MPST Innovation and Growth ETI MPST ETI
Investor Update · November 2025 Update · Nov 2025
Market Drivers and Strategy Insights
Performance vs Benchmark
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov* | Dec | LTD** |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.2% | 4.5% | -1.5% | 5.2% | |||||||||
| 2026 | |||||||||||||
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov* | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.2% | -2.8% | -7.7% | 1.5% | 9.0% | 6.3% | 2.4% | 0.9% | 5.4% | 4.8% | -2.8% | 19.6% | |
| 2026 | |||||||||||||
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov* | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 1.0% | 0.3% | -0.8% | -0.4% | 1.2% | 1.1% | 0.6% | 1.2% | 1.5% | 0.7% | 0.0% | 6.4% | |
| 2026 | |||||||||||||
* Month to date, ** LTD = Launch to date (Launched on September, 1st 2025).
MPST Innovation & Growth ETI
| Sep 2025 | 2.2% |
|---|---|
| Oct 2025 | 4.5% |
| Nov 2025* | -1.5% |
| LTD (Launch to date**) | 5.2% |
Nasdaq 100
| Sep 2025 | 5.4% |
|---|---|
| Oct 2025 | 4.8% |
| Nov 2025* | -2.8% |
| YTD | 19.6% |
HFRX Global Hedge Fund Index
| Sep 2025 | 1.5% |
|---|---|
| Oct 2025 | 0.7% |
| Nov 2025* | 0.0% |
| YTD | 6.4% |
* Month to date, ** Launched on September, 1st 2025.
Market pulse
U.S. equities, led by large-cap technology names, delivered positive returns in September and October 2025. Over this period, the Nasdaq 100 (QQQ ETF) gained approximately 7%, outpacing the broader S&P 500 (SPY ETF), which advanced about 3%.
This persistent leadership by mega-cap growth stocks underscores the strength of the technology sector but also highlights the growing concentration risks inherent in broad, market cap–weighted indices.
Leveraged vehicles such as TQQQ (3× long Nasdaq 100) amplify upside momentum, yet in an environment where valuations remain historically high, the potential for sharp reversals increases. In such an environment, disciplined risk management is imperative.
Strategy spotlight — Leveraged US ETFs
Leveraged Nasdaq 100 and S&P 500 ETFs display a distinct structural duality because of the process of daily rebalancing: a powerful compounding, or “snowballing,” effect during sustained upward trends, contrasted with relative underperformance in range-bound or volatile markets.
Our investment process is designed to systematically capture prevailing market trends while containing drawdowns through tactical hedging and disciplined position management. The objective is to generate steady, risk-adjusted returns in all market conditions.
Team
Matthieu Prevot
Portfolio Manager
Over 20 years of experience in equity derivatives across BNP Paribas, Citigroup, and Dresdner Bank. Graduate of Paris-Sorbonne and Paris-Dauphine Universities.
Serge Tchangue
Portfolio Manager
Over 18 years of experience as a quantitative developer with BNP Paribas, Citigroup, and Dresdner Bank. Graduate of École Polytechnique (X) and École des Ponts et Chaussées.
Together, they combine institutional trading expertise with advanced software engineering to deliver robust, transparent, and disciplined strategy execution.
Dates & admin
| Next update | Fri 05 Dec 2025 |
|---|---|
| Investor call | Book a slot → |
| Documents | Final Terms | KID |