What if a portfolio listened to the public?

The people who buy a company's products, use its services, and live with its decisions often notice change before it reaches a quarterly report. Distribution Cognizant built the Vox Populi ETF to test that premise in a familiar wrapper: a diversified, long-only portfolio of the largest U.S. companies.

VOXP starts with roughly the 500 largest U.S.-listed companies at market-cap weight. It then nudges each weight up or down according to an estimate of public sentiment toward that company. The nudges are deliberately small. The Fund does not use ESG scores, political screens, or analyst forecasts. It weights by measured public preference, within limits.

VOXP at a glance

*Adviser calculation, trailing three years to October 21, 2026; unaudited. Holdings and net assets from the Fund's daily holdings file as of October 22, 2026. Other data from the prospectus dated August 28, 2026 and fact sheet as of September 30, 2026.

How the signal works

Sentiment comes from two places. The adviser's free, public Reverberate App asks anyone a simple question: is this company making your life better or worse? Users need not own the Fund. The adviser also uses large language models to read the preferences people already express in public social media posts. It reports about 1.17 million cumulative data points as of October 2026 (unaudited).

Proprietary algorithms turn that data into a signal for each company: its average rating, how the rating is changing, and whether the change is meaningful. Controls try to filter out bots and repeat votes. Where the data is thin, the company simply stays at market-cap weight.

Guardrails come first

The prospectus generally limits each position to 10% to 20% above or below its market-cap weight. For illustration only: a company with a 5.00% market-cap weight would typically sit between about 4.0% and 6.0% in the Fund. Turnover thresholds ignore small sentiment changes, and annual turnover has run between 2% and 12%. A company facing extreme negative sentiment may be removed entirely.

Two features of the process deserve emphasis. First, the adviser does no fundamental company research and does not consider the economy or market conditions; sentiment is the only active input. Second, the adviser does not manage sector weights, so sector exposure follows the market and the signal.

VOXP has behaved like the S&P 500, by design.

Three-year beta 1.00 and tracking error of about 0.8% (adviser calculation, unaudited)

The record so far

Since its November 2022 launch, VOXP's returns at net asset value have stayed within about 0.2 percentage points a year of the S&P 500 in every standardized period. It trailed the index over the past year and led it modestly over three years and since inception. Over a window this short, differences this small are not statistically meaningful and should not be read as evidence of persistent outperformance.

Standardized performance, as of September 30, 2026

Average annual total returns

Gross and net expense ratio: 0.30%. No fee waiver or expense cap. No sales charge; brokerage commissions and bid-ask spreads may apply. Calendar-year NAV total returns: 26.82% (2023), 24.53% (2024), 18.74% (2025). The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares may be worth more or less than their original cost when sold. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, visit voxpopuli-etf.com. NAV returns are net of fees and assume reinvestment of distributions. Market-price returns use the midpoint of the bid-ask spread at 4:00 p.m. Eastern time and do not reflect brokerage commissions.

Risk profile, trailing three years to October 21, 2026

Source: Distribution Cognizant, LLC, from daily NAV total returns (distributions reinvested) vs. the S&P 500 Total Return Index. Unaudited and not independently verified by Veles Securities.

What's in the portfolio

Because the tilts are small, the portfolio looks much like the large-cap market itself. The ten largest positions made up 38.86% of the Fund on October 22, 2026, led by the largest technology companies. On April 30, 2026, 42.4% of the Fund's investments were in the manufacturing sector, as the prospectus classifies it.

Where VOXP may fit

An adviser may evaluate VOXP as all or part of a core U.S. large-cap allocation. Whether it suits a particular client depends on that client's objectives, risk tolerance, and costs, and that decision rests with the adviser.

• A core sleeve with a modest active signal. The guardrails keep the risk profile close to the S&P 500. Active risk is low, so expected differences from the index are small, in either direction.
• A different source of active views. Public sentiment is distinct from value, momentum, quality, and analyst forecasts. There is no assurance it adds return.
• An alternative to values-based screening. The Fund applies no ESG scores or political screens, which some clients may see as a neutral way to reflect public preference.

What to weigh

This is a summary. The prospectus describes additional principal risks, including management, new adviser, research, model, equity, economic and market, sector emphasis, portfolio turnover, and ETF-specific risks. Read it in full before investing.

Who runs it

Distribution Cognizant, LLC of Palo Alto, California is the investment adviser. Patrick Neal, PhD, CFA, its Managing Partner, has managed the Fund since inception. Penserra Capital Management LLC is the sub-adviser responsible for day-to-day trading, through portfolio managers Dustin Lewellyn, CFA, Ernesto Tong, CFA, and Christine Johanson, CFA. The Fund is a series of Advisors Series Trust. Quasar Distributors, LLC is the distributor, U.S. Bank provides administration, custody and transfer agency, and Tait, Weller & Baker LLP is the independent auditor.