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Launched

LHA Market State Tactical Beta ETF

MSTBCboeLittle Harbor AdvisorsD

$43.03−0.20 (−0.46%)

As of Nov 2, 2026, 3:40 PM ET

D30/ 100

Rank 112 of 126 in US Active Equity

D30/100Rank 112 of 126inUS Active Equity
Intraday session: down, 69 prints from 43.23 to 43.03. Range 43.03 to 43.57. Use the arrow keys to read each point.43.1043.3043.4043.5043.6010 AM12 PM2 PM4 PM
Expense ratio
1.38%
Fund size
$196M
1Y total return
+6.3%
Yield · Last 12 months
0.38%
Holdings
9
Avg volume · 30D
7.95K sh
52W range
low $37.38high $45.54
Launched

The ETF.net MSTB Grade

D

Score 30 out of 100

Category
US Active Equity⁠
Rank
112 of 126
Six-pillar profile for MSTB. Scores out of 100: Cost 7, Risk 71, Mission 78, Tradability 36, Holdings 21, Durability 59. Strongest: Mission (78). Weakest: Cost (7). Leans toward Mission.

Score 30 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.
    F7 out of 100
    Rank 117 of 126

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A78 out of 100
    Rank 18 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A71 out of 100
    Rank 16 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 88 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    F21 out of 100
    Rank 124 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 59 of 126

Our read on MSTB

ETF.net Research

In short

DInstead of a standing options collar, MSTB keeps S&P 500 exposure and reaches for VIX futures only when its volatility signals flash stress, then can stand the hedge down when markets calm.

Stated mandate

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

Why people hold it

  • Baseline exposure is roughly 100% of the S&P 500, adjusted daily and generally held between about 80% and 120% based on a statistical read of the VIX.sec.govlhafunds.com
  • The hedge is tactical, not permanent: long VIX futures go on when stress signals appear in the VIX market and can come off in calm stretches.lhafunds.comsec.gov
  • Live since 2020, so the overlay has traded through real volatility spikes, and the long leg is plain S&P 500 exposure via an index ETF or futures.lhafunds.com

Worth knowing

  • At 1.38%, the fee sits above the category median and far above plain large-cap peers such as DFAU at 0.12% and AVLC at 0.15%.
  • Long VIX futures cost money in calm markets, and a drop that arrives without a volatility-curve warning can land before the hedge is engaged.sec.gov
  • A smaller, thinly traded fund, so spreads can run wider than in the category's heavily traded names.

MSTB Holdings

Holdings pillarF21 out of 100Rank 124 of 124 in US Active Equity
Asset class
Stocks
Holdings
9
Top-10 weight
100%
Largest holding
SPY68.9%

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 States99.54%
  • Switzerland0.25%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1SPYState Street SPDR S&P 500 ETF Trust68.94%213,085$161M43
2No dataS&P500 EMINI FUT Dec2612.55%77$29.3M8
3No dataUnited States Treasury Bill 01/21/20275.24%12,345,000$12.2M23
4No dataFirst American Treasury Obligations Fund 01/01/2044.48%10,475,929$10.5M136
5No dataFirst American Government Obligations Fund 12/01/24.48%10,475,929$10.5M477
6No dataCBOE VIX FUTURE Nov262.36%271$5.52M8
7No dataCBOE VIX FUTURE Dec261.62%191$3.78M3
8No dataCash & Other0.30%707,629$708K609
9No dataSpxw Us 11/02/26 P75200.02%40$48.2K1

Showing 1–9 of 9 holdings

MSTB Performance

Launched Sep 30, 2020

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$10,631
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MSTB $10,631. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+8.3%
1 month−1.7%
3 months+0.8%
1 year+6.3%
3 yearsper year+20.1%
5 yearsper year+7.3%
10 yearsFund is under 10 years oldper yearNo data

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+8.3%
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

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 Oct 30, 2026.
0.38%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

$10,000 in MSTB 5 years ago paid $480 in dividends.

MSTB Risk

Risk pillarA71 out of 100Rank 16 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
11.8%
Annualised · 36 months to Oct 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.
1.24
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

MSTB Cost

Compare MSTB and TACU

Overpaying vs TACU, cheapest in US Active Equity

$24,554

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MSTB 1.38%

    $24,554

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • MSTB 1.38%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530MSTB $24,554TACU $0

Year by year

YearMSTBTACUOverpaying
10$2,395$0$2,395
20$8,848$0$8,848
30$24,554$0$24,554

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