LHA Market State™ Shares

Active Management for Tactical Investing

LHA Market State™ U.S. Tactical ETF (Ticker Symbol: MSUS)

Active Management for Tactical Investing

The LHA Market State™ U.S. Tactical ETF (Ticker Symbol: MSUS) seeks to provide investment results that exceed the total return performance of the broader U.S. equity market on a risk-adjusted basis.

Primary goals include:

  • Broad exposure to the U.S. market with a quantitative, tactical approach powered by statistical artificial intelligence.
  • Statistical AI varies the ETF’s net exposure to the broad U. S. equity market, ranging from zero net exposure (out of the market) to 160% long.
FUND DATA & PRICING
Net Assets as of 05/22/2020 $3.39m
NAV $22.63
Shares Outstanding 150,000
Premium/Discount Percentage -0.18%
Closing Price $22.59
30 Day Median Spread 2.11%

Data as of 05/22/2020

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.

30 Day Median Bid Ask 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 03/31/2020
  AVG. ANNUALIZED
  Quarter 1 Year 3 Year Since Inception
Fund NAV -11.21% -5.01% X.XX% -5.29%
Market Price -11.26% -4.79% X.XX% -5.32%

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
12-28-2018 12-31-2018 1-2-2019 $17,895.00
12-30-2019 12-31-2019 1-2-2020 $21,032.00
TOP HOLDINGS
Percentage of Net Assets Name Identifier Shares Held Market Value
83.35% VICTORY PORTFOLIOS II VCSHS US 500 VOL CFA 58,765 2,829,428.97
16.65% Cash & Other Cash&Other 565,041 565,041.07
-86.99% S&P500 EMINI FUT Jun20 ESM0 INDEX -20 -2,952,900.00

Data as of 05/26/2020. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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