What this ETF is trying to do

The PMV Adaptive Risk Parity ETF (ARP) is designed to spread investments across different types of assets. Instead of putting all its money into one place, it holds a mix of other ETFs and trusts. Based on its holdings, it invests in things like the S&P 500, international markets, commodities, and gold.

What the numbers show

As of October 9, 2026, the share price is $34.45.

There are two ways to look at the returns:

• Price Return: This measures only the change in the share price. The one-year price return is 10.74%, and the three-year price return is 38.23%.

• Total Return: This reflects the overall return, including distributions. The one-year total return is 17.93%, and the three-year total return is 59.12%.

For a simple example, if you had invested $10,000 based on the estimated price from roughly one year ago ($31.10), the price-only growth would have resulted in a value of approximately $11,074.

Income and distribution explanation

This ETF pays out cash to investors, known as distributions. It has a distribution yield of 5.73%. However, these payments are "irregular," meaning they do not happen on a set schedule. In the last 12 months, there was only one payout.

It is important for beginners to know that a high distribution yield alone can be misleading. A high yield does not guarantee that the total return will be high or that the original investment is safe.

NAV erosion explanation

"NAV erosion" happens when the actual value of the fund's underlying assets drops over time, even if the share price seems stable. This ETF has an erosion-risk score of 100, and the label states "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Top Holdings

As of October 4, 2026, the fund holds six assets. The largest are:

• Harbor Commodity All-Weather Strategy ETF: 37.63%

• Vanguard S&P 500 ETF: 27.41%

• Vanguard FTSE Developed Markets ETF: 20.61%

• Invesco QQQ Trust: 11.30%

• Sprott Physical Gold Trust: 1.87%

• Vanguard FTSE Emerging Markets ETF: 0.99%

Pros

• The total returns over one and three years have been positive.

• The erosion-risk score indicates no detected price erosion.

• It provides a diversified mix of assets, including gold and global stocks.

Cons

• Distributions are irregular and infrequent.

• The fund relies on a very small number of holdings (only six).

Beginner takeaway

The ARP ETF focuses on balancing risk across different markets. While it has shown positive price and total returns over the last three years, its income payments are not regular. Investors generally care about principal stability—meaning they want their original investment to stay intact—and the current erosion score suggests the fund has maintained its value well.