Financial infrastructure to participate in private company growth. Inherently, private markets are inaccessible. The world's most valuable companies are staying private longer than ever while major growth occurs.

Synths operates under Ontario's NI 45-106 exempt market framework, which permits the offering of certain securities to accredited investors without a prospectus filing. Synthetic Units are structured as synthetic valuation-tracking instruments, not direct securities in any referenced Private Company. We are simultaneously engaging with the Ontario Securities Commission's LaunchPad program and the CSA Regulatory Sandbox to formalize our regulatory standing as the platform scales.

A limited launch to verified accredited investors under the NI 45-106 accredited investor exemption is lawful. It also gives regulators what they consistently ask for: demonstrated market demand, real product feedback, and a functioning compliance record. We have obtained a formal securities law opinion to guide our launch posture. Regulatory engagement is ongoing.

Early-stage investors in financial infrastructure have always backed platforms ahead of full regulatory clarity. A waitlist or early trading volume on Synths is one of the most credible demand signals in private markets, directly quantifying how many accredited investors want exposure to companies that VCs already hold in their own portfolios. As trading volume grows, the platform generates a continuous, crowd-sourced view on private-company valuations derived from real money.

You almost certainly cannot buy the real thing. Private company shares require transfer approval from the issuer, participation in a tender program, or access to a secondary marketplace that most investors cannot join. Synths removes that barrier. You are taking a position on the direction of private-market valuation, not acquiring equity, not requiring board approval, not waiting for a tender window.

An Initial Synthetic Offering (ISO) is the mechanism by which Synths introduces a new Synthetic Unit to the Platform. During the ISO period, the market establishes an opening Market Price through an initial order submission and matching process, similar in concept to an IPO's price discovery phase. Before an ISO clears, all user funds are held in a dedicated trust account at a Canadian Schedule I bank, fully segregated from Synths' operating capital.

Synthetic instruments do not require a public stock ticker; they require a credible reference price. Synthetic Units do not involve transfer approval from the issuer, settlement of private shares, or legal ownership of any class of stock. The instrument just needs a reliable way to mark where the company should be priced, and the private markets produce that data regularly through funding events, secondary trades, and appraisals.

A Synthetic Unit is a financial instrument that trades at a Market Price determined by supply and demand between users. It is not equity, shares, debt, or any ownership interest in the referenced company. It carries no voting rights, dividends, or claims against the referenced company. What you own is a position that gains or loses value based on movements in the Market Price. In the event Synths ceases operations, all open positions would be settled at the last published Reference Price and funds returned to each user.

The Reference Price for each listed Private Company is calculated by Synths using a weighted-average methodology applied to publicly available valuation data. Sources include disclosed primary funding rounds, secondary market transaction prices, tender offer prices, and third-party appraisals. The methodology, data sources, and weightings are published on the Platform for every listed company.

The Market Price is determined by supply and demand between users and does not depend on a live data feed to remain operational. When fresh data arrives (a new funding round, a significant secondary transaction, a disclosed tender offer), the Reference Price is updated and the market re-prices around it. Between updates, users continue to trade based on public information, sector sentiment, and their own analysis.

Private companies do not have a meaningful public share price. Preferred and common shares trade at different prices; different share classes carry different rights; and the number of fully diluted shares outstanding is often not publicly disclosed. Company valuation is the figure that markets, investors, and the press consistently reference when discussing private companies: it is the number generated by funding rounds, secondary transactions, and appraisals.

Fair market value is a legal concept used in tax appraisals and 409A valuations, which assumes a hypothetical willing buyer and seller, often arriving at a conservative figure that does not reflect actual transaction prices. It is backward-looking and methodology-dependent. Market value reflects what participants actually paid in real transactions: funding rounds at their headline valuations, secondary market trades, and tender offer prices. This is the number that captures genuine market sentiment, which is what Synths users are expressing opinions about.

The ISO opening price may differ from the Reference Price. During the ISO period, the market establishes its own opening Market Price through the initial order submission process. The Reference Price serves as the publicly derived anchor, calculated from a weighted average of funding round data, secondary market transactions, tender offer prices, and third-party appraisals. We publish the methodology, inputs, and weightings for every Reference Price.

Users will trade based on the same information they already use to form views on private companies: publicly reported funding rounds and valuation markups, macroeconomic conditions, comparable public company performance, product announcements, hiring activity, and broader news coverage. These companies generate continuous coverage across financial press, technology media, and general news. Users are reminded that trading based on material non-public information is prohibited.

All user funds deposited on the Platform are held in a dedicated trust account at a Canadian Schedule I bank, fully segregated from Synths' operating capital. Synths does not commingle user funds with its own funds under any circumstances. The Platform undergoes periodic independent audits to verify that trust account segregation requirements are being met.

No. Funds held on the Platform are not deposits under the Canada Deposit Insurance Corporation Act and are not eligible for CDIC deposit insurance or any equivalent government-backed protection. The trust account structure provides strong segregation of user funds from operating capital, but does not guarantee recovery in the event of Synths' insolvency. You should only deposit capital you can afford to lose.

Deposits may be made via Interac e-Transfer, wire transfer, or cryptocurrency wallet. Cryptocurrency deposits are converted to Canadian dollars at the prevailing exchange rate and held in the trust account in Canadian dollars. Synths does not charge deposit fees. Withdrawal requests are processed within two business days via Interac e-Transfer to your originating account. Synths does not charge withdrawal fees.

Account statements are available for download at any time from your account dashboard in both PDF and CSV format. Your statement shows all deposits, withdrawals, trades, realized gains and losses, and current open positions. A consolidated annual statement is generated each January and delivered to your registered email address.

Synths employs several structural protections: confidence bands that trigger automated review if the Market Price deviates materially from the Reference Price; LULD-style circuit breakers that halt trading when price moves exceed defined thresholds; and trade surveillance that logs all orders and executions in a tamper-evident audit trail monitored for patterns consistent with wash trading, spoofing, layering, and front-running.

The Reference Price is derived entirely from publicly verifiable third-party data. Synths does not conduct or participate in any of the underlying transactions that generate this data. The methodology, data sources, and weightings applied to every Reference Price are published on the Platform, allowing any user or external party to independently verify the basis for each calculation.

Our launch strategy concentrates liquidity into a small number of high-demand Synthetic Units rather than distributing it thinly across many. Every company listed at launch was selected because it has massive global recognition, strong existing trader demand, and meaningful private-market valuation signals. Where needed, we will work with designated market participants to support functional spreads during the early period.

At launch, the Platform supports long positions only. You can build a diversified portfolio across multiple Synthetic Units to manage exposure, but short selling is not available at this time.

Yes. Because these are synthetic instruments and not locked-up private shares, you can close your position at any time during trading hours by selling to another user. There is no lockup period, no transfer approval required, and no waiting for a liquidity event. Note that circuit breakers and trading halts may temporarily limit your ability to transact at times of your choosing.

When a referenced Private Company is acquired or completes an IPO, the associated Synthetic Unit is delisted. All open positions are settled at the final Reference Price (derived from the announced acquisition price or IPO price) and settlement proceeds are credited to user accounts. Synths will provide advance notice of delisting wherever commercially practicable.

Synths charges a trading commission on each executed order. The current fee schedule is published on the Platform and may be updated on not less than 14 days' notice. There are no fees for account registration, deposits, withdrawals, or account maintenance.

Gains realized from trading Synthetic Units are generally expected to be characterized as capital gains for Canadian resident individuals. Your annual account statement provides a summary of all realized gains and losses to assist with tax filing. Tax treatment varies by jurisdiction; investors outside Canada should consult a local tax advisor. Nothing in this document constitutes tax advice.

Most sophisticated investors can form a strong view on companies like Anthropic, OpenAI, or ByteDance (TikTok). Very few can act on that view directly. The gap between interest and accessibility is the market Synths occupies. Synths offers: access (express long views on private-market valuations without cap table access, board approval, or minimum check size constraints); liquidity (exit positions at any time during trading hours, rather than waiting years for an IPO or secondary window); price discovery (contribute to and benefit from a market's collective, real-money view on where a company should be valued); and portfolio diversification (exposure to high-growth private companies as an asset class, previously available only to venture funds and their LPs).

Each listed company was selected against four criteria: massive global recognition, strong trader demand, meaningful private-market valuation signals, and no straightforward path to public-market access. That combination creates a gap between public interest and practical accessibility, which is exactly the gap Synths closes. When a company is this culturally visible, most informed market participants can form a view on it. Synths gives that view a venue.

Synths does not use, license, or republish proprietary company data, trade secrets, or material non-public information. The Reference Price for each Synthetic Unit is derived from publicly available data. A synthetic instrument referencing publicly available valuation data is structurally similar to a financial analyst publishing a price target. Neither requires the company's consent. Synths is not affiliated with, endorsed by, or connected to any referenced Private Company.

Potentially, yes. Trading activity on Synths generates a continuous, market-derived signal on how outside investors value a private company, information that is otherwise unavailable without commissioning a study or conducting a formal fundraise. That signal can be useful before an IPO or major funding round, and it arrives without requiring disclosure, reporting, governance changes, or compliance obligations on the company's part.

Trading Synthetic Units carries material risks including: valuation data risk (private-market data is less frequent and less standardised than public market data); market price divergence risk (the Market Price and Reference Price may diverge materially); liquidity risk (spread and depth may be lower in early stages); regulatory risk (the regulatory environment for synthetic instruments is evolving); custody risk (funds are not covered by government-backed deposit insurance); and concentration risk (private unicorn companies are high-growth enterprises that may not achieve expected valuations). You may lose the entire amount you invest.

All legal and policy documents are available in the footer of every page on the Platform at getsynths.com, including the Terms of Service, Privacy Policy, Market Integrity Policy, Risk Disclosure Statement, Accredited Investor Attestation, Cookie Policy, and Trademark and Intellectual Property Notice. Contact: info@getsynths.com