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) seeks long-term out-performance relative to the large-capitalization U.S. equity market.

  • The ETF offers exposure to the S&P 500® Index with a dynamic risk overlay.  In calm and/or rising U.S. equity markets, MSTB aims to provide upside participation.  As volatility increases, the MSTB aims to provide uncorrelated returns and decrease the impact of falling markets.
  • Upside Participation: MSTB seeks to provide “index-plus” returns in calm and rising U.S. equity markets.
  • Downside Reinforcement: MSTB seeks to preserve capital and provide uncorrelated returns in volatile conditions and falling U.S. equity markets.
Net Assets as of 11/30/2023 $118.46m
NAV $27.55
Shares Outstanding 4,300,000
Premium/discount Percentage -0.07%
Closing Price $27.53
Median 30 Day Spread 0.27%

Data as of 11/30/2023

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 09/30/2023
  Quarter 1 Year 3 Year Since Inception
Fund NAV -4.09 9.83 3.36 3.36
Fund Market -4.09 9.84 3.16 3.37

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.

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
TOP HOLDINGS: December 02nd
Percentage of Net Assets Name Identifier Shares Held Market Value
79.60% SPDR S&P 500 ETF TR TR UNIT SPY 205,441 94,317,963.10
26.60% S&P500 EMINI FUT Dec23 ESZ3 Index 137 31,515,137.50
19.76% UNITED STATES TREAS BILLS 02/01/2024 912797GE1 23,622,000 23,419,023.48
0.66% Cash & Other Cash&Other 780,740 780,739.88
-0.02% SPY OPTI CLL OPT 12/23 463 SPY 231204C00463000 -2,000 -29,000.00

Data as of 12/04/2023. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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