MRP SynthEquity ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 14 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SNTH
OverviewTheFund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective through a combination of options(“Options Strategy”) and U.S. Treasuries (“Treasury Strategy”). The Fund primarily seeks capital appreciationby investing in options contracts on the S&P 500 Index (the “Index”) which are considered synthetic holdings of the Index.The Fund’s Options Strategy aims to capture equity market appreciation by providing synthetic long exposure to the Index. In additionto its synthetic equity exposure, the Fund allocates to U.S. Treasury securities primarily for principal protection. Together, these strategiesare designed to balance equity market participation with risk mitigation, establishing a “floor” that seeks to limit significantmarket losses, generally targeting a maximum loss of approximately 15% per one-year rolling period.TheFund’s sub-adviser, Measured Risk Portfolios, Inc. (the “Sub-Adviser”), anticipates that, in rising markets, the valueof its options will increase, allowing the Fund to sell them at a profit. The Sub-Adviser may then reallocate all or a portion of anysuch profits into the Fund’s Treasury securities allocation in an effort to protect gains from potential future declines in theIndex.TheFund’s principal investment strategies seek to provide a “floor” against significant market losses, generally targetinga maximum loss of approximately 15% one-year rolling period. However, actual losses during a year may vary based on market conditionsand the composition of the Fund’s options portfolio. While the Fund aims to limit losses to approximately 15% by the end of eachrolling one year, there is no guarantee that it will achieve this target.Additionally,if the markets experience only slight declines, the Fund may experience losses that exceed the markets’ declines. Conversely, inrising markets, the Fund’s overall performance may lag in relation to the Index due to its limited equity exposure and significantallocation to U.S. Treasury securities.EquityExposure/Floor - Options StrategyTheFund’s Options Strategy seeks to capture equity market appreciation through synthetic long exposure (the use of derivatives designedto derive performance over the long term from a direct investment) to the Index.Todo so, the Fund will generally allocate approximately 10-15% of its net assets to pay premiums for the purchase of call options (contractsthat give the buyer the right, but not the obligation, to buy an asset at a set price) on the Index. In addition to Index options, theFund may use options on broad-based, passively managed ETFs tracking the Index. The Fund will generally select out-of-the-money optionswith a strike price near the current level of the Index, that have a duration (time until expiration) of approximately one year. Indexoptions can typically be purchased for a fraction of the cost of purchasing each stock represented in the Index, limiting the potentialloss on the Options Strategy to the amount of premiums paid for the options.Ifthe Index rises, the call options typically respond positively, gaining value as fast or faster than the market appreciates, allowingthe Sub-Adviser to sell those options at a profit. A percentage of this profit is used to purchase additional Treasuries, and a majorityof the proceeds are rolled into a new option strike price that is out of the money but near to the then current Index level.Ifthe Index declines, the call options typically respond negatively, losing value as fast or faster than the market decline but limitedto a maximum of the premium paid to acquire them. The Sub-Adviser will not reallocate Treasuries to the Option Strategy during a marketdecline until or unless the options currently held reach expiration.Becauseoptions have a limited duration (typically one year in this strategy), if the Index is range-bound or does not increase sufficiently duringan extended period of time, significant underperformance may occur as the time value of the purchased options decays due to time valueerosion.Insummary, if the Index is rising, the Sub-Adviser trims the allocation to options to harvest gains and move them into the relative safetyof the Treasury Strategy. If the market is declining, the Sub-Adviser will allow the options to decline, potentially reaching a 100% loss,without increasing allocations to the Option Strategy. In this way, the Fund’s Options Strategy uses synthetic long exposure tocapture equity market appreciation while attempting to maintain 10-15% of its net assets to purchase call options and the potential tolimit losses to approximately 15% over a rolling one-year period.Inaddition to its synthetic long exposure, the Fund’s Options Strategy together with its Treasury Strategy (described below) is designedto provide a “floor” against significant market losses, targeting a maximum loss of approximately 15% per rolling one-yearperiod. The floor is achieved through the Fund’s combined allocation to options and U.S. Treasury securities, which help mitigatedownside risk while still allowing for participation in market gains. Backed by the full faith and credit of the U.S. government, U.S.Treasury securities present minimal default risk so their return is considered the “risk-free rate of return.” Additionally,their value is generally less affected by equity market volatility and broader economic trends, providing stability and principal protectionto the vast majority of the Fund’s portfolio. While the Fund aims to limit losses to approximately 15% annually, actual resultsmay vary based on market conditions and the composition of the portfolio. For more information on the floor, see the section in the prospectusentitled “Additional Information about the Fund.”Asnew investments are made in the Fund and as market conditions evolve, the Sub-Adviser will adjust the Fund’s allocation to options,which will generally range between the then-current risk-free rate (the yield on U.S. Treasury securities or other comparable instruments)and the Fund’s then-current options risk level (the proportion of the Fund’s portfolio invested in options).TheFund will use both standardized exchange-traded option contracts and FLexible EXchange®(“FLEX”) option contracts. For more information on FLEX options, see the section in the prospectus entitled “AdditionalInformation about the Fund.”●In general, an option contract on the Index gives the purchaser the right to gain or sell exposure to the value of the Index at a specifiedprice (the “strike price”) without requiring actual delivery of shares (as the Index does not issue shares).●The seller of an option contract obligates the buyer to assume exposure to the value changes of the Index. For a sold (or “short”)call option, the seller provides exposure as if the Index were sold at the strike price, while for a sold (or “short”) putoption, the seller assumes exposure as if the Index were purchased at the strike price.●Options contracts must be exercised or traded to close within a specified time frame, or they expire.TreasuryStrategyThemajority of the Fund’s portfolio will be allocated to U.S. Treasury securities, primarily seeking to provide principal protectionthrough the safety of short-duration U.S. Treasuries. While these holdings may generate income, the Fund may use this income to increasethe initial allocation to the Option Strategy while maintaining a net loss floor of approximately 15% over a one-year period.Toimplement its Treasury strategy, the Fund will generally utilize a quarterly Treasury ladder, purchasing Treasury securities with maturitieson or around March 15, June 15, September 15, and December 15. The Fund aims to purchase the highest-yielding Treasuries available witha one-year maturity, maintaining an average portfolio duration of approximately six months.GeneralTheFund is considered to be non-diversified, which means that it may invest a greater percentage of its assets in the securities of a singleissuer or a smaller number of issuers than if it were a diversified fund. The Fund is expected to have a high portfolio turnover rate.Noneof the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performanceof the Index.
SNTH News
Data for SNTH is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.