Score 0
Extremely bearish
0%
Equity exposure
Negative near-term equity outlook
Illustrative allocation
- Short-term U.S. Treasuries or other cash instruments
- 100%
MARKET SENTIMENT
Investment Process
The Fund uses a three-step process to anticipate market direction and appropriately position the portfolio. This process is driven by a diverse set of micro-alpha signals - individual indicators that have shown to be predictive in forecasting near-term market performance.
View the Market Sentiment Meter
Step 1
Evaluate Micro Alpha Signals
HTUS analyzes a broad range of signals derived from economic, fundamental, technical, event-driven, seasonal, and sentiment data. Each signal is designed to capture a distinct aspect of market behavior. These signals are evaluated using statistical methods and combined to form a comprehensive, forward-looking view of overall market conditions.
Step 2
Generate Market Sentiment Score
The individual micro alpha signals are aggregated into a single market sentiment score, which reflects the Fund's overall outlook and confidence in the near-term market environment. By combining many independent signals, the process seeks to reduce reliance on any single indicator and produce a more robust and consistent assessment.
Step 3
Position The Portfolio
The Fund adjusts equity exposure based on the Market Sentiment Score. Exposure is increased when signals indicate favorable conditions and reduced as uncertainty or risk rises.
The exposure may range from 0% equity exposure in the most defensive environments to 200% long exposure in the most favorable conditions, with 100% representing a neutral position.
Market Sentiment Score
The Market Sentiment Score ensemble the micro alpha signals into a single, actionable measure used to guide portfolio positioning. Each level of the Market Sentiment Meter corresponds to a targeted equity exposure level.
This approach is designed to allow investors seeking to participate in rising markets while seeking to place an emphasis on risk management during periods of elevated uncertainty or increased risk.
Market Sentiment Meter
As of: October 19, 2026
Current: 101
DefensiveNeutralRisk-on
101
255075100125150175
Historical Equity Exposure
Available from June 25, 2015 through October 27, 2026. Select a published date to view its exposure.
Source: Hull Tactical’s published exposure files. Historical exposure values are converted from decimal ratios to percentages. The latest daily file is included when it is newer than the history file. No values are estimated for missing dates.
For the model’s category contributions and positioning details, use the daily report linked above.
Market outlook. Dynamic equity exposure.
How the Market Sentiment Score translates into illustrative portfolio positioning
Score 50
Bearish
50%
Equity exposure
Negative near-term equity outlook
Illustrative allocation
- S&P 500 ETF
- 50%
- Short-term U.S. Treasuries or other cash instruments
- 50%
Score 100
Neutral
100%
Equity exposure
Average near-term equity appreciation
Illustrative allocation
- S&P 500 ETF
- 80%
- S&P 500 futures
- 20%
Score 150
Bullish
150%
Equity exposure
Strong near-term equity appreciation
Illustrative allocation
- S&P 500 ETF
- 80%
- S&P 500 futures
- 70%
Score 200
Extremely bullish
200%
Equity exposure
Very strong near-term equity appreciation
Illustrative allocation
- S&P 500 ETF
- 80%
- S&P 500 futures
- 120%
Exposure describes portfolio positioning—not a guaranteed return multiple.
For illustration only. Actual allocations and exposures may vary. Percentages shown are illustrative and do not represent current holdings.
Leverage can magnify gains and losses. Investing involves risk, including possible loss of principal.
HTAA, LLC serves as the investment adviser. The Funds are distributed by Northern Lights Distributors, LLC (4221 North 203rd Street, Suite 100, Elkhorn, NE 68022) Check the background of Northern Lights Distributors, LLC on FINRA’s BrokerCheck.