusts Risk....REITs may be less diversified than other pools of securities." But it says nothing about "non-diversification risk" nor does it say "the fund is considered to be non-diversified."
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keith6014
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Re: RPAR on Steroids

Post by keith6014 »

LGH/QQH look interesting. Looks great for taxable accounts.
itsallmath
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Re: RPAR on Steroids

Post by itsallmath »

Any more updates when UPAR might launch?
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Re: RPAR on Steroids

Post by sunnywindy »

itsallmath wrote: Wed Dec 29, 2021 2:27 pm Any more updates when UPAR might launch?
It was registered for listing today with the SEC,
https://sec.report/Document/0000894189-21-009300/

so I think we will be able to buy it tomorrow(?). Updated Summary Prospectus:
https://fintel.io/doc/sec-tidal-etf-tru ... 18990-1577
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Re: RPAR on Steroids

Post by itsallmath »

sunnywindy wrote: Wed Dec 29, 2021 4:29 pm
itsallmath wrote: Wed Dec 29, 2021 2:27 pm Any more updates when UPAR might launch?
It was registered for listing today with the SEC,
https://sec.report/Document/0000894189-21-009300/

so I think we will be able to buy it tomorrow(?). Updated Summary Prospectus:
https://fintel.io/doc/sec-tidal-etf-tru ... 18990-1577
Excellent find! Thank you. Exciting that it starts tomorrow. Even more exciting is .65% ER. I was expecting it would come in closer to 1%, so that seems really fair. Especially since RPAR is .53% already. Only paying .12% extra to get that leverage seems like a great deal for those that want it.

edit: I'm surprised though that they don't have anything about it on their own website: https://www.rparetf.com/
Seems unusual to have a product start trading without prospectus and all documents easily available to the public.

double edit: From that link you provided I did see this in the prospectus: www.rparetf.com/upar
But when I visit it says page not found. So maybe they will launch that page tomorrow then or hopefully soon.
Last edited by itsallmath on Wed Dec 29, 2021 4:43 pm, edited 1 time in total.
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Re: RPAR on Steroids

Post by sunnywindy »

itsallmath wrote: Wed Dec 29, 2021 4:34 pm
sunnywindy wrote: Wed Dec 29, 2021 4:29 pm
itsallmath wrote: Wed Dec 29, 2021 2:27 pm Any more updates when UPAR might launch?
It was registered for listing today with the SEC,
https://sec.report/Document/0000894189-21-009300/

so I think we will be able to buy it tomorrow(?). Updated Summary Prospectus:
https://fintel.io/doc/sec-tidal-etf-tru ... 18990-1577
Excellent find! Thank you. Exciting that it starts tomorrow. Even more exciting is .65% ER. I was expecting it would come in closer to 1%, so that seems really fair. Especially since RPAR is .53% already. Only paying .12% extra to get that leverage seems like a great deal for those that want it.
I will have to see the exact holdings, but I was pleasantly surprised with the price, too.
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Re: RPAR on Steroids

Post by jarjarM »

Interesting find, i'm interested as well but needs to see how they achieve the leverage and the methodology for rebalance. Maybe need to read the prospectus more carefully.
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Re: RPAR on Steroids

Post by itsallmath »

I couldn't find quotes for the UPAR symbol today. Maybe it goes live for trading tomorrow or next week?
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Re: RPAR on Steroids

Post by stormcrow »

itsallmath wrote: Thu Dec 30, 2021 5:35 pm I couldn't find quotes for the UPAR symbol today. Maybe it goes live for trading tomorrow or next week?
Still not seeing it today either. Everyone's on vacation I guess :)
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Re: RPAR on Steroids

Post by itsallmath »

No luck for me today as well. Fingers crossed for first trading day of 2022?
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Re: RPAR on Steroids

Post by sunnywindy »

itsallmath wrote: Fri Dec 31, 2021 12:40 pm No luck for me today as well. Fingers crossed for first trading day of 2022?
Getting closer - UPAR is on the NYSE Listing Directory
https://www.nyse.com/quote/ARCX:UPAR
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itsallmath
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Re: RPAR on Steroids

Post by itsallmath »

sunnywindy wrote: Mon Jan 03, 2022 12:10 pm
itsallmath wrote: Fri Dec 31, 2021 12:40 pm No luck for me today as well. Fingers crossed for first trading day of 2022?
Getting closer - UPAR is on the NYSE Listing Directory
https://www.nyse.com/quote/ARCX:UPAR
I was bummed this morning when I couldn't pull the ticker up again. Thank you for all the updates, I am excited it could be any day now :sharebeer
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Re: RPAR on Steroids

Post by corp_sharecropper »

Goes live tomorrow
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Re: RPAR on Steroids

Post by anon_investor »

I wonder if this would be good for an HSA...
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Re: RPAR on Steroids

Post by corp_sharecropper »

I bought the first round lot of of this ETF to start its first day of open trading. Do I win a prize or just bragging rights for the most boring thing to ever potentially brag about at a cocktail party? :D
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Re: RPAR on Steroids

Post by a_s_h »

corp_sharecropper wrote: Tue Jan 04, 2022 8:40 am I bought the first round lot of of this ETF to start its first day of open trading. Do I win a prize or just bragging rights for the most boring thing to ever potentially brag about at a cocktail party? :D
You beat me: I put in a limit order, but it has not filled yet. The full info on the ETF is now here: https://www.rparetf.com/upar
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Re: RPAR on Steroids

Post by itsallmath »

Hey this is awesome. I just came on to share that link and let everyone know that it was active. I was excited to see the ticker in action. But I havn't tried placing an order yet. It looks like $20 was the initial NAV? So today we are buying at a discount from launch? But still hard to know are we paying today's true NAV or not?
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Re: RPAR on Steroids

Post by imak »

Thank you so much for posting this. Excited to see how this plays out. I am a big fan of RPAR ETF and Alex Shahidi's Balanced Asset Allocation is on my reading list.
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Re: RPAR on Steroids

Post by itsallmath »

I was thinking with the popularity of HFEA on bogleheads that UPAR would have more excitement behind it. I feel it offers better diversification, with more reasonable risk for a smoother ride and lower chance of failure. I think an even bigger bonus is being in the single product it makes it easier to hold the whole package instead of worrying about re balancing and self directed trades / second guessing the strategy.

I guess maybe the lack of interest is because of the lower leverage so its not as thrilling as HFEA?
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Re: RPAR on Steroids

Post by corp_sharecropper »

RPAR was my go-to change jar in my emergency savings/brokerage account. I just can't stand the money market rates but I also hate having a bunch of investments in that account along with cash because if I need more than just the cash I have to deal with selling the appropriate amounts of each investment. Now UPAR will fill that role and I'll be able to use less capital for the same "sized" change jar. I also use it for the part of my HSA that I just might have to dip into in an emergency.
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Re: RPAR on Steroids

Post by sunnywindy »

The UPAR website has an "Investment Case" PDF that lists the target weights of RPAR versus UPAR. Here is a comparison:

RPAR
US equities: 12.5%
Intl. equities: 5%
EM equities: 7.5%
Commodities: 15%
Gold: 10%
TIPS: 35%
Treasuries: 35%
Total: 120%

UPAR
US equities: 17.5%
Intl. equities: 7%
EM equities: 10.5%
Commodities: 21%
Gold: 14%
TIPS:49 %
Treasuries: 49%
Total: 168%

Only the leverage increases, but not the individual weightings between each holding.
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itsallmath
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Re: RPAR on Steroids

Post by itsallmath »

I am worried UPAR doesn't have the volume to trade near NAV reliably yet. Is there anyway to know on a daily basis how close it is to NAV? Or do we need to wait for volume to pick up. How long does it usually take for new ETF's to get sufficient volume?

For instance at the moment UPAR is down less than RPAR is on the day. I would think this should be reversed.
Last edited by itsallmath on Wed Jan 05, 2022 11:08 am, edited 2 times in total.
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Re: RPAR on Steroids

Post by itsallmath »

sunnywindy wrote: Wed Jan 05, 2022 9:35 am The UPAR website has an "Investment Case" PDF that lists the target weights of RPAR versus UPAR. Here is a comparison:

RPAR
US equities: 12.5%
Intl. equities: 5%
EM equities: 7.5%
Commodities: 15%
Gold: 10%
TIPS: 35%
Treasuries: 35%
Total: 120%

UPAR
US equities: 17.5%
Intl. equities: 7%
EM equities: 10.5%
Commodities: 21%
Gold: 14%
TIPS:49 %
Treasuries: 49%
Total: 168%

Only the leverage increases, but not the individual weightings between each holding.
Thanks for drafting that out. It sounds like they use a multiplier of 1.4x on top of whatever RPAR is holding. I think RPAR can float between 120%-140% leverage, and then UPAR woulf Float between 160%-180%, but instead of them floating freely it seems they start with RPAR and then just apply that 1.4x to it.
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Re: RPAR on Steroids

Post by riskparity »

itsallmath wrote: Wed Jan 05, 2022 10:46 am I am worried UPAR doesn't have the volume to trade near NAV reliably yet. Is there anyway to know on a daily basis how close it is to NAV? Or do we need to wait for volume to pick up. How long does it usually take for new ETF's to get sufficient volume?

For instance at the moment UPAR is down less than RPAR is on the day. I would think this should be reversed.
ETFs don't usually trade too far from NAV due to the creation and redemption process. ETFs also have an intraday iNAV ticker that you can lookup to see the real time NAV to base your limit price on. ETFs have authorized participants who will buy shares and short the underlying or vice versa. This is risk free arbitrage for the market makers. Long term holders shouldn't worry too much about the premium or discount. Just use limit orders and try to place an order somewhere in the middle of the spread and walk the order towards the ask if it's not getting filled.
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Re: RPAR on Steroids

Post by itsallmath »

riskparity wrote: Wed Jan 05, 2022 11:42 am
itsallmath wrote: Wed Jan 05, 2022 10:46 am I am worried UPAR doesn't have the volume to trade near NAV reliably yet. Is there anyway to know on a daily basis how close it is to NAV? Or do we need to wait for volume to pick up. How long does it usually take for new ETF's to get sufficient volume?

For instance at the moment UPAR is down less than RPAR is on the day. I would think this should be reversed.
ETFs don't usually trade too far from NAV due to the creation and redemption process. ETFs also have an intraday iNAV ticker that you can lookup to see the real time NAV to base your limit price on. ETFs have authorized participants who will buy shares and short the underlying or vice versa. This is risk free arbitrage for the market makers. Long term holders shouldn't worry too much about the premium or discount. Just use limit orders and try to place an order somewhere in the middle of the spread and walk the order towards the ask if it's not getting filled.
Thanks for the response. I did see they use UPAR.nv but I didn't know where I could look that up. Google search came up blank for me. If anyone has a link to the NAV that would be much appreciated.
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Re: RPAR on Steroids

Post by calcada »

sunnywindy wrote: Wed Jan 05, 2022 9:35 am The UPAR website has an "Investment Case" PDF that lists the target weights of RPAR versus UPAR. Here is a comparison:

RPAR
US equities: 12.5%
Intl. equities: 5%
EM equities: 7.5%
Commodities: 15%
Gold: 10%
TIPS: 35%
Treasuries: 35%
Total: 120%

UPAR
US equities: 17.5%
Intl. equities: 7%
EM equities: 10.5%
Commodities: 21%
Gold: 14%
TIPS:49 %
Treasuries: 49%
Total: 168%

Only the leverage increases, but not the individual weightings between each holding.
RPAR has a 15% cash allocation, which functions as collateral for the futures. Doesn't that make the total 135% for RPAR?

How much cash allocation does UPAR have?

And couldn't the Gold allocation be used as collateral? Wouldn't that be more efficient?
calcada
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Re: RPAR on Steroids

Post by calcada »

Commodities are Commodity Producer Equities. They are basically stocks and are not commodities. I don't think they achieve the diversification benefit that commodities would achieve. They are highly correlated to the global stock market and serve to increase exposure and risk to equities.

Can we consider that UPAR has 35+21=56% allocation to global equities?

I never understood why they went with Commodity Producer Equities instead of the actual underlying commodities.
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Re: RPAR on Steroids

Post by itsallmath »

calcada wrote: Wed Jan 05, 2022 8:13 pm Commodities are Commodity Producer Equities. They are basically stocks and are not commodities. I don't think they achieve the diversification benefit that commodities would achieve. They are highly correlated to the global stock market and serve to increase exposure and risk to equities.

Can we consider that UPAR has 35+21=56% allocation to global equities?

I never understood why they went with Commodity Producer Equities instead of the actual underlying commodities.
I think your assessment is fair. In times of extreme commodity moves I do believe the equities will somewhat track it.
I think they went this route to avoid contango costs.
I myself would prefer they just split that amount into more global stocks and more gold. But in the end I actually don't think it will change performance much on a long timescale.
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Re: RPAR on Steroids

Post by sunnywindy »

calcada wrote: Wed Jan 05, 2022 7:49 pm
sunnywindy wrote: Wed Jan 05, 2022 9:35 am The UPAR website has an "Investment Case" PDF that lists the target weights of RPAR versus UPAR. Here is a comparison:

RPAR
US equities: 12.5%
Intl. equities: 5%
EM equities: 7.5%
Commodities: 15%
Gold: 10%
TIPS: 35%
Treasuries: 35%
Total: 120%

UPAR
US equities: 17.5%
Intl. equities: 7%
EM equities: 10.5%
Commodities: 21%
Gold: 14%
TIPS:49 %
Treasuries: 49%
Total: 168%

Only the leverage increases, but not the individual weightings between each holding.
RPAR has a 15% cash allocation, which functions as collateral for the futures. Doesn't that make the total 135% for RPAR?

How much cash allocation does UPAR have?

And couldn't the Gold allocation be used as collateral? Wouldn't that be more efficient?
I just looked at the current cash allocation:
RPAR: 4.07%
UPAR: 3.46%

Also, both ETFs have about 88 "commodity producer" equities.
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itsallmath
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Re: RPAR on Steroids

Post by itsallmath »

Looks like we all got clowned on by bloomberg.

https://www.bloomberg.com/news/articles ... march-2020
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Re: RPAR on Steroids

Post by a_s_h »

itsallmath wrote: Fri Jan 07, 2022 12:27 pm Looks like we all got clowned on by bloomberg.

https://www.bloomberg.com/news/articles ... march-2020
My shares of UPAR which I bought for $19.99 are down ~2%, not exactly a big deal. If Bloomberg gets spooked by a 2% drop, they probably should not be invested :)
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Re: RPAR on Steroids

Post by itsallmath »

a_s_h wrote: Fri Jan 07, 2022 3:02 pm
itsallmath wrote: Fri Jan 07, 2022 12:27 pm Looks like we all got clowned on by bloomberg.

https://www.bloomberg.com/news/articles ... march-2020
My shares of UPAR which I bought for $19.99 are down ~2%, not exactly a big deal. If Bloomberg gets spooked by a 2% drop, they probably should not be invested :)
Well said :sharebeer
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Re: RPAR on Steroids

Post by akxc »

So they're telling us the last time the fund exhibited this trend it signaled the best buying opportunity in years...? :P
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Re: RPAR on Steroids

Post by itsallmath »

akxc wrote: Fri Jan 07, 2022 5:40 pm So they're telling us the last time the fund exhibited this trend it signaled the best buying opportunity in years...? :P
That sounds good to me! :)

Going back to my concern about NAV earlier in the thread. One thing I did notice is RPAR closed yesterday at a .38% premium to NAV, but UPAR was at 1.4%. Will be interesting when they update the stats with today's close to see if they are more inline.

I don't necessarily think UPAR has traded up above NAV, rather in the sell off the past few days as I was watching in real time it seems RPAR was down faster. Its almost like the lack of volume prevented UPAR from dropping as far a it should. Maybe its that plus the combination of all of us that have been waiting and excited for UPAR that are buying in, with less people wanting to bail out in less than a week.
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Re: RPAR on Steroids

Post by itsallmath »

update as of the 1/7 close the premiums contracted for both.
RPAR .14% premium to NAV
UPAR .78% premium to NAV

Much better than Thursday. Hopefully UPAR will continue to contract and stay below a .5% premium, which seems to be the case for RPAR.
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Re: RPAR on Steroids

Post by calcada »

For those who has RPAR or UPAR in their portfolio, what percentage of your total portfolio have you allocated to RPAR or UPAR?

How did you decide on what percentage to allocate?
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Re: RPAR on Steroids

Post by itsallmath »

calcada wrote: Sat Jan 08, 2022 2:34 pm For those who has RPAR or UPAR in their portfolio, what percentage of your total portfolio have you allocated to RPAR or UPAR?

How did you decide on what percentage to allocate?
Great question, been wondering that myself. RPAR seems pretty safe from failure to me, but that 120% leverage and futures market gives me that tiny bit of worry that some bizarre situation could be really bad. With UPAR these risks are amplified quit a bit, but I think still think if well managed the chance of a blowup is still very unlikely (deep drawdown that's another story). I feel there is benefit owning both for that reason and of course like a more vanilla target date as well just in case something really weird happens. I might be just paranoid here though.

My thinking is if you own shares of stock, bond, ect a share is always a share no matter what. With a traditional 60/40 or target date fund, it could drop 99%, but if you hold and it recovers you havn't lost a thing.

Once you add futures products with margin maintenance requirements if we get a broad sell off where no asset does well the managers would need to be quick to sell of shares to cover margin requirements in case those get hiked. With RPAR you only have to worry about one market with treasuries, which is the least likely to "break". With UPAR now there are futures being put on US stocks and Emerging markets on top of the treasuries. So its not just the extra leverage, but the way the leverage is being put on that can make a difference.

Curious to see what others think.
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Re: RPAR on Steroids

Post by itsallmath »

Interesting seeing RPAR down more again than UPAR is. It still seems to me an issue of UPAR trading at a premium to nav. Otherwise if its goal is to achieve 1.4x the returns of RPAR it is lagging where it should be. Not that I am complaining in this situation, but am worried buying at the moment is resulting in a 1% NAV premium.
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Re: RPAR on Steroids

Post by taojaxx »

Now waiting for UUPAR, 3X leveraged RPAR lol
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Re: RPAR on Steroids

Post by itsallmath »

looks like yesterday was a good day to buy UPAR or RPAR, both traded negative to NAV. UPAR even more negative.
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Re: RPAR on Steroids

Post by a_s_h »

Now that UPAR is a couple of weeks old, I was wondering what you all think about tax efficiency?
Due to limited 401k options, I hold UPAR in my taxable account.

Looking at https://www.rparetf.com/upar , UPAR achieves leverage mainly through the equities and treasuries.
For treasuries, they get exposure using futures contracts, which I believe are taxed as 60% long-term / 40% short-term capital gains.
For equities, exposure is partially achieved through Vanguard ETFs (e.g. VWO, VEA, VXF) as well as futures contracts (e.g. Micro E-mini S&P 500 Index Future Mar 22 and MSCI Emerging Markets Index Future Mar 22 and MSCI EAFE Index Future Mar 22).

So how tax efficient should we expect UPAR to be and how much does the ETF structure help?

I mention this partly because PSLDX is considered to be criminally tax efficient (https://www.optimizedportfolio.com/psldx/), and while UPAR is clearly not as bad, there are some similarities such as holding bonds (TIPS for UPAR) and getting equity exposure through futures contracts. Would love to hear what everyone thinks about UPAR in the taxable account.
Booogle
Posts: 605
Joined: Wed Nov 09, 2016 2:57 pm

Re: RPAR on Steroids

Post by Booogle »

a_s_h wrote: Sun Jan 23, 2022 9:48 am Now that UPAR is a couple of weeks old, I was wondering what you all think about tax efficiency?
Due to limited 401k options, I hold UPAR in my taxable account.

Looking at https://www.rparetf.com/upar , UPAR achieves leverage mainly through the equities and treasuries.
For treasuries, they get exposure using futures contracts, which I believe are taxed as 60% long-term / 40% short-term capital gains.
For equities, exposure is partially achieved through Vanguard ETFs (e.g. VWO, VEA, VXF) as well as futures contracts (e.g. Micro E-mini S&P 500 Index Future Mar 22 and MSCI Emerging Markets Index Future Mar 22 and MSCI EAFE Index Future Mar 22).

So how tax efficient should we expect UPAR to be and how much does the ETF structure help?

I mention this partly because PSLDX is considered to be criminally tax efficient (https://www.optimizedportfolio.com/psldx/), and while UPAR is clearly not as bad, there are some similarities such as holding bonds (TIPS for UPAR) and getting equity exposure through futures contracts. Would love to hear what everyone thinks about UPAR in the taxable account.

You can look at RPAR which is similar:

https://screener.fidelity.com/ftgw/etf/ ... mbols=rpar
000
Posts: 8211
Joined: Thu Jul 23, 2020 12:04 am

Re: RPAR on Steroids

Post by 000 »

a_s_h wrote: Sun Jan 23, 2022 9:48 am So how tax efficient should we expect UPAR to be and how much does the ETF structure help?
Biggest tax risk is fund closure not distributions.
moontower
Posts: 46
Joined: Sun Jan 03, 2021 10:07 am

Re: RPAR on Steroids

Post by moontower »

How do you folks thing UPAR would compare to NTSX - personally I think RPAR is a bit of a dud for the high ER fees while NTXS has shown good results for only .20 ER fees.
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