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VPX

GradeCNew York Stock Exchange Arca

Variant Perception Cycle Aware US Equity ETF

Active Equity · Variant Perception · Inception 2026-03-11

$31.48−0.14 (−0.43%)

As of Sep 23, 2026, 2:16 PM EDT

History starts Mar 12, 2026.History starts Mar 12, 2026.
Intraday session: down, 6 prints from 31.62 to 31.48. Range 31.45 to 31.61. Use the arrow keys to read each point.$31.45$31.55$31.6010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$66M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$31.68
52W range
low $23.40high $31.76

The ETF.net VPX Grade

C

52/ 100

Rank 56 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for VPX. Scores out of 100: Cost 39, Risk 81, Mission not scored, Tradability 47, Holdings 71, Durability 35. Strongest: Risk (81). Weakest: Durability (35). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 39
    Category rank82/127 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 81
    Category rank7/126 · top 6%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank72/127 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 71
    Category rank38/124 · top 31%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 35
    Category rank107/127 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

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 Sep 20, 2026, 9:27 AM
Asset class
Stocks
Holdings
—
Top-10 weight
41%
Largest holding
META5.7%

Geography

  • United States95.69%
  • Ireland1.38%
  • Taiwan (Province of China)1.06%
  • United Kingdom0.86%
  • Switzerland0.43%
  • Singapore0.36%
  • Netherlands0.22%
The fund’s holdings, weight-ordered — page 1 of 9.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001METAMeta Platforms Inc5.71%5,541$4M683
002NVDANVIDIA Corp5.00%14,512$3M828
003GOOGLAlphabet Inc4.98%9,219$3M704
004AVGOBroadcom Inc4.83%8,736$3M732
005AAPLApple Inc4.20%8,049$3M707
006MUMicron Technology Inc4.18%2,662$3M655
007XOMExxonMobil Holdings Corp3.61%14,220$2M501
008AMDAdvanced Micro Devices Inc3.42%3,955$2M618
009JPMJPMORGAN CHASE & CO.2.97%5,491$2M478
010CVXChevron Corp2.54%7,818$2M468
011MAMastercard Inc2.18%2,497$1M512
012BACBank of America Corp2.12%23,685$1M440
013VVisa Inc2.01%3,536$1M550
014NFLXNetflix Inc1.90%17,147$1M493
015LRCXLam Research Corp1.39%3,118$900K591

Showing 1–15 of 128 holdings

VPX Performance

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

VPX$10,722
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. VPX $10,722. SPY $10,415. Use the arrow keys to read each point.$9,717$10,269$10,822Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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+2.2%
3 months+7.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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+28.8%

History from Mar 12, 2026

VPX in the news

ETF.net Research hasn’t filed on VPX yet — coverage lands here as it’s written.

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 Sep 22, 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.
0.84
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 124 US Active Equity funds charge less.

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