MSUS — LHA Market State U.S. Tactical ETF

MSUS Fund Overview

MSUS — LHA Market State U.S. Tactical ETF is a US ETF managed by ETF Series Solutions, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: ETF Series Solutions
• Category: Money Market
• Assets under management: $4.46M
• Ticker: MSUS
• SEC CIK: 0001540305
• SEC series ID: S000061427
• Share class ID: C000198934

MSUS Investment Objective and Strategy

LHA Market State U.S. Tactical ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Series Solutions.

Investment objective

The LHA Market State TM U.S. Tactical ETF (the Fund) seeks to provide investment results that exceed the total return performance of the broader U.S. equity market on a risk-adjusted basis.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (ETF) and seeks to achieve its objective by investing in (i) one or more other ETFs that principally invest in large cap U.S. equity securities (Underlying ETFs) or the constituent stocks of such Underlying ETFs and (ii) long or short futures contracts on one or more U.S. equity market indexes. The Fund will typically invest approximately 80% of its net assets in Underlying ETFs or the constituent stocks of such Underlying ETFs. Based primarily on proprietary statistical analyses of the distribution of U.S. equity market prices, the Funds investment adviser will determine each day whether the Funds net exposure to the U.S. equity market should be as little as 0% or as much as 160% of the Funds net assets. The Fund will utilize long or short futures contracts to the extent needed to augment or reduce, respectively, the Funds exposure relative to the exposure resulting from investments in Underlying ETFs to achieve the desired net exposure.

To the extent the Fund seeks to obtain exposure to the U.S. equity market of greater than 100% of its net assets, the Funds investments in futures contracts will create leverage, which may make the Fund more volatile than other investments. Because the Funds exposure may change daily, the Fund may engage in active and frequent trading. The Funds investment adviser will select Underlying ETFs that it believes have the greatest probability of outperforming, on a risk adjusted basis, the broader U.S. equity market based on an evaluation of the strategy, holdings, performance, volatility, and expense of such Underlying ETFs. Underlying ETFs may include ETFs that track an index or are actively-managed. Index-based Underlying ETFs may include funds that seek to replicate a market-capitalization weighted index or rely on a proprietary or third party index that includes a subset of U.S.

equity securities or uses technical or fundamental factors to select or weight the underlying holdings (e.g., a volatility-weighted index). The Adviser will typically rebalance the Funds exposure to Underlying ETFs to 80% of the Funds net assets on a monthly basis, and consequently, the Funds exposure to Underlying ETFs may be more or less than 80% of the Funds net assets in between such rebalance events. The Fund may also invest in cash, money market mutual funds, and securities issued by the U.S. government or its agencies or instrumentalities.

MSUS Costs and Fees

MSUS costs about $127 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.27%
• Gross expense ratio: 1.27%
• Portfolio turnover: 3%
• Brokerage commissions: 10.16 bps of average net assets (SEC N-CEN)

MSUS Cashflows

Over the 12 months to 2020-03, LHA Market State U.S. Tactical ETF had net inflows of $557.42K, from monthly SEC N-PORT filings.

MSUS Debt Constituents

No individual debt constituents are reported in LHA Market State U.S. Tactical ETF's latest SEC N-PORT filing.

MSUS Prospectus and SEC Filings

Official LHA Market State U.S. Tactical ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-05-08
• Prospectus (485BPOS) — filed 2019-05-14
• Prospectus (485BPOS) — filed 2018-04-10
• Portfolio holdings (N-PORT) — filed 2020-05-28
• Annual census (N-CEN) — filed 2020-03-13
• Annual census (N-CEN) — filed 2019-03-18

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.