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) is a hedged equity solution that offers exposure to the S&P 500® Index with a tactical risk-management overlay.

  • The strategy offers hedged exposure to the S&P 500® Index with a risk-management overlay that responds to market risk through a nimble rules-based methodology assessing the VIX marketplace.
  • In calm and/or rising U.S. equity markets, MSTB aims to provide substantial upside participation, generally through investments in S&P 500 ETF (Ticker Symbol: SPY) or S&P 500 futures contracts.  When certain stress signals arise in the VIX marketplace, MSTB purchases VIX futures contracts aiming to mitigate large equity drawdowns.
  • By tactically unencumbering upside capture of the S&P 500 while hedging the most damaging market periods, the strategy seeks to provide better upside/downside asymmetry than long-only equities and other Equity Hedged* peer strategies relying on static option hedges.
  • Seeking to dampen large market declines while also seeking to preserve substantial upside participation, the strategy may be an attractive alternative to 'buy and hold' or traditional hedged equity index exposure.

*MSTB's peer group are the strategies in the Morningstar US Fund Equity Hedged category.

FUND DOCUMENTS

FUND DATA & PRICING
Net Assets as of 03/28/2025 $134.45m
NAV $32.20
Shares Outstanding 4,175,000
Premium/discount Percentage -0.18%
Closing Price $32.15
Median 30 Day Spread 0.31%

Data as of 03/28/2025

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 12/31/2024
  AVG. ANNUALIZED
  Quarter 1 Year 3 Year Since Inception
Fund NAV 0.57 18.37 2.49 9.00
Fund Market Price 0.17 18.81 2.42 9.01

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
12/30/2020 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
12/14/2023 12/15/2023 12/18/2023 $0.04 per share
12/31/2024 12/31/2024 01/02/2025 $0.31 per share
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TOP HOLDINGS: March 28th
Percentage of Net Assets Name Identifier Shares Held Market Value
85.06% SPDR S&P 500 ETF Trust SPY 206,852 114,939,382.32
7.16% United States Treasury Bill 01/22/2026 912797PD3 10,000,000 9,678,590.30
4.37% S&P500 EMINI FUT Jun25 ESM5 Index 21 5,904,150.00
3.43% First American Government Obligations Fund 12/01/2 FGXXX 4,638,080 4,638,080.42
3.43% First American Treasury Obligations Fund 01/01/204 FXFXX 4,638,080 4,638,080.41
2.89% CBOE VIX FUTURE Apr25 UXJ5 Index 186 3,902,596.20
2.33% CBOE VIX FUTURE May25 UXK5 Index 153 3,144,027.60
0.75% S&P DOW PUT OPT 04/25 5630 SPXW 250403P05630000 100 1,007,000.00
0.14% Cash & Other Cash&Other 182,885 182,885.32
0.03% CBOE S&P PUT OPT 03/25 5580 SPXW 250331P05580000 10 46,100.00

Data as of 03/31/2025. Holdings are subject to change and should not be considered recommendations to buy or sell any security.

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