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Launched · SEC filings

LHA Market State Tactical Q ETF

MSTQCboeF

$40.33−0.07 (−0.19%)

As of Oct 13, 2026, 3:42 PM

F21/ 100

Rank 120 of 127 in US Active Equity

F21/100Rank 120 of 127inUS Active Equity
Intraday session: down, 2 prints from 40.41 to 40.33. Range 40.33 to 40.41. Use the arrow keys to read each point.40.3440.3640.3810 AM12 PM2 PM4 PM
Expense ratio
1.59%
Fund size
$41M
1Y total return
+20.3%
Yield · Last 12 months
11.93%
Holdings
6
Avg volume · 30D
0M sh
NAV per share
$40.41
52W range
low $31.79high $41.37
Launched
Filings
SEC EDGAR

The ETF.net MSTQ Grade

Based on 5 of 6 pillars

F

Score 21 out of 100

Category
US Active Equity⁠
Rank
120 of 127
Six-pillar profile for MSTQ. Scores out of 100: Cost 8, Risk 39, Mission 78, Tradability 22, Holdings not scored, Durability 42. Strongest: Mission (78). Weakest: Cost (8). Based on 5 of 6 pillars.

Score 21 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.
    F8 out of 100
    Rank 116 of 127

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A78 out of 100
    Rank 19 of 48

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D39 out of 100
    Rank 92 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F22 out of 100
    Rank 109 of 127

  • 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 89 of 127

Our read on MSTQ

ETF.net Research

FMost Nasdaq-100 funds are 100% long, always. MSTQ is the active rewrite: a baseline full-index position that gets dialed up or down as its volatility models read the market. Unusual mechanism, unusual price tag.

Stated mandate

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

Why people hold it

  1. 01Baseline exposure is a full Nasdaq-100 position via QQQ or index futures, then the managers flex net long exposure in a roughly 80% to 120% band on volatility expectations.stockanalysis.com
  2. 02The toolkit is spelled out in SEC filings: options on the VIX Index, the S&P 500 and the Nasdaq 100, plus VIX futures products. You can see exactly which levers get pulled.sec.gov
  3. 03Running live since 2022, and it sticks to the script: portfolio behavior lines up closely with the tactical large-cap mandate its own documents describe.

Worth knowing

  1. 01The 1.59% expense ratio sits at the top end of active US large-cap. Peers like DFAU (0.12%) and FELC (0.18%) cover the same asset class for a fraction of it.
  2. 02Small fund, thin trading. Spreads and fill quality matter far more here than with a mega-cap index tracker.
  3. 03The dial cuts both ways: below 100% exposure the fund sits out part of a Nasdaq-100 move, above 100% it magnifies one. That swing is the whole product.stockanalysis.com

MSTQ Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
6
Top-10 weight
100%
Largest holding
QQQ44.2%

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 States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001QQQInvesco QQQ Trust Series 144.18%35,144$26M30
002—NASDAQ 100 E-MINI Dec2630.20%29$18M3
003—First American Treasury Obligations Fund 01/01/2048.92%5,295,811$5M151
004—First American Government Obligations Fund 12/01/28.92%5,295,811$5M529
005—United States Treasury Bill 01/21/20275.00%3,000,000$3M18
006—United States Treasury Bill 10/29/20263.17%1,883,000$2M46

Showing 1–6 of 6 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$12,028
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. MSTQ $12,028. SPY $12,044. Use the arrow keys to read each point.$9,329$10,910$12,492Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for MSTQ. Periods over one year show the average yearly return.
PeriodMSTQ
Year to date+17.0%
1 month+4.5%
3 months+2.9%
1 year+20.3%
3 yearsper year+22.9%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 MSTQ
YearReturn barMSTQ
2026 YTD+17.0%
2025+20.6%
2024+19.6%
2023+43.1%
2022−21.7%

Since listing, Mar 15, 2022

MSTQ in the news

Filtered to MSTQ · US Active Equity

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 Oct 12, 2026.
11.93%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

MSTQ Risk

How much the fund’s monthly returns vary, scaled to a year.
16.5%
Annualised · 36 months to Sep 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.
1.10
vs 3-month T-bills · to Sep 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%
54 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.

MSTQ Cost

Expense ratio1.59%
  • The middle half of US Active Equity funds
  • Median 0.70%

113 of the 123 US Active Equity funds charge less.

MSTQ costs $159.00 a year on $10,000. The median US Active Equity fund costs $70.00.

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