DYNF vs MSTB

DYNFAiShares U.S. Equity Factor Rotation Active ETF

MSTBDLHA Market State Tactical Beta ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

MSTB Instead 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

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

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

Why people hold it

• DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
• 0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
• A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
• Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

• MSTB 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

• DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
• Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
• Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

• MSTB 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.

Full DYNF profile⁠

Full MSTB profile⁠