Variant Perception Cycle Aware US Equity ETF
Methodology
The Variant Perception Cycle Aware US Equity ETF (VPX) is a systematic, actively managed fund investing in US Large Cap companies and cash and cash equivalents.
Our approach is “addition by subtraction”:
- Avoid Overinvestment: Sidestep sectors where excess competition destroys returns.
- Avoid Junk: Exclude companies that are unprofitable and stagnant.
- Avoid Macro Risks: Manage exposure when the business cycle turns.
We use Variant Perception’s proprietary leading indicator, capital cycle, and quality models to seek alignment with changing market drivers.
The result is a dynamic portfolio designed to adapt as the cycle shifts – capturing equity upside potential in a diversified manner, while seeking to reduce downside risk over time.
Why purchase this ETF?
VPX is designed to offer a robust US equity allocation grounded in our core investing principles:
- The Capital Cycle: We operate on the premise that capital flows influence future industry returns.
- Quality: We believe unprofitable, stagnant companies are structurally positioned to underperform.
- The Business Cycle: We view the economy as evolving in a repeating sequence that our indicators are designed to monitor.
The result is sophisticated simplicity.
We strip away shorting, leverage, and derivatives to offer a dynamic equity allocation that is the distillation of Variant Perception’s R&D since 2009.
Fund Objective
The Variant Perception Cycle Aware US Equity ETF (the “Fund”) seeks to achieve capital appreciation.
Fund Documents
Fund Details
| sort_order | ||
|---|---|---|
| 1 | Ticker | VPX |
| 2 | Fund Type | Active |
| 3 | CUSIP | 02072Q267 |
| 4 | Exchange | NYSE Arca |
| 5 | Inception | 2026-03-11 |
| 6 | Net Assets | $42.55 million |
| 7 | Expense Ratio | 0.75% |
| 8 | 30-Day Bid/Ask Spread | 0.07% |
| 9 | As of Date | 2026-06-01 |
NAV and Market Price
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
Month-End Performance
| As of Date | 04/30/2026 |
| Fund Ticker | Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | As of Date | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VPX | MKT | 10.87 | 6.92 | 04/30/2026 | 03/11/2026 | |||||||
| VPX | NAV | 10.75 | 6.85 | 04/30/2026 | 03/11/2026 |
Quarter-End Performance
| As of Date | 2026-03-31 |
| Fund_Ticker | Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | As of Date |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VPX | MKT | -3.56 | 03/31/2026 | ||||||||
| VPX | NAV | -3.52 | 03/31/2026 |
The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund is new and therefore does not have a performance history for a full calendar year as most recent quarter end.
Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.
NAV return represents the closing price of the underlying securities.
Historical Premium / Discount
The Premium/Discount shows the difference between the daily market price of the fund’s shares and the fund’s net asset value (“NAV”). The table shows the premium or discount of the mid-point price as a percentage of the NAV as well as the number of trading days the fund traded within the given premium/discount range.
Fund Distributions
| Ex Date | Record Date | Payable Date | Income | Short Term Capital Gain | Long Term Capital Gain | Total Capital Gain | Total Distribution |
|---|---|---|---|---|---|---|---|
Fund Holdings
| TICKER | NAME | CUSIP | SHARES | PRICE | Market Value ($mm) | % OF NET ASSETS | EFFECTIVE_DATE |
|---|---|---|---|---|---|---|---|
| MS | Morgan Stanley | 617446448 | 2,411 | 208.00 | 0.50 | 1.18 | 06/01/2026 |
| SLB | SLB Ltd | 806857108 | 4,023 | 54.55 | 0.22 | 0.52 | 06/01/2026 |
| SPGI | S&P Global Inc | 78409V104 | 452 | 424.00 | 0.19 | 0.45 | 06/01/2026 |
| QCOM | QUALCOMM Inc | 747525103 | 1,256 | 251.02 | 0.32 | 0.74 | 06/01/2026 |
| PGR | Progressive Corp/The | 743315103 | 895 | 190.40 | 0.17 | 0.40 | 06/01/2026 |
| PSX | Phillips 66 | 718546104 | 1,141 | 175.88 | 0.20 | 0.47 | 06/01/2026 |
| PNC | PNC Financial Services Group Inc/The | 693475105 | 612 | 221.12 | 0.14 | 0.32 | 06/01/2026 |
| ORCL | Oracle Corp | 68389X105 | 518 | 225.78 | 0.12 | 0.27 | 06/01/2026 |
| ON | ON Semiconductor Corp | 682189105 | 481 | 120.62 | 0.06 | 0.14 | 06/01/2026 |
| OXY | Occidental Petroleum Corp | 674599105 | 2,544 | 56.63 | 0.14 | 0.34 | 06/01/2026 |
| NVDA | NVIDIA Corp | 67066G104 | 7,571 | 211.14 | 1.60 | 3.76 | 06/01/2026 |
| NFLX | Netflix Inc | 64110L106 | 438 | 86.02 | 0.04 | 0.09 | 06/01/2026 |
| SCHW | Charles Schwab Corp/The | 808513105 | 2,968 | 87.35 | 0.26 | 0.61 | 06/01/2026 |
| MPWR | Monolithic Power Systems Inc | 609839105 | 98 | 1,566.21 | 0.15 | 0.36 | 06/01/2026 |
| MU | Micron Technology Inc | 595112103 | 1,435 | 971.00 | 1.39 | 3.28 | 06/01/2026 |
| MCHP | Microchip Technology Inc | 595017104 | 619 | 94.65 | 0.06 | 0.14 | 06/01/2026 |
| MSFT | Microsoft Corp | 594918104 | 1,386 | 450.24 | 0.62 | 1.47 | 06/01/2026 |
| MRK | Merck & Co Inc | 58933Y105 | 3,608 | 118.72 | 0.43 | 1.01 | 06/01/2026 |
| MCK | McKesson Corp | 58155Q103 | 177 | 741.62 | 0.13 | 0.31 | 06/01/2026 |
| MCD | McDonald's Corp | 580135101 | 211 | 279.20 | 0.06 | 0.14 | 06/01/2026 |
| MA | Mastercard Inc | 57636Q104 | 1,388 | 493.98 | 0.69 | 1.61 | 06/01/2026 |
| MPC | Marathon Petroleum Corp | 56585A102 | 823 | 248.77 | 0.20 | 0.48 | 06/01/2026 |
| LLY | Eli Lilly & Co | 532457108 | 1,272 | 1,105.00 | 1.41 | 3.30 | 06/01/2026 |
| VLO | Valero Energy Corp | 91913Y100 | 844 | 244.82 | 0.21 | 0.49 | 06/01/2026 |
| NXPI | NXP Semiconductors NV | N6596X109 | 296 | 321.35 | 0.10 | 0.22 | 06/01/2026 |
| CB | Chubb Ltd | H1467J104 | 604 | 311.73 | 0.19 | 0.44 | 06/01/2026 |
| MDT | Medtronic PLC | G5960L103 | 1,936 | 73.81 | 0.14 | 0.34 | 06/01/2026 |
| ETN | Eaton Corp PLC | G29183103 | 619 | 400.60 | 0.25 | 0.58 | 06/01/2026 |
| Cash&Other | Cash & Other | 221,240 | 1.00 | 0.22 | 0.52 | 06/01/2026 | |
| WMB | Williams Cos Inc/The | 969457100 | 3,218 | 71.39 | 0.23 | 0.54 | 06/01/2026 |
| WFC | Wells Fargo & Co | 949746101 | 4,937 | 77.54 | 0.38 | 0.90 | 06/01/2026 |
| V | Visa Inc | 92826C839 | 2,907 | 326.36 | 0.95 | 2.23 | 06/01/2026 |
| VRT | Vertiv Holdings Co | 92537N108 | 622 | 315.71 | 0.20 | 0.46 | 06/01/2026 |
| VRTX | Vertex Pharmaceuticals Inc | 92532F100 | 374 | 447.54 | 0.17 | 0.39 | 06/01/2026 |
| VTI | Vanguard Total Stock Market ETF | 922908769 | 22,803 | 372.54 | 8.50 | 19.97 | 06/01/2026 |
| LRCX | Lam Research Corp | 512807306 | 1,649 | 318.18 | 0.52 | 1.23 | 06/01/2026 |
| UNH | UnitedHealth Group Inc | 91324P102 | 1,316 | 380.31 | 0.50 | 1.18 | 06/01/2026 |
| UNP | Union Pacific Corp | 907818108 | 939 | 262.64 | 0.25 | 0.58 | 06/01/2026 |
| UBER | Uber Technologies Inc | 90353T100 | 3,617 | 70.40 | 0.25 | 0.60 | 06/01/2026 |
| USB | US Bancorp | 902973304 | 2,389 | 54.85 | 0.13 | 0.31 | 06/01/2026 |
| TXN | Texas Instruments Inc | 882508104 | 1,047 | 305.68 | 0.32 | 0.75 | 06/01/2026 |
| TER | Teradyne Inc | 880770102 | 182 | 374.31 | 0.07 | 0.16 | 06/01/2026 |
| TRGP | Targa Resources Corp | 87612G101 | 379 | 255.07 | 0.10 | 0.23 | 06/01/2026 |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 874039100 | 1,233 | 418.45 | 0.52 | 1.21 | 06/01/2026 |
| TJX | TJX Cos Inc/The | 872540109 | 351 | 154.75 | 0.05 | 0.13 | 06/01/2026 |
| SYK | Stryker Corp | 863667101 | 577 | 305.09 | 0.18 | 0.41 | 06/01/2026 |
| BX | Blackstone Inc | 09260D107 | 1,221 | 116.97 | 0.14 | 0.34 | 06/01/2026 |
| CAT | Caterpillar Inc | 149123101 | 729 | 875.87 | 0.64 | 1.50 | 06/01/2026 |
| COF | Capital One Financial Corp | 14040H105 | 944 | 187.93 | 0.18 | 0.42 | 06/01/2026 |
| CVS | CVS Health Corp | 126650100 | 1,855 | 90.98 | 0.17 | 0.40 | 06/01/2026 |
| CME | CME Group Inc | 12572Q105 | 573 | 273.54 | 0.16 | 0.37 | 06/01/2026 |
| CI | Cigna Group/The | 125523100 | 516 | 277.40 | 0.14 | 0.34 | 06/01/2026 |
| BLDR | Builders FirstSource Inc | 12008R107 | 4,015 | 76.26 | 0.31 | 0.72 | 06/01/2026 |
| AVGO | Broadcom Inc | 11135F101 | 4,239 | 446.77 | 1.89 | 4.45 | 06/01/2026 |
| BMY | Bristol-Myers Squibb Co | 110122108 | 3,091 | 57.18 | 0.18 | 0.42 | 06/01/2026 |
| BSX | Boston Scientific Corp | 101137107 | 2,612 | 48.31 | 0.13 | 0.30 | 06/01/2026 |
| BA | Boeing Co/The | 097023105 | 1,332 | 231.15 | 0.31 | 0.72 | 06/01/2026 |
| BLK | Blackrock Inc | 09290D101 | 242 | 1,046.88 | 0.25 | 0.60 | 06/01/2026 |
| CVX | Chevron Corp | 166764100 | 5,039 | 182.46 | 0.92 | 2.16 | 06/01/2026 |
| BNY | Bank of New York Mellon Corp/The | 064058100 | 1,055 | 139.43 | 0.15 | 0.35 | 06/01/2026 |
| BAC | Bank of America Corp | 060505104 | 11,455 | 51.60 | 0.59 | 1.39 | 06/01/2026 |
| BKR | Baker Hughes Co | 05722G100 | 3,057 | 63.88 | 0.20 | 0.46 | 06/01/2026 |
| AMAT | Applied Materials Inc | 038222105 | 1,061 | 450.06 | 0.48 | 1.12 | 06/01/2026 |
| ADI | Analog Devices Inc | 032654105 | 563 | 413.85 | 0.23 | 0.55 | 06/01/2026 |
| AXP | American Express Co | 025816109 | 1,056 | 316.47 | 0.33 | 0.79 | 06/01/2026 |
| AMZN | Amazon.com Inc | 023135106 | 3,667 | 270.64 | 0.99 | 2.33 | 06/01/2026 |
| GOOGL | Alphabet Inc | 02079K305 | 1,277 | 380.34 | 0.49 | 1.14 | 06/01/2026 |
| AMD | Advanced Micro Devices Inc | 007903107 | 1,973 | 516.10 | 1.02 | 2.39 | 06/01/2026 |
| ABBV | AbbVie Inc | 00287Y109 | 2,579 | 217.72 | 0.56 | 1.32 | 06/01/2026 |
| GE | GE AEROSPACE | 369604301 | 1,622 | 323.76 | 0.53 | 1.23 | 06/01/2026 |
| KKR | KKR & Co Inc | 48251W104 | 1,377 | 95.94 | 0.13 | 0.31 | 06/01/2026 |
| KLAC | KLA CORP | 482480100 | 155 | 1,921.71 | 0.30 | 0.70 | 06/01/2026 |
| JNJ | Johnson & Johnson | 478160104 | 3,549 | 225.33 | 0.80 | 1.88 | 06/01/2026 |
| JPM | JPMORGAN CHASE & CO. | 46625H100 | 4,211 | 299.31 | 1.26 | 2.96 | 06/01/2026 |
| ISRG | Intuitive Surgical Inc | 46120E602 | 554 | 424.64 | 0.24 | 0.55 | 06/01/2026 |
| ICE | Intercontinental Exchange Inc | 45866F104 | 872 | 147.85 | 0.13 | 0.30 | 06/01/2026 |
| HD | Home Depot Inc/The | 437076102 | 279 | 317.14 | 0.09 | 0.21 | 06/01/2026 |
| HCA | HCA Healthcare Inc | 40412C101 | 420 | 378.54 | 0.16 | 0.37 | 06/01/2026 |
| GS | Goldman Sachs Group Inc/The | 38141G104 | 471 | 1,021.06 | 0.48 | 1.13 | 06/01/2026 |
| GILD | Gilead Sciences Inc | 375558103 | 1,856 | 134.43 | 0.25 | 0.59 | 06/01/2026 |
| ABT | Abbott Laboratories | 002824100 | 2,601 | 85.60 | 0.22 | 0.52 | 06/01/2026 |
| GEV | GE Vernova Inc | 36828A101 | 476 | 968.32 | 0.46 | 1.08 | 06/01/2026 |
| FSLR | First Solar Inc | 336433107 | 332 | 306.79 | 0.10 | 0.24 | 06/01/2026 |
| META | Meta Platforms Inc | 30303M102 | 260 | 632.51 | 0.16 | 0.39 | 06/01/2026 |
| XOM | Exxon Mobil Corp | 30231G102 | 10,582 | 145.26 | 1.54 | 3.61 | 06/01/2026 |
| EPD | Enterprise Products Partners LP | 293792107 | 12,224 | 36.79 | 0.45 | 1.06 | 06/01/2026 |
| EOG | EOG Resources Inc | 26875P101 | 1,518 | 133.38 | 0.20 | 0.48 | 06/01/2026 |
| DVN | Devon Energy Corp | 25179M103 | 3,588 | 44.49 | 0.16 | 0.38 | 06/01/2026 |
| DE | Deere & Co | 244199105 | 426 | 542.18 | 0.23 | 0.54 | 06/01/2026 |
| COP | ConocoPhillips | 20825C104 | 3,117 | 113.98 | 0.36 | 0.84 | 06/01/2026 |
| C | Citigroup Inc | 172967424 | 2,797 | 125.90 | 0.35 | 0.83 | 06/01/2026 |
Fund holdings are subject to change and are not recommendations to buy or sell any security.