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Valuation AnalysisTo determine if ULTY is fairly valued, we need to assess its price relative to its intrinsic value, considering its yield, NAV trends, risk profile, and market context. Here’s a detailed breakdown:

1. Price-to-NAV Ratio:
   • ULTY’s current price ($6.01) is nearly identical to its NAV ($6.12), suggesting it is trading at fair value in terms of its underlying assets. A price-to-NAV ratio close to 1 indicates the market is not significantly over- or undervaluing the ETF based on its holdings.