MSVX — LHA Market State Alpha Seeker ETF
Data updated: 2024-11-29
MSVX — LHA Market State Alpha Seeker ETF. Alternative · $11.03M AUM · 1.26% expense ratio · -3.9% 1-yr return. Holdings, fees, performance and SEC filings.
MSVX Fund Overview
MSVX — LHA Market State Alpha Seeker ETF is a US ETF managed by ETF Series Solutions, categorised as Alternative. 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: Alternative
- Assets under management: $11.03M
- 1-year return: -3.9%
- Ticker: MSVX
- SEC CIK: 0001540305
- SEC series ID: S000067502
- Share class ID: C000217044
MSVX Investment Objective and Strategy
LHA Market State Alpha Seeker 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 Alpha Seeker ETF (the Alpha Seeker ETF or the Fund) seeks to provide positive returns across multiple market cycles that are generally not correlated to the U.S. equity or fixed income markets.
Principal investment strategy
The Fund is an actively-managed exchange-traded fund (ETF) and seeks to achieve its objective principally by investing long or short in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500 Index based on statistical analyses, described below, that seek to estimate the direction of the U.S. equity market. Such instruments may include index-based and other actively-managed ETFs; leveraged, inverse, and inverse-leveraged ETFs; exchange-traded notes (ETNs); options; and futures contracts. The Fund may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents. The Fund seeks to achieve its objective by estimating the direction of the U.S. equity market and then using those estimates to select the Funds investments in long or short S&P 500 Index linked instruments and CBOE Volatility Index (the VIX Index) linked instruments.
The Funds strategy primarily relies on proprietary statistical analyses of the volatility of the S&P 500. Thompson Capital Management LLC (Thompson Capital) developed, owns, and maintains these statistical analyses. Little Harbor Advisors, LLC, the Funds investment adviser (the Adviser), has an exclusive license to employ the Thompson Capital statistical analyses. Portfolio net exposure is based on a proprietary process to quantify market risk by comparing volatility expectations across various time frames, as expressed by 30-day and 90-day implied volatility indexes and VIX futures. In general, a long volatility environment is one in which near-term volatility expectations are above longer-term volatility expectations. Similarly, a short volatility environment is characterized by lower near-term volatility expectations relative to longer-term expectations.
Each day, Thompson Capitals quantitative analyses seek to estimate the direction and magnitude of U.S. equity market volatility based on the movement of the VIX Index, which utilizes real-time prices of options on the S&P 500 to reflect investors consensus view of future (30-day) expected stock market volatility, and VIX Index futures and options prices. Such estimates are used by the Funds investment adviser to determine the extent to which the Funds exposure to the S&P 500 Index and/or the VIX Index will be long or short, or in cash. Based on the direction and strength of signals from Thompson Capitals quantitative analyses, the investment adviser determines on a discretionary basis in which instrument(s) to invest. The Fund may invest in derivative instruments, such as options or futures contracts, to gain long or short exposure to the S&P 500 or VIX Index.
Specifically, the Fund may invest in ETFs, ETNs, or derivative instruments linked to the returns of the S&P 500 or in VIX Index options or futures contracts (long or short). A futures contract is a standardized agreement to buy or sell a specific quantity of an underlying instrument ( e.g. , the S&P 500 or VIX Index) at a specific price at a specific future time. Investments in derivative instruments, such as futures contracts, have the economic effect of creating financial leverage in the Funds portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Funds exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Funds portfolio.
The Funds strategy may result in returns for a single day or longer periods of time that are significantly higher or lower than the returns of the broader U.S. equity market. The Fund may also purchase put or call options (or option spreads) on the VIX Index, the S&P 500, or in ETNs or ETFs that seek exposure to short-term VIX Index futures contracts. An ETN is an exchange-traded debt obligation of an investment bank, and the returns of an ETN are linked to the performance of a market index or derivatives linked to such index, such as VIX Index futures contracts. Because the Fund only purchases options and option spreads and does not sell (write) uncovered (naked) options, losses from the Funds investments in options or option spreads are limited to the amount of the net premiums paid.
The Funds investments in such options or option spreads will generally involve premiums of less than 2% of the Funds net assets during a given month. Purchasing a call option gives the buyer the right to purchase shares of the reference asset at a specified price (strike price) until a specified date (expiration date) (American-style options) or at the expiration date (European-style options). The buyer of the call option pays an amount (premium) for buying the option. In the event the reference asset appreciates above the strike price, the buyer can exercise the option and receive the reference asset (for American-style options) or receive the difference between the value of the reference asset and the strike price (for European-style options) (which gain is offset by the premium initially paid), and in the event the reference asset declines in value, the call option may end up worthless and the Funds loss is limited to the amount of premium it paid.
The Funds investments in call options and put options (described below) on the S&P 500 or the VIX Index are generally expected to be European-style options. Purchasing a put option gives the buyer the right to sell shares of a reference asset at a strike price until the expiration date (American-style options) or at the expiration date (European-style options). The buyer of the put option pays an amount (premium) for buying the option. In the event the reference asset declines in value below the strike price and the Fund exercises its put option, the Fund will be entitled to deliver the reference asset (for American-style options) or receive the difference between the strike price and the value of the reference asset (for European-style options) (which gain is offset by the premium originally paid by the Fund), and in the event the reference asset closes above the strike price as of the expiration date, the put option may end up worthless and the Funds loss is limited to the amount of premium it paid.
A call spread entails the purchase of a call option and the sale of a call option on the same reference asset with the same expiration date but a higher strike price. A put spread entails the purchase of a put option and the sale of a put option on the same reference asset with the same expiration date but a lower strike price. The premium received from the sale of the call or put options is generally expected to offset the cost to the Fund of the purchased options in exchange for limiting the maximum return from such options. The Fund may also invest in leveraged, inverse, and inverse-leveraged ETFs. Leveraged ETFs seek to provide investment results that match a multiple of the performance of an underlying index ( e.g. , three times the performance) for a single day. Inverse ETFs seek to provide investment results that match a negative ( i.e.
, the opposite) of the performance of an underlying index for a single day. Inverse-leveraged ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index for a single day. Leveraged, inverse, and inverse-leveraged ETFs typically rely on derivative instruments to seek to obtain their investment objectives. The Funds strategy may result in the active and frequent trading of the Funds investments, which may result in significant portfolio turnover.
MSVX Holdings
Top 3 holdings of LHA Market State Alpha Seeker ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Treasury Bill | 60.16% |
| First American Treasury Obliga | 21.10% |
| First American Government Obli | 21.10% |
MSVX Portfolio Allocation
Asset-class allocation of LHA Market State Alpha Seeker ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 60.2% |
| Cash & Equivalents | 42.2% |
MSVX Performance
Total returns for MSVX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.9% |
| 3 years (annualised) | -3.0% |
MSVX Risk Information
Risk metrics for MSVX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.9%
MSVX Costs and Fees
MSVX costs about $126 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.26%
- Gross expense ratio: 1.26%
- Portfolio turnover: 2790%
- Brokerage commissions: 14072.30 bps of average net assets (SEC N-CEN)
MSVX Cashflows
Over the 12 months to 2024-09, LHA Market State Alpha Seeker ETF had net outflows of $10.99M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | −$5.61M |
| 2024-08 | −$615.54K |
| 2024-07 | −$1.23M |
| 2024-06 | $0 |
| 2024-05 | −$589.71K |
| 2024-04 | −$2.36M |
MSVX Debt Constituents
Largest debt holdings of LHA Market State Alpha Seeker ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury Bill | 60.16% |
MSVX Prospectus and SEC Filings
Official LHA Market State Alpha Seeker ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-25
- Prospectus (485BPOS) — filed 2023-04-26
- Prospectus (485BPOS) — filed 2022-04-27
- Portfolio holdings (N-PORT) — filed 2024-11-29
- Portfolio holdings (N-PORT) — filed 2024-08-29
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Annual census (N-CEN) — filed 2024-03-15
- Annual census (N-CEN) — filed 2023-03-16
Related Funds
Other Alternative funds tracked on ABC INVEST:
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.