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MSTQ

GradeFChicago Board Options Exchange

LHA Market State Tactical Q ETF

Active Equity · Little Harbor Advisors · Inception 2022-03-15 · SEC filings

$40.04−0.50 (−1.24%)

As of Sep 23, 2026, 12:42 PM EDT

History starts Mar 15, 2022.
Intraday session: down, 4 prints from 40.54 to 40.04. Range 39.99 to 40.54. Use the arrow keys to read each point.$40.20$40.40$40.6010 AM12 PM2 PM4 PM
Expense ratio
1.59%
Fund size
$40M
1Y return
+18.5%
Yield · Last 12 months
11.89%
Volume · 30D
0M sh
NAV per share
$39.01
52W range
low $31.79high $41.37

The ETF.net MSTQ Grade

F

21/ 100

Rank 120 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for MSTQ. Scores out of 100: Cost 7, Risk 41, Mission 80, Tradability 25, Holdings not scored, Durability 46. Strongest: Mission (80). Weakest: Cost (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 21 of 100 sits in the F 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 7
    Category rank118/127 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 80
    Category rank16/48 · top 33%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 41
    Category rank89/126 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 25
    Category rank103/127 · bottom quartile

  • 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.
    CScore 46
    Category rank83/127 · mid-pack

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

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 Sep 20, 2026, 10:18 AM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
QQQ44.2%

Sectors

  • Technology58.5%
  • Communication13.2%
  • Consumer Discr.11.2%
  • Cons. Staples6.4%
  • Industrials4.0%
  • Health Care3.9%
  • Utilities1.2%
  • 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$25M26
002—NASDAQ 100 E-MINI Dec2630.27%29$17M3
003—First American Government Obligations Fund 12/01/28.54%4,894,028$5M625
004—First American Treasury Obligations Fund 01/01/2048.54%4,894,028$5M147
005—United States Treasury Bill 01/21/20275.16%3,000,000$3M14
006—United States Treasury Bill 10/29/20263.27%1,883,000$2M35
007—Cash & Other0.05%27,746$28K674

Showing 1–7 of 7 holdings

MSTQ Performance

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

MSTQ$11,846
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. MSTQ $11,846. SPY $11,723. Use the arrow keys to read each point.$9,084$10,567$12,051Sep 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 MSTQ. Periods over one year show the average yearly return.
PeriodMSTQ
Year to date+17.4%
1 month+5.0%
3 months+1.4%
1 year+18.5%
3 years+24.1%per year
5 yearsFund is under 5 years old—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 MSTQ
YearReturn barMSTQ
2026 YTD+17.4%
2025+20.6%
2024+19.6%
2023+43.1%
2022−21.7%

Since listing, Mar 15, 2022

MSTQ in the news

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

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 Sep 22, 2026.
11.89%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.
17.0%
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.
0.90
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.
−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.
1.13
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 124 US Active Equity funds charge less.

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