U-Triad 135 Strategy Overview
| CAGR | 15.3% |
|---|---|
| Maximum drawdown | -15.1% |
| MAR ratio | 1.01 |
| History | 46 years (561 months) |
U-Triad 135 is U-Triad, the UCITS version of Triad, with Smart Leverage added in the same way as Triad 135. During the recovery phase of a U.S. equity drawdown, and only then, the U.S. large cap sleeve is held through a 2x S&P 500 UCITS fund. Everything else is U-Triad's.
U-Triad's sleeves and its UCITS funds are on the U-Triad page. How Smart Leverage arms, deploys and exits is on the Triad 135 page; U-Triad 135 uses the same module with the same settings.
What the 135 means
Only the 35% U.S. large cap sleeve is ever leveraged, so maximum notional exposure is 30 + (35 x 2) + 35 = 135%. Leverage applies only when that sleeve already wants to hold U.S. large cap; when its trend test fails, the sleeve goes to Treasuries and there is nothing to leverage.
The UCITS Funds
| Role | Fund | Ticker (London, USD) | GBP line | ISIN |
|---|---|---|---|---|
| Gold | iShares Physical Gold ETC | IGLN | SGLN | IE00B4ND3602 |
| Commodities | Invesco Bloomberg Commodity UCITS ETF (Acc) | CMOD | CMOP | IE00BD6FTQ80 |
| U.S. large cap (S&P 500) | iShares Core S&P 500 UCITS ETF (Acc) | CSPX | CSP1 | IE00B5BMR087 |
| International equities | Vanguard FTSE All-World ex-US UCITS ETF (Acc) | VXUA | VXUS | IE0009A5ADV9 |
| U.S. mid cap | Vanguard Russell US Mid-Cap UCITS ETF (Acc) | VRMA | VRMG | IE000650M1V4 |
| Managed futures | iMGP DBi Managed Futures Fund R USD UCITS ETF | DBMF | DBMG | LU2951555585 |
| Intermediate Treasuries | iShares $ Treasury Bond 7-10yr UCITS ETF (Acc) | CBU0 | none | IE00B3VWN518 |
| Long Treasuries | iShares $ Treasury Bond 20+yr UCITS ETF (Acc) | DTLA | none | IE00BFM6TC58 |
| 2x S&P 500 (Smart Leverage) | Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF | XS2D | none | LU0411078552 |
Performance Highlights
January 1980 through September 2026, net of trading friction:
| CAGR | Max Drawdown | Ulcer Index | UPI | |
|---|---|---|---|---|
| U-Triad 135 | +15.3% | -15.1% | 3.35 | 3.30 |
| U-Triad | +14.2% | -15.1% | 2.86 | 3.48 |
| Triad 135 | +16.6% | -16.9% | 3.25 | 3.81 |
| S&P 500 | +12.0% | -51.0% | 12.72 | 0.61 |
The Ulcer Index measures how deep and how long drawdowns were, not just the single worst one: lower is better. UPI (Ulcer Performance Index) is return above T-bills per unit of Ulcer Index: higher is better.
Leverage was deployed in the same 148 of 561 months as Triad 135. U-Triad 135 trails Triad 135 for the same reason U-Triad trails Triad: the long/short equity fund in the third sleeve has no UCITS equivalent. Its worst drawdown is shallower than Triad 135's.
Notes for Investors Outside the US
- Results are in US dollars. The strategy is calculated on the history of the equivalent US funds, in US dollars. If you measure your portfolio in pounds, euros or another currency, your results will also move with the exchange rate.
- Why UCITS funds. Irish-domiciled UCITS funds are the standard way for non-US investors to hold US markets. They often receive US dividends at a lower withholding rate than a non-US investor holding US-listed ETFs directly would, and they are not US assets for US estate tax purposes. Rules vary by country, so check with a tax adviser where you live.
- Gold is held as an ETC. UCITS rules do not allow a fund that holds only gold, so gold is held through the iShares Physical Gold ETC, a security backed by physical gold. It is not a UCITS fund, but it is UCITS eligible and widely available to investors in the UK, Europe and elsewhere.
- Leveraged funds reset daily. The 2x UCITS funds target twice the daily return of their index. Over longer periods their returns can differ from twice the index return, especially in volatile markets, which is why Smart Leverage holds them only in defined recovery phases.
- Listings. The tickers above are the London Stock Exchange USD lines unless noted. Most of the funds also trade in London in pounds and on European exchanges in euros, under the same ISIN, which is the surest way to find the right fund at any broker.
Who It's For
U-Triad 135 is for investors outside the US who want U-Triad's diversified approach with a measured, rules-based dose of leverage in the U.S. large cap sleeve during recoveries.
Past performance, including backtested results, is not indicative of future results. Backtested performance is hypothetical, does not reflect actual trading, and benefits from hindsight in the selection of strategy rules. U-Triad 135 is calculated on the history of the equivalent US-listed funds; the UCITS funds track the same or closely matching indexes but their returns will differ, including from fees, tax treatment and currency. Portions of the long-term history rely on reconstructed proxy data for funds that did not exist for the full period, including DBMF and the international, mid cap, Treasury and leveraged funds. Investors should carefully consider their risk tolerance and consult with a financial advisor.
For the latest details, visit www.DualMomentumSystems.com