LHA Market State™ Shares
Risk-Responsive Core Equity Investing
LHA Market State™ Tactical Beta ETF (Ticker Symbol: MSTB)
The LHA Market State™ Tactical Beta ETF (Ticker Symbol: MSTB) is a hedged equity solution that offers exposure to the S&P 500® Index with a tactical risk-management overlay.
- The strategy offers hedged exposure to the S&P 500® Index with a risk-management overlay that responds to market risk through a nimble rules-based methodology assessing the VIX marketplace.
- In calm and/or rising U.S. equity markets, MSTB aims to provide substantial upside participation, generally through investments in S&P 500 ETF (Ticker Symbol: SPY) or S&P 500 futures contracts. When certain stress signals arise in the VIX marketplace, MSTB purchases VIX futures contracts aiming to mitigate large equity drawdowns.
- By tactically unencumbering upside capture of the S&P 500 while hedging the most damaging market periods, the strategy seeks to provide better upside/downside asymmetry than long-only equities and other Equity Hedged* peer strategies relying on static option hedges.
- Seeking to dampen large market declines while also seeking to preserve substantial upside participation, the strategy may be an attractive alternative to 'buy and hold' or traditional hedged equity index exposure.
*MSTB's peer group are the strategies in the Morningstar US Fund Equity Hedged category.
FUND DOCUMENTS
| FUND DATA & PRICING | |||
|---|---|---|---|
| Net Assets as of 05/23/2025 | $143.32m | ||
| NAV | $35.17 | ||
| Shares Outstanding | 4,075,000 | ||
| Premium/discount Percentage | 0.06% | ||
| Closing Price | $35.19 | ||
| Median 30 Day Spread | 0.28% | ||
Data as of 05/23/2025
IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by Solactive AG which approximates the Fund's NAV every fifteen seconds throughout the trading day.
Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values
| PERFORMANCE | Quarter end returns as of 03/31/2025 | |||
|---|---|---|---|---|
| AVG. ANNUALIZED | ||||
| Quarter | 1 Year | 3 Year | Since Inception | |
| Fund NAV | -4.12 | 3.46 | 3.17 | 7.48 |
| Fund Market Price | -4.40 | 3.09 | 2.97 | 7.41 |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (781) 639-3000 (ext.147). Please note that performance shown for periods that are less than one year are not annualized.
Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.
| DISTRIBUTION DETAIL | ||||
|---|---|---|---|---|
| EX- Date | Record Date | Payable Date | Amount | |
| 12/30/2020 | 12/31/2020 | 01/04/2021 | $0.48 per share | |
| 12/15/2021 | 12/16/2021 | 12/17/2021 | $0.71 per share | |
| 12/15/2022 | 12/16/2022 | 12/19/2022 | $0.33 per share | |
| 12/14/2023 | 12/15/2023 | 12/18/2023 | $0.04 per share | |
| 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.31 per share | |
| TOP HOLDINGS: May 23rd | ||||
|---|---|---|---|---|
| Percentage of Net Assets | Name | Identifier | Shares Held | Market Value |
| 81.08% | SPDR S&P 500 ETF Trust | SPY | 200,669 | 116,209,424.59 |
| 17.05% | S&P500 EMINI FUT Jun25 | ESM5 Index | 84 | 24,431,400.00 |
| 6.63% | United States Treasury Bill 01/22/2026 | 912797PD3 | 9,760,000 | 9,497,244.50 |
| 6.03% | First American Government Obligations Fund 12/01/2 | FGXXX | 8,646,296 | 8,646,295.96 |
| 6.03% | First American Treasury Obligations Fund 01/01/204 | FXFXX | 8,646,296 | 8,646,295.96 |
| 0.22% | Cash & Other | Cash&Other | 322,274 | 322,273.75 |
Data as of 05/27/2025. Holdings are subject to change and should not be considered recommendations to buy or sell any security.
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