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MSTB

GradeDChicago Board Options Exchange

LHA Market State Tactical Beta ETF

Active Equity · Little Harbor Advisors · Inception 2020-09-30

$44.17−0.40 (−0.90%)

As of Sep 23, 2026, 2:54 PM EDT

Intraday session: down, 8 prints from 44.57 to 44.17. Range 44.00 to 44.57. Use the arrow keys to read each point.$44.00$44.40$44.6010 AM12 PM2 PM4 PM
Expense ratio
1.40%
Fund size
$197M
1Y return
+13.0%
Yield · Last 12 months
0.37%
Volume · 30D
0M sh
NAV per share
$43.75
52W range
low $37.38high $45.54

The ETF.net MSTB Grade

D

37/ 100

Rank 94 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for MSTB. Scores out of 100: Cost 9, Risk 70, Mission 79, Tradability 53, Holdings not scored, Durability 62. Strongest: Mission (79). Weakest: Cost (9). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 9
    Category rank116/127 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 79
    Category rank18/48 · top 38%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 70
    Category rank18/126 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 53
    Category rank60/127 · top 47%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 62
    Category rank52/127 · top 41%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MSTB

ETF.net Research

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.

Stated mandate

The Fund seeks long-term outperformance relative to the large-capitalization U.S. equity market.

Why people hold it

  1. 01Unusual 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
  2. 02The 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
  3. 03It 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.
  4. 04Live 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

  1. 01The 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.
  2. 02A 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
  3. 03It 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

As of Sep 20, 2026, 10:18 AM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
SPY66.1%

Sectors

  • Technology38.2%
  • Financials12.1%
  • Communication9.7%
  • Consumer Discr.9.4%
  • Health Care9.2%
  • Industrials7.9%
  • Cons. Staples4.5%
  • Energy3.4%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001SPYState Street SPDR S&P 500 ETF Trust66.13%213,085$162M38
002—S&P500 EMINI FUT Dec2619.80%126$49M6
003—United States Treasury Bill 01/21/20274.96%12,345,000$12M14
004—First American Treasury Obligations Fund 01/01/2042.75%6,753,709$7M147
005—First American Government Obligations Fund 12/01/22.75%6,753,709$7M625
006—United States Treasury Bill 10/29/20262.45%6,034,000$6M35
007—Cash & Other1.16%2,846,347$3M674

Showing 1–7 of 7 holdings

MSTB Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MSTB$11,301
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MSTB $11,301. SPY $11,723. Use the arrow keys to read each point.$9,336$10,639$11,941Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for MSTB. Periods over one year show the average yearly return.
PeriodMSTB
Year to date+11.6%
1 month+1.4%
3 months+4.2%
1 year+13.0%
3 years+19.9%per year
5 years+8.5%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MSTB
YearReturn barMSTB
2026 YTD+11.6%
2025+18.6%
2024+18.8%
2023+16.9%
2022−22.7%
2021+21.8%
2020+9.4%

Since listing, Sep 30, 2020

MSTB in the news

ETF.net Research hasn’t filed on MSTB yet — coverage lands here as it’s written.

MSTB Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.37%Last 12 months
Payout per share
$0.16Last 12 months
Last payment
$0.16 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2020–2026

One bar per payment. 6 payments from 2020 to 2026 YTD. Dec 30, 2020 $0.48; Dec 15, 2021 $0.71; Dec 15, 2022 $0.33; Dec 14, 2023 $0.05; Dec 31, 2024 $0.32; Dec 30, 2025 $0.16. Use the arrow keys to read each point.2020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.16
Dec 31, 2024Jan 2, 2025$0.32
Dec 14, 2023Dec 18, 2023$0.05
Dec 15, 2022Dec 19, 2022$0.33
Dec 15, 2021Dec 17, 2021$0.71
Dec 30, 2020Jan 4, 2021$0.48

MSTB Risk

How much the fund’s monthly returns vary, scaled to a year.
12.5%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.01
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−25.6%
Trough Sep 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.90
vs its asset-class index
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

Expense ratio1.40%
  • The middle half of US Active Equity funds
  • Median 0.70%

111 of the 124 US Active Equity funds charge less.

MSTB costs $140.00 a year on $10,000. The median US Active Equity fund costs $70.00.