Advisor Managed Portfolios - Defender Risk Adaptive 500 ETF
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- Defender Risk Adaptive 500 ETF (Cboe: SPDF) is an actively managed, U.S.-domiciled exchange-traded fund that seeks long-term capital appreciation through dynamically managed exposure to U.S. large-cap equities. The Fund principally invests in exchange-traded funds providing broad U.S. large-cap market exposure, including the State Street SPDR Portfolio S&P 500 ETF (NYSE Arca: SPYM), and applies a proprietary, rules-based technical market-breadth model developed by Tamarisk Capital Management LLC to adjust net equity exposure in response to changing market conditions. The strategy may maintain full equity exposure, increase total equity exposure to as much as 140% through broad-based leveraged ETFs during favorable market regimes, reduce exposure during adverse or unstable conditions, or allocate assets to U.S. Treasury ETFs, cash and high-quality short-term fixed-income instruments for defensive purposes. The Fund serves investors seeking systematic, risk-managed participation in U.S. large-cap equity markets; it is advised by Sound Capital Solutions LLC and sub-advised by Tamarisk Capital Management LLC, which manages the portfolio, and Penserra Capital Management, which provides trading execution and implementation services. SPDF commenced operations on April 14, 2026, and began trading on Cboe on April 15, 2026; it carries a 0.69% total annual expense ratio, comprising a 0.65% management fee and 0.04% acquired fund fees and expenses. As of September 9, 2026, the Fund’s principal holding was SPYM, representing 99.69% of net assets, with the remaining assets primarily held in a U.S. Bank money market deposit account and cash or other assets. The Fund’s principal recent development is its April 2026 launch as a new actively managed, risk-adaptive large-cap equity ETF, expanding Tamarisk Capital Management’s ETF offering and making its institutional-style systematic risk-management approach available in a publicly traded fund structure.