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 | $37.51 million |
| 7 | Expense Ratio | 0.75% |
| 8 | 30-Day Bid/Ask Spread | 0.08% |
| 9 | As of Date | 2026-04-22 |
NAV and Market Price
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
Month-End Performance
| Field | Value |
|---|---|
| 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 | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VPX | MKT | -3.56 | 03/31/2026 | 03/11/2026 | ||||||||
| VPX | NAV | -3.52 | 03/31/2026 | 03/11/2026 |
Quarter-End Performance
| Field | Value |
|---|---|
| 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 | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VPX | MKT | -3.56 | 2026-03-31 | 03/11/2026 | ||||||||
| VPX | NAV | -3.52 | 2026-03-31 | 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 |
|---|---|---|---|---|---|---|---|
| T | AT&T Inc | 00206R102 | 3,667 | 25.88 | 0.09 | 0.25 | 04/22/2026 |
| ABBV | AbbVie Inc | 00287Y109 | 730 | 205.12 | 0.15 | 0.40 | 04/22/2026 |
| AMD | Advanced Micro Devices Inc | 007903107 | 2,228 | 284.49 | 0.63 | 1.69 | 04/22/2026 |
| ALL | Allstate Corp/The | 020002101 | 148 | 216.34 | 0.03 | 0.09 | 04/22/2026 |
| GOOG | Alphabet Inc | 02079K107 | 272 | 330.47 | 0.09 | 0.24 | 04/22/2026 |
| GOOGL | Alphabet Inc | 02079K305 | 1,666 | 332.29 | 0.55 | 1.48 | 04/22/2026 |
| AMZN | Amazon.com Inc | 023135106 | 2,723 | 249.91 | 0.68 | 1.81 | 04/22/2026 |
| AEP | American Electric Power Co Inc | 025537101 | 104 | 131.89 | 0.01 | 0.04 | 04/22/2026 |
| AMP | Ameriprise Financial Inc | 03076C106 | 42 | 461.08 | 0.02 | 0.05 | 04/22/2026 |
| AMGN | Amgen Inc | 031162100 | 122 | 344.86 | 0.04 | 0.11 | 04/22/2026 |
| AAPL | Apple Inc | 037833100 | 3,744 | 266.17 | 1.00 | 2.66 | 04/22/2026 |
| AMAT | Applied Materials Inc | 038222105 | 1,218 | 394.33 | 0.48 | 1.28 | 04/22/2026 |
| ARES | Ares Management Corp | 03990B101 | 90 | 119.84 | 0.01 | 0.03 | 04/22/2026 |
| ADP | Automatic Data Processing Inc | 053015103 | 88 | 202.87 | 0.02 | 0.05 | 04/22/2026 |
| BAC | Bank of America Corp | 060505104 | 7,301 | 53.48 | 0.39 | 1.04 | 04/22/2026 |
| WRB | W R Berkley Corp | 084423102 | 226 | 65.40 | 0.01 | 0.04 | 04/22/2026 |
| BRK/B | Berkshire Hathaway Inc | 084670702 | 2,127 | 468.50 | 1.00 | 2.66 | 04/22/2026 |
| BR | Broadridge Financial Solutions Inc | 11133T103 | 63 | 161.87 | 0.01 | 0.03 | 04/22/2026 |
| AVGO | Broadcom Inc | 11135F101 | 4,591 | 402.17 | 1.85 | 4.92 | 04/22/2026 |
| BLDR | Builders FirstSource Inc | 12008R107 | 3,832 | 89.76 | 0.34 | 0.92 | 04/22/2026 |
| CG | Carlyle Group Inc/The | 14316J108 | 231 | 52.09 | 0.01 | 0.03 | 04/22/2026 |
| CARR | Carrier Global Corp | 14448C104 | 1,036 | 61.71 | 0.06 | 0.17 | 04/22/2026 |
| CVX | Chevron Corp | 166764100 | 2,677 | 185.98 | 0.50 | 1.33 | 04/22/2026 |
| CSCO | Cisco Systems Inc | 17275R102 | 440 | 89.70 | 0.04 | 0.11 | 04/22/2026 |
| C | Citigroup Inc | 172967424 | 240 | 131.68 | 0.03 | 0.08 | 04/22/2026 |
| CFG | Citizens Financial Group Inc | 174610105 | 288 | 65.30 | 0.02 | 0.05 | 04/22/2026 |
| KO | Coca-Cola Co/The | 191216100 | 4,990 | 74.70 | 0.37 | 0.99 | 04/22/2026 |
| CTSH | Cognizant Technology Solutions Corp | 192446102 | 239 | 60.45 | 0.01 | 0.04 | 04/22/2026 |
| COIN | Coinbase Global Inc | 19260Q107 | 2,158 | 195.95 | 0.42 | 1.13 | 04/22/2026 |
| CL | Colgate-Palmolive Co | 194162103 | 602 | 81.81 | 0.05 | 0.13 | 04/22/2026 |
| GLW | Corning Inc | 219350105 | 308 | 165.45 | 0.05 | 0.14 | 04/22/2026 |
| COST | Costco Wholesale Corp | 22160K105 | 496 | 1,005.81 | 0.50 | 1.33 | 04/22/2026 |
| CMI | Cummins Inc | 231021106 | 33 | 638.99 | 0.02 | 0.06 | 04/22/2026 |
| DELL | Dell Technologies Inc | 24703L202 | 122 | 212.36 | 0.03 | 0.07 | 04/22/2026 |
| DLR | Digital Realty Trust Inc | 253868103 | 80 | 201.27 | 0.02 | 0.04 | 04/22/2026 |
| D | Dominion Energy Inc | 25746U109 | 441 | 61.09 | 0.03 | 0.07 | 04/22/2026 |
| DOV | Dover Corp | 260003108 | 45 | 220.28 | 0.01 | 0.03 | 04/22/2026 |
| DUK | Duke Energy Corp | 26441C204 | 441 | 125.67 | 0.06 | 0.15 | 04/22/2026 |
| DD | DuPont de Nemours Inc | 26614N102 | 113 | 46.71 | 0.01 | 0.01 | 04/22/2026 |
| EWBC | East West Bancorp Inc | 27579R104 | 113 | 120.90 | 0.01 | 0.04 | 04/22/2026 |
| EBAY | eBay Inc | 278642103 | 268 | 105.40 | 0.03 | 0.08 | 04/22/2026 |
| EMR | Emerson Electric Co | 291011104 | 261 | 144.83 | 0.04 | 0.10 | 04/22/2026 |
| ETR | Entergy Corp | 29364G103 | 212 | 111.24 | 0.02 | 0.06 | 04/22/2026 |
| EPD | Enterprise Products Partners LP | 293792107 | 12,062 | 37.21 | 0.45 | 1.20 | 04/22/2026 |
| EQH | EQUITABLE HLDGS INC COM | 29452E101 | 371 | 41.00 | 0.02 | 0.04 | 04/22/2026 |
| EVRG | Evergy Inc | 30034W106 | 223 | 80.35 | 0.02 | 0.05 | 04/22/2026 |
| XOM | Exxon Mobil Corp | 30231G102 | 1,254 | 148.36 | 0.19 | 0.50 | 04/22/2026 |
| FAST | Fastenal Co | 311900104 | 745 | 45.70 | 0.03 | 0.09 | 04/22/2026 |
| FNF | Fidelity National Financial Inc | 31620R303 | 217 | 50.68 | 0.01 | 0.03 | 04/22/2026 |
| FITB | Fifth Third Bancorp | 316773100 | 521 | 51.10 | 0.03 | 0.07 | 04/22/2026 |
| FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 205,113 | 100.00 | 0.21 | 0.55 | 04/22/2026 |
| FE | FirstEnergy Corp | 337932107 | 214 | 48.51 | 0.01 | 0.03 | 04/22/2026 |
| GE | GE AEROSPACE | 369604301 | 41 | 286.73 | 0.01 | 0.03 | 04/22/2026 |
| GILD | Gilead Sciences Inc | 375558103 | 216 | 133.29 | 0.03 | 0.08 | 04/22/2026 |
| GS | Goldman Sachs Group Inc/The | 38141G104 | 39 | 926.55 | 0.04 | 0.10 | 04/22/2026 |
| HON | Honeywell International Inc | 438516106 | 76 | 222.22 | 0.02 | 0.05 | 04/22/2026 |
| HBAN | Huntington Bancshares Inc/OH | 446150104 | 965 | 16.97 | 0.02 | 0.04 | 04/22/2026 |
| IBKR | Interactive Brokers Group Inc | 45841N107 | 326 | 79.62 | 0.03 | 0.07 | 04/22/2026 |
| IP | International Paper Co | 460146103 | 430 | 35.44 | 0.02 | 0.04 | 04/22/2026 |
| INTU | Intuit Inc | 461202103 | 93 | 404.85 | 0.04 | 0.10 | 04/22/2026 |
| RSP | Invesco S&P 500 Equal Weight ETF | 46137V357 | 3,569 | 202.55 | 0.72 | 1.93 | 04/22/2026 |
| IRM | Iron Mountain Inc | 46284V101 | 129 | 117.83 | 0.02 | 0.04 | 04/22/2026 |
| IVV | iShares Core S&P 500 ETF | 464287200 | 527 | 707.23 | 0.37 | 0.99 | 04/22/2026 |
| JPM | JPMORGAN CHASE & CO. | 46625H100 | 2,702 | 313.00 | 0.85 | 2.25 | 04/22/2026 |
| JNJ | Johnson & Johnson | 478160104 | 2,533 | 226.16 | 0.57 | 1.53 | 04/22/2026 |
| KLAC | KLA CORP | 482480100 | 21 | 1,785.37 | 0.04 | 0.10 | 04/22/2026 |
| KKR | KKR & Co Inc | 48251W104 | 255 | 104.45 | 0.03 | 0.07 | 04/22/2026 |
| KEY | KeyCorp | 493267108 | 510 | 22.10 | 0.01 | 0.03 | 04/22/2026 |
| KMI | Kinder Morgan Inc | 49456B101 | 1,008 | 31.57 | 0.03 | 0.08 | 04/22/2026 |
| KEX | Kirby Corp | 497266106 | 117 | 143.71 | 0.02 | 0.04 | 04/22/2026 |
| LH | Labcorp Holdings Inc | 504922105 | 74 | 273.42 | 0.02 | 0.05 | 04/22/2026 |
| LRCX | Lam Research Corp | 512807306 | 535 | 258.37 | 0.14 | 0.37 | 04/22/2026 |
| LLY | Eli Lilly & Co | 532457108 | 1,153 | 903.02 | 1.04 | 2.78 | 04/22/2026 |
| LMT | Lockheed Martin Corp | 539830109 | 26 | 571.95 | 0.01 | 0.04 | 04/22/2026 |
| MTB | M&T Bank Corp | 55261F104 | 41 | 218.90 | 0.01 | 0.02 | 04/22/2026 |
| MRVL | MARVELL TECHNOLOGY INC | 573874104 | 145 | 151.31 | 0.02 | 0.06 | 04/22/2026 |
| MAS | Masco Corp | 574599106 | 165 | 66.76 | 0.01 | 0.03 | 04/22/2026 |
| MA | Mastercard Inc | 57636Q104 | 883 | 511.35 | 0.45 | 1.20 | 04/22/2026 |
| MRK | Merck & Co Inc | 58933Y105 | 2,532 | 112.56 | 0.29 | 0.76 | 04/22/2026 |
| MET | MetLife Inc | 59156R108 | 240 | 77.48 | 0.02 | 0.05 | 04/22/2026 |
| MSFT | Microsoft Corp | 594918104 | 2,901 | 424.16 | 1.23 | 3.28 | 04/22/2026 |
| MU | Micron Technology Inc | 595112103 | 1,509 | 449.38 | 0.68 | 1.81 | 04/22/2026 |
| MPWR | Monolithic Power Systems Inc | 609839105 | 15 | 1,527.95 | 0.02 | 0.06 | 04/22/2026 |
| MSI | Motorola Solutions Inc | 620076307 | 27 | 445.48 | 0.01 | 0.03 | 04/22/2026 |
| NRG | NRG Energy Inc | 629377508 | 105 | 149.86 | 0.02 | 0.04 | 04/22/2026 |
| NTAP | NetApp Inc | 64110D104 | 114 | 111.80 | 0.01 | 0.03 | 04/22/2026 |
| NEE | NextEra Energy Inc | 65339F101 | 365 | 90.60 | 0.03 | 0.09 | 04/22/2026 |
| NVDA | NVIDIA Corp | 67066G104 | 7,472 | 199.88 | 1.49 | 3.98 | 04/22/2026 |
| ORCL | Oracle Corp | 68389X105 | 5,238 | 181.17 | 0.95 | 2.53 | 04/22/2026 |
| OTIS | Otis Worldwide Corp | 68902V107 | 394 | 78.87 | 0.03 | 0.08 | 04/22/2026 |
| PNC | PNC Financial Services Group Inc/The | 693475105 | 95 | 228.05 | 0.02 | 0.06 | 04/22/2026 |
| PPL | PPL Corp | 69351T106 | 448 | 38.21 | 0.02 | 0.05 | 04/22/2026 |
| PCAR | PACCAR Inc | 693718108 | 325 | 126.18 | 0.04 | 0.11 | 04/22/2026 |
| PLTR | Palantir Technologies Inc | 69608A108 | 3,222 | 145.97 | 0.47 | 1.25 | 04/22/2026 |
| PM | Philip Morris International Inc | 718172109 | 430 | 153.25 | 0.07 | 0.18 | 04/22/2026 |
| PECO | Phillips Edison & Co Inc | 71844V201 | 817 | 38.88 | 0.03 | 0.08 | 04/22/2026 |
| PG | Procter & Gamble Co/The | 742718109 | 2,658 | 142.32 | 0.38 | 1.01 | 04/22/2026 |
| PRU | Prudential Financial Inc | 744320102 | 113 | 96.45 | 0.01 | 0.03 | 04/22/2026 |
| PEG | Public Service Enterprise Group Inc | 744573106 | 208 | 78.56 | 0.02 | 0.04 | 04/22/2026 |
| PHM | PulteGroup Inc | 745867101 | 94 | 128.64 | 0.01 | 0.03 | 04/22/2026 |
| QCOM | QUALCOMM Inc | 747525103 | 528 | 135.56 | 0.07 | 0.19 | 04/22/2026 |
| RTX | RTX Corp | 75513E101 | 626 | 187.17 | 0.12 | 0.31 | 04/22/2026 |
| O | Realty Income Corp | 756109104 | 166 | 64.00 | 0.01 | 0.03 | 04/22/2026 |
| RSG | Republic Services Inc | 760759100 | 132 | 205.30 | 0.03 | 0.07 | 04/22/2026 |
| XLV | State Street Health Care Select Sector SPDR ETF | 81369Y209 | 926 | 145.92 | 0.14 | 0.36 | 04/22/2026 |
| XLE | State Street Energy Select Sector SPDR ETF | 81369Y506 | 6,593 | 55.87 | 0.37 | 0.98 | 04/22/2026 |
| XLK | State Street Technology Select Sector SPDR ETF | 81369Y803 | 9,716 | 154.69 | 1.50 | 4.01 | 04/22/2026 |
| SPG | Simon Property Group Inc | 828806109 | 165 | 204.76 | 0.03 | 0.09 | 04/22/2026 |
| SO | Southern Co/The | 842587107 | 811 | 91.92 | 0.07 | 0.20 | 04/22/2026 |
| STT | State Street Corp | 857477103 | 171 | 153.57 | 0.03 | 0.07 | 04/22/2026 |
| STLD | Steel Dynamics Inc | 858119100 | 60 | 220.21 | 0.01 | 0.04 | 04/22/2026 |
| SNX | TD SYNNEX Corp | 87162W100 | 55 | 215.19 | 0.01 | 0.03 | 04/22/2026 |
| SYF | Synchrony Financial | 87165B103 | 351 | 77.63 | 0.03 | 0.07 | 04/22/2026 |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 874039100 | 1,206 | 368.08 | 0.44 | 1.18 | 04/22/2026 |
| TPR | Tapestry Inc | 876030107 | 128 | 150.50 | 0.02 | 0.05 | 04/22/2026 |
| TSLA | Tesla Inc | 88160R101 | 1,865 | 386.42 | 0.72 | 1.92 | 04/22/2026 |
| TXN | Texas Instruments Inc | 882508104 | 177 | 233.15 | 0.04 | 0.11 | 04/22/2026 |
| MMM | 3M Co | 88579Y101 | 255 | 148.47 | 0.04 | 0.10 | 04/22/2026 |
| TFC | TRUIST FINANCIAL CORP | 89832Q109 | 821 | 51.07 | 0.04 | 0.11 | 04/22/2026 |
| USB | US Bancorp | 902973304 | 214 | 56.84 | 0.01 | 0.03 | 04/22/2026 |
| UL | Unilever PLC | 904767803 | 295 | 56.96 | 0.02 | 0.04 | 04/22/2026 |
| UNM | Unum Group | 91529Y106 | 125 | 78.79 | 0.01 | 0.03 | 04/22/2026 |
| VTI | Vanguard Total Stock Market ETF | 922908769 | 33,148 | 347.84 | 11.53 | 30.74 | 04/22/2026 |
| VZ | Verizon Communications Inc | 92343V104 | 1,899 | 46.27 | 0.09 | 0.23 | 04/22/2026 |
| V | Visa Inc | 92826C839 | 1,924 | 309.94 | 0.60 | 1.59 | 04/22/2026 |
| VST | Vistra Corp | 92840M102 | 81 | 154.91 | 0.01 | 0.03 | 04/22/2026 |
| WMT | Walmart Inc | 931142103 | 41 | 129.60 | 0.01 | 0.01 | 04/22/2026 |
| WM | Waste Management Inc | 94106L109 | 112 | 223.42 | 0.03 | 0.07 | 04/22/2026 |
| WDC | Western Digital Corp | 958102105 | 123 | 383.81 | 0.05 | 0.13 | 04/22/2026 |
| WMB | Williams Cos Inc/The | 969457100 | 746 | 70.43 | 0.05 | 0.14 | 04/22/2026 |
| WSM | Williams-Sonoma Inc | 969904101 | 78 | 202.28 | 0.02 | 0.04 | 04/22/2026 |
| ZION | Zions Bancorp NA | 989701107 | 177 | 62.02 | 0.01 | 0.03 | 04/22/2026 |
| Cash&Other | Cash & Other | -4,711 | 1.00 | 0.00 | -0.01 | 04/22/2026 | |
| TTE | TotalEnergies SE | F92124100 | 231 | 88.37 | 0.02 | 0.05 | 04/22/2026 |
| ETN | Eaton Corp PLC | G29183103 | 200 | 409.70 | 0.08 | 0.22 | 04/22/2026 |
| JCI | Johnson Controls International plc | G51502105 | 317 | 139.72 | 0.04 | 0.12 | 04/22/2026 |
| STX | Seagate Technology Holdings PLC | G7997R103 | 94 | 559.90 | 0.05 | 0.14 | 04/22/2026 |
| TEL | TE Connectivity PLC | G87052109 | 114 | 243.18 | 0.03 | 0.07 | 04/22/2026 |
| GRMN | Garmin Ltd | H2906T109 | 78 | 265.49 | 0.02 | 0.06 | 04/22/2026 |
| NXPI | NXP Semiconductors NV | N6596X109 | 42 | 224.50 | 0.01 | 0.03 | 04/22/2026 |
Fund holdings are subject to change and are not recommendations to buy or sell any security.