Capitol Series Trust Hull Tactical US ETF

Hull Tactical US ETF (HTUS) is an actively managed fund that uses computer models to bet on the direction of the S&P 500. It mostly holds the SPDR S&P 500 ETF Trust, plus futures and options. It can hold long positions of up to 200% of its assets or short positions of up to 100%, so it works more like a tactical strategy than an index fund. Its 0.96% expense ratio is high for a fund whose main holding is an S&P 500 ETF.

• Over the year to Oct 27, 2026, HTUS returned +17.8%, 1st of 8 among similar funds.
• Its 5-year annualized return was +14.8% and its 10-year +12.9%.
• In the 2020 COVID crash it fell 47.4% and regained its old high 6.7 months after the low.
• Its worst full calendar year was 2022 (-13.1%); its best was 2023 (+30.1%).
• The deepest fall in its price history was 47.5% (Feb 12, 2020 to Mar 18, 2020), recovered by Oct 9, 2020.

As of Jul 31, 2026, the fund held 4 securities; the ten largest made up 92.76% of assets, and 2.42% sat in cash and money-market holdings.

• Over the three months to Jul 31, 2026, investors added a net $11.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.03%, -0.84%, +0.41%.

The adviser, Hull Investments, runs its own models that study past and recent market data to predict where the S&P 500 is heading. The models' signals are combined into an "ensemble" built from statistical, sentiment, technical, fundamental and economic data. A combined signal is produced near the market close each trading day. It decides whether the fund bets on stocks rising (long) or falling (short), and by how much.

The fund starts with S&P 500 ETFs. It then raises or lowers its exposure with S&P 500 futures, options on the S&P 500, and funds linked to VIX futures, which track expected market swings. Long exposure can reach 200% of net assets, and short exposure can reach 100%. As of July 31, 2026, the SPDR S&P 500 ETF Trust made up 80.0% of the fund. Treasury bills were about 12.7% and cash 2.4%. It also held 11 derivative positions, including E-mini S&P 500 futures, S&P 500 call options and VIX futures. Separately, the fund trades options on individual stocks and indexes when its models flag them as mispriced, aiming to earn income.

The fund can move entirely into Treasuries and cash for long stretches. It has no buffer or floor against losses. It usually creates and redeems shares for cash, so it may have to sell holdings and realize capital gains. Portfolio turnover was 71%.

• HTUS charges 0.96% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.91% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).

It uses models to make leveraged long-or-short bets on the S&P 500, charges 0.96%, and once fell 47.5%, so it fits better as a small side position than as a foundation.

HTUS could add a model-driven, actively managed slice of US stock exposure, but its record in downturns shows the risks. In the 2020 COVID crash it fell 47.4% between February 20 and March 18, 2020, and took about 6.7 months to recover. In the 2022 bear market it dropped 20.1% and needed about 7.7 months to regain its peak, which it did by June 2, 2023. Its worst calendar year was 2022, down 11.06% by prospectus figures. It launched in 2015, so it has no 2008 record. Selling shares in a bad year could lock in deep losses.

It pays out once a year. The trailing yield was 10.27% as of October 27, 2026, but a single annual payment can vary widely from year to year. In the SEC's standard $10,000 example, costs come to $98 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.