LHA Market State Tactical Beta ETF
$44.60+0.01 (+0.02%)
- 1.40%
- $202M
- +14.6%
- 0.37%
- 0M sh
- $44.69
- low $37.38high $45.54
The ETF.net MSTB Grade
D
Score 34 out of 100
- 102 of 127
Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F10 out of 100Rank 114 of 127Mission
Whether the fund did what it promised, tested against its stated mandate.A77 out of 100Rank 20 of 48Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B68 out of 100Rank 20 of 126Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 86 of 127Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B60 out of 100Rank 55 of 127
Our read on MSTB
DMost hedged-equity funds sell covered calls. MSTB reads the VIX instead: a baseline near 90% S&P 500 exposure that a quantitative model dials up in calm tape and pulls down, adding VIX-linked hedges, when the volatility signal flips on.
The Fund seeks long-term outperformance relative to the large-capitalization U.S. equity market.
Why people hold it
- Unusual plumbing: the VIX is both the trigger and the tool. A rules-based read of VIX behavior decides whether to lean into S&P 500 exposure or cut it and hedge with VIX-linked instruments.lhafunds.comcboe.com
- The exposure dial is defined, not vibes-based: roughly 90% S&P 500 each day under normal conditions, adjusted by the model rather than a manager's gut call.cboe.com
- It does what its prospectus says. The portfolio matches the stated hedged large-cap US equity mandate closely, and its risk profile screens better than most active US equity funds we grade.
- Live since 2020 with the same two portfolio managers named in the prospectus, so the overlay has been run through real volatility spikes rather than backtests alone.lhafunds.com
Worth knowing
- The overlay is expensive: 1.40% a year, versus 0.18% for FELC and 0.34% for TSPA, which also run against the S&P 500. Cost is the main reason it sits near the back of its active US equity peer group.
- A sub-100% baseline plus hedges is a mechanical trade-off: less exposure to the index in steady, grinding rallies in exchange for the risk overlay.cboe.comlhafunds.com
- It trades thinly, and the prospectus flags active, frequent trading with potentially high portfolio turnover. Both are worth knowing before sizing a position.lhafunds.com
MSTB Holdings
- Stocks
- 7
- 100%
- SPY
Sectors
- Technology39.8%
- Financials11.5%
- Communication9.8%
- Health Care9.3%
- Consumer Discretionary8.9%
- Industrials7.7%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
Geography
- United States100.00%
MSTB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
MSTB$11,459
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MSTB |
|---|---|
| Year to date | +11.7% |
| 1 month | +1.5% |
| 3 months | +2.9% |
| 1 year | +14.6% |
| 3 years | +19.7% |
| 5 years | +9.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MSTB |
|---|---|---|
| 2026 YTD | +11.7% | |
| 2025 | +18.6% | |
| 2024 | +18.8% | |
| 2023 | +16.9% | |
| 2022 | −22.7% | |
| 2021 | +21.8% | |
| 2020 | +9.4% |
MSTB in the news
MSTB Dividends
- 0.37%
- $0.16
- $0.16 per share
- Annual
Distribution history
MSTB Risk
- 12.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.18
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −25.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.90
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MSTB Cost
1.40%
MSTB1.40%
- The middle half of US Active Equity funds
- Median 0.70%
111 of the 123 US Active Equity funds charge less.
Other funds in US Active Equity
- DWBILWBI BullBear Quality 3000 ETFExpense ratio 1.65%1 year return +19.7%
- DKEATKeating Active ETFExpense ratio 0.85%1 year return +16.4%
- DPRMRPeakShares RMR Prime Equity ETFExpense ratio 2.88%1 year return —
- DFFFFounders 100 ETFExpense ratio 0.75%1 year return —
- DKONGFormidable Fortress ETFExpense ratio 0.89%1 year return +12.5%