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.
Net Assets as of 09/29/2023 $26.78m
NAV $23.80
Shares Outstanding 1,125,000
Premium/Discount Percentage -0.11%
Closing Price $23.78
30 Day Median Spread 0.81%

Data as of 09/29/2023

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.

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 07/31/2023
  Quarter 1 Year 3 Year Since Inception
Fund NAV 2.07 -1.91 0.09 -0.79
Market Price 1.71 -1.77 0.63 -0.82

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 $0.46 per share
12/15/2021 12/16/2021 12/17/2021 $0.09 per share
12/15/2022 12/16/2022 12/19/2022 $0.03 per share
TOP HOLDINGS: September 29th
Percentage of Net Assets Name Identifier Shares Held Market Value
47.44% UNITED STATES TREAS BILLS 03/21/2024 912797LL9 13,030,000 12,701,144.56
30.76% Cash & Other Cash&Other 8,235,929 8,235,929.13
19.18% UNITED STATES TREAS BILLS 02/22/2024 912796Z28 5,246,000 5,135,536.29
2.52% UNITED STATES TREAS BILLS 04/18/2024 912796CX5 695,000 674,840.13
-20.19% S&P500 EMINI FUT Dec23 ESZ3 Index -25 -5,406,875.00

Data as of 10/02/2023. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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