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, 2022
Syntax ETF Trust
Annual Report
December 31, 2022
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 year or period ending December 31, 2022, 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 ETF (“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.
2022 was a difficult year for U.S. equities. In an environment characterized by market volatility and an inflation-fueled rise in global interest rates, the Stratified Weight diversification approach showed consistent market strength compared to both the capitalization weighted S&P 500 Index and the equal weighted S&P 500 Equal Weight Index. Rising rates were particularly harmful for growth companies, which are overrepresented in the S& P 500. Since the Stratified Weight method constrains over-representation in any given sector, SSPY’s performance avoided this particular risk., For the year, the Syntax Stratified LargeCap Index substantially outperformed the S&P 500 Index by more than 9% and the S&P 500 Equal Weight Index by over 2%.
The markets declined during the first three quarters of the year, but rebounded in the last quarter, as consumer stocks and a wide range of growth companies recovered. However, Q4 2022 highlighted the risks inherent in concentrated stock positions, especially in mega-cap companies, as Tesla dropped by 53.6% and Amazon fell by 25.7% during the quarter, which dragged the S&P 500 Index down given the oversize weightings of these companies. In Q4 2022, the S&P 500 Index rose by 7.56% compared to the S&P 500 Equal Weight Index, which gained 11.64% and SSPY which rose 12.08% on a net asset value basis.
The Syntax Stratified MidCap (SMDY) and Syntax Stratified SmallCap ETFs (SSLY) were also affected by the market decline. For the year ending December 31, 2022, The Syntax Stratified MidCap ETF declined 12.7% on a market price basis and 12.6% on a net asset value (“NAV”) basis. For the year, the Syntax Stratified MidCap ETF outperformed the S&P 400 Index, which returned -13.06% in 2022. For the year ending December 31, 2022, SSLY returned -18.6% on a market price basis and -18.55% on a net asset value (“NAV”) basis. The Syntax Stratified SmallCap ETF underperformed the S&P 600 Index by 2.45% on a net asset value basis in 2022, driven by its relative overweight in underperforming tech stocks.
The Syntax Stratified U.S. Total Market ETF (SYUS) outperformed the S&P Composite 1500 Index by 7.73% for 2022 on a net asset value (“NAV”) basis. For the year ending December 31, 2022, SYUS returned -10.05% on a market price basis and on a net asset value (“NAV”) basis. During 2022, SYUS’s largest holding was SSPY, which has a target weight of approximately 85% in the portfolio, which drove outperformance for the year.
The Syntax Stratified U.S. Total Market Hedged ETF (SHUS) saw significant outperformance in 2022, returning -3.32% on a market price basis and -3.53% on a net asset value (“NAV”) basis. SHUS outperformed the S&P Composite 1500 Index by 14.25% on a net asset value (“NAV”) basis for the year ending December 31, 2022.
1 Business risks are risks related to the nature of a company's business: what it does, who its customers are, what supplies it utilizes, and other such attributes.
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Our newest ETF, the Syntax Stratified Total Market II ETF (NYSE Arca Ticker: SYII), launched on June 14, 2022. SYII provides stratified, U.S. total market equity exposure by generally investing in SSPY, SMDY, and SSLY. Additional information is provided in the Manager’s Note.
Overall, while 2022 was a challenging year, we believe that the power of business risk diversification in 2022 was demonstrated, specifically in SSPY. 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 within the US large-cap space. The rising interest rate environment in 2022 created significant headwind for the S&P 500, which SSPY was better able to weather given its more rigorous diversification across business risks. We are cautiously confident that this relative outperformance may persist, as prolonged macroeconomic uncertainty remains amidst tight monetary policy, and as cap-weighted market indices remain concentrated.
As we begin 2023, many of the same macro-level risks that framed 2022 remain: heightened geopolitical tensions with China and Russia, coupled with continuing global inflation, energy and food shortages and above all else, tightening monetary policy. In other words, we expect more of the same macroeconomic uncertainty that defined 2022.
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. In spite of the uncertainties and challenges that are constant features of the markets, we look forward to the year ahead and appreciate your investment in and support of The Syntax ETF Trust.
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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 ending December 31, 2022, on a market price basis, the Fund returned -9.17%. On a net asset value (“NAV”) basis, the Fund returned -9.02%. During the same time period, the Index returned -8.79%. 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 -18.11% and the S&P 500 Equal Weight Index returned -11.45%. 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  
Chevron Corp.
 0.84%
Exxon Mobil Corp.
 0.84%
Walmart, Inc.
 0.77%
Kroger Co.
 0.76%
Costco Wholesale Corp.
 0.75%
Sysco Corp.
 0.74%
Walgreens Boots Alliance, Inc.
 0.65%
CVS Health Corp.
 0.65%
Valero Energy Corp.
 0.58%
Marathon Petroleum Corp.
 0.57%
As of December 31, 2022. Holdings subject to change  
Sector Breakdown  
Energy
 13.11%
Financials
 12.52%
Consumer Products Services
 12.45%
Healthcare
 12.44%
Industrials
 12.43%
Food
 12.34%
Information
 12.32%
Information Tools
 12.15%
Other Assets in Excess of Liabilities
 0.24%
As of December 31, 2022. (% 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, 2022
  Cumulative Annualized   Calendar Year
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception 		2015 2016 2017 2018 2019 2020 2021 2022
SSPY NAV (%)
 -9.02 12.08 -9.02 9.53 9.62 9.92 -1.44 14.11 19.73 -6.57 28.93 12.18 28.76 -9.02
SSPY Market Price (%)
 -9.17 11.94 -9.17 9.50 -- -- -- -- -- -- 28.90 12.22 28.82 -9.17
Syntax Stratified LargeCap Index (TR)
 -8.79 12.20 -8.79 9.83 9.90 -- -- -- 20.12 -6.43 29.33 12.38 29.25 -8.79
S&P 500 Index (TR)
 -18.11 7.56 -18.11 7.66 9.42 10.17 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11
S&P 500 Equal Weight Index (TR)
 -11.45 11.64 -11.45 9.01 9.11 9.48 -2.20 14.80 18.90 -7.64 29.24 12.83 29.63 -11.45
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.30%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures relating to Portability of Performance on page 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 ending December 31, 2022, on a market price basis, the Fund returned -12.67%. On a net asset value (“NAV”) basis, the Fund returned -12.61%. During the same time period, the Index returned -12.30%. 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 -13.06% and the S&P 400 Equal Weight Index returned -11.47%. 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  
MKS Instruments, Inc.
 1.24%
Azenta, Inc.
 1.18%
TripAdvisor, Inc.
 1.17%
Ziff Davis, Inc.
 1.11%
Helen of Troy Ltd.
 1.03%
Coty, Inc.
 0.98%
Arrowhead Pharmaceuticals, Inc.
 0.93%
Energizer Holdings, Inc.
 0.89%
Scotts Miracle-Gro Co.
 0.86%
NCR Corp.
 0.81%
As of December 31, 2022. Holdings subject to change  
Sector Breakdown  
Industrials
 14.95%
Healthcare
 14.53%
Financials
 14.17%
Consumer Products Services
 14.14%
Information
 14.09%
Information Tools
 13.73%
Energy
 7.23%
Food
 6.98%
Other Assets in Excess of Liabilities
 0.18%
As of December 31, 2022. (% 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, 2022
  Cumulative Annualized   Calendar Year
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception 		2015 2016 2017 2018 2019 2020 2021 2022
SMDY NAV (%)
 -12.61 12.71 -12.61 7.70 7.33 8.14 -4.12 19.25 14.82 -7.58 23.35 17.22 21.95 -12.61
SMDY Market Price (%)
 -12.67 12.37 -12.67 -- -- -- -- -- -- -- -- -- 21.66 -12.67
Syntax Stratified MidCap Index (TR)
 -12.30 12.83 -12.30 8.17 7.75 -- -- -- 15.13 -7.33 23.81 17.79 22.53 -12.30
S&P 400 Index (TR)
 -13.06 10.78 -13.06 7.23 6.71 8.35 -2.18 20.74 16.24 -11.08 26.20 13.66 24.76 -13.06
S&P 400 Equal Weight Index (TR)
 -11.47 11.81 -11.47 9.22 7.18 8.30 -5.24 23.95 13.87 -11.94 23.29 15.77 27.12 -11.47
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, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.35%, respectively. Prior to May 1, 2021, the net expense ratio was 0.30%. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures relating to Portability of Performance on page 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 ending December 31, 2022, on a market price basis, the Fund returned -18.56%. On a net asset value (“NAV”) basis, the Fund returned -18.55%. During the same time period, the Index returned -18.21%. 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 -16.10% and the S&P 600 Equal Weight Index returned -16.23%. The S&P 600 is an unmanaged index weighted by market capitalization based on the average performance of approximately 601 equity securities. The S&P Equal Weight 600 is an unmanaged index and is the equal-weight version of the S&P 600 Index. It includes the same companies as the S&P 600 Index, but each company is allocated an equal fixed weight of the index at each quarterly rebalance.
Both the S&P 600 Index and the S&P 600 Equal Weight Index were selected as performance comparators. Both indices use the same underlying universe as the Index. Their performance comparison is a useful measure for investors as a broad representation of the U.S. equity market using two different weighting methodologies: capitalization weighting and equal weighting. The performance of the Fund differed from the S&P 600 Index and the S&P 600 Equal Weight Index in part because the Fund seeks to track its Index that employs a Stratified Weight methodology.
 
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Syntax Stratified SmallCap ETF (SSLY)
Manager’s Note (Unaudited)
Portfolio Allocations
Top 10 Holdings and Portfolio Weights  
Community Healthcare Trust, Inc., REIT
 0.62%
Plexus Corp.
 0.58%
CareTrust REIT, Inc.
 0.56%
Sanmina Corp.
 0.55%
Vista Outdoor, Inc.
 0.55%
Blucora, Inc.
 0.54%
Liquidity Services, Inc.
 0.54%
Sturm Ruger & Co., Inc.
 0.52%
Brightsphere Investment Group, Inc.
 0.51%
Shutterstock, Inc.
 0.51%
As of December 31, 2022. Holdings subject to change  
Sector Breakdown  
Industrials
 14.46%
Financials
 14.44%
Healthcare
 14.40%
Information
 14.35%
Consumer Products Services
 14.02%
Information Tools
 13.77%
Energy
 7.35%
Food
 7.01%
Other Assets in Excess of Liabilities
 0.20%
As of December 31, 2022. (% 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, 2022
  Cumulative Annualized   Calendar Year
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception 		2021 2022
SSLY NAV (%)
 -18.55 9.53 -18.55 -- -- 16.38 25.72 -18.55
SSLY Market Price (%)
 -18.56 9.39 -18.56 -- -- 16.38 25.47 -18.56
Syntax Stratified SmallCap Index (TR)
 -18.21 9.65 -18.21 -- -- 17.44 27.34 -18.21
S&P 600 Index (TR)
 -16.10 9.19 -16.10 -- -- 16.30 26.82 -16.10
S&P 600 Equal Weight Index (TR)
 -16.23 10.39 -16.23 -- -- 20.38 32.50 -16.23
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.45% and 0.40%, respectively. Prior to May 1, 2021, the net expense ratio was 0.30%. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain risks, including but not limited to, equity securities risk, small-capitalization risk, index tracking risk, passive strategy/index risk, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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Syntax Stratified U.S. Total Market ETF (SYUS)
Manager’s Note (Unaudited)
The Syntax Stratified U.S. Total Market ETF (the “Fund”) seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500 Index (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 ending December 31, 2022, on a market price basis, the Fund returned -10.05%. On a net asset value (“NAV”) basis, the Fund returned -10.05%. During the same time period, the S&P Composite 1500 Index returned -17.78%. 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 2022, the target allocation for SSPY, SMDY, and SSLY in the Fund’s equity portfolio was approximately 85%, 10%, and 5% respectively, therefore a key driver of the Fund’s performance was from SSPY. For the year, the Syntax Stratified LargeCap ETF, SSPY, outperformed the S&P 500 Index by approximately 9% on a net asset value (“NAV”) basis.
 
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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, 2022
  Cumulative Annualized   Calendar Year
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception 		2022
SYUS NAV (%)
 -10.05 11.81 -10.05 -- -- 2.01 -10.05
SYUS Market Price (%)
 -10.05 11.81 -10.05 -- -- 2.01 -10.05
S&P Composite 1500® Index (TR)
 -17.78 7.79 -17.78 -- -- 0.04 -17.78
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.75% and 0.35%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
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Syntax Stratified U.S. Total Market Hedged ETF (SHUS)
Manager’s Note (Unaudited)
The Syntax Stratified U.S. Total Market Hedged ETF (the “Fund”) seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500 Index (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 will also buy and sell options on equity indices including different expiration dates and engage in various option spread strategies. Each option strategy includes a hedging element so that the Fund is not exposed to significant losses on written options.
For the year ending December 31, 2022, on a market price basis, the Fund returned -3.32%. On a net asset value (“NAV”) basis, the Fund returned -3.53%. During the same time period, the Index returned -17.78%. 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 2022, 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. 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.
The 2022 market environment was one which demonstrates the effectiveness of a hedged options strategy paired with Stratified Weight equity exposure. SSPY outperformed the S&P 500 Index and S&P Composite 1500 index by over 9% and 8% respectively for the year, while the options effectively mitigated the downside: SHUS outperformed the S&P Composite 1500 Index by 14.25% on a net asset value basis for the year ending December 31, 2022.
 
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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Table of Contents
Syntax Stratified U.S. Total Market Hedged ETF (SHUS)
Manager’s Note (Unaudited)
Performance: Growth of $10,000
Performance Return (%) As of December 31, 2022
  Cumulative Annualized   Calendar Year
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception 		2022
SHUS NAV (%)
 -3.53 7.07 -3.53 -- -- -0.07 -3.53
SHUS Market Price (%)
 -3.32 8.41 -3.32 -- -- 0.08 -3.32
S&P Composite 1500® Index (TR)
 -17.78 7.79 -17.78 -- -- -5.04 -17.78
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 1.00% and 0.65%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, the risks associated with investing in call and put options, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
15
Table of Contents
Syntax Stratified Total Market II ETF (SYII)
Manager’s Note (Unaudited)
The Syntax Stratified U.S. Total Market II (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 inception of the Fund on June 14, 2022, through December 31, 2022, on a market price basis, the Fund returned 8.33%. On a net asset value (“NAV”) basis, the Fund returned 8.29%. During this same time period, the S&P Composite 1500 Index returned 3.93%. 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.
 
16
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, 2022
  YTD 4Q22 1Y 3Y 5Y Since Fund
Inception
SYII NAV (%)
 -- 11.77 -- -- -- 8.29
SYII Market Price (%)
 -- 11.80 -- -- -- 8.33
S&P Composite 1500® Index (TR)
 -- 7.79 -- -- -- 3.93
*Inception date June 14, 2022.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The Growth of $10,000 chart represents a hypothetical investment based upon the historical performance of the Fund. It includes the reinvestment of dividends and capital gains at net asset value: actual returns may differ. Performance reflects contractual reimbursements in effect until May 1, 2023. In the absence of such reimbursements, performance would be reduced. The gross and net expense ratios of the Fund are 0.75% and 0.35%, respectively. Indexes are unmanaged and do not incur fees, expenses, and other costs. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Please see important disclosures below. The Fund is subject to certain other risks, including but not limited to, equity securities risk, large-, mid-, and small-capitalization risk, index tracking risk, passive strategy/index risk, the risks of the underlying ETFs in which it invests, and market trading risk. Investing involves risk, including possible loss of principal.
Performance data current to the most recent month end is available by calling (866) 972-4492.
17
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.
18
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments
December 31, 2022
Security Description Shares Value
COMMON STOCK—99.8%    
3M Co.
 1,363 $163,451
A O Smith Corp.
 3,313 189,636
Abbott Laboratories
 598 65,654
AbbVie, Inc.
 1,486 240,152
Accenture PLC, Class A
 593 158,236
Activision Blizzard, Inc.
 4,548 348,149
Adobe, Inc.(a)
 522 175,669
Advance Auto Parts, Inc.
 868 127,622
Advanced Micro Devices, Inc.(a)
 1,993 129,087
AES Corp.
 13,485 387,829
Aflac, Inc.
 2,438 175,390
Agilent Technologies, Inc.
 845 126,454
Air Products & Chemicals, Inc.
 154 47,472
Akamai Technologies, Inc.(a)
 3,844 324,049
Alaska Air Group, Inc.(a)
 3,471 149,045
Albemarle Corp.
 190 41,203
Alexandria Real Estate Equities, Inc., REIT
 766 111,583
Align Technology, Inc.(a)
 681 143,623
Allegion PLC
 709 74,629
Alliant Energy Corp.
 1,432 79,061
Allstate Corp.
 1,330 180,348
Alphabet, Inc., Class A(a)
 2,461 217,134
Alphabet, Inc., Class C(a)
 2,451 217,477
Altria Group, Inc.
 8,246 376,925
Amazon.com, Inc.(a)
 1,708 143,472
Amcor PLC
 6,922 82,441
Ameren Corp.
 890 79,139
American Airlines Group, Inc.(a)
 11,418 145,237
American Electric Power Co., Inc.
 2,662 252,757
American Express Co.
 298 44,030
American International Group, Inc.
 4,094 258,905
American Tower Corp., REIT
 326 69,066
American Water Works Co., Inc.
 2,193 334,257
Ameriprise Financial, Inc.
 355 110,536
AmerisourceBergen Corp.
 1,240 205,480
AMETEK, Inc.
 921 128,682
Amgen, Inc.
 864 226,921
Amphenol Corp., Class A
 2,446 186,238
Analog Devices, Inc.
 1,350 221,441
ANSYS, Inc.(a)
 702 169,596
Aon PLC, Class A
 121 36,317
APA Corp.
 1,740 81,223
Apple, Inc.
 3,601 467,878
Applied Materials, Inc.
 1,584 154,250
Aptiv PLC(a)
 4,127 384,348
Arch Capital Group Ltd.(a)
 2,861 179,614
Archer-Daniels-Midland Co.
 5,559 516,153
Arista Networks, Inc.(a)
 1,610 195,374
Arthur J Gallagher & Co.
 194 36,577
Assurant, Inc.
 1,314 164,329
AT&T, Inc.
 13,442 247,467
Security Description Shares Value
Atmos Energy Corp.
 2,908 $325,900
Autodesk, Inc.(a)
 878 164,072
Automatic Data Processing, Inc.
 886 211,630
AutoZone, Inc.(a)
 51 125,775
AvalonBay Communities, Inc., REIT
 669 108,057
Avery Dennison Corp.
 359 64,979
Baker Hughes Co.
 12,629 372,934
Ball Corp.
 1,593 81,466
Bank of America Corp.
 3,959 131,122
Bank of New York Mellon Corp.
 2,556 116,349
Bath & Body Works, Inc.
 12,110 510,315
Baxter International, Inc.
 980 49,951
Becton Dickinson & Co.
 207 52,640
Berkshire Hathaway, Inc., Class B(a)
 1,680 518,952
Best Buy Co., Inc.
 3,135 251,458
Biogen, Inc.(a)
 846 234,274
Bio-Rad Laboratories, Inc., Class A(a)
 252 105,963
Bio-Techne Corp.
 1,590 131,779
BlackRock, Inc.
 160 113,381
Boeing Co.(a)
 958 182,489
Booking Holdings, Inc.(a)
 108 217,650
BorgWarner, Inc.
 9,505 382,576
Boston Properties, Inc., REIT
 1,714 115,832
Boston Scientific Corp.(a)
 1,392 64,408
Bristol-Myers Squibb Co.
 3,072 221,030
Broadcom, Inc.
 423 236,512
Broadridge Financial Solutions, Inc.
 800 107,304
Brown & Brown, Inc.
 664 37,828
Brown-Forman Corp., Class B
 3,789 248,862
Cadence Design Systems, Inc.(a)
 2,090 335,738
Caesars Entertainment, Inc.(a)
 1,381 57,450
Camden Property Trust
 986 110,314
Campbell Soup Co.
 3,957 224,560
Capital One Financial Corp.
 3,624 336,887
Cardinal Health, Inc.
 2,639 202,860
CarMax, Inc.(a)
 1,956 119,101
Carnival Corp.(a)
 9,623 77,561
Carrier Global Corp.
 1,789 73,796
Catalent, Inc.(a)
 5,486 246,925
Caterpillar, Inc.
 567 135,831
Cboe Global Markets, Inc.
 370 46,424
CBRE Group, Inc., Class A(a)
 496 38,172
CDW Corp.
 691 123,399
Celanese Corp.
 669 68,399
Centene Corp.(a)
 3,176 260,464
CenterPoint Energy, Inc.
 8,440 253,116
Ceridian HCM Holding, Inc.(a)
 3,517 225,616
CF Industries Holdings, Inc.
 867 73,868
CH Robinson Worldwide, Inc.
 897 82,129
Charles River Laboratories International, Inc.(a)
 607 132,265
Charles Schwab Corp.
 3,214 267,598
 
See accompanying notes to financial statements.
19
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Charter Communications, Inc., Class A(a)
 904 $306,546
Chevron Corp.
 4,574 820,987
Chipotle Mexican Grill, Inc.(a)
 336 466,197
Chubb Ltd.
 789 174,053
Church & Dwight Co., Inc.
 6,416 517,194
Cigna Corp.
 621 205,762
Cincinnati Financial Corp.
 1,608 164,643
Cintas Corp.
 428 193,293
Cisco Systems, Inc.
 4,233 201,660
Citigroup, Inc.
 2,864 129,539
Citizens Financial Group, Inc.
 1,431 56,338
Clorox Co.
 3,451 484,279
CME Group, Inc.
 259 43,553
CMS Energy Corp.
 1,269 80,366
Coca-Cola Co.
 4,070 258,893
Cognizant Technology Solutions Corp., Class A
 2,348 134,282
Colgate-Palmolive Co.
 6,605 520,408
Comcast Corp., Class A
 9,717 339,803
Comerica, Inc.
 3,111 207,970
Conagra Brands, Inc.
 5,787 223,957
ConocoPhillips
 663 78,234
Consolidated Edison, Inc.
 2,662 253,715
Constellation Brands, Inc., Class A
 1,063 246,350
Constellation Energy Corp.
 4,304 371,048
Cooper Companies, Inc.
 421 139,212
Copart, Inc.(a)
 3,590 218,595
Corning, Inc.
 5,807 185,476
Corteva, Inc.
 1,352 79,471
CoStar Group, Inc.(a)
 610 47,141
Costco Wholesale Corp.
 1,595 728,117
Coterra Energy, Inc.
 5,241 128,771
Crown Castle, Inc., REIT
 493 66,871
CSX Corp.
 2,729 84,544
Cummins, Inc.
 319 77,291
CVS Health Corp.
 6,740 628,101
Danaher Corp.
 385 102,187
Darden Restaurants, Inc.
 3,597 497,573
DaVita, Inc.(a)
 1,154 86,169
Deere & Co.
 299 128,199
Delta Air Lines, Inc.(a)
 4,563 149,940
DENTSPLY SIRONA, Inc.
 1,701 54,160
Devon Energy Corp.
 2,147 132,062
Dexcom, Inc.(a)
 1,102 124,790
Diamondback Energy, Inc.
 567 77,554
Digital Realty Trust, Inc., REIT
 3,209 321,766
Discover Financial Services
 3,325 325,285
DISH Network Corp., Class A(a)
 17,529 246,107
Dollar General Corp.
 706 173,853
Dollar Tree, Inc.(a)
 1,200 169,728
Dominion Energy, Inc.
 4,412 270,544
Domino's Pizza, Inc.
 1,415 490,156
Security Description Shares Value
Dover Corp.
 1,242 $168,179
Dow, Inc.
 1,363 68,682
DR Horton, Inc.
 3,009 268,222
DTE Energy Co.
 2,202 258,801
Duke Energy Corp.
 787 81,053
DuPont de Nemours, Inc.
 710 48,727
DXC Technology Co.(a)
 5,189 137,509
Eastman Chemical Co.
 572 46,584
Eaton Corp. PLC
 1,615 253,474
eBay, Inc.
 3,459 143,445
Ecolab, Inc.
 331 48,180
Edison International
 3,910 248,754
Edwards Lifesciences Corp.(a)
 867 64,687
Electronic Arts, Inc.
 2,747 335,628
Elevance Health, Inc.
 525 269,309
Eli Lilly & Co.
 671 245,479
Emerson Electric Co.
 385 36,983
Enphase Energy, Inc.(a)
 798 211,438
Entergy Corp.
 2,193 246,713
EOG Resources, Inc.
 598 77,453
EPAM Systems, Inc.(a)
 396 129,785
EQT Corp.
 3,587 121,348
Equifax, Inc.
 246 47,813
Equinix, Inc., REIT
 509 333,410
Equity Residential, REIT
 1,828 107,852
Essex Property Trust, Inc., REIT
 531 112,530
Estee Lauder Companies, Inc., Class A
 2,148 532,940
Etsy, Inc.(a)
 1,194 143,017
Everest Re Group Ltd.
 511 169,279
Evergy, Inc.
 1,271 79,984
Eversource Energy
 943 79,061
Exelon Corp.
 9,319 402,860
Expedia Group, Inc.(a)
 2,412 211,291
Expeditors International of Washington, Inc.
 790 82,097
Extra Space Storage, Inc., REIT
 726 106,853
Exxon Mobil Corp.
 7,425 818,977
F5, Inc.(a)
 1,372 196,896
FactSet Research Systems, Inc.
 109 43,732
Fastenal Co.
 2,511 118,821
Federal Realty Investment Trust
 632 63,857
FedEx Corp.
 499 86,427
Fidelity National Information Services, Inc.
 813 55,162
Fifth Third Bancorp
 1,733 56,860
First Republic Bank
 1,773 216,111
First Solar, Inc.(a)
 1,271 190,383
FirstEnergy Corp.
 6,217 260,741
Fiserv, Inc.(a)
 570 57,610
FleetCor Technologies, Inc.(a)
 244 44,818
FMC Corp.
 672 83,866
Ford Motor Co.
 19,453 226,238
Fortinet, Inc.(a)
 6,581 321,745
Fortive Corp.
 553 35,530
 
See accompanying notes to financial statements.
20
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Fox Corp., Class A
 3,300 $100,221
Fox Corp., Class B
 3,515 100,002
Franklin Resources, Inc.
 4,294 113,276
Freeport-McMoRan, Inc.
 8,817 335,046
Garmin Ltd.
 5,394 497,812
Gartner, Inc.(a)
 397 133,448
Gen Digital, Inc.
 15,083 323,229
Generac Holdings, Inc.(a)
 846 85,158
General Dynamics Corp.
 688 170,700
General Electric Co.
 2,103 176,210
General Mills, Inc.
 2,564 214,991
General Motors Co.
 6,719 226,027
Genuine Parts Co.
 706 122,498
Gilead Sciences, Inc.
 2,746 235,744
Global Payments, Inc.
 468 46,482
Globe Life, Inc.
 1,470 177,209
Goldman Sachs Group, Inc.
 713 244,830
Halliburton Co.
 10,320 406,092
Hartford Financial Services Group, Inc.
 3,441 260,931
Hasbro, Inc.
 3,253 198,466
HCA Healthcare, Inc.
 1,440 345,542
Healthpeak Properties, Inc., REIT
 3,376 84,636
Henry Schein, Inc.(a)
 2,532 202,231
Hershey Co.
 817 189,193
Hess Corp.
 569 80,696
Hewlett Packard Enterprise Co.
 15,838 252,774
Hilton Worldwide Holdings, Inc.
 823 103,994
Hologic, Inc.(a)
 1,391 104,061
Home Depot, Inc.
 803 253,636
Honeywell International, Inc.
 811 173,797
Hormel Foods Corp.
 10,946 498,590
Host Hotels & Resorts, Inc., REIT
 6,460 103,683
Howmet Aerospace, Inc.
 2,028 79,923
HP, Inc.
 18,164 488,067
Humana, Inc.
 513 262,753
Huntington Bancshares, Inc.
 3,912 55,159
Huntington Ingalls Industries, Inc.
 555 128,027
IDEX Corp.
 815 186,089
IDEXX Laboratories, Inc.(a)
 245 99,950
Illinois Tool Works, Inc.
 773 170,292
Illumina, Inc.(a)
 623 125,971
Incyte Corp.(a)
 2,935 235,739
Ingersoll Rand, Inc.
 3,604 188,309
Intel Corp.
 4,836 127,815
Intercontinental Exchange, Inc.
 442 45,345
International Business Machines Corp.
 2,331 328,415
International Flavors & Fragrances, Inc.
 455 47,702
International Paper Co.
 1,783 61,745
Interpublic Group of Companies, Inc.
 5,317 177,109
Intuit, Inc.
 571 222,245
Intuitive Surgical, Inc.(a)
 318 84,381
Invesco Ltd.
 6,227 112,024
Security Description Shares Value
Invitation Homes, Inc.
 3,621 $107,326
IQVIA Holdings, Inc.(a)
 620 127,032
Iron Mountain, Inc., REIT
 1,262 62,911
J M Smucker Co.
 1,419 224,855
Jack Henry & Associates, Inc.
 313 54,950
Jacobs Solutions, Inc.
 3,167 380,262
JB Hunt Transport Services, Inc.
 485 84,565
Johnson & Johnson
 1,380 243,777
Johnson Controls International PLC
 1,167 74,688
JPMorgan Chase & Co.
 967 129,675
Juniper Networks, Inc.
 6,318 201,923
Kellogg Co.
 2,662 189,641
Keurig Dr Pepper, Inc.
 6,735 240,170
KeyCorp
 3,263 56,841
Keysight Technologies, Inc.(a)
 1,131 193,480
Kimberly-Clark Corp.
 3,778 512,863
Kimco Realty Corp., REIT
 3,157 66,865
Kinder Morgan, Inc.
 14,712 265,993
KLA Corp.
 433 163,254
Kraft Heinz Co.
 5,519 224,678
Kroger Co.
 16,616 740,741
L3Harris Technologies, Inc.
 593 123,469
Laboratory Corp. of America Holdings
 732 172,371
Lam Research Corp.
 378 158,873
Lamb Weston Holdings, Inc.
 2,570 229,655
Las Vegas Sands Corp.(a)
 1,443 69,365
Leidos Holdings, Inc.
 1,280 134,643
Lennar Corp., Class A
 2,901 262,541
Lincoln National Corp.
 5,395 165,734
Linde PLC(a)
 144 46,970
Live Nation Entertainment, Inc.(a)
 1,198 83,549
LKQ Corp.
 2,415 128,985
Lockheed Martin Corp.
 267 129,893
Loews Corp.
 9,080 529,636
Lowe's Companies, Inc.
 1,264 251,839
Lumen Technologies, Inc.
 63,046 329,100
LyondellBasell Industries N.V., Class A
 842 69,911
M&T Bank Corp.
 375 54,398
Marathon Oil Corp.
 2,786 75,417
Marathon Petroleum Corp.
 4,777 555,995
MarketAxess Holdings, Inc.
 160 44,622
Marriott International, Inc., Class A
 709 105,563
Marsh & McLennan Companies, Inc.
 220 36,406
Martin Marietta Materials, Inc.
 477 161,212
Masco Corp.
 3,915 182,713
Mastercard, Inc., Class A
 130 45,205
Match Group, Inc.(a)
 10,509 436,018
McCormick & Co., Inc.
 2,584 214,188
McDonald's Corp.
 1,885 496,754
McKesson Corp.
 551 206,691
Medtronic PLC
 818 63,575
Merck & Co., Inc.
 2,225 246,864
 
See accompanying notes to financial statements.
21
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Meta Platforms, Inc., Class A(a)
 3,939 $474,019
MetLife, Inc.
 2,362 170,938
Mettler-Toledo International, Inc.(a)
 90 130,091
MGM Resorts International
 1,877 62,936
Microchip Technology, Inc.
 1,797 126,239
Micron Technology, Inc.
 2,495 124,700
Microsoft Corp.
 1,397 335,029
Mid-America Apartment Communities, Inc., REIT
 711 111,620
Moderna, Inc.(a)
 1,351 242,667
Mohawk Industries, Inc.(a)
 1,936 197,898
Molina Healthcare, Inc.(a)
 805 265,827
Molson Coors Beverage Co., Class B
 4,887 251,778
Mondelez International, Inc., Class A
 2,868 191,152
Monolithic Power Systems, Inc.
 590 208,630
Monster Beverage Corp.(a)
 2,571 261,034
Moody's Corp.
 168 46,808
Morgan Stanley
 2,869 243,922
Mosaic Co.
 1,826 80,107
Motorola Solutions, Inc.
 1,930 497,380
MSCI, Inc.
 102 47,447
Nasdaq, Inc.
 722 44,295
NetApp, Inc.
 3,983 239,219
Netflix, Inc.(a)
 715 210,839
Newell Brands, Inc.
 14,385 188,156
Newmont Corp.
 7,382 348,430
News Corp., Class A
 5,670 103,194
News Corp., Class B
 5,602 103,301
NextEra Energy, Inc.
 3,043 254,395
NIKE, Inc., Class B
 3,125 365,656
NiSource, Inc.
 12,494 342,585
Nordson Corp.
 162 38,511
Norfolk Southern Corp.
 348 85,754
Northern Trust Corp.
 1,303 115,302
Northrop Grumman Corp.
 248 135,311
Norwegian Cruise Line Holdings Ltd.(a)
 5,569 68,165
NRG Energy, Inc.
 11,875 377,862
Nucor Corp.
 2,310 304,481
NVIDIA Corp.
 800 116,912
NVR, Inc.(a)
 56 258,304
NXP Semiconductors N.V.
 1,339 211,602
Occidental Petroleum Corp.
 1,174 73,950
Old Dominion Freight Line, Inc.
 292 82,864
Omnicom Group, Inc.
 2,264 184,674
ON Semiconductor Corp.(a)
 3,219 200,769
ONEOK, Inc.
 4,037 265,231
Oracle Corp.
 4,291 350,746
O'Reilly Automotive, Inc.(a)
 154 129,981
Organon & Co.
 8,956 250,141
Otis Worldwide Corp.
 984 77,057
PACCAR, Inc.
 1,263 124,999
Packaging Corp. of America
 471 60,246
Security Description Shares Value
Paramount Global, Class B
 10,898 $183,958
Parker-Hannifin Corp.
 260 75,660
Paychex, Inc.
 1,905 220,142
Paycom Software, Inc.(a)
 728 225,906
PayPal Holdings, Inc.(a)
 769 54,768
Pentair PLC
 4,270 192,065
PepsiCo, Inc.
 1,053 190,235
PerkinElmer, Inc.
 739 103,623
Pfizer, Inc.
 4,670 239,291
PG&E Corp.(a)
 5,010 81,463
Philip Morris International, Inc.
 3,782 382,776
Phillips 66
 5,231 544,442
Pinnacle West Capital Corp.
 1,025 77,941
Pioneer Natural Resources Co.
 591 134,978
PNC Financial Services Group, Inc.
 365 57,648
Pool Corp.
 384 116,095
PPG Industries, Inc.
 529 66,516
PPL Corp.
 2,731 79,800
Principal Financial Group, Inc.
 1,935 162,385
Procter & Gamble Co.
 3,394 514,395
Progressive Corp.
 1,320 171,217
Prologis, Inc., REIT
 589 66,398
Prudential Financial, Inc.
 1,692 168,286
PTC, Inc.(a)
 1,415 169,857
Public Service Enterprise Group, Inc.
 4,306 263,829
Public Storage, REIT
 381 106,752
PulteGroup, Inc.
 5,840 265,895
Qorvo, Inc.(a)
 2,317 210,013
QUALCOMM, Inc.
 1,915 210,535
Quanta Services, Inc.
 2,595 369,787
Quest Diagnostics, Inc.
 1,149 179,750
Ralph Lauren Corp.
 4,782 505,314
Raymond James Financial, Inc.
 2,255 240,947
Raytheon Technologies Corp.
 1,739 175,500
Realty Income Corp., REIT
 1,063 67,426
Regency Centers Corp., REIT
 1,045 65,313
Regeneron Pharmaceuticals, Inc.(a)
 320 230,877
Regions Financial Corp.
 2,585 55,733
Republic Services, Inc.
 1,414 182,392
ResMed, Inc.
 587 122,172
Robert Half International, Inc.
 2,343 172,984
Rockwell Automation, Inc.
 144 37,090
Rollins, Inc.
 4,993 182,444
Roper Technologies, Inc.
 85 36,728
Ross Stores, Inc.
 4,457 517,324
Royal Caribbean Cruises Ltd.(a)
 1,524 75,331
S&P Global, Inc.
 136 45,552
Salesforce, Inc.(a)
 2,616 346,855
SBA Communications Corp., REIT
 243 68,115
Schlumberger Ltd.
 7,274 388,868
Seagate Technology Holdings PLC
 4,742 249,477
Sealed Air Corp.
 1,681 83,848
 
See accompanying notes to financial statements.
22
Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Sempra Energy
 494 $76,343
ServiceNow, Inc.(a)
 871 338,183
Sherwin-Williams Co.
 267 63,367
Signature Bank
 1,740 200,483
Simon Property Group, Inc., REIT
 584 68,608
Skyworks Solutions, Inc.
 2,402 218,894
Snap-on, Inc.
 819 187,133
SolarEdge Technologies, Inc.(a)
 808 228,882
Southern Co.
 1,161 82,907
Southwest Airlines Co.
 4,050 136,364
Stanley Black & Decker, Inc.
 2,449 183,969
Starbucks Corp.
 5,028 498,778
State Street Corp.
 1,442 111,856
Steel Dynamics, Inc.
 795 77,672
STERIS PLC
 451 83,295
Stryker Corp.
 525 128,357
SVB Financial Group(a)
 942 216,792
Synchrony Financial
 9,780 321,371
Synopsys, Inc.(a)
 1,048 334,616
Sysco Corp.
 9,367 716,107
T Rowe Price Group, Inc.
 957 104,370
Take-Two Interactive Software, Inc.(a)
 3,349 348,731
Tapestry, Inc.
 9,394 357,724
Targa Resources Corp.
 3,730 274,155
Target Corp.
 1,122 167,223
TE Connectivity Ltd.
 1,580 181,384
Teledyne Technologies, Inc.(a)
 90 35,992
Teleflex, Inc.
 211 52,672
Teradyne, Inc.
 1,840 160,724
Tesla, Inc.(a)
 1,435 176,763
Texas Instruments, Inc.
 1,300 214,786
Textron, Inc.
 2,387 169,000
Thermo Fisher Scientific, Inc.
 232 127,760
TJX Companies, Inc.
 6,564 522,494
T-Mobile US, Inc.(a)
 1,807 252,980
Tractor Supply Co.
 582 130,933
Trane Technologies PLC
 441 74,128
TransDigm Group, Inc.
 127 79,966
Travelers Companies, Inc.
 915 171,553
Trimble, Inc.(a)
 632 31,954
Truist Financial Corp.
 1,351 58,134
Tyler Technologies, Inc.(a)
 1,061 342,077
Tyson Foods, Inc., Class A
 8,075 502,669
UDR, Inc., REIT
 2,861 110,807
Ulta Beauty, Inc.(a)
 541 253,767
Union Pacific Corp.
 407 84,277
United Airlines Holdings, Inc.(a)
 3,581 135,004
United Parcel Service, Inc., Class B
 484 84,139
United Rentals, Inc.(a)
 367 130,439
UnitedHealth Group, Inc.
 511 270,922
Universal Health Services, Inc., Class B
 2,677 377,163
Security Description Shares   Value
US Bancorp
 1,325   $57,783
Valero Energy Corp.
 4,474   567,572
Ventas, Inc., REIT
 1,866   84,063
VeriSign, Inc.(a)
 1,729   355,206
Verisk Analytics, Inc.
 267   47,104
Verizon Communications, Inc.
 6,883   271,190
Vertex Pharmaceuticals, Inc.(a)
 772   222,938
VF Corp.
 12,181   336,317
Viatris, Inc.
 22,441   249,768
VICI Properties, Inc.
 2,020   65,448
Visa, Inc., Class A
 216   44,876
Vornado Realty Trust, REIT
 5,181   107,817
Vulcan Materials Co.
 942   164,954
W R Berkley Corp.
 2,320   168,362
Walgreens Boots Alliance, Inc.
 16,925   632,318
Walmart, Inc.
 5,299   751,345
Walt Disney Co.(a)
 2,203   191,397
Warner Bros Discovery, Inc.(a)
 18,729   177,551
Waste Management, Inc.
 1,153   180,883
Waters Corp.(a)
 384   131,551
WEC Energy Group, Inc.
 833   78,102
Wells Fargo & Co.
 3,017   124,572
Welltower, Inc., REIT
 1,279   83,838
West Pharmaceutical Services, Inc.
 216   50,836
Western Digital Corp.(a)
 7,196   227,034
Westinghouse Air Brake Technologies Corp.
 1,269   126,659
Westrock Co.
 1,791   62,972
Weyerhaeuser Co., REIT
 5,438   168,578
Whirlpool Corp.
 1,344   190,122
Williams Companies, Inc.
 7,895   259,746
Willis Towers Watson PLC
 157   38,399
WW Grainger, Inc.
 217   120,706
Wynn Resorts Ltd.(a)
 804   66,306
Xcel Energy, Inc.
 1,132   79,365
Xylem, Inc.
 1,725   190,733
Yum! Brands, Inc.
 4,019   514,754
Zebra Technologies Corp., Class A(a)
 507   130,000
Zimmer Biomet Holdings, Inc.
 1,034   131,835
Zions Bancorp NA
 4,319   212,322
Zoetis, Inc.
 1,580   231,549
TOTAL INVESTMENTS—99.8%

(Cost $97,500,864)
     96,981,792
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     236,785
NET ASSETS—100.0%
     $97,218,577
    
(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, 2022
INDUSTRY BREAKDOWN
As of December 31, 2022*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals
 3.4%
Downstream
 3.4
Electric Competitive
 3.2
Processed Foods
 3.2
Business Software for Specific Uses
 3.1
Restaurants
 3.0
Food Distributors
 3.0
Upstream Energy
 2.3
Commercial Insurance
 2.1
Consumer Insurance
 2.1
Electric Regulated
 2.1
Operators and Developers
 2.1
Telecommunication Networks
 2.0
Content Providers
 2.0
Rental
 2.0
Commercial Hardware
 2.0
End User Hardware
 2.0
Non Real Estate Banking
 1.7
Information and Electrical Components
 1.6
Mechanical Components
 1.6
Home Office and Consumer Equipment Retail
 1.6
Home Office and Consumer Equipment Manufacture
 1.6
Primary Foods
 1.6
Diversified Household and Personal Products
 1.6
Capital Markets
 1.6
Alcohol and Tobacco
 1.5
Distribution Services
 1.5
Specialty Services
 1.5
Transportation Services
 1.5
Healthcare Providers and Facilities
 1.5
Auto Products
 1.4
Management and IT Services
 1.4
Search and Social Networks
 1.4
Transport Aerospace and Defense Equipment
 1.4
Internet Services
1.4
Investment Services
 1.4
Healthcare Insurance
 1.4
Transaction Services
 1.4
Semiconductor Services and Equipment
 1.3
Online Distribution Networks
 1.3
Digital Integrated Circuits
 1.3
Analog and Mixed Signal Integrated Circuits
 1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Drugstores
 1.3%
Metals
 1.1
Midstream
 1.1
Accessories and Footwear
 1.1
Personal Products
 1.1
Medical Devices
 1.1
Apparel Retailers
 1.1
Medical Research Services and Equipment
 1.1
Healthcare Products Distribution
 1.1
Branded Apparel
 1.0
Gas and Water Utilities
 1.0
Other Natural Resources
 1.0
Chemicals
 1.0
Hospital Equipment
 1.0
Industrial Conglomerates
 0.9
Production Equipment
 0.8
Other Pharmaceuticals
 0.7
Operating Systems and Middleware
 0.7
Consumer Paper Products
 0.5
Brokers and Dealers
 0.5
Real Estate Banking
 0.4
Business Software for Specific Industries
 0.4
Other Assets in Excess of Liabilities
 0.2
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
See accompanying notes to financial statements.
24
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments
December 31, 2022
Security Description Shares Value
COMMON STOCK—99.8%    
Acadia Healthcare Co., Inc.(a)
 772 $63,551
ACI Worldwide, Inc.(a)
 1,227 28,221
Acuity Brands, Inc.
 89 14,739
Adient PLC(a)
 282 9,783
AECOM
 191 16,222
Affiliated Managers Group, Inc.
 274 43,410
AGCO Corp.
 240 33,286
Alcoa Corp.
 351 15,960
Allegro MicroSystems, Inc.(a)
 972 29,179
ALLETE, Inc.
 295 19,030
Amedisys, Inc.(a)
 183 15,288
American Financial Group, Inc.
 132 18,121
Amkor Technology, Inc.
 2,171 52,061
Annaly Capital Management, Inc.
 975 20,553
Antero Midstream Corp.
 2,309 24,914
Antero Resources Corp.(a)
 426 13,202
Apartment Income REIT Corp.
 692 23,743
AptarGroup, Inc.
 85 9,348
Arrow Electronics, Inc.(a)
 100 10,457
Arrowhead Pharmaceuticals, Inc.(a)
 2,412 97,831
ASGN, Inc.(a)
 250 20,370
Ashland, Inc.
 83 8,925
Aspen Technology, Inc.(a)
 235 48,269
Associated Banc-Corp
 929 21,451
AutoNation, Inc.(a)
 327 35,087
Avient Corp.
 372 12,559
Avis Budget Group, Inc.(a)
 205 33,606
Avnet, Inc.
 247 10,270
Axon Enterprise, Inc.(a)
 191 31,693
Azenta, Inc.(a)
 2,141 124,649
Bank of Hawaii Corp.
 275 21,329
Bank OZK
 162 6,490
Belden, Inc.
 182 13,086
BellRing Brands, Inc.(a)
 1,926 49,383
BJ's Wholesale Club Holdings, Inc.(a)
 450 29,772
Black Hills Corp.
 341 23,986
Blackbaud, Inc.(a)
 449 26,428
Boston Beer Co., Inc., Class A(a)
 90 29,657
Boyd Gaming Corp.
 240 13,087
Brighthouse Financial, Inc.(a)
 971 49,783
Brink's Co.
 418 22,451
Brixmor Property Group, Inc.
 235 5,327
Bruker Corp.
 263 17,976
Brunswick Corp.
 333 24,003
Builders FirstSource, Inc.(a)
 266 17,258
Cable One, Inc.
 86 61,220
Cabot Corp.
 128 8,556
CACI International, Inc., Class A(a)
 71 21,342
Cadence Bank
 262 6,461
Calix, Inc.(a)
 780 53,375
Capri Holdings Ltd.(a)
 444 25,450
Security Description Shares Value
Carlisle Companies, Inc.
 38 $8,955
Carter's, Inc.
 352 26,263
Casey's General Stores, Inc.
 97 21,762
Cathay General Bancorp
 153 6,241
Celsius Holdings, Inc.(a)
 418 43,489
ChampionX Corp.
 1,173 34,005
Chart Industries, Inc.(a)
 109 12,560
Chemed Corp.
 63 32,157
Chemours Co.
 305 9,339
Choice Hotels International, Inc.
 90 10,138
Churchill Downs, Inc.
 63 13,320
Ciena Corp.(a)
 1,117 56,945
Cirrus Logic, Inc.(a)
 411 30,611
Clean Harbors, Inc.(a)
 205 23,395
Cleveland-Cliffs, Inc.(a)
 1,023 16,481
CNO Financial Group, Inc.
 2,266 51,778
CNX Resources Corp.(a)
 862 14,516
Coca-Cola Consolidated, Inc.
 88 45,088
Cognex Corp.
 658 30,998
Coherent Corp.(a)
 387 13,584
Columbia Sportswear Co.
 288 25,223
Commerce Bancshares, Inc.
 209 14,227
Commercial Metals Co.
 331 15,987
CommVault Systems, Inc.(a)
 792 49,769
Concentrix Corp.
 170 22,637
Corporate Office Properties Trust
 207 5,370
Coty, Inc., Class A(a)
 12,115 103,704
Cousins Properties, Inc.
 211 5,336
Cracker Barrel Old Country Store, Inc.
 425 40,264
Crane Holdings Co.
 130 13,058
Crocs, Inc.(a)
 264 28,626
CubeSmart
 589 23,707
Cullen/Frost Bankers, Inc.
 105 14,038
Curtiss-Wright Corp.
 73 12,190
Dana, Inc.
 593 8,972
Darling Ingredients, Inc.(a)
 513 32,109
Deckers Outdoor Corp.(a)
 66 26,345
Dick's Sporting Goods, Inc.
 264 31,757
Donaldson Co., Inc.
 212 12,480
Douglas Emmett, Inc.
 336 5,268
DT Midstream, LLC(a)
 423 23,375
Dycom Industries, Inc.(a)
 182 17,035
Dynatrace, Inc.(a)
 1,370 52,471
Eagle Materials, Inc.
 157 20,857
East West Bancorp, Inc.
 101 6,656
EastGroup Properties, Inc.
 91 13,473
EMCOR Group, Inc.
 108 15,996
Encompass Health Corp.
 282 16,866
Energizer Holdings, Inc.
 2,790 93,604
EnerSys
 213 15,728
Enovis Corp.(a)
 526 28,152
Envestnet, Inc.(a)
 828 51,088
 
See accompanying notes to financial statements.
25
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Envista Holdings Corp.(a)
 866 $29,158
EPR Properties
 131 4,941
Equitrans Midstream Corp.
 3,352 22,458
Esab Corp.
 544 25,524
Essent Group Ltd.
 842 32,737
Essential Utilities, Inc.
 494 23,579
Euronet Worldwide, Inc.(a)
 402 37,941
Evercore, Inc., Class A
 198 21,598
Exelixis, Inc.(a)
 4,584 73,527
ExlService Holdings, Inc.(a)
 120 20,332
Fair Isaac Corp.(a)
 83 49,682
Federated Hermes, Inc.
 1,173 42,592
First American Financial Corp.
 697 36,481
First Financial Bankshares, Inc.
 186 6,398
First Horizon Corp.
 577 14,136
First Industrial Realty Trust, Inc.
 290 13,995
FirstCash Holdings, Inc.
 308 26,768
Five Below, Inc.(a)
 179 31,660
Flowers Foods, Inc.
 1,101 31,643
Flowserve Corp.
 424 13,008
Fluor Corp.(a)
 926 32,095
FNB Corp.
 512 6,682
Foot Locker, Inc.
 670 25,319
Fortune Brands Innovations, Inc.
 289 16,505
Fox Factory Holding Corp.(a)
 96 8,758
Frontier Communications Parent, Inc.(a)
 2,579 65,713
FTI Consulting, Inc.(a)
 133 21,120
Fulton Financial Corp.
 386 6,496
GameStop Corp., Class A(a)
 1,404 25,918
Gap, Inc.
 1,824 20,575
GATX Corp.
 143 15,207
Genpact Ltd.
 474 21,956
Gentex Corp.
 880 23,998
Glacier Bancorp, Inc.
 122 6,029
Globus Medical, Inc., Class A(a)
 395 29,337
Goodyear Tire & Rubber Co.(a)
 902 9,155
Graco, Inc.
 187 12,578
Graham Holdings Co., Class B
 52 31,419
Grand Canyon Education, Inc.(a)
 311 32,860
Greif, Inc., Class A
 213 14,284
Grocery Outlet Holding Corp.(a)
 1,114 32,518
GXO Logistics, Inc.(a)
 313 13,362
H&R Block, Inc.
 1,019 37,204
Haemonetics Corp.(a)
 131 10,303
Halozyme Therapeutics, Inc.(a)
 1,267 72,092
Hancock Whitney Corp.
 269 13,017
Hanesbrands, Inc.
 4,030 25,631
Hanover Insurance Group, Inc.
 133 17,972
Harley-Davidson, Inc.
 528 21,965
Hawaiian Electric Industries, Inc.
 468 19,586
Healthcare Realty Trust, Inc.
 3,231 62,261
HealthEquity, Inc.(a)
 578 35,628
Security Description Shares Value
Helen of Troy Ltd.(a)
 979 $108,581
Hexcel Corp.
 157 9,239
HF Sinclair Corp.
 487 25,270
Highwoods Properties, Inc.
 185 5,176
Home BancShares, Inc.
 282 6,427
Hubbell, Inc.
 64 15,020
IAA, Inc.(a)
 976 39,040
ICU Medical, Inc.(a)
 68 10,709
IDACORP, Inc.
 179 19,305
Inari Medical, Inc.(a)
 156 9,915
Independence Realty Trust, Inc., REIT
 1,426 24,042
Ingevity Corp.(a)
 128 9,016
Ingredion, Inc.
 321 31,436
Insperity, Inc.
 314 35,670
Integra LifeSciences Holdings Corp.(a)
 188 10,541
Interactive Brokers Group, Inc., Class A
 562 40,661
International Bancshares Corp.
 141 6,452
IPG Photonics Corp.(a)
 270 25,561
Iridium Communications, Inc.
 1,259 64,713
ITT, Inc.
 158 12,814
Jabil, Inc.
 789 53,810
Janus Henderson Group PLC
 1,701 40,008
Jazz Pharmaceuticals PLC(a)
 480 76,469
JBG SMITH Properties
 268 5,087
Jefferies Financial Group, Inc.
 507 17,380
JetBlue Airways Corp.(a)
 5,158 33,424
John Wiley & Sons, Inc., Class A
 771 30,886
Jones Lang LaSalle, Inc.(a)
 130 20,718
KB Home
 1,367 43,539
KBR, Inc.
 313 16,526
Kemper Corp.
 922 45,362
Kennametal, Inc.
 1,021 24,565
Kilroy Realty Corp.
 130 5,027
Kinsale Capital Group, Inc.
 65 16,999
Kirby Corp.(a)
 370 23,809
Kite Realty Group Trust, REIT
 242 5,094
Knight-Swift Transportation Holdings, Inc.
 249 13,050
Kohl's Corp.
 956 24,139
Kyndryl Holdings, Inc.(a)
 2,010 22,351
Lamar Advertising Co., Class A
 56 5,286
Lancaster Colony Corp.
 158 31,173
Landstar System, Inc.
 82 13,358
Lantheus Holdings, Inc.(a)
 317 16,154
Lattice Semiconductor Corp.(a)
 452 29,326
Lear Corp.
 75 9,302
Leggett & Platt, Inc.
 491 15,825
Lennox International, Inc.
 67 16,028
LHC Group, Inc.(a)
 191 30,883
Life Storage, Inc.
 237 23,344
Light & Wonder, Inc.(a)
 1,338 78,407
Lincoln Electric Holdings, Inc.
 173 24,997
Lithia Motors, Inc.
 174 35,625
 
See accompanying notes to financial statements.
26
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Littelfuse, Inc.
 66 $14,533
LivaNova PLC(a)
 517 28,714
Louisiana-Pacific Corp.
 220 13,024
Lumentum Holdings, Inc.(a)
 1,039 54,205
Macerich Co.
 424 4,774
MACOM Technology Solutions Holdings, Inc.(a)
 460 28,971
Macy's, Inc.
 1,147 23,686
Manhattan Associates, Inc.(a)
 214 25,980
ManpowerGroup, Inc.
 247 20,553
Marriott Vacations Worldwide Corp.
 153 20,592
Masimo Corp.(a)
 122 18,050
MasTec, Inc.(a)
 181 15,445
Matador Resources Co.
 250 14,310
Mattel, Inc.(a)
 1,014 18,090
Maximus, Inc.
 505 37,032
MDU Resources Group, Inc.
 695 21,086
Medical Properties Trust, Inc.
 5,414 60,312
Medpace Holdings, Inc.(a)
 273 57,988
Mercury Systems, Inc.(a)
 289 12,930
MGIC Investment Corp.
 2,436 31,668
Middleby Corp.(a)
 186 24,905
MKS Instruments, Inc.
 1,546 130,993
MP Materials Corp.(a)
 515 12,504
MSA Safety, Inc.
 238 34,317
MSC Industrial Direct Co., Inc., Class A
 129 10,539
Murphy Oil Corp.
 333 14,322
Murphy USA, Inc.
 81 22,643
National Fuel Gas Co.
 380 24,054
National Instruments Corp.
 1,293 47,712
National Retail Properties, Inc.
 116 5,308
National Storage Affiliates Trust
 663 23,948
Navient Corp.
 1,729 28,442
NCR Corp.(a)
 3,659 85,657
Neogen Corp.(a)
 1,132 17,240
Neurocrine Biosciences, Inc.(a)
 616 73,575
New Jersey Resources Corp.
 476 23,619
New York Community Bancorp, Inc.
 776 6,674
New York Times Co., Class A
 908 29,474
NewMarket Corp.
 30 9,333
Nexstar Media Group, Inc.
 234 40,957
Nordstrom, Inc.
 1,452 23,435
NorthWestern Corp.
 329 19,523
NOV, Inc.
 1,644 34,343
Novanta, Inc.(a)
 93 12,636
nVent Electric PLC
 405 15,580
OGE Energy Corp.
 478 18,905
Old National Bancorp
 371 6,671
Old Republic International Corp.
 756 18,257
Olin Corp.
 235 12,441
Ollie's Bargain Outlet Holdings, Inc.(a)
 621 29,088
Omega Healthcare Investors, Inc.
 2,132 59,589
Security Description Shares Value
Omnicell, Inc.(a)
 226 $11,395
ONE Gas, Inc.
 311 23,549
Option Care Health, Inc.(a)
 539 16,219
Ormat Technologies, Inc.
 218 18,853
Oshkosh Corp.
 367 32,366
Owens Corning
 98 8,359
PacWest Bancorp
 279 6,403
Papa John's International, Inc.
 747 61,486
Park Hotels & Resorts, Inc.
 864 10,187
Patterson Companies, Inc.
 368 10,315
Paylocity Holding Corp.(a)
 123 23,894
PBF Energy, Inc., Class A
 731 29,810
PDC Energy, Inc.
 219 13,902
Pebblebrook Hotel Trust
 688 9,212
Penn Entertainment, Inc.(a)
 427 12,682
Penumbra, Inc.(a)
 49 10,901
Performance Food Group Co.(a)
 533 31,122
Perrigo Co. PLC
 2,298 78,339
Physicians Realty Trust
 355 5,137
Pilgrim's Pride Corp.(a)
 1,292 30,659
Pinnacle Financial Partners, Inc.
 91 6,679
PNM Resources, Inc.
 389 18,979
Polaris, Inc.
 224 22,624
Portland General Electric Co.
 396 19,404
Post Holdings, Inc.(a)
 527 47,567
PotlatchDeltic Corp.
 300 13,197
Power Integrations, Inc.
 418 29,979
Primerica, Inc.
 364 51,622
Progyny, Inc.(a)
 507 15,793
Prosperity Bancshares, Inc.
 92 6,687
PVH Corp.
 344 24,283
Qualys, Inc.(a)
 434 48,708
QuidelOrtho Corp.(a)
 182 15,592
R1 RCM, Inc.(a)
 2,069 22,656
Range Resources Corp.
 540 13,511
Rayonier, Inc.
 406 13,382
Regal Rexnord Corp.
 106 12,718
Reinsurance Group of America, Inc.
 228 32,397
Reliance Steel & Aluminum Co.
 77 15,588
RenaissanceRe Holdings Ltd.
 168 30,951
Repligen Corp.(a)
 347 58,751
Rexford Industrial Realty, Inc.
 261 14,261
RH(a)
 65 17,367
RLI Corp.
 142 18,640
Royal Gold, Inc.
 143 16,119
RPM International, Inc.
 123 11,986
RXO, Inc.(a)
 760 13,072
Ryder System, Inc.
 190 15,878
Sabra Health Care REIT, Inc.
 5,032 62,548
Saia, Inc.(a)
 59 12,371
Science Applications International Corp.
 190 21,077
Scotts Miracle-Gro Co.
 1,870 90,863
 
See accompanying notes to financial statements.
27
Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
SEI Investments Co.
 697 $40,635
Selective Insurance Group, Inc.
 200 17,722
Sensient Technologies Corp.
 126 9,188
Service Corp. International
 459 31,735
Shockwave Medical, Inc.(a)
 46 9,458
Silgan Holdings, Inc.
 269 13,945
Silicon Laboratories, Inc.(a)
 225 30,526
Simpson Manufacturing Co., Inc.
 98 8,689
SiTime Corp.(a)
 310 31,502
Skechers USA, Inc., Class A(a)
 602 25,254
SL Green Realty Corp.
 149 5,024
SLM Corp.
 1,706 28,320
Sonoco Products Co.
 236 14,328
Sotera Health Co.(a)
 2,809 23,399
Southwest Gas Holdings, Inc.
 340 21,039
Southwestern Energy Co.(a)
 2,321 13,578
Spire, Inc.
 351 24,170
Spirit Realty Capital, Inc.
 127 5,071
Sprouts Farmers Market, Inc.(a)
 942 30,493
STAAR Surgical Co.(a)
 474 23,008
Stericycle, Inc.(a)
 468 23,349
Stifel Financial Corp.
 710 41,443
STORE Capital Corp.
 167 5,354
SunPower Corp.(a)
 869 15,668
Sunrun, Inc.(a)
 664 15,949
Super Micro Computer, Inc.(a)
 180 14,778
Synaptics, Inc.(a)
 315 29,975
Syneos Health, Inc.(a)
 1,643 60,265
Synovus Financial Corp.
 167 6,271
Tandem Diabetes Care, Inc.(a)
 661 29,712
Taylor Morrison Home Corp.(a)
 1,419 43,067
TD SYNNEX Corp.
 107 10,134
TEGNA, Inc.
 2,127 45,071
Tempur Sealy International, Inc.
 532 18,264
Tenet Healthcare Corp.(a)
 1,451 70,794
Teradata Corp.(a)
 1,508 50,759
Terex Corp.
 726 31,015
Tetra Tech, Inc.
 107 15,535
Texas Capital Bancshares, Inc.(a)
 367 22,134
Texas Roadhouse, Inc.
 434 39,472
Thor Industries, Inc.
 290 21,892
Timken Co.
 129 9,116
Toll Brothers, Inc.
 869 43,380
TopBuild Corp.(a)
 108 16,901
Topgolf Callaway Brands Corp.(a)
 794 15,681
Toro Co.
 290 32,828
Travel & Leisure Co.
 573 20,857
Trex Co., Inc.(a)
 394 16,678
TripAdvisor, Inc.(a)
 6,856 123,271
UGI Corp.
 621 23,020
UMB Financial Corp.
 174 14,532
Umpqua Holdings Corp.
 364 6,497
Security Description Shares   Value
Under Armour, Inc., Class A(a)
 1,340   $13,614
Under Armour, Inc., Class C(a)
 1,521   13,567
United Bankshares, Inc.
 163   6,600
United States Steel Corp.
 623   15,606
United Therapeutics Corp.(a)
 257   71,469
Univar Solutions, Inc.(a)
 324   10,303
Universal Display Corp.
 119   12,857
Unum Group
 1,273   52,231
Valley National Bancorp
 572   6,469
Valmont Industries, Inc.
 29   9,589
Valvoline, Inc.
 396   12,929
Viasat, Inc.(a)
 2,099   66,433
Vicor Corp.(a)
 299   16,071
Victoria's Secret & Co.(a)
 564   20,180
Vishay Intertechnology, Inc.
 613   13,222
Visteon Corp.(a)
 171   22,372
Vontier Corp.
 1,668   32,242
Voya Financial, Inc.
 689   42,367
Washington Federal, Inc.
 631   21,170
Watsco, Inc.
 39   9,727
Watts Water Technologies, Inc., Class A
 84   12,283
Webster Financial Corp.
 449   21,256
Wendy's Co.
 2,748   62,187
Werner Enterprises, Inc.
 315   12,682
Western Union Co.
 2,601   35,816
Westlake Corp.
 120   12,305
WEX, Inc.(a)
 225   36,821
Williams-Sonoma, Inc.
 275   31,603
Wingstop, Inc.
 273   37,570
Wintrust Financial Corp.
 163   13,777
Wolfspeed, Inc.(a)
 164   11,323
Woodward, Inc.
 136   13,139
World Wrestling Entertainment, Inc., Class A
 558   38,234
Worthington Industries, Inc.
 173   8,600
Wyndham Hotels & Resorts, Inc.
 145   10,340
Xerox Holdings Corp.
 3,580   52,268
XPO, Inc.(a)
 376   12,517
YETI Holdings, Inc.(a)
 387   15,987
Ziff Davis, Inc.(a)
 1,481   117,147
TOTAL INVESTMENTS—99.8%

(Cost $10,746,051)
     10,547,717
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     18,644
NET ASSETS—100.0%
     $10,566,361
    
(a) Non-income producing security.
    
LLC=Limited Liability Corporation
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, 2022
INDUSTRY BREAKDOWN
As of December 31, 2022*
INDUSTRY PERCENTAGE OF
NET ASSETS
Healthcare Providers and Facilities
 4.6%
Production Equipment
 3.6
Business Software for Specific Uses
 3.6
Marketed Pharmaceuticals
 3.5
Commercial Hardware
 3.2
Semiconductor Services and Equipment
 2.9
Investment Services
 2.8
Transaction Services
 2.6
Home Office and Consumer Equipment Manufacture
 2.6
Commercial Insurance
 2.4
Consumer Insurance
 2.4
Operators and Developers
 2.4
Content Providers
 2.4
Information and Electrical Components
 2.3
Real Estate Banking
 2.3
Rental
 2.3
Restaurants
 2.3
Management and IT Services
 2.2
Processed Foods
 1.9
Upstream Energy
 1.9
Telecommunication Networks
 1.8
Specialty Services
 1.8
Gas and Water Utilities
 1.8
Household Products
 1.7
Distribution Services
 1.7
Auto Products
 1.7
Analog and Mixed Signal Integrated Circuits
 1.7
Medical Research Services and Equipment
 1.7
Transportation Services
 1.7
Mechanical Components
 1.7
Non Real Estate Banking
 1.6
Home Office and Consumer Equipment Retail
 1.6
Hospital Equipment
 1.5
Branded Apparel
 1.3
Medical Devices
 1.3
Accessories and Footwear
 1.3
Chemicals
 1.2
Other Natural Resources
 1.2
Food Distributors
 1.2
Search and Social Networks
 1.2
Internet Services
1.1
Electric Regulated
 1.1
Metals
 1.0
INDUSTRY PERCENTAGE OF
NET ASSETS
Personal Products
 1.0%
Downstream
 0.9
Clinical Stage Pharmaceuticals
 0.9
Apparel Retailers
 0.9
Midstream
 0.9
Primary Foods
 0.9
Brokers and Dealers
 0.8
Other Pharmaceuticals
 0.7
Business Software for Specific Industries
 0.7
Electric Competitive
 0.7
Digital Integrated Circuits
 0.6
Contract Electronics Services
 0.5
End User Hardware
 0.5
Vitamins and Nutritional Supplements
 0.5
Consumer Services
 0.3
Transport Aerospace and Defense Equipment
 0.3
Alcohol and Tobacco
 0.3
Healthcare Insurance
 0.1
Industrial Conglomerates
 0.1
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, 2022
Security Description Shares Value
COMMON STOCK—99.8%    
3D Systems Corp.(a)
 3,619 $26,781
8x8, Inc.(a)
 16,577 71,613
A10 Networks, Inc.
 3,945 65,605
AAON, Inc.
 196 14,763
AAR Corp.(a)
 408 18,319
Aaron's Co., Inc.
 4,230 50,548
Abercrombie & Fitch Co., Class A(a)
 779 17,847
ABM Industries, Inc.
 604 26,830
Academy Sports & Outdoors, Inc.
 449 23,590
Acadia Realty Trust, REIT
 718 10,303
AdaptHealth Corp.(a)
 2,558 49,165
Addus HomeCare Corp.(a)
 218 21,689
Adeia, Inc.
 5,832 55,287
Adtalem Global Education, Inc.(a)
 738 26,199
ADTRAN Holdings, Inc.
 3,708 69,673
Advanced Energy Industries, Inc.
 611 52,412
AdvanSix, Inc.
 608 23,116
Aerojet Rocketdyne Holdings, Inc.(a)
 292 16,332
AeroVironment, Inc.(a)
 544 46,599
Agiliti, Inc.(a)
 3,435 56,025
Agilysys, Inc.(a)
 505 39,966
Agree Realty Corp., REIT
 147 10,427
Alamo Group, Inc.
 153 21,665
Alarm.com Holdings, Inc.(a)
 1,473 72,884
Albany International Corp., Class A
 219 21,591
Alexander & Baldwin, Inc.
 538 10,077
Allegiant Travel Co.(a)
 777 52,828
Allscripts Healthcare Solutions, Inc.(a)
 1,992 35,139
Alpha & Omega Semiconductor Ltd.(a)
 1,850 52,854
Ambac Financial Group, Inc.(a)
 3,470 60,517
AMC Networks, Inc., Class A(a)
 3,139 49,188
American Assets Trust, Inc., REIT
 387 10,256
American Axle & Manufacturing Holdings, Inc.(a)
 5,920 46,294
American Eagle Outfitters, Inc.
 1,166 16,277
American Equity Investment Life Holding Co.
 1,230 56,113
American States Water Co.
 763 70,616
American Vanguard Corp.
 236 5,124
American Woodmark Corp.(a)
 344 16,808
America's Car-Mart, Inc.(a)
 376 27,170
Ameris Bancorp
 67 3,158
AMERISAFE, Inc.
 882 45,838
AMN Healthcare Services, Inc.(a)
 92 9,459
Amphastar Pharmaceuticals, Inc.(a)
 1,730 48,475
Andersons, Inc.
 899 31,456
AngioDynamics, Inc.(a)
 1,660 22,858
ANI Pharmaceuticals, Inc.(a)
 1,244 50,046
Anika Therapeutics, Inc.(a)
 1,072 31,731
Anywhere Real Estate, Inc.(a)
 3,048 19,477
Apogee Enterprises, Inc.
 304 13,516
Security Description Shares Value
Apollo Commercial Real Estate Finance, Inc., REIT
 280 $3,013
Apollo Medical Holdings, Inc.(a)
 2,642 78,177
Applied Industrial Technologies, Inc.
 147 18,526
ArcBest Corp.
 269 18,841
Archrock, Inc.
 1,815 16,299
Arconic Corp.(a)
 712 15,066
Arcosa, Inc.
 268 14,563
Arcus Biosciences, Inc.(a)
 696 14,393
Arlo Technologies, Inc.(a)
 5,699 20,003
Armada Hoffler Properties, Inc., REIT
 885 10,178
ARMOUR Residential REIT, Inc.
 1,569 8,833
Artivion, Inc.(a)
 1,567 18,992
Asbury Automotive Group, Inc.(a)
 151 27,067
Assured Guaranty Ltd.
 877 54,602
Astec Industries, Inc.
 530 21,550
ATI, Inc.(a)
 538 16,065
Atlas Air Worldwide Holdings, Inc.(a)
 207 20,866
ATN International, Inc.
 1,630 73,855
Avanos Medical, Inc.(a)
 761 20,593
Avid Bioservices, Inc.(a)
 2,156 29,688
Avid Technology, Inc.(a)
 1,169 31,084
Avista Corp.
 1,745 77,373
Axcelis Technologies, Inc.(a)
 172 13,650
Axos Financial, Inc.(a)
 545 20,830
AZZ, Inc.
 388 15,598
B Riley Financial, Inc.
 421 14,398
B&G Foods, Inc.
 1,633 18,208
Badger Meter, Inc.
 164 17,881
Balchem Corp.
 70 8,548
Banc of California, Inc.
 208 3,313
BancFirst Corp.
 38 3,351
Bancorp, Inc.(a)
 967 27,443
BankUnited, Inc.
 94 3,193
Banner Corp.
 52 3,286
Barnes Group, Inc.
 275 11,234
Bed Bath & Beyond, Inc.(a)
 7,989 20,052
Benchmark Electronics, Inc.
 1,768 47,188
Berkshire Hills Bancorp, Inc.
 110 3,289
Big Lots, Inc.
 2,973 43,703
BioLife Solutions, Inc.(a)
 1,429 26,008
BJ's Restaurants, Inc.(a)
 793 20,919
Bloomin' Brands, Inc.
 1,101 22,152
Blucora, Inc.(a)
 3,835 97,908
Boise Cascade Co.
 257 17,648
Boot Barn Holdings, Inc.(a)
 358 22,382
Brady Corp., Class A
 412 19,405
Brandywine Realty Trust, REIT
 2,933 18,038
Bread Financial Holdings, Inc.
 725 27,303
Brightsphere Investment Group, Inc.
 4,551 93,660
Brinker International, Inc.(a)
 670 21,380
Bristow Group, Inc.(a)
 638 17,309
 
See accompanying notes to financial statements.
30
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Brookline Bancorp, Inc.
 239 $3,382
Buckle, Inc.
 829 37,595
Calavo Growers, Inc.
 943 27,724
Caleres, Inc.
 1,001 22,302
California Water Service Group
 1,162 70,464
Callon Petroleum Co.(a)
 1,081 40,094
Cal-Maine Foods, Inc.
 550 29,947
Capitol Federal Financial, Inc.
 2,564 22,179
Cara Therapeutics, Inc.(a)
 1,882 20,213
Cardiovascular Systems, Inc.(a)
 1,523 20,743
CareTrust REIT, Inc.
 5,538 102,896
Carpenter Technology Corp.
 400 14,776
Cars.com, Inc.(a)
 6,467 89,051
Catalyst Pharmaceuticals, Inc.(a)
 1,284 23,882
Cavco Industries, Inc.(a)
 118 26,697
Centerspace, REIT
 161 9,446
Central Garden & Pet Co.(a)
 257 9,625
Central Garden & Pet Co., Class A(a)
 268 9,594
Central Pacific Financial Corp.
 1,026 20,807
Century Aluminum Co.(a)
 2,028 16,589
Century Communities, Inc.
 553 27,656
Cerence, Inc.(a)
 4,085 75,695
CEVA, Inc.(a)
 2,769 70,831
Chatham Lodging Trust, REIT
 1,190 14,601
Cheesecake Factory, Inc.
 717 22,736
Chefs' Warehouse, Inc.(a)
 2,016 67,092
Chesapeake Utilities Corp.
 620 73,272
Chico's FAS, Inc.(a)
 3,279 16,133
Children's Place, Inc.(a)
 537 19,558
Chuy's Holdings, Inc.(a)
 785 22,215
Cinemark Holdings, Inc.(a)
 4,575 39,619
CIRCOR International, Inc.(a)
 1,425 34,143
City Holding Co.
 222 20,666
Civitas Resources, Inc.
 657 38,060
Clearfield, Inc.(a)
 717 67,498
Clearwater Paper Corp.(a)
 1,131 42,763
Cogent Communications Holdings, Inc.
 1,301 74,261
Coherus Biosciences, Inc.(a)
 7,250 57,420
Cohu, Inc.(a)
 710 22,755
Collegium Pharmaceutical, Inc.(a)
 1,497 34,730
Columbia Banking System, Inc.
 106 3,194
Comfort Systems USA, Inc.
 228 26,238
Community Bank System, Inc.
 451 28,390
Community Health Systems, Inc.(a)
 4,495 19,418
Community Healthcare Trust, Inc., REIT
 3,167 113,379
Compass Minerals International, Inc.
 369 15,129
Computer Programs and Systems, Inc.(a)
 2,000 54,440
Comtech Telecommunications Corp.
 3,337 40,511
CONMED Corp.
 223 19,767
Consensus Cloud Solutions, Inc.(a)
 1,316 70,748
CONSOL Energy, Inc.
 229 14,885
Security Description Shares Value
Consolidated Communications Holdings, Inc.(a)
 18,721 $67,021
Corcept Therapeutics, Inc.(a)
 1,545 31,379
Core Laboratories N.V.
 816 16,540
CoreCivic, Inc.(a)
 1,585 18,323
Corsair Gaming, Inc.(a)
 3,691 50,087
CorVel Corp.(a)
 252 36,623
Cross Country Healthcare, Inc.(a)
 346 9,193
CSG Systems International, Inc.
 654 37,409
CTS Corp.
 698 27,515
Cushman & Wakefield PLC(a)
 1,765 21,992
Customers Bancorp, Inc.(a)
 931 26,385
Cutera, Inc.(a)
 421 18,617
CVB Financial Corp.
 120 3,090
Cytokinetics, Inc.(a)
 592 27,125
Dave & Buster's Entertainment, Inc.(a)
 531 18,819
Deluxe Corp.
 3,210 54,506
Designer Brands, Inc., Class A
 2,182 21,340
DiamondRock Hospitality Co., REIT
 1,745 14,292
Digi International, Inc.(a)
 1,116 40,790
Digital Turbine, Inc.(a)
 1,933 29,459
Dime Community Bancshares, Inc.
 100 3,183
Dine Brands Global, Inc.
 342 22,093
Diodes, Inc.(a)
 673 51,242
DMC Global, Inc.(a)
 933 18,138
Donnelley Financial Solutions, Inc.(a)
 2,372 91,678
Dorian LPG Ltd.
 2,986 56,585
Dorman Products, Inc.(a)
 423 34,208
Douglas Elliman, Inc.
 5,416 22,043
Dril-Quip, Inc.(a)
 680 18,476
DXP Enterprises, Inc.(a)
 744 20,497
Dynavax Technologies Corp.(a)
 1,874 19,939
Eagle Bancorp, Inc.
 74 3,261
Eagle Pharmaceuticals, Inc.(a)
 1,057 30,896
Easterly Government Properties, Inc., REIT
 1,207 17,224
Ebix, Inc.
 3,810 76,048
Edgewell Personal Care Co.
 1,088 41,932
El Pollo Loco Holdings, Inc.
 5,196 51,752
elf Beauty, Inc.(a)
 824 45,567
Ellington Financial, Inc., REIT
 674 8,337
Elme Communities, REIT
 557 9,915
Embecta Corp.
 1,742 44,055
Emergent BioSolutions, Inc.(a)
 1,768 20,880
Employers Holdings, Inc.
 1,031 44,467
Enanta Pharmaceuticals, Inc.(a)
 509 23,679
Encore Capital Group, Inc.(a)
 560 26,846
Encore Wire Corp.
 399 54,886
Enerpac Tool Group Corp.
 684 17,408
Enhabit, Inc.(a)
 1,588 20,898
Enova International, Inc.(a)
 714 27,396
EnPro Industries, Inc.
 103 11,195
Ensign Group, Inc.
 247 23,369
 
See accompanying notes to financial statements.
31
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
ePlus, Inc.(a)
 1,227 $54,332
ESCO Technologies, Inc.
 215 18,821
Essential Properties Realty Trust, Inc., REIT
 455 10,679
Ethan Allen Interiors, Inc.
 701 18,520
EVERTEC, Inc.
 1,165 37,723
EW Scripps Co., Class A(a)
 3,941 51,982
Exponent, Inc.
 178 17,638
Extreme Networks, Inc.(a)
 2,247 41,143
EZCORP, Inc., Class A(a)
 3,505 28,566
Fabrinet(a)
 379 48,595
FARO Technologies, Inc.(a)
 606 17,822
FB Financial Corp.
 80 2,891
Federal Signal Corp.
 970 45,076
First Bancorp
 1,992 25,338
First Bancorp
 69 2,956
First Commonwealth Financial Corp.
 232 3,241
First Financial Bancorp
 130 3,150
First Hawaiian, Inc.
 132 3,437
FormFactor, Inc.(a)
 1,046 23,253
Forrester Research, Inc.(a)
 798 28,536
Forward Air Corp.
 194 20,349
Four Corners Property Trust, Inc., REIT
 395 10,242
Franklin BSP Realty Trust, Inc.
 663 8,553
Franklin Electric Co., Inc.
 461 36,765
Franklin Street Properties Corp., REIT
 6,272 17,123
Fresh Del Monte Produce, Inc.
 1,177 30,826
Frontdoor, Inc.(a)
 1,254 26,083
Fulgent Genetics, Inc.(a)
 817 24,330
FutureFuel Corp.
 6,782 55,138
Gannett Co., Inc.(a)
 11,216 22,768
Genesco, Inc.(a)
 517 23,792
Gentherm, Inc.(a)
 398 25,985
Genworth Financial, Inc., Class A(a)
 9,931 52,535
GEO Group, Inc., REIT(a)
 1,676 18,352
Getty Realty Corp., REIT
 315 10,663
Gibraltar Industries, Inc.(a)
 292 13,397
G-III Apparel Group Ltd.(a)
 4,141 56,773
Glaukos Corp.(a)
 443 19,350
Global Net Lease, Inc., REIT
 1,371 17,233
GMS, Inc.(a)
 343 17,081
Gogo, Inc.(a)
 4,758 70,228
Golden Entertainment, Inc.(a)
 451 16,867
Granite Construction, Inc.
 780 27,355
Granite Point Mortgage Trust, Inc., REIT
 1,390 7,450
Green Brick Partners, Inc.(a)
 1,170 28,349
Green Dot Corp., Class A(a)
 2,027 32,067
Green Plains, Inc.(a)
 1,092 33,306
Greenbrier Companies, Inc.
 628 21,057
Griffon Corp.
 1,909 68,323
Group 1 Automotive, Inc.
 145 26,154
Guess?, Inc.
 889 18,393
Hain Celestial Group, Inc.(a)
 1,156 18,704
Security Description Shares Value
Hanmi Financial Corp.
 129 $3,193
Harmonic, Inc.(a)
 5,449 71,382
Harmony Biosciences Holdings, Inc.(a)
 355 19,560
Harsco Corp.(a)
 2,336 14,693
Haverty Furniture Companies, Inc.
 2,367 70,773
Hawaiian Holdings, Inc.(a)
 4,432 45,472
Hawkins, Inc.
 916 35,358
Haynes International, Inc.
 330 15,078
HB Fuller Co.
 67 4,799
HCI Group, Inc.
 1,422 56,297
Healthcare Services Group, Inc.
 2,149 25,788
HealthStream, Inc.(a)
 1,490 37,012
Heartland Express, Inc.
 1,287 19,743
Heidrick & Struggles International, Inc.
 379 10,601
Helix Energy Solutions Group, Inc.(a)
 2,542 18,760
Helmerich & Payne, Inc.
 333 16,507
Heritage Financial Corp.
 109 3,340
Hersha Hospitality Trust, REIT, Class A
 1,685 14,356
Heska Corp.(a)
 413 25,672
Hibbett, Inc.
 364 24,832
Hillenbrand, Inc.
 665 28,376
Hilltop Holdings, Inc.
 112 3,361
HNI Corp.
 681 19,361
HomeStreet, Inc.
 117 3,227
Hope Bancorp, Inc.
 249 3,190
Horace Mann Educators Corp.
 1,306 48,805
Hostess Brands, Inc.(a)
 818 18,356
Hub Group, Inc., Class A(a)
 267 21,224
Hudson Pacific Properties, Inc.
 1,805 17,563
Ichor Holdings Ltd.(a)
 482 12,927
Independent Bank Corp.
 35 2,955
Independent Bank Group, Inc.
 51 3,064
Industrial Logistics Properties Trust, REIT
 2,918 9,542
Innospec, Inc.
 49 5,040
Innovative Industrial Properties, Inc., REIT
 93 9,426
Innoviva, Inc.(a)
 2,462 32,621
Inogen, Inc.(a)
 2,653 52,291
Insight Enterprises, Inc.(a)
 186 18,650
Installed Building Products, Inc.
 212 18,147
Insteel Industries, Inc.
 491 13,512
Integer Holdings Corp.(a)
 275 18,826
Inter Parfums, Inc.
 460 44,399
InterDigital, Inc.
 1,122 55,517
Interface, Inc.
 1,345 13,275
Invesco Mortgage Capital, Inc
 707 9,000
iRobot Corp.(a)
 373 17,952
Ironwood Pharmaceuticals, Inc.(a)
 2,799 34,680
iStar, Inc., REIT
 1,437 10,964
iTeos Therapeutics, Inc.(a)
 1,076 21,014
Itron, Inc.(a)
 358 18,133
J & J Snack Foods Corp.
 128 19,163
Jack in the Box, Inc.
 794 54,175
 
See accompanying notes to financial statements.
32
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
James River Group Holdings Ltd.
 1,982 $41,444
John B Sanfilippo & Son, Inc.
 245 19,923
John Bean Technologies Corp.
 372 33,975
Joint Corp.(a)
 1,083 15,140
Kaiser Aluminum Corp.
 276 20,965
Kaman Corp.
 760 16,948
KAR Auction Services, Inc.(a)
 2,078 27,118
Kelly Services, Inc., Class A
 682 11,526
KKR Real Estate Finance Trust, Inc., REIT
 209 2,918
Knowles Corp.(a)
 3,366 55,270
Kontoor Brands, Inc.
 1,327 53,067
Koppers Holdings, Inc.
 1,199 33,812
Korn Ferry
 205 10,377
Kulicke & Soffa Industries, Inc.
 297 13,145
Lakeland Financial Corp.
 371 27,072
Laredo Petroleum, Inc.(a)
 736 37,845
La-Z-Boy, Inc.
 774 17,663
LCI Industries
 572 52,881
LeMaitre Vascular, Inc.
 438 20,157
LendingTree, Inc.(a)
 1,017 21,693
Leslie's, Inc.(a)
 6,141 74,982
LGI Homes, Inc.(a)
 289 26,761
Ligand Pharmaceuticals, Inc.(a)
 784 52,371
Lindsay Corp.
 128 20,845
Liquidity Services, Inc.(a)
 6,963 97,900
Livent Corp.(a)
 224 4,451
LivePerson, Inc.(a)
 2,683 27,206
LiveRamp Holdings, Inc.(a)
 1,422 33,332
LTC Properties, Inc., REIT
 573 20,359
LXP Industrial Trust, REIT
 1,000 10,020
M/I Homes, Inc.(a)
 624 28,816
Marcus & Millichap, Inc.
 607 20,911
Marcus Corp.
 3,531 50,811
MarineMax, Inc.(a)
 858 26,787
Marten Transport Ltd.
 1,019 20,156
Masterbrand, Inc.(a)
 1,865 14,081
Materion Corp.
 192 16,802
Mativ Holdings, Inc.
 1,101 23,011
Matson, Inc.
 346 21,628
Matthews International Corp., Class A
 597 18,173
MaxLinear, Inc.(a)
 1,678 56,968
MDC Holdings, Inc.
 875 27,650
Medifast, Inc.
 545 62,866
Mercer International, Inc.
 4,565 53,137
Mercury General Corp.
 1,377 47,093
Meridian Bioscience, Inc.(a)
 891 29,590
Merit Medical Systems, Inc.(a)
 279 19,703
Meritage Homes Corp.(a)
 319 29,412
Mesa Laboratories, Inc.
 161 26,760
Methode Electronics, Inc.
 589 26,134
MGP Ingredients, Inc.
 631 67,126
Middlesex Water Co.
 806 63,408
Security Description Shares Value
MillerKnoll, Inc.
 980 $20,590
Minerals Technologies, Inc.
 152 9,229
Mister Car Wash, Inc.(a)
 2,811 25,946
ModivCare, Inc.(a)
 179 16,062
Monarch Casino & Resort, Inc.(a)
 229 17,608
Monro, Inc.
 573 25,900
Moog, Inc., Class A
 188 16,499
Motorcar Parts of America, Inc.(a)
 2,806 33,279
Movado Group, Inc.
 1,424 45,924
Mr Cooper Group, Inc.(a)
 872 34,993
Mueller Industries, Inc.
 564 33,276
Myers Industries, Inc.
 477 10,604
MYR Group, Inc.(a)
 304 27,989
Myriad Genetics, Inc.(a)
 841 12,203
Nabors Industries Ltd.(a)
 113 17,500
National Bank Holdings Corp., Class A
 644 27,093
National Beverage Corp.(a)
 407 18,938
National Presto Industries, Inc.
 640 43,814
National Vision Holdings, Inc.(a)
 1,169 45,310
NBT Bancorp, Inc.
 79 3,430
Nektar Therapeutics(a)
 11,751 26,557
NeoGenomics, Inc.(a)
 1,369 12,650
NETGEAR, Inc.(a)
 2,148 38,900
NetScout Systems, Inc.(a)
 1,275 41,450
New York Mortgage Trust, Inc., REIT
 3,237 8,287
NexPoint Residential Trust, Inc., REIT
 226 9,836
NextGen Healthcare, Inc.(a)
 1,968 36,959
NMI Holdings, Inc., Class A(a)
 2,821 58,959
Northfield Bancorp, Inc.
 213 3,350
Northwest Bancshares, Inc.
 1,474 20,607
Northwest Natural Holding Co.
 1,543 73,431
NOW, Inc.(a)
 1,265 16,065
Nu Skin Enterprises, Inc., Class A
 1,125 47,430
NuVasive, Inc.(a)
 1,345 55,468
NV5 Global, Inc.(a)
 193 25,538
Oceaneering International, Inc.(a)
 1,103 19,291
ODP Corp.(a)
 531 24,182
Office Properties Income Trust, REIT
 1,292 17,248
OFG Bancorp
 1,024 28,221
O-I Glass, Inc.(a)
 1,377 22,817
Oil States International, Inc.(a)
 2,465 18,389
Olympic Steel, Inc.
 475 15,950
OmniAb, Inc.(a),(b)
 198 —
OmniAb, Inc.(a),(b)
 198 —
OneSpan, Inc.(a)
 5,973 66,838
Onto Innovation, Inc.(a)
 323 21,993
OptimizeRx Corp.(a)
 2,009 33,751
OraSure Technologies, Inc.(a)
 5,352 25,797
Organogenesis Holdings, Inc.(a)
 21,123 56,821
Orion Office REIT, Inc.
 2,039 17,413
Orthofix Medical, Inc.(a)
 2,752 56,499
OSI Systems, Inc.(a)
 226 17,972
 
See accompanying notes to financial statements.
33
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
Outfront Media, Inc.
 625 $10,362
Owens & Minor, Inc.(a)
 2,631 51,383
Oxford Industries, Inc.
 182 16,959
Pacific Premier Bancorp, Inc.
 96 3,030
Pacira BioSciences, Inc.(a)
 717 27,683
Palomar Holdings, Inc.(a)
 959 43,308
Par Pacific Holdings, Inc.(a)
 2,862 66,541
Park Aerospace Corp.
 409 5,485
Park National Corp.
 22 3,097
Pathward Financial, Inc.
 842 36,248
Patrick Industries, Inc.
 659 39,935
Patterson-UTI Energy, Inc.
 964 16,234
Payoneer Global, Inc.(a)
 6,906 37,776
PC Connection, Inc.
 362 16,978
PDF Solutions, Inc.(a)
 474 13,518
Pediatrix Medical Group, Inc.(a)
 4,746 70,526
Pennant Group, Inc.(a)
 2,271 24,936
PennyMac Mortgage Investment Trust, REIT
 620 7,682
Perdoceo Education Corp.(a)
 1,980 27,522
Perficient, Inc.(a)
 761 53,141
PetMed Express, Inc.
 2,973 52,622
PGT Innovations, Inc.(a)
 999 17,942
Phibro Animal Health Corp., Class A
 3,897 52,259
Photronics, Inc.(a)
 770 12,959
Piper Sandler Companies
 136 17,706
Pitney Bowes, Inc.
 5,443 20,683
Plexus Corp.(a)
 1,036 106,635
Powell Industries, Inc.
 1,559 54,846
PRA Group, Inc.(a)
 824 27,835
Preferred Bank
 43 3,209
Prestige Consumer Healthcare, Inc.(a)
 811 50,769
PriceSmart, Inc.
 1,005 61,084
ProAssurance Corp.
 2,328 40,670
PROG Holdings, Inc.(a)
 1,572 26,551
Progress Software Corp.
 613 30,926
ProPetro Holding Corp.(a)
 1,598 16,571
Proto Labs, Inc.(a)
 2,259 57,672
Provident Financial Services, Inc.
 151 3,225
Quaker Chemical Corp.
 32 5,341
Quanex Building Products Corp.
 792 18,755
QuinStreet, Inc.(a)
 1,433 20,564
RadNet, Inc.(a)
 803 15,120
Rambus, Inc.(a)
 1,973 70,673
Ranger Oil Corp., Class A
 1,050 42,451
Rayonier Advanced Materials, Inc.(a)
 1,135 10,896
RE/MAX Holdings, Inc., Class A
 1,052 19,609
Ready Capital Corp., REIT
 254 2,830
Redwood Trust, Inc., REIT
 2,722 18,401
REGENXBIO, Inc.(a)
 972 22,045
Renasant Corp.
 82 3,082
Rent-A-Center, Inc.
 2,079 46,881
Resideo Technologies, Inc.(a)
 1,170 19,246
Security Description Shares Value
Resources Connection, Inc.
 974 $17,902
Retail Opportunity Investments Corp., REIT
 676 10,160
REX American Resources Corp.(a)
 1,087 34,632
Rogers Corp.(a)
 45 5,370
RPC, Inc.
 1,860 16,535
RPT Realty, REIT
 971 9,749
Ruth's Hospitality Group, Inc.
 1,421 21,997
S&T Bancorp, Inc.
 91 3,110
Sabre Corp.(a)
 14,625 90,382
Safehold, Inc., REIT
 381 10,904
Safety Insurance Group, Inc.
 576 48,534
Sally Beauty Holdings, Inc.(a)
 2,182 27,319
Sanmina Corp.(a)
 1,763 101,002
Saul Centers, Inc., REIT
 254 10,333
ScanSource, Inc.(a)
 614 17,941
Scholastic Corp.
 739 29,161
Seacoast Banking Corp. of Florida
 99 3,088
Select Medical Holdings Corp.
 3,120 77,470
Semtech Corp.(a)
 2,000 57,380
Seneca Foods Corp., Class A(a)
 496 30,231
Service Properties Trust, REIT
 2,023 14,748
ServisFirst Bancshares, Inc.
 47 3,239
Shake Shack, Inc., Class A(a)
 1,181 49,047
Shenandoah Telecommunications Co.
 4,074 64,695
Shoe Carnival, Inc.
 935 22,356
Shutterstock, Inc.
 1,766 93,104
Signet Jewelers Ltd.
 651 44,268
Simmons First National Corp., Class A
 155 3,345
Simply Good Foods Co.(a)
 533 20,270
Simulations Plus, Inc.
 964 35,253
SiriusPoint Ltd.(a)
 9,012 53,171
SITE Centers Corp., REIT
 799 10,914
Six Flags Entertainment Corp.(a)
 866 20,134
SJW Group
 940 76,319
SkyWest, Inc.(a)
 3,062 50,554
Sleep Number Corp.(a)
 645 16,757
SM Energy Co.
 1,064 37,059
SMART Global Holdings, Inc.(a)
 4,470 66,514
Sonic Automotive, Inc., Class A
 540 26,606
Sonos, Inc.(a)
 3,123 52,779
South Jersey Industries, Inc.
 2,103 74,720
Southside Bancshares, Inc.
 96 3,455
SpartanNash Co.
 2,089 63,171
SPS Commerce, Inc.(a)
 240 30,823
SPX Technologies, Inc.(a)
 832 54,621
St. Joe Co.
 288 11,131
Standard Motor Products, Inc.
 1,528 53,174
Standex International Corp.
 651 66,669
Stellar Bancorp, Inc.
 109 3,211
Stepan Co.
 84 8,943
Steven Madden Ltd.
 1,343 42,922
Stewart Information Services Corp.
 1,729 73,880
 
See accompanying notes to financial statements.
34
Table of Contents
Syntax Stratified SmallCap ETF
Schedule of Investments  (continued)
December 31, 2022
Security Description Shares Value
StoneX Group, Inc.(a)
 226 $21,538
Strategic Education, Inc.
 350 27,412
Stride, Inc.(a)
 852 26,651
Sturm Ruger & Co., Inc.
 1,875 94,912
Summit Hotel Properties, Inc., REIT
 2,007 14,491
Sun Country Airlines Holdings, Inc.(a)
 3,033 48,103
SunCoke Energy, Inc.
 1,936 16,708
Sunstone Hotel Investors, Inc.
 1,531 14,789
Supernus Pharmaceuticals, Inc.(a)
 603 21,509
Surmodics, Inc.(a)
 558 19,039
Sylvamo Corp.
 388 18,853
Talos Energy, Inc.(a)
 2,039 38,496
Tanger Factory Outlet Centers, Inc., REIT
 568 10,190
TechTarget, Inc.(a)
 437 19,254
Telephone and Data Systems, Inc.
 7,496 78,633
Tennant Co.
 532 32,755
Thryv Holdings, Inc.(a)
 1,553 29,507
TimkenSteel Corp.(a)
 889 16,153
Titan International, Inc.(a)
 822 12,593
Tompkins Financial Corp.
 39 3,026
Tootsie Roll Industries, Inc.
 456 19,412
Tredegar Corp.
 1,043 10,659
TreeHouse Foods, Inc.(a)
 445 21,974
Tri Pointe Homes, Inc.(a)
 1,522 28,294
Trinity Industries, Inc.
 745 22,030
Trinseo PLC
 1,047 23,777
Triumph Financial, Inc.(a)
 500 24,435
Triumph Group, Inc.(a)
 1,344 14,139
TrueBlue, Inc.(a)
 545 10,671
Trupanion, Inc.(a)
 945 44,916
TrustCo Bank Corp. NY
 556 20,900
Trustmark Corp.
 91 3,177
TTEC Holdings, Inc.
 229 10,106
TTM Technologies, Inc.(a)
 3,458 52,147
Two Harbors Investment Corp.
 566 8,926
UFP Industries, Inc.
 689 54,603
Ultra Clean Holdings, Inc.(a)
 391 12,962
UniFirst Corp.
 148 28,563
uniQure N.V.(a)
 941 21,332
Unisys Corp.(a)
 13,066 66,767
United Community Banks, Inc.
 91 3,076
United Fire Group, Inc.
 1,564 42,791
United Natural Foods, Inc.(a)
 1,730 66,968
Uniti Group, Inc., REIT
 1,793 9,915
Unitil Corp.
 1,437 73,804
Universal Corp.
 1,342 70,871
Universal Electronics, Inc.(a)
 2,495 51,921
Universal Health Realty Income Trust, REIT
 205 9,785
Universal Insurance Holdings, Inc.
 4,348 46,045
Urban Edge Properties
 703 9,905
Urban Outfitters, Inc.(a)
 1,352 32,245
Security Description Shares   Value
Urstadt Biddle Properties, Inc., REIT, Class A
 575   $10,896
US Physical Therapy, Inc.
 181   14,666
US Silica Holdings, Inc.(a)
 1,298   16,225
USANA Health Sciences, Inc.(a)
 391   20,801
Vanda Pharmaceuticals, Inc.(a)
 3,124   23,086
Varex Imaging Corp.(a)
 1,390   28,217
Vector Group Ltd.
 6,575   77,979
Veeco Instruments, Inc.(a)
 738   13,712
Vericel Corp.(a)
 2,424   63,848
Veris Residential, Inc., REIT(a)
 1,154   18,383
Veritex Holdings, Inc.
 112   3,145
Veritiv Corp.
 134   16,309
Viad Corp.(a)
 651   15,878
Viavi Solutions, Inc.(a)
 2,328   24,467
Vir Biotechnology, Inc.(a)
 833   21,083
Virtus Investment Partners, Inc.
 461   88,254
Vista Outdoor, Inc.(a)
 4,084   99,527
Wabash National Corp.
 926   20,928
Walker & Dunlop, Inc.
 458   35,944
Warrior Met Coal, Inc.
 446   15,449
WD-40 Co.
 150   24,181
Westamerica BanCorp
 55   3,246
Whitestone REIT
 1,090   10,508
Winnebago Industries, Inc.
 1,003   52,858
WisdomTree, Inc.
 16,668   90,841
Wolverine World Wide, Inc.
 4,245   46,398
World Acceptance Corp.(a)
 396   26,112
World Fuel Services Corp.
 2,111   57,694
WSFS Financial Corp.
 72   3,264
WW International, Inc.(a)
 6,428   24,812
Xencor, Inc.(a)
 720   18,749
Xenia Hotels & Resorts, Inc., REIT
 1,045   13,773
XPEL, Inc.(a)
 598   35,916
Xperi, Inc.(a)
 7,111   61,226
Yelp, Inc.(a)
 3,176   86,832
ZIMVIE, Inc.(a)
 6,328   59,104
Zumiez, Inc.(a)
 1,631   35,458
Zynex, Inc.
 4,143   57,629
TOTAL INVESTMENTS—99.8%

(Cost $17,835,833)
     18,218,682
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2%
     37,268
NET ASSETS—100.0%
     $18,255,950
    
(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, 2022
INDUSTRY BREAKDOWN
As of December 31, 2022*
INDUSTRY PERCENTAGE OF
NET ASSETS
Healthcare Providers and Facilities
 3.7%
Business Software for Specific Uses
 3.1
Upstream Energy
 2.8
Gas and Water Utilities
 2.8
Investment Services
 2.5
Operators and Developers
 2.4
Medical Devices
 2.4
Consumer Insurance
 2.4
Commercial Insurance
 2.4
Management and IT Services
 2.4
Non Real Estate Banking
 2.4
Telecommunication Networks
 2.4
Auto Products
 2.4
Real Estate Banking
 2.3
Marketed Pharmaceuticals
 2.3
Transaction Services
 2.3
Rental
 2.3
Commercial Hardware
 2.3
Home Office and Consumer Equipment Manufacture
 2.3
Transportation Services
 2.2
Content Providers
 2.2
Home Office and Consumer Equipment Retail
 2.2
Digital Integrated Circuits
 2.1
Online Distribution Networks
 2.0
Specialty Services
 1.8
Distribution Services
 1.8
Mechanical Components
 1.8
Information and Electrical Components
 1.8
Food Distributors
 1.8
Production Equipment
 1.7
Other Pharmaceuticals
 1.7
Restaurants
 1.7
Apparel Retailers
 1.7
Hospital Equipment
 1.6
Business Software for Specific Industries
 1.6
Chemicals
 1.5
Contract Electronics Services
 1.4
Semiconductor Services and Equipment
 1.3
Primary Foods
 1.2
Alcohol and Tobacco
 1.2
Branded Apparel
 1.2
Other Natural Resources
 1.2
End User Hardware
 1.2
Metals
 1.1
INDUSTRY PERCENTAGE OF
NET ASSETS
Transport Aerospace and Defense Equipment
 1.1%
Processed Foods
 1.1
Personal Products
 1.0
Analog and Mixed Signal Integrated Circuits
 0.9
Healthcare Products Distribution
 0.9
Electric Regulated
 0.8
Clinical Stage Pharmaceuticals
 0.8
Accessories and Footwear
 0.7
Industrial Conglomerates
 0.7
Downstream
 0.7
Medical Research Services and Equipment
 0.6
Search and Social Networks
 0.5
Midstream
 0.3
Drugstores
 0.3
Consumer Paper Products
 0.2
Consumer Services
 0.1
Brokers and Dealers
 0.1
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, 2022
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—99.9%      
Syntax Stratified LargeCap ETF(a)
 160,599   $10,227,667
Syntax Stratified MidCap ETF(a)
 34,645   1,219,902
Syntax Stratified SmallCap ETF(a)
 14,886   603,858
TOTAL INVESTMENTS—99.9%

(Cost $12,303,310)
     12,051,427
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
     6,153
NET ASSETS—100.0%
     $12,057,580
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
December 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2022 		Shares as of
December 31, 2022 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $14,471,787 $5,350,872 $(8,127,467) $566,599 $(2,034,124) $10,227,667 160,599 $173,093 $—
Syntax Stratified MidCap ETF
 1,708,961 665,886 (938,378) (65,694) (150,873) 1,219,902 34,645 12,449 —
Syntax Stratified SmallCap ETF
 815,106 379,224 (449,495) (69,381) (71,596) 603,858 14,886 6,797 —
Total $16,995,854 $6,395,982 $(9,515,340) $431,524 $(2,256,593) $12,051,427 210,130 $192,339 $—
    
ETF=Exchange Traded Fund
PORTFOLIO COMPOSITION
AS OF December 31, 2022
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, 2022
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—89.3%      
Syntax Stratified LargeCap ETF(a)
 471,516   $30,028,261
Syntax Stratified MidCap ETF(a)
 101,754   3,582,911
Syntax Stratified SmallCap ETF(a)
 43,716   1,773,361
TOTAL EXCHANGE-TRADED FUNDS

(Cost $36,728,888)
     $35,384,533
TOTAL PURCHASED OPTIONS—11.7%

(Cost $4,785,590)
     $4,620,928
TOTAL INVESTMENTS—101.0%

(Cost $41,514,478)
     40,005,461
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.0)%
     (411,865)
NET ASSETS—100.0%
     $39,593,596
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
December 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2022 		Shares as of
December 31, 2022 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $34,369,826 $7,076,792 $(7,717,004) $160,486 $(3,861,839) $30,028,261 471,516 $517,564 $—
Syntax Stratified MidCap ETF
 4,058,767 941,806 (862,897) (1,198) (553,567) 3,582,911 101,754 37,227 —
Syntax Stratified SmallCap ETF
 1,935,669 658,581 (425,542) (72,212) (323,135) 1,773,361 43,716 20,320 —
Total $40,364,262 $8,677,179 $(9,005,443) $87,076 $(4,738,541) $35,384,533 616,986 $575,111 $—
    
ETF=Exchange Traded Fund
    
Purchased Call Options — 3.1%
Exchange-Traded Options — 3.1%
    
Description Number of
Contracts 		Notional
Amount 		Cost Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 462 $17,668,266 $1,251,050 $455 12/20/24 $1,212,750
Total     $1,251,050     $1,212,750
    
Purchased Put Options — 8.6%
Exchange-Traded Options — 8.6%
    
Description Number of
Contracts 		Notional
Amount 		Cost Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 923 $35,298,289 $3,534,540 $375 12/20/24 $3,408,178
Total     $3,534,540     $3,408,178
Total Purchased Options — 11.7%     $4,785,590     $4,620,928
             
See accompanying notes to financial statements.
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Syntax Stratified U.S. Total Market Hedged ETF
Schedule of Investments  (continued)
December 31, 2022
Written Call Options — (1.1)%
Exchange-Traded Options — (1.1)%
    
Description Number of
Contracts 		Notional
Amount 		Proceeds
Received 		Exercise
Price 		Expiration
Date 		Value
SPDR S&P 500 ETF Trust
 462 $(17,668,266) $(474,969) $520 12/20/24 $(438,900)
Total     $(474,969)     $(438,900)
PORTFOLIO COMPOSITION
AS OF December 31, 2022
ASSET TYPE PERCENTAGE OF
NET ASSETS
Large Cap ETF
 75.8%
Mid Cap ETF
 9.0
Small Cap ETF
 4.5
Purchased Options
 11.7
Written Options
 (1.1)
Other Assets in Excess of Liabilities
 0.1
Total 100.0%
See accompanying notes to financial statements.
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Syntax Stratified Total Market II ETF
Schedule of Investments
December 31, 2022
Security Description Shares   Value
EXCHANGE-TRADED FUNDS—99.9%      
Syntax Stratified LargeCap ETF(a)
 104,894   $6,680,122
Syntax Stratified MidCap ETF(a)
 22,631   796,872
Syntax Stratified SmallCap ETF(a)
 9,723   394,418
TOTAL INVESTMENTS—99.9%

(Cost $7,490,028)
     7,871,412
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
     4,053
NET ASSETS—100.0%
     $7,875,465
    
(a) Affiliated investment. The Fund's transactions and earnings are as follows:
Affiliated Investments Value
June 14, 2022* 		Purchases
at Cost 		Proceeds
from Sales 		Net
Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value
December 31, 2022 		Shares as of
December 31, 2022 		Dividend
Income 		Net Capital
Gain
Distributions
Syntax Stratified LargeCap ETF
 $— $12,685,998 $(6,483,029) $150,790 $326,363 $6,680,122 104,894 $113,300 $—
Syntax Stratified MidCap ETF
 — 1,501,356 (782,337) 29,515 48,338 796,872 22,631 8,149 —
Syntax Stratified SmallCap ETF
 — 766,990 (388,255) 9,000 6,683 394,418 9,723 4,448 —
Total $— $14,954,344 $(7,653,621) $189,305 $381,384 $7,871,412 137,248 $125,897 $—
    
* Commencement of operations.
    
ETF=Exchange Traded Fund
PORTFOLIO COMPOSITION
AS OF December 31, 2022
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
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Syntax ETF Trust
Statements of Assets and Liabilities
December 31, 2022
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
ASSETS          
Investments in securities of unaffiliated issuers
 $96,981,792   $10,547,717   $18,218,682
Total Investments
 96,981,792   10,547,717   18,218,682
Cash
 148,795   12,640   22,613
Dividends receivable
 113,542   9,018   21,116
Total Assets
 97,244,129   10,569,375   18,262,411
LIABILITIES          
Accrued Management fee
 25,141   2,972   6,383
Accrued Other fees
 411   42   78
Total Liabilities
 25,552   3,014   6,461
NET ASSETS
$97,218,577   $10,566,361   $18,255,950
NET ASSETS CONSISTS OF:          
Paid in Capital
 $99,695,689   $11,113,321   $19,169,254
Distributable earnings (loss)
 (2,477,112)   (546,960)   (913,304)
NET ASSETS
 $97,218,577   $10,566,361   $18,255,950
NET ASSET VALUE PER SHARE
 $63.75   $35.22   $40.57
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 1,525,000   300,000   450,000
COST OF INVESTMENTS
 $97,500,864   $10,746,051   $17,835,833
    
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Assets and Liabilities
December 31, 2022
  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
 $—   $4,620,928   $—
Investments in securities of affiliated issuers
 12,051,427   35,384,533   7,871,412
Total Investments
 12,051,427   40,005,461   7,871,412
Cash
 6,606   29,893   4,339
Cash at broker
 —   10,196   —
Total Assets
 12,058,033   40,045,550   7,875,751
LIABILITIES          
Written options, at value
 —   438,900   —
Accrued Management fee
 405   12,883   251
Accrued Other fees
 48   171   35
Total Liabilities
 453   451,954   286
NET ASSETS
$12,057,580   $39,593,596   $7,875,465
NET ASSETS CONSISTS OF:          
Paid in Capital
 $12,312,005   $41,254,024   $7,493,643
Distributable earnings (loss)
 (254,425)   (1,660,428)   381,822
NET ASSETS
 $12,057,580   $39,593,596   $7,875,465
NET ASSET VALUE PER SHARE
 $40.19   $38.63   $39.38
SHARES OUTSTANDING (unlimited number of shares authorized, no par value)
 300,000   1,025,000   200,000
Investments in securities of unaffiliated issuers
 $—   $4,785,590   $—
Investments in securities of affiliated issuers
 12,303,310   36,728,888   7,490,028
TOTAL COST OF INVESTMENTS
 $12,303,310   $41,514,478   $7,490,028
WRITTEN OPTIONS PREMIUM
 $—   $474,969   $—
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Operations
For the year or period ended December 31, 2022
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF 		  Syntax Stratified
SmallCap ETF
  Year Ended
December 31, 2022 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2022
INVESTMENT INCOME          
Dividend income (net of foreign taxes withheld of $674, $0 and $200, respectively)
 $1,868,990   $128,561   $268,698
Total Investment Income
1,868,990   128,561   268,698
EXPENSES          
Management fee
 447,132   43,579   85,736
Other fees
 4,869   475   934
Total Expenses
 452,001   44,054   86,670
Expense Waiver/Reimbursement
 (149,044)   (9,684)   (9,526)
Net Expenses
 302,957   34,370   77,144
NET INVESTMENT INCOME (LOSS)
 1,566,033   94,191   191,554
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) from transactions in investment securities
 (994,996)   (247,421)   (1,282,514)
Net realized gain (loss) from in-kind redemptions of investment securities
 11,256,196   363,980   702,387
Reimbursement from Sub-Adviser (See Note 6)
 123,526   —   26,029
Net realized gain (loss)
 10,384,726   116,559   (554,098)
Net change in unrealized appreciation (depreciation) on investments
 (20,614,829)   (1,692,568)   (3,915,877)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (10,230,103)   (1,576,009)   (4,469,975)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(8,664,070)   $(1,481,818)   $(4,278,421)
    
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Operations
For the year or period ended December 31, 2022
  Syntax Stratified
U.S. Total Market ETF 		  Syntax Stratified U.S. Total
Market Hedged ETF 		  Syntax Stratified Total
Market II ETF
  Year Ended
December 31, 2022 		  Year Ended
December 31, 2022 		  For the Period
June 14, 2022(a)
to December 31, 2022
INVESTMENT INCOME          
Dividend income (net of foreign taxes withheld of $0, $0 and $132, respectively)
 $—   $—   $1,243
Dividend income from affiliated investments
 192,339   575,111   125,897
Total Investment Income
192,339   575,111   127,140
EXPENSES          
Management fee
 75,645   436,146   51,790
Other fees
 494   2,223   338
Total Expenses
 76,139   438,369   52,128
Expense Waiver/Reimbursement
 (72,161)   (271,766)   (48,552)
Net Expenses
 3,978   166,603   3,576
NET INVESTMENT INCOME (LOSS)
 188,361   408,508   123,564
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) from transactions in investment securities
 —   1,501,370   23,324
Net realized gain (loss) from transactions in affiliated investment securities
 (2,543)   21,822   480
Net realized gain (loss) from in-kind redemptions of investment securities
 —   —   77,121
Net realized gain (loss) from in-kind redemptions of affiliated investment securities
 434,067   65,254   188,825
Net realized gain (loss) from transactions in written options
 —   243,443   —
Net realized gain (loss)
 431,524   1,831,889   289,750
Net change in unrealized appreciation (depreciation) on investments
 —   502,680   —
Net change in unrealized appreciation (depreciation) on affiliated investments
 (2,256,593)   (4,738,541)   381,384
Net change in unrealized appreciation (depreciation) on written options
 —   163,991   —
Net change in unrealized appreciation/depreciation
 (2,256,593)   (4,071,870)   381,384
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (1,825,069)   (2,239,981)   671,134
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(1,636,708)   $(1,831,473)   $794,698
(a) Fund commenced operations on June 14, 2022.
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Changes in Net Assets
  Syntax Stratified
LargeCap ETF 		  Syntax Stratified
MidCap ETF
  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021 		  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $1,566,033   $1,123,302   $94,191   $62,501
Net realized gain (loss)
 10,384,726   5,533,657   116,559   487,191
Net change in unrealized appreciation (depreciation)
 (20,614,829)   11,995,507   (1,692,568)   632,555
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 (8,664,070)   18,652,466   (1,481,818)   1,182,247
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (1,615,742)   (1,189,175)   (98,761)   (234,274)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 40,681,880   61,152,050   3,611,175   6,815,911
Cost of Shares Redeemed
 (41,868,028)   (11,919,869)   (1,645,322)   (1,003,463)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 (1,186,148)   49,232,181   1,965,853   5,812,448
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (11,465,960)   66,695,472   385,274   6,760,421
NET ASSETS AT BEGINNING OF PERIOD
 108,684,537   41,989,065   10,181,087   3,420,666
NET ASSETS AT END OF PERIOD
 $97,218,577   $108,684,537   $10,566,361   $10,181,087
SHARE TRANSACTIONS:              
Shares sold
 650,000   950,000   100,000   175,000
Shares redeemed
 (650,000)   (175,000)   (50,000)   (25,000)
NET INCREASE (DECREASE)
 —   775,000   50,000   150,000
    
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Changes in Net Assets
  Syntax Stratified
SmallCap ETF 		  Syntax Stratified
U.S. Total Market ETF
  Year Ended
December 31, 2022 		  Year Ended
December 31, 2021 		  Year Ended
December 31, 2022 		  For the Period
March 18, 2021(a)
to December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $191,554   $185,213   $188,361   $234,037
Net realized gain (loss)
 (554,098)   3,671,700   431,524   444,307
Net change in unrealized appreciation (depreciation)
 (3,915,877)   422,221   (2,256,593)   2,004,710
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 (4,278,421)   4,279,134   (1,636,708)   2,683,054
DISTRIBUTIONS TO SHAREHOLDERS              
Distributions to Shareholders
 (205,319)   (1,521,147)   (199,218)   (246,920)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:              
Proceeds from Shares Sold
 3,505,189   7,862,252   6,300,901   21,000,000
Cost of Shares Redeemed
 (2,175,507)   (6,436,337)   (9,439,823)   (6,403,706)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 1,329,682   1,425,915   (3,138,922)   14,596,294
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (3,154,058)   4,183,902   (4,974,848)   17,032,428
NET ASSETS AT BEGINNING OF PERIOD
 21,410,008   17,226,106   17,032,428   —
NET ASSETS AT END OF PERIOD
 $18,255,950   $21,410,008   $12,057,580   $17,032,428
SHARE TRANSACTIONS:              
Shares sold
 75,000   150,000   150,000   525,000
Shares redeemed
 (50,000)   (125,000)   (225,000)   (150,000)
NET INCREASE (DECREASE)
 25,000   25,000   (75,000)   375,000
(a) Fund commenced operations on March 18, 2021.
    
See accompanying notes to financial statements.
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Syntax ETF Trust
Statements of Changes in Net Assets
  Syntax Stratified U.S. Total
Market Hedged ETF 		  Syntax Stratified Total
Market II ETF
  Year Ended
December 31, 2022 		  For the Period
June 15, 2021(a)
to December 31, 2021 		  For the Period
June 14, 2022(b)
to December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:          
Net investment income (loss)
 $408,508   $484,577   $123,564
Net realized gain (loss)
 1,831,889   (2,029,580)   289,750
Net change in unrealized appreciation (depreciation)
 (4,071,870)   2,598,922   381,384
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 (1,831,473)   1,053,919   794,698
DISTRIBUTIONS TO SHAREHOLDERS          
Distributions to Shareholders
 (1,332,695)   (484,945)   (146,930)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:          
Proceeds from Shares Sold
 4,999,857   88,308,024   18,582,640
Cost of Shares Redeemed
 (7,769,157)   (43,349,934)   (11,354,943)
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS:
 (2,769,300)   44,958,090   7,227,697
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD
 (5,933,468)   45,527,064   7,875,465
NET ASSETS AT BEGINNING OF PERIOD
 45,527,064   —   —
NET ASSETS AT END OF PERIOD
 $39,593,596   $45,527,064   $7,875,465
SHARE TRANSACTIONS:          
Shares sold
 125,000   2,200,000   500,000
Shares redeemed
 (200,000)   (1,100,000)   (300,000)
NET INCREASE (DECREASE)
 (75,000)   1,100,000   200,000
(a) Fund commenced operations on June 15, 2021.
(b) Fund commenced operations on June 14, 2022.
See accompanying notes to financial statements.
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Syntax ETF Trust
Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
LargeCap ETF
  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
 $71.27   $55.99   $50.73   $40.00
Income (loss) from investment operations:              
Net investment income (loss)(b)
 1.03   0.92   0.88   0.84
Net realized and unrealized gain (loss)
 (7.47)   15.14   5.29   10.68
Total from investment operations
 (6.44)   16.06   6.17   11.52
Less Distributions from:              
Net investment income
 (1.08)   (0.78)   (0.82)   (0.79)
Net realized gains
 —   —   (0.09)   —
Net asset value, end of period
 $63.75   $71.27   $55.99   $50.73
Total return(c)
 (9.02)%(d)   28.76%   12.18%   28.81%(e)
Ratios and Supplemental Data:              
Net assets, end of period (000s)
 $97,219   $108,685   $41,989   $62,149
Ratios to average net assets:              
Total expenses
 0.45%   0.45%   0.45%   0.80%(f)
Net expenses(g)
 0.30%   0.30%   0.30%   0.30%(f)
Net investment income (loss)(g)
 1.58%   1.39%   1.83%   1.80%(f)
Portfolio turnover rate(h)
 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 year 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.
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Syntax ETF Trust
Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
MidCap ETF
  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
 $40.72   $34.21   $30.00
Income (loss) from investment operations:          
Net investment income (loss)(b)
 0.35   0.31   0.29
Net realized and unrealized gain (loss)
 (5.49)   7.14   4.22
Total from investment operations
 (5.14)   7.45   4.51
Less Distributions from:          
Net investment income
 (0.36)   (0.28)   (0.30)
Net realized gains
 —   (0.66)   —
Net asset value, end of period
 $35.22   $40.72   $34.21
Total return(c)
 (12.61)%   21.95%   15.04%(d)
Ratios and Supplemental Data:          
Net assets, end of period (000s)
 $10,566   $10,181   $3,421
Ratios to average net assets:          
Total expenses
 0.45%   0.45%   0.45%(e)
Net expenses(f)
 0.35%   0.34%   0.30%(e)
Net investment income (loss)(f)
 0.97%   0.77%   1.10%(e)
Portfolio turnover rate(g)
 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.
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Syntax ETF Trust
Financial Highlights
Selected data for a share outstanding throughout each period
  Syntax Stratified
SmallCap ETF
  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
 $50.38   $43.07   $30.00
Income (loss) from investment operations:          
Net investment income (loss)(b)
 0.44   0.45   0.20
Net realized and unrealized gain (loss)
 (9.79)   10.44   13.24
Total from investment operations
 (9.35)   10.89   13.44
Less Distributions from:          
Net investment income
 (0.46)   (0.47)   (0.19)
Net realized gains
 —   (3.11)   (0.18)
Net asset value, end of period
 $40.57   $50.38   $43.07
Total return(c)
 (18.55)%(d)   25.72%   44.82%(e)
Ratios and Supplemental Data:          
Net assets, end of period (000s)
 $18,256   $21,410   $17,226
Ratios to average net assets:          
Total expenses
 0.45%   0.45%   0.45%(f)
Net expenses(g)
 0.40%   0.37%   0.30%(f)
Net investment income (loss)(g)
 1.01%   0.87%   0.93%(f)
Portfolio turnover rate(h)
 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 year 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.
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Financial Highlights
Selected data for a share outstanding throughout this period
  Syntax Stratified
U.S. Total Market ETF
  Year Ended
December 31, 2022 		  For the
Period
March 18, 2021(a)
to December 31, 2021
Net asset value, beginning of period
 $45.42   $40.00
Income (loss) from investment operations:      
Net investment income (loss)(b)
 0.78   0.56
Net realized and unrealized gain (loss)
 (5.34)   5.52
Total from investment operations
 (4.56)   6.08
Less Distributions from:      
Net investment income
 (0.63)   (0.62)
Net realized gains
 (0.04)   (0.04)
Net asset value, end of period
 $40.19   $45.42
Total return(c)
 (10.05)%   15.20%(d)
Ratios and Supplemental Data:      
Net assets, end of period (000s)
 $12,058   $17,032
Ratios to average net assets:      
Total expenses
 0.75%   0.76%(e)
Net expenses(f)
 0.04%   0.05%(e)
Net investment income (loss)(f)
 1.87%   1.64%(e)
Portfolio turnover rate(g)
 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) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
    
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a share outstanding throughout this period
  Syntax Stratified U.S. Total
Market Hedged ETF
  Year Ended
December 31, 2022 		  For the
Period
June 15, 2021(a)
to December 31, 2021
Net asset value, beginning of period
 $41.39   $40.40
Income (loss) from investment operations:      
Net investment income (loss)(b)
 0.37   0.43
Net realized and unrealized gain (loss)
 (1.83)   1.00(c)
Total from investment operations
 (1.46)   1.43
Less Distributions from:      
Net investment income
 (0.40)   (0.44)
Net realized gains
 (0.90)   —
Net asset value, end of period
 $38.63   $41.39
Total return(d)
 (3.53)%   3.54%(e)
Ratios and Supplemental Data:      
Net assets, end of period (000s)
 $39,594   $45,527
Ratios to average net assets:      
Total expenses
 1.00%   1.00%(f)
Net expenses(g)
 0.38%   0.38%(f)
Net investment income (loss)(g)
 0.94%   1.96%(f)
Portfolio turnover rate(h)
 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) 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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Financial Highlights
Selected data for a share outstanding throughout this period
  Syntax Stratified Total
Market II ETF
  For the
Period
June 14, 2022(a)
to December 31, 2022
Net asset value, beginning of period
 $37.04
Income (loss) from investment operations:  
Net investment income (loss)(b)
 0.41
Net realized and unrealized gain (loss)
 2.67
Total from investment operations
 3.08
Less Distributions from:  
Net investment income
 (0.62)
Net realized gains
 (0.12)
Net asset value, end of period
 $39.38
Total return(c)
 8.29%(d)
Ratios and Supplemental Data:  
Net assets, end of period (000s)
 $7,875
Ratios to average net assets:  
Total expenses
 0.75%(e)
Net expenses(f)
 0.05%(e)
Net investment income (loss)(f)
 1.79%(e)
Portfolio turnover rate(g)
 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) Annualized.
(f) Net of expenses waived/reimbursed by the Advisor.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares.
See accompanying notes to financial statements.
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Notes to Financial Statements
December 31, 2022
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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Notes to Financial Statements  (continued)
December 31, 2022
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 (“GAAP”) and in accordance with ASC as set forth by the FASB. Each Fund maintains its financial records in U.S. dollars and follows the accrual basis of accounting.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year or period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies used by the Funds.
In-Kind Seeding
The seeding (capital required to fund initial creation units to commence trading) of the Syntax ETFs was provided by two different methods: cash delivered at closing and in-kind seeding. The Syntax Stratified U.S. Total Market ETF was seeded by cash only. All of the other Syntax ETFs were seeded by a combination of cash and in-kind seeding. The particulars of the in-kind seeding for each of the remaining Syntax ETFs are described below:
Syntax Stratified LargeCap ETF was seeded through the exchange of ETF Shares for the securities held by the Syntax 500 Series of Syntax Index Series LP on January 2, 2019, Syntax Stratified MidCap ETF was seeded through the exchange of ETF Shares for the securities held by the Syntax 400 Series of Syntax Index Series LP on January 16, 2020, Syntax Stratified SmallCap ETF was seeded through the exchange of ETF Shares for the securities held by affiliated funds managed by the Advisor on May 28, 2020, 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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Notes to Financial Statements  (continued)
December 31, 2022
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 generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
The three levels of the fair value hierarchy are as follows:
• Level 1 — Quoted prices in active markets for identical investments
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Notes to Financial Statements  (continued)
December 31, 2022
Note  2—Significant Accounting Policies–(continued)
• Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
The following table summarizes the value of each Fund’s investments within the fair value hierarchy as of December 31, 2022.
Description Level 1 Level 2 Level 3 Total
Syntax Stratified LargeCap ETF        
INVESTMENTS:        
Common Stock
 $96,981,792 $— $— $96,981,792
Total $96,981,792 $— $— $96,981,792
Syntax Stratified MidCap ETF        
INVESTMENTS:        
Common Stock
 $10,547,717 $— $— $10,547,717
Total $10,547,717 $— $— $10,547,717
Syntax Stratified SmallCap ETF        
INVESTMENTS:        
Common Stock
 $18,218,682 $— $—* $18,218,682
Total $18,218,682 $— $— $18,218,682
Syntax Stratified U.S. Total Market ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $12,051,427 $— $— $12,051,427
Total $12,051,427 $— $— $12,051,427
Syntax Stratified U.S. Total Market Hedged ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $35,384,533 $— $— $35,384,533
Purchased Options
 $4,620,928 $— $— $4,620,928
Total $40,005,461 $— $— $40,005,461
OTHER FINANCIAL INSTRUMENTS:        
Written Options
 $(438,900) $— $— $(438,900)
Total $(438,900) $— $— $(438,900)
Syntax Stratified Total Market II ETF        
INVESTMENTS:        
Exchange-Traded Funds
 $7,871,412 $— $— $7,871,412
Total $7,871,412 $— $— $7,871,412
    
* As of December 31, 2022, 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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Notes to Financial Statements  (continued)
December 31, 2022
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.
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Notes to Financial Statements  (continued)
December 31, 2022
Note  2—Significant Accounting Policies–(continued)
GAAP requires the evaluation of tax positions taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. For GAAP purposes, the Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.
Each Fund has reviewed its tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. Generally, the Funds' tax returns for the prior three fiscal years remain subject to examinations by the Funds’ major tax jurisdictions, which include the United States of America, and the State of New York. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year or period ended December 31, 2022.
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 or period ended December 31, 2022, and the year or period ended December 31, 2021, the tax character of distributions paid were as follows:
  Year or Period Ended December 31, 2022   Year or Period Ended December 31, 2021
  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
 $1,615,742   $—   $—   $1,189,175   $—   $—
Syntax Stratified MidCap ETF
 98,761   —   —   145,195   89,079   —
Syntax Stratified SmallCap ETF
 205,319   —   —   1,521,147   —   —
Syntax Stratified U.S. Total Market ETF
 199,218   —   —   246,920   —   —
Syntax Stratified U.S. Total Market Hedged ETF
 1,332,695   —   —   484,945   —   —
Syntax Stratified Total Market II ETF
 142,712   4,218   —   —   —   —
Permanent book and tax differences, primarily attributed to book and tax basis of contributed securities, redemptions in-kind, taxable distributions in excess of income, utilization of earnings and profits on shareholder redemptions, and prior year adjustments to estimates resulted in reclassifications. During the year or period ended December 31, 2022, the followings amounts were classified due to permanent differences between book and tax accounting:
  Paid in Capital   Distributable Earnings (Loss)
Syntax Stratified LargeCap ETF
 $11,145,207   (11,145,207)
Syntax Stratified MidCap ETF
 360,046   (360,046)
Syntax Stratified SmallCap ETF
 679,409   (679,409)
Syntax Stratified U.S. Total Market ETF
 434,015   (434,015)
Syntax Stratified U.S. Total Market Hedged ETF
 347,855   (347,855)
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Notes to Financial Statements  (continued)
December 31, 2022
Note  2—Significant Accounting Policies–(continued)
  Paid in Capital   Distributable Earnings (Loss)
Syntax Stratified Total Market II ETF
 $265,946   $(265,946)
At December 31, 2022, the components of distributable earnings on a tax basis were as follows:
  Undistrbuted Ordinary Income   Undistributed Long-Term Gain   Capital Loss Carryforward   Post-October Capital Loss Deferrals   Unrealized Appreciation (Depreciation)   Total
Syntax Stratified LargeCap ETF
 $—   $—   (1,558,225)   $—   $(918,887)   (2,477,112)
Syntax Stratified MidCap ETF
 —   —   (346,662)   —   (200,298)   (546,960)
Syntax Stratified SmallCap ETF
 —   —   (1,184,415)   —   271,111   (913,304)
Syntax Stratified U.S. Total Market ETF
 —   —   (2,294)   —   (252,131)   (254,425)
Syntax Stratified U.S. Total Market Hedged ETF
 176   —   —   (180,753)   (1,479,851)   (1,660,428)
Syntax Stratified Total Market II ETF
 469   —   —   —   381,353   381,822
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, 2022, the Funds had the following capital loss carryforwards that may be utilized to offset any net realized capital gains:
  Non-Expiring Long-Term   Non-Expiring Short-Term
Syntax Stratified LargeCap ETF
 $1,558,225   $—
Syntax Stratified MidCap ETF
 94,834   251,828
Syntax Stratified SmallCap ETF
 120,464   1,063,951
Syntax Stratified U.S. Total Market ETF
 752   1,542
During the year ended December 31, 2022, Syntax Stratified U.S. Total Market Hedged ETF utilized capital loss carryforwards of $900,422.
At December 31, 2022, 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
 $97,900,679   $8,169,141   (9,088,028)   $(918,887)
Syntax Stratified MidCap ETF
 10,748,015   897,556   (1,097,854)   (200,298)
Syntax Stratified SmallCap ETF
 17,947,571   2,681,354   (2,410,243)   271,111
Syntax Stratified U.S. Total Market ETF
 12,303,558   —   (252,131)   (252,131)
Syntax Stratified U.S. Total Market Hedged ETF
 41,046,412   36,069   (1,515,920)   (1,479,851)
Syntax Stratified Total Market II ETF
 7,490,059   381,384   (31)   381,353
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Notes to Financial Statements  (continued)
December 31, 2022
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 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, 2022.
Asset Derivatives    
Location Equity
Contracts 		Total
Purchased options:    
Investments in securities of unaffiliated issuers $4,620,928 $4,620,928
Total $4,620,928 $4,620,928
    
Liability Derivatives    
Location Equity
Contracts 		Total
Written options:    
Written options, at value $(438,900) $(438,900)
Total $(438,900) $(438,900)
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Notes to Financial Statements  (continued)
December 31, 2022
Note  3—Derivative Financial Instruments–(continued)
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, 2022.
Realized Gain (Loss) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options:    
Net realized gain (loss) from transactions in investment securities $1,501,362 $1,501,362
Net realized gain (loss) from transactions in written options $243,443 $243,443
Total $1,744,805 $1,744,805
    
Change in Unrealized Appreciation (Depreciation) on Derivative Instruments    
Location Equity
Contracts 		Total
Purchased options:    
Net change in unrealized appreciation (depreciation) on investment securities $502,680 $502,680
Net change in unrealized appreciation (depreciation) on written options $163,991 $163,991
Total $666,671 $666,671
The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.
Options:  
Average value of option contracts purchased $5,782,042
Average value of option contracts written (286,934)
Note  4—Investment Transactions
Purchases and sales of investments (including purchased options and excluding in-kind transactions and short term investments) for the year or period ended December 31, 2022, were as follows:
  Purchases   Sales
Syntax Stratified LargeCap ETF
 $30,769,888   $30,651,610
Syntax Stratified MidCap ETF
 4,504,080   4,412,843
Syntax Stratified SmallCap ETF
 9,632,099   9,805,893
Syntax Stratified U.S. Total Market ETF
 95,079   75,294
Syntax Stratified U.S. Total Market Hedged ETF
 15,100,720   16,043,758
Syntax Stratified Total Market II ETF
 9,591,886   1,295,953
For the year or period ended December 31, 2022, the following Funds had in-kind contributions and redemptions in the amounts as follows:
  In-kind Contributions   In-kind Redemptions
Syntax Stratified LargeCap ETF
 $39,092,065   $40,252,901
Syntax Stratified MidCap ETF
 3,610,968   1,645,251
Syntax Stratified SmallCap ETF
 3,504,928   1,952,908
Syntax Stratified U.S. Total Market ETF
 6,300,903   9,440,046
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Notes to Financial Statements  (continued)
December 31, 2022
Note  4—Investment Transactions–(continued)
  In-kind Contributions   In-kind Redemptions
Syntax Stratified U.S. Total Market Hedged ETF
 $4,494,726   $6,831,705
Syntax Stratified Total Market II ETF
 7,922,273   11,543,167
Note  5—Capital Share Transactions
Each Fund will issue or redeem capital shares to certain institutional investors (typically market makers or other broker dealers) on a continuous basis through the Distributor in large blocks of 25,000 capital shares (“Creation Units”). The capital shares are only redeemable in Creation Unit aggregations. Transactions in shares of each Fund are disclosed in detail on the Statements of Changes in Net Assets. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities (“Deposit Securities”) and/or cash constituting a substantial replication, or a representation, of the securities included in the Underlying Index.
Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard transaction fee charge is $1,250, $1,000 and $1,500 for Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF and Syntax Stratified SmallCap ETF, respectively. The standard transaction fee charge is $50 for Syntax Stratified U.S. Total Market ETF, 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,
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Notes to Financial Statements  (continued)
December 31, 2022
Note  6—Fund Fees and Expenses–(continued)
or Swan Global Investments, LLC, the options sub-adviser, through May 1, 2023 for Syntax Stratified U.S. Total Market ETF and Syntax Stratified U.S. Total Market Hedged ETF and through June 7, 2023 for Syntax Stratified Total Market II ETF. The Advisor reimbursed management fees of $31,817, $119,115 and $20,930 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 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 or period ended December 31, 2022 as noted below.
  Expenses Waived and Reimbursed
Syntax Stratified LargeCap ETF
 $149,044
Syntax Stratified MidCap ETF
 9,684
Syntax Stratified SmallCap ETF
 9,526
Syntax Stratified U.S. Total Market ETF
 40,344
Syntax Stratified U.S. Total Market Hedged ETF
 152,651
Syntax Stratified Total Market II ETF
 27,622
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
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Notes to Financial Statements  (continued)
December 31, 2022
Note  6—Fund Fees and Expenses–(continued)
reimbursed; and (ii) the Fund’s current expense limit as noted above. At December 31, 2022, the waivers and reimbursements subject to repayment are as follows:
  2023   2024   2025
Syntax Stratified LargeCap ETF
 $47,244   $120,877   $149,044
Syntax Stratified MidCap ETF
 3,931   9,028   9,684
Syntax Stratified SmallCap ETF
 11,425   17,104   9,526
Syntax Stratified U.S. Total Market ETF
 —   58,102   40,344
Syntax Stratified U.S. Total Market Hedged ETF
 —   86,619   152,651
Syntax Stratified Total Market II ETF
 —   —   27,622
Distributor, Distribution and Service Fees: Foreside Fund Services, LLC (“Distributor”) is the Distributor of Fund shares. The Distributor will not distribute Fund shares in less than Creation Units and does not maintain a secondary market in Fund shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of Creation Units of Fund shares.
Each Fund has a distribution and service plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act, to which payments at an annual rate of up to 0.25% of the Fund’s average daily net assets may be made for the sale and distribution of its Fund shares. No payments pursuant to the Distribution Plan will be made through at least the next twelve (12) months of operations. Additionally, the implementation of any such payments would be approved by the Board prior to implementation.
Vantage Consulting Group, Inc. (“Vantage” or the “Sub-Adviser”) serves as the sub-adviser to the Funds. It performs both the day-to-day management of the Funds and places orders for the purchase and sale of individual securities for the Funds (equity portfolio only in the case of SHUS). Syntax Advisors compensates Vantage for its services to the Funds.
Swan Global Investments, LLC ("Swan") serves as the options sub-adviser to SHUS. It performs both the day-to-day management of the option strategy for SHUS, and places orders for the purchase and sale of options for SHUS. Syntax Advisors compensates Swan for its services to the Funds.
During the year ended December 31, 2022, the Sub-Adviser reimbursed Syntax Stratified LargeCap ETF and Syntax Stratified SmallCap ETF in the amounts of $123,526 and $26,029, respectively, in connection with trading matters.
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
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Notes to Financial Statements  (continued)
December 31, 2022
Note  8—Risks–(continued)
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 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.
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Notes to Financial Statements  (continued)
December 31, 2022
Note  8—Risks–(continued)
Passive Strategy/Index Risk: Each Fund may invest in Syntax Underlying Funds or securities that are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Because the Syntax Underlying Funds or securities are designed to track the performance of an index, securities may be purchased, retained or sold at times when a more actively managed fund would not do so. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Syntax Underlying Fund's or securities’ return to be lower than if the Fund employed an active strategy. There is no guarantee that the Syntax Underlying Fund’s or securities’ investment results will have a high degree of correlation to those of their respective benchmark or that the Fund will achieve its investment objective.
Market Trading Risk: Each Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of each Fund. Any of these factors, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Accordingly, investors may pay more than NAV when purchasing Shares or receive less than NAV when selling Shares. Such divergence is likely to be greater under stressed market conditions.
Options Risk: Purchased put options may expire worthless and may have imperfect correlation to the value of the Syntax Stratified U.S. Total Market Hedged ETF’s sector-based investments. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.
Options Based Risk: Syntax Stratified U.S. Total Market Hedged ETF’s purchase of exchange-traded put options based upon the S&P 500 Index to hedge against downward movements in the Underlying Funds or Securities creates the risk that the hedge may not be effective because the Underlying Funds or Securities contain more constituents and at different weightings than the S&P 500 Index. At times, the performance of the 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
Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF, Syntax Stratified U.S. Total Market ETF, 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, 2022, the related statements of operations and changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
Fund Name Statements of Operations Statements of Changes in Net Assets Financial Highlights
Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, and Syntax Stratified SmallCap ETF For the year ended December 31, 2022 For the years ended December 31, 2022 and December 31, 2021
Syntax Stratified U.S. Total Market ETF For the year ended December 31, 2022 For the year ended 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, 2022 For the year ended 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 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.
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, 2022, 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.
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We have served as the Funds’ auditor since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2023
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Other Information
December 31, 2022 (Unaudited)
Federal Tax Information (Unaudited)
The Form 1099-DIV you received in February 2023 showed the tax status of all distributions paid to your account in calendar year 2022. 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 or period ended December 31, 2022, 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 $1,615,742, $98,761, $205,319, $196,143, $572,787 and $126,798, 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 2022 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%, 98.44%, 39.17% and 88.49%, respectively, qualify for the corporate dividends received deduction.
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Other Information  (continued)
December 31, 2022 (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, 2022 to December 31, 2022.
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%   $1,066.70   $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%   $1,070.10   $1.83   $1,023.40   $1.79
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
    
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Syntax ETF Trust
Other Information  (continued)
December 31, 2022 (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%   $1,024.40   $2.04   $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%   $1,066.20   $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
 0.38%   $1,052.60   $1.97   $1,023.30   $1.94
    
(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%   $1,065.80   $0.21   $1,025.00   $0.20
    
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365.
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Syntax ETF Trust
Other Information  (continued)
December 31, 2022 (Unaudited)
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.syntaxadvisors.com.
Proxy Voting Policies and Procedures and Records
A description of the Funds' proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request by calling 1-866-972-4492 (toll free) or (ii) on the SEC’s website at www.sec.gov. Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Funds' website at www.syntaxadvisors.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds' schedules of investments are available upon request, without charge, by calling 1-866-972-4492 (toll free) and on the Funds’ website at www.syntaxadvisors.com.
Other information regarding the Funds is available on the Funds’ website at www.syntaxadvisors.com as well as on the website of the Securities and Exchange Commission at www.sec.gov.
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Trustees and Officers of the Trust
TRUSTEES
NAME, ADDRESS
AND YEAR OF BIRTH 		POSITION(S)
WITH TRUST 		TERM OF OFFICE
AND LENGTH
OF TIME SERVED 		PRINCIPAL
OCCUPATION(S)
DURING PAST 5 YEARS 		NUMBER OF
PORTFOLIOS
IN FUND
COMPLEX
OVERSEEN BY
TRUSTEE 		OTHER
DIRECTORSHIPS
HELD BY
TRUSTEE DURING
THE LAST 5 YEARS
Independent Trustees          
Deborah Fuhr
(1959)
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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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, Cibus Global, Ltd. (2012 to present) (gene editing agriculture); Director StageZero Life Sciences, fka GeneNews Limited (2000 to present); Director, Intra-Cellular Therapies, Inc. (since 2014); Director, FibroGen, Inc. (1993 to present).
Kathy Cuocolo
(1952)
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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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 Partner, B2B CFO® (January 2019 to present); 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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Syntax ETF Trust
(Unaudited)
Fund Advisor
Syntax Advisors, LLC
One Liberty Plaza 46th FI.
New York, NY 10006
Administrator, Custodian and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115