LHA Market State™ Shares

Active Management for Tactical Investing

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 07/02/2020 $31.6m
NAV $23.41
Shares Outstanding 1,350,000
Premium/discount Percentage -1.55%
Closing Price $23.04
Median 30 Day Spread 1.20%

Data as of 07/02/2020

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.

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 06/30/2020
  AVG. ANNUALIZED
  Quarter 1 Year 3 Year Since Inception
Fund NAV xxxx xxxx xxxx -7.19
Fund Market xxxx xxxx xxxx -7.52

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: July 02nd at 07:30 PM
Percentage of Net Assets Name Identifier Shares Held Market Value
41.78% Cash & Other Cash&Other 13,203,567 13,203,566.54
39.39% UNITED STATES TREAS BILLS 9127962Y4 12,462,000 12,445,487.85
34.66% S&P500 EMINI FUT Sep20 ESU0 INDEX 70 10,951,150.00
10.23% BARCLAYS BK PLC IPTH SR B S&P VXX 100,000 3,232,000.00
6.71% UNITED STATES TREAS BILLS 912796UC1 2,122,000 2,120,178.62
0.50% CBOE MAR PUT OPT 7/20 28 VIX 200722P00028000 600 157,500.00
0.29% BARCLAYS PUT OPT 7/20 34.500 VXX 200724P00034500 200 91,000.00
0.27% BARCLAYS PUT OPT 7/20 33 VXX 200717P00033000 300 84,300.00
0.22% CBOE S&P PUT OPT 7/20 3140 SPXW 200706P03140000 40 70,800.00
0.18% CBOE MAR PUT OPT 7/20 32.500 VIX 200722P00032500 100 58,000.00

Data as of 07/06/2020. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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