Regents Park Hedged Market Strategy ETF
RPHS
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- Regents Park Hedged Market Strategy ETF (RPHS) is an actively managed exchange-traded fund that seeks capital appreciation through exposure to the U.S. large-cap equity market, primarily via equity securities represented in or linked to the S&P 500 Price Index, while hedging overall market risk using derivatives such as long and short positions in futures, options, swaps, and standardized call and put option contracts on the S&P 500 Index; it also employs fixed income instruments including U.S. Treasuries and corporate bonds for collateral and liquidity management. The ETF, which commenced operations on March 31, 2022, and trades on the Cboe BZX Exchange under ticker RPHS with CUSIP 90214Q642, is a series of the Two Roads Shared Trust, advised by Anfield Capital Management, LLC, and distributed by Northern Lights Distributors, LLC. As of late 2025, RPHS manages net assets of approximately $53 million with around 4.8 million shares outstanding, an expense ratio of 0.75%, and a portfolio concentrated in top holdings representing nearly 50% of assets, spanning equity, government securities, finance, and utilities sectors. RPHS operates within the large-cap blend equity segment, targeting investors seeking equity upside potential with downside protection through systematic hedging strategies; its geographic focus is predominantly U.S.-based, with minor exposures to international markets including the United Kingdom, France, and Canada via underlying holdings. The fund is managed by Regents Park Funds, LLC, headquartered at 19900 MacArthur Blvd., Suite 655, Irvine, California 92612, a multi-boutique platform founded around 2014 that launches and oversees a family of ETFs featuring distinct investment philosophies from partner advisors. In recent developments, RPHS announced a capital gains distribution on December 11, 2025, comprising short-term gains of $0.3144 per share and long-term gains, reflecting portfolio rebalancing amid market conditions. Additionally, Anfield Capital Management, LLC, the fund's sub-advisor, entered into a definitive agreement in December 2025 to be acquired by Horizon Investments, N.C., LLC, a wealth management and investment solutions provider, with the transaction pending shareholder approvals and expected to close in the first half of 2026; this strategic move aims to enhance Anfield's fixed income expertise, ETF suite, and OCIO services while integrating its team into Horizon's operations. No other major acquisitions, new product launches, or reorganizations specific to RPHS or Regents Park Funds were reported in the last 1-2 years.