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 | $40.38 million |
| 7 | Expense Ratio | 0.75% |
| 8 | 30-Day Bid/Ask Spread | 0.08% |
| 9 | As of Date | 2026-05-08 |
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 |
|---|---|---|---|---|---|---|---|
| PM | Philip Morris International Inc | 718172109 | 3,119 | 171.11 | 0.53 | 1.32 | 05/08/2026 |
| LRCX | Lam Research Corp | 512807306 | 2,261 | 286.52 | 0.65 | 1.60 | 05/08/2026 |
| LLY | Eli Lilly & Co | 532457108 | 1,213 | 974.96 | 1.18 | 2.93 | 05/08/2026 |
| MA | Mastercard Inc | 57636Q104 | 853 | 500.94 | 0.43 | 1.06 | 05/08/2026 |
| MRK | Merck & Co Inc | 58933Y105 | 2,593 | 112.30 | 0.29 | 0.72 | 05/08/2026 |
| MSFT | Microsoft Corp | 594918104 | 3,362 | 420.77 | 1.41 | 3.50 | 05/08/2026 |
| MU | Micron Technology Inc | 595112103 | 1,479 | 646.63 | 0.96 | 2.37 | 05/08/2026 |
| MPWR | Monolithic Power Systems Inc | 609839105 | 15 | 1,575.96 | 0.02 | 0.06 | 05/08/2026 |
| MS | Morgan Stanley | 617446448 | 2,111 | 190.17 | 0.40 | 0.99 | 05/08/2026 |
| MSI | Motorola Solutions Inc | 620076307 | 27 | 433.20 | 0.01 | 0.03 | 05/08/2026 |
| NTAP | NetApp Inc | 64110D104 | 104 | 113.00 | 0.01 | 0.03 | 05/08/2026 |
| NVDA | NVIDIA Corp | 67066G104 | 7,547 | 211.50 | 1.60 | 3.95 | 05/08/2026 |
| ORCL | Oracle Corp | 68389X105 | 4,930 | 194.59 | 0.96 | 2.38 | 05/08/2026 |
| PNC | PNC Financial Services Group Inc/The | 693475105 | 86 | 219.29 | 0.02 | 0.05 | 05/08/2026 |
| PLTR | Palantir Technologies Inc | 69608A108 | 3,428 | 137.05 | 0.47 | 1.16 | 05/08/2026 |
| PEP | PepsiCo Inc | 713448108 | 2,357 | 156.29 | 0.37 | 0.91 | 05/08/2026 |
| KKR | KKR & Co Inc | 48251W104 | 269 | 100.34 | 0.03 | 0.07 | 05/08/2026 |
| PG | Procter & Gamble Co/The | 742718109 | 4,037 | 146.06 | 0.59 | 1.46 | 05/08/2026 |
| QCOM | QUALCOMM Inc | 747525103 | 523 | 202.55 | 0.11 | 0.26 | 05/08/2026 |
| SNDK | Sandisk Corp/DE | 80004C200 | 277 | 1,339.96 | 0.37 | 0.92 | 05/08/2026 |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 874039100 | 1,251 | 414.15 | 0.52 | 1.28 | 05/08/2026 |
| TSLA | Tesla Inc | 88160R101 | 1,280 | 411.79 | 0.53 | 1.31 | 05/08/2026 |
| TXN | Texas Instruments Inc | 882508104 | 1,392 | 285.24 | 0.40 | 0.98 | 05/08/2026 |
| UNH | UnitedHealth Group Inc | 91324P102 | 1,238 | 369.74 | 0.46 | 1.13 | 05/08/2026 |
| VTI | Vanguard Total Stock Market ETF | 922908769 | 33,916 | 360.20 | 12.22 | 30.25 | 05/08/2026 |
| V | Visa Inc | 92826C839 | 2,262 | 321.28 | 0.73 | 1.80 | 05/08/2026 |
| WFC | Wells Fargo & Co | 949746101 | 4,056 | 78.71 | 0.32 | 0.79 | 05/08/2026 |
| WDC | Western Digital Corp | 958102105 | 116 | 463.91 | 0.05 | 0.13 | 05/08/2026 |
| Cash&Other | Cash & Other | 10,488 | 1.00 | 0.01 | 0.03 | 05/08/2026 | |
| STX | Seagate Technology Holdings PLC | G7997R103 | 82 | 766.44 | 0.06 | 0.16 | 05/08/2026 |
| TEL | TE Connectivity PLC | G87052109 | 112 | 210.06 | 0.02 | 0.06 | 05/08/2026 |
| NXPI | NXP Semiconductors NV | N6596X109 | 39 | 290.22 | 0.01 | 0.03 | 05/08/2026 |
| C | Citigroup Inc | 172967424 | 2,406 | 129.09 | 0.31 | 0.77 | 05/08/2026 |
| AMD | Advanced Micro Devices Inc | 007903107 | 2,377 | 408.46 | 0.97 | 2.40 | 05/08/2026 |
| GOOGL | Alphabet Inc | 02079K305 | 554 | 397.99 | 0.22 | 0.55 | 05/08/2026 |
| AMZN | Amazon.com Inc | 023135106 | 3,731 | 271.17 | 1.01 | 2.51 | 05/08/2026 |
| AXP | American Express Co | 025816109 | 982 | 318.69 | 0.31 | 0.77 | 05/08/2026 |
| AMGN | Amgen Inc | 031162100 | 123 | 329.09 | 0.04 | 0.10 | 05/08/2026 |
| ADI | Analog Devices Inc | 032654105 | 725 | 408.52 | 0.30 | 0.73 | 05/08/2026 |
| AAPL | Apple Inc | 037833100 | 4,560 | 287.44 | 1.31 | 3.25 | 05/08/2026 |
| AMAT | Applied Materials Inc | 038222105 | 1,359 | 410.64 | 0.56 | 1.38 | 05/08/2026 |
| APP | AppLovin Corp | 03831W108 | 711 | 498.87 | 0.35 | 0.88 | 05/08/2026 |
| ANET | Arista Networks Inc | 040413205 | 2,159 | 141.75 | 0.31 | 0.76 | 05/08/2026 |
| BAC | Bank of America Corp | 060505104 | 7,384 | 52.75 | 0.39 | 0.96 | 05/08/2026 |
| BRK/B | Berkshire Hathaway Inc | 084670702 | 2,743 | 475.08 | 1.30 | 3.23 | 05/08/2026 |
| AVGO | Broadcom Inc | 11135F101 | 4,174 | 412.56 | 1.72 | 4.26 | 05/08/2026 |
| BLDR | Builders FirstSource Inc | 12008R107 | 4,095 | 79.41 | 0.33 | 0.81 | 05/08/2026 |
| CVX | Chevron Corp | 166764100 | 2,618 | 182.50 | 0.48 | 1.18 | 05/08/2026 |
| ABBV | AbbVie Inc | 00287Y109 | 2,334 | 202.71 | 0.47 | 1.17 | 05/08/2026 |
| KO | Coca-Cola Co/The | 191216100 | 7,368 | 78.43 | 0.58 | 1.43 | 05/08/2026 |
| CL | Colgate-Palmolive Co | 194162103 | 593 | 87.36 | 0.05 | 0.13 | 05/08/2026 |
| GLW | Corning Inc | 219350105 | 361 | 182.40 | 0.07 | 0.16 | 05/08/2026 |
| COST | Costco Wholesale Corp | 22160K105 | 193 | 1,012.06 | 0.20 | 0.48 | 05/08/2026 |
| DELL | Dell Technologies Inc | 24703L202 | 129 | 230.27 | 0.03 | 0.07 | 05/08/2026 |
| EPD | Enterprise Products Partners LP | 293792107 | 12,015 | 37.73 | 0.45 | 1.12 | 05/08/2026 |
| XOM | Exxon Mobil Corp | 30231G102 | 1,226 | 146.58 | 0.18 | 0.45 | 05/08/2026 |
| FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 133,814 | 100.00 | 0.13 | 0.33 | 05/08/2026 |
| GILD | Gilead Sciences Inc | 375558103 | 209 | 134.06 | 0.03 | 0.07 | 05/08/2026 |
| GS | Goldman Sachs Group Inc/The | 38141G104 | 402 | 925.87 | 0.37 | 0.92 | 05/08/2026 |
| INTU | Intuit Inc | 461202103 | 96 | 406.78 | 0.04 | 0.10 | 05/08/2026 |
| JPM | JPMORGAN CHASE & CO. | 46625H100 | 3,426 | 306.27 | 1.05 | 2.60 | 05/08/2026 |
| JNJ | Johnson & Johnson | 478160104 | 3,264 | 222.51 | 0.73 | 1.80 | 05/08/2026 |
| KLAC | KLA CORP | 482480100 | 205 | 1,763.25 | 0.36 | 0.90 | 05/08/2026 |
Fund holdings are subject to change and are not recommendations to buy or sell any security.