ANNUAL REPORT
Syntax Stratified LargeCap ETF
Syntax Stratified MidCap ETF
Syntax Stratified SmallCap ETF
Syntax Stratified U.S. Total Market ETF
Syntax Stratified U.S. Total Market Hedged ETF
December 31, 2021

Syntax ETF Trust
Annual Report
December 31, 2021
Table of Contents

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This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Table of Contents
Syntax ETF Trust (Unaudited)
Dear Shareholder,
Enclosed is the report for the Syntax ETF Trust (“Syntax”) for the year or period ending December 31, 2021, together with Management's Discussion and Analysis for the Syntax Stratified LargeCap ETF (“SSPY”), the Syntax Stratified MidCap ETF (“SMDY”), the Syntax Stratified SmallCap ETF (“SSLY”), the Syntax Stratified U.S. Total Market ETF (“SYUS”), and the Syntax Stratified U.S. Total Market Hedged ETF (“SHUS”). Also included is information about the respective indices for SSPY, SMDY, and SSLY - the Syntax Stratified LargeCap Index, the Syntax Stratified MidCap Index, and the Syntax Stratified SmallCap Index.
Syntax offers investors investment products that track Stratified Weight versions of major market indices. Stratification is a patented process that determines the common risks companies face and equally divides stocks within carefully-defined segments. Its goal is to provide diversification across business risks1. Syntax’s long-term goal is to provide investors with a Stratified alternative to invest in both major indices and asset classes.
We are pleased to report that during 2021, Syntax launched two new ETFs: The Syntax Stratified U.S. Total Market ETF (NYSE Arca Ticker: SYUS) launched on March 18, 2021, and the Syntax Stratified U.S. Total Market Hedged ETF (NYSE Arca Ticker: SHUS) launched on June 15, 2021. SYUS provides stratified, U.S. total market equity exposure by generally investing in SSPY, SMDY, and SSLY. SHUS also provides stratified, U.S. total market equity exposure with an additional options component: the hedging strategy is designed to reduce market risk by buying S&P 500 Index put options to limit overall portfolio downside loss. In an effort to generate additional returns, SHUS also buys and sells options on equity indices.
The Syntax ETFs all performed well in 2021. In particular, the Stratified LargeCap ETF performed well in the fourth quarter and outperformed the market cap weighted S&P 500 Index for the full year (NAV +28.76, Market Price +28.82). This outperformance took place in spite of the S&P 500 finishing 2021 with its strongest quarter of the year (+11.03%), and completing its third best annual performance of the past 20 years (+28.71%). A higher weighting in value sectors such as Energy, Industrials and Financials lifted the Stratified LargeCap above its market cap weighted counterpart (SPY).
The Syntax Stratified MidCap and Syntax Stratified SmallCap ETFs also saw strong performance for the year, but these two funds underperformed their market cap-weighted counterparts. The S&P MidCap 400 Index and S&P SmallCap 600 Index also had strong fourth quarters, rising 8.00% and 5.64% respectively. Unlike the LargeCap indices, the S&P MidCap 400 and S&P SmallCap 600 Indices are dominated by Energy and Financial companies which performed well for the year. Our two new strategies, the Syntax Stratified U.S. Total Market ETF and the Syntax Stratified U.S. Total Market Hedged ETF, have less than one year of performance but perform as expected over their respective time horizons. Additional information on their performance will be provided in each Manager’s Note.
Based on our research, we see the current market environment as one potentially favorable to investors using the Syntax Stratified Weight approach. Our research shows that the hardest hit sectors during a sell-off have generally been the best performers during the subsequent recovery. This is encouraging as the core of our Stratified Weight strategy is to spread exposure across business risk groups, instead of concentrating in the largest companies or most represented sectors and industries. In doing so, we believe our strategy will provide a more stable return by allowing investors to participate in the full economic opportunity of the reversal across sectors. We remain confident that the Stratified Weight approach is well positioned since it seeks to capture a fuller range of market opportunities by diversifying across business risks and avoiding concentrations in any one sector or industry.
We appreciate your investment in and support of The Syntax ETF Trust and look forward to serving your investment needs in the future.
1 Business risks are risks related to the nature of a company's business: what it does, who its customers are, what supplies it utilizes, and other such attributes.
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Table of Contents
Syntax Stratified LargeCap ETF (SSPY)
Manager’s Note (Unaudited)

The Syntax Stratified LargeCap ETF (the “Fund”) seeks to track the returns (before fees and expenses) of its underlying index – the Syntax Stratified LargeCap Index (the “Index”). The Index reweights the constituents of the S&P 500® to address the related business risk concentrations that occur in capitalization-weighted and equal-weighted indices. Its goal is to deliver an unbiased return that is representative of all the business opportunities represented by the index constituents.
When compared to capitalization-weighted and equal weighted strategies, the Stratified approach may provide the following potential advantages:
- Reduce the negative impact of a significant correction in an overweight sector.
- Increase the chance of participating in all sectors during a market rally.
- Capture a fuller range of market opportunities.
In accordance with its guidelines and procedures, Syntax, LLC (“Syntax” or the “Index Provider”) has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index, which is a Stratified WeightTM version of the S&P 500 Index. Unlike the S&P 500 Index, which employs a market capitalization weighted methodology, the Index utilizes a patented investment technology to diversify the same constituents and use the same rebalancing schedule as the S&P 500, the primary difference is the weighting scheme applied. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the year ending December 31, 2021, on a market price basis, the Fund returned 28.82%. On a net asset value (“NAV”) basis, the Fund returned 28.76%. During the same time period, the Index returned 29.25%. During the year, the Fund aimed to fully replicate the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the S&P 500 Index returned 28.71% and the S&P 500 Equal Weight Index returned 29.63%. The S&P 500 is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The S&P Equal Weight 500 is an unmanaged index and is the equal-weight version of the S&P 500 Index. It includes the same companies as the S&P 500 Index, but each company is allocated an equal fixed weight of the index at each quarterly rebalance.
The S&P 500 Index and the S&P 500 Equal Weight Index were selected as performance comparators for their recognition in the marketplace. Their performance comparison is a useful measure for investors as a broad representation of the U.S. equity market using two different weighting methodologies: capitalization weighting and equal weighting. Both indices also use the same underlying universe as the Index. The performance of the Fund differed from the S&P 500 Index and the S&P 500 Equal Weight Index in part because the Fund employs a Stratified Weight methodology.
 
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Table of Contents
Syntax Stratified LargeCap ETF (SSPY)
Manager’s Note (Unaudited)

Portfolio Allocations
Top 10 Holdings and Portfolio Weights  
Sysco Corp.

0.81%
Walmart, Inc.

0.78%
Costco Wholesale Corp.

0.78%
Kroger Co.

0.77%
Chevron Corp.

0.76%
Exxon Mobil Corp.

0.74%
Walgreens Boots Alliance, Inc.

0.71%
CVS Health Corp.

0.71%
Microsoft Corp.

0.67%
NRG Energy, Inc.

0.56%
As of December 31, 2021. Holdings subject to change  
Sector Breakdown  
Healthcare

12.81%
Food

12.65%
Information

12.57%
Financials

12.41%
Energy

12.39%
Information Tools

12.36%
Industrials

12.33%
Consumer Products Services

12.28%
Other Assets in Excess of Liabilities

0.20%
As of December 31, 2021. (% of the Fund’s Net Assets)
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Table of Contents
Syntax Stratified LargeCap ETF (SSPY)
Manager’s Note (Unaudited)

Performance: Growth of $10,000
Performance Return (%) As of December 31, 2021
  Cumulative Annualized   Calendar Year
  YTD 4Q21 1Y 3Y 5Y Since Fund
Inception
2015 2016 2017 2018 2019 2020 2021
SSPY NAV (%)

28.76 9.40 28.76 23.03 15.81 12.93 -1.44 14.11 19.73 -6.57 28.93 12.18 28.76
SSPY Market Price (%)

28.82 9.28 28.82 -- -- -- -- -- -- -- 28.90 12.22 28.82
Syntax Stratified LargeCap Index (TR)

29.25 9.50 29.25 23.39 -- -- -- -- 20.12 -6.43 29.33 12.38 29.25
S&P 500 Index (TR)

28.71 11.03 28.71 26.07 18.47 14.93 1.38 11.96 21.83 -4.38 31.49 18.40 28.71
S&P 500 Equal Weight Index (TR)

29.63 9.01 29.63 23.64 15.73 12.85 -2.20 14.80 18.90 -7.64 29.24 12.83 29.63
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.30%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures relating to Portability of Performance on page 11. A privately offered fund managed by Syntax Advisors, LLC was reorganized into the Syntax Stratified Largecap ETF (“the Fund”) as of January 2, 2019 upon commencement of the ETF operations. For periods prior to the commencement of ETF operations, the Fund’s performance is that of the private fund. The Fund’s NAV price as of January 2, 2019 was used in calculating market price performance for January 2 and January 3, prior to the fund first trading on the New York Stock Exchange on January 4, 2019. The Fund is subject to certain risks, including but not limited to, equity securities risk, large-capitalization risk, index tracking risk, passive strategy/index risk and market trading risk. Investing involves risk, including possible loss of principal.
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Table of Contents
Syntax Stratified MidCap ETF (SMDY)
Manager’s Note (Unaudited)

The Syntax Stratified MidCap ETF (the “Fund”) seeks to track the returns (before fees and expenses) of its underlying index – the Syntax Stratified MidCap Index (the “Index”). The Index reweights the constituents of the S&P 400® to address the related business risk concentrations that occur in capitalization-weighted weighted and equal-weighted indices. Its goal is to deliver an unbiased return that is representative of all the business opportunities represented by the constituents of the Index.
When compared to capitalization-weighted and equal weighted strategies, the Stratified approach may provide the following potential advantages:
- Reduce the negative impact of a significant correction in an overweight sector.
- Increase the chance of participating in all sectors during a market rally.
- Capture a fuller range of market opportunities.
In accordance with its guidelines and procedures, Syntax, LLC (“Syntax” or the “Index Provider”) has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index, which is a Stratified WeightTM version of the S&P 400 Index. Unlike the S&P 400 Index, which employs a market capitalization weighted methodology, the Index utilizes a patented investment technology to diversify the same constituents and use the same rebalancing schedule as the S&P 400, the primary difference is the weighting scheme applied. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the year ending December 31, 2021, on a market price basis, the Fund returned 21.66%. On a net asset value (“NAV”) basis, the Fund returned 21.95%. During the same time period, the Index returned 22.53%. During the year, the Fund aimed to fully replicate the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the S&P 400 Index returned 24.76% and the S&P 400 Equal Weight Index returned 27.12%. The S&P 400 is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The S&P Equal Weight 400 is an unmanaged index and is the equal-weight version of the S&P 400 Index. It includes the same companies as the S&P 400 Index, but each company is allocated an equal fixed weight of the index at each quarterly rebalance.
The S&P 400 Index and the S&P 400 Equal Weight Index were selected as performance comparators for their recognition in the marketplace. Both indices also use the same underlying universe as the Index. Their performance comparison is a useful measure for investors as a broad representation of the U.S. equity market using two different weighting methodologies: capitalization weighting and equal weighting. The performance of the Fund differed from the S&P 400 Index and the S&P 400 Equal Weight Index in part because the Fund seeks to track its Index that employs a Stratified Weight methodology.
 
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Table of Contents
Syntax Stratified MidCap ETF (SMDY)
Manager’s Note (Unaudited)

Portfolio Allocations
Top 10 Holdings and Portfolio Weights  
MKS Instruments, Inc.

0.83%
Cable One, Inc.

0.83%
Progyny, Inc.

0.83%
Scientific Games Corp.

0.82%
Ciena Corp.

0.81%
Lumentum Holdings, Inc.

0.81%
Molina Healthcare, Inc.

0.81%
Ziff Davis, Inc.

0.81%
TripAdvisor, Inc.

0.79%
Iridium Communications, Inc.

0.78%
As of December 31, 2021. Holdings subject to change  
Sector Breakdown  
Industrials

15.10%
Healthcare

14.78%
Financials

14.56%
Information Tools

14.37%
Consumer Products Services

13.42%
Information

13.36%
Food

7.28%
Energy

6.98%
Other Assets in Excess of Liabilities

0.15%
As of December 31, 2021. (% of the Fund’s Net Assets)
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Table of Contents
Syntax Stratified MidCap ETF (SMDY)
Manager’s Note (Unaudited)

Performance: Growth of $10,000
Performance Return (%) As of December 31, 2021
  Cumulative Annualized   Calendar Year
  YTD 4Q21 1Y 3Y 5Y Since Fund
Inception
2015 2016 2017 2018 2019 2020 2021
SMDY NAV (%)

21.95 6.42 21.95 20.81 13.35 11.48 -4.12 19.25 14.82 -7.58 23.35 17.22 21.95
SMDY Market Price (%)

21.66 6.29 21.66 -- -- -- -- -- -- -- -- -- 21.66
Syntax Stratified MidCap Index (TR)

22.53 6.52 22.53 21.35 -- -- -- -- 15.13 -7.33 23.81 17.79 22.53
S&P 400 Index (TR)

24.76 8.00 24.76 21.41 13.09 11.81 -2.18 20.74 16.24 -11.08 26.20 13.66 24.76
S&P 400 Equal Weight Index (TR)

27.12 7.28 27.12 21.97 12.72 11.46 -5.24 23.95 13.87 -11.94 23.29 15.77 27.12
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.35%, respectively. Prior to May 1, 2021, the net expense ratio was 0.30%. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures relating to Portability of Performance on page 11. A privately offered fund managed by Syntax Advisors, LLC was reorganized into the Syntax Stratified Midcap ETF (“the Fund”) as of January 16, 2020 upon commencement of the ETF operations. For periods prior to the commencement of ETF operations, the Fund’s performance is that of the private fund. The Fund is subject to certain other risks, including but not limited to, equity securities risk, small- and mid-capitalization risk, index tracking risk, passive strategy/index risk, and market trading risk. Investing involves risk, including possible loss of principal.
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Table of Contents
Syntax Stratified SmallCap ETF (SSLY)
Manager’s Note (Unaudited)

The Syntax Stratified SmallCap ETF (the “Fund”) seeks to track the returns (before fees and expenses) of its underlying index – the Syntax Stratified SmallCap Index (the “Index”). The Index reweights the constituents of the S&P 600® to address the related business risk concentrations that occur in capitalization-weighted and equal-weighted indices. Its goal is to deliver an unbiased return that is representative of all the business opportunities in the market.
When compared to capitalization-weighted and equal weighted strategies, the Stratified approach may provide the following potential advantages:
- Reduce the negative impact of a significant correction in an overweight sector.
- Increase the chance of participating in all sectors during a market rally.
- Capture a fuller range of market opportunities.
In accordance with its guidelines and procedures, Syntax, LLC (“Syntax” or the “Index Provider”) has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index, which is a Stratified WeightTM version of the S&P 600 Index. Unlike the S&P 600 Index, which employs a market capitalization weighted methodology, the Index utilizes a patented investment technology to diversify the same constituents and use the same rebalancing schedule as the S&P 600, the primary difference is the weighting scheme applied. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the year ending December 31, 2021, on a market price basis, the Fund returned 25.47%. On a net asset value (“NAV”) basis, the Fund returned 25.72%. During the same time period, the Index returned 27.34%. During the year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Additionally, some tracking difference took place due to the implementation of Syntax’s disorderly market behavior policy during the first quarter of the year.2
During this same time period, the S&P 600 Index returned 26.82% and the S&P 600 Equal Weight Index returned 32.50%. The S&P 600 is an unmanaged index weighted by market capitalization based on the average performance of approximately 601 equity securities. The S&P Equal Weight 600 is an unmanaged index and is the equal-weight version of the S&P 600 Index. It includes the same companies as the S&P 600 Index, but each company is allocated an equal fixed weight of the index at each quarterly rebalance.
Both the S&P 600 Index and the S&P 600 Equal Weight Index were selected as performance comparators. Both indices use the same underlying universe as the Index. Their performance comparison is a useful measure for investors as a broad representation of the U.S. equity market using two different weighting methodologies: capitalization weighting and equal weighting. The performance of the Fund differed from the S&P 600 Index and the S&P 600 Equal Weight Index in part because the Fund seeks to track its Index that employs a Stratified Weight methodology.
 
2If the weight in any single security has grown above the maximum position threshold due to factors that are deemed technical and temporary, Syntax may rebalance the weight of the specific security down to its orderly market weighting. Maximum position threshold is the lower of 3 times its previous rebalance weight or 3% of the overall fund at market close on two consecutive trading days. Technical and temporary factors are price movements motivated by short term money flows such as covering short positions, that are not reasonably expected to be based on fundamentals of the company's business, and which are not reasonably expected to be sustained in the long-run. Orderly market weighting is defined as the previous rebalance weight.
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Table of Contents
Syntax Stratified SmallCap ETF (SSLY)
Manager’s Note (Unaudited)

Portfolio Allocations
Top 10 Holdings and Portfolio Weights  
Diodes, Inc.

0.79%
MaxLinear, Inc.

0.78%
Liquidity Services, Inc.

0.64%
Sanmina Corp.

0.62%
Plexus Corp.

0.60%
Consensus Cloud Solutions, Inc.

0.59%
Telephone and Data Systems, Inc.

0.59%
ATN International, Inc.

0.59%
Shutterstock, Inc.

0.58%
Cars.com, Inc.

0.53%
As of December 31, 2021. Holdings subject to change  
Sector Breakdown  
Financials

14.63%
Healthcare

14.52%
Information Tools

14.46%
Industrials

14.38%
Consumer Products Services

13.93%
Information

13.73%
Food

7.24%
Energy

6.89%
Other Assets in Excess of Liabilities

0.22%
As of December 31, 2021. (% of the Fund’s Net Assets)
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Table of Contents
Syntax Stratified SmallCap ETF (SSLY)
Manager’s Note (Unaudited)

Performance: Growth of $10,000
Performance Return (%) As of December 31, 2021
  Cumulative Annualized   Calendar Year
  YTD 4Q21 1Y 3Y 5Y Since Fund
Inception
2021
SSLY NAV (%)

25.72 4.47 25.72 -- -- 45.52 25.72
SSLY Market Price

25.47 4.28 25.47 -- -- 45.52 25.47
Syntax Stratified SmallCap Index (TR)

27.34 4.51 27.34 -- -- 47.30 27.34
S&P 600 Index (TR)

26.82 5.64 26.82 -- -- 42.68 26.82
S&P 600 Equal Weight Index (TR)

32.50 4.62 32.50 -- -- 51.50 32.50
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.40%, respectively. Prior to May 1, 2021, the net expense ratio was 0.30%. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain risks, including but not limited to, equity securities risk, small-capitalization risk, index tracking risk, passive strategy/index risk, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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Table of Contents
Syntax Stratified U.S. Total Market ETF (SYUS)
Manager’s Note (Unaudited)

The Syntax Stratified U.S. Total Market ETF (the “Fund”) seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500 Index by investing in exchange traded funds or underlying securities that provide Stratified Weight U.S. total equity market exposure.
When compared to capitalization-weighted and equal weighted strategies, the Stratified approach may provide the following potential advantages:
- Reduce the negative impact of a significant correction in an overweight sector.
- Increase the chance of participating in all sectors during a market rally.
- Capture a fuller range of market opportunities.
For inception of the Fund on March 18, 2021, through December 31, 2021, on both a market price and net asset value (“NAV”) basis, the Fund returned 15.20%. During this same time period, the S&P 1500 Composite Index returned 21.70%. The S&P 1500 Composite Index is an unmanaged index that combines three leading indices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap 600®, which together comprises approximately 90% of U.S. market capitalization.
Throughout 2021, the target allocation for SSPY, SMDY, and SSLY in the Fund’s portfolio was approximately 85%, 10%, and 5% respectively, therefore a key driver of the Fund’s performance since inception on March 18, 2021 was the performance of SSPY. While SSPY had a strong first quarter of 2021, outperforming the S&P 500 Index by 4.7%, the last three quarters of the year saw underperformance, as the S&P 500 Index performance was boosted by its large weight and strong performance of technology and software. Furthermore, the S&P composite 1500 Index had an approximate average of 90% in large cap segment vs. the target 85% in the Fund throughout the period. Additionally, SMDY and SSLY underperformed their cap-weighted counterparts in the last three quarters of 2021, contributing to the performance differential of the Fund and its S&P 1500 Composite benchmark.
We note that the goal of the Stratified Weight methodology is to diversify across business risk and avoid over-concentrations. As such, in a market where the benchmark’s performance was driven by momentum-driven sectors (i.e. technology), our performance is in line with expectations.
 
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Table of Contents
Syntax Stratified U.S. Total Market ETF (SYUS)
Manager’s Note (Unaudited)

Performance: Growth of $10,000
Performance Return (%) As of December 31, 2021
  YTD 4Q21 1Y 3Y 5Y Since Fund
Inception*
SYUS NAV (%)

-- 8.63 -- -- -- 15.20
SYUS Market Price (%)

-- 8.63 -- -- -- 15.20
S&P Composite 1500® Index (TR)

-- 10.71 -- -- -- 21.70
*Inception date March 18, 2021.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.75% and 0.35%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF (SHUS)
Manager’s Note (Unaudited)

The Syntax Stratified U.S. Total Market Hedged ETF (the “Fund”) seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500 Index over a full market cycle by investing in exchange traded funds or underlying securities that provide Stratified Weight U.S. total equity market exposure. Using the Stratified Defined Risk Strategy, the fund combines Syntax’s Stratified Weight Methodology with the Defined Risk Strategy of Swan Global Investments, LLC.
As part of the Defined Risk Strategy, the Fund seeks to reduce market risk by buying S&P 500 Index put options to limit overall portfolio downside loss. In an effort to generate additional returns, the Fund will also buy and sell options on equity indices including different expiration dates and engage in various option spread strategies. Each option strategy includes a hedging element so that the Fund is not exposed to significant losses on written options.
For inception of the Fund on June 15, 2021, through December 31, 2021, on a market price basis, the Fund returned 3.57%. On a net asset value (“NAV”) basis, the Fund returned 3.54%. During this same time period, the S&P 1500 Composite Index returned 12.26%. The S&P 1500 Composite Index is an unmanaged index that combines three leading indices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap 600®, to cover approximately 90% of U.S. market capitalization.
The Fund has two components that impact its performance: the equity component, and put and call options on the S&P 500 Index. For 2021, the target allocation for SSPY, SMDY, and SSLY in the Fund’s portfolio was approximately 85%, 10%, and 5% respectively. While SSPY had a strong first quarter of 2021, outperforming the S&P 500 Index by 4.7%, the last three quarters of the year saw underperformance, as the S&P 500 Index performance was boosted by the large weight and strong performance of tech and software. Additionally, SMDY and SSLY underperformed their cap-weighted counterparts in the last three quarters of 2021, contributing to the performance differential of the Fund and its S&P 1500 Composite benchmark since the Fund’s inception on 6/15/21 through year-end 2021.
The reason for SHUS to invest in options is two-fold: first, for downside mitigation and reduction of volatility and overall risk, and second, for the collection of risk premium to seek to offset some of the hedging costs. These investments can cause underperformance to an unhedged portfolio, or limit potential upside participation, and in an up market since the inception of the Fund, we saw this impact on performance. However, the hedging component of the Fund is performing as expected.
 
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Syntax Stratified U.S. Total Market Hedged ETF (SHUS)
Manager’s Note (Unaudited)

Performance: Growth of $10,000
Performance Return (%) As of December 31, 2021
  YTD 4Q21 1Y 3Y 5Y Since Fund
Inception*
SHUS NAV %

-- 4.76 -- -- -- 3.54
SHUS Market Price (%)

-- 4.97 -- -- -- 3.57
S&P Composite 1500® Index (TR)

-- 10.71 -- -- -- 12.26
*Inception date June 15, 2021.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 1.00% and 0.65%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, the risks associated with investing in call and put options, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
14

Table of Contents
Syntax ETF Trust
Manager’s Note (Unaudited)

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Investors may purchase or sell individual shares on an exchange on which they are listed. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Please see the prospectus for more details.
Portability of Performance: A privately offered fund managed by Syntax Advisors, LLC was reorganized into the Syntax Stratified LargeCap ETF (“the Fund”) as of January 2, 2019 upon commencement of the ETF operations. For periods prior to the commencement of ETF operations, the Fund’s performance is that of the private fund. The returns were calculated using the methodology the SEC requires of registered funds. However, since the private fund did not calculate its returns on a per share basis, its returns have been calculated on its total net asset value. While the performance of the private fund is net of all fees and expenses, the performance of the private fund has not been restated to reflect the management and fee waivers applicable to the Fund. The Fund may be subject to higher fees which would negatively impact performance. The private fund began operations on January 1, 2015 and, on January 2, 2019, was reorganized into the Fund. Prior to the reorganization, the private fund had investment objectives, policies and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, as a registered investment company, the Fund is subject to certain restrictions under the Investment Company Act of 1940 (the “1940 Act”) and the Internal Revenue Code of 1986 (the “Internal Revenue Code”) which did not apply to the private fund. If the private fund had been subject to the provisions of the 1940 Act and the Internal Revenue Code, its performance could have been adversely affected. However, these restrictions are not expected to have a material effect on the Fund’s investment performance.
Portability of Performance: A privately offered fund managed by Syntax Advisors, LLC was reorganized into the Syntax Stratified MidCap ETF (“the Fund”) as of January 16, 2020 upon commencement of the ETF operations. For periods prior to the commencement of ETF operations, the Fund’s performance is that of the private fund. The returns were calculated using the methodology the SEC requires of registered funds. However, since the private fund did not calculate its returns on a per share basis, its returns have been calculated on its total net asset value. While the performance of the private fund is net of all fees and expenses, the performance of the private fund has not been restated to reflect the management and fee waivers applicable to the Fund. The Fund may be subject to higher fees which would negatively impact performance. The private fund began operations on January 1, 2015 and, on January 16, 2020, was reorganized into the Fund. Prior to the reorganization, the private fund had investment objectives, policies and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, as a registered investment company, the Fund is subject to certain restrictions under the Investment Company Act of 1940 (the “1940 Act”) and the Internal Revenue Code of 1986 (the “Internal Revenue Code”) which did not apply to the private fund. If the private fund had been subject to the provisions of the 1940 Act and the Internal Revenue Code, its performance could have been adversely affected. However, these restrictions are not expected to have a material effect on the Fund’s investment performance.
The Syntax Stratified LargeCap Index, Syntax Stratified MidCap Index, and Syntax Stratified SmallCap Index™ (“the Indices”) are the property of Syntax, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third-party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Syntax, LLC, the parent company of Syntax Advisors, LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
The Syntax Stratified LargeCap Index, Syntax Stratified MidCap Index, and Syntax Stratified SmallCap Index™ are the property of Syntax, LLC, the Fund’s index provider. Syntax®, Stratified®, Stratified Indices®, Stratified Weight™, and FIS™ are trademarks or registered trademarks of Locus LP. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of its management, and other information.
This report is only intended for the recipient it is addressed and delivered to by Syntax Advisors, LLC and may not be redistributed without prior written consent. The report is provided for informational purposes and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy shares or limited partnership interests in any funds managed by Syntax Advisors, LLC. These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. If any offer is made, it shall be pursuant to the offering documents prepared by or on behalf of a specific fund which contains detailed information concerning the investment terms and the risks, fees and expenses associated with an investment in that fund. In the case of any inconsistency between the descriptions or terms in this document and the offering documents, the offering documents shall control.
Index performance does not represent actual fund or portfolio performance and such performance does not reflect the actual investment experience of any investor. An investor cannot invest directly in an index. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in a portfolio invested in accordance with an index. None of the Syntax Indices or the benchmark indices portrayed herein charge management fees or incur brokerage expenses, and no such fees or expenses were deducted from the performance shown; provided, however, that the returns of any investment portfolio invested in accordance with such indices would be net of such fees and expenses. Additionally, none of these indices lend securities, and no revenues from securities lending were added to the performance shown. Foreside Fund Services, LLC is the distributor of the Syntax ETF Trust, and not affiliated with Syntax Advisors, LLC.
THESE MATERIALS DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY ANY SECURITIES OR TO PARTICIPATE IN ANY PARTICULAR TRADING STRATEGY.
15

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments
December 31, 2021

Security Description Shares Value
COMMON STOCK—99.8%    
3M Co.

1,040 $184,735
A O Smith Corp.

1,981 170,069
Abbott Laboratories

513 72,200
AbbVie, Inc.

2,072 280,549
ABIOMED, Inc.(a)

302 108,469
Accenture PLC, Class A

322 133,485
Activision Blizzard, Inc.

6,281 417,875
Adobe, Inc.(a)

282 159,911
Advance Auto Parts, Inc.

573 137,451
Advanced Micro Devices, Inc.(a)

885 127,352
AES Corp.

22,623 549,739
Aflac, Inc.

3,180 185,680
Agilent Technologies, Inc.

783 125,006
Air Products and Chemicals, Inc.

176 53,550
Akamai Technologies, Inc.(a)

3,253 380,731
Alaska Air Group, Inc.(a)

3,212 167,345
Albemarle Corp.

202 47,222
Alexandria Real Estate Equities, Inc., REIT

577 128,648
Align Technology, Inc.(a)

206 135,379
Allegion PLC

577 76,418
Alliant Energy Corp.

1,567 96,323
Allstate Corp.

1,705 200,593
Alphabet, Inc., Class A(a)

62 179,616
Alphabet, Inc., Class C(a)

62 179,403
Altria Group, Inc.

9,190 435,514
Amazon.com, Inc.(a)

50 166,717
Amcor PLC

7,932 95,263
Ameren Corp.

1,058 94,173
American Airlines Group, Inc.(a)

9,203 165,286
American Electric Power Co., Inc.

3,290 292,711
American Express Co.

293 47,935
American International Group, Inc.

5,073 288,451
American Tower Corp., REIT

223 65,228
American Water Works Co., Inc.

2,091 394,906
Ameriprise Financial, Inc.

410 123,681
AmerisourceBergen Corp.

1,794 238,405
AMETEK, Inc.

968 142,335
Amgen, Inc.

1,234 277,613
Amphenol Corp., Class A

3,281 286,956
Analog Devices, Inc.

1,606 282,287
ANSYS, Inc.(a)

464 186,120
Anthem, Inc.

854 395,863
Aon PLC, Class A

140 42,078
APA Corp.

2,581 69,403
Apple, Inc.

3,075 546,028
Applied Materials, Inc.

1,205 189,619
Aptiv PLC(a)

2,451 404,292
Archer-Daniels-Midland Co.

8,700 588,033
Arista Networks, Inc.(a)

1,688 242,650
Arthur J Gallagher & Co.

239 40,551
Assurant, Inc.

1,188 185,162
Security Description Shares Value
AT&T, Inc.

12,081 $297,193
Atmos Energy Corp.

3,846 402,945
Autodesk, Inc.(a)

684 192,334
Automatic Data Processing, Inc.

1,039 256,197
AutoZone, Inc.(a)

68 142,555
AvalonBay Communities, Inc., REIT

647 163,426
Avery Dennison Corp.

326 70,602
Baker Hughes Co.

14,456 347,811
Ball Corp.

986 94,922
Bank of America Corp.

3,100 137,919
Bank of New York Mellon Corp.

2,161 125,511
Bath & Body Works, Inc.

3,612 252,081
Baxter International, Inc.

684 58,715
Becton Dickinson and Co.

224 56,332
Berkshire Hathaway, Inc., Class B(a)

1,914 572,286
Best Buy Co., Inc.

2,662 270,459
Biogen, Inc.(a)

1,118 268,231
Bio-Rad Laboratories, Inc., Class A(a)

185 139,780
Bio-Techne Corp.

264 136,578
BlackRock, Inc.

135 123,601
Boeing Co.(a)

899 180,987
Booking Holdings, Inc.(a)

112 268,714
BorgWarner, Inc.

8,994 405,360
Boston Properties, Inc., REIT

1,077 124,049
Boston Scientific Corp.(a)

1,679 71,324
Bristol-Myers Squibb Co.

4,616 287,808
Broadcom, Inc.

391 260,175
Broadridge Financial Solutions, Inc.

686 125,415
Brown & Brown, Inc.

610 42,871
Brown-Forman Corp., Class B

3,877 282,478
Cabot Oil & Gas Corp.

13,174 250,306
Cadence Design Systems, Inc.(a)

2,000 372,700
Caesars Entertainment, Inc.(a)

828 77,443
Campbell Soup Co.

5,484 238,335
Capital One Financial Corp.

2,448 355,180
Cardinal Health, Inc.

4,558 234,691
CarMax, Inc.(a)

924 120,333
Carnival Corp.(a)

4,770 95,972
Carrier Global Corp.

1,354 73,441
Catalent, Inc.(a)

2,124 271,936
Caterpillar, Inc.

907 187,513
Cboe Global Markets, Inc.

370 48,248
CBRE Group, Inc., Class A(a)

397 43,078
CDW Corp.

707 144,779
Celanese Corp.

460 77,308
Centene Corp.(a)

4,694 386,786
CenterPoint Energy, Inc.

9,906 276,476
Ceridian HCM Holding, Inc.(a)

2,360 246,526
Cerner Corp.

1,413 131,225
CF Industries Holdings, Inc.

1,506 106,595
CH Robinson Worldwide, Inc.

878 94,499
 
See accompanying notes to financial statements.
16

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2021

Security Description Shares Value
Charles River Laboratories International, Inc.(a)

346 $130,366
Charles Schwab Corp.

3,418 287,454
Charter Communications, Inc., Class A(a)

604 393,790
Chevron Corp.

6,996 820,981
Chipotle Mexican Grill, Inc.(a)

323 564,685
Chubb Ltd.

1,155 223,273
Church & Dwight Co., Inc.

5,770 591,425
Cigna Corp.

1,027 235,830
Cincinnati Financial Corp.

1,897 216,125
Cintas Corp.

451 199,870
Cisco Systems, Inc.

3,729 236,307
Citigroup, Inc.

2,275 137,387
Citizens Financial Group, Inc.

1,293 61,094
Citrix Systems, Inc.

3,009 284,621
Clorox Co.

3,277 571,378
CME Group, Inc.

216 49,347
CMS Energy Corp.

1,474 95,884
Coca-Cola Co.

7,357 435,608
Cognizant Technology Solutions Corp., Class A

1,282 113,739
Colgate-Palmolive Co.

6,942 592,430
Comcast Corp., Class A

7,596 382,307
Comerica, Inc.

2,176 189,312
Conagra Brands, Inc.

7,376 251,890
ConocoPhillips

939 67,777
Consolidated Edison, Inc.

3,347 285,566
Constellation Brands, Inc., Class A

1,172 294,137
Cooper Companies, Inc.

346 144,953
Copart, Inc.(a)

1,643 249,112
Corning, Inc.

7,337 273,157
Corteva, Inc.

1,918 90,683
Costco Wholesale Corp.

1,482 841,331
Crown Castle International Corp., REIT

316 65,962
CSX Corp.

2,501 94,038
Cummins, Inc.

346 75,476
CVS Health Corp.

7,450 768,542
Danaher Corp.

434 142,790
Darden Restaurants, Inc.

3,638 548,028
DaVita, Inc.(a)

872 99,199
Deere & Co.

515 176,588
Delta Air Lines, Inc.(a)

4,343 169,724
DENTSPLY SIRONA, Inc.

1,038 57,910
Devon Energy Corp.

6,353 279,850
Dexcom, Inc.(a)

243 130,479
Diamondback Energy, Inc.

622 67,083
Digital Realty Trust, Inc., REIT

2,202 389,468
Discover Financial Services

3,148 363,783
Discovery, Inc., Class A(a)

4,736 111,485
Discovery, Inc., Class C(a)

4,909 112,416
DISH Network Corp., Class A(a)

8,589 278,627
Dollar General Corp.

829 195,503
Dollar Tree, Inc.(a)

1,298 182,395
Security Description Shares Value
Dominion Energy, Inc.

3,639 $285,880
Domino's Pizza, Inc.

1,032 582,389
Dover Corp.

1,074 195,038
Dow, Inc.

1,350 76,572
DR Horton, Inc.

2,522 273,511
DTE Energy Co.

2,376 284,027
Duke Energy Corp.

907 95,144
Duke Realty Corp., REIT

995 65,312
DuPont de Nemours, Inc.

655 52,911
DXC Technology Co.(a)

3,405 109,607
Eastman Chemical Co.

450 54,410
Eaton Corp. PLC

1,620 279,968
eBay, Inc.

2,447 162,726
Ecolab, Inc.

225 52,783
Edison International

4,112 280,644
Edwards Lifesciences Corp.(a)

568 73,584
Electronic Arts, Inc.

2,925 385,807
Eli Lilly & Co.

1,064 293,898
Emerson Electric Co.

424 39,419
Enphase Energy, Inc.(a)

1,289 235,810
Entergy Corp.

2,575 290,074
EOG Resources, Inc.

769 68,310
EPAM Systems, Inc.(a)

152 101,604
Equifax, Inc.

210 61,486
Equinix, Inc., REIT

464 392,470
Equity Residential, REIT

1,819 164,620
Essex Property Trust, Inc., REIT

456 160,617
Estee Lauder Companies, Inc., Class A

1,523 563,815
Etsy, Inc.(a)

728 159,388
Everest Re Group Ltd.

816 223,519
Evergy, Inc.

1,377 94,476
Eversource Energy

1,048 95,347
Exelon Corp.

10,242 591,578
Expedia Group, Inc.(a)

1,469 265,478
Expeditors International of Washington, Inc.

702 94,272
Extra Space Storage, Inc., REIT

755 171,181
Exxon Mobil Corp.

13,142 804,159
F5 Networks, Inc.(a)

964 235,900
FactSet Research Systems, Inc.

130 63,181
Fastenal Co.

2,156 138,113
Federal Realty Investment Trust, REIT

567 77,293
FedEx Corp.

371 95,955
Fidelity National Information Services, Inc.

589 64,289
Fifth Third Bancorp

1,402 61,057
First Republic Bank

880 181,729
FirstEnergy Corp.

6,974 290,049
Fiserv, Inc.(a)

597 61,963
FleetCor Technologies, Inc.(a)

220 49,245
FMC Corp.

852 93,626
Ford Motor Co.

12,878 267,476
Fortinet, Inc.(a)

1,103 396,418
 
See accompanying notes to financial statements.
17

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2021

Security Description Shares Value
Fortive Corp.

524 $39,976
Fortune Brands Home & Security, Inc.

1,570 167,833
Fox Corp., Class A

3,002 110,774
Fox Corp., Class B

3,224 110,486
Franklin Resources, Inc.

3,605 120,731
Freeport-McMoRan, Inc.

9,604 400,775
Gap, Inc.

16,287 287,466
Garmin Ltd.

4,052 551,761
Gartner, Inc.(a)

329 109,991
Generac Holdings, Inc.(a)

218 76,719
General Dynamics Corp.

899 187,415
General Electric Co.

1,899 179,399
General Mills, Inc.

3,657 246,409
General Motors Co.(a)

4,366 255,979
Genuine Parts Co.

1,026 143,845
Gilead Sciences, Inc.

3,698 268,512
Global Payments, Inc.

388 52,450
Globe Life, Inc.

2,001 187,534
Goldman Sachs Group, Inc.

706 270,080
Halliburton Co.

15,367 351,443
Hartford Financial Services Group, Inc.

4,056 280,026
Hasbro, Inc.

2,054 209,056
HCA Healthcare, Inc.

1,514 388,977
Healthpeak Properties, Inc., REIT

2,721 98,201
Henry Schein, Inc.(a)

2,920 226,388
Hershey Co.

1,112 215,139
Hess Corp.

871 64,480
Hewlett Packard Enterprise Co.

18,178 286,667
Hilton Worldwide Holdings, Inc.(a)

840 131,032
Hologic, Inc.(a)

1,847 141,406
Home Depot, Inc.

664 275,567
Honeywell International, Inc.

878 183,072
Hormel Foods Corp.

12,018 586,599
Host Hotels & Resorts, Inc., REIT(a)

7,382 128,373
Howmet Aerospace, Inc.

2,438 77,602
HP, Inc.

15,165 571,266
Humana, Inc.

799 370,624
Huntington Bancshares, Inc.

4,015 61,911
Huntington Ingalls Industries, Inc.

744 138,935
IDEX Corp.

877 207,253
IDEXX Laboratories, Inc.(a)

226 148,812
IHS Markit Ltd.

922 122,552
Illinois Tool Works, Inc.

757 186,828
Illumina, Inc.(a)

307 116,795
Incyte Corp.(a)

3,979 292,059
Ingersoll Rand, Inc.

3,475 214,998
Intel Corp.

2,426 124,939
Intercontinental Exchange, Inc.

361 49,374
International Business Machines Corp.

846 113,076
International Flavors & Fragrances, Inc.

356 53,631
International Paper Co.

1,503 70,611
Interpublic Group of Companies, Inc.

3,315 124,147
Security Description Shares Value
Intuit, Inc.

364 $234,132
Intuitive Surgical, Inc.(a)

265 95,215
Invesco Ltd.

5,302 122,052
IPG Photonics Corp.(a)

236 40,625
IQVIA Holdings, Inc.(a)

454 128,092
Iron Mountain, Inc., REIT

1,265 66,197
J M Smucker Co.

1,779 241,624
Jack Henry & Associates, Inc.

389 64,959
Jacobs Engineering Group, Inc.

2,884 401,539
JB Hunt Transport Services, Inc.

465 95,046
Johnson & Johnson

1,569 268,409
Johnson Controls International PLC

947 77,001
JPMorgan Chase & Co.

863 136,656
Juniper Networks, Inc.

6,497 232,008
Kellogg Co.

3,304 212,844
KeyCorp

2,662 61,572
Keysight Technologies, Inc.(a)

1,092 225,509
Kimberly-Clark Corp.

4,058 579,969
Kimco Realty Corp., REIT

3,210 79,127
Kinder Morgan, Inc.

22,774 361,196
KLA Corp.

450 193,550
Kraft Heinz Co.

6,933 248,895
Kroger Co.

18,581 840,976
L3Harris Technologies, Inc.

637 135,834
Laboratory Corp. of America Holdings(a)

638 200,466
Lam Research Corp.

263 189,136
Lamb Weston Holdings, Inc.

4,150 263,027
Las Vegas Sands Corp.(a)

1,957 73,661
Leidos Holdings, Inc.

1,196 106,324
Lennar Corp., Class A

2,363 274,486
Lincoln National Corp.

2,727 186,145
Linde PLC

156 54,043
Live Nation Entertainment, Inc.(a)

820 98,146
LKQ Corp.

2,382 142,991
Lockheed Martin Corp.

398 141,453
Loews Corp.

9,674 558,770
Lowe's Companies, Inc.

1,057 273,213
Lumen Technologies, Inc.

30,315 380,453
LyondellBasell Industries N.V., Class A

817 75,352
M&T Bank Corp.

404 62,046
Marathon Oil Corp.

4,251 69,801
Marathon Petroleum Corp.

8,667 554,601
MarketAxess Holdings, Inc.

129 53,054
Marriott International, Inc., Class A(a)

762 125,913
Marsh & McLennan Companies, Inc.

238 41,369
Martin Marietta Materials, Inc.

419 184,578
Masco Corp.

2,415 169,581
Mastercard, Inc., Class A

139 49,945
Match Group, Inc.(a)

2,825 373,606
McCormick & Co., Inc.

2,612 252,345
McDonald's Corp.

2,083 558,390
McKesson Corp.

946 235,147
 
See accompanying notes to financial statements.
18

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2021

Security Description Shares Value
Medtronic PLC

615 $63,622
Merck & Co., Inc.

3,579 274,295
Meta Platforms, Inc., Class A(a)

1,116 375,367
MetLife, Inc.

3,037 189,782
Mettler-Toledo International, Inc.(a)

78 132,382
MGM Resorts International

1,779 79,842
Microchip Technology, Inc.

1,407 122,493
Micron Technology, Inc.

1,431 133,298
Microsoft Corp.

2,147 722,079
Mid-America Apartment Communities, Inc., REIT

731 167,721
Moderna, Inc.(a)

1,014 257,536
Mohawk Industries, Inc.(a)

929 169,245
Molson Coors Beverage Co., Class B

5,971 276,756
Mondelez International, Inc., Class A

3,326 220,547
Monolithic Power Systems, Inc.

586 289,091
Monster Beverage Corp.(a)

4,631 444,761
Moody's Corp.

154 60,149
Morgan Stanley

2,808 275,633
Mosaic Co.

2,505 98,421
Motorola Solutions, Inc.

2,085 566,494
MSCI, Inc.

96 58,818
Nasdaq, Inc.

240 50,402
NetApp, Inc.

3,089 284,157
Netflix, Inc.(a)

400 240,976
Newell Brands, Inc.

9,273 202,522
Newmont Corp.

6,574 407,719
News Corp., Class A

5,048 112,621
News Corp., Class B

5,117 115,133
NextEra Energy, Inc.

3,057 285,402
Nielsen Holdings PLC

5,930 121,624
NIKE, Inc., Class B

1,633 272,172
NiSource, Inc.

14,200 392,062
Norfolk Southern Corp.

318 94,672
Northern Trust Corp.

1,039 124,275
Northrop Grumman Corp.

373 144,377
NortonLifeLock, Inc.

15,131 393,103
Norwegian Cruise Line Holdings Ltd.(a)

4,271 88,581
NRG Energy, Inc.

14,212 612,253
Nucor Corp.

3,253 371,330
NVIDIA Corp.

404 118,820
NVR, Inc.(a)

48 283,626
NXP Semiconductors N.V.

1,298 295,658
Occidental Petroleum Corp.

2,241 64,967
Old Dominion Freight Line, Inc.

258 92,462
Omnicom Group, Inc.

1,730 126,757
ONEOK, Inc.

5,925 348,153
Oracle Corp.

3,583 312,473
O'Reilly Automotive, Inc.(a)

200 141,246
Organon & Co.

9,062 275,938
Otis Worldwide Corp.

877 76,360
PACCAR, Inc.

2,069 182,610
Security Description Shares Value
Packaging Corp. of America

540 $73,521
Parker-Hannifin Corp.

238 75,713
Paychex, Inc.

1,973 269,314
Paycom Software, Inc.(a)

583 242,056
PayPal Holdings, Inc.(a)

325 61,289
Penn National Gaming, Inc.(a)

1,499 77,723
Pentair PLC

2,752 200,979
People's United Financial, Inc.

10,428 185,827
PepsiCo, Inc.

1,226 212,968
PerkinElmer, Inc.

654 131,493
Pfizer, Inc.

4,924 290,762
Philip Morris International, Inc.

4,597 436,715
Phillips 66

7,605 551,058
Pinnacle West Capital Corp.

1,389 98,050
Pioneer Natural Resources Co.

374 68,023
PNC Financial Services Group, Inc.

305 61,159
Pool Corp.

246 139,236
PPG Industries, Inc.

453 78,115
PPL Corp.

3,204 96,312
Principal Financial Group, Inc.

2,557 184,948
Procter & Gamble Co.

3,549 580,545
Progressive Corp.

1,937 198,833
Prologis, Inc., REIT

385 64,819
Prudential Financial, Inc.

1,721 186,281
PTC, Inc.(a)

1,526 184,875
Public Service Enterprise Group, Inc.

4,331 289,008
Public Storage, REIT

455 170,425
PulteGroup, Inc.

4,916 280,999
PVH Corp.

2,712 289,235
Qorvo, Inc.(a)

1,541 240,997
QUALCOMM, Inc.

1,333 243,766
Quanta Services, Inc.

3,621 415,184
Quest Diagnostics, Inc.

1,150 198,961
Ralph Lauren Corp.

2,250 267,435
Raymond James Financial, Inc.

2,826 283,730
Raytheon Technologies Corp.

2,136 183,824
Realty Income Corp., REIT

1,099 78,677
Regency Centers Corp., REIT

1,005 75,727
Regeneron Pharmaceuticals, Inc.(a)

390 246,293
Regions Financial Corp.

2,757 60,103
Republic Services, Inc.

1,530 213,358
ResMed, Inc.

526 137,012
Robert Half International, Inc.

1,120 124,902
Rockwell Automation, Inc.

115 40,118
Rollins, Inc.

6,491 222,057
Roper Technologies, Inc.

84 41,316
Ross Stores, Inc.

4,894 559,286
Royal Caribbean Cruises Ltd.(a)

1,220 93,818
S&P Global, Inc.

132 62,295
salesforce.com, Inc.(a)

1,382 351,208
SBA Communications Corp., REIT

173 67,300
Schlumberger N.V.

11,873 355,596
 
See accompanying notes to financial statements.
19

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2021

Security Description Shares Value
Seagate Technology Holdings PLC

2,657 $300,188
Sealed Air Corp.

1,413 95,335
Sempra Energy

727 96,168
ServiceNow, Inc.(a)

378 245,364
Sherwin-Williams Co.

212 74,658
Signature Bank

605 195,699
Simon Property Group, Inc., REIT

482 77,009
Skyworks Solutions, Inc.

1,810 280,803
Snap-on, Inc.

953 205,257
SolarEdge Technologies, Inc.(a)

895 251,110
Southern Co.

1,416 97,109
Southwest Airlines Co.(a)

3,948 169,132
Stanley Black & Decker, Inc.

1,063 200,503
Starbucks Corp.

4,728 553,034
State Street Corp.

1,313 122,109
STERIS PLC

403 98,094
Stryker Corp.

530 141,733
SVB Financial Group(a)

262 177,699
Synchrony Financial

7,685 356,507
Synopsys, Inc.(a)

1,017 374,764
Sysco Corp.

11,248 883,530
T Rowe Price Group, Inc.

627 123,293
Take-Two Interactive Software, Inc.(a)

2,224 395,249
Tapestry, Inc.

6,389 259,393
Target Corp.

771 178,440
TE Connectivity Ltd.

1,724 278,150
Teledyne Technologies, Inc.(a)

88 38,446
Teleflex, Inc.

171 56,170
Teradyne, Inc.

1,150 188,060
Tesla, Inc.(a)

270 285,331
Texas Instruments, Inc.

1,504 283,459
Textron, Inc.

2,439 188,291
Thermo Fisher Scientific, Inc.

192 128,110
TJX Companies, Inc.

7,388 560,897
T-Mobile US, Inc.(a)

2,403 278,700
Tractor Supply Co.

589 140,535
Trane Technologies PLC

369 74,549
TransDigm Group, Inc.(a)

126 80,171
Travelers Companies, Inc.

1,434 224,321
Trimble, Inc.(a)

456 39,759
Truist Financial Corp.

1,033 60,482
Twitter, Inc.(a)

8,072 348,872
Tyler Technologies, Inc.(a)

479 257,678
Tyson Foods, Inc., Class A

6,565 572,205
UDR, Inc., REIT

2,703 162,153
Ulta Beauty, Inc.(a)

685 282,453
Under Armour, Inc., Class A(a)

5,841 123,771
Under Armour, Inc., Class C(a)

6,882 124,151
Union Pacific Corp.

369 92,962
United Airlines Holdings, Inc.(a)

3,765 164,832
United Parcel Service, Inc., Class B

439 94,095
United Rentals, Inc.(a)

397 131,919
Security Description Shares   Value
UnitedHealth Group, Inc.

771   $387,150
Universal Health Services, Inc., Class B

2,870   372,124
US Bancorp

1,064   59,765
Valero Energy Corp.

7,786   584,806
Ventas, Inc., REIT

1,901   97,179
VeriSign, Inc.(a)

1,505   381,999
Verisk Analytics, Inc.

270   61,757
Verizon Communications, Inc.

5,498   285,676
Vertex Pharmaceuticals, Inc.(a)

1,252   274,939
VF Corp.

3,633   266,008
ViacomCBS, Inc., Class B

7,066   213,252
Viatris, Inc.

20,464   276,878
Visa, Inc., Class A

229   49,627
Vornado Realty Trust, REIT

2,924   122,399
Vulcan Materials Co.

897   186,199
W R Berkley Corp.

2,730   224,925
Walgreens Boots Alliance, Inc.

14,863   775,254
Walmart, Inc.

5,875   850,054
Walt Disney Co.(a)

1,448   224,281
Waste Management, Inc.

1,257   209,793
Waters Corp.(a)

360   134,136
WEC Energy Group, Inc.

985   95,614
Wells Fargo & Co.

2,748   131,849
Welltower, Inc., REIT

1,113   95,462
West Pharmaceutical Services, Inc.

129   60,502
Western Digital Corp.(a)