Investment Executive: How One CIO Builds Crisis-Ready Portfolios
As markets stretch between fear and euphoria, one of Canada’s longest-standing liquid-alt managers shares how Alternatives add true diversification.
TSX: WAAV is now available on all platforms
A Purpose-Built All-Weather ETF for Canadian Investors
The WaveFront All-Weather Alternative Fund ETF (TSX:WAAV) is designed to generate meaningful cash yield while remaining resilient in challenging market environments. By combining multiple independent strategies across asset classes, WAAV helps investors stay invested through volatility without depending on traditional stock-and-bond performance.
WaveFront All-Weather ETF
WAAV
22.45
NAV
+68.15%
1M
3M
YTD
1Y
3Y
5Y
S.I.
WAAV:TSX
Symbol
WAAV
Strategy
Multi-Asset
Inception
Dec 1 2019
Available on all platforms
Why an All-Weather Design Matters
Traditional portfolios often rely on favorable market conditions to succeed. WAAV is designed differently. By combining multiple strategies across asset classes, the Fund seeks to generate yield and remain resilient across volatile, sideways, and challenging markets - helping investors stay invested through changing conditions. Available as both a mutual fund and ETF.
Performance Highlights*
- Annualized net return
- +8.91%
- Correlation to equities
- 0.30
- Sortino ratio
- 1.28
- Yield (TTM)
- 8.05%
*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. TTM -Trailing 12-month yield is a historical measure based on past distributions and is not indicative of future results. Distributions may include return of capital and should not be confused with total return.
Why Invest in WAAV?
“All-weather doesn’t mean we win every month. It means a portfolio built to remain useful across different market environments - especially the ones investors like least.”
Robert Koloshuk
WaveFront CIO
The WaveFront All-Weather Alternative Fund ETF is designed for investors seeking an attractive yield in a strategy designed to deliver balanced, superior returns without relying on strong equity markets or traditional stock-and-bond performance - available as both a mutual fund and ETF with daily liquidity.
- Designed to generate cash yield across market cycles, rather than relying on a single market outcome.
- Built to remain resilient during volatile and challenging markets, helping investors stay invested through drawdowns and uncertainty.
- Diversified across multiple asset classes and strategies, including gold, real estate, commodities, equities, fixed income, and special situations.
- Driven by a systematic, data-informed process designed to manage risk dynamically as market conditions change.
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.
Markets don’t move in straight lines. We built this strategy to stay functional when conditions change, not just when everything is working in your favor.
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.
Loading table data...
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
Jan 2026
Fund:$16,815 (+68.15%)
Benchmark:$15,343 (+53.43%)
Asset Allocation
as of December 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 |
| Yield (TTM)*: | 8.05% |
| Management Fee: | 0.95% |
| Performance Fee | 15% |
| Hurdle Rate | 3% |
| IFM | Arrow Capital |
Risk & Return Metrics
as of December 31 2025
| Period | WAAV ETF | Composite Benchmark* |
|---|---|---|
| 3 months | 0.98% | 4.49% |
| Year-to-date | 12.26% | 21.56% |
| 1 year | 12.26% | 21.56% |
| 3 years | 9.57% | 11.71% |
| 5 years | 5.36% | 6.21% |
| Since Inception* | 8.91% | 7.29% |
| Cumulative | 68.15% | 53.43% |
*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.
*TTM -Trailing 12-month yield is a historical measure based on past distributions and is not indicative of future results. Distributions may include return of capital and should not be confused with total return.
*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 All-Weather October 2025 Commentary
The risk asset party kept hopping on easier-policy expectations right up until Powell hinted he might take the punch bowl away, while a precious metals pullback reminded us that correlation risk is alive and well.
The Structural and Statistical Foundations of Trend-Following Performance
Just as value investing assumes mean reversion and growth investing assumes compounding innovation, trend-following assumes that price moves tend to continue before they reverse.
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.