MSTB LHA Market State Tactical Beta ETF

*Unless otherwise stated, data provided by FactSet.

What is MSTB?

MSTB is an actively managed fund that aims to outperform the large-cap US equity market by holding long exposure to the S&P 500 combined with a dynamic risk overlay. The risk overlay can go long or short equity and volatility through the use of derivatives.

MSTB Factset Analytics Insight

MSTB constructs the portfolio using quantitative models and analyses regarding US equity market volatility. Based on the advisor’s estimates for direction and magnitude of S&P 500 Index volatility, the fund holds long exposure to the S&P 500 typically weighted in a range between 80%-120%. When estimates indicate a calm or rising equity market, the fund seeks to provide “index-plus” returns by holding a higher equity weighting. As estimates for volatility increase, the fund aims to provide uncorrelated returns using a number of possibilities, such as: reducing equity exposure, selling covered call options, establishing short equity positions, long or short exposure to the VIX Index, long or short exposure to US Treasury securities, or cash. The net portfolio exposure is based on a proprietary process to quantify market risk compared to volatility expectations. The expectations are based on 30-day and 90-day implied volatility indexes, evaluated daily.

PERFORMANCE [as of 11/29/22] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
MSTB 0.49% -1.64% -19.91% -18.01% -- -- --
MSTB (NAV) 0.70% -1.72% -19.62% -17.91% -- -- --
No Underlying Index -- -- -- -- -- -- --
MSCI USA Large Cap Index 1.18% -1.89% -17.19% -15.47% 9.67% 10.62% 13.04%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MSTB Summary Data

09/30/20
Open-Ended Fund
1.21%
$197.04M
$637.29K
0.39%

MSTB Portfolio Data

--
--
--
2.74%
N/A
--

MSTB Index Data

No Underlying Index
Proprietary
Proprietary
MSCI USA Large Cap Index

MSTB Portfolio Management

1.21%
--
--
--

MSTB Tax Exposures

20.00% / 39.60%
1.32%
Qualified dividends
No

MSTB Fund Structure

Open-Ended Fund
No
No
-- / --
N/A
N/A
Low
Daily

MSTB Factset Analytics Block Liquidity

As of 11/30/22
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of MSTB. MSTB is rated a N/A out of 5.

MSTB Tradability

25,422
$637.29K
22,281
$586.94K
0.39%
$0.10
-0.05%
0.67% / -3.43%
None
100.00%
25,000
0.89
0.03%
--
0
$25.89
N/A

MSTB Sector/Industry Breakdown


MSTB
Segment Benchmark
75.80%
--
23.79%
--
0.41%
--

MSTB Top 10 Holdings

14.43%
9.41%
5.06%
0.41%
-0.00%
-0.05%
100.00%

MSTB Performance Statistics

0.91
0.77
0.77
0.71
0.48%
MSCI USA Large Cap Index

MSTB Benchmark Comparison Holdings

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MSTB Benchmark Comparison Summary


MSTB
Segment Benchmark
--
--
--
--
--
--
--
--
--
--
Low
--

MSTB Benchmark Comparison Market Cap Size


MSTB
Segment Benchmark
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