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
December 31, 2023

 

Syntax ETF Trust
Annual Report
December 31, 2023
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.

 

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Syntax ETF Trust (Unaudited)
Dear Shareholder,
Enclosed is the report for the Syntax ETF Trust (“Syntax”) for the period ending December 31, 2023, 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”), the Syntax Stratified U.S. Total Market Hedged ETF (“SHUS”), and the Syntax Stratified Total Market II (“SYII”).  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 method of index construction whose goal is to provide diversification across business risks1. The stratification process determines the common economic and business risks companies face and equally divides stocks within carefully defined segments defined by those common risks. In contrast to both capitalization-weighted and equal-weighted indices, stratification uses economic factors as its weighting determinant. We believe that this gives stratification a long-term advantage compared to more traditional weighting methods.
The rising domestic equity markets in 2023 were a mirror image of the falling markets in 2022. Concerns around tech valuations and rising interest rates drove the market down in 2022, only to see the buzz surrounding AI and the prospective of falling rates drive markets forward in 2023. The diversified business risk profile of the Syntax Stratified LargeCap strategy provided a positive performance differential on the downside in 2022, whereas the cap weighted S&P 500 benefited from its overconcentration in tech and information sectors in 2023. For the year, the Syntax Stratified LargeCap ETF underperformed the S&P 500 Index by 12.62% and underperformed the S&P 500 Equal Weight Index by 0.20%.
The relative outperformance of the S&P 500 versus SSPY for the year was driven by the performance and overweighting of the Information and Information Tools sectors. As of December 31, 2023, these two sectors comprised over 47% of the S&P 500 Index whereas they were under 25% weight in SSPY. More specifically, within these two sectors, the S&P 500’s performance was driven by the group of companies that have become to be known as the Magnificent Seven: Apple, Microsoft, Meta Platforms, NVIDIA, Amazon, Alphabet and Tesla. These seven stocks accounted for approximately 64% of the return of the S&P 500 Index and represented approximately 28% weight in the S&P 500 index as of December 31, 2023. In contrast, because SSPY’s Stratified Weight seeks to diversify across sectors and sub-sectors and avoid overconcentration risk, these 7 companies only represented 2.29% of the SSPY’s weight and were significantly smaller drivers of SSPY’s performance for the year.
The Syntax Stratified MidCap (SMDY) and Syntax Stratified SmallCap ETFs (SSLY) were also affected by the rising market. For the year ending December 31, 2023, the Syntax Stratified MidCap ETF rose 17.30% on a market price basis and 17.29% on a net asset value (“NAV”) basis, versus the S&P 400 MidCap Index that returned 16.44%. For the year ending December 31, 2023, SSLY returned 11.54% on a market price basis and 11.57% on a net asset value (“NAV”) basis, compared to the S&P SmallCap 600 Index that returned 16.05%.
The Syntax Stratified U.S. Total Market ETF (SYUS) returned 13.89% on a market price basis and 13.89% on a net asset value (“NAV”) basis, versus the S&P 1500 Composite Index that returned 25.47%. During 2023, SYUS’s largest holding was SSPY, with a target weight of approximately 85% in the portfolio, which helped drive underperformance for the year.
The Syntax Stratified Total Market II ETF (SYII) returned 13.85% on a market price basis and 13.89% on a net asset value (“NAV”) basis, versus the S&P 1500 Composite Index that returned 25.47%. During 2023, SYII’s largest holding was SSPY, with a target weight of approximately 85% in the portfolio, which helped drive underperformance for the year.
1Business 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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The Syntax Stratified U.S. Total Market Hedged ETF (SHUS) returned 5.81% on a market price basis and 6.14% on a net asset value (“NAV”) basis. SHUS underperformed against the unhedged S&P Composite 1500 Index, which returned 25.47% for the year ending December 31, 2023. For the year, SHUS’s underperformance was driven by both the equity allocation and the hedge: SHUS’s target equity allocation is 85% to SSPY, and the hedge saw negative performance for the year, both contributing to the performance differential versus the S&P Composite 1500 Index.
Overall, while 2023 was a challenging year for the Stratified Weight methodology versus the cap-weighting methodology, we continue to believe that the power of business risk diversification. As we have consistently highlighted in our research, market cap-weighted indices often become overexposed to groups of companies with common business risks, such as the current concentration in technology stocks and the Magnificent Seven within the US large-cap space. The goal of the Stratified Weight methodology is to deliver an unbiased return that is representative of all the business opportunities in the market, not just the largest ones. The goal is to prevent one sector, industry, or sub-sector from becoming concentrated in the portfolio.
As we move into 2024, challenges and uncertainty remain, with increasing concerns about geopolitical risks, inflation, a cooling labor market, and the impact of higher interest rates on the markets. During periods of uncertainty and volatility, it has historically been prudent to have diversified portfolios. Syntax believes that diversifying across business risks using the Stratified Weight approach offers investors a unique solution to diversification in equity portfolios, and we believe that the Stratified Weight methodology remains well-positioned in the face of the uncertainties and challenges that are constant features of the markets.
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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 ended December 31, 2023, on a market price basis, the Fund returned 13.71%. On a net asset value (“NAV”) basis, the Fund returned 13.67%. During the same time period, the Index returned 14.05%. 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 26.29% and the S&P 500 Equal Weight Index returned 13.87%. The S&P 500 is an unmanaged index weighted by market capitalization based on the average performance of approximately 503 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  
Costco Wholesale Corp.
 0.80%
TJX Cos., Inc.
 0.78%
Ross Stores, Inc.
 0.78%
Walmart, Inc.
 0.78%
Chevron Corp.
 0.77%
Kroger Co.
 0.76%
Exxon Mobil Corp.
 0.75%
Walgreens Boots Alliance, Inc.
 0.75%
Sysco Corp.
 0.74%
CVS Health Corp.
 0.70%
As of December 31, 2023. Holdings subject to change  
Sector Breakdown  
Healthcare
 12.70%
Industrials
 12.69%
Financials
 12.61%
Information Tools
 12.52%
Consumer Products Services
 12.52%
Information
 12.31%
Food
 12.20%
Energy
 12.17%
Other Assets in Excess of Liabilities
 0.28%
As of December 31, 2023. (% 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, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2015 2016 2017 2018 2019 2020 2021 2022 2023
SSPY NAV (%)
 13.67 10.79 13.67 10.01 14.01 10.33 -1.44 14.11 19.73 -6.57 28.93 12.18 28.76 -9.02 13.67
SSPY Market Price (%)
 13.71 10.76 13.71 9.99 -- -- -- -- -- -- 28.90 12.22 28.82 -9.17 13.71
Syntax Stratified LargeCap Index (TR)
 14.05 10.91 14.05 10.37 14.34 -- -- -- 20.12 -6.43 29.33 12.38 29.25 -8.79 14.05
S&P 500 Index (TR)
 26.29 11.69 26.29 10.00 15.69 11.85 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
S&P 500 Equal Weight Index (TR)
 13.87 11.87 13.87 9.34 13.77 9.96 -2.20 14.80 18.90 -7.64 29.24 12.83 29.63 -11.45 13.87
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, 2024. 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 18. 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.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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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 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 ended December 31, 2023, on a market price basis, the Fund returned 17.30%. On a net asset value (“NAV”) basis, the Fund returned 17.29%. During the same time period, the Index returned 17.81%. 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 16.44% and the S&P 400 Equal Weight Index returned 17.72%. The S&P 400 is an unmanaged index weighted by market capitalization based on the average performance of approximately 401 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  
Coty, Inc.
 1.80%
Scotts Miracle-Gro Co.
 1.77%
Amkor Technology, Inc.
 0.86%
Doximity, Inc.
 0.85%
Livent Corp.
 0.82%
Arrowhead Pharmaceuticals, Inc.
 0.82%
Frontier Communications Parent, Inc.
 0.81%
Cable One, Inc.
 0.80%
Ziff Davis, Inc.
 0.79%
Qualys, Inc.
 0.78%
As of December 31, 2023. Holdings subject to change  
Sector Breakdown  
Industrials
 15.76%
Consumer Products Services
 14.36%
Financials
 14.15%
Information
 14.12%
Healthcare
 13.91%
Information Tools
 13.51%
Food
 7.01%
Energy
 7.00%
Other Assets in Excess of Liabilities
 0.18%
As of December 31, 2023. (% 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, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2015 2016 2017 2018 2019 2020 2021 2022 2023
SMDY NAV (%)
 17.29 12.27 17.29 7.72 12.57 9.12 -4.12 19.25 14.82 -7.58 23.35 17.22 21.95 -12.61 17.29
SMDY Market Price (%)
 17.30 12.26 17.30 7.61 -- -- -- -- -- -- -- -- 21.66 -12.67 17.30
Syntax Stratified MidCap Index (TR)
 17.81 12.38 17.81 8.18 13.05 -- -- -- 15.13 -7.33 23.81 17.79 22.53 -12.30 17.81
S&P 400 Index (TR)
 16.44 11.67 16.44 8.09 12.62 9.22 -2.18 20.74 16.24 -11.08 26.20 13.66 24.76 -13.06 16.44
S&P 400 Equal Weight Index (TR)
 17.72 12.24 17.72 9.83 13.59 9.30 -5.24 23.95 13.87 -11.94 23.29 15.77 27.12 -11.47 17.72
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, 2024. 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 18. 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.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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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 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 ended December 31, 2023, on a market price basis, the Fund returned 11.54%. On a net asset value (“NAV”) basis, the Fund returned 11.57%. During the same time period, the Index returned 12.17%. 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.
During this same time period, the S&P 600 Index returned 16.05% and the S&P 600 Equal Weight Index returned 13.20%. The S&P 600 is an unmanaged index weighted by market capitalization based on the average performance of approximately 603 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.
 
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Syntax Stratified SmallCap ETF (SSLY)
Manager’s Note (Unaudited)
Portfolio Allocations
Top 10 Holdings and Portfolio Weights  
Tandem Diabetes Care, Inc.
 0.90%
Embecta Corp.
 0.78%
Vericel Corp.
 0.77%
Leslie's, Inc.
 0.70%
Harmonic, Inc.
 0.68%
ADTRAN Holdings, Inc.
 0.66%
Cerence, Inc.
 0.63%
Alarm.com Holdings, Inc.
 0.62%
Haverty Furniture Cos., Inc.
 0.60%
Plexus Corp.
 0.59%
As of December 31, 2023. Holdings subject to change  
Sector Breakdown  
Information Tools
 14.61%
Consumer Products Services
 14.41%
Industrials
 14.38%
Healthcare
 14.35%
Financials
 14.09%
Information
 13.94%
Energy
 7.10%
Food
 6.87%
Other Assets in Excess of Liabilities
 0.25%
As of December 31, 2023. (% 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, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2021 2022 2023
SSLY NAV (%)
 11.57 13.16 11.57 4.54 -- 15.02 25.72 -18.55 11.57
SSLY Market Price (%)
 11.54 13.08 11.54 4.46 -- 15.01 25.47 -18.56 11.54
Syntax Stratified SmallCap Index (TR)
 12.17 13.37 12.17 5.32 -- 15.95 27.34 -18.21 12.17
S&P 600 Index (TR)
 16.05 15.12 16.05 7.28 -- 16.23 26.82 -16.10 16.05
S&P 600 Equal Weight Index (TR)
 13.20 14.61 13.20 7.91 -- 18.34 32.50 -16.23 13.20
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, 2024. 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 (the “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 the year ended December 31, 2023, on a market price basis, the Fund returned 13.89%. On a net asset value (“NAV”) basis, the Fund returned 13.89%. During the same time period, the S&P Composite 1500 Index returned 25.47%. The S&P Composite 1500 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 2023, the target allocation for SSPY, SMDY, and SSLY in the Fund’s equity portfolio was approximately 85%, 10%, and 5% respectively.
 
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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, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2022 2023
SYUS NAV (%)
 13.89 10.98 13.89 -- -- 6.11 -10.05 13.89
SYUS Market Price (%)
 13.89 10.99 13.89 -- -- 6.11 -10.05 13.89
S&P Composite 1500® Index (TR)
 25.47 11.78 25.47 -- -- 8.49 -17.78 25.47
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, 2024. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 1.07% 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 (the “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 options1 to limit overall portfolio downside loss. In an effort to generate additional returns, the Fund also buys and sells 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 the year ended December 31, 2023, on a market price basis, the Fund returned 5.81%. On a net asset value (“NAV”) basis, the Fund returned 6.14%. During the same
time period, the Index returned 25.47%. 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 the options component. For 2023, the equity allocation in the Fund consisted of SSPY, SMDY, and SSLY, with target weights of 85%, 10%, and 5% of the equity position respectively. For the majority of the year, the options component of the Fund consisted of put and call options on the S&P 500 Index. The reason for SHUS to invest in options is two-fold: first, for downside mitigation and reduction of volatility and overall risk, and second, to generate supplemental returns to potentially offset some of the hedging costs.
 
1 A put option (or “put”) is a contract giving the option buyer the right, but not the obligation, to sell—or sell short—a specified amount of an underlying security at a predetermined price within a specified time frame. 
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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, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2022 2023
SHUS NAV (%)
 6.14 7.97 6.14 -- -- 2.32 -3.53 6.14
SHUS Market Price (%)
 5.81 7.93 5.81 -- -- 2.29 -3.32 5.81
S&P Composite 1500® Index (TR)
 25.47 11.78 25.47 -- -- 5.93 -17.78 25.47
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, 2024. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 1.27% 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.
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Table of Contents
Syntax Stratified Total Market II ETF (SYII)
Manager’s Note (Unaudited)
The Syntax Stratified Total Market II ETF (the “Fund”) seeks to obtain capital growth that exceeds the performance of the S&P Composite 1500® Index (the “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 to companies in the 1500 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.
For the year ended December 31, 2023, on a market price basis, the Fund returned 13.85%. On a net asset value (“NAV”) basis, the Fund returned 13.89%. During this same time period, the S&P Composite 1500 Index returned 25.47%. The S&P Composite 1500 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 2023, the target allocation for SSPY, SMDY, and SSLY in the Fund's equity portfolio was approximately 85%, 10%, and 5% respectively.
 
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Table of Contents
Syntax Stratified Total Market II ETF (SYII)
Manager’s Note (Unaudited)
Performance: Growth of $10,000
Performance Return (%) As of December 31, 2023
  Cumulative Annualized Calendar Year
  YTD 4Q23 1Y 3Y 5Y Since Fund
Inception 		2023
SYII NAV (%)
 13.89 10.98 13.89 -- -- 14.48 13.89
SYII Market Price (%)
 13.85 10.97 13.85 -- -- 14.48 13.85
S&P Composite 1500® Index (TR)
 25.47 11.78 25.47 -- -- 18.67 25.47
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, 2024. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 1.05% and 0.35%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.  Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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Table of Contents
Syntax ETF Trust
Manager’s Note (Unaudited)
Shares are bought and sold at market price (not NAV) and are not individually redeemed from a 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 Funds' 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.
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Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments
December 31, 2023
Security Description Shares Value
COMMON STOCK—99.7%    
3M Co.
 1,813 $198,197
A O Smith Corp.
 1,802 148,557
Abbott Laboratories
 559 61,529
AbbVie, Inc.
 1,567 242,838
Accenture PLC, Class A
 460 161,419
Adobe, Inc.(a)
 254 151,536
Advanced Micro Devices, Inc.(a)
 970 142,988
AES Corp.
 19,274 371,024
Aflac, Inc.
 2,270 187,275
Agilent Technologies, Inc.
 921 128,047
Air Products & Chemicals, Inc.
 169 46,272
Airbnb, Inc., Class A(a)
 740 100,744
Akamai Technologies, Inc.(a)
 2,728 322,859
Albemarle Corp.
 346 49,990
Alexandria Real Estate Equities, Inc., REIT
 1,308 165,815
Align Technology, Inc.(a)
 422 115,628
Allegion PLC
 638 80,828
Alliant Energy Corp.
 1,404 72,025
Allstate Corp.
 1,122 157,058
Alphabet, Inc., Class A(a)
 1,541 215,262
Alphabet, Inc., Class C(a)
 1,524 214,777
Altria Group, Inc.
 8,501 342,930
Amazon.com, Inc.(a)
 940 142,824
Amcor PLC
 12,128 116,914
Ameren Corp.
 923 66,770
American Airlines Group, Inc.(a)
 12,759 175,309
American Electric Power Co., Inc.
 2,939 238,706
American Express Co.
 249 46,648
American International Group, Inc.
 3,570 241,867
American Tower Corp., REIT
 301 64,980
American Water Works Co., Inc.
 2,375 313,476
Ameriprise Financial, Inc.
 250 94,958
AMETEK, Inc.
 746 123,008
Amgen, Inc.
 870 250,577
Amphenol Corp., Class A
 1,883 186,662
Analog Devices, Inc.
 1,124 223,181
ANSYS, Inc.(a)
 546 198,132
Aon PLC, Class A
 109 31,721
APA Corp.
 1,940 69,607
Apple, Inc.
 2,394 460,917
Applied Materials, Inc.
 1,057 171,308
Aptiv PLC(a)
 4,399 394,678
Arch Capital Group Ltd.(a)
 1,966 146,015
Archer-Daniels-Midland Co.
 4,762 343,912
Arista Networks, Inc.(a)
 836 196,886
Arthur J Gallagher & Co.
 145 32,608
Assurant, Inc.
 932 157,033
AT&T, Inc.
 18,448 309,557
Atmos Energy Corp.
 2,750 318,725
Autodesk, Inc.(a)
 696 169,462
Automatic Data Processing, Inc.
 909 211,770
Security Description Shares Value
AutoZone, Inc.(a)
 54 $139,623
AvalonBay Communities, Inc., REIT
 593 111,021
Avery Dennison Corp.
 304 61,457
Axon Enterprise, Inc.(a)
 331 85,507
Baker Hughes Co.
 9,684 330,999
Ball Corp.
 2,035 117,053
Bank of America Corp.
 3,784 127,407
Bank of New York Mellon Corp.
 2,120 110,346
Bath & Body Works, Inc.
 4,153 179,243
Baxter International, Inc.
 1,298 50,181
Becton Dickinson & Co.
 203 49,497
Berkshire Hathaway, Inc., Class B(a)
 1,324 472,218
Best Buy Co., Inc.
 2,109 165,093
Biogen, Inc.(a)
 979 253,336
Bio-Rad Laboratories, Inc., Class A(a)
 257 82,983
Bio-Techne Corp.
 1,712 132,098
BlackRock, Inc.
 119 96,604
Blackstone, Inc.
 790 103,427
Boeing Co.(a)
 639 166,562
Booking Holdings, Inc.(a)
 29 102,869
BorgWarner, Inc.
 10,671 382,555
Boston Properties, Inc., REIT
 2,437 171,004
Boston Scientific Corp.(a)
 1,066 61,625
Bristol-Myers Squibb Co.
 4,652 238,694
Broadcom, Inc.
 222 247,807
Broadridge Financial Solutions, Inc.
 542 111,516
Brown & Brown, Inc.
 469 33,351
Brown-Forman Corp., Class B
 4,252 242,789
Builders FirstSource, Inc.(a)
 952 158,927
Bunge Global SA
 3,361 339,293
Cadence Design Systems, Inc.(a)
 1,199 326,572
Caesars Entertainment, Inc.(a)
 1,413 66,241
Camden Property Trust
 1,111 110,311
Campbell Soup Co.
 4,677 202,187
Capital One Financial Corp.
 2,644 346,681
Cardinal Health, Inc.
 1,752 176,602
CarMax, Inc.(a)
 2,090 160,387
Carnival Corp.(a)
 4,312 79,944
Carrier Global Corp.
 1,273 73,134
Catalent, Inc.(a)
 6,297 282,924
Caterpillar, Inc.
 452 133,643
Cboe Global Markets, Inc.
 231 41,247
CBRE Group, Inc., Class A(a)
 417 38,819
CDW Corp.
 547 124,344
Celanese Corp.
 444 68,984
Cencora, Inc.
 926 190,182
Centene Corp.(a)
 3,383 251,052
CenterPoint Energy, Inc.
 8,137 232,474
Ceridian HCM Holding, Inc.(a)
 3,097 207,871
CF Industries Holdings, Inc.
 1,020 81,090
CH Robinson Worldwide, Inc.
 922 79,652
 
See accompanying notes to financial statements.
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Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Charles River Laboratories International, Inc.(a)
 572 $135,221
Charles Schwab Corp.
 3,656 251,533
Charter Communications, Inc., Class A(a)
 1,276 495,956
Chevron Corp.
 4,865 725,663
Chipotle Mexican Grill, Inc.(a)
 211 482,549
Chubb Ltd.
 700 158,200
Church & Dwight Co., Inc.
 4,319 408,405
Cigna Group
 724 216,802
Cincinnati Financial Corp.
 1,518 157,052
Cintas Corp.
 318 191,646
Cisco Systems, Inc.
 3,871 195,563
Citigroup, Inc.
 2,397 123,302
Citizens Financial Group, Inc.
 1,759 58,293
Clorox Co.
 2,835 404,243
CME Group, Inc.
 197 41,488
CMS Energy Corp.
 1,238 71,891
Coca-Cola Co.
 3,996 235,484
Cognizant Technology Solutions Corp., Class A
 2,221 167,752
Colgate-Palmolive Co.
 5,201 414,572
Comcast Corp., Class A
 11,120 487,612
Comerica, Inc.
 9,368 522,828
Conagra Brands, Inc.
 6,796 194,773
ConocoPhillips
 595 69,062
Consolidated Edison, Inc.
 2,556 232,519
Constellation Brands, Inc., Class A
 996 240,783
Constellation Energy Corp.
 3,155 368,788
Cooper Cos., Inc.
 278 105,206
Copart, Inc.(a)
 4,390 215,110
Corning, Inc.
 6,031 183,644
Corteva, Inc.
 1,727 82,758
CoStar Group, Inc.(a)
 475 41,510
Costco Wholesale Corp.
 1,147 757,112
Coterra Energy, Inc.
 4,740 120,965
Crown Castle, Inc., REIT
 536 61,742
CSX Corp.
 2,370 82,168
Cummins, Inc.
 304 72,829
CVS Health Corp.
 8,313 656,394
Danaher Corp.
 359 83,051
Darden Restaurants, Inc.
 2,943 483,535
DaVita, Inc.(a)
 727 76,161
Deere & Co.
 323 129,158
Delta Air Lines, Inc.
 4,351 175,041
DENTSPLY SIRONA, Inc.
 1,470 52,317
Devon Energy Corp.
 2,657 120,362
Dexcom, Inc.(a)
 803 99,644
Diamondback Energy, Inc.
 447 69,321
Digital Realty Trust, Inc., REIT
 2,314 311,418
Discover Financial Services
 3,020 339,448
Dollar General Corp.
 1,226 166,675
Dollar Tree, Inc.(a)
 1,252 177,847
Dominion Energy, Inc.
 4,928 231,616
Security Description Shares Value
Domino's Pizza, Inc.
 1,185 $488,493
Dover Corp.
 1,305 200,722
Dow, Inc.
 1,227 67,289
DR Horton, Inc.
 1,692 257,150
DTE Energy Co.
 2,156 237,721
Duke Energy Corp.
 763 74,042
DuPont de Nemours, Inc.
 630 48,466
Eastman Chemical Co.
 524 47,066
Eaton Corp. PLC
 1,007 242,506
eBay, Inc.
 3,359 146,520
Ecolab, Inc.
 232 46,017
Edison International
 3,472 248,213
Edwards Lifesciences Corp.(a)
 848 64,660
Electronic Arts, Inc.
 3,413 466,933
Elevance Health, Inc.
 522 246,154
Eli Lilly & Co.
 390 227,339
Emerson Electric Co.
 326 31,730
Enphase Energy, Inc.(a)
 2,274 300,486
Entergy Corp.
 2,297 232,433
EOG Resources, Inc.
 563 68,095
EPAM Systems, Inc.(a)
 580 172,457
EQT Corp.
 3,155 121,972
Equifax, Inc.
 172 42,534
Equinix, Inc., REIT
 390 314,102
Equity Residential, REIT
 1,771 108,314
Essex Property Trust, Inc., REIT
 462 114,548
Estee Lauder Cos., Inc., Class A
 2,999 438,604
Etsy, Inc.(a)
 1,730 140,216
Everest Group Ltd.
 406 143,553
Evergy, Inc.
 1,397 72,923
Eversource Energy
 1,205 74,373
Exelon Corp.
 8,958 321,592
Expedia Group, Inc.(a)
 717 108,833
Expeditors International of Washington, Inc.
 649 82,553
Extra Space Storage, Inc., REIT
 748 119,927
Exxon Mobil Corp.
 7,055 705,359
F5, Inc.(a)
 1,094 195,804
FactSet Research Systems, Inc.
 86 41,026
Fair Isaac Corp.(a)
 33 38,412
Fastenal Co.
 1,877 121,573
Federal Realty Investment Trust
 628 64,715
FedEx Corp.
 285 72,096
Fidelity National Information Services, Inc.
 885 53,162
Fifth Third Bancorp
 1,665 57,426
First Solar, Inc.(a)
 1,206 207,770
FirstEnergy Corp.
 6,316 231,545
Fiserv, Inc.(a)
 393 52,206
FleetCor Technologies, Inc.(a)
 162 45,783
FMC Corp.
 1,398 88,144
Ford Motor Co.
 21,260 259,159
Fortinet, Inc.(a)
 3,989 233,476
Fortive Corp.
 424 31,219
 
See accompanying notes to financial statements.
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Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Fox Corp., Class A
 3,126 $92,748
Fox Corp., Class B
 3,343 92,434
Franklin Resources, Inc.
 3,489 103,937
Freeport-McMoRan, Inc.
 6,137 261,252
Garmin Ltd.
 2,507 322,250
Gartner, Inc.(a)
 346 156,084
GE HealthCare Technologies, Inc.
 1,138 87,990
Gen Digital, Inc.
 9,394 214,371
Generac Holdings, Inc.(a)
 579 74,830
General Dynamics Corp.
 618 160,476
General Electric Co.
 1,555 198,465
General Mills, Inc.
 3,066 199,719
General Motors Co.
 6,937 249,177
Genuine Parts Co.
 1,057 146,394
Gilead Sciences, Inc.
 2,964 240,114
Global Payments, Inc.
 348 44,196
Globe Life, Inc.
 1,531 186,353
Goldman Sachs Group, Inc.
 665 256,537
Halliburton Co.
 8,935 323,000
Hartford Financial Services Group, Inc.
 2,991 240,417
Hasbro, Inc.
 4,808 245,496
HCA Healthcare, Inc.
 1,211 327,793
Healthpeak Properties, Inc., REIT
 4,162 82,408
Henry Schein, Inc.(a)
 2,605 197,225
Hershey Co.
 947 176,559
Hess Corp.
 499 71,936
Hewlett Packard Enterprise Co.
 14,430 245,021
Hilton Worldwide Holdings, Inc.
 606 110,347
Hologic, Inc.(a)
 1,139 81,382
Home Depot, Inc.
 717 248,476
Honeywell International, Inc.
 961 201,531
Hormel Foods Corp.
 11,192 359,375
Host Hotels & Resorts, Inc., REIT
 5,785 112,634
Howmet Aerospace, Inc.
 1,319 71,384
HP, Inc.
 10,597 318,864
Hubbell, Inc.
 762 250,645
Humana, Inc.
 520 238,061
Huntington Bancshares, Inc.
 4,340 55,205
Huntington Ingalls Industries, Inc.
 318 82,566
IDEX Corp.
 857 186,063
IDEXX Laboratories, Inc.(a)
 145 80,482
Illinois Tool Works, Inc.
 752 196,979
Illumina, Inc.(a)
 1,034 143,974
Incyte Corp.(a)
 4,280 268,741
Ingersoll Rand, Inc.
 2,393 185,075
Insulet Corp.(a)
 480 104,150
Intel Corp.
 2,923 146,881
Intercontinental Exchange, Inc.
 367 47,134
International Business Machines Corp.
 1,929 315,488
International Flavors & Fragrances, Inc.
 579 46,882
International Paper Co.
 1,590 57,479
Interpublic Group of Cos., Inc.
 4,997 163,102
Security Description Shares Value
Intuit, Inc.
 360 $225,011
Intuitive Surgical, Inc.(a)
 378 127,522
Invesco Ltd.
 5,862 104,578
Invitation Homes, Inc.
 3,144 107,242
IQVIA Holdings, Inc.(a)
 545 126,102
Iron Mountain, Inc., REIT
 955 66,831
J M Smucker Co.
 1,682 212,571
Jabil, Inc.
 2,620 333,788
Jack Henry & Associates, Inc.
 314 51,311
Jacobs Solutions, Inc.
 2,761 358,378
JB Hunt Transport Services, Inc.
 416 83,092
Johnson & Johnson
 1,515 237,461
Johnson Controls International PLC
 1,254 72,281
JPMorgan Chase & Co.
 739 125,704
Juniper Networks, Inc.
 6,461 190,470
Kellanova
 3,269 182,770
Kenvue, Inc.
 19,470 419,189
Keurig Dr Pepper, Inc.
 7,291 242,936
KeyCorp
 3,922 56,477
Keysight Technologies, Inc.(a)
 1,295 206,022
Kimberly-Clark Corp.
 3,346 406,572
Kimco Realty Corp., REIT
 3,084 65,720
Kinder Morgan, Inc.
 13,226 233,307
KLA Corp.
 292 169,740
Kraft Heinz Co.
 5,539 204,832
Kroger Co.
 15,755 720,161
L3Harris Technologies, Inc.
 396 83,406
Laboratory Corp. of America Holdings
 720 163,649
Lam Research Corp.
 224 175,450
Lamb Weston Holdings, Inc.
 1,986 214,667
Las Vegas Sands Corp.
 1,347 66,286
Leidos Holdings, Inc.
 1,437 155,541
Lennar Corp., Class A
 1,679 250,238
Linde PLC
 111 45,589
Live Nation Entertainment, Inc.(a)
 917 85,831
LKQ Corp.
 3,097 148,006
Lockheed Martin Corp.
 174 78,864
Loews Corp.
 6,801 473,282
Lowe's Cos., Inc.
 1,125 250,369
Lululemon Athletica, Inc.(a)
 574 293,480
LyondellBasell Industries NV, Class A
 675 64,179
M&T Bank Corp.
 394 54,010
Marathon Oil Corp.
 2,778 67,116
Marathon Petroleum Corp.
 3,271 485,286
MarketAxess Holdings, Inc.
 160 46,856
Marriott International, Inc., Class A
 497 112,078
Marsh & McLennan Cos., Inc.
 176 33,347
Martin Marietta Materials, Inc.
 332 165,638
Masco Corp.
 2,194 146,954
Mastercard, Inc., Class A
 99 42,224
Match Group, Inc.(a)
 12,967 473,295
McCormick & Co., Inc.
 2,989 204,507
 
See accompanying notes to financial statements.
21

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
McDonald's Corp.
 1,638 $485,683
McKesson Corp.
 407 188,433
Medtronic PLC
 736 60,632
Merck & Co., Inc.
 2,254 245,731
Meta Platforms, Inc., Class A(a)
 1,252 443,158
MetLife, Inc.
 2,922 193,232
Mettler-Toledo International, Inc.(a)
 108 131,000
MGM Resorts International(a)
 1,507 67,333
Microchip Technology, Inc.
 1,449 130,671
Micron Technology, Inc.
 1,667 142,262
Microsoft Corp.
 836 314,369
Mid-America Apartment Communities, Inc., REIT
 818 109,988
Moderna, Inc.(a)
 2,912 289,598
Mohawk Industries, Inc.(a)
 1,523 157,630
Molina Healthcare, Inc.(a)
 677 244,607
Molson Coors Beverage Co., Class B
 3,759 230,088
Mondelez International, Inc., Class A
 2,469 178,830
Monolithic Power Systems, Inc.
 362 228,342
Monster Beverage Corp.(a)
 4,342 250,143
Moody's Corp.
 103 40,228
Morgan Stanley
 2,844 265,203
Mosaic Co.
 2,190 78,249
Motorola Solutions, Inc.
 1,442 451,476
MSCI, Inc.
 78 44,121
Nasdaq, Inc.
 772 44,884
NetApp, Inc.
 2,619 230,891
Netflix, Inc.(a)
 460 223,965
Newmont Corp.
 5,990 247,926
News Corp., Class A
 4,268 104,779
News Corp., Class B
 4,084 105,040
NextEra Energy, Inc.
 3,921 238,162
NIKE, Inc., Class B
 2,422 262,957
NiSource, Inc.
 11,870 315,148
Nordson Corp.
 124 32,756
Norfolk Southern Corp.
 354 83,679
Northern Trust Corp.
 1,109 93,577
Northrop Grumman Corp.
 165 77,243
Norwegian Cruise Line Holdings Ltd.(a)
 4,178 83,727
NRG Energy, Inc.
 7,347 379,840
Nucor Corp.
 1,443 251,140
NVIDIA Corp.
 261 129,252
NVR, Inc.(a)
 36 252,016
NXP Semiconductors NV
 964 221,412
Occidental Petroleum Corp.
 1,187 70,876
Old Dominion Freight Line, Inc.
 211 85,525
Omnicom Group, Inc.
 1,902 164,542
ON Semiconductor Corp.(a)
 2,731 228,120
ONEOK, Inc.
 3,429 240,784
Oracle Corp.
 2,747 289,616
O'Reilly Automotive, Inc.(a)
 146 138,712
Otis Worldwide Corp.
 803 71,844
Security Description Shares Value
PACCAR, Inc.
 1,226 $119,719
Packaging Corp. of America
 358 58,322
Palo Alto Networks, Inc.(a)
 695 204,942
Paramount Global, Class B
 11,116 164,406
Parker-Hannifin Corp.
 161 74,173
Paychex, Inc.
 1,679 199,986
Paycom Software, Inc.
 1,113 230,079
PayPal Holdings, Inc.(a)
 880 54,041
Pentair PLC
 2,603 189,264
PepsiCo, Inc.
 1,059 179,861
Pfizer, Inc.
 8,136 234,235
PG&E Corp.
 4,092 73,779
Philip Morris International, Inc.
 3,843 361,549
Phillips 66
 3,734 497,145
Pinnacle West Capital Corp.
 958 68,823
Pioneer Natural Resources Co.
 527 118,512
PNC Financial Services Group, Inc.
 371 57,449
Pool Corp.
 329 131,176
PPG Industries, Inc.
 435 65,054
PPL Corp.
 2,764 74,904
Principal Financial Group, Inc.
 2,492 196,046
Procter & Gamble Co.
 2,763 404,890
Progressive Corp.
 971 154,661
Prologis, Inc., REIT
 520 69,316
Prudential Financial, Inc.
 1,858 192,693
PTC, Inc.(a)
 935 163,588
Public Service Enterprise Group, Inc.
 3,740 228,701
Public Storage, REIT
 379 115,595
PulteGroup, Inc.
 2,432 251,031
Qorvo, Inc.(a)
 2,003 225,558
QUALCOMM, Inc.
 1,566 226,491
Quanta Services, Inc.
 1,765 380,887
Quest Diagnostics, Inc.
 1,147 158,148
Ralph Lauren Corp.
 2,131 307,290
Raymond James Financial, Inc.
 2,188 243,962
Realty Income Corp., REIT
 1,160 66,607
Regency Centers Corp., REIT
 974 65,258
Regeneron Pharmaceuticals, Inc.(a)
 277 243,286
Regions Financial Corp.
 2,983 57,811
Republic Services, Inc.
 1,083 178,598
ResMed, Inc.
 574 98,739
Revvity, Inc.
 857 93,679
Robert Half, Inc.
 1,879 165,202
Rockwell Automation, Inc.
 103 31,979
Rollins, Inc.
 4,238 185,073
Roper Technologies, Inc.
 57 31,075
Ross Stores, Inc.
 5,318 735,958
Royal Caribbean Cruises Ltd.(a)
 646 83,651
RTX Corp.
 958 80,606
S&P Global, Inc.
 95 41,849
Salesforce, Inc.(a)
 1,242 326,820
SBA Communications Corp., REIT
 257 65,198
 
See accompanying notes to financial statements.
22

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Schlumberger NV
 6,398 $332,952
Seagate Technology Holdings PLC
 2,906 248,085
Sempra
 994 74,282
ServiceNow, Inc.(a)
 447 315,801
Sherwin-Williams Co.
 214 66,747
Simon Property Group, Inc., REIT
 470 67,041
Skyworks Solutions, Inc.
 2,006 225,515
Snap-on, Inc.
 843 243,492
Southern Co.
 1,008 70,681
Southwest Airlines Co.
 6,040 174,435
Stanley Black & Decker, Inc.
 2,520 247,212
Starbucks Corp.
 4,847 465,360
State Street Corp.
 1,404 108,754
Steel Dynamics, Inc.
 2,071 244,585
STERIS PLC
 585 128,612
Stryker Corp.
 402 120,383
Synchrony Financial
 8,846 337,829
Synopsys, Inc.(a)
 582 299,678
Sysco Corp.
 9,510 695,466
T Rowe Price Group, Inc.
 904 97,352
Take-Two Interactive Software, Inc.(a)
 3,012 484,781
Tapestry, Inc.
 8,381 308,505
Targa Resources Corp.
 2,706 235,070
Target Corp.
 1,153 164,210
TE Connectivity Ltd.
 1,319 185,319
Teledyne Technologies, Inc.(a)
 73 32,579
Teleflex, Inc.
 203 50,616
Teradyne, Inc.
 1,693 183,724
Tesla, Inc.(a)
 962 239,038
Texas Instruments, Inc.
 1,326 226,030
Textron, Inc.
 2,056 165,344
Thermo Fisher Scientific, Inc.
 240 127,390
TJX Cos., Inc.
 7,880 739,223
T-Mobile U.S., Inc.
 1,994 319,698
Tractor Supply Co.
 551 118,482
Trane Technologies PLC
 298 72,682
TransDigm Group, Inc.
 72 72,835
Travelers Cos., Inc.
 862 164,202
Trimble, Inc.(a)
 624 33,197
Truist Financial Corp.
 1,514 55,897
Tyler Technologies, Inc.(a)
 775 324,043
Tyson Foods, Inc., Class A
 6,834 367,327
U.S. Bancorp
 1,290 55,831
Uber Technologies, Inc.(a)
 1,688 103,930
UDR, Inc., REIT
 2,942 112,649
Ulta Beauty, Inc.(a)
 325 159,247
Union Pacific Corp.
 342 84,002
United Airlines Holdings, Inc.(a)
 4,285 176,799
United Parcel Service, Inc., Class B
 502 78,929
United Rentals, Inc.
 237 135,901
UnitedHealth Group, Inc.
 455 239,544
Security Description Shares   Value
Universal Health Services, Inc., Class B
 2,272   $346,344
Valero Energy Corp.
 3,813   495,690
Ventas, Inc., REIT
 1,673   83,382
Veralto Corp.
 387   31,835
VeriSign, Inc.(a)
 1,467   302,143
Verisk Analytics, Inc.
 170   40,606
Verizon Communications, Inc.
 8,159   307,594
Vertex Pharmaceuticals, Inc.(a)
 666   270,989
VF Corp.
 15,485   291,118
Viatris, Inc.
 23,816   257,927
VICI Properties, Inc.
 2,045   65,195
Visa, Inc., Class A
 163   42,437
Vulcan Materials Co.
 723   164,128
W R Berkley Corp.
 2,190   154,877
Walgreens Boots Alliance, Inc.
 26,950   703,664
Walmart, Inc.
 4,654   733,703
Walt Disney Co.
 2,017   182,115
Warner Bros Discovery, Inc.(a)
 16,325   185,778
Waste Management, Inc.
 1,016   181,966
Waters Corp.(a)
 400   131,692
WEC Energy Group, Inc.
 857   72,134
Wells Fargo & Co.
 2,541   125,068
Welltower, Inc., REIT
 891   80,341
West Pharmaceutical Services, Inc.
 136   47,888
Western Digital Corp.(a)
 4,893   256,246
Westinghouse Air Brake Technologies Corp.
 986   125,123
Westrock Co.
 1,422   59,041
Weyerhaeuser Co., REIT
 5,057   175,832
Whirlpool Corp.
 1,263   153,796
Williams Cos., Inc.
 6,592   229,599
Willis Towers Watson PLC
 143   34,492
WW Grainger, Inc.
 147   121,817
Wynn Resorts Ltd.
 742   67,604
Xcel Energy, Inc.
 1,184   73,301
Xylem, Inc.
 1,649   188,580
Yum! Brands, Inc.
 3,766   492,066
Zebra Technologies Corp., Class A(a)
 494   135,025
Zimmer Biomet Holdings, Inc.
 996   121,213
Zions Bancorp NA
 12,027   527,624
Zoetis, Inc.
 1,267   250,068
TOTAL INVESTMENTS—99.7%

(Cost $85,306,932)
     94,078,368
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%
     260,938
NET ASSETS—100.0%
     $94,339,306
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
23

 

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2023
INDUSTRY BREAKDOWN
As of December 31, 2023*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals
 3.4%
Software for Specific Uses
 3.1
Downstream Energy
 3.1
Food Distributors
 3.1
Restaurants
 3.1
Processed Foods
 3.1
Competitive Electric Utilities
 3.0
Non-Real Estate Banking
 2.2
Real Estate Operators and Developers
 2.1
Real Estate Rental
 2.1
Commercial IT Hardware
 2.1
Upstream Energy
 2.1
Telecommunication Networks
 2.0
Consumer Insurance
 2.0
Regulated Electric Utilities
 2.0
Content Providers
 2.0
Commercial Insurance
 2.0
Electric and Electronic Components
 1.7
Consumer Electronics
 1.7
Capital Markets
 1.6
Auto Products
 1.6
Consumer Equipment Manufacture
 1.6
Mechanical and Structural Components
 1.6
Distribution Services
 1.6
Specialty Industrial Services
 1.6
Apparel and Accessory Retailers
 1.6
Personal Care Products
 1.5
Transportation and Consumer Auto Services
 1.5
Alcohol and Tobacco
 1.5
Primary Foods
 1.5
Digital Integrated Circuits
 1.5
Pharmacies
 1.4
Investment Services
 1.4
Analog and Mixed Signal Integrated Circuits
 1.4
Internet Search and Social Networks
 1.4
Consumer Equipment Retail
 1.4
Semiconductor Services and Equipment
 1.4
Healthcare Providers and Facilities
 1.4
Management and IT Services
 1.4
Online Distribution Networks
 1.4
Transaction Services
 1.4
Internet Services
1.3
Healthcare Insurance
 1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Diversified Household and Personal Care Products
 1.3%
Accessories and Footwear
 1.2
Transport Aerospace and Defense Equipment
 1.2
Medical Research Services and Equipment
 1.1
Hospital Equipment
 1.1
Medical Devices
 1.1
Metals
 1.1
Industrial Conglomerates
 1.1
Chemicals
 1.1
Other Raw Materials
 1.0
Healthcare Products Distribution
 1.0
Gas and Water Utilities
 1.0
Midstream Energy
 1.0
Other Pharmaceuticals
 0.8
Production Equipment
 0.8
Operating Systems and Middleware
 0.7
Securities Brokers and Dealers
 0.5
Consumer Paper Products
 0.4
Contract Electronics Services
 0.4
Software for Specific Industries
 0.3
Branded Apparel
 0.3
Other Assets in Excess of Liabilities
 0.3
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.
24

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments
December 31, 2023
Security Description Shares Value
COMMON STOCK—99.8%    
Acadia Healthcare Co., Inc.(a)
 860 $66,874
Acuity Brands, Inc.
 127 26,013
Adient PLC(a)
 286 10,399
Advanced Drainage Systems, Inc.
 84 11,814
AECOM
 172 15,898
Affiliated Managers Group, Inc.
 227 34,372
AGCO Corp.
 269 32,659
Agree Realty Corp., REIT
 103 6,484
Alcoa Corp.
 717 24,378
Allegro MicroSystems, Inc.(a)
 1,876 56,787
ALLETE, Inc.
 343 20,978
Ally Financial, Inc.
 930 32,476
Amedisys, Inc.(a)
 270 25,666
American Financial Group, Inc.
 155 18,428
Amkor Technology, Inc.
 2,920 97,148
Annaly Capital Management, Inc.
 1,720 33,316
Antero Midstream Corp.
 1,827 22,892
Antero Resources Corp.(a)
 409 9,276
Apartment Income REIT Corp.
 766 26,603
AptarGroup, Inc.
 73 9,024
Aramark
 2,317 65,108
Arrow Electronics, Inc.(a)
 67 8,191
Arrowhead Pharmaceuticals, Inc.(a)
 3,004 91,922
ASGN, Inc.(a)
 171 16,445
Ashland, Inc.
 150 12,647
Aspen Technology, Inc.(a)
 212 46,672
Associated Banc-Corp.
 1,611 34,459
Autoliv, Inc.
 93 10,248
AutoNation, Inc.(a)
 278 41,750
Avient Corp.
 290 12,055
Avis Budget Group, Inc.
 201 35,629
Avnet, Inc.
 166 8,366
Axalta Coating Systems Ltd.(a)
 321 10,904
Azenta, Inc.(a)
 971 63,251
Bank OZK
 153 7,624
Belden, Inc.
 218 16,840
BellRing Brands, Inc.(a)
 882 48,889
Berry Global Group, Inc.
 90 6,065
BJ's Wholesale Club Holdings, Inc.(a)
 381 25,397
Black Hills Corp.
 438 23,630
Blackbaud, Inc.(a)
 490 42,483
Boston Beer Co., Inc., Class A(a)
 89 30,758
Boyd Gaming Corp.
 176 11,019
Brighthouse Financial, Inc.(a)
 678 35,880
Brink's Co.
 282 24,802
Brixmor Property Group, Inc.
 265 6,167
Bruker Corp.
 248 18,223
Brunswick Corp.
 279 26,993
Burlington Stores, Inc.(a)
 177 34,423
BWX Technologies, Inc.
 115 8,824
Cable One, Inc.
 162 90,168
Security Description Shares Value
Cabot Corp.
 163 $13,611
CACI International, Inc., Class A(a)
 65 21,051
Cadence Bank
 252 7,457
Calix, Inc.(a)
 1,000 43,690
Capri Holdings Ltd.(a)
 651 32,706
Carlisle Cos., Inc.
 31 9,685
Carlyle Group, Inc.
 855 34,790
Carter's, Inc.
 434 32,502
Casey's General Stores, Inc.
 88 24,177
Celsius Holdings, Inc.(a)
 930 50,704
ChampionX Corp.
 649 18,957
Chart Industries, Inc.(a)
 87 11,861
Chemed Corp.
 45 26,314
Chemours Co.
 437 13,783
Chesapeake Energy Corp.
 115 8,848
Choice Hotels International, Inc.
 95 10,764
Chord Energy Corp.
 53 8,810
Churchill Downs, Inc.
 86 11,604
Ciena Corp.(a)
 945 42,534
Cirrus Logic, Inc.(a)
 640 53,242
Civitas Resources, Inc.
 124 8,479
Clean Harbors, Inc.(a)
 140 24,431
Cleveland-Cliffs, Inc.(a)
 1,035 21,135
CNO Financial Group, Inc.
 1,359 37,916
CNX Resources Corp.(a)
 427 8,540
Coca-Cola Consolidated, Inc.
 61 56,632
Cognex Corp.
 827 34,519
Coherent Corp.(a)
 382 16,628
Columbia Banking System, Inc.
 281 7,497
Columbia Sportswear Co.
 391 31,100
Comfort Systems USA, Inc.
 80 16,454
Commerce Bancshares, Inc.
 268 14,314
Commercial Metals Co.
 394 19,716
CommVault Systems, Inc.(a)
 556 44,397
Concentrix Corp.
 221 21,704
COPT Defense Properties
 342 8,765
Core & Main, Inc., Class A(a)
 275 11,113
Coty, Inc., Class A(a)
 16,258 201,924
Cousins Properties, Inc.
 374 9,107
Crane Co.
 85 10,042
Crane NXT Co.
 177 10,066
Crocs, Inc.(a)
 304 28,397
Crown Holdings, Inc.
 70 6,446
CubeSmart
 597 27,671
Cullen/Frost Bankers, Inc.
 135 14,646
Curtiss-Wright Corp.
 44 9,803
Darling Ingredients, Inc.(a)
 664 33,094
Deckers Outdoor Corp.(a)
 44 29,411
Dick's Sporting Goods, Inc.
 226 33,211
Dolby Laboratories, Inc., Class A
 938 80,837
Donaldson Co., Inc.
 173 11,306
Doximity, Inc., Class A(a)
 3,425 96,037
 
See accompanying notes to financial statements.
25

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Dropbox, Inc., Class A(a)
 1,520 $44,810
DT Midstream, Inc.
 422 23,126
Dynatrace, Inc.(a)
 1,549 84,715
Eagle Materials, Inc.
 76 15,416
East West Bancorp, Inc.
 103 7,411
EastGroup Properties, Inc.
 48 8,810
EMCOR Group, Inc.
 73 15,726
Encompass Health Corp.
 387 25,821
EnerSys
 257 25,947
Enovis Corp.(a)
 848 47,505
Envista Holdings Corp.(a)
 1,790 43,067
EPR Properties
 134 6,492
Equitable Holdings, Inc.
 1,120 37,296
Equitrans Midstream Corp.
 2,364 24,066
Equity LifeStyle Properties, Inc.
 355 25,042
Erie Indemnity Co., Class A
 120 40,190
Esab Corp.
 384 33,262
Essent Group Ltd.
 635 33,490
Essential Utilities, Inc.
 656 24,502
Euronet Worldwide, Inc.(a)
 347 35,217
Evercore, Inc., Class A
 103 17,618
Exelixis, Inc.(a)
 3,272 78,495
ExlService Holdings, Inc.(a)
 720 22,212
Exponent, Inc.
 189 16,640
Federated Hermes, Inc.
 976 33,047
Fidelity National Financial, Inc.
 675 34,438
First American Financial Corp.
 509 32,800
First Financial Bankshares, Inc.
 247 7,484
First Horizon Corp.
 1,029 14,571
First Industrial Realty Trust, Inc.
 172 9,059
FirstCash Holdings, Inc.
 246 26,664
Five Below, Inc.(a)
 162 34,532
Floor & Decor Holdings, Inc., Class A(a)
 170 18,965
Flowers Foods, Inc.
 1,449 32,617
Flowserve Corp.
 271 11,171
Fluor Corp.(a)
 497 19,467
FNB Corp.
 543 7,477
Fortune Brands Innovations, Inc.
 233 17,741
Fox Factory Holding Corp.(a)
 150 10,122
Frontier Communications Parent, Inc.(a)
 3,597 91,148
FTI Consulting, Inc.(a)
 70 13,941
GameStop Corp., Class A(a)
 2,025 35,498
Gaming & Leisure Properties, Inc.
 230 11,351
Gap, Inc.
 1,454 30,403
GATX Corp.
 138 16,590
Genpact Ltd.
 609 21,138
Gentex Corp.
 767 25,050
Glacier Bancorp, Inc.
 185 7,644
Globus Medical, Inc., Class A(a)
 903 48,121
GoDaddy, Inc., Class A(a)
 806 85,565
Goodyear Tire & Rubber Co.(a)
 677 9,695
Graco, Inc.
 129 11,192
Security Description Shares Value
Graham Holdings Co., Class B
 62 $43,184
Grand Canyon Education, Inc.(a)
 298 39,348
Graphic Packaging Holding Co.
 255 6,286
Greif, Inc., Class A
 94 6,165
Grocery Outlet Holding Corp.(a)
 860 23,186
GXO Logistics, Inc.(a)
 274 16,758
H&R Block, Inc.
 694 33,569
Haemonetics Corp.(a)
 249 21,292
Halozyme Therapeutics, Inc.(a)
 1,800 66,528
Hancock Whitney Corp.
 316 15,354
Hanover Insurance Group, Inc.
 144 17,484
Harley-Davidson, Inc.
 738 27,188
Healthcare Realty Trust, Inc.
 3,967 68,351
HealthEquity, Inc.(a)
 459 30,432
Helen of Troy Ltd.(a)
 156 18,846
Hertz Global Holdings, Inc.(a)
 4,026 41,830
Hexcel Corp.
 176 12,980
HF Sinclair Corp.
 446 24,784
Hilton Grand Vacations, Inc.(a)
 264 10,608
Home BancShares, Inc.
 295 7,472
Houlihan Lokey, Inc.
 140 16,787
Hyatt Hotels Corp., Class A
 84 10,954
IDACORP, Inc.
 213 20,942
Inari Medical, Inc.(a)
 165 10,712
Independence Realty Trust, Inc., REIT
 1,724 26,377
Ingredion, Inc.
 295 32,016
Insperity, Inc.
 268 31,415
Integra LifeSciences Holdings Corp.(a)
 256 11,149
Interactive Brokers Group, Inc., Class A
 507 42,030
International Bancshares Corp.
 145 7,876
IPG Photonics Corp.(a)
 315 34,190
Iridium Communications, Inc.
 2,068 85,119
ITT, Inc.
 81 9,665
Janus Henderson Group PLC
 1,152 34,733
Jazz Pharmaceuticals PLC(a)
 598 73,554
Jefferies Financial Group, Inc.
 486 19,639
Jones Lang LaSalle, Inc.(a)
 95 17,943
KB Home
 739 46,158
KBR, Inc.
 303 16,789
Kemper Corp.
 765 37,233
Kilroy Realty Corp.
 219 8,725
Kinsale Capital Group, Inc.
 53 17,750
Kirby Corp.(a)
 322 25,271
Kite Realty Group Trust, REIT
 271 6,195
Knife River Corp.(a)
 225 14,890
Knight-Swift Transportation Holdings, Inc.
 285 16,430
Kyndryl Holdings, Inc.(a)
 1,139 23,668
Lamar Advertising Co., Class A
 56 5,952
Lancaster Colony Corp.
 189 31,448
Landstar System, Inc.
 89 17,235
Lantheus Holdings, Inc.(a)
 227 14,074
Lattice Semiconductor Corp.(a)
 815 56,227
 
See accompanying notes to financial statements.
26

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Lear Corp.
 70 $9,885
Leggett & Platt, Inc.
 656 17,168
Lennox International, Inc.
 41 18,348
Light & Wonder, Inc.(a)
 999 82,028
Lincoln Electric Holdings, Inc.
 152 33,054
Lithia Motors, Inc.
 140 46,099
Littelfuse, Inc.
 96 25,686
LivaNova PLC(a)
 903 46,721
Livent Corp.(a)
 5,135 92,327
Louisiana-Pacific Corp.
 219 15,512
Lumentum Holdings, Inc.(a)
 955 50,061
MACOM Technology Solutions Holdings, Inc.(a)
 582 54,097
Macy's, Inc.
 1,811 36,437
Manhattan Associates, Inc.(a)
 188 40,480
ManpowerGroup, Inc.
 205 16,291
Marriott Vacations Worldwide Corp.
 130 11,036
Masimo Corp.(a)
 159 18,636
MasTec, Inc.(a)
 239 18,097
Matador Resources Co.
 160 9,098
Mattel, Inc.(a)
 908 17,143
Maximus, Inc.
 370 31,028
MDU Resources Group, Inc.
 726 14,375
Medical Properties Trust, Inc.
 13,428 65,931
Medpace Holdings, Inc.(a)
 198 60,693
MGIC Investment Corp.
 1,740 33,565
Middleby Corp.(a)
 233 34,291
MKS Instruments, Inc.
 599 61,619
Morningstar, Inc.
 115 32,918
MP Materials Corp.(a)
 1,074 21,319
MSA Safety, Inc.
 186 31,402
MSC Industrial Direct Co., Inc., Class A
 108 10,936
Murphy Oil Corp.
 206 8,788
Murphy USA, Inc.
 69 24,603
National Fuel Gas Co.
 464 23,279
National Storage Affiliates Trust
 685 28,407
Neogen Corp.(a)
 926 18,622
Neurocrine Biosciences, Inc.(a)
 612 80,637
New Jersey Resources Corp.
 536 23,895
New York Community Bancorp, Inc.
 718 7,345
New York Times Co., Class A
 900 44,091
NewMarket Corp.
 22 12,008
Nexstar Media Group, Inc.
 283 44,360
NNN REIT, Inc.
 146 6,293
Nordstrom, Inc.
 1,928 35,572
NorthWestern Energy Group, Inc.
 405 20,610
NOV, Inc.
 996 20,199
Novanta, Inc.(a)
 103 17,346
nVent Electric PLC
 424 25,054
OGE Energy Corp.
 596 20,818
Old National Bancorp
 430 7,263
Old Republic International Corp.
 619 18,199
Security Description Shares Value
Olin Corp.
 208 $11,222
Ollie's Bargain Outlet Holdings, Inc.(a)
 326 24,740
Omega Healthcare Investors, Inc.
 2,063 63,252
ONE Gas, Inc.
 384 24,468
Onto Innovation, Inc.(a)
 360 55,044
Option Care Health, Inc.(a)
 844 28,434
Ormat Technologies, Inc.
 299 22,661
Oshkosh Corp.
 315 34,149
Ovintiv, Inc.
 205 9,004
Owens Corning
 65 9,635
Park Hotels & Resorts, Inc.
 690 10,557
Patterson Cos., Inc.
 395 11,238
Paylocity Holding Corp.(a)
 276 45,499
PBF Energy, Inc., Class A
 576 25,321
Penn Entertainment, Inc.(a)
 441 11,475
Penske Automotive Group, Inc.
 253 40,609
Penumbra, Inc.(a)
 45 11,319
Performance Food Group Co.(a)
 384 26,554
Permian Resources Corp.
 665 9,044
Perrigo Co. PLC
 2,428 78,133
Physicians Realty Trust
 666 8,864
Pilgrim's Pride Corp.(a)
 1,196 33,081
Pinnacle Financial Partners, Inc.
 83 7,239
Planet Fitness, Inc., Class A(a)
 350 25,550
PNM Resources, Inc.
 491 20,426
Polaris, Inc.
 264 25,019
Portland General Electric Co.
 491 21,280
Post Holdings, Inc.(a)
 545 47,993
PotlatchDeltic Corp.
 310 15,221
Power Integrations, Inc.
 644 52,879
Primerica, Inc.
 169 34,773
Progyny, Inc.(a)
 697 25,914
Prosperity Bancshares, Inc.
 109 7,383
PVH Corp.
 293 35,781
Qualys, Inc.(a)
 447 87,737
QuidelOrtho Corp.(a)
 255 18,793
R1 RCM, Inc.(a)
 1,506 15,918
Rambus, Inc.(a)
 770 52,552
Range Resources Corp.
 287 8,736
Rayonier, Inc.
 444 14,834
RBC Bearings, Inc.(a)
 32 9,116
Regal Rexnord Corp.
 74 10,953
Reinsurance Group of America, Inc.
 193 31,224
Reliance Steel & Aluminum Co.
 66 18,459
RenaissanceRe Holdings Ltd.
 156 30,576
Repligen Corp.(a)
 350 62,930
Restoration Hardware, Inc.(a)
 72 20,987
Rexford Industrial Realty, Inc.
 160 8,976
RLI Corp.
 135 17,971
Royal Gold, Inc.
 150 18,144
RPM International, Inc.
 98 10,940
Ryder System, Inc.
 150 17,259
 
See accompanying notes to financial statements.
27

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Sabra Health Care REIT, Inc.
 4,451 $63,516
Saia, Inc.(a)
 41 17,967
Science Applications International Corp.
 163 20,264
Scotts Miracle-Gro Co.
 3,115 198,581
SEI Investments Co.
 524 33,300
Selective Insurance Group, Inc.
 179 17,807
Sensata Technologies Holding PLC
 945 35,504
Service Corp. International
 363 24,847
Shockwave Medical, Inc.(a)
 121 23,058
Silgan Holdings, Inc.
 142 6,426
Silicon Laboratories, Inc.(a)
 414 54,760
Simpson Manufacturing Co., Inc.
 51 10,097
Skechers USA, Inc., Class A(a)
 519 32,354
SLM Corp.
 1,662 31,777
Sonoco Products Co.
 110 6,146
Sotera Health Co.(a)
 1,638 27,600
SouthState Corp.
 88 7,432
Southwest Gas Holdings, Inc.
 386 24,453
Southwestern Energy Co.(a)
 1,384 9,065
Spire, Inc.
 376 23,440
Spirit Realty Capital, Inc.
 146 6,379
Sprouts Farmers Market, Inc.(a)
 547 26,316
STAG Industrial, Inc., REIT
 230 9,030
Starwood Property Trust, Inc.
 348 7,315
Stericycle, Inc.(a)
 487 24,136
Stifel Financial Corp.
 644 44,533
Sunrun, Inc.(a)
 1,628 31,958
Super Micro Computer, Inc.(a)
 152 43,208
Synaptics, Inc.(a)
 470 53,618
Synovus Financial Corp.
 193 7,266
Taylor Morrison Home Corp.(a)
 873 46,575
TD SYNNEX Corp.
 77 8,286
TEGNA, Inc.
 2,729 41,754
Tempur Sealy International, Inc.
 370 18,859
Tenet Healthcare Corp.(a)
 879 66,426
Teradata Corp.(a)
 967 42,074
Terex Corp.
 611 35,108
Tetra Tech, Inc.
 95 15,858
Texas Capital Bancshares, Inc.(a)
 547 35,353
Texas Roadhouse, Inc.
 557 68,082
Thor Industries, Inc.
 221 26,133
Timken Co.
 120 9,618
TKO Group Holdings, Inc.
 571 46,582
Toll Brothers, Inc.
 452 46,461
TopBuild Corp.(a)
 55 20,584
Toro Co.
 376 36,092
Travel & Leisure Co.
 268 10,476
Trex Co., Inc.(a)
 234 19,373
U.S. Foods Holding Corp.(a)
 566 25,702
U.S. Steel Corp.
 503 24,471
UFP Industries, Inc.
 54 6,780
Security Description Shares   Value
UGI Corp.
 1,029   $25,313
UMB Financial Corp.
 184   15,373
Under Armour, Inc., Class A(a)
 1,863   16,376
Under Armour, Inc., Class C(a)
 1,976   16,500
United Bankshares, Inc.
 199   7,472
United Therapeutics Corp.(a)
 299   65,747
Universal Display Corp.
 91   17,405
Unum Group
 842   38,075
Vail Resorts, Inc.
 45   9,606
Valaris Ltd.(a)
 289   19,817
Valley National Bancorp
 702   7,624
Valmont Industries, Inc.
 43   10,041
Valvoline, Inc.(a)
 300   11,274
Vishay Intertechnology, Inc.
 681   16,324
Visteon Corp.(a)
 193   24,106
Vistra Corp.
 570   21,956
Vontier Corp.
 920   31,786
Vornado Realty Trust, REIT
 301   8,503
Voya Financial, Inc.
 432   31,519
Watsco, Inc.
 24   10,283
Watts Water Technologies, Inc., Class A
 54   11,250
Weatherford International PLC(a)
 220   21,523
Webster Financial Corp.
 659   33,451
Wendy's Co.
 3,294   64,167
Werner Enterprises, Inc.
 391   16,567
WESCO International, Inc.
 50   8,694
Western Union Co.
 2,637   31,433
Westlake Corp.
 82   11,477
WEX, Inc.(a)
 176   34,241
Williams-Sonoma, Inc.
 123   24,819
Wingstop, Inc.
 256   65,684
Wintrust Financial Corp.
 153   14,191
Wolfspeed, Inc.(a)
 396   17,230
Woodward, Inc.
 65   8,848
WP Carey, Inc., REIT
 135   8,749
Wyndham Hotels & Resorts, Inc.
 133   10,695
XPO, Inc.(a)
 193   16,905
YETI Holdings, Inc.(a)
 373   19,314
Ziff Davis, Inc.(a)
 1,329   89,296
ZoomInfo Technologies, Inc.(a)
 2,685   49,646
TOTAL INVESTMENTS—99.8%

(Cost $9,802,204)
     11,218,519
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     20,677
NET ASSETS—100.0%
     $11,239,196
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
28

 

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2023
INDUSTRY BREAKDOWN
As of December 31, 2023*
INDUSTRY PERCENTAGE OF
NET ASSETS
Healthcare Providers and Facilities
 4.5%
Software for Specific Uses
 4.3
Production Equipment
 4.0
Marketed Pharmaceuticals
 3.2
Transaction Services
 2.5
Analog and Mixed Signal Integrated Circuits
 2.4
Real Estate Banking
 2.4
Real Estate Operators and Developers
 2.4
Investment Services
 2.4
Real Estate Rental
 2.4
Telecommunication Networks
 2.4
Restaurants
 2.3
Commercial IT Hardware
 2.3
Consumer Insurance
 2.3
Content Providers
 2.3
Commercial Insurance
 2.3
Management and IT Services
 2.2
Chemicals
 2.0
Processed Foods
 2.0
Semiconductor Services and Equipment
 1.9
Transportation and Consumer Auto Services
 1.8
Auto Products
 1.8
Electric and Electronic Components
 1.8
Personal Care Products
 1.8
Distribution Services
 1.8
Specialty Industrial Services
 1.8
Household Care Products
 1.8
Upstream Energy
 1.8
Gas and Water Utilities
 1.7
Consumer Equipment Retail
 1.7
Medical Research Services and Equipment
 1.7
Mechanical and Structural Components
 1.6
Non-Real Estate Banking
 1.6
Internet Services
1.6
Consumer Equipment Manufacture
 1.5
Hospital Equipment
 1.5
Digital Integrated Circuits
 1.4
Accessories and Footwear
 1.4
Metals
 1.3
Medical Devices
 1.2
Other Raw Materials
 1.2
Branded Apparel
 1.2
Food Distributors
 1.1
Apparel and Accessory Retailers
 0.9
INDUSTRY PERCENTAGE OF
NET ASSETS
Regulated Electric Utilities
 0.9%
Downstream Energy
 0.9
Primary Foods
 0.9
Competitive Electric Utilities
 0.9
Internet Search and Social Networks
 0.9
Midstream Energy
 0.8
Clinical Stage Pharmaceuticals
 0.8
Securities Brokers and Dealers
 0.8
Consumer Electronics
 0.7
Other Pharmaceuticals
 0.7
Consumer Services
 0.4
Vitamins and Nutritional Supplements
 0.4
Software for Specific Industries
 0.4
Alcohol and Tobacco
 0.3
Healthcare Insurance
 0.2
Industrial Conglomerates
 0.2
Healthcare Products Distribution
 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.
29

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments
December 31, 2023
Security Description Shares Value
COMMON STOCK—99.8%    
3D Systems Corp.(a)
 3,989 $25,330
A10 Networks, Inc.
 7,725 101,738
AAON, Inc.
 249 18,394
AAR Corp.(a)
 266 16,598
Abercrombie & Fitch Co., Class A(a)
 209 18,438
ABM Industries, Inc.
 451 20,218
Academy Sports & Outdoors, Inc.
 702 46,332
Acadia Realty Trust, REIT
 554 9,412
ACI Worldwide, Inc.(a)
 705 21,573
AdaptHealth Corp.(a)
 5,947 43,354
Addus HomeCare Corp.(a)
 214 19,870
Adeia, Inc.
 3,317 41,098
Adtalem Global Education, Inc.(a)
 409 24,111
ADTRAN Holdings, Inc.
 16,113 118,269
Advance Auto Parts, Inc.
 348 21,238
Advanced Energy Industries, Inc.
 256 27,884
AdvanSix, Inc.
 804 24,088
AeroVironment, Inc.(a)
 315 39,703
Agiliti, Inc.(a)
 6,633 52,533
Agilysys, Inc.(a)
 234 19,848
Alamo Group, Inc.
 90 18,917
Alarm.com Holdings, Inc.(a)
 1,730 111,793
Alaska Air Group, Inc.(a)
 1,105 43,172
Albany International Corp., Class A
 314 30,841
Alexander & Baldwin, Inc.
 503 9,567
Alkermes PLC(a)
 1,450 40,223
Allegiant Travel Co.
 525 43,370
Alpha & Omega Semiconductor Ltd.(a)
 2,888 75,261
Alpha Metallurgical Resources, Inc.
 45 15,251
Ambac Financial Group, Inc.(a)
 1,200 19,776
AMC Networks, Inc., Class A(a)
 2,749 51,654
American Assets Trust, Inc., REIT
 510 11,480
American Axle & Manufacturing Holdings, Inc.(a)
 4,350 38,323
American Eagle Outfitters, Inc.
 812 17,182
American Equity Investment Life Holding Co.(a)
 888 49,550
American States Water Co.
 658 52,916
American Woodmark Corp.(a)
 140 12,999
America's Car-Mart, Inc.(a)
 323 24,474
Ameris Bancorp
 58 3,077
AMERISAFE, Inc.
 822 38,453
AMN Healthcare Services, Inc.(a)
 134 10,034
Amphastar Pharmaceuticals, Inc.(a)
 926 57,273
Andersons, Inc.
 531 30,554
ANI Pharmaceuticals, Inc.(a)
 1,072 59,110
Anywhere Real Estate, Inc.(a)
 5,168 41,912
Apogee Enterprises, Inc.
 253 13,513
Apollo Commercial Real Estate Finance, Inc., REIT
 247 2,900
Apollo Medical Holdings, Inc.(a)
 1,966 75,298
Apple Hospitality REIT, Inc.
 1,295 21,510
Security Description Shares Value
Applied Industrial Technologies, Inc.
 114 $19,687
Arbor Realty Trust, Inc.
 198 3,006
ArcBest Corp.
 138 16,589
Archrock, Inc.
 964 14,846
Arcosa, Inc.
 211 17,437
Arcus Biosciences, Inc.(a)
 1,665 31,801
Arlo Technologies, Inc.(a)
 2,098 19,973
Armada Hoffler Properties, Inc., REIT
 916 11,331
ARMOUR Residential REIT, Inc.
 575 11,109
Armstrong World Industries, Inc.
 135 13,273
Artisan Partners Asset Management, Inc., Class A
 2,005 88,581
Artivion, Inc.(a)
 1,213 21,688
Asbury Automotive Group, Inc.(a)
 90 20,247
Assured Guaranty Ltd.
 694 51,932
Astec Industries, Inc.
 530 19,716
ATI, Inc.(a)
 355 16,142
Atlantic Union Bankshares Corp.
 79 2,887
ATN International, Inc.
 1,531 59,663
Avanos Medical, Inc.(a)
 1,032 23,148
Avista Corp.
 1,528 54,611
Axcelis Technologies, Inc.(a)
 102 13,228
Axos Financial, Inc.(a)
 293 15,998
AZZ, Inc.
 273 15,859
B Riley Financial, Inc.
 519 10,894
B&G Foods, Inc.
 1,751 18,385
Badger Meter, Inc.
 132 20,377
Balchem Corp.
 60 8,925
Banc of California, Inc.
 216 2,901
BancFirst Corp.
 29 2,823
Bancorp, Inc.(a)
 559 21,555
Bank of Hawaii Corp.
 224 16,231
BankUnited, Inc.
 91 2,951
Banner Corp.
 55 2,946
Barnes Group, Inc.
 286 9,332
Benchmark Electronics, Inc.
 1,705 47,126
Berkshire Hills Bancorp, Inc.
 116 2,880
BioLife Solutions, Inc.(a)
 2,119 34,434
BJ's Restaurants, Inc.(a)
 645 23,226
Blackstone Mortgage Trust, Inc., Class A
 130 2,765
Bloomin' Brands, Inc.
 861 24,237
Boise Cascade Co.
 164 21,215
Boot Barn Holdings, Inc.(a)
 331 25,408
Brady Corp., Class A
 348 20,424
Brandywine Realty Trust, REIT
 2,928 15,811
Bread Financial Holdings, Inc.
 713 23,486
Brightsphere Investment Group, Inc.
 4,236 81,162
Brinker International, Inc.(a)
 529 22,842
Bristow Group, Inc.(a)
 547 15,464
Brookline Bancorp, Inc.
 267 2,913
Buckle, Inc.
 1,171 55,646
Calavo Growers, Inc.
 1,033 30,381
 
See accompanying notes to financial statements.
30

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Caleres, Inc.
 869 $26,704
California Resources Corp.
 561 30,675
California Water Service Group
 1,027 53,270
Callon Petroleum Co.(a)
 939 30,424
Cal-Maine Foods, Inc.
 543 31,163
Capitol Federal Financial, Inc.
 2,522 16,267
CareTrust REIT, Inc.
 4,361 97,599
Cargurus, Inc.(a)
 2,281 55,109
Carpenter Technology Corp.
 215 15,222
Cars.com, Inc.(a)
 2,589 49,113
Catalyst Pharmaceuticals, Inc.(a)
 2,320 38,999
Cathay General Bancorp
 70 3,120
Cavco Industries, Inc.(a)
 72 24,957
Centerspace, REIT
 201 11,698
Central Garden & Pet Co.(a)
 198 9,922
Central Garden & Pet Co., Class A(a)
 222 9,777
Central Pacific Financial Corp.
 762 14,996
Century Aluminum Co.(a)
 1,781 21,621
Century Communities, Inc.
 279 25,428
Cerence, Inc.(a)
 5,738 112,809
Certara, Inc.(a)
 2,396 42,146
CEVA, Inc.(a)
 3,034 68,902
Chatham Lodging Trust, REIT
 1,208 12,950
Cheesecake Factory, Inc.
 636 22,266
Chefs' Warehouse, Inc.(a)
 2,108 62,038
Chesapeake Utilities Corp.
 534 56,406
Chico's FAS, Inc.(a)
 2,171 16,456
Chuy's Holdings, Inc.(a)
 586 22,403
Cinemark Holdings, Inc.(a)
 3,346 47,145
City Holding Co.
 145 15,988
Clearwater Paper Corp.(a)
 915 33,050
Clearway Energy, Inc., Class A
 1,140 29,161
Clearway Energy, Inc., Class C
 1,080 29,624
Cogent Communications Holdings, Inc.
 711 54,079
Cohu, Inc.(a)
 888 31,426
Collegium Pharmaceutical, Inc.(a)
 1,372 42,230
Community Bank System, Inc.
 507 26,420
Community Healthcare Trust, Inc., REIT
 3,487 92,894
Compass Minerals International, Inc.
 572 14,483
Comstock Resources, Inc.
 3,166 28,019
CONMED Corp.
 201 22,012
Consensus Cloud Solutions, Inc.(a)
 3,855 101,040
CONSOL Energy, Inc.
 137 13,773
Consolidated Communications Holdings, Inc.(a)
 11,263 48,994
Corcept Therapeutics, Inc.(a)
 1,412 45,862
Core Laboratories, Inc.
 786 13,881
CoreCivic, Inc.(a)
 1,188 17,262
Corsair Gaming, Inc.(a)
 2,390 33,699
CorVel Corp.(a)
 87 21,507
Cracker Barrel Old Country Store, Inc.
 290 22,353
Cross Country Healthcare, Inc.(a)
 460 10,414
Security Description Shares Value
CSG Systems International, Inc.
 629 $33,469
CTS Corp.
 804 35,167
Cushman & Wakefield PLC(a)
 3,691 39,863
Customers Bancorp, Inc.(a)
 491 28,291
CVB Financial Corp.
 140 2,827
CVR Energy, Inc.
 1,636 49,571
Cytek Biosciences, Inc.(a)
 3,671 33,480
Cytokinetics, Inc.(a)
 771 64,371
Dana, Inc.
 2,403 35,108
Dave & Buster's Entertainment, Inc.(a)
 348 18,740
Deluxe Corp.
 2,672 57,314
Designer Brands, Inc., Class A
 2,956 26,161
DiamondRock Hospitality Co., REIT
 1,429 13,418
Digi International, Inc.(a)
 2,707 70,382
Digital Turbine, Inc.(a)
 3,194 21,911
Dime Community Bancshares, Inc.
 114 3,070
Dine Brands Global, Inc.
 430 21,349
Diodes, Inc.(a)
 909 73,193
DISH Network Corp., Class A(a)
 10,771 62,149
Donnelley Financial Solutions, Inc.(a)
 1,305 81,393
Dorian LPG Ltd.
 1,253 54,969
Dorman Products, Inc.(a)
 439 36,617
DoubleVerify Holdings, Inc.(a)
 588 21,627
Douglas Emmett, Inc.
 1,019 14,775
Dril-Quip, Inc.(a)
 654 15,219
DXC Technology Co.(a)
 2,760 63,121
DXP Enterprises, Inc.(a)
 573 19,310
Dycom Industries, Inc.(a)
 225 25,895
Dynavax Technologies Corp.(a)
 2,463 34,433
Eagle Bancorp, Inc.
 102 3,074
Easterly Government Properties, Inc., REIT
 1,152 15,483
Edgewell Personal Care Co.
 942 34,505
elf Beauty, Inc.(a)
 260 37,528
Ellington Financial, Inc., REIT
 850 10,803
Elme Communities, REIT
 802 11,709
Embecta Corp.
 7,334 138,833
Employers Holdings, Inc.
 1,003 39,518
Encore Capital Group, Inc.(a)
 475 24,106
Encore Wire Corp.
 255 54,468
Energizer Holdings, Inc.
 1,061 33,612
Enerpac Tool Group Corp.
 578 17,970
Enhabit, Inc.(a)
 1,778 18,402
Enova International, Inc.(a)
 462 25,576
Enpro, Inc.
 63 9,875
Ensign Group, Inc.
 184 20,647
Envestnet, Inc.(a)
 465 23,027
Enviri Corp.(a)
 2,003 18,027
ePlus, Inc.(a)
 950 75,848
ESCO Technologies, Inc.
 185 21,651
Essential Properties Realty Trust, Inc., REIT
 451 11,528
Ethan Allen Interiors, Inc.
 560 17,875
EVERTEC, Inc.
 839 34,349
 
See accompanying notes to financial statements.
31

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
EW Scripps Co., Class A(a)
 6,318 $50,481
eXp World Holdings, Inc.
 2,232 34,641
Extreme Networks, Inc.(a)
 3,859 68,073
EZCORP, Inc., Class A(a)
 2,518 22,007
Fabrinet(a)
 262 49,866
FB Financial Corp.
 75 2,989
Federal Signal Corp.
 233 17,880
First Bancorp
 1,531 25,185
First Bancorp
 79 2,924
First Commonwealth Financial Corp.
 186 2,872
First Financial Bancorp
 120 2,850
First Hawaiian, Inc.
 130 2,972
Foot Locker, Inc.
 1,747 54,419
FormFactor, Inc.(a)
 782 32,617
Forrester Research, Inc.(a)
 1,297 34,773
Fortrea Holdings, Inc.(a)
 915 31,933
Forward Air Corp.
 292 18,358
Four Corners Property Trust, Inc., REIT
 362 9,159
Franklin BSP Realty Trust, Inc.
 808 10,916
Franklin Electric Co., Inc.
 533 51,514
Fresh Del Monte Produce, Inc.
 1,179 30,949
Frontdoor, Inc.(a)
 564 19,864
Fulgent Genetics, Inc.(a)
 1,039 30,037
Fulton Financial Corp.
 176 2,897
Gentherm, Inc.(a)
 719 37,647
Genworth Financial, Inc., Class A(a)
 7,875 52,605
GEO Group, Inc., REIT(a)
 1,593 17,252
Getty Realty Corp., REIT
 301 8,795
Gibraltar Industries, Inc.(a)
 177 13,979
G-III Apparel Group Ltd.(a)
 1,032 35,067
Glaukos Corp.(a)
 344 27,345
Global Net Lease, Inc., REIT
 1,601 15,930
GMS, Inc.(a)
 255 21,020
Gogo, Inc.(a)
 4,765 48,269
Golden Entertainment, Inc.
 418 16,691
Goosehead Insurance, Inc., Class A(a)
 463 35,095
Granite Construction, Inc.
 509 25,888
Green Brick Partners, Inc.(a)
 427 22,178
Green Dot Corp., Class A(a)
 3,571 35,353
Green Plains, Inc.(a)
 1,209 30,491
Greenbrier Cos., Inc.
 427 18,865
Griffon Corp.
 1,149 70,032
Group 1 Automotive, Inc.
 70 21,332
Guess?, Inc.
 743 17,134
Hain Celestial Group, Inc.(a)
 1,780 19,491
Hanesbrands, Inc.(a)
 8,499 37,906
Hanmi Financial Corp.
 146 2,832
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
 770 21,237
Harmonic, Inc.(a)
 9,369 122,172
Harmony Biosciences Holdings, Inc.(a)
 1,060 34,238
Haverty Furniture Cos., Inc.
 3,017 107,103
Security Description Shares Value
Hawkins, Inc.
 349 $24,577
Haynes International, Inc.
 288 16,430
Hayward Holdings, Inc.(a)
 965 13,124
HB Fuller Co.
 83 6,757
HCI Group, Inc.
 556 48,594
Healthcare Services Group, Inc.(a)
 2,007 20,813
HealthStream, Inc.
 1,514 40,923
Heartland Express, Inc.
 1,071 15,272
Heidrick & Struggles International, Inc.
 335 9,893
Helix Energy Solutions Group, Inc.(a)
 1,484 15,256
Helmerich & Payne, Inc.
 391 14,162
Heritage Financial Corp.
 137 2,930
Hibbett, Inc.
 602 43,356
Highwoods Properties, Inc.
 405 9,299
Hillenbrand, Inc.
 579 27,705
Hilltop Holdings, Inc.
 85 2,993
HNI Corp.
 408 17,067
Hope Bancorp, Inc.
 250 3,020
Horace Mann Educators Corp.
 1,481 48,429
Hub Group, Inc., Class A(a)
 231 21,238
Hudson Pacific Properties, Inc.
 1,917 17,847
Ichor Holdings Ltd.(a)
 457 15,369
ICU Medical, Inc.(a)
 255 25,434
Independent Bank Corp.
 44 2,896
Independent Bank Group, Inc.
 68 3,460
Ingevity Corp.(a)
 195 9,208
Innospec, Inc.
 58 7,148
Innovative Industrial Properties, Inc., REIT
 123 12,401
Innoviva, Inc.(a)
 2,482 39,811
Insight Enterprises, Inc.(a)
 109 19,314
Installed Building Products, Inc.
 74 13,529
Insteel Industries, Inc.
 359 13,746
Integer Holdings Corp.(a)
 244 24,176
Inter Parfums, Inc.
 247 35,570
InterDigital, Inc.
 309 33,539
Interface, Inc.
 1,114 14,059
iRobot Corp.(a)
 411 15,906
Ironwood Pharmaceuticals, Inc.(a)
 3,581 40,967
Itron, Inc.(a)
 279 21,067
J & J Snack Foods Corp.
 106 17,717
Jack in the Box, Inc.
 619 50,529
Jackson Financial, Inc., Class A
 815 41,728
JBG SMITH Properties
 945 16,074
JetBlue Airways Corp.(a)
 7,280 40,404
John B Sanfilippo & Son, Inc.
 182 18,753
John Bean Technologies Corp.
 223 22,177
John Wiley & Sons, Inc., Class A
 1,076 34,152
Kaiser Aluminum Corp.
 468 33,317
Kaman Corp.
 724 17,340
Kelly Services, Inc., Class A
 436 9,426
Kennametal, Inc.
 961 24,784
Kennedy-Wilson Holdings, Inc.
 924 11,439
 
See accompanying notes to financial statements.
32

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
KKR Real Estate Finance Trust, Inc., REIT
 216 $2,858
Knowles Corp.(a)
 3,070 54,984
Kohl's Corp.
 1,329 38,116
Kontoor Brands, Inc.
 607 37,889
Koppers Holdings, Inc.
 497 25,456
Korn Ferry
 171 10,149
Kulicke & Soffa Industries, Inc.
 241 13,188
Lakeland Financial Corp.
 406 26,455
La-Z-Boy, Inc.
 459 16,946
LCI Industries
 422 53,050
LeMaitre Vascular, Inc.
 400 22,704
Leslie's, Inc.(a)
 18,066 124,836
LGI Homes, Inc.(a)
 180 23,969
Liberty Energy, Inc.
 1,575 28,570
Ligand Pharmaceuticals, Inc.(a)
 851 60,778
Lincoln National Corp.
 810 21,846
Lindsay Corp.
 139 17,953
Liquidity Services, Inc.(a)
 2,877 49,513
LiveRamp Holdings, Inc.(a)
 576 21,819
LTC Properties, Inc., REIT
 594 19,079
Lumen Technologies, Inc.(a)
 33,038 60,460
LXP Industrial Trust, REIT
 1,190 11,805
M/I Homes, Inc.(a)
 191 26,308
Macerich Co.
 655 10,107
Madison Square Garden Sports Corp.(a)
 70 12,728
Marcus & Millichap, Inc.
 885 38,657
Marcus Corp.
 3,497 50,986
MarineMax, Inc.(a)
 588 22,873
Marten Transport Ltd.
 769 16,134
Masterbrand, Inc.(a)
 852 12,652
Materion Corp.
 123 16,006
Mativ Holdings, Inc.
 2,276 34,846
Matson, Inc.
 149 16,330
Matthews International Corp., Class A
 478 17,519
MaxLinear, Inc.(a)
 3,383 80,414
MDC Holdings, Inc.
 445 24,586
Medifast, Inc.
 792 53,238
Mercer International, Inc.
 3,283 31,123
Mercury General Corp.
 1,265 47,197
Mercury Systems, Inc.(a)
 510 18,651
Merit Medical Systems, Inc.(a)
 314 23,851
Meritage Homes Corp.
 139 24,214
Mesa Laboratories, Inc.
 271 28,393
Methode Electronics, Inc.
 1,524 34,641
MGP Ingredients, Inc.
 747 73,594
Middlesex Water Co.
 796 52,234
MillerKnoll, Inc.
 588 15,688
Minerals Technologies, Inc.
 129 9,199
Mister Car Wash, Inc.(a)
 2,523 21,799
ModivCare, Inc.(a)
 360 15,836
Moelis & Co., Class A
 246 13,808
Monarch Casino & Resort, Inc.
 254 17,564
Security Description Shares Value
Monro, Inc.
 648 $19,012
Moog, Inc., Class A
 118 17,084
Movado Group, Inc.
 1,173 35,366
Mr Cooper Group, Inc.(a)
 515 33,537
Mueller Industries, Inc.
 1,155 54,458
Myers Industries, Inc.
 456 8,915
MYR Group, Inc.(a)
 183 26,467
Myriad Genetics, Inc.(a)
 760 14,546
N-able, Inc.(a)
 1,613 21,372
Nabors Industries Ltd.(a)
 179 14,612
National Bank Holdings Corp., Class A
 682 25,364
National Beverage Corp.(a)
 386 19,192
National HealthCare Corp.
 220 20,332
National Presto Industries, Inc.
 501 40,220
National Vision Holdings, Inc.(a)
 1,748 36,586
Navient Corp.
 1,183 22,027
NBT Bancorp, Inc.
 70 2,934
NCR Atleos Corp.(a)
 1,502 36,484
NCR Voyix Corp.(a)
 450 7,609
NeoGenomics, Inc.(a)
 769 12,442
NetScout Systems, Inc.(a)
 3,062 67,211
New York Mortgage Trust, Inc.
 1,223 10,432
Newell Brands, Inc.
 1,950 16,926
NexPoint Residential Trust, Inc., REIT
 338 11,637
NMI Holdings, Inc., Class A(a)
 699 20,746
Northern Oil & Gas, Inc.
 767 28,433
Northfield Bancorp, Inc.
 245 3,082
Northwest Bancshares, Inc.
 1,230 15,350
Northwest Natural Holding Co.
 1,391 54,166
NOW, Inc.(a)
 1,296 14,671
Nu Skin Enterprises, Inc., Class A
 1,849 35,908
NV5 Global, Inc.(a)
 237 26,335
Oceaneering International, Inc.(a)
 725 15,428
ODP Corp.(a)
 838 47,179
OFG Bancorp
 684 25,636
O-I Glass, Inc.(a)
 1,829 29,959
Oil States International, Inc.(a)
 2,074 14,082
Olympic Steel, Inc.
 249 16,608
OmniAb, Inc.(a),(b)
 198 —
OmniAb, Inc.(a),(b)
 198 —
Omnicell, Inc.(a)
 625 23,519
OPENLANE, Inc.(a)
 1,372 20,319
OraSure Technologies, Inc.(a)
 3,960 32,472
Organon & Co.
 3,402 49,057
OSI Systems, Inc.(a)
 163 21,035
Otter Tail Corp.
 708 60,159
Outfront Media, Inc.
 688 9,604
Owens & Minor, Inc.(a)
 2,248 43,319
Oxford Industries, Inc.
 176 17,600
Pacific Premier Bancorp, Inc.
 102 2,969
Pacira BioSciences, Inc.(a)
 1,335 45,043
Palomar Holdings, Inc.(a)
 806 44,733
 
See accompanying notes to financial statements.
33

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Papa John's International, Inc.
 700 $53,361
Par Pacific Holdings, Inc.(a)
 1,467 53,355
Park National Corp.
 21 2,790
Pathward Financial, Inc.
 469 24,824
Patrick Industries, Inc.
 372 37,330
Patterson-UTI Energy, Inc.
 1,295 13,986
Payoneer Global, Inc.(a)
 6,398 33,334
PC Connection, Inc.
 284 19,088
PDF Solutions, Inc.(a)
 410 13,177
Pebblebrook Hotel Trust
 916 14,638
Pediatrix Medical Group, Inc.(a)
 7,093 65,965
PennyMac Mortgage Investment Trust, REIT
 762 11,392
Perdoceo Education Corp.
 1,336 23,460
Perficient, Inc.(a)
 1,017 66,939
PGT Innovations, Inc.(a)
 371 15,100
Phibro Animal Health Corp., Class A
 4,741 54,901
Phillips Edison & Co., Inc., REIT
 248 9,047
Phinia, Inc.
 739 22,384
Photronics, Inc.(a)
 597 18,728
Piper Sandler Cos.
 82 14,339
Pitney Bowes, Inc.
 4,406 19,386
PJT Partners, Inc., Class A
 135 13,752
Plexus Corp.(a)
 969 104,778
Powell Industries, Inc.
 288 25,459
PRA Group, Inc.(a)
 1,057 27,693
Preferred Bank
 42 3,068
Premier, Inc., Class A
 2,345 52,434
Prestige Consumer Healthcare, Inc.(a)
 882 53,996
PriceSmart, Inc.
 843 63,883
Privia Health Group, Inc.(a)
 663 15,269
ProAssurance Corp.
 3,049 42,046
PROG Holdings, Inc.(a)
 738 22,812
Progress Software Corp.
 370 20,091
ProPetro Holding Corp.(a)
 1,679 14,070
Proto Labs, Inc.(a)
 1,312 51,116
Provident Financial Services, Inc.
 163 2,939
Quaker Chemical Corp.
 35 7,470
Quanex Building Products Corp.
 378 11,555
QuinStreet, Inc.(a)
 1,264 16,204
Radian Group, Inc.
 760 21,698
RadNet, Inc.(a)
 386 13,421
Ready Capital Corp., REIT
 258 2,644
Redwood Trust, Inc., REIT
 2,022 14,983
REGENXBIO, Inc.(a)
 1,343 24,107
Renasant Corp.
 86 2,896
Resideo Technologies, Inc.(a)
 704 13,249
Resources Connection, Inc.
 917 12,994
Retail Opportunity Investments Corp., REIT
 651 9,134
REX American Resources Corp.(a)
 663 31,360
Rogers Corp.(a)
 51 6,736
RPC, Inc.
 2,000 14,560
Rush Enterprises, Inc., Class A
 190 9,557
Security Description Shares Value
RXO, Inc.(a)
 710 $16,515
S&T Bancorp, Inc.
 90 3,008
Sabre Corp.(a)
 12,685 55,814
Safehold, Inc.
 501 11,723
Safety Insurance Group, Inc.
 624 47,418
Sally Beauty Holdings, Inc.(a)
 3,565 47,343
Sanmina Corp.(a)
 1,979 101,661
Saul Centers, Inc., REIT
 225 8,836
ScanSource, Inc.(a)
 505 20,003
Scholastic Corp.
 827 31,178
Schrodinger, Inc.(a)
 1,232 44,106
Seacoast Banking Corp. of Florida
 105 2,988
Sealed Air Corp.
 830 30,312
Select Medical Holdings Corp.
 2,796 65,706
Semtech Corp.(a)
 3,274 71,733
Sensient Technologies Corp.
 355 23,430
Service Properties Trust, REIT
 1,600 13,664
ServisFirst Bancshares, Inc.
 50 3,331
Shake Shack, Inc., Class A(a)
 808 59,889
Shenandoah Telecommunications Co.
 2,366 51,153
Shoe Carnival, Inc.
 913 27,582
Shutterstock, Inc.
 1,095 52,867
Signet Jewelers Ltd.
 337 36,147
Simmons First National Corp., Class A
 156 3,095
Simply Good Foods Co.(a)
 451 17,860
Simulations Plus, Inc.
 1,000 44,750
SiriusPoint Ltd.(a)
 4,566 52,966
SITE Centers Corp., REIT
 647 8,819
SiTime Corp.(a)
 572 69,830
Six Flags Entertainment Corp.(a)
 644 16,152
SJW Group
 796 52,019
SkyWest, Inc.(a)
 803 41,917
SL Green Realty Corp.
 341 15,403
SM Energy Co.
 791 30,628
SMART Global Holdings, Inc.(a)
 3,747 70,931
SolarEdge Technologies, Inc.(a)
 315 29,484
Sonic Automotive, Inc., Class A
 390 21,922
Sonos, Inc.(a)
 2,029 34,777
Southside Bancshares, Inc.
 90 2,819
SpartanNash Co.
 2,575 59,096
SPS Commerce, Inc.(a)
 109 21,129
SPX Technologies, Inc.(a)
 556 56,162
St. Joe Co.
 202 12,156
STAAR Surgical Co.(a)
 420 13,108
Standard Motor Products, Inc.
 896 35,670
Standex International Corp.
 425 67,311
Stellar Bancorp, Inc.
 106 2,951
Stepan Co.
 94 8,888
Steven Madden Ltd.
 837 35,154
Stewart Information Services Corp.
 611 35,896
StoneX Group, Inc.(a)
 513 37,875
Strategic Education, Inc.
 270 24,940
 
See accompanying notes to financial statements.
34

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
Security Description Shares Value
Stride, Inc.(a)
 406 $24,104
Sturm Ruger & Co., Inc.
 1,123 51,040
Summit Hotel Properties, Inc., REIT
 1,924 12,929
Sun Country Airlines Holdings, Inc.(a)
 2,304 36,242
SunCoke Energy, Inc.
 1,506 16,174
SunPower Corp.(a)
 11,282 54,492
Sunstone Hotel Investors, Inc.
 1,211 12,994
Supernus Pharmaceuticals, Inc.(a)
 1,218 35,249
Sylvamo Corp.
 541 26,569
Talos Energy, Inc.(a)
 2,093 29,783
Tandem Diabetes Care, Inc.(a)
 5,469 161,773
Tanger, Inc.
 330 9,148
TechTarget, Inc.(a)
 523 18,232
Telephone & Data Systems, Inc.
 2,646 48,554
Tennant Co.
 271 25,119
Thryv Holdings, Inc.(a)
 2,565 52,198
TimkenSteel Corp.(a)
 686 16,087
Titan International, Inc.(a)
 589 8,764
Tompkins Financial Corp.
 47 2,831
Tootsie Roll Industries, Inc.
 523 17,385
Topgolf Callaway Brands Corp.(a)
 3,830 54,922
TreeHouse Foods, Inc.(a)
 432 17,906
Tri Pointe Homes, Inc.(a)
 698 24,709
Trinity Industries, Inc.
 636 16,911
TripAdvisor, Inc.(a)
 2,750 59,207
Triumph Financial, Inc.(a)
 341 27,341
Triumph Group, Inc.(a)
 1,428 23,676
TrueBlue, Inc.(a)
 646 9,910
Trupanion, Inc.(a)
 1,696 51,745
TrustCo Bank Corp.
 489 15,183
Trustmark Corp.
 108 3,011
TTEC Holdings, Inc.
 464 10,055
TTM Technologies, Inc.(a)
 3,311 52,347
Two Harbors Investment Corp.
 790 11,005
U.S. Physical Therapy, Inc.
 158 14,716
U.S. Silica Holdings, Inc.(a)
 1,265 14,307
UFP Technologies, Inc.(a)
 124 21,333
Ultra Clean Holdings, Inc.(a)
 437 14,919
UniFirst Corp.
 112 20,486
United Community Banks, Inc.
 99 2,897
United Fire Group, Inc.
 1,857 37,363
United Natural Foods, Inc.(a)
 3,936 63,881
Uniti Group, Inc., REIT
 1,994 11,525
Unitil Corp.
 1,050 55,198
Universal Corp.
 1,090 73,379
Universal Health Realty Income Trust, REIT
 344 14,878
Upbound Group, Inc.
 1,242 42,191
Urban Edge Properties
 501 9,168
Urban Outfitters, Inc.(a)
 1,364 48,681
USANA Health Sciences, Inc.(a)
 361 19,350
Varex Imaging Corp.(a)
 1,428 29,274
Security Description Shares   Value
Vector Group Ltd.
 5,990   $67,567
Veeco Instruments, Inc.(a)
 440   13,653
Veradigm, Inc.(a)
 3,911   41,026
Vericel Corp.(a)
 3,877   138,060
Veris Residential, Inc., REIT
 975   15,337
Veritex Holdings, Inc.
 127   2,955
Verra Mobility Corp.(a)
 1,530   35,236
Vestis Corp.
 1,035   21,880
Viad Corp.(a)
 484   17,521
Viasat, Inc.(a)
 1,627   45,475
Viavi Solutions, Inc.(a)
 3,420   34,439
Vicor Corp.(a)
 640   28,762
Victoria's Secret & Co.(a)
 627   16,641
Vir Biotechnology, Inc.(a)
 2,727   27,434
Virtus Investment Partners, Inc.
 382   92,352
Vista Outdoor, Inc.(a)
 1,822   53,877
Vital Energy, Inc.(a)
 663   30,160
Wabash National Corp.
 683   17,498
WaFd, Inc.
 478   15,755
Walker & Dunlop, Inc.
 353   39,187
Warrior Met Coal, Inc.
 241   14,694
WD-40 Co.
 92   21,994
Westamerica BanCorp
 53   2,990
Whitestone REIT
 760   9,340
Winnebago Industries, Inc.
 699   50,943
WisdomTree, Inc.
 12,152   84,213
WK Kellogg Co.
 1,510   19,841
Wolverine World Wide, Inc.
 3,672   32,644
World Acceptance Corp.(a)
 178   23,234
World Kinect Corp.
 2,355   53,647
Worthington Enterprises, Inc.
 160   9,208
Worthington Steel, Inc.(a)
 315   8,851
WSFS Financial Corp.
 68   3,123
Xencor, Inc.(a)
 1,298   27,557
Xenia Hotels & Resorts, Inc., REIT
 976   13,293
Xerox Holdings Corp.
 2,180   39,959
XPEL, Inc.(a)
 667   35,918
Xperi, Inc.(a)
 6,614   72,886
Yelp, Inc.(a)
 1,123   53,163
TOTAL INVESTMENTS—99.8%

(Cost $15,390,236)
     17,847,358
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     44,474
NET ASSETS—100.0%
     $17,891,832
    
(a) Non-income producing security.
(b) Fair valued by Adviser.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
35

 

Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2023
INDUSTRY BREAKDOWN
As of December 31, 2023*
INDUSTRY PERCENTAGE OF
NET ASSETS
Healthcare Providers and Facilities
 3.4%
Commercial IT Hardware
 2.7
Software for Specific Uses
 2.7
Consumer Equipment Retail
 2.6
Upstream Energy
 2.5
Consumer Insurance
 2.5
Auto Products
 2.5
Medical Devices
 2.5
Marketed Pharmaceuticals
 2.5
Non-Real Estate Banking
 2.5
Real Estate Operators and Developers
 2.5
Telecommunication Networks
 2.4
Investment Services
 2.4
Real Estate Banking
 2.4
Management and IT Services
 2.3
Real Estate Rental
 2.2
Transportation and Consumer Auto Services
 2.2
Transaction Services
 2.2
Content Providers
 2.2
Mechanical and Structural Components
 2.2
Apparel and Accessory Retailers
 2.1
Software for Specific Industries
 2.1
Consumer Equipment Manufacture
 2.1
Electric and Electronic Components
 1.9
Commercial Insurance
 1.8
Restaurants
 1.8
Gas and Water Utilities
 1.8
Specialty Industrial Services
 1.8
Production Equipment
 1.7
Distribution Services
 1.7
Food Distributors
 1.7
Digital Integrated Circuits
 1.6
Analog and Mixed Signal Integrated Circuits
 1.6
Other Pharmaceuticals
 1.6
Hospital Equipment
 1.5
Contract Electronics Services
 1.4
Semiconductor Services and Equipment
 1.4
Internet Search and Social Networks
 1.2
Other Raw Materials
 1.2
Alcohol and Tobacco
 1.2
Branded Apparel
 1.2
Metals
 1.2
Online Distribution Networks
 1.2
Chemicals
 1.2
INDUSTRY PERCENTAGE OF
NET ASSETS
Healthcare Products Distribution
 1.1%
Processed Foods
 1.0
Primary Foods
 1.0
Consumer Electronics
 1.0
Clinical Stage Pharmaceuticals
 1.0
Regulated Electric Utilities
 1.0
Downstream Energy
 0.9
Transport Aerospace and Defense Equipment
 0.9
Personal Care Products
 0.8
Industrial Conglomerates
 0.8
Medical Research Services and Equipment
 0.7
Competitive Electric Utilities
 0.6
Accessories and Footwear
 0.6
Midstream Energy
 0.3
Securities Brokers and Dealers
 0.2
Household Care Products
 0.2
Consumer Paper Products
 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.
36

 

Table of Contents
Syntax Stratified U.S. Total Market ETF
Schedule of Investments
December 31, 2023
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—99.9%      
Syntax Stratified LargeCap ETF(a)
 214,702   $15,275,554
Syntax Stratified MidCap ETF(a)
 44,388   1,813,862
Syntax Stratified SmallCap ETF(a)
 20,404   912,475
TOTAL INVESTMENTS—99.9%

(Cost $16,782,639)
     18,001,891
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
     14,871
NET ASSETS—100.0%
     $18,016,762
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
December 31, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2023 		Shares as of
December 31, 2023 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $10,227,667 $8,058,605 $(4,600,364) $414,775 $1,174,871 $15,275,554 214,702 $268,067 $—
Syntax Stratified MidCap ETF
 1,219,902 970,260 (617,803) 27,573 213,930 1,813,862 44,388 19,332 —
Syntax Stratified SmallCap ETF
 603,858 526,513 (298,981) (1,249) 82,334 912,475 20,404 10,593 —
Total $12,051,427 $9,555,378 $(5,517,148) $441,099 $1,471,135 $18,001,891 279,494 $297,992 $—
    
ETF=Exchange Traded Fund
PORTFOLIO COMPOSITION
AS OF December 31, 2023
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 84.8%
Mid Cap ETF
 10.1
Small Cap ETF
 5.0
Other Assets in Excess of Liabilities
 0.1
Total 100.0%
See accompanying notes to financial statements.
37

 

Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF
Schedule of Investments
December 31, 2023
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—92.1%      
Syntax Stratified LargeCap ETF(a)
 389,434   $27,707,333
Syntax Stratified MidCap ETF(a)
 80,513   3,290,067
Syntax Stratified SmallCap ETF(a)
 37,008   1,655,013
TOTAL EXCHANGE-TRADED FUNDS

(Cost $30,286,880)
     $32,652,413
TOTAL PURCHASED OPTIONS—7.8%

(Cost $2,781,058)
     $2,752,755
TOTAL INVESTMENTS—99.9%

(Cost $33,067,938)
     35,405,168
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
     50,580
NET ASSETS—100.0%
     $35,455,748
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
December 31, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2023 		Shares as of
December 31, 2023 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $30,028,261 $171,727 $(5,602,215) $115,168 $2,994,392 $27,707,333 389,434 $497,228 $—
Syntax Stratified MidCap ETF
 3,582,911 17,982 (807,763) (42,661) 539,598 3,290,067 80,513 35,860 —
Syntax Stratified SmallCap ETF
 1,773,361 109,649 (387,239) (16,656) 175,898 1,655,013 37,008 19,651 —
Total $35,384,533 $299,358 $(6,797,217) $55,851 $3,709,888 $32,652,413 506,955 $552,739 $—
    
ETF=Exchange Traded Fund
    
Purchased Put Options — 7.8%
Exchange-Traded Options — 7.8%
    
Description Number of
Contracts 		Notional
Amount 		Cost Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 690 $32,796,390 $2,781,058 $490 12/19/25 $2,752,755
Total     $2,781,058     $2,752,755
Total Purchased Options — 7.8%     $2,781,058     $2,752,755
             
See accompanying notes to financial statements.
38

 

Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF
Schedule of Investments  (continued)
December 31, 2023
PORTFOLIO COMPOSITION
AS OF December 31, 2023
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 78.1%
Mid Cap ETF
 9.3
Small Cap ETF
 4.7
Purchased Options
 7.8
Other Assets in Excess of Liabilities
 0.1
Total 100.0%
See accompanying notes to financial statements.
39

 

Table of Contents
Syntax Stratified Total Market II ETF
Schedule of Investments
December 31, 2023
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—99.9%      
Syntax Stratified LargeCap ETF(a)
 92,028   $6,547,581
Syntax Stratified MidCap ETF(a)
 19,030   777,638
Syntax Stratified SmallCap ETF(a)
 8,747   391,169
TOTAL INVESTMENTS—99.9%

(Cost $6,796,748)
     7,716,388
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
     5,135
NET ASSETS—100.0%
     $7,721,523
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
December 31, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2023 		Shares as of
December 31, 2023 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $6,680,122 $1,831,236 $(2,773,951) $370,536 $439,638 $6,547,581 92,028 $114,902 $—
Syntax Stratified MidCap ETF
 796,872 214,688 (363,843) 59,061 70,860 777,638 19,030 8,288 —
Syntax Stratified SmallCap ETF
 394,418 128,844 (177,275) 17,424 27,758 391,169 8,747 4,541 —
Total $7,871,412 $2,174,768 $(3,315,069) $447,021 $538,256 $7,716,388 119,805 $127,731 $—
    
ETF=Exchange Traded Fund
PORTFOLIO COMPOSITION
AS OF December 31, 2023
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 84.8%
Mid Cap ETF
 10.1
Small Cap ETF
 5.0
Other Assets in Excess of Liabilities
 0.1
Total 100.0%
See accompanying notes to financial statements.
40

 

Table of Contents
Syntax ETF Trust
Statements of Assets and Liabilities
December 31, 2023
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
ASSETS          
Investments in securities of unaffiliated issuers
 $94,078,368   $11,218,519   $17,847,358
Total Investments
 94,078,368   11,218,519   17,847,358
Cash
 154,062   13,133   38,234
Receivable from investments sold
 —   92,341   16,841
Dividends receivable
 131,256   10,892   12,525
Total Assets
 94,363,686   11,334,885   17,914,958
LIABILITIES          
Payable for investments purchased
 —   92,379   17,177
Accrued Management fee
 23,988   3,264   5,877
Accrued Other fees
 392   46   72
Total Liabilities
 24,380   95,689   23,126
NET ASSETS
$94,339,306   $11,239,196   $17,891,832
NET ASSETS CONSISTS OF:          
Paid in Capital
 $90,865,178   $10,413,967   $17,591,187
Distributable earnings (accumulated loss)
 3,474,128   825,229   300,645
NET ASSETS
 $94,339,306   $11,239,196   $17,891,832
NET ASSET VALUE PER SHARE
 $71.20   $40.87   $44.73
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 1,325,000   275,000   400,000
COST OF INVESTMENTS
 $85,306,932   $9,802,204   $15,390,236
    
See accompanying notes to financial statements.
41

 

Table of Contents
Syntax ETF Trust
Statements of Assets and Liabilities (continued)
December 31, 2023
  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified U.S. Total
Market Hedged ETF 		  Syntax Stratified Total
Market II ETF
ASSETS          
Investments in securities of unaffiliated issuers
 $—   $2,752,755   $—
Investments in securities of affiliated issuers
 18,001,891   32,652,413   7,716,388
Total Investments
 18,001,891   35,405,168   7,716,388
Cash
 15,495   51,160   5,403
Cash at broker
 —   9,949   —
Other Assets
 —   151   —
Total Assets
 18,017,386   35,466,428   7,721,791
LIABILITIES          
Accrued Management fee
 550   10,534   236
Accrued Other fees
 74   146   32
Total Liabilities
 624   10,680   268
NET ASSETS
$18,016,762   $35,455,748   $7,721,523
NET ASSETS CONSISTS OF:          
Paid in Capital
 $16,815,247   $35,555,458   $6,801,004
Distributable earnings (accumulated loss)
 1,201,515   (99,710)   920,519
NET ASSETS
 $18,016,762   $35,455,748   $7,721,523
NET ASSET VALUE PER SHARE
 $45.04   $40.52   $44.12
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 400,000   875,000   175,000
Investments in securities of unaffiliated issuers
 $—   $2,781,058   $—
Investments in securities of affiliated issuers
 16,782,639   30,286,880   6,796,748
TOTAL COST OF INVESTMENTS
 $16,782,639   $33,067,938   $6,796,748
See accompanying notes to financial statements.
42

 

Table of Contents
Syntax ETF Trust
Statements of Operations
For the year ended December 31, 2023
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
INVESTMENT INCOME          
Dividend income (net of foreign taxes withheld of $725, $0 and $185, respectively)
 $1,960,764   $152,678   $269,673
Total Investment Income
1,960,764   152,678   269,673
EXPENSES          
Management fee
 430,397   47,592   78,942
Other fees
 4,686   518   860
Total Expenses
 435,083   48,110   79,802
Expense Waiver/Reimbursement
 (143,465)   (10,576)   (8,771)
Net Expenses
 291,618   37,534   71,031
NET INVESTMENT INCOME (LOSS)
 1,669,146   115,144   198,642
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) from transactions in investment securities
 (3,334,829)   (241,942)   (871,806)
Net realized gain (loss) from in-kind redemptions of investment securities
 4,653,201   207,347   694,377
Net realized gain (loss)
 1,318,372   (34,595)   (177,429)
Net change in unrealized appreciation (depreciation) on investments
 9,290,508   1,614,649   2,074,273
NET REALIZED AND UNREALIZED GAIN (LOSS)
 10,608,880   1,580,054   1,896,844
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $12,278,026   $1,695,198   $2,095,486
    
See accompanying notes to financial statements.
43

 

Table of Contents
Syntax ETF Trust
Statements of Operations (continued)
For the year ended December 31, 2023
  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified U.S. Total
Market Hedged ETF 		  Syntax Stratified Total
Market II ETF
INVESTMENT INCOME          
Dividend income from affiliated investments
 $297,992   $552,739   $127,731
Interest income
 —   23   —
Total Investment Income
297,992   552,762   127,731
EXPENSES          
Management fee
 115,029   367,839   56,432
Other fees
 752   1,802   369
Total Expenses
 115,781   369,641   56,801
Expense Waiver/Reimbursement
 (109,576)   (236,142)   (53,841)
Net Expenses
 6,205   133,499   2,960
NET INVESTMENT INCOME (LOSS)
 291,787   419,263   124,771
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) from transactions in investment securities
 —   (2,160,048)   —
Net realized gain (loss) from transactions in affiliated investment securities
 (15,630)   280   1,871
Net realized gain (loss) from in-kind redemptions of affiliated investment securities
 456,729   55,571   445,150
Net realized gain (loss) from transactions in written options
 —   (101,781)   —
Net realized gain (loss)
 441,099   (2,205,978)   447,021
Net change in unrealized appreciation (depreciation) on investments
 —   136,359   —
Net change in unrealized appreciation (depreciation) on affiliated investments
 1,471,135   3,709,888   538,256
Net change in unrealized appreciation (depreciation) on written options
 —   (36,069)   —
Net change in unrealized appreciation/depreciation
 1,471,135   3,810,178   538,256
NET REALIZED AND UNREALIZED GAIN (LOSS)
 1,912,234   1,604,200   985,277
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $2,204,021   $2,023,463   $1,110,048
See accompanying notes to financial statements.
44

 

Table of Contents
Syntax ETF Trust
Statements of Changes in Net Assets
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $1,669,146   $1,566,033   $115,144   $94,191
Net realized gain (loss)
 1,318,372   10,384,726   (34,595)   116,559
Net change in unrealized appreciation (depreciation)
 9,290,508   (20,614,829)   1,614,649   (1,692,568)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 12,278,026   (8,664,070)   1,695,198   (1,481,818)
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (1,685,545)   (1,615,742)   (119,767)   (98,761)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 11,652,916   40,681,880   —   3,611,175
Cost of Shares Redeemed
 (25,124,668)   (41,868,028)   (902,596)   (1,645,322)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 (13,471,752)   (1,186,148)   (902,596)   1,965,853
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (2,879,271)   (11,465,960)   672,835   385,274
NET ASSETS AT BEGINNING OF PERIOD
 97,218,577   108,684,537   10,566,361   10,181,087
NET ASSETS AT END OF PERIOD
 $94,339,306   $97,218,577   $11,239,196   $10,566,361
SHARE TRANSACTIONS:              
Shares sold
 175,000   650,000   —   100,000
Shares redeemed
 (375,000)   (650,000)   (25,000)   (50,000)
NET INCREASE (DECREASE)
 (200,000)   —   (25,000)   50,000
    
See accompanying notes to financial statements.
45

 

Table of Contents
Syntax ETF Trust
Statements of Changes in Net Assets (continued)
  Syntax Stratified
SmallCap ETF 		  Syntax Stratified
U.S. Total Market ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $198,642   $191,554   $291,787   $188,361
Net realized gain (loss)
 (177,429)   (554,098)   441,099   431,524
Net change in unrealized appreciation (depreciation)
 2,074,273   (3,915,877)   1,471,135   (2,256,593)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 2,095,486   (4,278,421)   2,204,021   (1,636,708)
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (207,681)   (205,319)   (291,600)   (199,218)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 —   3,505,189   9,398,823   6,300,901
Cost of Shares Redeemed
 (2,251,923)   (2,175,507)   (5,352,062)   (9,439,823)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 (2,251,923)   1,329,682   4,046,761   (3,138,922)
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (364,118)   (3,154,058)   5,959,182   (4,974,848)
NET ASSETS AT BEGINNING OF PERIOD
 18,255,950   21,410,008   12,057,580   17,032,428
NET ASSETS AT END OF PERIOD
 $17,891,832   $18,255,950   $18,016,762   $12,057,580
SHARE TRANSACTIONS:              
Shares sold
 —   75,000   225,000   150,000
Shares redeemed
 (50,000)   (50,000)   (125,000)   (225,000)
NET INCREASE (DECREASE)
 (50,000)   25,000   100,000   (75,000)
    
See accompanying notes to financial statements.
46

 

Table of Contents
Syntax ETF Trust
Statements of Changes in Net Assets (continued)
  Syntax Stratified U.S. Total
Market Hedged ETF 		  Syntax Stratified Total
Market II ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2023 		  For the Period
June 14, 2022(a)
to December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $419,263   $408,508   $124,771   $123,564
Net realized gain (loss)
 (2,205,978)   1,831,889   447,021   289,750
Net change in unrealized appreciation (depreciation)
 3,810,178   (4,071,870)   538,256   381,384
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 2,023,463   (1,831,473)   1,110,048   794,698
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (419,412)   (1,332,695)   (126,201)   (146,930)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 —   4,999,857   2,099,188   18,582,640
Cost of Shares Redeemed
 (5,741,899)   (7,769,157)   (3,236,977)   (11,354,943)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 (5,741,899)   (2,769,300)   (1,137,789)   7,227,697
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (4,137,848)   (5,933,468)   (153,942)   7,875,465
NET ASSETS AT BEGINNING OF PERIOD
 39,593,596   45,527,064   7,875,465   —
NET ASSETS AT END OF PERIOD
 $35,455,748   $39,593,596   $7,721,523   $7,875,465
SHARE TRANSACTIONS:              
Shares sold
 —   125,000   50,000   500,000
Shares redeemed
 (150,000)   (200,000)   (75,000)   (300,000)
NET INCREASE (DECREASE)
 (150,000)   (75,000)   (25,000)   200,000
(a) Fund commenced operations on June 14, 2022.
See accompanying notes to financial statements.
47

 

Table of Contents
Syntax ETF Trust
Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
LargeCap ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021 		  Year Ended
December 31, 2020 		  For the
Period
January 2, 2019(a)
to December 31, 2019
Net asset value, beginning of period
 $63.75   $71.27   $55.99   $50.73   $40.00
Income (loss) from investment operations:                  
Net investment income (loss)(b)
 1.16   1.03   0.92   0.88   0.84
Net realized and unrealized gain (loss)
 7.54   (7.47)   15.14   5.29   10.68
Total from investment operations
 8.70   (6.44)   16.06   6.17   11.52
Less Distributions from:                  
Net investment income
 (1.25)   (1.08)   (0.78)   (0.82)   (0.79)
Net realized gains
 —   —   —   (0.09)   —
Net asset value, end of period
 $71.20   $63.75   $71.27   $55.99   $50.73
Total return(c)
 13.67%   (9.02)%(d)   28.76%   12.18%   28.81%(e)
Ratios and Supplemental Data:                  
Net assets, end of period (000s)
 $94,339   $97,219   $108,685   $41,989   $62,149
Ratios to average net assets:                  
Total expenses
 0.45%   0.45%   0.45%   0.45%   0.80%(f)
Net expenses(g)
 0.30%   0.30%   0.30%   0.30%   0.30%(f)
Net investment income (loss)(g)
 1.75%   1.58%   1.39%   1.83%   1.80%(f)
Portfolio turnover rate(h)
 23%   31%   25%   36%   34%(e)
(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. Performance would have been lower had the waivers/reimbursements not been in effect.
(d) If the Sub-Adviser had not made a special reimbursement during the period ended December 31, 2022, the total return would have been (9.13)%. See Note 6.
(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.
48

 

Table of Contents
Syntax ETF Trust
Financial Highlights  (continued)
Selected data for a share outstanding throughout each period
  Syntax Stratified
MidCap ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021 		  For the
Period
January 16, 2020(a)
to December 31, 2020
Net asset value, beginning of period
 $35.22   $40.72   $34.21   $30.00
Income (loss) from investment operations:              
Net investment income (loss)(b)
 0.41   0.35   0.31   0.29
Net realized and unrealized gain (loss)
 5.68   (5.49)   7.14   4.22
Total from investment operations
 6.09   (5.14)   7.45   4.51
Less Distributions from:              
Net investment income
 (0.44)   (0.36)   (0.28)   (0.30)
Net realized gains
 —   —   (0.66)   —
Net asset value, end of period
 $40.87   $35.22   $40.72   $34.21
Total return(c)
 17.29%   (12.61)%   21.95%   15.04%(d)
Ratios and Supplemental Data:              
Net assets, end of period (000s)
 $11,239   $10,566   $10,181   $3,421
Ratios to average net assets:              
Total expenses
 0.45%   0.45%   0.45%   0.45%(e)
Net expenses(f)
 0.35%   0.35%   0.34%   0.30%(e)
Net investment income (loss)(f)
 1.09%   0.97%   0.77%   1.10%(e)
Portfolio turnover rate(g)
 44%   45%   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. Performance would have been lower had the waivers/reimbursements not been in effect.
(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.
49

 

Table of Contents
Syntax ETF Trust
Financial Highlights  (continued)
Selected data for a share outstanding throughout each period
  Syntax Stratified
SmallCap ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021 		  For the
Period
May 28, 2020(a)
to December 31, 2020
Net asset value, beginning of period
 $40.57   $50.38   $43.07   $30.00
Income (loss) from investment operations:              
Net investment income (loss)(b)
 0.48   0.44   0.45   0.20
Net realized and unrealized gain (loss)
 4.20   (9.79)   10.44   13.24
Total from investment operations
 4.68   (9.35)   10.89   13.44
Less Distributions from:              
Net investment income
 (0.52)   (0.46)   (0.47)   (0.19)
Net realized gains
 —   —   (3.11)   (0.18)
Net asset value, end of period
 $44.73   $40.57   $50.38   $43.07
Total return(c)
 11.57%   (18.55)%(d)   25.72%   44.82%(e)
Ratios and Supplemental Data:              
Net assets, end of period (000s)
 $17,892   $18,256   $21,410   $17,226
Ratios to average net assets:              
Total expenses
 0.45%   0.45%   0.45%   0.45%(f)
Net expenses(g)
 0.40%   0.40%   0.37%   0.30%(f)
Net investment income (loss)(g)
 1.13%   1.01%   0.87%   0.93%(f)
Portfolio turnover rate(h)
 47%   50%   40%   40%(e)
(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. Performance would have been lower had the waivers/reimbursements not been in effect.
(d) If the Sub-Adviser had not made a special reimbursement during the period ended December 31, 2022, the total return would have been (18.68)%. See Note 6.
(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.
50

 

Table of Contents
Syntax ETF Trust
Financial Highlights  (continued)
Selected data for a share outstanding throughout each period
  Syntax Stratified
U.S. Total Market ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  For the
Period
March 18, 2021(a)
to December 31, 2021
Net asset value, beginning of period
 $40.19   $45.42   $40.00
Income (loss) from investment operations:          
Net investment income (loss)(b)
 0.80   0.78   0.56
Net realized and unrealized gain (loss)
 4.78   (5.34)   5.52
Total from investment operations
 5.58   (4.56)   6.08
Less Distributions from:          
Net investment income
 (0.73)   (0.63)   (0.62)
Net realized gains
 —   (0.04)   (0.04)
Net asset value, end of period
 $45.04   $40.19   $45.42
Total return(c)
 13.89%   (10.05)%   15.20%(d)
Ratios and Supplemental Data:          
Net assets, end of period (000s)
 $18,017   $12,058   $17,032
Ratios to average net assets:          
Total expenses(e)
 0.75%   0.75%   0.76%(f)
Net expenses(e),(g)
 0.04%   0.04%   0.05%(f)
Net investment income (loss)(g)
 1.90%   1.87%   1.64%(f)
Portfolio turnover rate(h)
 1%   1%   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. Performance would have been lower had the waivers/reimbursements not been in effect.
(d) Not annualized.
(e) Does not include expenses of the underlying investments in which the Fund invests. 
(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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Syntax ETF Trust
Financial Highlights  (continued)
Selected data for a share outstanding throughout each period
  Syntax Stratified U.S. Total
Market Hedged ETF
  Year Ended
December 31, 2023 		  Year Ended
December 31, 2022 		  For the
Period
June 15, 2021(a)
to December 31, 2021
Net asset value, beginning of period
 $38.63   $41.39   $40.40
Income (loss) from investment operations:          
Net investment income (loss)(b)
 0.44   0.37   0.43
Net realized and unrealized gain (loss)
 1.93   (1.83)   1.00(c)
Total from investment operations
 2.37   (1.46)   1.43
Less Distributions from:          
Net investment income
 (0.48)   (0.40)   (0.44)
Net realized gains
 —   (0.90)   —
Net asset value, end of period
 $40.52   $38.63   $41.39
Total return(d)
 6.14%   (3.53)%   3.54%(e)
Ratios and Supplemental Data:          
Net assets, end of period (000s)
 $35,456   $39,594   $45,527
Ratios to average net assets:          
Total expenses(f)
 1.00%   1.00%   1.00%(g)
Net expenses(f),(h)
 0.36%   0.38%   0.38%(g)
Net investment income (loss)(h)
 1.14%   0.94%   1.96%(g)
Portfolio turnover rate(i)
 12%   35%   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. Performance would have been lower had the waivers/reimbursements not been in effect.
(e) Not annualized.
(f) Does not include expenses of the underlying investments in which the Fund invests. 
(g) Annualized.
(h) Net of expenses waived/reimbursed by the Advisor.
(i) 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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Syntax ETF Trust
Financial Highlights  (continued)
Selected data for a share outstanding throughout each period
  Syntax Stratified Total
Market II ETF
  Year Ended
December 31, 2023 		  For the
Period
June 14, 2022(a)
to December 31, 2022
Net asset value, beginning of period
 $39.38   $37.04
Income (loss) from investment operations:      
Net investment income (loss)(b)
 0.68   0.41
Net realized and unrealized gain (loss)
 4.78   2.67
Total from investment operations
 5.46   3.08
Less Distributions from:      
Net investment income
 (0.71)   (0.62)
Net realized gains
 (0.01)   (0.12)
Net asset value, end of period
 $44.12   $39.38
Total return(c)
 13.89%   8.29%(d)
Ratios and Supplemental Data:      
Net assets, end of period (000s)
 $7,722   $7,875
Ratios to average net assets:      
Total expenses(e)
 0.75%   0.75%(f)
Net expenses(e),(g)
 0.04%   0.05%(f)
Net investment income (loss)(g)
 1.66%   1.79%(f)
Portfolio turnover rate(h)
 1%   11%(d)
(a) Fund commenced operations on June 14, 2022.
(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. Performance would have been lower had the waivers/reimbursements not been in effect.
(d) Not annualized.
(e) Does not include expenses of the underlying investments in which the Fund invests. 
(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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Syntax ETF Trust
Notes to Financial Statements
December 31, 2023
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, Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II 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 a 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 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, LLC 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.
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Syntax ETF Trust
Notes to Financial Statements  (continued)
December 31, 2023
Note  1—Organization–(continued)
The Syntax Stratified Total Market II ETF seeks to obtain capital growth that exceeds the performance of the 1500 Index over a full market cycle by investing in ETFs or underlying securities that provide Stratified WeightTM U.S. total equity market exposure to companies in the 1500 Index.
Refer to the Additional Strategies Information section of each Fund’s prospectus for more information on the methodology of the Syntax Indices.
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 of America (“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. 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, 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 and Syntax Stratified Total Market II 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 14, 2022 (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 affiliated funds managed by the Advisor 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.
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Syntax ETF Trust
Notes to Financial Statements  (continued)
December 31, 2023
Note  2—Significant Accounting Policies–(continued)
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. Net assets and other attributes contributed for Syntax Stratified Total Market II ETF were $8,150,000 in cash and securities at fair market of $3,888,326 and unrealized appreciation of $1,363,061 in exchange for 325,000 shares at a NAV of $37.04. The fair value of assets contributed for Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II ETF became the new cost basis for financial reporting purposes. 
Investment Valuation
The Funds value their investments at fair value. 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 purchased and written options shall be valued at the mean between the current bid and ask prices on the day of valuation.
Effective September 8, 2022, the Adviser has been designated as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. 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 GAAP 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.)
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Notes to Financial Statements  (continued)
December 31, 2023
Note  2—Significant Accounting Policies–(continued)
• 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, 2023.
Description Level 1 Level 2 Level 3 Total
Syntax Stratified LargeCap ETF        
INVESTMENTS:        
Common Stock
 $94,078,368 $— $— $94,078,368
Total $94,078,368 $— $— $94,078,368
Syntax Stratified MidCap ETF        
INVESTMENTS:        
Common Stock
 $11,218,519 $— $— $11,218,519
Total $11,218,519 $— $— $11,218,519
Syntax Stratified SmallCap ETF        
INVESTMENTS:        
Common Stock
 $17,847,358 $— $—* $17,847,358
Total $17,847,358 $— $— $17,847,358
Syntax Stratified U.S. Total Market ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $18,001,891 $— $— $18,001,891
Total $18,001,891 $— $— $18,001,891
Syntax Stratified U.S. Total Market Hedged ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $32,652,413 $— $— $32,652,413
Purchased Options
 $2,752,755 $— $— $2,752,755
Total $35,405,168 $— $— $35,405,168
Syntax Stratified Total Market II ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $7,716,388 $— $— $7,716,388
Total $7,716,388 $— $— $7,716,388
    
* As of December 31, 2023, level 3 common stocks held in Syntax Stratified SmallCapETF represented 0.0% of the Fund’s net assets.
Refer to the Schedule of Investments for industry classifications.
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Table of Contents
Syntax ETF Trust
Notes to Financial Statements  (continued)
December 31, 2023
Note  2—Significant Accounting Policies–(continued)
Distributions
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.
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 their 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 U.S. Total Market Hedged 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.
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Notes to Financial Statements  (continued)
December 31, 2023
Note  2—Significant Accounting Policies–(continued)
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 ended December 31, 2023.
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 each 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 ended December 31, 2023, and the year or period ended December 31, 2022, the tax character of distributions paid were as follows:
  Year Ended December 31, 2023   Year or Period Ended December 31, 2022
  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
 $1,685,545   $—   $—   $1,615,742   $—   $—
Syntax Stratified MidCap ETF
 119,767   —   —   98,761   —   —
Syntax Stratified SmallCap ETF
 207,681   —   —   205,319   —   —
Syntax Stratified U.S. Total Market ETF
 291,600   —   —   199,218   —   —
Syntax Stratified U.S. Total Market Hedged ETF
 419,412   —   —   1,332,695   —   —
Syntax Stratified Total Market II ETF
 126,201   —   —   142,712   4,218   —
Permanent book and tax differences, primarily attributed to book and tax basis of redemptions in-kind, taxable distributions in excess of income, and prior year adjustments to estimates resulted in reclassifications. During the year ended December 31, 2023, the following amounts were classified due to permanent differences between book and tax accounting:
  Paid in Capital   Distributable Earnings (Loss)
Syntax Stratified LargeCap ETF
 $4,641,241   (4,641,241)
Syntax Stratified MidCap ETF
 203,242   (203,242)
Syntax Stratified SmallCap ETF
 673,856   (673,856)
Syntax Stratified U.S. Total Market ETF
 456,481   (456,481)
Syntax Stratified U.S. Total Market Hedged ETF
 43,333   (43,333)
Syntax Stratified Total Market II ETF
 445,150   (445,150)
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Syntax ETF Trust
Notes to Financial Statements  (continued)
December 31, 2023
Note  2—Significant Accounting Policies–(continued)
At December 31, 2023, the components of distributable earnings (accumulated losses) 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)   Total
Syntax Stratified LargeCap ETF
 $—   $—   (5,000,313)   $—   $8,474,441   $3,474,128
Syntax Stratified MidCap ETF
 —   —   (587,791)   —   1,413,020   825,229
Syntax Stratified SmallCap ETF
 —   —   (2,126,102)   —   2,426,747   300,645
Syntax Stratified U.S. Total Market ETF
 187   —   (17,924)   —   1,219,252   1,201,515
Syntax Stratified U.S. Total Market Hedged ETF
 27   —   (2,436,911)   —   2,337,174   (99,710)
Syntax Stratified Total Market II ETF
 84   —   —   826   919,609   920,519
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, 2023, 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
 $4,461,489   $538,824
Syntax Stratified MidCap ETF
 447,655   140,136
Syntax Stratified SmallCap ETF
 724,601   1,401,501
Syntax Stratified U.S. Total Market ETF
 16,092   1,832
Syntax Stratified U.S. Total Market Hedged ETF
 597,141   1,839,770
At December 31, 2023, 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
 $85,603,927   $13,725,128   (5,250,687)   $8,474,441
Syntax Stratified MidCap ETF
 9,805,499   1,950,035   (537,015)   1,413,020
Syntax Stratified SmallCap ETF
 15,420,611   3,697,946   (1,271,199)   2,426,747
Syntax Stratified U.S. Total Market ETF
 16,782,639   1,246,841   (27,589)   1,219,252
Syntax Stratified U.S. Total Market Hedged ETF
 33,067,994   2,589,892   (252,718)   2,337,174
Syntax Stratified Total Market II ETF
 6,796,779   919,640   (31)   919,609
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 Statements of Assets and Liabilities at Investment in securities of unaffiliated issuers. 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
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Syntax ETF Trust
Notes to Financial Statements  (continued)
December 31, 2023
Note  3—Derivative Financial Instruments–(continued)
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 Statements of Assets and Liabilities at Written options, at value. 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.
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, 2023.
Asset Derivatives    
Location Equity
Contracts 		Total
Purchased options:    
Investments in securities of unaffiliated issuers $2,752,755 $2,752,755
Total $2,752,755 $2,752,755
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 year ended December 31, 2023.
Realized Gain (Loss) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options:    
Net realized gain (loss) from transactions in investment securities $(2,160,048) $(2,160,048)
Net realized gain (loss) from transactions in written options $(101,781) $(101,781)
Total $(2,261,829) $(2,261,829)
    
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Notes to Financial Statements  (continued)
December 31, 2023
Note  3—Derivative Financial Instruments–(continued)
Change in Unrealized Appreciation (Depreciation) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options:    
Net change in unrealized appreciation (depreciation) on investment securities $136,359 $136,359
Net change in unrealized appreciation (depreciation) on written options $(36,069) $(36,069)
Total $100,290 $100,290
The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2023.
Options:  
Average value of option contracts purchased $3,174,935
Average value of option contracts written (355,242)
Note  4—Investment Transactions
Purchases and sales of investments (including purchased options and excluding in-kind transactions and short term investments) for the year ended December 31, 2023, were as follows:
  Purchases   Sales
Syntax Stratified LargeCap ETF
 $22,378,122   $22,028,329
Syntax Stratified MidCap ETF
 4,878,131   4,673,585
Syntax Stratified SmallCap ETF
 8,728,912   8,291,698
Syntax Stratified U.S. Total Market ETF
 156,707   165,308
Syntax Stratified U.S. Total Market Hedged ETF
 4,612,062   5,654,304
Syntax Stratified Total Market II ETF
 75,615   77,963
For the year ended December 31, 2023, the following Funds had in-kind contributions and redemptions in the amounts as follows:
  In-kind Contributions   In-kind Redemptions
Syntax Stratified LargeCap ETF
 $9,973,646   $23,441,757
Syntax Stratified MidCap ETF
 —   902,572
Syntax Stratified SmallCap ETF
 —   2,246,884
Syntax Stratified U.S. Total Market ETF
 9,398,671   5,351,839
Syntax Stratified U.S. Total Market Hedged ETF
 —   5,300,100
Syntax Stratified Total Market II ETF
 2,099,154   3,237,108
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.
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Notes to Financial Statements  (continued)
December 31, 2023
Note  5—Capital Share Transactions–(continued)
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, Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II 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.
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%
Syntax Stratified U.S. Total Market Hedged ETF
 1.00%
Syntax Stratified Total Market II ETF
 0.75%
Syntax Stratified U.S. Total Market ETF, Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II 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, 2024 for Syntax Stratified U.S. Total Market ETF, Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II ETF. The Advisor reimbursed management fees of $48,227, $107,398 and $23,744 for acquired fund fees and expenses in affiliated funds for Syntax Stratified U.S. Total Market ETF, Syntax Stratified U.S. Total Market Hedged ETF and Syntax Stratified Total Market II ETF, respectively. These amounts are included in Expense Waiver/Reimbursement in the Statements of Operations and are not subject to recoupment.
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 (only with respect to each of the Syntax Stratified LargeCap, MidCap and SmallCap ETFs), (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
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Notes to Financial Statements  (continued)
December 31, 2023
Note  6—Fund Fees and Expenses–(continued)
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%
Syntax Stratified SmallCap ETF
 0.40%
Syntax Stratified U.S. Total Market ETF
 0.35%
Syntax Stratified U.S. Total Market Hedged ETF
 0.65%
Syntax Stratified Total Market II ETF
 0.35%
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 ended December 31, 2023 as noted below.
  Expenses Waived and Reimbursed
Syntax Stratified LargeCap ETF
 $143,465
Syntax Stratified MidCap ETF
 10,576
Syntax Stratified SmallCap ETF
 8,771
Syntax Stratified U.S. Total Market ETF
 61,349
Syntax Stratified U.S. Total Market Hedged ETF
 128,744
Syntax Stratified Total Market II ETF
 30,097
Subject to approval by the Funds' Board of Trustees, any waiver and/or reimbursement under an expense limitation agreement entered into between the Advisor and the Trust is subject to repayment by a Fund within 36 months following the month in which fees are waived or reimbursed, if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the expense limit in place at the time such amounts were waived or reimbursed; and (ii) the Fund’s current expense limit as noted above. At December 31, 2023, the waivers and reimbursements subject to repayment are as follows:
  2024   2025   2026
Syntax Stratified LargeCap ETF
 $120,877   $149,044   $143,465
Syntax Stratified MidCap ETF
 9,028   9,684   10,576
Syntax Stratified SmallCap ETF
 17,104   9,526   8,771
Syntax Stratified U.S. Total Market ETF
 58,102   40,344   61,349
Syntax Stratified U.S. Total Market Hedged ETF
 86,619   152,651   128,744
Syntax Stratified Total Market II ETF
 —   27,622   30,097
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.
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Notes to Financial Statements  (continued)
December 31, 2023
Note  6—Fund Fees and Expenses–(continued)
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.
An interested Trustee and officers of the Trust are affiliated with the Advisor and receive no compensation from the Trust for serving as officers and/or Trustee.
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.
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: Geopolitical and other events, including but not limited to war, terrorism, economic uncertainty, trade disputes and public health crises have led, and in the future may lead, to disruptions in the U.S. and world economies and markets, which in turn may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money and encounter operational difficulties. In particular, the global COVID-19 pandemic 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 ongoing effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. On February 24, 2022, Russia launched an invasion of Ukraine which has resulted in increased volatility in various financial markets and across various sectors. The U.S. and other countries, along with certain international organizations, have imposed economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to the invasion. The extent and duration of the military action, resulting sanctions, future market disruptions in the region and potential negative impact on other regional and global economic markets of the world are impossible to predict. Such major events have caused temporary market closures, supply chain disruptions, extreme volatility, severe losses, reduced liquidity and increased trading costs. Further, such events may have an impact on
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Notes to Financial Statements  (continued)
December 31, 2023
Note  8—Risks–(continued)
the Fund and its investments and could impact the Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to the Fund’s NAV.
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.
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.
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Notes to Financial Statements  (continued)
December 31, 2023
Note  8—Risks–(continued)
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 Underlying 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
Pursuant to a supplement filed on February 29, 2024, an Agreement and Plan of Reorganization was approved by the Syntax ETF Trust board and will be subject to approval by the Syntax Fund’s shareholders via a proxy vote. Other than that, there are no subsequent events requiring recognition or disclosure through the date of issuance of 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, Syntax Stratified U.S. Total Market Hedged ETF, and Syntax Stratified Total Market II 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, 2023, the related statements of operations, the statements of 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 each of the Funds as of December 31, 2023, 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, Syntax Stratified SmallCap ETF For the year ended December 31, 2023 For the years ended December 31, 2023 and December 31, 2022 For the years ended December 31, 2023, December 31, 2022 and December 31, 2021
Syntax Stratified U.S. Total Market ETF For the year ended December 31, 2023 For the years ended December 31, 2023 and December 31, 2022 For the years ended December 31, 2023, December 31, 2022 and for the period from March 18, 2021 (commencement of operations) through December 31, 2021
Syntax Stratified U.S. Total Market Hedged ETF For the year ended December 31, 2023 For the years ended December 31, 2023 and December 31, 2022 For the years ended December 31, 2023, December 31, 2022 and for the period from June 15, 2021 (commencement of operations) through December 31, 2021
Syntax Stratified Total Market II ETF For the year ended December 31, 2023 For the year ended December 31, 2023 and for the period from June 14, 2022 (commencement of operations) through December 31, 2022 For the year ended December 31, 2023 and for the period from June 14, 2022 (commencement of operations) through December 31, 2022
The Funds’ 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 highlights.
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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, 2023, 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
February 29, 2024
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Other Information
December 31, 2023 (Unaudited)
Federal Tax Information (Unaudited)
The Form 1099-DIV you received in February 2024 showed the tax status of all distributions paid to your account in calendar year 2023. 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, 2023, 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 and Syntax Stratified Total Market II ETF, designate approximately $1,874,522, $128,180,  $237,050, $297,992, $552,739 and $127,731, 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 2023 ordinary income dividends for 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 Hedge ETF and Syntax Stratified Total Market II ETF, 100.00%, 100.00%, 100.00%, 100.00%, 100.00% and 100.00%, respectively, qualify for the corporate dividends received deduction.
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Other Information  (continued)
December 31, 2023 (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, 2023 to December 31, 2023.
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%   $1,063.50   $1.56   $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%   $1,067.10   $1.82   $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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Other Information  (continued)
December 31, 2023 (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%   $1,048.90   $2.07   $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%   $1,061.20   $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
 0.36%   $1,039.40   $1.85   $1,023.40   $1.84
    
(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 Total Market II ETF
 0.04%   $1,061.20   $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.
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Syntax ETF Trust
Other Information  (continued)
December 31, 2023 (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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Table of Contents
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)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Lead Independent Trustee Term: Unlimited
Trustee since 2018 		Co-Founder and Managing Partner, ETFGI LLP (research and consulting) (2012 to present). 9 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)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Independent Trustee and Chairman of the Audit Committee Term: Unlimited
Trustee since 2018 		Managing Member, George Hornig, LLC (2017 to present) (investments); Director and Audit Committee Chairman, Forrester Research, Inc. (technology research company) (1997 to 2018); Managing Partner and Co-Founder, The Seed Lab L.P. (early stage venture fund) (2019 to present). 9 Director, Daniel J. Edelman Holding (2016 to present) (global communications marketing firm); Chairman, Xometry (advanced manufacturing platform business) (2013 to present); Director, Vaxxinity (vaccine development biotech firm) (2022 to present); Co-Chairman, Healthwell Acquisition Corp I (2021 to present) (SPAC); Chairman, KBL Merger Corp IV (2017 to 2020) (healthcare acquisition corp).
Richard Lyons
(1961)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		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; 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. 9 Trustee, Matthews International Funds (2009 to present)
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Table of Contents
Trustees and Officers of the Trust  (continued)
Stewart Myers
(1940)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Independent Trustee Term: Unlimited
Trustee since 2018 		Professor Emeritus, MIT Sloan School of Management (since 2015); Principal, The Brattle Group, Inc. (1991-2022); Research Associate, National Bureau of Economic Research (since 1978). 9  
Interested Trustees          
Rory Riggs
(1953)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		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). 9 Director and Co-Founder, Royalty Pharma (1996 to present) (biopharmaceuticals); Chairman and Co-Founder (2012 to present), Chief Executive Officer (2021 to present) Cibus, Inc. (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)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		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). 9 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.
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Table of Contents
Trustees and Officers of the Trust  (continued)
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)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Chief Executive Since 2018 See Trustee table above
Carly Arison
(1990)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		President Since 2021 President, Senior Vice President, Vice President, and Manager, Syntax Advisors, LLC and predecessor companies (2012 to Present)
David Jaffin
(1954)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Treasurer Since 2019 Principal, Jaffin CFO Solutions (2023 to present); Partner, B2B CFO® (January 2019 to 2023); Chief Financial Officer, Poliwogg Holdings, Inc. (October 2012 to August 2018).
James Nash
(1981)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Chief Compliance
Officer 		Since 2022 Mr. Nash currently serves as Director and Fund Chief Compliance Officer at Foreside Fund Officer Services, LLC (d/b/a ACA Group, LLC) (2016 to present).
Bill Belitsky
(1979)
c/o Syntax Advisors
One Liberty Plaza
46th Floor
New York, NY 10006 		Secretary Since 2022 Legal counsel to Syntax Advisors LLC (since April 2021); Of Counsel, Paul Hastings LLP (2006 to 2021).
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Table of Contents
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 Congress Street, Suite 1
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