2Q 2025 - All-Weather Commentary, Staying Invested When It Matters Most
The WaveFront All-Weather Alternative Fund returned +1.32% in June, bringing its annualized return since inception to 7.84%, compared to 5.88% for the benchmark.
TSX: WAAV is now available on all platforms
Canada’s First Truly All-Weather ETF - Engineered for Stability, Built for Growth
The WaveFront All-Weather Alternative Fund ETF (TSX:WAAV) is engineered to deliver consistent, superior risk-adjusted returns across diverse market conditions. With a dynamic multi-asset and multi-strategy approach, WAAV offers a next-generation liquid alternative designed for stability and growth.
WaveFront All-Weather ETF
WAAV
20.44
NAV
+53.06%
1M
3M
YTD
1Y
3Y
5Y
S.I.
WAAV:TSX
Symbol
WAAV
Strategy
Multi-Asset
Inception
Dec 1 2019
Available on all platforms
Engineered for Stability. Built for Growth
Introducing Canada’s premiere all-weather investment solution, the WaveFront All-Weather Alternative Fund ETF. Engineered to deliver stability and consistent performance, regardless of the market environment, now available as both a mutual fund and ETF.
Performance Highlights*
- Annualized net return
- 7.80%
- Correlation to equities
- 0.28
- Sortino ratio
- 1.03
- Target Distribution
- 6.00%
*Disclaimer: All performance highlights are since inception on 12/1/2019. Effective January 2, 2025, WaveFront All-Weather Fund, LP merged into WaveFront All-Weather Alternative Fund. The ETF’s performance track record is ported from the LP and reflects historical annual compounded returns net of fees (except for figures of one year or less, which are simple returns). Past performance is not indicative of future results. Investment risks, fees, and charges may reduce returns. Correlation to equities refers to the correlation of the fund’s returns to the returns of the S&P 500 Index.
TSX: WAAV
Why Invest in WAAV?
“We believe WAAV stands out as a robust solution for Canadian investors who want exposure to an institutional-caliber strategy in a simple, accessible format.”
Robert Koloshuk
WaveFront CIO
The WaveFront All-Weather Alternative Fund ETF is designed to deliver balanced, superior returns through all market conditions by combining diversification, systematic risk management, and institutional-grade investment strategies - packaged in a mutual fund and ETF for daily liquidity.
- Proven track record of stable performance regardless of underlying economic and market conditions.
- Invests across major asset classes including gold, real estate, commodities, equities, fixed income, and special situations.
- Applies institutional-caliber strategies historically only available to institutions and ultra-high-net-worth investors.
- Benefits from a systematic, data-driven investment process designed to identify opportunities and mitigate risks.
In Front of the Wave
Your weekly guide to unique insights and highlights across the investing landscape.
How we Invest
Unlike many liquid alts that still behave like traditional equity or fixed income, the WaveFront All-Weather Alternative Fund ETF allocates dynamically across multiple asset classes and strategies:
Global Equities
Quantitative Equity Alpha
How we invest in Global Equities:
Advanced quantitative models to systematically identify high-potential global equities, dynamically adjusting exposure while managing risk.
Fixed Income
Optimized Treasury Exposure
How we invest in Fixed Income:
A data-driven approach to balance U.S. Treasury exposure, incorporating inflation-linked securities and optimal duration management for stability.
Real Estate
Diversified REIT Exposure
How we invest in Real Estate:
Strategic exposure to real assets via Canadian REITs enhances diversification, providing long-term yield and inflation protection within a multi-asset framework.
Alternative Defensive
Systematic Crisis Risk Management
How we invest in Alternative Defensive:
A blend of non-correlated assets designed to provide stability and resilience during inflationary and market stress environments.
Systematic Macro & Trend
Institutional-Grade Diversification
How we invest in Systematic Macro & Trend:
A rules-based approach to global macro investing, capturing opportunities across asset classes using trend-following and systematic factor strategies.
Special Situations
High-Conviction, Asymmetric Upside
How we invest in Special Situations:
Tactical investments where market inefficiencies provide significant upside potential, leveraging a disciplined risk-reward framework.
Our team has engineered a dynamic approach that combines the best of various asset classes under one umbrella, aiming to protect and grow capital in both turbulent and calm markets.
Roland Austrup
Chairman of WaveFront
All-Weather Strategy: Long-Term Performance & Benchmark Insights
Explore how the WaveFront All-Weather Alternative Fund and its all-weather composite deliver robust, diversified performance over the long term. Compare WAAV’s track record against leading competitors and discover the enduring value of a balanced, all-weather approach.
WaveFront All-Weather vs. Top 20 Alternative mutual funds (by AUM) in North America
Many investors who are interested in alternatives default to the biggest and most well known names. Here is how WaveFront All-Weather compares to the 20 largest alternative mutual funds in North America.
Data Source: Bloomberg & WaveFront. Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
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Data Source: Bloomberg & WaveFront. Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
TSX: WAAV
Performance Highlights
Growth of $10k
Since inception
Aug 2025
Fund:$15,306 (+53.06%)
Benchmark:$13,868 (+38.68%)
Asset Allocation
as of July 31 2025
Equities
Macro & Trend
Alt. Defensive
Real Estate
Fixed Income
Special Situations
Quick Facts
| Inception Date*: | Dec 1, 2019 |
| ETF Ticker: | WAAV:TSX |
| Series AD: | AHP3205 |
| Series FD: | AHP3215 |
| RRSP Eligibility: | Yes |
| Distributions: | Quarterly |
| Management Fee: | 0.95% |
| Performance Fee | 15% |
| Hurdle Rate | 3% |
| IFM | Arrow Capital |
Risk & Return Metrics
as of July 31 2025
| Period | WAAV ETF | Composite Benchmark* |
|---|---|---|
| 3 months | 2.66% | 3.30% |
| Year-to-date | 2.18% | 8.68% |
| 1 year | 5.18% | 8.57% |
| 3 years | 4.33% | 5.99% |
| 5 years | 3.24% | 4.98% |
| Since Inception* | 7.80% | 5.73% |
| Cumulative | 53.06% | 37.17% |
*Disclaimer: Effective January 2, 2025, WaveFront All-Weather Fund, LP merged into WaveFront All-Weather Alternative Fund. The ETF’s performance track record is ported from the LP and reflects historical annual compounded returns net of fees (except for figures of one year or less, which are simple returns). Past performance is not indicative of future results. Investment risks, fees, and charges may reduce returns.
Composite Benchmark: 20% allocation each in the SG CTA PR USD Index, iShares MSCI ACWI ETF, S&P GSCI Precious Metals TR, BMO Equal Weight REIT ETF, and iShares 20_yr Treasury Bond ETF.
Latest News & Content
WaveFront Expands Global Diversified Strategy with New Market Additions
TORONTO, ON, JULY 9, 2025 – WaveFront is pleased to announce a major expansion of its Global Diversified Strategy, now trading over 70 materially uncorrelated futures contracts.
When Managed Futures Lag, History Has a Message: Stick Around
Historical analysis of the SG Trend Index, a widely followed benchmark for managed futures programs, reveals something powerful: after large drawdowns, Managed Futures often snaps back sharply.
Frequently Asked Questions
- What is WAAV, and how does it work?+
- How does WAAV differ from traditional investment funds?+
- Who manages WAAV?+
- How does WAAV perform in different market conditions?+
- How can I invest in WAAV?+
- Is WAAV actively or passively managed?+
- Who should consider investing in WAAV?+
- What are the fees associated with WAAV?+
About WaveFront
WaveFront Global Asset Management Corp.
Founded in 2003, WaveFront Global Asset Management Corp. is a privately-owned global asset management company based in Toronto, Canada. Today, we manage assets for individual and institutional investors in Canada, the United States, and South Korea across a diverse range of investment strategies and solutions. At WaveFront, we are driven by the quantifiable success of our clients. Our success is the result of a team of dedicated professionals with significant prior trading and investment management experience.