SEMI-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
Syntax Stratified Total Market II ETF
June 30, 2023

 

Syntax ETF Trust
Semi-Annual Report
June 30, 2023
(Unaudited)
Table of Contents

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

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments
June 30, 2023 (Unaudited)

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

1,963 $196,477
A O Smith Corp.

2,667 194,104
Abbott Laboratories

603 65,739
AbbVie, Inc.

1,667 224,595
Accenture PLC, Class A

532 164,165
Activision Blizzard, Inc.(a)

4,052 341,584
Adobe, Inc.(a)

358 175,058
Advance Auto Parts, Inc.

1,925 135,327
Advanced Micro Devices, Inc.(a)

1,045 119,036
AES Corp.

18,248 378,281
Aflac, Inc.

2,369 165,356
Agilent Technologies, Inc.

1,050 126,262
Air Products & Chemicals, Inc.

167 50,022
Akamai Technologies, Inc.(a)

3,523 316,612
Alaska Air Group, Inc.(a)

3,014 160,285
Albemarle Corp.

212 47,295
Alexandria Real Estate Equities, Inc., REIT

1,347 152,871
Align Technology, Inc.(a)

321 113,518
Allegion PLC

655 78,613
Alliant Energy Corp.

1,412 74,102
Allstate Corp.

1,459 159,089
Alphabet, Inc., Class A(a)

1,775 212,467
Alphabet, Inc., Class C(a)

1,767 213,754
Altria Group, Inc.

8,102 367,021
Amazon.com, Inc.(a)

1,172 152,782
Amcor PLC

8,142 81,257
Ameren Corp.

905 73,911
American Airlines Group, Inc.(a)

9,427 169,120
American Electric Power Co., Inc.

2,924 246,201
American Express Co.

253 44,073
American International Group, Inc.

4,297 247,249
American Tower Corp., REIT

346 67,103
American Water Works Co., Inc.

2,219 316,762
Ameriprise Financial, Inc.

346 114,927
AmerisourceBergen Corp.

1,093 210,326
AMETEK, Inc.

812 131,447
Amgen, Inc.

1,047 232,455
Amphenol Corp., Class A

2,343 199,038
Analog Devices, Inc.

1,190 231,824
ANSYS, Inc.(a)

499 164,805
Aon PLC, Class A

118 40,734
APA Corp.

2,096 71,620
Apple, Inc.

2,706 524,883
Applied Materials, Inc.

1,198 173,159
Aptiv PLC(a)

3,746 382,429
Arch Capital Group Ltd.(a)

2,284 170,957
Archer-Daniels-Midland Co.

5,055 381,956
Arista Networks, Inc.(a)

1,201 194,634
Arthur J Gallagher & Co.

172 37,766
Assurant, Inc.

1,297 163,059
AT&T, Inc.

20,434 325,922
Security Description Shares Value
Atmos Energy Corp.

2,775 $322,843
Autodesk, Inc.(a)

814 166,553
Automatic Data Processing, Inc.

1,005 220,889
AutoZone, Inc.(a)

48 119,681
AvalonBay Communities, Inc., REIT

581 109,966
Avery Dennison Corp.

379 65,112
Axon Enterprise, Inc.(a)

418 81,560
Baker Hughes Co.

10,868 343,537
Ball Corp.

1,553 90,400
Bank of America Corp.

4,180 119,924
Bank of New York Mellon Corp.

2,445 108,851
Bath & Body Works, Inc.

11,589 434,587
Baxter International, Inc.

1,163 52,986
Becton Dickinson & Co.

191 50,426
Berkshire Hathaway, Inc., Class B(a)

1,461 498,201
Best Buy Co., Inc.

3,246 266,010
Biogen, Inc.(a)

742 211,359
Bio-Rad Laboratories, Inc., Class A(a)

230 87,198
Bio-Techne Corp.

1,553 126,771
BlackRock, Inc.

163 112,656
Boeing Co.(a)

752 158,792
Booking Holdings, Inc.(a)

85 229,528
BorgWarner, Inc.

7,999 391,231
Boston Properties, Inc., REIT

3,017 173,749
Boston Scientific Corp.(a)

1,191 64,421
Bristol-Myers Squibb Co.

3,550 227,022
Broadcom, Inc.

271 235,074
Broadridge Financial Solutions, Inc.

704 116,604
Brown & Brown, Inc.

561 38,619
Brown-Forman Corp., Class B

3,794 253,363
Bunge Ltd.

3,921 369,946
Cadence Design Systems, Inc.(a)

1,426 334,426
Caesars Entertainment, Inc.(a)

1,348 68,708
Camden Property Trust

962 104,733
Campbell Soup Co.

4,549 207,935
Capital One Financial Corp.

2,930 320,454
Cardinal Health, Inc.

2,254 213,161
CarMax, Inc.(a)

1,553 129,986
Carnival Corp.(a)

6,241 117,518
Carrier Global Corp.

1,618 80,431
Catalent, Inc.(a)

5,934 257,298
Caterpillar, Inc.

516 126,962
Cboe Global Markets, Inc.

311 42,921
CBRE Group, Inc., Class A(a)

459 37,046
CDW Corp.

720 132,120
Celanese Corp.

570 66,006
Centene Corp.(a)

3,778 254,826
CenterPoint Energy, Inc.

8,435 245,880
Ceridian HCM Holding, Inc.(a)

3,429 229,640
CF Industries Holdings, Inc.

1,201 83,373
CH Robinson Worldwide, Inc.

909 85,764
 
See accompanying notes to financial statements.
1

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2023 (Unaudited)

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

616 $129,514
Charles Schwab Corp.

4,449 252,169
Charter Communications, Inc., Class A(a)

1,487 546,279
Chevron Corp.

4,626 727,901
Chipotle Mexican Grill, Inc.(a)

235 502,665
Chubb Ltd.

856 164,831
Church & Dwight Co., Inc.

5,195 520,695
Cigna Group

740 207,644
Cincinnati Financial Corp.

1,601 155,809
Cintas Corp.

380 188,890
Cisco Systems, Inc.

3,942 203,959
Citigroup, Inc.

2,534 116,665
Citizens Financial Group, Inc.

1,919 50,048
Clorox Co.

3,124 496,841
CME Group, Inc.

238 44,099
CMS Energy Corp.

1,240 72,850
Coca-Cola Co.

4,041 243,349
Cognizant Technology Solutions Corp., Class A

2,106 137,480
Colgate-Palmolive Co.

6,441 496,215
Comcast Corp., Class A

12,156 505,082
Comerica, Inc.

11,646 493,325
Conagra Brands, Inc.

6,097 205,591
ConocoPhillips

673 69,730
Consolidated Edison, Inc.

2,614 236,306
Constellation Brands, Inc., Class A

1,012 249,084
Constellation Energy Corp.

3,931 359,883
Cooper Companies, Inc.

278 106,594
Copart, Inc.(a)

2,536 231,309
Corning, Inc.

5,599 196,189
Corteva, Inc.

1,442 82,627
CoStar Group, Inc.(a)

506 45,034
Costco Wholesale Corp.

1,420 764,500
Coterra Energy, Inc.

4,975 125,867
Crown Castle, Inc., REIT

570 64,946
CSX Corp.

2,518 85,864
Cummins, Inc.

328 80,412
CVS Health Corp.

9,079 627,631
Danaher Corp.

346 83,040
Darden Restaurants, Inc.

3,023 505,083
DaVita, Inc.(a)

831 83,491
Deere & Co.

327 132,497
Delta Air Lines, Inc.(a)

3,738 177,705
DENTSPLY SIRONA, Inc.

1,270 50,825
Devon Energy Corp.

2,449 118,385
Dexcom, Inc.(a)

791 101,651
Diamondback Energy, Inc.

531 69,752
Digital Realty Trust, Inc., REIT

3,127 356,071
Discover Financial Services

2,855 333,607
Dollar General Corp.

1,069 181,495
Dollar Tree, Inc.(a)

1,238 177,653
Dominion Energy, Inc.

4,606 238,545
Security Description Shares Value
Domino's Pizza, Inc.

1,636 $551,316
Dover Corp.

1,389 205,086
Dow, Inc.

1,258 67,001
DR Horton, Inc.

2,146 261,147
DTE Energy Co.

2,192 241,164
Duke Energy Corp.

825 74,036
DuPont de Nemours, Inc.

671 47,936
DXC Technology Co.(a)

4,999 133,573
Eastman Chemical Co.

581 48,641
Eaton Corp. PLC

1,303 262,033
eBay, Inc.

3,168 141,578
Ecolab, Inc.

261 48,726
Edison International

3,613 250,923
Edwards Lifesciences Corp.(a)

727 68,578
Electronic Arts, Inc.

2,588 335,664
Elevance Health, Inc.

559 248,358
Eli Lilly & Co.

515 241,525
Emerson Electric Co.

416 37,602
Enphase Energy, Inc.(a)

1,396 233,802
Entergy Corp.

2,407 234,370
EOG Resources, Inc.

596 68,206
EPAM Systems, Inc.(a)

615 138,221
EQT Corp.

3,179 130,752
Equifax, Inc.

181 42,589
Equinix, Inc., REIT

442 346,501
Equity Residential, REIT

1,640 108,191
Essex Property Trust, Inc., REIT

461 108,012
Estee Lauder Companies, Inc., Class A

2,768 543,580
Etsy, Inc.(a)

1,584 134,022
Everest Re Group Ltd.

469 160,332
Evergy, Inc.

1,262 73,726
Eversource Energy

1,066 75,601
Exelon Corp.

9,147 372,649
Expedia Group, Inc.(a)

1,969 215,389
Expeditors International of Washington, Inc.

704 85,276
Extra Space Storage, Inc., REIT

757 112,679
Exxon Mobil Corp.

6,843 733,912
F5, Inc.(a)

1,331 194,672
FactSet Research Systems, Inc.

106 42,469
Fair Isaac Corp.(a)

55 44,507
Fastenal Co.

2,229 131,489
Federal Realty Investment Trust

676 65,417
FedEx Corp.

368 91,227
Fidelity National Information Services, Inc.

995 54,427
Fifth Third Bancorp

2,057 53,914
First Solar, Inc.(a)

957 181,916
FirstEnergy Corp.

6,332 246,188
Fiserv, Inc.(a)

464 58,534
FleetCor Technologies, Inc.(a)

184 46,199
FMC Corp.

775 80,864
Ford Motor Co.

17,812 269,496
Fortinet, Inc.(a)

3,196 241,586
 
See accompanying notes to financial statements.
2

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2023 (Unaudited)

Security Description Shares Value
Fortive Corp.

517 $38,656
Fox Corp., Class A

2,914 99,076
Fox Corp., Class B

3,119 99,465
Franklin Resources, Inc.

4,134 110,419
Freeport-McMoRan, Inc.

6,460 258,400
Garmin Ltd.

4,645 484,427
Gartner, Inc.(a)

379 132,767
GE HealthCare Technologies, Inc.

1,060 86,114
Gen Digital, Inc.

12,202 226,347
Generac Holdings, Inc.(a)

630 93,952
General Dynamics Corp.

767 165,020
General Electric Co.

1,843 202,454
General Mills, Inc.

2,548 195,432
General Motors Co.

6,755 260,473
Genuine Parts Co.

782 132,338
Gilead Sciences, Inc.

2,942 226,740
Global Payments, Inc.

435 42,856
Globe Life, Inc.

1,506 165,088
Goldman Sachs Group, Inc.

727 234,487
Halliburton Co.

10,093 332,968
Hartford Financial Services Group, Inc.

3,432 247,173
Hasbro, Inc.

3,046 197,289
HCA Healthcare, Inc.

1,204 365,390
Healthpeak Properties, Inc., REIT

3,939 79,174
Henry Schein, Inc.(a)

2,616 212,158
Hershey Co.

720 179,784
Hess Corp.

508 69,063
Hewlett Packard Enterprise Co.

15,486 260,165
Hilton Worldwide Holdings, Inc.

772 112,365
Hologic, Inc.(a)

1,044 84,533
Home Depot, Inc.

821 255,035
Honeywell International, Inc.

989 205,217
Hormel Foods Corp.

8,968 360,693
Host Hotels & Resorts, Inc., REIT

6,127 103,117
Howmet Aerospace, Inc.

1,593 78,949
HP, Inc.

16,423 504,350
Humana, Inc.

514 229,825
Huntington Bancshares, Inc.

4,969 53,566
Huntington Ingalls Industries, Inc.

380 86,488
IDEX Corp.

886 190,720
IDEXX Laboratories, Inc.(a)

182 91,406
Illinois Tool Works, Inc.

826 206,632
Illumina, Inc.(a)

613 114,931
Incyte Corp.(a)

3,776 235,056
Ingersoll Rand, Inc.

2,937 191,962
Insulet Corp.(a)

345 99,477
Intel Corp.

4,165 139,278
Intercontinental Exchange, Inc.

395 44,667
International Business Machines Corp.

2,412 322,750
International Flavors & Fragrances, Inc.

598 47,595
International Paper Co.

1,933 61,489
Interpublic Group of Companies, Inc.

4,119 158,911
Security Description Shares Value
Intuit, Inc.

500 $229,095
Intuitive Surgical, Inc.(a)

395 135,066
Invesco Ltd.

6,735 113,215
Invitation Homes, Inc.

3,170 109,048
IQVIA Holdings, Inc.(a)

595 133,738
Iron Mountain, Inc., REIT

1,159 65,854
J M Smucker Co.

1,367 201,865
Jack Henry & Associates, Inc.

348 58,231
Jacobs Solutions, Inc.

3,154 374,979
JB Hunt Transport Services, Inc.

483 87,437
Johnson & Johnson

1,441 238,514
Johnson Controls International PLC

1,156 78,770
JPMorgan Chase & Co.

868 126,242
Juniper Networks, Inc.

6,482 203,081
Kellogg Co.

2,729 183,935
Keurig Dr Pepper, Inc.

7,811 244,250
KeyCorp

5,096 47,087
Keysight Technologies, Inc.(a)

1,215 203,452
Kimberly-Clark Corp.

3,629 501,020
Kimco Realty Corp., REIT

3,363 66,318
Kinder Morgan, Inc.

14,350 247,107
KLA Corp.

346 167,817
Kraft Heinz Co.

5,684 201,782
Kroger Co.

15,878 746,266
L3Harris Technologies, Inc.

433 84,768
Laboratory Corp. of America Holdings

753 181,721
Lam Research Corp.

268 172,286
Lamb Weston Holdings, Inc.

1,841 211,623
Las Vegas Sands Corp.(a)

1,117 64,786
Leidos Holdings, Inc.

1,572 139,091
Lennar Corp., Class A

2,141 268,289
Lincoln National Corp.

7,073 182,200
Linde PLC

131 49,921
Live Nation Entertainment, Inc.(a)

972 88,559
LKQ Corp.

2,248 130,991
Lockheed Martin Corp.

171 78,725
Loews Corp.

8,243 489,469
Lowe's Companies, Inc.

1,170 264,069
LyondellBasell Industries N.V., Class A

735 67,495
M&T Bank Corp.

425 52,598
Marathon Oil Corp.

2,975 68,485
Marathon Petroleum Corp.

4,329 504,761
MarketAxess Holdings, Inc.

152 39,736
Marriott International, Inc., Class A

611 112,235
Marsh & McLennan Companies, Inc.

199 37,428
Martin Marietta Materials, Inc.

381 175,904
Masco Corp.

3,396 194,862
Mastercard, Inc., Class A

122 47,983
Match Group, Inc.(a)

10,455 437,542
McCormick & Co., Inc.

2,311 201,589
McDonald's Corp.

1,707 509,386
McKesson Corp.

500 213,655
 
See accompanying notes to financial statements.
3

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2023 (Unaudited)

Security Description Shares Value
Medtronic PLC

726 $63,961
Merck & Co., Inc.

2,075 239,434
Meta Platforms, Inc., Class A(a)

1,642 471,221
MetLife, Inc.

3,027 171,116
Mettler-Toledo International, Inc.(a)

95 124,606
MGM Resorts International

1,582 69,481
Microchip Technology, Inc.

1,630 146,032
Micron Technology, Inc.

1,996 125,968
Microsoft Corp.

996 339,178
Mid-America Apartment Communities, Inc., REIT

708 107,517
Moderna, Inc.(a)

1,868 226,962
Mohawk Industries, Inc.(a)

1,921 198,170
Molina Healthcare, Inc.(a)

921 277,442
Molson Coors Beverage Co., Class B

3,681 242,357
Mondelez International, Inc., Class A

2,509 183,006
Monolithic Power Systems, Inc.

435 235,000
Monster Beverage Corp.(a)

4,271 245,326
Moody's Corp.

121 42,074
Morgan Stanley

2,842 242,707
Mosaic Co.

2,319 81,165
Motorola Solutions, Inc.

1,760 516,173
MSCI, Inc.

83 38,951
Nasdaq, Inc.

750 37,388
NetApp, Inc.

3,508 268,011
Netflix, Inc.(a)

516 227,293
Newell Brands, Inc.

21,648 188,338
Newmont Corp.

5,895 251,481
News Corp., Class A

5,093 99,314
News Corp., Class B

5,035 99,290
NextEra Energy, Inc.

3,305 245,231
NIKE, Inc., Class B

3,082 340,160
NiSource, Inc.

12,029 328,993
Nordson Corp.

155 38,468
Norfolk Southern Corp.

379 85,942
Northern Trust Corp.

1,450 107,503
Northrop Grumman Corp.

183 83,411
Norwegian Cruise Line Holdings Ltd.(a)

4,752 103,451
NRG Energy, Inc.

10,764 402,466
Nucor Corp.

1,679 275,322
NVIDIA Corp.

337 142,558
NVR, Inc.(a)

45 285,778
NXP Semiconductors N.V.

1,171 239,680
Occidental Petroleum Corp.

1,177 69,208
Old Dominion Freight Line, Inc.

271 100,202
Omnicom Group, Inc.

1,727 164,324
ON Semiconductor Corp.(a)

2,441 230,870
ONEOK, Inc.

4,092 252,558
Oracle Corp.

2,974 354,174
O'Reilly Automotive, Inc.(a)

133 127,055
Organon & Co.

11,616 241,729
Otis Worldwide Corp.

855 76,104
Security Description Shares Value
PACCAR, Inc.

1,589 $132,920
Packaging Corp. of America

469 61,983
Palo Alto Networks, Inc.(a)

993 253,721
Paramount Global, Class B

12,149 193,291
Parker-Hannifin Corp.

204 79,568
Paychex, Inc.

1,951 218,258
Paycom Software, Inc.

715 229,687
PayPal Holdings, Inc.(a)

857 57,188
Pentair PLC

3,100 200,260
PepsiCo, Inc.

1,000 185,220
Pfizer, Inc.

5,906 216,632
PG&E Corp.(a)

4,461 77,086
Philip Morris International, Inc.

3,961 386,673
Phillips 66

4,953 472,417
Pinnacle West Capital Corp.

933 76,002
Pioneer Natural Resources Co.

601 124,515
PNC Financial Services Group, Inc.

426 53,655
Pool Corp.

374 140,115
PPG Industries, Inc.

464 68,811
PPL Corp.

2,806 74,247
Principal Financial Group, Inc.

2,283 173,143
Procter & Gamble Co.

3,331 505,446
Progressive Corp.

1,245 164,801
Prologis, Inc., REIT

534 65,484
Prudential Financial, Inc.

1,932 170,441
PTC, Inc.(a)

1,180 167,914
Public Service Enterprise Group, Inc.

3,941 246,746
Public Storage, REIT

377 110,039
PulteGroup, Inc.

3,398 263,957
Qorvo, Inc.(a)

2,215 225,996
QUALCOMM, Inc.

1,827 217,486
Quanta Services, Inc.

2,007 394,275
Quest Diagnostics, Inc.

1,211 170,218
Ralph Lauren Corp.

4,171 514,284
Raymond James Financial, Inc.

2,559 265,547
Raytheon Technologies Corp.

821 80,425
Realty Income Corp., REIT

1,065 63,676
Regency Centers Corp., REIT

1,072 66,217
Regeneron Pharmaceuticals, Inc.(a)

307 220,592
Regions Financial Corp.

2,952 52,605
Republic Services, Inc.

1,284 196,670
ResMed, Inc.

457 99,855
Revvity, Inc.

739 87,786
Robert Half International, Inc.

2,242 168,643
Rockwell Automation, Inc.

116 38,216
Rollins, Inc.

4,491 192,350
Roper Technologies, Inc.

81 38,945
Ross Stores, Inc.

4,743 531,833
Royal Caribbean Cruises Ltd.(a)

889 92,225
S&P Global, Inc.

108 43,296
Salesforce, Inc.(a)

1,516 320,270
SBA Communications Corp., REIT

287 66,515
 
See accompanying notes to financial statements.
4

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2023 (Unaudited)

Security Description Shares Value
Schlumberger NV

6,861 $337,012
Seagate Technology Holdings PLC

4,016 248,470
Sealed Air Corp.

2,118 84,720
Sempra Energy

507 73,814
ServiceNow, Inc.(a)

607 341,116
Sherwin-Williams Co.

271 71,956
Simon Property Group, Inc., REIT

589 68,018
Skyworks Solutions, Inc.

2,088 231,121
Snap-on, Inc.

685 197,410
SolarEdge Technologies, Inc.(a)

870 234,073
Southern Co.

1,056 74,184
Southwest Airlines Co.

4,798 173,736
Stanley Black & Decker, Inc.

2,169 203,257
Starbucks Corp.

5,000 495,300
State Street Corp.

1,468 107,428
Steel Dynamics, Inc.

2,469 268,948
STERIS PLC

590 132,738
Stryker Corp.

434 132,409
Synchrony Financial

9,689 328,651
Synopsys, Inc.(a)

745 324,380
Sysco Corp.

10,111 750,236
T Rowe Price Group, Inc.

953 106,755
Take-Two Interactive Software, Inc.(a)

2,433 358,040
Tapestry, Inc.

7,644 327,163
Targa Resources Corp.

3,452 262,697
Target Corp.

1,281 168,964
TE Connectivity Ltd.

1,431 200,569
Teledyne Technologies, Inc.(a)

90 37,000
Teleflex, Inc.

209 50,584
Teradyne, Inc.

1,552 172,784
Tesla, Inc.(a)

1,005 263,079
Texas Instruments, Inc.

1,271 228,805
Textron, Inc.

2,497 168,872
Thermo Fisher Scientific, Inc.

236 123,133
TJX Companies, Inc.

6,166 522,815
T-Mobile US, Inc.(a)

2,483 344,889
Tractor Supply Co.

566 125,143
Trane Technologies PLC

418 79,947
TransDigm Group, Inc.

89 79,581
Travelers Companies, Inc.

925 160,635
Trimble, Inc.(a)

694 36,740
Truist Financial Corp.

1,664 50,502
Tyler Technologies, Inc.(a)

835 347,752
Tyson Foods, Inc., Class A

7,283 371,724
UDR, Inc., REIT

2,550 109,548
Ulta Beauty, Inc.(a)

578 272,004
Union Pacific Corp.

409 83,690
United Airlines Holdings, Inc.(a)

2,911 159,727
United Parcel Service, Inc., Class B

477 85,502
United Rentals, Inc.

312 138,955
UnitedHealth Group, Inc.

525 252,336
Security Description Shares   Value
Universal Health Services, Inc., Class B

2,390   $377,070
US Bancorp

1,657   54,747
Valero Energy Corp.

4,316   506,267
Ventas, Inc., REIT

1,777   83,999
VeriSign, Inc.(a)

1,473   332,854
Verisk Analytics, Inc.

187   42,268
Verizon Communications, Inc.

9,196   341,999
Vertex Pharmaceuticals, Inc.(a)

690   242,818
VF Corp.

17,078   326,019
Viatris, Inc.

24,599   245,498
VICI Properties, Inc.

2,017   63,394
Visa, Inc., Class A

195   46,309
Vulcan Materials Co.

784   176,745
W R Berkley Corp.

2,852   169,865
Walgreens Boots Alliance, Inc.

20,759   591,424
Walmart, Inc.

4,788   752,578
Walt Disney Co.(a)

2,127   189,899
Warner Bros Discovery, Inc.(a)

14,128   177,165
Waste Management, Inc.

1,122   194,577
Waters Corp.(a)

493   131,404
WEC Energy Group, Inc.

830   73,239
Wells Fargo & Co.

2,907   124,071
Welltower, Inc., REIT

1,002   81,052
West Pharmaceutical Services, Inc.

140   53,546
Western Digital Corp.(a)

6,151   233,307
Westinghouse Air Brake Technologies Corp.

1,239   135,881
Westrock Co.

2,065   60,030
Weyerhaeuser Co., REIT

5,495   184,137
Whirlpool Corp.

1,293   192,385
Williams Companies, Inc.

8,049   262,639
Willis Towers Watson PLC

160   37,680
WW Grainger, Inc.

174   137,215
Wynn Resorts Ltd.

636   67,168
Xcel Energy, Inc.

1,180   73,361
Xylem, Inc.

1,667   187,738
Yum! Brands, Inc.

3,669   508,340
Zebra Technologies Corp., Class A(a)

449   132,828
Zimmer Biomet Holdings, Inc.

897   130,603
Zions Bancorp NA

15,871   426,295
Zoetis, Inc.

1,415   243,677
TOTAL INVESTMENTS—99.8%

(Cost $91,514,026)

    96,896,668
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%

    196,141
NET ASSETS—100.0%

    $97,092,809
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
5

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2023 (Unaudited)

INDUSTRY BREAKDOWN
As of June 30, 2023*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals

3.3%
Software for Specific Uses

3.2
Restaurants

3.2
Food Distributors

3.1
Competitive Electric Utilities

3.0
Downstream Energy

3.0
Processed Foods

3.0
Real Estate Operators and Developers

2.2
Telecommunication Networks

2.1
Consumer Electronics

2.1
Commercial Hardware

2.1
Consumer Insurance

2.1
Upstream Energy

2.1
Content Providers

2.0
Commercial Insurance

2.0
Real Estate Rental

2.0
Regulated Electric Utilities

2.0
Non Real Estate Banking

2.0
Transportation Services

1.7
Distribution Services

1.6
Electric and Electronic Components

1.6
Consumer Equipment Retail

1.6
Mechanical Components

1.6
Auto Products

1.6
Consumer Equipment Manufacture

1.6
Specialty Services

1.6
Diversified Household and Personal Products

1.6
Alcohol and Tobacco

1.5
Primary Foods

1.5
Personal Products

1.5
Capital Markets

1.5
Healthcare Providers and Facilities

1.5
Analog and Mixed Signal Integrated Circuits

1.4
Internet Services

1.4
Digital Integrated Circuits

1.4
Semiconductor Services and Equipment

1.4
Investment Services

1.4
Management and IT Services

1.4
Search and Social Networks

1.4
Transaction Services

1.4
Online Distribution Networks

1.4
Healthcare Insurance

1.3
Drugstores

1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Transport Aerospace and Defense Equipment

1.2%
Healthcare Products Distribution

1.1
Apparel Retailers

1.1
Metals

1.1
Medical Devices

1.1
Hospital Equipment

1.1
Other Natural Resources

1.1
Midstream Energy

1.1
Industrial Conglomerates

1.0
Medical Research Services and Equipment

1.0
Chemicals

1.0
Accessories and Footwear

1.0
Gas and Water Utilities

1.0
Production Equipment

0.8
Other Pharmaceuticals

0.8
Operating Systems and Middleware

0.7
Brokers and Dealers

0.5
Branded Apparel

0.5
Consumer Paper Products

0.5
Software for Specific Industries

0.4
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.
6

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments
June 30, 2023 (Unaudited)

Security Description Shares Value
COMMON STOCK—99.8%    
Acadia Healthcare Co., Inc.(a)

900 $71,676
ACI Worldwide, Inc.(a)

868 20,112
Acuity Brands, Inc.

97 15,819
Adient PLC(a)

246 9,427
Advanced Drainage Systems, Inc.

99 11,264
AECOM

222 18,801
Affiliated Managers Group, Inc.

274 41,070
AGCO Corp.

249 32,724
Agree Realty Corp., REIT

88 5,754
Alcoa Corp.

497 16,863
Allegro MicroSystems, Inc.(a)

1,581 71,366
ALLETE, Inc.

333 19,304
Amedisys, Inc.(a)

267 24,414
American Financial Group, Inc.

150 17,813
Amkor Technology, Inc.

2,110 62,773
Annaly Capital Management, Inc.

1,535 30,715
Antero Midstream Corp.

2,122 24,615
Antero Resources Corp.(a)

479 11,031
Apartment Income REIT Corp.

666 24,036
AptarGroup, Inc.

78 9,037
Aramark

1,017 43,782
Arrow Electronics, Inc.(a)

57 8,164
Arrowhead Pharmaceuticals, Inc.(a)

1,984 70,749
ASGN, Inc.(a)

243 18,378
Ashland, Inc.

120 10,429
Aspen Technology, Inc.(a)

375 62,854
Associated Banc-Corp

1,811 29,393
Autoliv, Inc.

103 8,759
AutoNation, Inc.(a)

258 42,469
Avient Corp.

260 10,634
Avis Budget Group, Inc.(a)

191 43,676
Avnet, Inc.

166 8,375
Axalta Coating Systems Ltd.(a)

326 10,696
Azenta, Inc.(a)

906 42,292
Bank OZK

163 6,546
Belden, Inc.

143 13,678
BellRing Brands, Inc.(a)

1,287 47,104
Berry Global Group, Inc.

95 6,112
BJ's Wholesale Club Holdings, Inc.(a)

396 24,952
Black Hills Corp.

363 21,874
Blackbaud, Inc.(a)

280 19,930
Boston Beer Co., Inc., Class A(a)

94 28,993
Boyd Gaming Corp.

201 13,943
Brighthouse Financial, Inc.(a)

1,103 52,227
Brink's Co.

322 21,841
Brixmor Property Group, Inc.

270 5,940
Bruker Corp.

218 16,115
Brunswick Corp.

274 23,739
Builders FirstSource, Inc.(a)

126 17,136
BWX Technologies, Inc.

135 9,662
Cable One, Inc.

122 80,164
Security Description Shares Value
Cabot Corp.

138 $9,231
CACI International, Inc., Class A(a)

65 22,155
Cadence Bank

312 6,128
Calix, Inc.(a)

795 39,678
Capri Holdings Ltd.(a)

766 27,492
Carlisle Companies, Inc.

40 10,261
Carter's, Inc.

424 30,782
Casey's General Stores, Inc.

103 25,120
Cathay General Bancorp

190 6,116
Celsius Holdings, Inc.(a)

330 49,233
ChampionX Corp.

829 25,732
Chart Industries, Inc.(a)

77 12,304
Chemed Corp.

44 23,833
Chemours Co.

317 11,694
Choice Hotels International, Inc.

115 13,515
Chord Energy Corp.

68 10,458
Churchill Downs, Inc.

96 13,360
Ciena Corp.(a)

990 42,065
Cirrus Logic, Inc.(a)

800 64,808
Clean Harbors, Inc.(a)

145 23,842
Cleveland-Cliffs, Inc.(a)

1,095 18,352
CNO Financial Group, Inc.

2,094 49,565
CNX Resources Corp.(a)

607 10,756
Coca-Cola Consolidated, Inc.

70 44,521
Cognex Corp.

742 41,567
Coherent Corp.(a)

337 17,180
Columbia Banking System, Inc.

281 5,699
Columbia Sportswear Co.

366 28,270
Commerce Bancshares, Inc.

269 13,100
Commercial Metals Co.

379 19,958
CommVault Systems, Inc.(a)

576 41,829
Concentrix Corp.

246 19,865
Corporate Office Properties Trust

282 6,698
Coty, Inc., Class A(a)

10,393 127,730
Cousins Properties, Inc.

314 7,159
Crane Co.

110 9,803
Crane NXT Co.

157 8,861
Crocs, Inc.(a)

244 27,435
Crown Holdings, Inc.

70 6,081
CubeSmart

552 24,652
Cullen/Frost Bankers, Inc.

125 13,441
Curtiss-Wright Corp.

49 8,999
Darling Ingredients, Inc.(a)

484 30,874
Deckers Outdoor Corp.(a)

56 29,549
Dick's Sporting Goods, Inc.

226 29,875
Donaldson Co., Inc.

168 10,502
Doximity, Inc., Class A(a)

2,585 87,942