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 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 | $58.15 million |
| 7 | Expense Ratio | 0.75% |
| 8 | 30-Day Bid/Ask Spread | 0.06% |
| 9 | As of Date | 2026-09-11 |
Fund Documents
| Fund Ticker | Factsheet | Quarterly Letter | Presentation | Summary Prospectus | Statutory Prospectus | SAI | Part F Q3 | Part F Q1 | N-PX Proxy Voting Record | Annual Financials | Annual SOI | Annual TSR | Semi-Annual Financials | Semi-Annual SOI | Semi-Annual TSR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VPX | Download | Download | Download | Download | Download | Download | Download | Download | Download | Download |
NAV and Market Price
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
Month-End Performance
| 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 | 3.03 | 7.03 | 23.67 | 08/31/2026 | 03/11/2026 | ||||||
| VPX | NAV | 3.15 | 6.98 | 23.60 | 08/31/2026 | 03/11/2026 |
Quarter-End Performance
| 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 | 2.83 | 23.21 | 18.82 | 06/30/2026 | 03/11/2026 | ||||||
| VPX | NAV | 2.79 | 23.10 | 18.76 | 06/30/2026 | 03/11/2026 |
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 |
|---|---|---|---|---|---|---|---|
| AFL | Aflac Inc | 001055102 | 839 | 114.47 | 0.10 | 0.17 | 09/11/2026 |
| T | AT&T Inc | 00206R102 | 27,212 | 25.55 | 0.70 | 1.20 | 09/11/2026 |
| ABBV | AbbVie Inc | 00287Y109 | 466 | 255.00 | 0.12 | 0.20 | 09/11/2026 |
| AMD | Advanced Micro Devices Inc | 007903107 | 3,575 | 503.60 | 1.80 | 3.10 | 09/11/2026 |
| GOOGL | Alphabet Inc | 02079K305 | 8,339 | 332.60 | 2.77 | 4.77 | 09/11/2026 |
| AXP | American Express Co | 025816109 | 1,270 | 320.71 | 0.41 | 0.70 | 09/11/2026 |
| AIG | American International Group Inc | 026874784 | 976 | 75.03 | 0.07 | 0.13 | 09/11/2026 |
| AMP | Ameriprise Financial Inc | 03076C106 | 293 | 553.53 | 0.16 | 0.28 | 09/11/2026 |
| APH | Amphenol Corp | 032095101 | 1,590 | 80.25 | 0.13 | 0.22 | 09/11/2026 |
| ADI | Analog Devices Inc | 032654105 | 988 | 361.25 | 0.36 | 0.61 | 09/11/2026 |
| APO | Apollo Global Management Inc | 03769M106 | 1,056 | 127.91 | 0.14 | 0.23 | 09/11/2026 |
| AAPL | Apple Inc | 037833100 | 7,289 | 326.57 | 2.38 | 4.09 | 09/11/2026 |
| AMAT | Applied Materials Inc | 038222105 | 1,757 | 454.01 | 0.80 | 1.37 | 09/11/2026 |
| APP | AppLovin Corp | 03831W108 | 1,145 | 314.49 | 0.36 | 0.62 | 09/11/2026 |
| ANET | Arista Networks Inc | 040413205 | 698 | 188.99 | 0.13 | 0.23 | 09/11/2026 |
| BKR | Baker Hughes Co | 05722G100 | 3,337 | 59.40 | 0.20 | 0.34 | 09/11/2026 |
| BAC | Bank of America Corp | 060505104 | 21,405 | 62.56 | 1.34 | 2.30 | 09/11/2026 |
| BNY | Bank of New York Mellon Corp/The | 064058100 | 1,171 | 162.59 | 0.19 | 0.33 | 09/11/2026 |
| BX | Blackstone Inc | 09260D107 | 1,319 | 125.41 | 0.17 | 0.28 | 09/11/2026 |
| BLK | Blackrock Inc | 09290D101 | 297 | 1,062.40 | 0.32 | 0.54 | 09/11/2026 |
| BA | Boeing Co/The | 097023105 | 1,721 | 204.80 | 0.35 | 0.61 | 09/11/2026 |
| AVGO | Broadcom Inc | 11135F101 | 7,896 | 360.83 | 2.85 | 4.90 | 09/11/2026 |
| CBOE | Cboe Global Markets Inc | 12503M108 | 304 | 287.49 | 0.09 | 0.15 | 09/11/2026 |
| CME | CME Group Inc | 12572Q105 | 683 | 274.07 | 0.19 | 0.32 | 09/11/2026 |
| COF | Capital One Financial Corp | 14040H105 | 1,027 | 207.11 | 0.21 | 0.37 | 09/11/2026 |
| CAT | Caterpillar Inc | 149123101 | 940 | 805.00 | 0.76 | 1.30 | 09/11/2026 |
| CNC | Centene Corp | 15135B101 | 3,852 | 65.40 | 0.25 | 0.43 | 09/11/2026 |
| EXE | Expand Energy Corp | 165167735 | 767 | 96.87 | 0.07 | 0.13 | 09/11/2026 |
| CVX | Chevron Corp | 166764100 | 7,078 | 212.76 | 1.51 | 2.59 | 09/11/2026 |
| CIEN | Ciena Corp | 171779309 | 123 | 334.56 | 0.04 | 0.07 | 09/11/2026 |
| CSCO | Cisco Systems Inc | 17275R102 | 1,975 | 107.44 | 0.21 | 0.36 | 09/11/2026 |
| C | Citigroup Inc | 172967424 | 5,216 | 138.50 | 0.72 | 1.24 | 09/11/2026 |
| CFG | Citizens Financial Group Inc | 174610105 | 1,478 | 69.63 | 0.10 | 0.18 | 09/11/2026 |
| CMCSA | Comcast Corp | 20030N101 | 8,168 | 25.17 | 0.21 | 0.35 | 09/11/2026 |
| COP | ConocoPhillips | 20825C104 | 4,535 | 137.04 | 0.62 | 1.07 | 09/11/2026 |
| GLW | Corning Inc | 219350105 | 458 | 163.12 | 0.07 | 0.13 | 09/11/2026 |
| DVA | DAVITA INC | 23918K108 | 573 | 181.33 | 0.10 | 0.18 | 09/11/2026 |
| DE | Deere & Co | 244199105 | 344 | 677.94 | 0.23 | 0.40 | 09/11/2026 |
| DELL | Dell Technologies Inc | 24703L202 | 648 | 506.62 | 0.33 | 0.56 | 09/11/2026 |
| DVN | Devon Energy Corp | 25179M103 | 3,942 | 50.02 | 0.20 | 0.34 | 09/11/2026 |
| FANG | Diamondback Energy Inc | 25278X109 | 815 | 205.39 | 0.17 | 0.29 | 09/11/2026 |
| DIS | Walt Disney Co/The | 254687106 | 3,908 | 105.82 | 0.41 | 0.71 | 09/11/2026 |
| EOG | EOG Resources Inc | 26875P101 | 1,842 | 147.46 | 0.27 | 0.47 | 09/11/2026 |
| EQT | EQT Corp | 26884L109 | 2,119 | 54.96 | 0.12 | 0.20 | 09/11/2026 |
| ECHO | EchoStar Corp | 278768106 | 1,077 | 91.85 | 0.10 | 0.17 | 09/11/2026 |
| XOM | ExxonMobil Holdings Corp | 30233Q108 | 12,860 | 165.23 | 2.12 | 3.65 | 09/11/2026 |
| META | Meta Platforms Inc | 30303M102 | 5,021 | 644.38 | 3.24 | 5.56 | 09/11/2026 |
| FITB | Fifth Third Bancorp | 316773100 | 1,584 | 54.43 | 0.09 | 0.15 | 09/11/2026 |
| FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 375,346 | 100.00 | 0.38 | 0.65 | 09/11/2026 |
| FISV | Fiserv Inc | 337738108 | 1,941 | 48.93 | 0.09 | 0.16 | 09/11/2026 |
| FCX | Freeport-McMoRan Inc | 35671D857 | 4,560 | 71.21 | 0.32 | 0.56 | 09/11/2026 |
| GEV | GE Vernova Inc | 36828A101 | 511 | 923.91 | 0.47 | 0.81 | 09/11/2026 |
| GE | GE AEROSPACE | 369604301 | 962 | 324.15 | 0.31 | 0.54 | 09/11/2026 |
| GS | Goldman Sachs Group Inc/The | 38141G104 | 488 | 1,019.77 | 0.50 | 0.86 | 09/11/2026 |
| HAL | Halliburton Co | 406216101 | 2,574 | 36.07 | 0.09 | 0.16 | 09/11/2026 |
| HWM | Howmet Aerospace Inc | 443201108 | 592 | 227.91 | 0.13 | 0.23 | 09/11/2026 |
| HBAN | Huntington Bancshares Inc/OH | 446150104 | 5,480 | 16.73 | 0.09 | 0.16 | 09/11/2026 |
| INTC | Intel Corp | 458140100 | 1,742 | 100.32 | 0.17 | 0.30 | 09/11/2026 |
| IBKR | Interactive Brokers Group Inc | 45841N107 | 777 | 89.42 | 0.07 | 0.12 | 09/11/2026 |
| ICE | Intercontinental Exchange Inc | 45866F104 | 1,026 | 155.81 | 0.16 | 0.27 | 09/11/2026 |
| JPM | JPMORGAN CHASE & CO. | 46625H100 | 4,971 | 353.56 | 1.76 | 3.02 | 09/11/2026 |
| JNJ | Johnson & Johnson | 478160104 | 1,813 | 266.35 | 0.48 | 0.83 | 09/11/2026 |
| KLAC | KLA CORP | 482480100 | 2,735 | 177.18 | 0.48 | 0.83 | 09/11/2026 |
| KKR | KKR & Co Inc | 48251W104 | 1,511 | 100.87 | 0.15 | 0.26 | 09/11/2026 |
| KMI | Kinder Morgan Inc | 49456B101 | 6,224 | 30.95 | 0.19 | 0.33 | 09/11/2026 |
| LRCX | Lam Research Corp | 512807306 | 2,818 | 298.01 | 0.84 | 1.44 | 09/11/2026 |
| LLY | Eli Lilly & Co | 532457108 | 629 | 1,123.00 | 0.71 | 1.21 | 09/11/2026 |
| LMT | Lockheed Martin Corp | 539830109 | 321 | 530.12 | 0.17 | 0.29 | 09/11/2026 |
| MPC | Marathon Petroleum Corp | 56585A102 | 973 | 392.42 | 0.38 | 0.66 | 09/11/2026 |
| MRVL | MARVELL TECHNOLOGY INC | 573874104 | 1,961 | 226.96 | 0.45 | 0.77 | 09/11/2026 |
| MA | Mastercard Inc | 57636Q104 | 2,257 | 565.37 | 1.28 | 2.19 | 09/11/2026 |
| MRK | Merck & Co Inc | 58933Y105 | 1,792 | 144.71 | 0.26 | 0.45 | 09/11/2026 |
| MET | MetLife Inc | 59156R108 | 1,248 | 96.78 | 0.12 | 0.21 | 09/11/2026 |
| MU | Micron Technology Inc | 595112103 | 2,422 | 977.41 | 2.37 | 4.07 | 09/11/2026 |
| MPWR | Monolithic Power Systems Inc | 609839105 | 85 | 1,186.08 | 0.10 | 0.17 | 09/11/2026 |
| MCO | Moody's Corp | 615369105 | 316 | 467.36 | 0.15 | 0.25 | 09/11/2026 |
| MS | Morgan Stanley | 617446448 | 2,492 | 212.66 | 0.53 | 0.91 | 09/11/2026 |
| NDAQ | Nasdaq Inc | 631103108 | 983 | 91.70 | 0.09 | 0.16 | 09/11/2026 |
| NFLX | Netflix Inc | 64110L106 | 15,507 | 76.01 | 1.18 | 2.03 | 09/11/2026 |
| NEM | Newmont Corp | 651639106 | 3,412 | 126.14 | 0.43 | 0.74 | 09/11/2026 |
| NUE | Nucor Corp | 670346105 | 643 | 255.46 | 0.16 | 0.28 | 09/11/2026 |
| NVDA | NVIDIA Corp | 67066G104 | 13,112 | 218.36 | 2.86 | 4.92 | 09/11/2026 |
| OXY | Occidental Petroleum Corp | 674599105 | 2,644 | 61.16 | 0.16 | 0.28 | 09/11/2026 |
| PNC | PNC Financial Services Group Inc/The | 693475105 | 659 | 242.98 | 0.16 | 0.28 | 09/11/2026 |
| PYPL | PayPal Holdings Inc | 70450Y103 | 2,455 | 53.31 | 0.13 | 0.23 | 09/11/2026 |
| PSX | Phillips 66 | 718546104 | 1,560 | 258.51 | 0.40 | 0.69 | 09/11/2026 |
| RJF | Raymond James Financial Inc | 754730109 | 674 | 173.53 | 0.12 | 0.20 | 09/11/2026 |
| HOOD | Robinhood Markets Inc | 770700102 | 1,565 | 113.33 | 0.18 | 0.30 | 09/11/2026 |
| SPGI | S&P Global Inc | 78409V104 | 476 | 410.42 | 0.20 | 0.34 | 09/11/2026 |
| SNDK | Sandisk Corp | 80004C200 | 161 | 1,692.59 | 0.27 | 0.47 | 09/11/2026 |
| SCHW | Charles Schwab Corp/The | 808513105 | 4,711 | 107.33 | 0.51 | 0.87 | 09/11/2026 |
| SHW | Sherwin-Williams Co/The | 824348106 | 480 | 317.44 | 0.15 | 0.26 | 09/11/2026 |
| XYZ | Block Inc | 852234103 | 1,514 | 79.07 | 0.12 | 0.21 | 09/11/2026 |
| STT | State Street Corp | 857477103 | 859 | 191.30 | 0.16 | 0.28 | 09/11/2026 |
| STLD | Steel Dynamics Inc | 858119100 | 313 | 237.08 | 0.07 | 0.13 | 09/11/2026 |
| SYF | Synchrony Financial | 87165B103 | 1,168 | 75.44 | 0.09 | 0.15 | 09/11/2026 |
| TMUS | T-Mobile US Inc | 872590104 | 4,021 | 177.16 | 0.71 | 1.22 | 09/11/2026 |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 874039100 | 1,430 | 428.03 | 0.61 | 1.05 | 09/11/2026 |
| TTWO | Take-Two Interactive Software Inc | 874054109 | 385 | 216.96 | 0.08 | 0.14 | 09/11/2026 |
| TRGP | Targa Resources Corp | 87612G101 | 579 | 291.91 | 0.17 | 0.29 | 09/11/2026 |
| TER | Teradyne Inc | 880770102 | 315 | 370.19 | 0.12 | 0.20 | 09/11/2026 |
| TXN | Texas Instruments Inc | 882508104 | 2,026 | 258.82 | 0.52 | 0.90 | 09/11/2026 |
| TFC | TRUIST FINANCIAL CORP | 89832Q109 | 2,523 | 50.33 | 0.13 | 0.22 | 09/11/2026 |
| USB | US Bancorp | 902973304 | 2,681 | 62.41 | 0.17 | 0.29 | 09/11/2026 |
| UBER | Uber Technologies Inc | 90353T100 | 4,467 | 72.56 | 0.32 | 0.56 | 09/11/2026 |
| UNP | Union Pacific Corp | 907818108 | 876 | 285.78 | 0.25 | 0.43 | 09/11/2026 |
| UNH | UnitedHealth Group Inc | 91324P102 | 654 | 388.28 | 0.25 | 0.44 | 09/11/2026 |
| UHS | Universal Health Services Inc | 913903100 | 573 | 172.72 | 0.10 | 0.17 | 09/11/2026 |
| VLO | Valero Energy Corp | 91913Y100 | 1,075 | 385.43 | 0.41 | 0.71 | 09/11/2026 |
| VZ | Verizon Communications Inc | 92343V104 | 12,104 | 49.97 | 0.60 | 1.04 | 09/11/2026 |
| VRTX | Vertex Pharmaceuticals Inc | 92532F100 | 191 | 514.56 | 0.10 | 0.17 | 09/11/2026 |
| VRT | Vertiv Holdings Co | 92537N108 | 813 | 248.13 | 0.20 | 0.35 | 09/11/2026 |
| V | Visa Inc | 92826C839 | 3,196 | 367.21 | 1.17 | 2.02 | 09/11/2026 |
| WFC | Wells Fargo & Co | 949746101 | 7,916 | 89.45 | 0.71 | 1.22 | 09/11/2026 |
| WDC | Western Digital Corp | 958102105 | 399 | 460.93 | 0.18 | 0.32 | 09/11/2026 |
| WMB | Williams Cos Inc/The | 969457100 | 4,295 | 72.30 | 0.31 | 0.53 | 09/11/2026 |
| ZTS | Zoetis Inc | 98978V103 | 2,105 | 72.86 | 0.15 | 0.26 | 09/11/2026 |
| Cash&Other | Cash & Other | 18,576 | 1.00 | 0.02 | 0.03 | 09/11/2026 | |
| AON | Aon PLC | G0403H108 | 418 | 307.77 | 0.13 | 0.22 | 09/11/2026 |
| CRH | CRH PLC | G25508105 | 1,879 | 87.66 | 0.16 | 0.28 | 09/11/2026 |
| ETN | Eaton Corp PLC | G29183103 | 505 | 409.15 | 0.21 | 0.36 | 09/11/2026 |
| JCI | Johnson Controls International plc | G51502105 | 1,239 | 142.81 | 0.18 | 0.30 | 09/11/2026 |
| LIN | Linde PLC | G54950103 | 889 | 461.62 | 0.41 | 0.71 | 09/11/2026 |
| STX | Seagate Technology Holdings PLC | G7997R103 | 252 | 862.33 | 0.22 | 0.37 | 09/11/2026 |
| TT | Trane Technologies PLC | G8994E103 | 315 | 439.83 | 0.14 | 0.24 | 09/11/2026 |
| WTW | Willis Towers Watson PLC | G96629103 | 310 | 315.41 | 0.10 | 0.17 | 09/11/2026 |
| CB | Chubb Ltd | H1467J104 | 735 | 337.80 | 0.25 | 0.43 | 09/11/2026 |
| NXPI | NXP Semiconductors NV | N6596X109 | 571 | 226.47 | 0.13 | 0.22 | 09/11/2026 |
Fund holdings are subject to change and are not recommendations to buy or sell any security.