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Launched

Variant Perception Cycle Aware US Equity ETF

VPXNYSE ArcaC

$31.59−0.07 (−0.21%)

As of Oct 13, 2026, 1:48 PM

C52/ 100

Rank 59 of 127 in US Active Equity

C52/100Rank 59 of 127inUS Active Equity
Intraday session: down, 7 prints from 31.65 to 31.59. Range 31.50 to 31.59. Use the arrow keys to read each point.31.5031.5231.5531.6310 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$69M
1Y total return
—
Yield · Last 12 months
—
Holdings
138
Avg volume · 30D
0M sh
NAV per share
$31.63
52W range
low $23.40high $32.10
Launched

The ETF.net VPX Grade

Based on 5 of 6 pillars

C

Score 52 out of 100

Category
US Active Equity⁠
Rank
59 of 127
Six-pillar profile for VPX. Scores out of 100: Cost 40, Risk 80, Mission not scored, Tradability 37, Holdings 84, Durability 36. Strongest: Holdings (84). Weakest: Durability (36). Based on 5 of 6 pillars.

Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 73 of 127

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A80 out of 100
    Rank 8 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 91 of 127

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A84 out of 100
    Rank 11 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D36 out of 100
    Rank 105 of 127

Our read on VPX

ETF.net Research

CA macro research shop's take on US large caps: own quality names, then let a macro-risk model decide how much of the portfolio sits in cash instead. Most active large-cap funds stay fully invested. This one has a dial.

Stated mandate

The Fund seeks long-term capital appreciation with reduced downside risk through a systematic strategy investing primarily in large-capitalization U.S. equity securities, with cash and cash equivalents also permitted.

Why people hold it

  1. 01The dial is the point. As its macro risk reading rises, more of the fund shifts into cash and short-term government paper; as risk falls, it moves back toward stocks.etfarchitect.com
  2. 02The stock side is systematic, not hunches: US large caps above $5 billion in market value, ranked on a proprietary read of quality and behavioral factors.etfarchitect.com
  3. 03One flat 0.75% management fee. The fee table shows no 12b-1 charge and no separate other-expenses line stacked on top.sec.gov

Worth knowing

  1. 010.75% sits above the typical active US equity fund's 0.65%, and it is many times what systematic rivals like DFAU (0.12%) and AVLC (0.15%) charge.
  2. 02Cash cuts both ways. The prospectus notes that holding cash, even strategically, can leave the fund behind rivals that stay fully invested.etfarchitect.com
  3. 03Launched in 2026, still small and lightly traded: a short record to judge, and wider bid-ask spreads than the giants of the category.

VPX Holdings

As of Oct 12, 2026
Asset class
Stocks
Holdings
138
Top-10 weight
35%
Largest holding
AVGO4.9%

Geography

  • United States94.13%
  • Ireland2.13%
  • United Kingdom1.30%
  • Taiwan (Province of China)1.06%
  • Singapore0.62%
  • Netherlands0.39%
  • Switzerland0.36%
The fund’s holdings, weight-ordered — page 1 of 10.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AVGOBroadcom Inc4.93%9,397$3M754
002NVDANVIDIA Corp4.88%14,713$3M847
003XOMExxonMobil Holdings Corp4.62%18,875$3M511
004GOOGLAlphabet Inc4.23%8,312$3M709
005CVXChevron Corp3.09%10,060$2M478
006AMDAdvanced Micro Devices Inc3.07%3,488$2M635
007METAMeta Platforms Inc2.83%2,708$2M704
008MUMicron Technology Inc2.59%1,740$2M679
009JPMJPMorgan Chase & Co.2.57%5,320$2M481
010COPConocoPhillips2.00%10,285$1M433
011VVisa Inc1.99%3,557$1M558
012CATCaterpillar Inc1.93%1,665$1M450
013GEVGE Vernova Inc1.84%1,263$1M484
014MAMastercard Inc1.58%1,854$1M526
015PSXPhillips 661.38%3,400$950K379

Showing 1–15 of 138 holdings

VPX Performance

Launched Mar 11, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
VPX$10,562
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. VPX $10,562. SPY $10,332. Use the arrow keys to read each point.$9,583$10,160$10,736Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for VPX. Periods over one year show the average yearly return.
PeriodVPX
Year to dateFund launched this year—
1 month+1.0%
3 months+5.6%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for VPX
YearReturn barVPX
2026 YTD+29.0%

History from Mar 12, 2026

VPX in the news

Filtered to VPX · US Active Equity

VPX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Mar 2026. No distributions yet.

VPX Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.89
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

VPX Cost

Expense ratio0.75%
  • The middle half of US Active Equity funds
  • Median 0.70%

70 of the 123 US Active Equity funds charge less.

VPX costs $75.00 a year on $10,000. The median US Active Equity fund costs $70.00.

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