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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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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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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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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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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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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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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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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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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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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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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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)
 4,773   311,247
Westinghouse Air Brake Technologies Corp.
 831   76,543
Westrock Co.
 1,583   70,222
Weyerhaeuser Co., REIT
 4,604   189,593
Whirlpool Corp.
 717   168,251
Williams Companies, Inc.
 13,808   359,560
Willis Towers Watson PLC
 173   41,086
WW Grainger, Inc.
 266   137,852
Wynn Resorts Ltd.(a)
 838   71,264
Xcel Energy, Inc.
 1,385   93,765
Xilinx, Inc.
 563   119,373
Xylem, Inc.
 1,684   201,945
Yum! Brands, Inc.
 4,125   572,797
Zebra Technologies Corp., Class A(a)
 226   134,515
Zimmer Biomet Holdings, Inc.
 1,109   140,887
Zions Bancorp NA
 2,914   184,048
Zoetis, Inc.
 1,125   274,534
TOTAL INVESTMENTS—99.8%

(Cost $88,367,456)
     108,463,213
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     221,324
NET ASSETS—100.0%
     $108,684,537
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
20
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2021
INDUSTRY BREAKDOWN
As of December 31, 2021*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals
 3.6%
Processed Foods
 3.2
Electric Competitive
 3.2
Business Software for Specific Uses
 3.2
Food Distributors
 3.1
Restaurants
 3.1
Downstream
 3.1
Commercial Hardware
 2.2
Rental
 2.1
Content Providers
 2.1
Telecommunication Networks
 2.1
Electric Regulated
 2.1
Consumer Insurance
 2.1
Operators and Developers
 2.1
Commercial Insurance
 2.1
End User Hardware
 2.1
Upstream Energy
 2.0
Primary Foods
 1.6
Diversified Household and Personal Products
 1.6
Information and Electrical Components
 1.6
Alcohol and Tobacco
 1.6
Distribution Services
 1.5
Transportation Services
 1.5
Home Office and Consumer Equipment Manufacture
 1.5
Specialty Services
 1.5
Home Office and Consumer Equipment Retail
 1.5
Capital Markets
 1.5
Non Real Estate Banking
 1.5
Auto Products
 1.5
Mechanical Components
 1.5
Healthcare Providers and Facilities
 1.4
Internet Services
1.4
Drugstores
 1.4
Healthcare Insurance
 1.4
Management and IT Services
 1.4
Transaction Services
 1.4
Online Distribution Networks
 1.4
Semiconductor Services and Equipment
 1.4
Digital Integrated Circuits
 1.4
Investment Services
 1.4
Search and Social Networks
 1.3
Analog and Mixed Signal Integrated Circuits
 1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Transport Aerospace and Defense Equipment
 1.1%
Gas and Water Utilities
 1.1
Metals
 1.1
Healthcare Products Distribution
 1.1
Hospital Equipment
 1.1
Medical Research Services and Equipment
 1.1
Personal Products
 1.1
Chemicals
 1.1
Other Natural Resources
 1.0
Apparel Retailers
 1.0
Industrial Conglomerates
 1.0
Medical Devices
 1.0
Branded Apparel
 1.0
Midstream
 1.0
Accessories and Footwear
 1.0
Production Equipment
 0.8
Other Pharmaceuticals
 0.8
Operating Systems and Middleware
 0.7
Consumer Paper Products
 0.5
Brokers and Dealers
 0.5
Real Estate Banking
 0.5
Business Software for Specific Industries
 0.2
Other Assets in Excess of Liabilities
 0.2
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
See accompanying notes to financial statements.
21
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments
December 31, 2021
Security Description Shares Value
COMMON STOCK—99.8%    
Acadia Healthcare Co., Inc.(a)
 668 $40,548
ACI Worldwide, Inc.(a)
 889 30,848
Acuity Brands, Inc.
 72 15,244
Adient PLC(a)
 187 8,954
AECOM(a)
 204 15,779
Affiliated Managers Group, Inc.
 189 31,092
AGCO Corp.
 252 29,237
Alcoa Corp.
 300 17,874
Alleghany Corp.(a)
 37 24,701
ALLETE, Inc.
 352 23,355
Alliance Data Systems Corp.
 268 17,841
Amedisys, Inc.(a)
 82 13,274
American Campus Communities, Inc.
 436 24,978
American Eagle Outfitters, Inc.
 971 24,586
American Financial Group, Inc.
 122 16,753
Amkor Technology, Inc.
 2,238 55,480
Antero Midstream Corp.
 1,843 17,840
Apartment Income REIT Corp.
 454 24,820
AptarGroup, Inc.
 71 8,696
Arrow Electronics, Inc.(a)
 79 10,607
Arrowhead Pharmaceuticals, Inc.(a)
 963 63,847
ASGN, Inc.(a)
 103 12,710
Ashland Global Holdings, Inc.
 64 6,890
Aspen Technology, Inc.(a)
 199 30,288
Associated Banc-Corp
 1,045 23,607
AutoNation, Inc.(a)
 291 34,003
Avient Corp.
 262 14,659
Avis Budget Group, Inc.(a)
 145 30,069
Avnet, Inc.
 251 10,349
Axon Enterprise, Inc.(a)
 208 32,656
Azenta, Inc.
 772 79,601
Bank of Hawaii Corp.
 284 23,788
Bank OZK
 137 6,375
Belden, Inc.
 177 11,634
BJ's Wholesale Club Holdings, Inc.(a)
 439 29,400
Black Hills Corp.
 327 23,076
Blackbaud, Inc.(a)
 381 30,091
Boston Beer Co., Inc., Class A(a)
 76 38,388
Boyd Gaming Corp.(a)
 314 20,589
Brighthouse Financial, Inc.(a)
 763 39,523
Brink's Co.
 461 30,228
Brixmor Property Group, Inc.
 183 4,650
Bruker Corp.
 244 20,474
Brunswick Corp.
 230 23,168
Builders FirstSource, Inc.(a)
 187 16,028
Cable One, Inc.
 48 84,646
Cabot Corp.
 118 6,632
CACI International, Inc., Class A(a)
 57 15,345
Cadence Bank
 203 6,047
Callaway Golf Co.(a)
 525 14,406
Camden Property Trust
 134 23,943
Security Description Shares Value
Capri Holdings Ltd.(a)
 384 $24,925
Carlisle Cos, Inc.
 35 8,684
Carter's, Inc.
 236 23,888
Casey's General Stores, Inc.
 156 30,787
Cathay General Bancorp
 144 6,191
CDK Global, Inc.
 745 31,096
Cerence, Inc.(a)
 384 29,430
ChampionX Corp.(a)
 1,276 25,788
Chemed Corp.
 37 19,574
Chemours Co.
 199 6,678
Choice Hotels International, Inc.
 68 10,607
Churchill Downs, Inc.
 88 21,199
Ciena Corp.(a)
 1,074 82,666
Cirrus Logic, Inc.(a)
 369 33,955
CIT Group, Inc.
 227 11,654
Clean Harbors, Inc.(a)
 302 30,131
Cleveland-Cliffs, Inc.(a)
 724 15,761
CMC Materials, Inc.
 45 8,626
CNO Financial Group, Inc.
 1,658 39,527
CNX Resources Corp.(a)
 2,014 27,692
Cognex Corp.
 385 29,938
Coherent, Inc.(a)
 298 79,429
Colfax Corp.(a)
 518 23,812
Columbia Sportswear Co.
 248 24,165
Commerce Bancshares, Inc.
 162 11,136
Commercial Metals Co.
 443 16,076
CommVault Systems, Inc.(a)
 435 29,980
Compass Minerals International, Inc.
 282 14,405
Concentrix Corp.
 93 16,612
Corporate Office Properties Trust
 162 4,531
Coty, Inc., Class A(a)
 6,942 72,891
Cousins Properties, Inc.
 109 4,391
Cracker Barrel Old Country Store, Inc.
 308 39,621
Crane Co.
 113 11,495
Crocs, Inc.(a)
 160 20,515
Cullen/Frost Bankers, Inc.
 87 10,968
Curtiss-Wright Corp.
 87 12,064
CyrusOne, Inc.
 881 79,043
Dana, Inc.
 396 9,037
Darling Ingredients, Inc.(a)
 466 32,289
Deckers Outdoor Corp.(a)
 63 23,078
Dick's Sporting Goods, Inc.
 258 29,667
Digital Turbine, Inc.(a)
 557 33,971
Donaldson Co., Inc.
 331 19,615
Douglas Emmett, Inc.
 133 4,456
DTE Midstream, LLC
 375 17,992
Dycom Industries, Inc.(a)
 154 14,439
Eagle Materials, Inc.
 117 19,476
East West Bancorp, Inc.
 79 6,216
EastGroup Properties, Inc.
 44 10,025
EMCOR Group, Inc.
 115 14,650
Encompass Health Corp.
 207 13,509
 
See accompanying notes to financial statements.
22
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Energizer Holdings, Inc.
 1,791 $71,819
EnerSys
 288 22,769
Envestnet, Inc.(a)
 372 29,514
Envista Holdings Corp.(a)
 635 28,613
EPR Properties
 93 4,417
EQT Corp.(a)
 1,409 30,730
Equitrans Midstream Corp.
 1,792 18,529
Essent Group Ltd.
 540 24,586
Essential Utilities, Inc.
 438 23,516
Evercore, Inc., Class A
 97 13,177
Exelixis, Inc.(a)
 4,054 74,107
Fair Isaac Corp.(a)
 74 32,092
Federated Hermes, Inc.
 876 32,920
First American Financial Corp.
 344 26,911
First Financial Bankshares, Inc.
 119 6,050
First Horizon Corp.
 685 11,186
First Industrial Realty Trust, Inc.
 154 10,195
First Solar, Inc.(a)
 111 9,675
FirstCash Holdings, Inc.
 309 23,116
Five Below, Inc.(a)
 147 30,413
Flowers Foods, Inc.
 1,517 41,672
Flowserve Corp.
 634 19,400
Fluor Corp.(a)
 1,226 30,368
FNB Corp.
 510 6,186
Foot Locker, Inc.
 566 24,695
Fox Factory Holding Corp.(a)
 49 8,335
FTI Consulting, Inc.(a)
 91 13,961
Fulton Financial Corp.
 379 6,443
GameStop Corp., Class A(a)
 244 36,207
GATX Corp.
 140 14,587
Genpact Ltd.
 307 16,296
Gentex Corp.
 628 21,886
Glacier Bancorp, Inc.
 108 6,124
Globus Medical, Inc., Class A(a)
 389 28,086
Goodyear Tire & Rubber Co.(a)
 401 8,549
Graco, Inc.
 247 19,913
Graham Holdings Co., Class B
 51 32,121
Grand Canyon Education, Inc.(a)
 382 32,741
Greif, Inc., Class A
 210 12,678
Grocery Outlet Holding Corp.(a)
 1,060 29,977
GXO Logistics, Inc.(a)
 173 15,714
H&R Block, Inc.
 1,328 31,288
Haemonetics Corp.(a)
 380 20,155
Hain Celestial Group, Inc.(a)
 1,513 64,469
Halozyme Therapeutics, Inc.(a)
 1,957 78,691
Hancock Whitney Corp.
 229 11,455
Hanesbrands, Inc.
 1,435 23,993
Hanover Insurance Group, Inc.
 126 16,514
Harley-Davidson, Inc.
 597 22,501
Hawaiian Electric Industries, Inc.
 546 22,659
Healthcare Realty Trust, Inc.
 1,237 39,139
HealthEquity, Inc.(a)
 639 28,269
Security Description Shares Value
Helen of Troy Ltd.(a)
 288 $70,407
Hexcel Corp.(a)
 125 6,475
Highwoods Properties, Inc.
 98 4,370
HollyFrontier Corp.
 885 29,010
Home BancShares, Inc.
 254 6,185
Hubbell, Inc.
 54 11,247
Hudson Pacific Properties, Inc.
 173 4,275
Huntington Bancshares, Inc.
 1 15
IAA, Inc.(a)
 703 35,586
ICU Medical, Inc.(a)
 86 20,411
IDACORP, Inc.
 205 23,229
II-VI, Inc.(a)
 164 11,206
Ingevity Corp.(a)
 90 6,453
Ingredion, Inc.
 304 29,379
Insperity, Inc.
 234 27,638
Integra LifeSciences Holdings Corp.(a)
 204 13,666
Interactive Brokers Group, Inc., Class A
 516 40,981
International Bancshares Corp.
 143 6,062
Iridium Communications, Inc.(a)
 1,929 79,648
ITT, Inc.
 118 12,058
Jabil, Inc.
 802 56,421
Jack in the Box, Inc.
 471 41,203
Janus Henderson Group PLC
 750 31,455
Jazz Pharmaceuticals PLC(a)
 550 70,070
JBG SMITH Properties
 154 4,421
Jefferies Financial Group, Inc.
 439 17,033
JetBlue Airways Corp.(a)
 2,463 35,073
John Wiley & Sons, Inc., Class A
 529 30,296
Jones Lang LaSalle, Inc.(a)
 49 13,198
KB Home
 657 29,388
KBR, Inc.
 320 15,238
Kemper Corp.
 746 43,857
Kennametal, Inc.
 644 23,126
Kilroy Realty Corp.
 66 4,386
Kinsale Capital Group, Inc.
 81 19,269
Kirby Corp.(a)
 306 18,183
Kite Realty Group Trust, REIT
 207 4,508
Knight-Swift Transportation Holdings, Inc.
 241 14,687
Kohl's Corp.
 486 24,004
Kyndryl Holdings, Inc.(a)
 858 15,530
Lamar Advertising Co., Class A
 36 4,367
Lancaster Colony Corp.
 255 42,228
Landstar System, Inc.
 81 14,501
Lattice Semiconductor Corp.(a)
 439 33,829
Lear Corp.
 48 8,782
Leggett & Platt, Inc.
 350 14,406
Lennox International, Inc.
 43 13,947
LHC Group, Inc.(a)
 149 20,447
Life Storage, Inc.
 172 26,347
Lincoln Electric Holdings, Inc.
 173 24,128
Lithia Motors, Inc.
 122 36,228
Littelfuse, Inc.
 71 22,342
 
See accompanying notes to financial statements.
23
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
LivaNova PLC(a)
 324 $28,327
LiveRamp Holdings, Inc.(a)
 611 29,297
Louisiana-Pacific Corp.
 170 13,320
Lumentum Holdings, Inc.(a)
 777 82,183
Macerich Co.
 244 4,216
Macy's, Inc.
 940 24,609
Manhattan Associates, Inc.(a)
 196 30,476
ManpowerGroup, Inc.
 136 13,237
Marriott Vacations Worldwide Corp.
 80 13,518
Masimo Corp.(a)
 73 21,373
MasTec, Inc.(a)
 160 14,765
Mattel, Inc.(a)
 692 14,920
Maximus, Inc.
 341 27,167
MDU Resources Group, Inc.
 686 21,156
Medical Properties Trust, Inc.
 1,800 42,534
Medpace Holdings, Inc.(a)
 259 56,369
Mercury General Corp.
 750 39,795
Mercury Systems, Inc.(a)
 233 12,829
MGIC Investment Corp.
 1,649 23,779
Middleby Corp.(a)
 124 24,398
MillerKnoll, Inc.
 365 14,304
Mimecast Ltd.(a)
 246 19,574
Minerals Technologies, Inc.
 91 6,657
MKS Instruments, Inc.
 488 84,995
Molina Healthcare, Inc.(a)
 258 82,065
MSA Safety, Inc.
 199 30,041
MSC Industrial Direct Co., Inc., Class A
 117 9,835
Murphy Oil Corp.
 1,031 26,919
Murphy USA, Inc.
 159 31,679
National Fuel Gas Co.
 353 22,571
National Instruments Corp.
 679 29,652
National Retail Properties, Inc.
 96 4,615
National Storage Affiliates Trust
 373 25,812
Navient Corp.
 940 19,947
NCR Corp.(a)
 1,897 76,259
Neogen Corp.(a)
 489 22,205
Neurocrine Biosciences, Inc.(a)
 846 72,054
New Jersey Resources Corp.
 555 22,788
New York Community Bancorp, Inc.
 502 6,129
New York Times Co., Class A
 658 31,781
NewMarket Corp.
 18 6,169
Nordson Corp.
 87 22,208
Nordstrom, Inc.(a)
 1,207 27,302
NorthWestern Corp.
 393 22,464
NOV, Inc.
 2,156 29,214
Nu Skin Enterprises, Inc., Class A
 1,513 76,785
NuVasive, Inc.(a)
 515 27,027
nVent Electric PLC
 583 22,154
OGE Energy Corp.
 614 23,565
Old Republic International Corp.
 679 16,690
Olin Corp.
 255 14,668
Ollie's Bargain Outlet Holdings, Inc.(a)
 587 30,049
Security Description Shares Value
Omega Healthcare Investors, Inc.
 1,399 $41,396
ONE Gas, Inc.
 306 23,743
Option Care Health, Inc.(a)
 508 14,448
Oshkosh Corp.
 175 19,724
Owens Corning
 89 8,055
PacWest Bancorp
 136 6,143
Papa John's International, Inc.
 307 40,975
Park Hotels & Resorts, Inc.(a)
 534 10,082
Patterson Cos, Inc.
 456 13,384
Paylocity Holding Corp.(a)
 124 29,284
Pebblebrook Hotel Trust
 449 10,044
Penumbra, Inc.(a)
 52 14,941
Performance Food Group Co.(a)
 644 29,553
Perrigo Co. PLC
 1,846 71,809
Physicians Realty Trust
 242 4,557
Pilgrim's Pride Corp.(a)
 1,048 29,554
Pinnacle Financial Partners, Inc.
 67 6,399
PNM Resources, Inc.
 488 22,258
Polaris, Inc.
 209 22,971
Post Holdings, Inc.(a)
 579 65,271
PotlatchDeltic Corp.
 213 12,827
Power Integrations, Inc.
 380 35,298
Primerica, Inc.
 258 39,544
PROG Holdings, Inc.(a)
 684 30,855
Progyny, Inc.(a)
 1,679 84,538
Prosperity Bancshares, Inc.
 86 6,218
PS Business Parks, Inc.
 56 10,314
Qualys, Inc.(a)
 148 20,309
Quidel Corp.(a)
 150 20,248
R1 RCM, Inc.(a)
 546 13,918
Rayonier, Inc.
 338 13,642
Regal Rexnord Corp.
 72 12,253
Reinsurance Group of America, Inc.
 227 24,854
Reliance Steel & Aluminum Co.
 95 15,411
RenaissanceRe Holdings Ltd.
 142 24,045
Repligen Corp.(a)
 215 56,941
Rexford Industrial Realty, Inc.
 133 10,788
RH(a)
 25 13,398
RLI Corp.
 154 17,263
Royal Gold, Inc.
 150 15,781
RPM International, Inc.
 153 15,453
Ryder System, Inc.
 182 15,002
Sabra Health Care REIT, Inc.
 2,935 39,740
Sabre Corp.(a)
 8,848 76,004
Saia, Inc.(a)
 47 15,840
Sailpoint Technologies Holdings, Inc.(a)
 424 20,496
Sanderson Farms, Inc.
 158 30,191
Science Applications International Corp.
 191 15,966
Scientific Games Corp., Class A(a)
 1,242 83,003
Scotts Miracle-Gro Co.
 466 75,026
SEI Investments Co.
 521 31,750
Selective Insurance Group, Inc.
 204 16,716
 
See accompanying notes to financial statements.
24
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Semtech Corp.(a)
 386 $34,327
Sensient Technologies Corp.
 65 6,504
Service Corp. International/US
 431 30,597
Silgan Holdings, Inc.
 309 13,238
Silicon Laboratories, Inc.(a)
 165 34,059
Simpson Manufacturing Co., Inc.
 65 9,040
SiTime Corp.(a)
 116 33,935
Six Flags Entertainment Corp.(a)
 339 14,435
Skechers USA, Inc., Class A(a)
 555 24,087
SL Green Realty Corp.
 60 4,302
SLM Corp.
 1,038 20,417
Sonoco Products Co.
 217 12,562
Southwest Gas Holdings, Inc.
 319 22,346
Spire, Inc.
 350 22,827
Spirit Realty Capital, Inc.
 95 4,578
Sprouts Farmers Market, Inc.(a)
 1,105 32,796
STAAR Surgical Co.(a)
 290 26,477
Steel Dynamics, Inc.
 243 15,083
Stericycle, Inc.(a)
 496 29,581
Sterling Bancorp
 249 6,422
Stifel Financial Corp.
 563 39,646
STORE Capital Corp.
 132 4,541
SunPower Corp.(a)
 947 19,764
Sunrun, Inc.(a)
 522 17,905
Synaptics, Inc.(a)
 122 35,320
Syneos Health, Inc.(a)
 526 54,010
Synovus Financial Corp.
 129 6,175
Tandem Diabetes Care, Inc.(a)
 201 30,255
Targa Resources Corp.
 340 17,762
Taylor Morrison Home Corp.(a)
 842 29,436
TD SYNNEX Corp.
 89 10,178
TEGNA, Inc.
 2,007 37,250
Tempur Sealy International, Inc.
 326 15,332
Tenet Healthcare Corp.(a)
 518 42,315
Teradata Corp.(a)
 692 29,389
Terex Corp.
 437 19,206
Tetra Tech, Inc.
 88 14,942
Texas Capital Bancshares, Inc.(a)
 391 23,558
Texas Roadhouse, Inc.
 449 40,087
Thor Industries, Inc.
 215 22,311
Timken Co.
 124 8,592
Toll Brothers, Inc.
 395 28,594
TopBuild Corp.(a)
 52 14,347
Toro Co.
 295 29,473
Travel + Leisure Co.
 252 13,928
Trex Co., Inc.(a)
 104 14,043
Tri Pointe Homes, Inc.(a)
 1,050 29,284
Trinity Industries, Inc.
 691 20,868
TripAdvisor, Inc.(a)
 2,965 80,826
UGI Corp.
 483 22,175
UMB Financial Corp.
 108 11,460
Security Description Shares   Value
Umpqua Holdings Corp.
 314   $6,041
United Bankshares, Inc.
 171   6,204
United States Steel Corp.
 644   15,334
United Therapeutics Corp.(a)
 358   77,357
Univar Solutions, Inc.(a)
 356   10,093
Universal Display Corp.
 70   11,552
Unum Group
 1,628   40,000
Urban Edge Properties
 241   4,579
Urban Outfitters, Inc.(a)
 825   24,222
Valley National Bancorp
 445   6,119
Valmont Industries, Inc.
 34   8,517
Valvoline, Inc.
 420   15,662
Viasat, Inc.(a)
 1,691   75,317
Vicor Corp.(a)
 190   24,126
Victoria's Secret & Co.(a)
 502   27,881
Vishay Intertechnology, Inc.
 523   11,438
Visteon Corp.(a)
 195   21,672
Vontier Corp.
 956   29,378
Voya Financial, Inc.
 1,174   77,848
Washington Federal, Inc.
 712   23,767
Watsco, Inc.
 33   10,325
Webster Financial Corp.
 431   24,067
Wendy's Co.
 1,764   42,071
Werner Enterprises, Inc.
 321   15,299
Western Union Co.
 1,430   25,511
WEX, Inc.(a)
 198   27,797
Williams-Sonoma, Inc.
 170   28,752
Wingstop, Inc.
 243   41,990
Wintrust Financial Corp.
 125   11,353
Wolfspeed, Inc.(a)
 95   10,618
Woodward, Inc.
 109   11,931
World Wrestling Entertainment, Inc., Class A
 800   39,472
Worthington Industries, Inc.
 162   8,855
Wyndham Hotels & Resorts, Inc.
 118   10,579
Xerox Holdings Corp.
 2,477   56,079
XPO Logistics, Inc.(a)
 197   15,254
Yelp, Inc.(a)
 2,182   79,076
YETI Holdings, Inc.(a)
 163   13,501
Ziff Davis, Inc.(a)
 740   82,036
TOTAL INVESTMENTS—99.8%

(Cost $8,671,266)
     10,165,500
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     15,587
NET ASSETS—100.0%
     $10,181,087
    
(a) Non-income producing security.
    
LLC=Limited Liability Corporation
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
25
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2021
INDUSTRY BREAKDOWN
As of December 31, 2021*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals
 3.7%
Business Software for Specific Uses
 3.3
Healthcare Providers and Facilities
 3.2
Commercial Hardware
 3.2
Production Equipment
 3.0
Semiconductor Services and Equipment
 2.9
Information and Electrical Components
 2.7
Rental
 2.4
Restaurants
 2.4
Consumer Insurance
 2.4
Commercial Insurance
 2.4
Operators and Developers
 2.4
Content Providers
 2.4
Real Estate Banking
 2.3
Investment Services
 2.3
Home Office and Consumer Equipment Manufacture
 2.1
Processed Foods
 2.1
Non Real Estate Banking
 1.9
Gas and Water Utilities
 1.8
Distribution Services
 1.8
Specialty Services
 1.8
Auto Products
 1.7
Transaction Services
 1.7
Analog and Mixed Signal Integrated Circuits
 1.7
Transportation Services
 1.7
Upstream Energy
 1.7
Medical Devices
 1.7
Mechanical Components
 1.6
Medical Research Services and Equipment
 1.6
Healthcare Insurance
 1.6
Telecommunication Networks
 1.6
Internet Services
1.6
Search and Social Networks
 1.6
Hospital Equipment
 1.5
Business Software for Specific Industries
 1.5
Personal Products
 1.5
Household Products
 1.4
Management and IT Services
 1.4
Home Office and Consumer Equipment Retail
 1.3
Metals
 1.2
Apparel Retailers
 1.2
Branded Apparel
 1.2
Food Distributors
 1.2
INDUSTRY PERCENTAGE OF
NET ASSETS
Chemicals
 1.2%
Primary Foods
 1.2
Other Natural Resources
 1.2
Electric Regulated
 1.1
Accessories and Footwear
 0.9
Downstream
 0.9
Midstream
 0.9
Brokers and Dealers
 0.8
Online Distribution Networks
 0.7
Other Pharmaceuticals
 0.7
Digital Integrated Circuits
 0.7
Clinical Stage Pharmaceuticals
 0.6
Electric Competitive
 0.6
Contract Electronics Services
 0.6
End User Hardware
 0.6
Transport Aerospace and Defense Equipment
 0.5
Alcohol and Tobacco
 0.4
Consumer Services
 0.3
Healthcare Products Distribution
 0.1
Industrial Conglomerates
 0.1
Capital Markets
 0.0
Other Assets in Excess of Liabilities
 0.2
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
See accompanying notes to financial statements.
26
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments
December 31, 2021
Security Description Shares Value
COMMON STOCK—99.8%    
3D Systems Corp.(a)
 1,683 $36,252
8x8, Inc.(a)
 5,677 95,147
AAON, Inc.
 257 20,413
AAR Corp.(a)
 586 22,872
Aaron's Co., Inc.
 1,704 42,004
Abercrombie & Fitch Co., Class A(a)
 585 20,376
ABM Industries, Inc.
 909 37,133
Acadia Realty Trust, REIT
 644 14,059
Addus HomeCare Corp.(a)
 226 21,133
Adtalem Global Education, Inc.(a)
 1,036 30,624
ADTRAN, Inc.
 2,956 67,485
Advanced Energy Industries, Inc.
 718 65,381
AdvanSix, Inc.
 295 13,939
Aerojet Rocketdyne Holdings, Inc.
 488 22,819
AeroVironment, Inc.(a)
 791 49,066
Agilysys, Inc.(a)
 1,097 48,773
Agree Realty Corp., REIT
 205 14,629
Alamo Group, Inc.
 199 29,289
Alarm.com Holdings, Inc.(a)
 1,248 105,843
Albany International Corp., Class A
 206 18,221
Alexander & Baldwin, Inc.
 575 14,427
Allegheny Technologies, Inc.(a)
 1,347 21,458
Allegiance Bancshares, Inc.
 87 3,672
Allegiant Travel Co.(a)
 446 83,420
Allscripts Healthcare Solutions, Inc.(a)
 1,885 34,778
Ambac Financial Group, Inc.(a)
 4,068 65,291
AMC Networks, Inc., Class A(a)
 1,274 43,877
American Assets Trust, Inc., REIT
 311 11,672
American Axle & Manufacturing Holdings, Inc.(a)
 6,377 59,497
American Equity Investment Life Holding Co.
 1,687 65,658
American Public Education, Inc.(a)
 1,463 32,552
American States Water Co.
 955 98,785
American Vanguard Corp.
 347 5,687
American Woodmark Corp.(a)
 380 24,776
America's Car-Mart, Inc.(a)
 338 34,611
Ameris Bancorp
 74 3,676
AMERISAFE, Inc.
 953 51,300
AMN Healthcare Services, Inc.(a)
 105 12,845
Amphastar Pharmaceuticals, Inc.(a)
 2,604 60,647
Andersons, Inc.
 1,014 39,252
AngioDynamics, Inc.(a)
 548 15,114
ANI Pharmaceuticals, Inc.(a)
 1,271 58,568
Anika Therapeutics, Inc.(a)
 1,847 66,178
Apogee Enterprises, Inc.
 311 14,975
Apollo Commercial Real Estate Finance, Inc., REIT
 271 3,566
Apollo Medical Holdings, Inc.(a)
 664 48,791
Applied Industrial Technologies, Inc.
 200 20,540
ArcBest Corp.
 214 25,648
Archrock, Inc.
 2,228 16,665
Security Description Shares Value
Arconic Corp.(a)
 660 $21,787
Arcosa, Inc.
 376 19,815
Arlo Technologies, Inc.(a)
 2,377 24,935
Armada Hoffler Properties, Inc., REIT
 743 11,308
ARMOUR Residential REIT, Inc.
 1,032 10,124
Asbury Automotive Group, Inc.(a)
 205 35,410
Assured Guaranty Ltd.
 1,281 64,306
Astec Industries, Inc.
 437 30,271
Atlas Air Worldwide Holdings, Inc.(a)
 267 25,130
ATN International, Inc.
 3,146 125,683
Avanos Medical, Inc.(a)
 467 16,191
Avid Bioservices, Inc.(a)
 1,045 30,493
Avista Corp.
 2,290 97,302
Axcelis Technologies, Inc.(a)
 279 20,802
Axos Financial, Inc.(a)
 326 18,227
AZZ, Inc.
 391 21,618
B Riley Financial, Inc.
 212 18,838
B&G Foods, Inc.
 751 23,078
Badger Meter, Inc.
 195 20,779
Balchem Corp.
 82 13,825
Banc of California, Inc.
 178 3,492
BancFirst Corp.
 53 3,740
Bancorp, Inc.(a)
 1,198 30,321
BankUnited, Inc.
 89 3,766
Banner Corp.
 60 3,640
Barnes & Noble Education, Inc.(a)
 6,861 46,723
Barnes Group, Inc.
 131 6,103
Bed Bath & Beyond, Inc.(a)
 1,876 27,352
Benchmark Electronics, Inc.
 1,463 39,647
Berkshire Hills Bancorp, Inc.
 129 3,667
Big Lots, Inc.
 928 41,806
BioLife Solutions, Inc.(a)
 807 30,077
BJ's Restaurants, Inc.(a)
 656 22,665
Bloomin' Brands, Inc.(a)
 1,166 24,463
Blucora, Inc.(a)
 4,813 83,361
BM Technologies, Inc.(a)
 42 387
Boise Cascade Co.
 308 21,930
Boot Barn Holdings, Inc.(a)
 190 23,379
Bottomline Technologies DE, Inc.(a)
 1,879 106,107
Brady Corp., Class A
 406 21,883
Brandywine Realty Trust, REIT
 1,758 23,592
Brightsphere Investment Group, Inc.
 2,830 72,448
Brinker International, Inc.(a)
 647 23,674
Bristow Group, Inc.(a)
 507 16,057
Brookline Bancorp, Inc.
 229 3,708
Buckle, Inc.
 1,237 52,337
CalAmp Corp.(a)
 6,130 43,278
Calavo Growers, Inc.
 892 37,821
Caleres, Inc.
 1,067 24,200
California Water Service Group
 1,383 99,382
Callon Petroleum Co.(a)
 473 22,349
Cal-Maine Foods, Inc.
 983 36,361
 
See accompanying notes to financial statements.
27
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Capitol Federal Financial, Inc.
 1,633 $18,502
Cara Therapeutics, Inc.(a)
 2,294 27,941
Cardiovascular Systems, Inc.(a)
 741 13,916
CareTrust REIT, Inc.
 3,919 89,471
Carpenter Technology Corp.
 698 20,375
Cars.com, Inc.(a)
 7,031 113,129
Cato Corp., Class A
 1,217 20,884
Cavco Industries, Inc.(a)
 129 40,977
Celsius Holdings, Inc.(a)
 341 25,428
Centerspace, REIT
 103 11,423
Central Garden & Pet Co.(a)
 226 11,894
Central Garden & Pet Co., Class A(a)
 249 11,915
Central Pacific Financial Corp.
 669 18,846
Century Aluminum Co.(a)
 1,504 24,906
Century Communities, Inc.
 491 40,159
CEVA, Inc.(a)
 1,899 82,113
Chart Industries, Inc.(a)
 125 19,936
Chatham Lodging Trust, REIT(a)
 1,589 21,801
Cheesecake Factory, Inc.(a)
 566 22,159
Chefs' Warehouse, Inc.(a)
 2,369 78,888
Chesapeake Utilities Corp.
 694 101,192
Chico's FAS, Inc.(a)
 3,835 20,632
Children's Place, Inc.(a)
 232 18,395
Chuy's Holdings, Inc.(a)
 818 24,638
Cinemark Holdings, Inc.(a)
 2,943 47,441
CIRCOR International, Inc.(a)
 759 20,630
City Holding Co.
 229 18,730
Civitas Resources, Inc.
 425 20,812
Clearwater Paper Corp.(a)
 1,513 55,482
Coca-Cola Consolidated, Inc.
 44 27,244
Cogent Communications Holdings, Inc.
 1,099 80,425
Coherus Biosciences, Inc.(a)
 3,307 52,780
Cohu, Inc.(a)
 774 29,482
Collegium Pharmaceutical, Inc.(a)
 1,848 34,521
Columbia Banking System, Inc.
 109 3,566
Comfort Systems USA, Inc.
 323 31,958
Community Bank System, Inc.
 481 35,825
Community Health Systems, Inc.(a)
 3,915 52,109
Community Healthcare Trust, Inc., REIT
 1,871 88,442
Computer Programs and Systems, Inc.(a)
 1,454 42,602
Comtech Telecommunications Corp.
 2,530 59,936
CONMED Corp.
 305 43,237
Conn's, Inc.(a)
 2,204 51,838
Consensus Cloud Solutions, Inc.(a)
 2,185 126,446
CONSOL Energy, Inc.(a)
 967 21,961
Consolidated Communications Holdings, Inc.(a)
 10,592 79,228
Cooper-Standard Holdings, Inc.(a)
 1,196 26,802
Corcept Therapeutics, Inc.(a)
 2,217 43,897
Core Laboratories N.V.
 673 15,015
CoreCivic, Inc.(a)
 3,231 32,213
CorVel Corp.(a)
 514 106,912
Security Description Shares Value
Covetrus, Inc.(a)
 4,597 $91,802
Cross Country Healthcare, Inc.(a)
 463 12,853
CryoLife, Inc.(a)
 757 15,405
CSG Systems International, Inc.
 999 57,562
CTS Corp.
 1,184 43,476
Customers Bancorp, Inc.(a)
 63 4,118
Cutera, Inc.(a)
 1,108 45,783
CVB Financial Corp.
 171 3,661
Cytokinetics, Inc.(a)
 769 35,051
Dave & Buster's Entertainment, Inc.(a)
 904 34,714
Deluxe Corp.
 1,256 40,330
Designer Brands, Inc., Class A(a)
 1,722 24,470
DiamondRock Hospitality Co., REIT(a)
 2,236 21,488
Diebold Nixdorf, Inc.(a)
 6,451 58,382
Digi International, Inc.(a)
 2,550 62,653
Dime Community Bancshares, Inc.
 108 3,797
Dine Brands Global, Inc.
 291 22,061
Diodes, Inc.(a)
 1,545 169,656
Diversified Healthcare Trust, REIT
 30,568 94,455
DMC Global, Inc.(a)
 155 6,140
Donnelley Financial Solutions, Inc.(a)
 1,857 87,539
Dorian LPG Ltd.
 3,262 41,395
Dorman Products, Inc.(a)
 279 31,530
Douglas Elliman, Inc.
 1,280 14,720
Dril-Quip, Inc.(a)
 826 16,256
DXP Enterprises, Inc.(a)
 744 19,098
Eagle Bancorp, Inc.
 66 3,850
Eagle Pharmaceuticals, Inc.(a)
 909 46,286
Easterly Government Properties, Inc., REIT
 501 11,483
Ebix, Inc.
 1,805 54,872
Edgewell Personal Care Co.
 1,400 63,994
eHealth, Inc.(a)
 1,077 27,463
El Pollo Loco Holdings, Inc.(a)
 4,723 67,019
elf Beauty, Inc.(a)
 1,982 65,822
Ellington Financial, Inc., REIT
 595 10,169
Emergent BioSolutions, Inc.(a)
 833 36,210
Employers Holdings, Inc.
 1,226 50,732
Enanta Pharmaceuticals, Inc.(a)
 477 35,670
Encore Capital Group, Inc.(a)
 521 32,359
Encore Wire Corp.
 487 69,690
Endo International PLC(a)
 8,761 32,941
Enerpac Tool Group Corp.
 937 19,002
Enova International, Inc.(a)
 778 31,867
EnPro Industries, Inc.
 55 6,054
Ensign Group, Inc.
 265 22,249
ePlus, Inc.(a)
 750 40,410
ESCO Technologies, Inc.
 247 22,228
Essential Properties Realty Trust, Inc., REIT
 407 11,734
Ethan Allen Interiors, Inc.
 986 25,922
EVERTEC, Inc.
 1,128 56,377
EW Scripps Co., Class A
 2,486 48,104
ExlService Holdings, Inc.(a)
 305 44,155
 
See accompanying notes to financial statements.
28
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Exponent, Inc.
 137 $15,992
Extreme Networks, Inc.(a)
 4,615 72,455
EZCORP, Inc., Class A(a)
 4,472 32,959
Fabrinet(a)
 324 38,384
FARO Technologies, Inc.(a)
 309 21,636
FB Financial Corp.
 85 3,725
Federal Signal Corp.
 1,125 48,757
Ferro Corp.(a)
 641 13,993
Fiesta Restaurant Group, Inc.(a)
 6,465 71,180
First BanCorp
 2,684 36,986
First Bancorp/Southern Pines NC
 79 3,612
First Commonwealth Financial Corp.
 241 3,878
First Financial Bancorp
 152 3,706
First Hawaiian, Inc.
 130 3,553
First Midwest Bancorp, Inc.
 1,772 36,291
Flagstar Bancorp, Inc.
 380 18,217
FormFactor, Inc.(a)
 643 29,398
Forrester Research, Inc.(a)
 544 31,949
Forward Air Corp.
 203 24,581
Fossil Group, Inc.(a)
 3,957 40,718
Four Corners Property Trust, Inc., REIT
 491 14,440
Franklin BSP Realty Trust, Inc.
 648 9,681
Franklin Electric Co., Inc.
 224 21,181
Franklin Street Properties Corp., REIT
 3,733 22,211
Fresh Del Monte Produce, Inc.
 1,368 37,757
Fulgent Genetics, Inc.(a)
 338 33,999
FutureFuel Corp.
 5,574 42,585
Gannett Co., Inc.(a)
 6,148 32,769
GCP Applied Technologies, Inc.(a)
 164 5,192
Genesco, Inc.(a)
 389 24,962
Gentherm, Inc.(a)
 503 43,711
Genworth Financial, Inc., Class A(a)
 15,154 61,374
GEO Group, Inc., REIT
 4,313 33,426
Getty Realty Corp., REIT
 436 13,991
Gibraltar Industries, Inc.(a)
 189 12,603
G-III Apparel Group Ltd.(a)
 2,260 62,466
Glatfelter Corp.
 1,032 17,750
Glaukos Corp.(a)
 335 14,887
Global Net Lease, Inc., REIT
 1,559 23,822
GMS, Inc.(a)
 347 20,858
Granite Construction, Inc.
 791 30,612
Granite Point Mortgage Trust, Inc., REIT
 870 10,188
Great Western Bancorp, Inc.
 110 3,736
Green Dot Corp., Class A(a)
 1,561 56,571
Green Plains, Inc.(a)
 913 31,736
Greenbrier Companies, Inc.
 663 30,425
Greenhill & Co., Inc.
 936 16,782
Griffon Corp.
 2,766 78,776
Group 1 Automotive, Inc.
 176 34,359
Guess?, Inc.
 857 20,294
Hanger, Inc.(a)
 1,260 22,844
Hanmi Financial Corp.
 161 3,812
Security Description Shares Value
Harmonic, Inc.(a)
 5,760 $67,738
Harmony Biosciences Holdings, Inc.(a)
 873 37,225
Harsco Corp.(a)
 368 6,149
Haverty Furniture Companies, Inc.
 2,648 80,949
Hawaiian Holdings, Inc.(a)
 4,301 79,009
Hawkins, Inc.
 741 29,232
Haynes International, Inc.
 528 21,294
HB Fuller Co.
 64 5,184
HCI Group, Inc.
 616 51,461
Healthcare Services Group, Inc.
 2,508 44,617
HealthStream, Inc.(a)
 1,355 35,718
Heartland Express, Inc.
 1,380 23,212
Heidrick & Struggles International, Inc.
 274 11,982
Helix Energy Solutions Group, Inc.(a)
 5,109 15,940
Helmerich & Payne, Inc.
 664 15,737
Heritage Financial Corp.
 153 3,739
Hersha Hospitality Trust, REIT(a)
 2,265 20,770
Heska Corp.(a)
 168 30,658
Hibbett, Inc.
 442 31,793
Hillenbrand, Inc.
 742 38,577
Hilltop Holdings, Inc.
 804 28,253
HNI Corp.
 587 24,683
HomeStreet, Inc.
 73 3,796
Hope Bancorp, Inc.
 248 3,648
Horace Mann Educators Corp.
 1,619 62,655
Hub Group, Inc., Class A(a)
 279 23,503
Ichor Holdings Ltd.(a)
 414 19,056
Independence Realty Trust, Inc., REIT
 452 11,675
Independent Bank Corp.
 45 3,669
Independent Bank Group, Inc.
 50 3,607
Industrial Logistics Properties Trust, REIT
 483 12,099
Innospec, Inc.
 58 5,240
Innovative Industrial Properties, Inc., REIT
 41 10,779
Innoviva, Inc.(a)
 2,534 43,711
Inogen, Inc.(a)
 2,072 70,448
Insight Enterprises, Inc.(a)
 204 21,746
Installed Building Products, Inc.
 178 24,870
Insteel Industries, Inc.
 1,638 65,209
Integer Holdings Corp.(a)
 167 14,294
Inter Parfums, Inc.
 651 69,592
InterDigital, Inc.
 1,218 87,245
Interface, Inc.
 872 13,908
Invesco Mortgage Capital, Inc., REIT
 3,433 9,544
Investors Bancorp, Inc.
 242 3,666
iRobot Corp.(a)
 370 24,376
iStar, Inc., REIT
 970 25,055
Itron, Inc.(a)
 340 23,297
J & J Snack Foods Corp.
 157 24,800
James River Group Holdings Ltd.
 1,998 57,562
John B Sanfilippo & Son, Inc.
 256 23,081
John Bean Technologies Corp.
 229 35,165
Joint Corp.(a)
 300 19,707
 
See accompanying notes to financial statements.
29
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Kaiser Aluminum Corp.
 61 $5,730
Kaman Corp.
 503 21,704
KAR Auction Services, Inc.(a)
 2,209 34,505
Kelly Services, Inc., Class A
 693 11,622
KKR Real Estate Finance Trust, Inc., REIT
 174 3,624
Knowles Corp.(a)
 2,834 66,174
Kontoor Brands, Inc.
 1,171 60,014
Koppers Holdings, Inc.(a)
 868 27,168
Korn Ferry
 151 11,435
Kraton Corp.(a)
 596 27,607
Kulicke & Soffa Industries, Inc.
 278 16,830
Lakeland Financial Corp.
 475 38,066
Lantheus Holdings, Inc.(a)
 1,021 29,497
Laredo Petroleum, Inc.(a)
 356 21,406
La-Z-Boy, Inc.
 692 25,127
LCI Industries
 195 30,395
LeMaitre Vascular, Inc.
 285 14,316
LendingTree, Inc.(a)
 249 30,527
Lexington Realty Trust, REIT
 727 11,356
LGI Homes, Inc.(a)
 258 39,856
Ligand Pharmaceuticals, Inc.(a)
 380 58,695
Lindsay Corp.
 199 30,248
Liquidity Services, Inc.(a)
 6,220 137,338
Livent Corp.(a)
 191 4,657
LivePerson, Inc.(a)
 1,366 48,794
Loyalty Ventures, Inc.(a)
 593 17,832
LTC Properties, Inc., REIT
 636 21,713
Lumber Liquidators Holdings, Inc.(a)
 4,739 80,895
M/I Homes, Inc.(a)
 641 39,857
Mack-Cali Realty Corp., REIT(a)
 1,299 23,876
Magellan Health, Inc.(a)
 530 50,345
ManTech International Corp., Class A
 599 43,685
Marcus & Millichap, Inc.(a)
 583 30,001
Marcus Corp.(a)
 2,756 49,222
MarineMax, Inc.(a)
 623 36,782
Marten Transport Ltd.
 1,412 24,230
Matador Resources Co.
 625 23,075
Materion Corp.
 232 21,330
Matson, Inc.
 276 24,848
Matthews International Corp., Class A
 461 16,905
MaxLinear, Inc.(a)
 2,224 167,667
MDC Holdings, Inc.
 744 41,538
Medifast, Inc.
 383 80,212
MEDNAX, Inc.(a)
 1,915 52,107
Mercer International, Inc.
 1,533 18,381
Meridian Bioscience, Inc.(a)
 1,547 31,559
Merit Medical Systems, Inc.(a)
 218 13,581
Meritage Homes Corp.(a)
 340 41,500
Meritor, Inc.(a)
 830 20,567
Mesa Laboratories, Inc.
 85 27,888
Meta Financial Group, Inc.
 584 34,841
Methode Electronics, Inc.
 952 46,810
Security Description Shares Value
MGP Ingredients, Inc.
 989 $84,055
Middlesex Water Co.
 927 111,518
ModivCare, Inc.(a)
 150 22,243
Monarch Casino & Resort, Inc.(a)
 449 33,204
Monro, Inc.
 618 36,011
Moog, Inc., Class A
 274 22,186
Motorcar Parts of America, Inc.(a)
 3,286 56,092
Movado Group, Inc.
 993 41,537
Mr Cooper Group, Inc.(a)
 661 27,504
Mueller Industries, Inc.
 360 21,370
Myers Industries, Inc.
 295 5,903
MYR Group, Inc.(a)
 285 31,507
Myriad Genetics, Inc.(a)
 837 23,101
Nabors Industries Ltd.(a)
 169 13,704
National Bank Holdings Corp., Class A
 812 35,679
National Beverage Corp.
 467 21,169
National Presto Industries, Inc.
 603 49,464
Natus Medical, Inc.(a)
 1,197 28,405
NBT Bancorp, Inc.
 98 3,775
Neenah, Inc.
 384 17,772
Nektar Therapeutics(a)
 3,385 45,731
NeoGenomics, Inc.(a)
 651 22,212
NETGEAR, Inc.(a)
 2,179 63,649
NetScout Systems, Inc.(a)
 1,947 64,407
New York Mortgage Trust, Inc., REIT
 2,701 10,048
NexPoint Residential Trust, Inc., REIT
 140 11,736
NextGen Healthcare, Inc.(a)
 2,054 36,541
NMI Holdings, Inc., Class A(a)
 3,040 66,424
Northfield Bancorp, Inc.
 208 3,361
Northwest Bancshares, Inc.
 1,344 19,031
Northwest Natural Holding Co.
 1,989 97,023
NOW, Inc.(a)
 1,900 16,226
NV5 Global, Inc.(a)
 248 34,254
Oceaneering International, Inc.(a)
 1,359 15,370
ODP Corp.(a)
 856 33,624
Office Properties Income Trust, REIT
 985 24,467
OFG Bancorp
 1,441 38,273
O-I Glass, Inc.(a)
 1,567 18,851
Oil States International, Inc.(a)
 3,053 15,173
Old National Bancorp
 205 3,715
Olympic Steel, Inc.
 950 22,325
Omnicell, Inc.(a)
 232 41,862
OneSpan, Inc.(a)
 6,234 105,542
Onto Innovation, Inc.(a)
 297 30,065
OptimizeRx Corp.(a)
 583 36,210
OraSure Technologies, Inc.(a)
 3,343 29,051
Organogenesis Holdings, Inc.(a)
 7,417 68,533
Orion Office REIT, Inc.(a)
 1,252 23,375
Orthofix Medical, Inc.(a)
 2,377 73,901
OSI Systems, Inc.(a)
 227 21,156
Owens & Minor, Inc.
 2,023 88,000
Oxford Industries, Inc.
 208 21,116
 
See accompanying notes to financial statements.
30
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Pacific Premier Bancorp, Inc.
 94 $3,763
Pacira BioSciences, Inc.(a)
 733 44,105
Palomar Holdings, Inc.(a)
 970 62,827
Par Pacific Holdings, Inc.(a)
 2,936 48,415
Park Aerospace Corp.
 385 5,082
Park National Corp.
 27 3,707
Patrick Industries, Inc.
 422 34,051
Patterson-UTI Energy, Inc.
 1,827 15,438
PBF Energy, Inc., Class A(a)
 3,212 41,660
PC Connection, Inc.
 468 20,185
PDC Energy, Inc.
 482 23,512
PDF Solutions, Inc.(a)
 1,201 38,180
Penn Virginia Corp., Class A(a)
 833 22,424
Pennant Group, Inc.(a)
 1,016 23,449
PennyMac Mortgage Investment Trust, REIT
 572 9,913
Perdoceo Education Corp.(a)
 2,716 31,940
Perficient, Inc.(a)
 298 38,528
PetMed Express, Inc.
 3,279 82,828
PGT Innovations, Inc.(a)
 1,137 25,571
Phibro Animal Health Corp., Class A
 2,887 58,953
Photronics, Inc.(a)
 1,087 20,490
Piper Sandler Companies
 101 18,029
Pitney Bowes, Inc.
 3,467 22,986
Plantronics, Inc.(a)
 2,920 85,673
Plexus Corp.(a)
 1,340 128,493
Powell Industries, Inc.
 2,187 64,495
PRA Group, Inc.(a)
 679 34,093
Preferred Bank
 52 3,733
Prestige Consumer Healthcare, Inc.(a)
 970 58,830
PriceSmart, Inc.
 1,040 76,097
ProAssurance Corp.
 2,073 52,447
Progress Software Corp.
 1,021 49,284
ProPetro Holding Corp.(a)
 1,839 14,896
Proto Labs, Inc.(a)
 840 43,134
Provident Financial Services, Inc.
 154 3,730
Quaker Chemical Corp.
 23 5,308
Quanex Building Products Corp.
 1,123 27,828
QuinStreet, Inc.(a)
 927 16,862
RadNet, Inc.(a)
 761 22,914
Rambus, Inc.(a)
 2,872 84,408
Range Resources Corp.(a)
 1,284 22,894
Rayonier Advanced Materials, Inc.(a)
 2,308 13,179
RE/MAX Holdings, Inc., Class A
 953 29,057
Ready Capital Corp., REIT
 221 3,454
Realogy Holdings Corp.(a)
 1,699 28,560
Red Robin Gourmet Burgers, Inc.(a)
 1,385 22,894
Redwood Trust, Inc., REIT
 1,354 17,859
REGENXBIO, Inc.(a)
 864 28,253
Renasant Corp.
 501 19,013
Renewable Energy Group, Inc.(a)
 916 38,875
Rent-A-Center, Inc.
 831 39,921
Resideo Technologies, Inc.(a)
 957 24,911
Security Description Shares Value
Resources Connection, Inc.
 964 $17,198
Retail Opportunity Investments Corp., REIT
 739 14,484
REX American Resources Corp.(a)
 355 34,080
Rogers Corp.(a)
 18 4,914
RPC, Inc.(a)
 3,576 16,235
RPT Realty, REIT
 1,052 14,076
Ruth's Hospitality Group, Inc.(a)
 1,214 24,159
S&T Bancorp, Inc.
 116 3,656
Safehold, Inc., REIT
 154 12,297
Safety Insurance Group, Inc.
 788 67,004
Sally Beauty Holdings, Inc.(a)
 1,588 29,314
Sanmina Corp.(a)
 3,207 132,962
Saul Centers, Inc., REIT
 269 14,262
ScanSource, Inc.(a)
 608 21,329
Scholastic Corp.
 827 33,047
Schweitzer-Mauduit International, Inc.
 598 17,880
Seacoast Banking Corp. of Florida
 107 3,787
Select Medical Holdings Corp.
 1,704 50,098
Selectquote, Inc.(a)
 3,064 27,760
Seneca Foods Corp., Class A(a)
 784 37,593
Service Properties Trust, REIT
 2,257 19,839
ServisFirst Bancshares, Inc.
 42 3,567
Shake Shack, Inc., Class A(a)
 833 60,109
Shenandoah Telecommunications Co.
 3,276 83,538
Shoe Carnival, Inc.
 636 24,855
Shutterstock, Inc.
 1,119 124,075
Signet Jewelers Ltd.
 470 40,904
Simmons First National Corp., Class A
 120 3,550
Simply Good Foods Co.(a)
 604 25,108
Simulations Plus, Inc.
 724 34,245
SiriusPoint Ltd.(a)
 7,595 61,747
SITE Centers Corp., REIT
 908 14,374
SkyWest, Inc.(a)
 2,024 79,543
Sleep Number Corp.(a)
 326 24,972
SM Energy Co.
 755 22,257
SMART Global Holdings, Inc.(a)
 1,357 96,333
Sonic Automotive, Inc., Class A
 702 34,714
South Jersey Industries, Inc.
 3,790 98,995
Southside Bancshares, Inc.
 86 3,597
Southwestern Energy Co.(a)
 4,547 21,189
SpartanNash Co.
 3,066 78,980
Spectrum Pharmaceuticals, Inc.(a)
 29,181 37,060
SPS Commerce, Inc.(a)
 360 51,246
SPX Corp.(a)
 1,037 61,888
SPX FLOW, Inc.
 243 21,015
St Joe Co.
 219 11,399
Standard Motor Products, Inc.
 1,207 63,235
Standex International Corp.
 720 79,675
Stepan Co.
 118 14,666
Steven Madden Ltd.
 858 39,871
Stewart Information Services Corp.
 744 59,319
StoneX Group, Inc.(a)
 1,390 85,137
 
See accompanying notes to financial statements.
31
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
Security Description Shares Value
Strategic Education, Inc.
 566 $32,737
Sturm Ruger & Co., Inc.
 1,291 87,814
Summit Hotel Properties, Inc., REIT(a)
 2,195 21,423
SunCoke Energy, Inc.
 3,229 21,279
Supernus Pharmaceuticals, Inc.(a)
 1,153 33,621
Surmodics, Inc.(a)
 320 15,408
Sylvamo Corp.(a)
 587 16,371
Tabula Rasa HealthCare, Inc.(a)
 3,118 46,770
Tactile Systems Technology, Inc.(a)
 3,605 68,603
Talos Energy, Inc.(a)
 2,478 24,284
Tanger Factory Outlet Centers, Inc., REIT
 698 13,457
TechTarget, Inc.(a)
 177 16,932
Telephone and Data Systems, Inc.
 6,270 126,340
Tennant Co.
 454 36,792
Thryv Holdings, Inc.(a)
 831 34,179
TimkenSteel Corp.(a)
 1,391 22,951
Titan International, Inc.(a)
 733 8,034
Tivity Health, Inc.(a)
 819 21,654
Tompkins Financial Corp.
 47 3,928
Tootsie Roll Industries, Inc.
 595 21,557
Tredegar Corp.
 1,216 14,373
TreeHouse Foods, Inc.(a)
 575 23,305
Trinseo PLC
 258 13,535
Triumph Bancorp, Inc.(a)
 284 33,819
Triumph Group, Inc.(a)
 1,152 21,347
TrueBlue, Inc.(a)
 428 11,843
Trupanion, Inc.(a)
 433 57,169
TrustCo Bank Corp. NY
 556 18,520
Trustmark Corp.
 113 3,668
TTEC Holdings, Inc.
 139 12,586
TTM Technologies, Inc.(a)
 4,381 65,277
Tupperware Brands Corp.(a)
 5,333 81,542
Two Harbors Investment Corp., REIT
 1,723 9,942
UFP Industries, Inc.
 685 63,027
Ultra Clean Holdings, Inc.(a)
 333 19,101
Unifi, Inc.(a)
 585 13,543
UniFirst Corp.
 201 42,290
uniQure N.V.(a)
 984 20,408
Unisys Corp.(a)
 2,143 44,081
United Community Banks, Inc.
 104 3,738
United Fire Group, Inc.
 2,193 50,856
United Natural Foods, Inc.(a)
 1,426 69,988
Uniti Group, Inc., REIT
 846 11,852
Unitil Corp.
 2,099 96,533
Universal Corp.
 1,644 90,288
Universal Electronics, Inc.(a)
 2,197 89,528
Universal Health Realty Income Trust, REIT
 188 11,180
Universal Insurance Holdings, Inc.
 3,946 67,082
Urstadt Biddle Properties, Inc., REIT, Class A
 701 14,931
Security Description Shares   Value
US Ecology, Inc.(a)
 1,202   $38,392
US Physical Therapy, Inc.
 219   20,925
US Silica Holdings, Inc.(a)
 1,669   15,689
USANA Health Sciences, Inc.(a)
 223   22,568
Vanda Pharmaceuticals, Inc.(a)
 2,629   41,249
Varex Imaging Corp.(a)
 978   30,856
Vector Group Ltd.
 7,820   89,774
Veeco Instruments, Inc.(a)
 703   20,014
Vera Bradley, Inc.(a)
 4,981   42,388
Vericel Corp.(a)
 1,879   73,845
Veritex Holdings, Inc.
 91   3,620
Veritiv Corp.(a)
 160   19,611
Viad Corp.(a)
 361   15,447
Viavi Solutions, Inc.(a)
 1,676   29,531
Virtus Investment Partners, Inc.
 284   84,376
Vista Outdoor, Inc.(a)
 2,092   96,378
Vonage Holdings Corp.(a)
 4,817   100,145
Wabash National Corp.
 1,617   31,564
Walker & Dunlop, Inc.
 186   28,064
Warrior Met Coal, Inc.
 920   23,653
Washington Real Estate Investment Trust, REIT
 438   11,322
Watts Water Technologies, Inc., Class A
 109   21,165
WD-40 Co.
 61   14,923
Westamerica BanCorp
 540   31,174
Whitestone REIT
 1,436   14,547
Winnebago Industries, Inc.
 913   68,402
WisdomTree Investments, Inc.
 13,039   79,799
Wolverine World Wide, Inc.
 1,305   37,597
World Acceptance Corp.(a)
 135   33,133
World Fuel Services Corp.
 1,516   40,129
WSFS Financial Corp.
 74   3,709
WW International, Inc.(a)
 2,005   32,341
Xencor, Inc.(a)
 817   32,778
Xenia Hotels & Resorts, Inc., REIT(a)
 1,206   21,841
Xperi Holding Corp.
 4,119   77,890
Zumiez, Inc.(a)
 1,301   62,435
Zynex, Inc.(a)
 6,348   63,290
TOTAL INVESTMENTS—99.8%

(Cost $17,064,807)
     21,363,533
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     46,475
NET ASSETS—100.0%
     $21,410,008
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
32
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2021
INDUSTRY BREAKDOWN
As of December 31, 2021*
INDUSTRY PERCENTAGE OF
NET ASSETS
Business Software for Specific Uses
 3.6%
Healthcare Providers and Facilities
 3.5
Gas and Water Utilities
 2.8
Commercial Hardware
 2.7
Marketed Pharmaceuticals
 2.5
Real Estate Banking
 2.5
Transaction Services
 2.5
Commercial Insurance
 2.4
Home Office and Consumer Equipment Manufacture
 2.4
Operators and Developers
 2.4
Management and IT Services
 2.4
Digital Integrated Circuits
 2.4
Auto Products
 2.4
Upstream Energy
 2.4
Rental
 2.3
Consumer Insurance
 2.3
Telecommunication Networks
 2.3
Content Providers
 2.3
Transportation Services
 2.3
Medical Devices
 2.3
Non Real Estate Banking
 2.3
Hospital Equipment
 2.2
Home Office and Consumer Equipment Retail
 2.2
Mechanical Components
 2.1
Investment Services
 1.9
Information and Electrical Components
 1.8
Production Equipment
 1.8
Restaurants
 1.8
Food Distributors
 1.8
Distribution Services
 1.8
Specialty Services
 1.8
Other Pharmaceuticals
 1.6
Semiconductor Services and Equipment
 1.5
Contract Electronics Services
 1.4
Chemicals
 1.3
Apparel Retailers
 1.3
Business Software for Specific Industries
 1.3
Alcohol and Tobacco
 1.2
Online Distribution Networks
 1.2
Primary Foods
 1.2
Branded Apparel
 1.1
Metals
 1.1
Processed Foods
 1.1
INDUSTRY PERCENTAGE OF
NET ASSETS
Transport Aerospace and Defense Equipment
 1.0%
Accessories and Footwear
 1.0
Personal Products
 0.9
Electric Regulated
 0.9
Other Natural Resources
 0.9
Healthcare Products Distribution
 0.8
End User Hardware
 0.8
Analog and Mixed Signal Integrated Circuits
 0.8
Industrial Conglomerates
 0.7
Clinical Stage Pharmaceuticals
 0.7
Downstream
 0.6
Internet Services
0.6
Search and Social Networks
 0.5
Brokers and Dealers
 0.4
Drugstores
 0.4
Medical Research Services and Equipment
 0.3
Consumer Paper Products
 0.3
Healthcare Insurance
 0.2
Midstream
 0.2
Consumer Services
 0.2
Vitamins and Nutritional Supplements
 0.1
Other Assets in Excess of Liabilities
 0.2
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
See accompanying notes to financial statements.
33
Table of Contents
Syntax Stratified U.S. Total Market ETF
Schedule of Investments
December 31, 2021
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—99.8%      
Syntax Stratified Large Cap ETF(a)
 202,953   $14,471,787
Syntax Stratified MidCap ETF(a)
 41,945   1,708,961
Syntax Stratified SmallCap ETF(a)
 16,179   815,106
TOTAL INVESTMENTS—99.8%

(Cost $14,991,144)
     16,995,854
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     36,574
NET ASSETS—100.0%
     $17,032,428
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
March 18, 2021* 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2021 		Shares as of
December 31, 2021 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified Large Cap ETF
 $— $17,847,256 $(5,766,864) $399,208 $1,992,187 $14,471,787 202,953 $158,260 $—
Syntax Stratified MidCap ETF
 — 2,261,005 (624,483) 21,588 50,851 1,708,961 41,945 24,361 14,946
Syntax Stratified SmallCap ETF
 — 1,155,189 (310,320) 8,565 (38,328) 815,106 16,179 57,907 —
Total $— $21,263,450 $(6,701,667) $429,361 $2,004,710 $16,995,854 261,077 $240,528 $14,946
    
* Commencement of operations.
    
ETF=Exchange Traded Fund
PORTFOLIO COMPOSITION
AS OF December 31, 2021
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 85.0%
Mid Cap ETF
 10.0
Small Cap ETF
 4.8
Other Assets in Excess of Liabilities
 0.2
Total 100.0%
See accompanying notes to financial statements.
34
Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF
Schedule of Investments
December 31, 2021
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—88.7%      
Syntax Stratified Large Cap ETF(a)
 482,004   $34,369,826
Syntax Stratified MidCap ETF(a)
 99,619   4,058,767
Syntax Stratified SmallCap ETF(a)
 38,421   1,935,669
TOTAL EXCHANGE-TRADED FUNDS

(Cost $36,970,076)
     $40,364,262
TOTAL PURCHASED OPTIONS—12.2%

(Cost $6,235,982)
     $5,568,640
TOTAL INVESTMENTS—100.9%

(Cost $43,206,058)
     45,932,902
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.9)%
     (405,838)
NET ASSETS—100.0%
     $45,527,064
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
June 15, 2021* 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2021 		Shares as of
December 31, 2021 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified Large Cap ETF
 $— $34,586,011 $(3,714,940) $118,836 $3,379,919 $34,369,826 482,004 $375,861 $—
Syntax Stratified MidCap ETF
 — 4,198,311 (261,239) 2,003 119,692 4,058,767 99,619 57,856 35,496
Syntax Stratified SmallCap ETF
 — 2,166,836 (124,742) (1,000) (105,425) 1,935,669 38,421 137,515 —
Total $— $40,951,158 $(4,100,921) $119,839 $3,394,186 $40,364,262 620,044 $571,232 $35,496
    
* Commencement of operations.
    
ETF=Exchange Traded Fund
    
Purchased Call Options — 3.1%
Exchange-Traded Options — 3.1%
    
Description Number of
Contracts 		Notional
Amount 		Cost Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 448 $21,278,208 $1,120,239 $515 12/15/23 $1,438,976
Total           $1,438,976
    
Purchased Put Options — 9.1%
Exchange-Traded Options — 9.1%
    
Description Number of
Contracts 		Notional
Amount 		Cost Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 896 $42,556,416 $5,115,743 $455 12/15/23 $4,129,664
Total           $4,129,664
Total Purchased Options — 12.2%           $5,568,640
             
See accompanying notes to financial statements.
35
Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF
Schedule of Investments  (continued)
December 31, 2021
Written Call Options — (1.2)%
Exchange-Traded Options — (1.2)%
    
Description Number of
Contracts 		Notional
Amount 		Proceeds
Received 		Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 448 $21,278,208 $(416,398) $575 12/15/23 $(544,320)
Total           $(544,320)
PORTFOLIO COMPOSITION
AS OF December 31, 2021
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 75.5%
Mid Cap ETF
 8.9
Small Cap ETF
 4.3
Purchased Options
 12.2
Written Options
 (1.2)
Other Assets in Excess of Liabilities
 0.3
Total 100.0%
See accompanying notes to financial statements.
36
Table of Contents
Syntax ETF Trust
Statements of Assets and Liabilities
December 31, 2021
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
ASSETS          
Investments in securities of unaffiliated issuers
 $108,463,213   $10,165,500   $21,363,533
Total Investments
 108,463,213   10,165,500   21,363,533
Cash
 149,934   12,126   39,640
Receivable from investments sold
 —   —   30,575
Dividends receivable
 99,048   6,516   11,978
Total Assets
 108,712,195   10,184,142   21,445,726
LIABILITIES          
Payable for investments purchased
 —   —   28,139
Accrued Management fee
 27,214   3,013   7,487
Accrued Other fees
 444   42   92
Total Liabilities
 27,658   3,055   35,718
NET ASSETS
$108,684,537   $10,181,087   $21,410,008
NET ASSETS CONSISTS OF:          
Paid in Capital
 $89,736,630   $8,787,422   $17,160,163
Distributable earnings
 18,947,907   1,393,665   4,249,845
NET ASSETS
 $108,684,537   $10,181,087   $21,410,008
NET ASSET VALUE PER SHARE
 $71.27   $40.72   $50.38
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 1,525,000   250,000   425,000
COST OF INVESTMENTS
 $88,367,456   $8,671,266   $17,064,807
    
See accompanying notes to financial statements.
37
Table of Contents
Syntax ETF Trust
Statements of Assets and Liabilities
December 31, 2021
  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified
U.S. Total Market Hedged ETF
ASSETS      
Investments in securities of unaffiliated issuers
 $—   $5,568,640
Investments in securities of affiliated issuers
 16,995,854   40,364,262
Total Investments
 16,995,854   45,932,902
Cash
 37,164   142,576
Cash at broker
 —   10,196
Dividends receivable
 —   86
Total Assets
 17,033,018   46,085,760
LIABILITIES      
Written options, at value
 —   544,320
Accrued Management fee
 520   14,185
Accrued Other fees
 70   191
Total Liabilities
 590   558,696
NET ASSETS
$17,032,428   $45,527,064
NET ASSETS CONSISTS OF:      
Paid in Capital
 $15,016,912   $43,675,469
Distributable earnings
 2,015,516   1,851,595
NET ASSETS
 $17,032,428   $45,527,064
NET ASSET VALUE PER SHARE
 $45.42   $41.39
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 375,000   1,100,000
Investments in securities of unaffiliated issuers
 $—   $6,235,982
Investments in securities of affiliated issuers
 14,991,144   36,970,076
TOTAL COST OF INVESTMENTS
 $14,991,144   $43,206,058
WRITTEN OPTIONS PREMIUM
 $—   $416,398
See accompanying notes to financial statements.
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Statements of Operations
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
  Year Ended
12/31/21 		  Year Ended
12/31/21 		  Year Ended
12/31/21
INVESTMENT INCOME          
Dividend income (net of foreign taxes withheld of $277, $0 and $128, respectively)
 $1,369,005   $90,515   $265,395
Total Investment Income
1,369,005   90,515   265,395
EXPENSES          
Management fee
 362,631   36,644   96,238
Other fees
 3,949   398   1,048
Total Expenses
 366,580   37,042   97,286
Expense Waiver/Reimbursement
 (120,877)   (9,028)   (17,104)
Net Expenses
 245,703   28,014   80,182
NET INVESTMENT INCOME (LOSS)
 1,123,302   62,501   185,213
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) from transactions in investment securities
 123,167   60,003   719,903
Net realized gain (loss) from in-kind redemptions of investment securities
 5,410,490   427,188   2,951,797
Net realized gain (loss)
 5,533,657   487,191   3,671,700
Net change in unrealized appreciation/depreciation on investments
 11,995,507   632,555   422,221
NET REALIZED AND UNREALIZED GAIN (LOSS)
 17,529,164   1,119,746   4,093,921
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $18,652,466   $1,182,247   $4,279,134
    
See accompanying notes to financial statements.
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Statements of Operations
  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified
U.S. Total Market Hedged ETF
  For the Period
3/18/21(a)
to 12/31/21 		  For the Period
6/15/21(b)
to 12/31/21
INVESTMENT INCOME      
Dividend income (net of foreign taxes withheld of $0 and $616, respectively)
 $—   $7,653
Dividend income from affiliated investments
 240,528   571,232
Total Investment Income
240,528   578,885
EXPENSES      
Management fee
 108,056   247,484
Other fees
 700   1,213
Total Expenses
 108,756   248,697
Expense Waiver/Reimbursement
 (102,265)   (154,389)
Net Expenses
 6,491   94,308
NET INVESTMENT INCOME (LOSS)
 234,037   484,577
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) from transactions in investment securities
 —   (487,111)
Net realized gain (loss) from transactions in affiliated investment securities
 23,689   (13,698)
Net realized gain (loss) from in-kind redemptions of investment securities
 —   (1,262,708)
Net realized gain (loss) from in-kind redemptions of affiliated investment securities
 405,672   133,537
Capital gain distributions from affiliated investments
 14,946   35,496
Net realized gain (loss) from transactions in written options
 —   (435,096)
Net realized gain (loss)
 444,307   (2,029,580)
Net change in unrealized appreciation/depreciation on investments
 —   (667,342)
Net change in unrealized appreciation/depreciation on affiliated investments
 2,004,710   3,394,186
Net change in unrealized appreciation/depreciation on written options
 —   (127,922)
Net change in unrealized appreciation/depreciation
 2,004,710   2,598,922
NET REALIZED AND UNREALIZED GAIN (LOSS)
 2,449,017   569,342
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $2,683,054   $1,053,919
(a) Fund commenced operations on March 18, 2021.
(b) Fund commenced operations on June 15, 2021.
See accompanying notes to financial statements.
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Statements of Changes in Net Assets
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF
  Year Ended
12/31/21 		  Year Ended
12/31/20 		  Year Ended
12/31/21 		  For the Period
1/16/20(a)
to 12/31/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $1,123,302   $575,720   $62,501   $28,815
Net realized gain (loss)
 5,533,657   8,152,095   487,191   9,085
Net change in unrealized appreciation/depreciation
 11,995,507   (2,055,792)   632,555   412,868
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 18,652,466   6,672,023   1,182,247   450,768
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (1,189,175)   (684,065)   (234,274)   (30,102)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 61,152,050   16,583,551   6,815,911   3,000,000
Cost of Shares Redeemed
 (11,919,869)   (42,731,376)   (1,003,463)   —
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 49,232,181   (26,147,825)   5,812,448   3,000,000
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 66,695,472   (20,159,867)   6,760,421   3,420,666
NET ASSETS AT BEGINNING OF PERIOD
 41,989,065   62,148,932   3,420,666   —
NET ASSETS AT END OF PERIOD
 $108,684,537   $41,989,065   $10,181,087   $3,420,666
SHARE TRANSACTIONS:              
Shares sold
 950,000   375,000   175,000   100,000
Shares redeemed
 (175,000)   (850,000)   (25,000)   —
NET INCREASE (DECREASE)
 775,000   (475,000)   150,000   100,000
(a) Fund commenced operations on January 16, 2020.
    
See accompanying notes to financial statements.
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Statements of Changes in Net Assets
  Syntax Stratified
SmallCap ETF 		  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified
U.S. Total Market Hedged ETF
  Year Ended
12/31/21 		  For the Period
5/28/20(a)
to 12/31/20 		  For the Period
3/18/21(b)
to 12/31/21 		  For the Period
6/15/21(c)
to 12/31/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $185,213   $78,348   $234,037   $484,577
Net realized gain (loss)
 3,671,700   2,696,985   444,307   (2,029,580)
Net change in unrealized appreciation/depreciation
 422,221   2,574,574   2,004,710   2,598,922
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 4,279,134   5,349,907   2,683,054   1,053,919
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (1,521,147)   (149,507)   (246,920)   (484,945)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 7,862,252   16,028,533   21,000,000   88,308,024
Cost of Shares Redeemed
 (6,436,337)   (4,002,827)   (6,403,706)   (43,349,934)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 1,425,915   12,025,706   14,596,294   44,958,090
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 4,183,902   17,226,106   17,032,428   45,527,064
NET ASSETS AT BEGINNING OF PERIOD
 17,226,106   —   —   —
NET ASSETS AT END OF PERIOD
 $21,410,008   $17,226,106   $17,032,428   $45,527,064
SHARE TRANSACTIONS:              
Shares sold
 150,000   525,000   525,000   2,200,000
Shares redeemed
 (125,000)   (125,000)   (150,000)   (1,100,000)
NET INCREASE
 25,000   400,000   375,000   1,100,000
(a) Fund commenced operations on May 28, 2020.
(b) Fund commenced operations on March 18, 2021.
(c) Fund commenced operations on June 15, 2021.
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
LargeCap ETF
  Year Ended
12/31/21 		  Year Ended
12/31/20 		  For the
Period
1/2/19(a)
to 12/31/19
Net asset value, beginning of period
 $55.99   $50.73   $40.00
Income (loss) from investment operations:          
Net investment income (loss)(b)
 0.92   0.88   0.84
Net realized and unrealized gain (loss)
 15.14   5.29   10.68
Total from investment operations
 16.06   6.17   11.52
Less Distributions from:          
Net investment income
 (0.78)   (0.82)   (0.79)
Net realized gains
 —   (0.09)   —
Net asset value, end of period
 $71.27   $55.99   $50.73
Total return(c)
 28.76%   12.18%   28.81%(d)
Ratios and Supplemental Data:          
Net assets, end of period (000s)
 $108,685   $41,989   $62,149
Ratios to average net assets:          
Total expenses
 0.45%   0.45%   0.80%(e)
Net expenses(f)
 0.30%   0.30%   0.30%(e)
Net investment income (loss)(f)
 1.39%   1.83%   1.80%(e)
Portfolio turnover rate(g)
 25%   36%   34%(d)
(a) Fund commenced operations on January 2, 2019.
(b) Per Share numbers have been calculated using the average shares method.
(c) Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. 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.
(d) Not annualized.
(e) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
    
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
MidCap ETF
  Year Ended
12/31/21 		  For the
Period
1/16/20(a)
to 12/31/20
Net asset value, beginning of period
 $34.21   $30.00
Income (loss) from investment operations:      
Net investment income (loss)(b)
 0.31   0.29
Net realized and unrealized gain (loss)
 7.14   4.22
Total from investment operations
 7.45   4.51
Less Distributions from:      
Net investment income
 (0.28)   (0.30)
Net realized gains
 (0.66)   —
Net asset value, end of period
 $40.72   $34.21
Total return(c)
 21.95%   15.04%(d)
Ratios and Supplemental Data:      
Net assets, end of period (000s)
 $10,181   $3,421
Ratios to average net assets:      
Total expenses
 0.45%   0.45%(e)
Net expenses(f)
 0.34%   0.30%(e)
Net investment income (loss)(f)
 0.77%   1.10%(e)
Portfolio turnover rate(g)
 50%   52%(d)
(a) Fund commenced operations on January 16, 2020.
(b) Per Share numbers have been calculated using the average shares method.
(c) Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. 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.
(d) Not annualized.
(e) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
    
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
SmallCap ETF
  Year Ended
12/31/21 		  For the
Period
5/28/20(a)
to 12/31/20
Net asset value, beginning of period
 $43.07   $30.00
Income (loss) from investment operations:      
Net investment income (loss)(b)
 0.45   0.20
Net realized and unrealized gain (loss)
 10.44   13.24
Total from investment operations
 10.89   13.44
Less Distributions from:      
Net investment income
 (0.47)   (0.19)
Net realized gains
 (3.11)   (0.18)
Net asset value, end of period
 $50.38   $43.07
Total return(c)
 25.72%   44.82%(d)
Ratios and Supplemental Data:      
Net assets, end of period (000s)
 $21,410   $17,226
Ratios to average net assets:      
Total expenses
 0.45%   0.45%(e)
Net expenses(f)
 0.37%   0.30%(e)
Net investment income (loss)(f)
 0.87%   0.93%(e)
Portfolio turnover rate(g)
 40%   40%(d)
(a) Fund commenced operations on May 28, 2020.
(b) Per Share numbers have been calculated using the average shares method.
(c) Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. 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.
(d) Not annualized.
(e) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
    
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout this period
  Syntax Stratified
U.S. Total Market ETF
  For the
Period
3/18/21(a)
to 12/31/21
Net asset value, beginning of period
 $40.00
Income (loss) from investment operations:  
Net investment income (loss)(b)
 0.56
Net realized and unrealized gain (loss)
 5.52
Total from investment operations
 6.08
Less Distributions from:  
Net investment income
 (0.62)
Net realized gains
 (0.04)
Net asset value, end of period
 $45.42
Total return(c)
 15.20%(d)
Ratios and Supplemental Data:  
Net assets, end of period (000s)
 $17,032
Ratios to average net assets:  
Total expenses
 0.76%(e)
Net expenses(f)
 0.05%(e)
Net investment income (loss)(f)
 1.64%(e)
Portfolio turnover rate(g)
 2%(d)
(a) Fund commenced operations on March 18, 2021.
(b) Per Share numbers have been calculated using the average shares method.
(c) Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. 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.
(d) Not annualized.
(e) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
    
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout this period
  Syntax Stratified
U.S. Total Market Hedged ETF
  For the
Period
6/15/21(a)
to 12/31/21
Net asset value, beginning of period
 $40.40
Income (loss) from investment operations:  
Net investment income (loss)(b)
 0.43
Net realized and unrealized gain (loss)
 1.00(c)
Total from investment operations
 1.43
Less Distributions from:  
Net investment income
 (0.44)
Net asset value, end of period
 $41.39
Total return(d)
 3.54%(e)
Ratios and Supplemental Data:  
Net assets, end of period (000s)
 $45,527
Ratios to average net assets:  
Total expenses
 1.00%(f)
Net expenses(g)
 0.38%(f)
Net investment income (loss)(g)
 1.96%(f)
Portfolio turnover rate(h)
 88%(e)
(a) Fund commenced operations on June 15, 2021.
(b) Per Share numbers have been calculated using the average shares method.
(c) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share gain or loss amount does not correlate to the aggregate of the net realized and unrealized gain or loss in the Statements of Operations for the year ended December 31, 2021, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
(d) Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. 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.
(e) Not annualized.
(f) Annualized.
(g) Net of expenses waived/reimbursed by the Advisor.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
See accompanying notes to financial statements.
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Notes to Financial Statements
December 31, 2021
Note  1—Organization
Syntax ETF Trust (the “Trust”), was organized under the laws of the State of Delaware as a statutory trust on June 27, 2013 pursuant to an Agreement and Declaration of Trust (the “Trust Deed”). Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF, Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF (each a “Fund”, and collectively, the "Funds"), are each a series of the Trust.
Each Fund is registered under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The Funds have no fixed termination date and will continue unless the Fund is otherwise terminated under the terms of the Trust or unless and until required by law. Syntax Advisors, LLC (the “Advisor” or “Syntax Advisors”), a New York limited liability company, serves as the Funds’ investment adviser.
Investment Objectives:
The following Funds seek to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
Syntax Stratified LargeCap ETF
   Syntax Stratified LargeCap Index
Syntax Stratified MidCap ETF
   Syntax Stratified MidCap Index
Syntax Stratified SmallCap ETF
   Syntax Stratified SmallCap Index
Each Fund’s investment objective is to provide long-term total investment returns (capital gains plus income). To achieve the investment objective for Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF and Syntax Stratified SmallCap ETF, the Advisor will seek to track the performance of each Underlying Index, which are stratified-weight versions of the widely used S&P 500® Index, S&P MidCap 400® Index and S&P SmallCap 600® Index, respectively. In addition, the Funds may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.
The Syntax Stratified U.S. Total Market ETF seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500® Index (”1500 Index”) by investing in Syntax Stratified Weight ETFs (each, an ”Underlying Fund” and collectively, the ”Syntax Underlying Funds" or "Underlying Funds”), exchange traded funds (”ETFs”) or underlying securities that provide Stratified WeightTM U.S. total equity market exposure. The targeted Underlying Funds and/or the securities will comprise the Syntax® Stratified LargeCap ETF, the Syntax® Stratified MidCap ETF, and the Syntax® Stratified SmallCap ETF, or portfolios of securities that hold comparable securities in comparable classes in a Stratified Weight methodology.
The Syntax Stratified U.S. Total Market Hedged ETF 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 the Underlying Funds or underlying securities that provide Stratified WeightTM U.S. total equity market exposure to companies in the 1500 Index while seeking risk-managed growth via a defined risk hedging process. The Fund will also invest in index options for risk management purposes and to seek to generate additional returns. The strategy used to select the Fund’s equity investments and its hedging strategy is called the “Stratified Defined Risk Strategy”. In order to accomplish the Fund’s hedging strategy, Swan Global Investments (the "Options Sub-Adviser") utilizes a put options hedging strategy to hedge some of the Fund’s equity exposure. The put strategy is executed using mostly exchange-traded S&P 500 Index put options that have an inverse relationship to the S&P 500 Index. To seek to generate additional returns or hedge, the Options Sub-Adviser also buys and sells shorter-term (generally 1-3 month) put and call options on equity indices, and engages in various longer-term (12-24 month) spread option strategies.
Refer to the Additional Strategies Information section of each Fund’s prospectus for more information on the methodology of the Syntax Indices.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies. The accompanying financial statements of the Funds are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in accordance with ASC as set forth by the FASB. Each Fund maintains its financial records in U.S. dollars and follows the accrual basis of accounting.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year or period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies used by the Funds.
In-Kind Seeding
The seeding (capital required to fund initial creation units to commence trading) of the Syntax ETFs was provided by two different methods: cash delivered at closing and in-kind seeding. The Syntax Stratified U.S. Total Market ETF was seeded by cash only. All of the other Syntax ETFs were seeded by a combination of cash and in-kind seeding. The particulars of the in-kind seeding for each of the remaining Syntax ETFs are described below:
Syntax Stratified LargeCap ETF was seeded through the exchange of ETF Shares for the securities held by the Syntax 500 Series of Syntax Index Series LP on January 2, 2019, Syntax Stratified MidCap ETF was seeded through the exchange of ETF Shares for the securities held by the Syntax 400 Series of Syntax Index Series LP on January 16, 2020, Syntax Stratified SmallCap ETF was seeded through the exchange of ETF Shares for the securities held by affiliated funds managed by the Advisor on May 28, 2020 and the Syntax Stratified U.S. Total Market Hedged ETF was seeded through the exchange of ETF shares for the securities held by affiliated funds managed by the Advisor and private accounts on June 15, 2021 (the Transactions). The Syntax Index Series LP was managed by the Advisor.
The Transactions were structured as tax-free exchanges of shares. The Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF and Syntax Stratified SmallCap ETF carried forward the historical cost basis of investments and cumulative unrealized gains and losses as reported by the respective Series prior to the Transactions to align ongoing financial reporting. Investment companies carry substantially all their assets at fair market value for periodic and ongoing reporting. The primary use of historical cost basis is to determine both realized and unrealized gains and losses.
The Transactions resulted in the following:
  Initial Market Value of Securities acquired by Fund   Cost Basis   Unrealized Gain (Loss)
Syntax Stratified LargeCap ETF
 $33,554,457   $35,543,619   (1,989,162)
Syntax Stratified MidCap ETF
 2,785,553   2,336,742   448,811
Syntax Stratified SmallCap ETF
 11,391,517   10,089,586   1,301,931
Net assets and other attributes contributed for Syntax Stratified U.S. Total Market Hedged ETF were $4,064,100 in cash and securities at fair market of $39,364,199 and unrealized appreciation of $19,014,829, in exchange for 1,075,000 shares at a NAV of $40.40. The fair value of assets contributed for Syntax Stratified U.S. Total Market Hedged ETF became the new cost basis for financial reporting purposes.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies–(continued)
Investment Valuation
The following methodologies are used to determine the market value or fair value of investments. Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. Exchange traded options shall be valued at the mean between the current bid and ask prices on the day of valuation.
Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees ("Trustees") of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
The three levels of the fair value hierarchy are as follows:
• Level 1 — Quoted prices in active markets for identical investments
• Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
The following table summarizes the value of each Fund’s investments within the fair value hierarchy as of December 31, 2021.
Description Level 1 Level 2 Level 3 Total
Syntax Stratified LargeCap ETF        
INVESTMENTS:        
Common Stock
 $108,463,213 $— $— $108,463,213
Total $108,463,213 $— $— $108,463,213
Syntax Stratified MidCap ETF        
INVESTMENTS:        
Common Stock
 $10,165,500 $— $— $10,165,500
Total $10,165,500 $— $— $10,165,500
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies–(continued)
Description Level 1 Level 2 Level 3 Total
Syntax Stratified SmallCap ETF        
INVESTMENTS:        
Common Stock
 $21,363,533 $— $— $21,363,533
Total $21,363,533 $— $— $21,363,533
Syntax Stratified U.S. Total Market ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $16,995,854 $— $— $16,995,854
Total $16,995,854 $— $— $16,995,854
Syntax Stratified U.S. Total Market Hedged ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $40,364,262 $— $— $40,364,262
Purchased Options
 $5,568,640 $— $— $5,568,640
Total $45,932,902 $— $— $45,932,902
OTHER FINANCIAL INSTRUMENTS:        
Written Options
 $(544,320) $— $— $(544,320)
Total $(544,320) $— $— $(544,320)
Refer to the Schedule of Investments for industry classifications.
Distributions
The Funds declare and distribute dividends from net investment income to its holders of Shares ("Shareholders"), if any, annually. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Funds to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for GAAP purposes.
Cash
Cash consists of cash held at the Funds’ custodian, State Street Bank and Trust Company.
Investment Transactions and Investment Income
Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Distributions received by the Funds may include a return of capital that is estimated by the Advisor. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Funds may invest in real estate investment trusts (“REITs”) if they are part of the index. REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies–(continued)
Organizational and Offering costs
Syntax Advisors has agreed to pay all of the Funds’ organizational and offering costs. The organizational and offering costs are not subject to repayment to Syntax Advisors by the Funds.
Federal Income Taxes
For U.S. federal income tax purposes, each Fund intends to qualify as a “regulated investment company” under Sub-chapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, each Fund will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Shareholders, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Funds (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Funds distribute substantially all of its ordinary income and capital gains during each calendar year, the Funds will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with tax regulations which may differ from GAAP. These book-tax differences are primarily due to differing treatments for in-kind transactions, losses deferred due to wash sales, corporate actions, distributions in excess of current earnings and capital loss carryover. In addition, Syntax Stratified SmallCap ETF and Syntax Stratified U.S. Total Market ETF claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.
GAAP requires the evaluation of tax positions taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. For GAAP purposes, the Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.
Each Fund has reviewed its tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. Generally, the Funds' tax returns for the prior three fiscal years remain subject to examinations by the Funds’ major tax jurisdictions, which include the United States of America, and the State of New York. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year or period ended December 31, 2021.
No income tax returns are currently under examination. The Advisor has analyzed the relevant tax laws and regulations and their application to the Funds’ facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Fund’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.
During the year or period ended December 31, 2021, and the year or period ended December 31, 2020, the tax character of distributions paid were as follows:
  Year or Period Ended December 31, 2021   Year or Period Ended December 31, 2020
  Distributions Paid from Ordinary Income   Distributions Paid from Long-Term Gain   Distributions Paid From Return of Capital   Distributions Paid from Ordinary Income   Distributions Paid from Long-Term Gain   Distributions Paid From Return of Capital
Syntax Stratified LargeCap ETF
 $1,189,175   $—   $—   $684,065   $—   $—
Syntax Stratified MidCap ETF
 145,195   89,079   —   30,102   —   —
Syntax Stratified SmallCap ETF
 1,521,147   —   —   149,507   —   —
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies–(continued)
  Year or Period Ended December 31, 2021   Year or Period Ended December 31, 2020
  Distributions Paid from Ordinary Income   Distributions Paid from Long-Term Gain   Distributions Paid From Return of Capital   Distributions Paid from Ordinary Income   Distributions Paid from Long-Term Gain   Distributions Paid From Return of Capital
Syntax Stratified U.S. Total Market ETF
 $246,920   $—   $—   $—   $—   $—
Syntax Stratified U.S. Total Market Hedged ETF
 484,945   —   —   —   —   —
Permanent book and tax differences, primarily attributed to book and tax basis of contributed securities, redemptions in-kind, taxable distributions in excess of income, utilization of earnings and profits on shareholder redemptions, and prior year adjustments to estimates resulted in reclassifications. During the year or period ended December 31, 2021, the followings amounts were classified due to permanent differences between book and tax accounting:
  Paid in Capital   Distributable Earnings
Syntax Stratified LargeCap ETF
 $5,330,564   (5,330,564)
Syntax Stratified MidCap ETF
 420,525   (420,525)
Syntax Stratified SmallCap ETF
 3,071,315   (3,071,315)
Syntax Stratified U.S. Total Market ETF
 420,618   (420,618)
Syntax Stratified U.S. Total Market Hedged ETF
 (1,282,621)   1,282,621
At December 31, 2021, the components of distributable earnings on a tax basis were as follows:
  Undistrbuted Ordinary Income   Undistributed Long-Term Gain   Capital Loss Carryforward   Post-October Capital Loss Deferrals   Unrealized Appreciation (Depreciation)
Syntax Stratified LargeCap ETF
 $—   $—   (1,077,618)   $—   $20,025,525
Syntax Stratified MidCap ETF
 —   —   —   (99,244)   1,492,909
Syntax Stratified SmallCap ETF
 —   —   —   (47,183)   4,297,028
Syntax Stratified U.S. Total Market ETF
 10,806   —   —   —   2,004,710
Syntax Stratified U.S. Total Market Hedged ETF
 —   —   (900,422)   —   2,752,017
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales.
At December 31, 2021, the Funds had the following capital loss carryforwards that may be utilized to offset any net realized capital gains:
  Non-Expiring Long-Term   Non-Expiring Short-Term
Syntax Stratified LargeCap ETF
 $1,077,618   $—
Syntax Stratified U.S. Total Market Hedged ETF
 —   900,422
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Notes to Financial Statements  (continued)
December 31, 2021
Note  2—Significant Accounting Policies–(continued)
At December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investment based on cost, including open derivative contracts, for federal income tax purposes were as follows:
  Tax Cost   Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
Syntax Stratified LargeCap ETF
 $88,437,688   $20,792,524   $(766,999)   $20,025,525
Syntax Stratified MidCap ETF
 8,672,591   1,698,546   (205,637)   1,492,909
Syntax Stratified SmallCap ETF
 17,066,505   5,181,168   (884,140)   4,297,028
Syntax Stratified U.S. Total Market ETF
 14,991,144   2,043,037   (38,327)   2,004,710
Syntax Stratified U.S. Total Market Hedged ETF
 42,636,565   3,738,095   (986,078)   2,752,017
Note  3—Derivative Financial Instruments
Syntax Stratified U.S. Total Market Hedged ETF invests in purchased and written options as part of its hedging strategy.
Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Fund’s policies on investment valuations discussed above. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Fund had purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option on a security, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid.
Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  3—Derivative Financial Instruments–(continued)
The following is a summary of the location and the Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2021.
Asset Derivatives    
Location Equity
Contracts 		Total
Purchased options:    
Investments in securities of unaffiliated issuers $5,568,640 $5,568,640
Total $5,568,640 $5,568,640
    
Liability Derivatives    
Location Equity
Contracts 		Total
Written options:    
Written options, at value $(544,320) $(544,320)
Total $(544,320) $(544,320)
The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure for the period ended December 31, 2021.
Realized Gain (Loss) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options(a) $41,952 $41,952
Written options $(435,096) $(435,096)
Total $(393,144) $(393,144)
    
(a) Included in Net realized gain (loss) from transactions in Investment securities in the Statements of Operations.
    
Change in Unrealized Appreciation (Depreciation) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options(a) $(667,342) $(667,342)
Written options $(127,922) $(127,922)
Total $(795,264) $(795,264)
    
(a) Included in Net change in unrealized appreciation/depreciation on Investments in the Statements of Operations.
The following is a summary of the ending monthly average volume on derivative activity during the periods ended December 31, 2021.
Options:  
Average value of option contracts purchased $4,700,862
Average value of option contracts written (595,456)
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Notes to Financial Statements  (continued)
December 31, 2021
Note  4—Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year or period ended December 31, 2021, were as follows:
  Purchases   Sales
Syntax Stratified LargeCap ETF
 $19,592,754   $19,554,108
Syntax Stratified MidCap ETF
 3,962,503   4,103,821
Syntax Stratified SmallCap ETF
 8,420,299   9,666,915
Syntax Stratified U.S. Total Market ETF
 21,263,450   297,935
Syntax Stratified U.S. Total Market Hedged ETF
 49,410,913   39,688,370
For the year or period ended December 31, 2021, the following Funds had in-kind contributions, redemptions and net realized gains (losses) in the amounts as follows:
  In-kind Contributions   In-kind Redemptions
Syntax Stratified LargeCap ETF
 $61,016,474   $11,925,225
Syntax Stratified MidCap ETF
 6,802,647   998,523
Syntax Stratified SmallCap ETF
 7,846,904   6,438,717
Syntax Stratified U.S. Total Market ETF
 —   6,403,732
Syntax Stratified U.S. Total Market Hedged ETF
 78,788,053   43,673,625
Note  5—Capital Share Transactions
Each Fund will issue or redeem capital shares to certain institutional investors (typically market makers or other broker dealers) on a continuous basis through the Distributor in large blocks of 25,000 capital shares (“Creation Units”). The capital shares are only redeemable in Creation Unit aggregations. Transactions in shares of each Fund are disclosed in detail on the Statements of Changes in Net Assets. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities (“Deposit Securities”) and/or cash constituting a substantial replication, or a representation, of the securities included in the Underlying Index.
Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard transaction fee charge is $1,250, $1,000 and $1,500 for Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF and Syntax Stratified SmallCap ETF, respectively. The standard transaction fee charge is $50 for Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF.
The Adviser may charge an additional, variable fee (sometimes referred to as a “cash-in-lieu” fee) to the extent a Fund permits Authorized Participants to create or redeem Creation Units for cash, or otherwise substitute cash for any Deposit Security. Such cash-in-lieu fees are payable to a fund and are charged to defray the transaction cost to a fund of buying (or selling) Deposit Securities, to cover spreads and slippage costs and to protect existing shareholders. The cash-in-lieu fees will be negotiated between the Adviser and the Authorized Participant and may be different for any given transaction, Business Day or Authorized Participant; however, in no instance will such cash-in-lieu fees exceed 2% of the value of a Creation Unit. From time to time, the Adviser, in its sole discretion, may adjust a fund’s cash-in-lieu fees or reimburse Authorized Participants for all or a portion of the creation or redemption transaction fees.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  6—Fund Fees and Expenses
Investment Management Fees: Each Fund pays the Advisor monthly, in arrears, a unitary management fee based on a percentage of the Fund’s average daily net assets that is subject to an Expense Limitation Agreement. The management fee rate for each fund is as follows:
  Annual Rate
Syntax Stratified LargeCap ETF
 0.45%
Syntax Stratified MidCap ETF
 0.45%
Syntax Stratified SmallCap ETF
 0.45%
Syntax Stratified U.S. Total Market ETF
 0.75%(a)
Syntax Stratified U.S. Total Market Hedged ETF
 1.00%
    
(a) Prior to May 1, 2021, the management fee rate was 0.79%.
Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect each Fund’s pro rata share of the fees and expenses incurred by investing in other investment companies, including ETFs. The impact of Acquired Fund Fees and Expenses are included in the total returns of the Fund unless they are waived. The Advisor to the Funds has contractually agreed to reimburse a portion of its management fees for the Fund in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to the Fund in other series of the Trust or, for Syntax Stratified U.S. Total Market Hedged ETF, funds advised or sub-advised by Vantage Consulting Group Inc., the equity sub-adviser, or Swan Global Investments, LLC, the options sub-adviser, through May 1, 2023. The Advisor reimbursed management fees of $44,163 and $67,770 for acquired fund fees and expenses in affiliated funds for Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF, respectively. These amounts are included in Expense Waiver/Reimbursement in the Statements of Operations.
The Advisor provides investment advisory, supervisory and administration services under an investment management agreement. The Advisor has agreed to waive its fees and/or absorb expenses of the Funds to ensure that Total Annual Operating Expenses (excluding any (i) interest expense, (ii) taxes, (iii) acquired fund fees and expenses, (iv) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions, (v) expenses associated with shareholder meetings, (vi) compensation and expenses of the Independent Trustees, (vii) compensation and expenses of the Trust’s chief compliance officer and his or her staff, (viii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (ix) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith, and (x) extraordinary expenses of the Fund) ("Excluded Expenses") do not exceed the following expense limitations shown below.
In addition, the Adviser has agreed to waive its fees and/or absorb Excluded Expenses of each fund to ensure that Total Annual Operating Expenses do not exceed the following expense limitation:
  Expense Limit
Syntax Stratified LargeCap ETF
 0.30%
Syntax Stratified MidCap ETF
 0.35%(a)
Syntax Stratified SmallCap ETF
 0.40%(a)
Syntax Stratified U.S. Total Market ETF
 0.35%
Syntax Stratified U.S. Total Market Hedged ETF
 0.65%
    
(a) Prior to May 1, 2021, the expense limitation was 0.30%.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  6—Fund Fees and Expenses–(continued)
These arrangements cannot be terminated prior to one year from the effective date of the prospectus without the approval of the Board of Trustees. In connection with this arrangement, the Advisor has waived and reimbursed the following amounts in expenses for the year or period ended December 31, 2021 as noted below.
  Expenses Waived and Reimbursed
Syntax Stratified LargeCap ETF
 $120,877
Syntax Stratified MidCap ETF
 9,028
Syntax Stratified SmallCap ETF
 17,104
Syntax Stratified U.S. Total Market ETF
 58,102
Syntax Stratified U.S. Total Market Hedged ETF
 86,619
Subject to approval by the Funds’ Board of Trustees, any waiver and/or reimbursement under the Expense Limitation Agreement is subject to repayment by the Fund within 36 months following the day on which fees are waived or reimbursed, if the Fund is able to make the payment without exceeding the applicable expense limitation. At December 31, 2021, the waivers and reimbursements subject to repayment is as follows:
  2022   2023   2024
Syntax Stratified LargeCap ETF
 $262,321   $47,244   $120,877
Syntax Stratified MidCap ETF
 —   3,931   9,028
Syntax Stratified SmallCap ETF
 —   11,425   17,104
Syntax Stratified U.S. Total Market ETF
 —   —   58,102
Syntax Stratified U.S. Total Market Hedged ETF
 —   —   86,619
Distributor, Distribution and Service Fees: Foreside Fund Services, LLC (“Distributor”) is the Distributor of Fund shares. The Distributor will not distribute Fund shares in less than Creation Units and does not maintain a secondary market in Fund shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of Creation Units of Fund shares.
Each Fund has a distribution and service plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act, to which payments at an annual rate of up to 0.25% of the Fund’s average daily net assets may be made for the sale and distribution of its Fund shares. No payments pursuant to the Distribution Plan will be made through at least the next twelve (12) months of operations. Additionally, the implementation of any such payments would be approved by the Board prior to implementation.
Vantage Consulting Group, Inc. (“Vantage” or the “Sub-Adviser”) serves as the sub-adviser to the Funds. It performs both the day-to-day management of the Funds and places orders for the purchase and sale of individual securities for the Funds (equity portfolio only in the case of SHUS). Syntax Advisors compensates Vantage for its services to the Funds.
Swan Global Investments, LLC ("Swan") serves as the options sub-adviser to SHUS. It performs both the day-to-day management of the option strategy for SHUS, and places orders for the purchase and sale of options for SHUS. Syntax Advisors compensates Swan for its services to the Funds.
Note  7—Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience and knowledge of management, the Funds expect the risk of loss to be remote.
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December 31, 2021
Note  8—Risks
As with all investments, there are certain risks of investing in each Fund. Fund Shares will change in value, and you could lose money by investing in the Funds.
Market Risk: Overall securities market risks will affect the value of individual instruments in which the Funds invests, and the market price of a security may fluctuate, sometimes rapidly and unpredictably. U.S. securities markets may additionally be impacted by negative external and or direct and indirect economic factors such as global trade policies, economic growth and market conditions, interest rates, war, terrorism, natural and environmental disasters, public health emergencies and political events. The adverse impact of any one or more of these events on the market value of fund investments could be significant and cause losses.
Market Disruption Risk: Recently, the onset of an infectious respiratory disease called COVID-19, caused by a novel coronavirus known as SARS-CoV-2 has had, and is expected to continue to have, a severely adverse impact on the economies of many nations, individual companies and the market in general. The Advisor cannot predict the likelihood of occurrence or the effects of similar pandemics and epidemics in the future on the U.S. and other economies, or the investments in each Fund’s portfolio or the potential for success of each Fund. Certain markets have experienced temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. These events will have an impact on each Fund and its investments and could impact each Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to each Fund’s NAV. Other infectious illness outbreaks in the future may result in similar impacts.
Strategy Risk: The performance of a Syntax stratified-weight version of a major benchmark index may vary significantly from its capitalization-weighted or equal-weighted counterpart due to their differing weighting methodologies. The Syntax indices diversify by adjusting stock weights every quarter to target sector weights grouped by related business risks. Neither a capitalization-weighted benchmark index nor an equally weighted benchmark index with the same constituents has target sector weighting rules; individual security weights vary according to their weighted average market value or the total number of constituents, respectively. As a result, a benchmark index may, at any point in time, hold larger proportions of outperforming stocks and/or sectors. Conversely, a benchmark index may hold smaller proportions of underperforming stocks and/or sectors. Accordingly, a benchmark index may significantly outperform a stratified-weight version of the same index. There is no assurance that the performance of a fund tracking a Syntax stratified-weight benchmark index will be positive, avoid a loss of capital, or meet or exceed that of either a fund tracking a similarly constituted capitalization-weighted or equally weighted benchmark index over any period of time.
Equity Securities Risk: The value of equity securities may increase or decrease as a result of market fluctuations, changes in interest rates and perceived trends in stock prices.
Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies. Under certain market conditions the capitalization of a large-size company could decline to the extent that it exhibits the characteristics of a mid-capitalization company.
Small-And Mid-Capitalization Securities Risk: Investing in securities of small and mid-sized companies may involve greater volatility than investing in larger and more established companies because small and mid-sized companies (i) can be subject to more abrupt or erratic share price changes than larger, more established companies, (ii) are more vulnerable to adverse business and economic developments, and (iii) are more thinly traded and less liquid relative to those of larger companies.
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Notes to Financial Statements  (continued)
December 31, 2021
Note  8—Risks–(continued)
Passive Strategy/Index Risk: Each Fund may invest in Syntax Underlying Funds or securities that are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Because the Syntax Underlying Funds or securities are designed to track the performance of an index, securities may be purchased, retained or sold at times when a more actively managed fund would not do so. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Syntax Underlying Fund's or securities’ return to be lower than if the Fund employed an active strategy. There is no guarantee that the Syntax Underlying Fund’s or securities’ investment results will have a high degree of correlation to those of their respective benchmark or that the Fund will achieve its investment objective.
Market Trading Risk: Each Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of each Fund. Any of these factors, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Accordingly, investors may pay more than NAV when purchasing Shares or receive less than NAV when selling Shares. Such divergence is likely to be greater under stressed market conditions.
Options Risk: Purchased put options may expire worthless and may have imperfect correlation to the value of the Syntax Stratified U.S. Total Market Hedged ETF’s sector-based investments. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.
Options Based Risk: Syntax Stratified U.S. Total Market Hedged ETF’s purchase of exchange-traded put options based upon the S&P 500 Index to hedge against downward movements in the Underlying Funds or Securities creates the risk that the hedge may not be effective because the Underlying Funds or Securities contain more constituents and at different weightings than the S&P 500 Index. At times, the performance of the Underling Funds or Securities can and will differ from the S&P 500 Index upon which the options are based. The implementation of the Defined Risk Strategy also will involve additional purchases and sales of options based on indices other than the S&P 500, which also could create options basis risk.
Derivatives Risk: Syntax Stratified U.S. Total Market Hedged ETF invests in derivatives. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Derivatives are subject to a number of risks described in the Fund’s Prospectus, such as market risk and issuer-specific risk. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund or the Syntax Underlying Funds may change quickly and without warning and you may lose money.
Please see the Funds' prospectus for a complete discussion of these and other risks.
Note  9—Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF, Syntax Stratified U.S. Total Market ETF, and Syntax Stratified U.S. Total Market Hedged ETF and Board of Trustees of Syntax ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Syntax ETF Trust comprising the funds listed below (the “Funds”) as of December 31, 2021, the related statements of operations and changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
Fund Name Statements of Operations Statements of Changes in Net Assets Financial Highlights
Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, and Syntax Stratified SmallCap ETF For the year ended December 31, 2021
Syntax Stratified U.S. Total Market ETF For the period from March 18, 2021 (commencement of operations) through December 31, 2021
Syntax Stratified U.S. Total Market Hedged ETF For the period from June 15, 2021 (commencement of operations) through December 31, 2021
The Funds’ financial statements and financial highlights for the years or periods ended December 31, 2020 and prior, were audited by other auditors whose report dated February 24, 2021, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
March 1, 2022
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Syntax ETF Trust
Other Information
December 31, 2021 (Unaudited)
Federal Tax Information (Unaudited)
The Form 1099-DIV you received in February 2022 showed the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.
Qualified Dividend Income: For the fiscal year ended December 31, 2021, Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF, Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF designate approximately $1,367,040, $78,284, $249,185, $184,396 and $442,254, respectively, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a tax rate not greater than 20%.
Dividends Received Deduction: Corporate shareholders are generally entitled to take the dividends received deduction on the portion of each Fund’s dividend distribution that qualifies under tax law. Of the fiscal 2021 ordinary income dividends for Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF, Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedge ETF, 100.00%, 56.28%, 20.30%, 71.29% and 90.04%, respectively, qualify for the corporate dividends received deduction.
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Syntax ETF Trust
Other Information  (continued)
December 31, 2021 (Unaudited)
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 01, 2021 to December 31, 2021.
The table below illustrates your Fund’s cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Funds had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases and sales of Fund shares. Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
    Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period 		  Ending Account
Value 		  Expenses Paid
During Period(a)
Syntax Stratified LargeCap ETF
 0.30%   $1,088.60   $1.58   $1,023.70   $1.53
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
    
    Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period 		  Ending Account
Value 		  Expenses Paid
During Period(a)
Syntax Stratified MidCap ETF
 0.35%   $1,029.60   $1.79   $1,023.40   $1.79
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
    
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Syntax ETF Trust
Other Information  (continued)
December 31, 2021 (Unaudited)
    Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period 		  Ending Account
Value 		  Expenses Paid
During Period(a)
Syntax Stratified SmallCap ETF
 0.40%   $1,001.30   $2.02   $1,023.20   $2.04
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
    
    Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period 		  Ending Account
Value 		  Expenses Paid
During Period(a)
Syntax Stratified U.S. Total Market ETF
 0.04%   $1,076.80   $0.21   $1,025.00   $0.20
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
    
    Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period 		  Ending Account
Value 		  Expenses Paid
During Period(a)
Syntax Stratified U.S. Total Market Hedged ETF
 0.37%   $1,043.80   $1.91   $1,023.30   $1.89
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
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Syntax ETF Trust
Other Information  (continued)
December 31, 2021 (Unaudited)
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.syntaxadvisors.com.
Proxy Voting Policies and Procedures and Records
A description of the Funds' proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request by calling 1-866-972-4492 (toll free) or (ii) on the SEC’s website at www.sec.gov. Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Funds' website at www.syntaxadvisors.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds' schedules of investments are available upon request, without charge, by calling 1-866-972-4492 (toll free) and on the Funds’ website at www.syntaxadvisors.com.
Other information regarding the Funds is available on the Funds’ website at www.syntaxadvisors.com as well as on the website of the Securities and Exchange Commission at www.sec.gov.
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Trustees and Officers of the Trust
TRUSTEES
NAME, ADDRESS
AND YEAR OF BIRTH 		POSITION(S)
WITH TRUST 		TERM OF OFFICE
AND LENGTH
OF TIME SERVED 		PRINCIPAL
OCCUPATION(S)
DURING PAST 5 YEARS 		NUMBER OF
PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
TRUSTEE 		OTHER
DIRECTORSHIPS
HELD BY
TRUSTEE DURING
THE LAST 5 YEARS
Independent Trustees          
Deborah Fuhr
(1959) 		Independent
Trustee 		Term: Unlimited
Trustee since 2018 		Co-Founder and Managing Partner,
ETFGI LLP (research and
consulting) (2012 to present). 		5 Co-Founder and Board
Member, Women in
ETFs (Not for Profit)
(2014 to present); Co-
founder and Board
Member, Women in
ETFs Europe Limited
(Educational
Association) (2015 to present).
George Hornig
(1954) 		Independent
Trustee and
Chairman of
the Audit
Committee 		Term: Unlimited
Trustee since 2018 		Managing Member, George
Hornig, LLC (2017 to present)
(investments); Director,
Forrester Research, Inc.
(technology research company)
(1996 to 2018); Senior Managing
Director and Chief Operating
Officer, Pinebridge Investments
(investment adviser) (2010 to
2016). 		5 Director, Daniel J.
Edelman Holding
(2016 to present)
(communications
marketing firm);
Director, Xometry
(advanced manufacturing
platform business)
(2014 to present);
Director, KBL Merger
Corp IV (2017 to
present) (healthcare acquisition corp).
Richard Lyons
(1961) 		Lead
Independent
Trustee and
Chairman of
the Nominating
and Governance
Committee 		Term: Unlimited
Trustee since 2018 		Chief Innovation and
Entrepreneurship Officer, UC
Berkeley (since 2020);
Director (2013 to 2016),
Matthews A Share Selections
Fund, LLC (mutual funds);
Professor and William & Janet
Cronk Chair in Innovative
Leadership (2019), Dean (2008-
19), Haas School of Business,
UC Berkeley; Chief
Learning Officer (2006 to 2008),
Goldman Sachs (investment
banking and investment
management); Executive
Associate Dean (2005 to 2006),
Acting Dean (2004 to 2005),
Professor (2000 to 2004),
Associate Professor (1996 to
2000), Assistant Professor
(1993 to 1996), Haas School of
Business, UC Berkeley. 		5 Trustee, Matthews
International Funds
(2009 to present).
Stewart Myers
(1940) 		Independent
Trustee 		Term: Unlimited
Trustee since 2018 		Professor, MIT Sloan School of
Management (since 2015);
Director, Entergy Corp.
(2009 to 2015); Principal, The
Brattle Group, Inc. (since 1991). 		5  
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Trustees and Officers of the Trust  (continued)
Interested Trustees          
Rory Riggs
(1953) 		Trustee and
Chief
Executive
Officer 		Term: Unlimited
Trustee since 2017 		Founder and Chief Executive
Officer, Locus Analytics, LLC
(since 2010) (data analytics);
Founder and Chief Executive
Officer, Syntax Advisors, LLC
(Since 2013) (investment advisor);
Chief Executive Officer and
Founder of Syntax LLC (Since
2009) (index provider and
financial analytics management
company for Syntax Advisors). 		5 Director and Co-
Founder, Royalty
Pharma (1996 to
present)
(biopharmaceuticals);
Chairman and Co-
Founder, Cibus
Global, Ltd. (2012 to
present) (gene editing
agriculture);
Director, StageZero
Life Sciences, fka
GeneNews Limited
(2000 to present);
Director, Intra-Cellular
Therapies, Inc.
(since 2014); Director,
FibroGen, Inc.
(1993 to present).
Kathy Cuocolo
(1952) 		Trustee Term: Unlimited
Trustee since 2018 		President and Senior Vice
President, Syntax Advisors,
LLC and predecessor companies
(2014 to 2021); Managing
Director, Head of Global ETF
Services, BNY Mellon (2008 to
2013); Executive Vice President,
State Street (1982 to 2003);
Director, Guardian Life Family
of Funds (2005 - 2007); Select
Sector Trust, Chairman (2000 to
2007); Director, The China Fund
(1999 to 2003). 		5 Greenbacker
Renewable Energy
LLC, Audit Chair
(2013 to present);
Trustee, Monterey
Capital (2021 to
present) (acquisition corp.).
The Statement of Additional Information contains further information about the trustees and is available without charge upon your request by calling (866) 972-4492 (toll-free) or by visiting www.syntaxadvisors.com.
OFFICERS
NAME, ADDRESS
AND YEAR OF BIRTH 		POSITION(S)
WITH TRUST 		TERM OF
OFFICE
AND LENGTH
OF TIME
SERVED 		PRINCIPAL OCCUPATION(S)
DURING PAST 5 YEARS
OFFICERS      
Rory Riggs
(1953) 		Chief Executive Since 2018 See Trustee table above
Carly Arison
(1990) 		President Since 2021 President, COO, Senior Vice President, Vice President, and
Manager, Syntax Advisors, LLC and predecessor companies (2012 to present).
David Jaffin
(1954) 		Treasurer Since 2019 Partner, B2B CFO® (January 2019 to present); Chief
Financial Officer, Poliwogg Holdings, Inc. (October 2012 to
August 2018).
Brandon Kipp
(1983) 		Chief Compliance
Officer 		Since 2019 Director, Foreside Financial Group, LLC (since May 2019);
Senior Fund Compliance Officer, Ultimus Fund Solutions, LLC (from July 2017 to May 2019); Assistant Vice President
and Compliance Manager, UMB Fund Services, Inc. (March 2014 to July 2017).
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Trustees and Officers of the Trust  (continued)
Bill Belitsky
(1979) 		Secretary Since 2022 Legal counsel to Syntax Advisors LLC (since April 2021); Of Counsel, Paul Hastings LLP (2006 to 2021).
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Syntax ETF Trust
(Unaudited)
Fund Advisor
Syntax Advisors, LLC
One Liberty Plaza 46th FI.
New York, NY 10006
Administrator, Custodian and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115