As of May 22, 2026
| Strategy | Position | Current Market Reading |
| Trend | 🟢 Offensive | Our trend strategy is fully engaged in U.S. equity positions. |
| Momentum | 🟡 Neutral | Our momentum strategy is mostly engaged in U.S. equity positions, but with a tilt toward more defensive equity and some exposure to gold. |
| Tactical blend | 🟢 Offensive | Positioned to capture market upside. |
Understanding our market readings.
The table above shows MSCM’s reading of U.S. equity markets as of the date noted above. The color summarizes our internal data-driven view of our positioning in response to how the current equity markets are behaving with respect to trend and momentum, two prevalent market factors that we utilize in our tactical investing strategies.
What the colors mean.
🟢 Green (Offensive): High equity exposure, positioned to participate in market upside
🟡 Yellow (Neutral): Blended positioning, not fully exposed to US equity
🔴 Red (Defensive): Low or no equity exposure, positioned to protect capital
Last status change.
Our trend strategy shifted from being fully defensive in February and March to being fully engaged in equity positions since early April.
Investment process.
We run quantitative, rules-based, fully tactical strategies. Why?
It’s unemotional, ignores the news that drives noise in the markets, and instead focuses solely and relentlessly on how the US stock market is actually behaving on an ongoing basis.
We also serve as sub-adviser to an ETF. Click here to learn more about the ETF and see the current holdings.
The information contained in this material is current only as of the date noted and reflects the views, data and market conditions at a point in time. Market conditions, portfolio holdings, and other factors may have changed since that date. MSCM undertakes no duty to update the information contained herein. Past performance is not a guarantee of future results. McElhenny Sheffield Managed Risk (MSMR) (the “Fund”) is non-diversified meaning it may concentrate its assets in fewer individual holdings or sectors. Therefore, the Fund is more exposed to individual stock volatility or sensitive to developments that significantly affect those issuers or sectors which could have a greater impact on its performance. The Fund utilizes Sector Rotation and Trend-Based strategies that use a variety of market indicators and stop levels that seek to identify upward or downward trends in the U.S. equity markets. If an indicator or stop levels fail to detect significant downturns in the market, the Fund may continue to be exposed to underlying that may lose value during such downward periods. Similarly, if the indicators fail to timely identify a reversal of a downward trending market, the Fund may continue to be exposed to defensive ETFs at a time when there is significant appreciation in the equity markets. Either scenario could result in the Fund underperforming other funds that do not employ these strategies. There can be no guarantee the Sector Rotation strategy will correctly or timely identify the industries, sectors, or asset classes that will outperform during a given quarter or that the Trend Plus strategy will correctly or timely identify market trends. The Fund may invest in other investment companies and ETFs which may result in higher and duplicative expenses. If the Fund invests in U.S. Dollar ETFs, changes in currency exchange rates and relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of Fund shares. Investments in fixed income securities typically decrease in value when interest rates rise. If interest rates fall certain obligations may be paid off more quickly and the proceeds invested in securities with lower yields. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in an issuer. Investing in ETFs are subject to risks that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds ability to sell its shares. Shares of any ETF are bought and sold at Market Price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Nothing contained in this material constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Aptus Capital Advisors is the adviser to the Fund and the Fund is distributed by Quasar Distributors, LLC.
This information is not an offer to buy or a solicitation to sell any security or investment product. Such an offer or solicitation is made only by the securities’ or investment products’ issuer or sponsor through a prospectus or other offering documentation.