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MSTB vs TACU

LHA Market State Tactical Beta ETF

MSTBDCboe

T. Rowe Price Active Core U.S. Equity ETF

TACUANYSE Arca

Overlap

Expense ratio

TACU −1.38pt a year

MSTB1.38%TACU0.00%

Avg volume · 30D

MSTB 1.9×the volume

MSTB7.95KTACU4.15K

MSTB vs TACU Performance

Dec 31, 2025 – Oct 30, 2026

+8.3%MSTB+11.2%TACU

Dec 31, 2025 to Oct 30, 2026. MSTB +8.3%. TACU +11.2%. Use the arrow keys to read each point.−5%0%5%15%Dec 2025Jun 2026Oct 2026
Expense ratio
MSTB 1.38%
TACU 0.00%, better
Fund size
MSTB $196M
TACU $17M
1Y total return
MSTB +6.3%
TACU No data
Yield (12M)
MSTB 0.38%
TACU No data
Holdings
MSTB 9
TACU 411
Avg volume (30D)
MSTB 7.95K sh, better
TACU 4.15K sh
NAV per share
MSTB $43.22
TACU $27.68
52W range

ETF.net Grade

MSTB: Cost 7, Risk 71, Mission 78, Tradability 36, Holdings 21, Durability 59. TACU: Cost 99, Risk 69, Mission 81, Tradability 49, Holdings 83, Durability 43.
Pillar letters and Scores for MSTB, TACU, with each pillar’s weight
PillarMSTBTACU
Cost30% weightF7A99Higher
Mission25% weightA78A81Higher
Risk15% weightA71HigherB69
Tradability15% weightD36C49Higher
Holdings10% weightF21A83Higher
Durability5% weightB59HigherC43

Rank among US Active Equity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MSTB and TACU are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds
See all 121 ›

TACU ranks 9th and MSTB 108th of 121 funds in the US Active Equity Category.

  1. Rank 8AAPUEActivePassive U.S. Equity ETFScore 78
  2. Rank 9ATACUT. Rowe Price Active Core U.S. Equity ETFScore 77
  3. Rank 10APQUSPictet AI Enhanced US Equity ETFScore 76
  4. Rank 108DKOOLNorth Shore Equity Rotation ETFScore 30
  5. Rank 108DMSTBLHA Market State Tactical Beta ETFScore 30
  6. Rank 110DRHRXAdaptive Tactical Rotation ETFScore 27

Our read on each fund

ETF.net Research

MSTBDLHA Market State Tactical Beta ETF

TACUAT. Rowe Price Active Core U.S. Equity ETF

In short

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.

TACU T. Rowe Price's quant-plus-fundamental take on core large-cap U.S. stock, benchmarked to the Russell 1000. Gross fee 0.14%, fully waived to zero through January 30, 2027.

Stated mandate

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

TACU The fund seeks long-term capital growth through a primarily U.S. equity portfolio. It combines quantitative models with fundamental, bottom-up analysis and seeks excess returns relative to the Russell 1000 Index.

Why people hold it

  • 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
  • TACU Fee fully waived: 0.14% gross, zero net through January 30, 2027. That sits below every top-scoring peer in the category, including DFAU at 0.12% with no waiver.troweprice.com
  • Quant models feed bottom-up stock picking with tilts to profitability, quality and value, chasing excess return over the Russell 1000 while holding tracking error tight.troweprice.com
  • Several hundred large-cap names, so no single position runs the show. One of the stronger profiles in a crowded active U.S. equity field.troweprice.com

Worth knowing

  • 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.
  • TACU Launched in December 2025, so the live record is short and the risk read rests on limited history.
  • Still a small fund that trades lightly, which can mean wider spreads than the category's giants.
  • Distributions are annual at most, with no declared income target. This is a growth mandate, not a cash-flow one.

Full MSTB profile⁠

Full TACU profile⁠

MSTB vs TACU Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MSTB vs TACU Cost

Overpaying MSTB vs TACU

$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%

    $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

Expense ratio

  • 1.38%MSTB
  • 0.00%TACU, cheaper
  • Middle half of US Active Equity funds
  • Median 0.68%

TACU cheapest of 121 funds

MSTB 112th cheapest of 121 funds

MSTB vs TACU Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MSTB 0.38%
TACU No data
Payout (12M)
MSTB $0.16
TACU None
Last payment
MSTB $0.16
TACU No data
Ex-dividend
MSTB Dec 30, 2025
TACU No data
Paid on
MSTB Dec 31, 2025
TACU No data
Frequency
MSTB Annual
TACU No data

Distribution history

Per share, 2020 to 2026, same scale for both

MSTBAnnual · 6 paymentsAll MSTB payments⁠
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.$0$0.50202020232026YTD
TACUAll TACU payments⁠

No distribution history available.

MSTB vs TACU Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MSTB 11.8%TACU No data
Return per unit of riskSharpe ratio, 3 years
MSTB 1.24TACU No data
Worst fallMax drawdown, 5 years
MSTB −25.6%TACU No data
Market sensitivityBeta, 5 years
MSTB 0.90TACU 0.96

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