MRP SYNTHEQUITY ETF (SNTH) Educational Report

What this ETF is trying to do

The MRP SYNTHEQUITY ETF (ticker: SNTH) is an exchange-traded fund listed on the NYSE. Based on its top holdings, the fund includes various assets such as options related to the S&P 500 and United States Treasury Notes.

What the numbers show

It is important to understand that "price return" and "total return" tell different stories. Price return only tracks how much the share price itself moves. Total return includes both the price movement and any cash distributions paid out to investors.

As of September 25, 2026, the current price is $30.01. Here is how the fund has performed:

• Year-to-Date (YTD): The price return is approximately 8.38%. When including distributions, the YTD total return is approximately 9.35%.

• One-Year: The price return is approximately 0.27%. When including distributions, the one-year total return is approximately 12.73%.

To visualize the price change, an investor's $10,000 investment in shares would have been worth an estimated $10,009.67 one year ago (based on the estimated price of $29.93).

Income and distribution explanation

This ETF has a distribution yield of approximately 11.47%. This number describes the cash distributions relative to the ETF price. In the last 12 months, there were 3 payouts. The distribution frequency is described as irregular or less frequent.

While a high yield provides cash income, it is important to remember that a high distribution rate does not guarantee the preservation of your original investment (your principal).

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value, or the actual value of the assets held by the fund. While a falling share price can sometimes look like erosion, they are not always the same thing.

For this ETF, the erosion-risk score is 94, which is labeled as "Stable / sideways." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• The fund has shown a positive total return over the last year of approximately 12.73%.

• The erosion-risk measurements suggest the fund is currently stable.

Cons

• The one-year price return (0.27%) is much lower than the total return, meaning most of the gains came from distributions rather than share price growth.

• The distribution frequency is irregular, meaning payouts do not happen on a set schedule.

Beginner takeaway

When looking at SNTH, it is helpful to distinguish between the share price and the total return. This ETF has provided a high distribution yield, but much of its one-year performance came from those cash payments rather than the increase in the share price itself. Always remember that high yields can be misleading if the share price is not also growing.