Risk Parity ETF as an alternative to balanced portfolio?

The RPAR Risk Parity ETF (RPAR) was listed on the NYSE on 13 Dec 2019 . It is the first risk parity ETF inspired by Ray Dalio. The ETF holdings consist of U.S. Treasury Inflation Protected Securities (“TIPS”), Global Equities, Commodities and U.S. Treasuries.
Which profile of investors would be suitable to invest in this ETF, and can this ETF be an alternative to balanced portfolios devised by portfolio managers including robo-advisors and digital advisors?