ISWN vs SNTH

ISWNAAmplify BlackSwan ISWN ETF (International)

SNTHDMRP SynthEquity ETF

In short

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

SNTH Most funds in this corner hand you a fixed buffer and a reset date. SNTH skips the calendar: an actively managed mix of S&P 500 index options and Treasuries aiming for equity-like exposure while mitigating losses, at 0.96%.

Stated mandate

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

SNTH The Fund seeks long-term capital appreciation through an actively managed combination of options on the S&P 500 Index and U.S. Treasuries. The strategy is designed to provide synthetic equity exposure while mitigating losses.

Why people hold it

• ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
• No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
• The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
• Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.com

• SNTH Equity-like exposure assembled from S&P 500 index options sitting on a Treasury base, run actively, with no fixed outcome period or reset date to time your entry around.
• The portfolio does what the filings describe: US focus, S&P 500 options plus Treasuries, active management. No style drift to decode.
• Has gathered hundreds of millions since its 2025 launch, trades at moderate volume, and pays a distribution quarterly.

Worth knowing

• ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
• The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
• Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

• SNTH At 0.96% with no waiver, it prices above the category median. The Calamos structured protection funds (CPRY, CPRO, CPRJ) run 0.69%, and ISWN runs 0.49%.
• Loss mitigation here is the manager's call, not a stated buffer percentage, so how much cushion is in place shifts with the options book.
• Launched March 2025, so the risk record is still short, and an options-plus-Treasuries build can diverge from the S&P 500 in either direction.

Full ISWN profile⁠

Full SNTH profile⁠