ETF Evaluator:
LHA Market State™ Tactical Q ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
| 39.1% | Defiance Oil Enhanced Options Income ETF (USOY) |
| 28.0% | Alpha Architect Global Factor Equity ETF (AAVM) |
| 26.2% | Innovator U.S. Small Cp Mgd Flr ETF (RFLR) |
| 23.7% | Rareview Systematic Equity ETF (RSEE) |
| 20.9% | Hull Tactical US ETF (HTUS) |
Risk
Index
Risk
Index
ETF Details
LHA Market State™ Tactical Q ETF Overview
LHA Market State™ Tactical Q ETF (MSTQ) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Little Harbor Advisors launched the ETF in 2022.
The investment seeks long-term out-performance relative to the large-capitalization U.S. growth equity market.
The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective principally by investing in equity instruments linked directly or indirectly to the performance of U.S.-listed, large capitalization, growth-oriented companies (“growth equities”) based on statistical analyses that seek to estimate the direction of growth equities. The fund is non-diversified.
About LHA Market State™ Tactical Q ETF (MSTQ)
There are 2 members of the management team with an average tenure of 4.38 years: D. Matthew Thompson (2022) and Michael Thompson (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: NASDAQ Composite TR USD index with a weighting of 100% and NASDAQ 100 TR USD index with a weighting of 100%. LHA Market State™ Tactical Q ETF has 9 securities in its portfolio. The top 10 holdings constitute 139.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
LHA Market State™ Tactical Q ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. LHA Market State™ Tactical Q ETF has 2.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.7% There is 2.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 7.7% (7.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). LHA Market State™ Tactical Q ETF has -13.4% of the portfolio in cash.
Assets Under Management
The fund has $38 million in total assets, which is below the $294 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MSTQ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The LHA Market State™ Tactical Q ETF expense ratio is high compared to funds in the Equity Hedged category. LHA Market State™ Tactical Q ETF has an expense ratio of 1.55%, which is 103% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. LHA Market State™ Tactical Q ETF has a portfolio turnover rate of 40%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, LHA Market State™ Tactical Q ETF returned -6.8%, which earned it a grade of F, as the Equity Hedged category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
LHA Market State™ Tactical Q ETF has a trailing yield of 0.70%, which is below the 3.45% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
LHA Market State™ Tactical Q ETF Grades
Year to date, the ETF has returned 7.9%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 14.6% over the past year (grade of C) and 18.6% over the past three years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about LHA Market State™ Tactical Q ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MSTQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MSTQ Return (NAV) | -6.8% | 0.5% | 14.6% | 18.6% | na | na |
| MSTQ Return (Price) | -7.0% | 0.5% | 14.5% | 18.6% | na | na |
| NAV +/- Price Return | 0.181% | 0.023% | 0.095% | -0.030% | na | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| MSTQ Grade (NAV) | F | D | C | A | na | na |
| +/- Category (NAV) | -5.4% | -1.2% | 1.0% | 6.5% | na | na |
| MSTQ Tax-Cost Ratio | na | na | 3.8% | 2.1% | na | na |
MSTQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSTQ Return (NAV) | 7.9% | 20.2% | 22.6% | 42.8% | na | na | na | na | na | na | na |
| MSTQ Return (Price) | 7.6% | 20.6% | 22.7% | 43.1% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.045% | 0.020% | 0.004% | 0.007% | na | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| MSTQ Grade (NAV) | B | A | A | A | na | na | na | na | na | na | na |
| +/- Category | 0.8% | 7.6% | 8.0% | 28.0% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.13 |
| R-Squared: | 75% |
| Standard Deviation: | 16.9% |
| Category Risk Index: | 1.61 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.38 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 38 Mil |
| Share Class Assets: | $ 38 Mil |
| Turnover: | 40.0% |
| Expense Ratio: | 1.55% |
| Index Fund: | No |
| Index Tracked: | NASDAQ Composite TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Thompson D. Matthew (2022), Thompson Michael (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 139.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.8% |
Portfolio Allocation |
|
| Domestic Stock: | 100.7% |
| Foreign Stock: | 2.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 7.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.1% |
| Cash: | -13.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Little Harbor Advisors |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | March 14, 2022 |
Expenses and Fees
| Expense Ratio (%): | 1.55% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
