LHA Market State™ Shares

Volatility-informed, tactical active management for portfolio diversification.

LHA Market State® Alpha Seeker ETF (Ticker Symbol: MSVX)

The LHA Market State™ Alpha Seeker ETF (Ticker Symbol: MSVX) seeks to provide positive returns, across multiple market cycles, that are generally not correlated to the US equity or fixed income markets.

  • Uses an actively managed quantitative program to invest in the behavior of volatility.
  • Employs a rules-based risk management approach to make tactical long/short allocations to equity futures & options, VIX futures & options, and ETFs utilizing a rules-based risk management approach. (VIX is the Cboe Volatility Index.)
  • Designed to be an investment program across multiple market cycles for the purposes of portfolio diversification.
FUND DATA & PRICING
Net Assets as of 11/30/2020 $23.88m
NAV $24.49
Shares Outstanding 975,000
Premium/Discount Percentage 0.34%
Closing Price $24.58
30 Day Median Spread 0.41%

Data as of 11/30/2020

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 09/30/2020
  AVG. ANNUALIZED
  Quarter 1 Year 3 Year Since Inception
Fund NAV 4.33 xxxx xxxx -3.17
Market Price 4.76 xxxx xxxx -3.12

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
xxxx xxxx xxxx xxxx
TOP HOLDINGS: December 02nd
Percentage of Net Assets Name Identifier Shares Held Market Value
42.26% UNITED STATES TREAS BILLS 9127962Y4 10,071,000 10,066,745.00
39.44% PROSHARES TR II SHT VIX ST TRM SVXY 228,250 9,394,770.00
10.09% Cash & Other Cash&Other 2,403,964 2,403,963.80
7.20% UNITED STATES TREAS BILLS 912796UC1 1,715,000 1,714,830.28
0.61% BARCLAYS PUT OPT 12/20 22 VXX 201204P00022000 300 145,500.00
0.27% PROSHARE PUT OPT 12/20 11.500 UVXY 201224P00011500 400 63,400.00
0.09% CBOE S&P CLL OPT 12/20 3620 SPXW 201202C03620000 5 21,675.00
0.04% CBOE S&P CLL OPT 12/20 3680 SPXW 201202C03680000 10 8,700.00
0.03% PROSHARE PUT OPT12/20 8.500 UVXY 201224P00008500 500 7,750.00
-0.01% CBOE S&P CLL OPT 12/20 3705 SPXW 201202C03705000 -10 -2,700.00

Data as of 12/02/2020. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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