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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Variant Perception Cycle Aware US Equity ETF

VPX | ETF

$29.00

-

0.00%

0.75%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$N/A

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$28.9
$23.40
$29.00

Expenses

OPERATING FEES

Expense Ratio 0.75%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Variant Perception Cycle Aware US Equity ETF

VPX | ETF

$29.00

-

0.00%

0.75%

VPX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Variant Perception Cycle Aware US Equity ETF
  • Fund Family Name
    N/A
  • Inception Date
    Mar 12, 2026
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”). The Fund seeks to achieve long-term capital appreciation while reducing downside risk by investing in select equity securities of large capitalization (“large cap”) U.S. companies and cash and cash equivalents (“cash”) using a systematic approach managed by Variant Perception, LLC, the Fund’s investment sub-adviser (the “Sub-Adviser”). Under normal circumstances, between 100% and 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) will be invested in equity securities of U.S. companies. The Sub-Adviser considers a company to be a U.S. company if: (i) at least 50% of the company’s assets are located in the United States; (ii) at least 50% of the company’s revenue is generated in the United States; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in the United States; or (iv) the company’s securities are traded principally in the United States. The Fund defines equity securities to include common and preferred stocks, rights, warrants, depositary receipts, and equity interests in master limited partnerships (“MLPs”). The Fund defines large cap companies as companies larger than $5 billion in market capitalization.
To construct the Fund’s portfolio, the Sub-Adviser begins by evaluating competitive dynamics across sectors in the Fund’s large cap investable universe using its proprietary capital cycle model. The Sub-Adviser conducts this evaluation by aggregating the fundamental data of individual companies within sectors, and then utilizes that information to decide how much of the Fund’s portfolio to allocate to each sector. The Fund seeks to avoid industries where, in the Sub-Adviser’s opinion, overinvestment and overcompetition is beginning to impede return on invested capital. Following this sector analysis, the Sub-Adviser selects individual securities for the Fund based on its proprietary analysis of a company’s quality and behavioral factors.
The Sub-Adviser measures quality by profitability (i.e., gross profit/total assets, return on equity, return on assets, cash flow/total assets), safety (i.e., debt/total assets, price to economic book value, revenue per share, volatility of return on equity) and growth (i.e., growth in profitability measures relative to the risk free rate). The Sub-Adviser considers crowding, which is used to gauge the popularity of a stock relative to its peers, as a primary behavioral signal. The Sub-Adviser believes less crowded stocks tend to outperform when the overall market is volatile, whereas the most crowded stocks tend to underperform when the overall market is volatile.
In addition, the Fund seeks to lower downside risk by systematically incorporating a rules-based allocation of up to 20% of its net assets to cash. The Sub-Adviser establishes the Fund’s cash allocation using a proprietary quantitative model to determine macroeconomic risk based on U.S., Eurozone, and Chinese growth, inflation, liquidity and central bank policy. The model considers leading indicators, identified by the Sub-Adviser, based on market and economic data for the global business cycle to determine a “macro risk” score. As macro risk increases, the Fund will allocate a higher portion of its assets to cash. As macro risk decreases, the Fund will allocate more assets to equities. The Fund’s investments in cash may consist of short-term U.S. government securities and government agency securities, investment grade money market instruments, money market mutual funds, investment grade fixed income securities, repurchase agreements, commercial paper, and exchange-traded investment vehicles that principally invest in the foregoing instruments.
All investments in the portfolio are continually monitored with the Fund’s portfolio being systematically rebalanced monthly, but this may occur more or less frequently based on the model’s allocation signals or in the judgment of the Sub-Adviser. The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
The Sub-Adviser expects the Fund’s investment strategy to result in active and frequent trading of portfolio holdings resulting in higher portfolio turnover. Although the Fund seeks investments across a broad array of sectors and companies, from time to time, based on market conditions and portfolio positioning, the Fund’s investment strategy may emphasize exposure to particular sectors. At launch, the Fund anticipates it may be focused in the technology sector.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended.
Read More

VPX - Performance

Return Ranking - Trailing

Period VPX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period VPX Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period VPX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period VPX Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

VPX - Holdings

Concentration Analysis

VPX Category Low Category High VPX % Rank
Net Assets N/A N/A N/A N/A
Number of Holdings N/A N/A N/A N/A
Net Assets in Top 10 N/A N/A N/A N/A
Weighting of Top 10 N/A N/A N/A N/A

Top 10 Holdings

Asset Allocation

Weighting Return Low Return High VPX % Rank
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Cash 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A

VPX - Expenses

Operational Fees

VPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% N/A N/A N/A
Management Fee 0.75% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

VPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

VPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

VPX - Distributions

Dividend Yield Analysis

VPX Category Low Category High VPX % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

VPX Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

VPX Category Low Category High VPX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

VPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

VPX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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