At a glance
SNTH charges 0.96% a year. It has $222.5M in assets; it paid 12.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.3% with distributions reinvested.
The short version
MRP Synthequity ETF (SNTH) is an actively managed fund that gets its stock-market exposure from call options on the S&P 500 Index. It spends about 10–15% of its assets on those options and keeps most of the rest in short-term U.S. Treasuries. It aims to limit losses to about 15% over any rolling one-year period, but that limit is not guaranteed. The trade-offs are a 0.96% expense ratio and a track record that starts only in March 2025.
Price history
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SNTH +6.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SNTH price data to Oct 27, 2026 | +8.7% | +6.3% | — | — | — | +20.0% |
- Over the year to Oct 27, 2026, SNTH returned +6.3%.
- The deepest fall in its price history was 9.8% (Mar 24, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 |
What's inside
As of Jun 30, 2026, the fund held 4 securities; the ten largest made up 83.78% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 21.16% | |
| US TREASURY N/B Bonds and notes | 20.93% | |
| US TREASURY N/B Bonds and notes | 20.91% | |
| US TREASURY N/B Bonds and notes | 20.79% |
By country
United States 83.78%By issuer
US Treasury 83.78%The bonds mature in 0.6 years on average (weighted by size), with an average coupon of 4.25%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $68.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.96%, +5.23%, -2.06%.
How it works
MRP Synthequity ETF is actively managed, not tied to an index. Sub-adviser Measured Risk Portfolios, Inc. spends roughly 10–15% of net assets on call options on the S&P 500 Index or on ETFs that track it. A call option is the right, but not the obligation, to buy at a set price (the strike). The fund generally buys calls with about a year to expiration and strikes just above the index level. Most of the rest sits in U.S. Treasuries.
As of June 30, 2026, four Treasury notes made up about 84% of assets (average maturity 0.6 years). Options were about 14.5%, led by a call on SPY expiring June 17, 2027 (about 10%). When stocks rise, the manager sells winning options, moves part of the profit into Treasuries and rolls most of the proceeds into fresh calls. When stocks fall, the options can lose their full cost, and the manager does not shift Treasury money into options until the existing ones expire.
Together, the two parts aim to limit losses to about 15% over any rolling one-year period. That is a target, not a guarantee. In a small decline, the fund can lose more than the market. In a flat market, the options lose value as expiration nears.
What it really costs
- SNTH charges 0.96% a year.
- Of that, 0.95% 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SNTH | $98 | $306 | $531 | $1,178 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is built to take part in stock gains while aiming to keep losses over any one-year period to about 15%, though that aim hasn't yet been tested in a bear market.
SNTH may appeal to retirees who want some stock-market growth but worry about a deep fall in a year when they need to sell shares. The record is short, though. The fund launched on March 10, 2025, so it did not exist during the 2008, 2020 or 2022 downturns, and it has no full calendar year of returns. Its deepest drop was 9.8%, from March 24 to April 8, 2025. It recovered by May 12, 2025, about a month later. Over the year to October 27, 2026, it returned 6.3%, with volatility of 13%.
The trailing 12-month yield was 12.21% as of October 27, 2026, paid quarterly. The fund aims for growth, not income, so payouts may vary a lot from year to year. Costs are 0.96% a year, or $98 in the first year on a $10,000 investment under the SEC's standard example. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 upside through options and accept a stated, non-guaranteed aim of limiting yearly losses to about 15%.
- Cautious investors comfortable with most assets in short-term Treasuries, which made up 83.78% of the fund as of June 30, 2026.
- People willing to pay 0.96% a year for an actively managed options approach instead of owning stocks directly.
Look elsewhere if
- Cost-conscious investors: the SEC example shows $1,178 in costs over ten years on $10,000, well above what many plain index funds charge.
- Investors who want a long record: SNTH launched in March 2025 and has not yet been through a full bear market.
- Anyone seeking full stock-market gains or company dividends, since the fund may trail the S&P 500 in rising markets and receives no dividends.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is SNTH a buffer ETF?
Not in the usual sense. SNTH doesn't use a fixed outcome period with a set buffer and cap. Instead, it spends about 10–15% of its assets on one-year call options on the S&P 500 and holds most of the rest in short-term U.S. Treasuries. Together, these aim to limit losses to about 15% over any rolling one-year period. The prospectus says there is no guarantee the fund will meet that target.
Does SNTH pay dividends?
Yes, it pays quarterly. As of October 27, 2026, the trailing 12-month yield was 12.21%, or $3.62 per share. The fund's stated goal is long-term growth, not income, so payouts may vary a lot from year to year. Because it holds options rather than stocks, it receives no dividends from S&P 500 companies. Its income comes from Treasury interest and fund distributions.
Can SNTH lose more than 15% in a year?
Yes. The roughly 15% maximum loss is a target, not a guarantee, and the prospectus says actual losses may vary. The options can lose their entire value in a falling market. In small declines, the fund may even lose more than the market does. Its deepest drop so far was 9.8%, from March 24 to April 8, 2025. That decline was not a long bear market, which the fund has yet to go through.
What is SNTH's expense ratio?
SNTH's expense ratio is 0.96%, according to its prospectus filed April 24, 2026. That includes a 0.95% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $98 after one year, $306 after three years, $531 after five years and $1,178 after ten years. The fund's portfolio turnover was 19%.
How is SNTH different from an S&P 500 index fund?
An S&P 500 index fund owns the stocks in the index. SNTH owns call options on the index, 14.51% of assets as of June 30, 2026, and puts most of the rest in short-term Treasuries. As a result, it receives no company dividends, may trail the index in strong markets and aims to limit yearly losses to about 15%. SNTH returned 6.3% over the year to October 27, 2026, and 20% from its March 2025 launch to that date.