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Launched · SEC filings

LHA Market State Tactical Q ETF

MSTQCboeLittle Harbor AdvisorsF

$36.85+0.11 (+0.29%)

As of Nov 3, 2026, 3:21 PM ET

F22/ 100

Rank 119 of 126 in US Active Equity

F22/100Rank 119 of 126inUS Active Equity
Intraday session: up, 68 prints from 36.74 to 36.85. Range 36.74 to 36.85. Use the arrow keys to read each point.36.7636.7836.8036.8210 AM12 PM2 PM4 PM
Expense ratio
1.55%
Fund size
$38M
1Y total return
+1.8%
Yield · Last 12 months
13.17%
Holdings
7
Avg volume · 30D
2.45K sh
52W range
low $31.79high $41.23
Launched
Filings
SEC EDGAR

The ETF.net MSTQ Grade

Based on 5 of 6 pillars

F

Score 22 out of 100

Category
US Active Equity⁠
Rank
119 of 126
Six-pillar profile for MSTQ. Scores out of 100: Cost 5, Risk 38, Mission 78, Tradability 37, Holdings not scored, Durability 42. Strongest: Mission (78). Weakest: Cost (5). Based on 5 of 6 pillars.

Score 22 of 100 falls in the F 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.
    F5 out of 100
    Rank 120 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.
    D38 out of 100
    Rank 93 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 86 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C42 out of 100
    Rank 87 of 126

Our read on MSTQ

ETF.net Research

In short

FA Nasdaq-100 ride with a volatility seatbelt: MSTQ holds Nasdaq-100 exposure in calm markets, then adds long VIX positions when the VIX futures curve signals stress. Rules-based, and running live since 2022.

Stated mandate

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

Why people hold it

  • In calm markets it rides the Nasdaq-100 via an index fund or Nasdaq-100 futures, generally 80% to 120% exposure. When volatility stress signals fire, it buys long VIX exposure.lhafunds.comlittleharboradvisors.com
  • The trigger is the shape of the volatility market itself: 30-day versus 90-day implied vol plus VIX futures, rather than a manager's gut call on when to duck.sec.gov
  • Runs on a signal licensed exclusively from Thompson Capital, the shop that built it, and has traded in public markets since 2022. One ticker instead of a do-it-yourself options overlay.sec.gov

Worth knowing

  • At 1.55% with no fee waiver, it sits above the typical active US large-cap fee, and index-style peers such as DFAU (0.12%) and AVLC (0.15%) cost a sliver of that.
  • Hedging is not free: when the signal turns defensive and stocks keep climbing, the long VIX leg drags while Nasdaq-100 exposure is dialed back.lhafunds.comsec.gov
  • Small and thinly traded, so the spread is part of the cost of getting in and out, not just the expense ratio.

MSTQ Holdings

Asset class
Stocks
Holdings
7
Top-10 weight
103%
Largest holding
QQQ46.8%

Sectors

  • Technology59.7%
  • Communication12.7%
  • Consumer Discretionary10.5%
  • Consumer Staples5.9%
  • Industrials4.7%
  • Health Care3.9%
  • Utilities1.1%
  • Materials1.0%
  • Energy0.5%
  • Financials0.2%

Geography

  • United States97.32%
  • Canada1.01%
  • Netherlands0.87%
  • Brazil0.37%
  • China0.23%
  • United Kingdom0.20%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1QQQInvesco QQQ Trust Series 146.80%35,144$23.9M31
2No dataNASDAQ 100 E-MINI Dec2623.10%21$11.8M11
3No dataFirst American Government Obligations Fund 12/01/211.84%6,054,420$6.05M477
4No dataFirst American Treasury Obligations Fund 01/01/20411.84%6,054,420$6.05M33
5No dataUnited States Treasury Bill 01/21/20275.81%3,000,000$2.97M23
6No dataCBOE VIX FUTURE Nov262.11%53$1.08M9
7No dataCBOE VIX FUTURE Dec261.44%37$734K4

Showing 1–7 of 7 holdings

MSTQ Performance

Launched Mar 15, 2022

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.Not enough history yet.
MSTQ$10,182
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. MSTQ $10,182. SPY $11,146. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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 MSTQ. Periods over one year show the average yearly return.
PeriodMSTQ
Year to date+6.0%
1 month−9.9%
3 months−1.4%
1 year+1.8%
3 yearsper year+20.0%
5 yearsFund is under 5 years oldper yearNo data
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 MSTQ
YearReturn barMSTQ
2026 YTD+6.0%
2025+20.6%
2024+19.6%
2023+43.1%
2022−21.7%

Since listing, Mar 15, 2022

MSTQ in the news

MSTQ 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 Nov 2, 2026.
13.17%Last 12 months
Payout per share
$4.82Last 12 months
Last payment
$4.82 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 14, 2023 $0.22; Dec 31, 2024 $1.21; Dec 30, 2025 $4.82. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$4.82
Dec 31, 2024Jan 2, 2025$1.21
Dec 14, 2023Dec 18, 2023$0.22

$10,000 in MSTQ 3 years ago paid $2,448 in dividends.

MSTQ Risk

Risk pillarD38 out of 100Rank 93 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
17.1%
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.
0.98
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.
−31.1%
55 months · trough Dec 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.
1.12
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.

MSTQ Cost

Compare MSTQ and TACU

Overpaying vs TACU, cheapest in US Active Equity

$26,987

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

  • MSTQ 1.55%

    $26,987

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • MSTQ 1.55%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MSTQ $26,987TACU $0

Year by year

YearMSTQTACUOverpaying
10$2,671$0$2,671
20$9,795$0$9,795
30$26,987$0$26,987

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