SEMI-ANNUAL REPORT
Syntax Stratified LargeCap ETF
Syntax Stratified MidCap ETF
Syntax Stratified SmallCap ETF
Syntax Stratified U.S. Total Market ETF
Syntax Stratified U.S. Total Market Hedged ETF
Syntax Stratified Total Market II ETF
June 30, 2022

Syntax ETF Trust
Semi-Annual Report
June 30, 2022
(Unaudited)
Table of Contents

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

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments
June 30, 2022 (Unaudited)

Security Description Shares Value
COMMON STOCK—99.7%    
3M Co.

1,233 $159,563
A O Smith Corp.

2,637 144,191
Abbott Laboratories

580 63,017
AbbVie, Inc.

1,674 256,390
ABIOMED, Inc.(a)

337 83,411
Accenture PLC, Class A

593 164,646
Activision Blizzard, Inc.

4,451 346,555
Adobe, Inc.(a)

437 159,968
Advance Auto Parts, Inc.

708 122,548
Advanced Micro Devices, Inc.(a)

1,432 109,505
AES Corp.

18,511 388,916
Aflac, Inc.

3,063 169,476
Agilent Technologies, Inc.

945 112,238
Air Products and Chemicals, Inc.

197 47,375
Akamai Technologies, Inc.(a)

3,496 319,290
Alaska Air Group, Inc.(a)

3,482 139,454
Albemarle Corp.

203 42,423
Alexandria Real Estate Equities, Inc., REIT

775 112,398
Align Technology, Inc.(a)

496 117,388
Allegion PLC

653 63,929
Alliant Energy Corp.

1,435 84,105
Allstate Corp.

1,366 173,113
Alphabet, Inc., Class A(a)

76 165,624
Alphabet, Inc., Class C(a)

76 166,246
Altria Group, Inc.

7,831 327,101
Amazon.com, Inc.(a)

1,250 132,763
Amcor PLC

6,672 82,933
Ameren Corp.

955 86,294
American Airlines Group, Inc.(a)

10,415 132,062
American Electric Power Co., Inc.

2,598 249,252
American Express Co.

293 40,616
American International Group, Inc.

4,775 244,146
American Tower Corp., REIT

229 58,530
American Water Works Co., Inc.

2,301 342,320
Ameriprise Financial, Inc.

453 107,669
AmerisourceBergen Corp.

1,416 200,336
AMETEK, Inc.

1,108 121,758
Amgen, Inc.

1,002 243,787
Amphenol Corp., Class A

3,778 243,228
Analog Devices, Inc.

1,442 210,662
ANSYS, Inc.(a)

702 167,982
Aon PLC, Class A

143 38,564
APA Corp.

1,311 45,754
Apple, Inc.

3,718 508,325
Applied Materials, Inc.

1,674 152,301
Aptiv PLC(a)

3,781 336,774
Archer-Daniels-Midland Co.

6,030 467,928
Arista Networks, Inc.(a)

2,156 202,103
Arthur J Gallagher & Co.

245 39,945
Assurant, Inc.

978 169,047
AT&T, Inc.

12,345 258,751
Security Description Shares Value
Atmos Energy Corp.

3,044 $341,232
Autodesk, Inc.(a)

908 156,140
Automatic Data Processing, Inc.

1,071 224,953
AutoZone, Inc.(a)

62 133,245
AvalonBay Communities, Inc., REIT

662 128,594
Avery Dennison Corp.

375 60,701
Baker Hughes Co.

9,659 278,855
Ball Corp.

1,243 85,481
Bank of America Corp.

3,843 119,633
Bank of New York Mellon Corp.

2,650 110,532
Bath & Body Works, Inc.

10,056 270,708
Baxter International, Inc.

698 44,833
Becton Dickinson and Co.

200 49,306
Berkshire Hathaway, Inc., Class B(a)

1,746 476,693
Best Buy Co., Inc.

3,523 229,664
Biogen, Inc.(a)

1,218 248,399
Bio-Rad Laboratories, Inc., Class A(a)

252 124,740
Bio-Techne Corp.

335 116,124
BlackRock, Inc.

183 111,454
Boeing Co.(a)

1,340 183,205
Booking Holdings, Inc.(a)

105 183,644
BorgWarner, Inc.

10,211 340,741
Boston Properties, Inc., REIT

1,176 104,640
Boston Scientific Corp.(a)

1,713 63,844
Bristol-Myers Squibb Co.

3,208 247,016
Broadcom, Inc.

420 204,040
Broadridge Financial Solutions, Inc.

815 116,178
Brown & Brown, Inc.

681 39,730
Brown-Forman Corp., Class B

3,729 261,627
Cadence Design Systems, Inc.(a)

2,284 342,669
Caesars Entertainment, Inc.(a)

1,244 47,645
Camden Property Trust

957 128,697
Campbell Soup Co.

4,660 223,913
Capital One Financial Corp.

3,028 315,487
Cardinal Health, Inc.

3,818 199,567
CarMax, Inc.(a)

1,327 120,067
Carnival Corp.(a)

7,709 66,683
Carrier Global Corp.

1,860 66,328
Catalent, Inc.(a)

2,253 241,724
Caterpillar, Inc.

792 141,578
Cboe Global Markets, Inc.

414 46,861
CBRE Group, Inc., Class A(a)

514 37,836
CDW Corp.

764 120,376
Celanese Corp.

472 55,512
Centene Corp.(a)

3,424 289,705
CenterPoint Energy, Inc.

8,474 250,661
Ceridian HCM Holding, Inc.(a)

4,339 204,280
CF Industries Holdings, Inc.

977 83,758
CH Robinson Worldwide, Inc.

844 85,556
Charles River Laboratories International, Inc.(a)

511 109,339
Charles Schwab Corp.

4,099 258,975
 
See accompanying notes to financial statements.
1

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2022 (Unaudited)

Security Description Shares Value
Charter Communications, Inc., Class A(a)

721 $337,810
Chevron Corp.

4,372 632,978
Chipotle Mexican Grill, Inc.(a)

383 500,681
Chubb Ltd.

1,016 199,725
Church & Dwight Co., Inc.

5,949 551,234
Cigna Corp.

803 211,607
Cincinnati Financial Corp.

1,711 203,575
Cintas Corp.

513 191,621
Cisco Systems, Inc.

4,701 200,451
Citigroup, Inc.

2,679 123,207
Citizens Financial Group, Inc.

1,547 55,212
Citrix Systems, Inc.

2,319 225,337
Clorox Co.

3,900 549,822
CME Group, Inc.

233 47,695
CMS Energy Corp.

1,258 84,915
Coca-Cola Co.

4,155 261,391
Cognizant Technology Solutions Corp., Class A

1,623 109,536
Colgate-Palmolive Co.

6,671 534,614
Comcast Corp., Class A

8,174 320,748
Comerica, Inc.

2,716 199,300
Conagra Brands, Inc.

6,727 230,332
ConocoPhillips

544 48,857
Consolidated Edison, Inc.

2,682 255,058
Constellation Brands, Inc., Class A

1,070 249,374
Constellation Energy Corp.

6,408 366,922
Cooper Companies, Inc.

380 118,986
Copart, Inc.(a)

2,097 227,860
Corning, Inc.

7,677 241,902
Corteva, Inc.

1,474 79,802
Costco Wholesale Corp.

1,656 793,688
Coterra Energy, Inc.

7,436 191,774
Crown Castle International Corp., REIT

325 54,724
CSX Corp.

2,804 81,484
Cummins, Inc.

334 64,639
CVS Health Corp.

7,311 677,437
Danaher Corp.

507 128,535
Darden Restaurants, Inc.

4,260 481,891
DaVita, Inc.(a)

915 73,163
Deere & Co.

510 152,730
Delta Air Lines, Inc.(a)

4,376 126,773
DENTSPLY SIRONA, Inc.

1,335 47,700
Devon Energy Corp.

3,452 190,240
Dexcom, Inc.(a)

1,740 129,682
Diamondback Energy, Inc.

416 50,398
Digital Realty Trust, Inc., REIT

2,596 337,039
Discover Financial Services

3,472 328,382
DISH Network Corp., Class A(a)

12,725 228,159
Dollar General Corp.

728 178,680
Dollar Tree, Inc.(a)

1,094 170,500
Dominion Energy, Inc.

3,224 257,307
Domino's Pizza, Inc.

1,350 526,108
Security Description Shares Value
Dover Corp.

1,318 $159,900
Dow, Inc.

1,097 56,616
DR Horton, Inc.

3,634 240,534
DTE Energy Co.

2,000 253,500
Duke Energy Corp.

790 84,696
Duke Realty Corp., REIT

1,139 62,588
DuPont de Nemours, Inc.

760 42,241
DXC Technology Co.(a)

3,461 104,903
Eastman Chemical Co.

483 43,359
Eaton Corp. PLC

1,859 234,215
eBay, Inc.

3,416 142,345
Ecolab, Inc.

306 47,051
Edison International

3,820 241,577
Edwards Lifesciences Corp.(a)

685 65,137
Electronic Arts, Inc.

2,546 309,721
Elevance Health, Inc.

564 272,175
Eli Lilly & Co.

806 261,329
Emerson Electric Co.

423 33,645
Enphase Energy, Inc.(a)

1,299 253,617
Entergy Corp.

2,209 248,822
EOG Resources, Inc.

440 48,594
EPAM Systems, Inc.(a)

373 109,953
Equifax, Inc.

308 56,296
Equinix, Inc., REIT

521 342,307
Equity Residential, REIT

1,770 127,829
Essex Property Trust, Inc., REIT

474 123,956
Estee Lauder Companies, Inc., Class A

2,043 520,291
Etsy, Inc.(a)

1,992 145,834
Everest Re Group Ltd.

737 206,566
Evergy, Inc.

1,278 83,390
Eversource Energy

970 81,936
Exelon Corp.

8,326 377,334
Expedia Group, Inc.(a)

1,978 187,574
Expeditors International of Washington, Inc.

865 84,303
Extra Space Storage, Inc., REIT

766 130,312
Exxon Mobil Corp.

7,624 652,919
F5, Inc.(a)

1,301 199,105
FactSet Research Systems, Inc.

159 61,147
Fastenal Co.

2,458 122,703
Federal Realty OP L.P.

664 63,571
FedEx Corp.

415 94,085
Fidelity National Information Services, Inc.

582 53,352
Fifth Third Bancorp

1,588 53,357
First Republic Bank

1,446 208,513
FirstEnergy Corp.

6,293 241,588
Fiserv, Inc.(a)

607 54,005
FleetCor Technologies, Inc.(a)

186 39,080
FMC Corp.

759 81,221
Ford Motor Co.

20,033 222,967
Fortinet, Inc.(a)

5,890 333,256
Fortive Corp.

620 33,716
Fortune Brands Home & Security, Inc.

2,351 140,778
 
See accompanying notes to financial statements.
2

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2022 (Unaudited)

Security Description Shares Value
Fox Corp., Class A

3,150 $101,304
Fox Corp., Class B

3,408 101,218
Franklin Resources, Inc.

4,627 107,855
Freeport-McMoRan, Inc.

8,467 247,744
Garmin Ltd.

5,110 502,057
Gartner, Inc.(a)

460 111,242
Generac Holdings, Inc.(a)

264 55,593
General Dynamics Corp.

761 168,371
General Electric Co.

2,396 152,553
General Mills, Inc.

3,200 241,440
General Motors Co.(a)

7,298 231,784
Genuine Parts Co.

936 124,488
Gilead Sciences, Inc.

3,961 244,829
Global Payments, Inc.

382 42,264
Globe Life, Inc.

1,858 181,099
Goldman Sachs Group, Inc.

885 262,863
Halliburton Co.

8,404 263,549
Hartford Financial Services Group, Inc.

3,740 244,708
Hasbro, Inc.

2,254 184,558
HCA Healthcare, Inc.

1,734 291,416
Healthpeak Properties, Inc., REIT

3,326 86,177
Henry Schein, Inc.(a)

2,512 192,771
Hershey Co.

900 193,644
Hess Corp.

500 52,970
Hewlett Packard Enterprise Co.

17,939 237,871
Hilton Worldwide Holdings, Inc.

887 98,847
Hologic, Inc.(a)

1,780 123,354
Home Depot, Inc.

878 240,809
Honeywell International, Inc.

918 159,558
Hormel Foods Corp.

11,139 527,543
Host Hotels & Resorts, Inc., REIT

6,090 95,491
Howmet Aerospace, Inc.

2,046 64,347
HP, Inc.

14,478 474,589
Humana, Inc.

610 285,523
Huntington Bancshares, Inc.

4,554 54,785
Huntington Ingalls Industries, Inc.

602 131,128
IDEX Corp.

1,038 188,532
IDEXX Laboratories, Inc.(a)

369 129,419
Illinois Tool Works, Inc.

868 158,193
Illumina, Inc.(a)

555 102,320
Incyte Corp.(a)

3,411 259,134
Ingersoll Rand, Inc.

4,127 173,664
Intel Corp.

3,472 129,888
Intercontinental Exchange, Inc.

467 43,917
International Business Machines Corp.

827 116,764
International Flavors & Fragrances, Inc.

384 45,742
International Paper Co.

1,421 59,440
Interpublic Group of Companies, Inc.

3,916 107,807
Intuit, Inc.

594 228,951
Intuitive Surgical, Inc.(a)

413 82,893
Invesco Ltd.

6,571 105,990
IQVIA Holdings, Inc.(a)

552 119,778
Security Description Shares Value
Iron Mountain, Inc., REIT

1,113 $54,192
J M Smucker Co.

1,704 218,129
Jack Henry & Associates, Inc.

318 57,246
Jacobs Engineering Group, Inc.

2,973 377,957
JB Hunt Transport Services, Inc.

513 80,782
Johnson & Johnson

1,397 247,981
Johnson Controls International PLC

1,344 64,351
JPMorgan Chase & Co.

1,069 120,380
Juniper Networks, Inc.

7,091 202,093
Kellogg Co.

2,751 196,256
Keurig Dr Pepper, Inc.

7,196 254,666
KeyCorp

3,195 55,050
Keysight Technologies, Inc.(a)

1,457 200,847
Kimberly-Clark Corp.

3,998 540,330
Kimco Realty Corp., REIT

3,293 65,103
Kinder Morgan, Inc.

17,886 299,769
KLA Corp.

512 163,369
Kraft Heinz Co.

5,843 222,852
Kroger Co.

15,007 710,281
L3Harris Technologies, Inc.

531 128,343
Laboratory Corp. of America Holdings

754 176,707
Lam Research Corp.

364 155,119
Lamb Weston Holdings, Inc.

3,286 234,818
Las Vegas Sands Corp.(a)

1,693 56,868
Leidos Holdings, Inc.

1,123 113,097
Lennar Corp., Class A

3,429 241,985
Lincoln National Corp.

3,329 155,697
Linde PLC(a)

158 45,430
Live Nation Entertainment, Inc.(a)

918 75,808
LKQ Corp.

2,581 126,701
Lockheed Martin Corp.

293 125,978
Loews Corp.

8,471 501,991
Lowe's Companies, Inc.

1,373 239,822
Lumen Technologies, Inc.

30,253 330,060
LyondellBasell Industries N.V., Class A

662 57,899
M&T Bank Corp.

347 55,308
Marathon Oil Corp.

2,111 47,455
Marathon Petroleum Corp.

4,710 387,209
MarketAxess Holdings, Inc.

163 41,730
Marriott International, Inc., Class A

703 95,615
Marsh & McLennan Companies, Inc.

254 39,434
Martin Marietta Materials, Inc.

533 159,495
Masco Corp.

2,797 141,528
Mastercard, Inc., Class A

132 41,643
Match Group, Inc.(a)

4,451 310,190
McCormick & Co., Inc.

2,486 206,959
McDonald's Corp.

2,151 531,039
McKesson Corp.

656 213,994
Medtronic PLC

691 62,017
Merck & Co., Inc.

2,763 251,903
Meta Platforms, Inc., Class A(a)

1,938 312,502
MetLife, Inc.

2,675 167,963
 
See accompanying notes to financial statements.
3

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2022 (Unaudited)

Security Description Shares Value
Mettler-Toledo International, Inc.(a)

93 $106,836
MGM Resorts International

1,785 51,676
Microchip Technology, Inc.

2,125 123,420
Micron Technology, Inc.

2,174 120,179
Microsoft Corp.

2,693 691,643
Mid-America Apartment Communities, Inc., REIT

759 132,575
Moderna, Inc.(a)

1,889 269,844
Mohawk Industries, Inc.(a)

1,158 143,696
Molina Healthcare, Inc.(a)

982 274,577
Molson Coors Beverage Co., Class B

4,887 266,390
Mondelez International, Inc., Class A

3,147 195,397
Monolithic Power Systems, Inc.

538 206,614
Monster Beverage Corp.(a)

2,929 271,518
Moody's Corp.

201 54,666
Morgan Stanley

3,298 250,846
Mosaic Co.

1,594 75,285
Motorola Solutions, Inc.

2,436 510,586
MSCI, Inc.

139 57,289
Nasdaq, Inc.

306 46,677
NetApp, Inc.

3,819 249,152
Netflix, Inc.(a)

1,237 216,314
Newell Brands, Inc.

10,020 190,781
Newmont Corp.

5,085 303,422
News Corp., Class A

6,175 96,207
News Corp., Class B

6,078 96,579
NextEra Energy, Inc.

3,367 260,808
Nielsen Holdings PLC

4,653 108,043
NIKE, Inc., Class B

2,964 302,921
NiSource, Inc.

11,328 334,063
Nordson Corp.

175 35,427
Norfolk Southern Corp.

374 85,006
Northern Trust Corp.

1,122 108,251
Northrop Grumman Corp.

277 132,564
NortonLifeLock, Inc.

14,836 325,799
Norwegian Cruise Line Holdings Ltd.(a)

6,475 72,002
NRG Energy, Inc.

8,706 332,308
Nucor Corp.

2,830 295,480
NVIDIA Corp.

805 122,030
NVR, Inc.(a)

57 228,236
NXP Semiconductors N.V.

1,277 189,034
Occidental Petroleum Corp.

997 58,703
Old Dominion Freight Line, Inc.

345 88,417
Omnicom Group, Inc.

1,671 106,292
ON Semiconductor Corp.(a)

3,776 189,971
ONEOK, Inc.

5,255 291,652
Oracle Corp.

5,067 354,031
O'Reilly Automotive, Inc.(a)

207 130,774
Organon & Co.

6,785 228,994
Otis Worldwide Corp.

952 67,278
PACCAR, Inc.

1,996 164,351
Packaging Corp. of America

421 57,888
Security Description Shares Value
Paramount Global, Class B

7,271 $179,448
Parker-Hannifin Corp.

264 64,957
Paychex, Inc.

1,884 214,531
Paycom Software, Inc.(a)

772 216,253
PayPal Holdings, Inc.(a)

722 50,424
Penn National Gaming, Inc.(a)

1,759 53,509
Pentair PLC

4,002 183,172
PepsiCo, Inc.

1,174 195,659
PerkinElmer, Inc.

799 113,634
Pfizer, Inc.

4,813 252,346
Philip Morris International, Inc.

3,747 369,979
Phillips 66

4,807 394,126
Pinnacle West Capital Corp.

1,156 84,527
Pioneer Natural Resources Co.

239 53,316
PNC Financial Services Group, Inc.

361 56,955
Pool Corp.

332 116,608
PPG Industries, Inc.

589 67,346
PPL Corp.

3,005 81,526
Principal Financial Group, Inc.

2,566 171,383
Procter & Gamble Co.

3,596 517,069
Progressive Corp.

1,498 174,172
Prologis, Inc., REIT

481 56,590
Prudential Financial, Inc.

1,734 165,909
PTC, Inc.(a)

1,558 165,678
Public Service Enterprise Group, Inc.

3,901 246,855
Public Storage, REIT

415 129,758
PulteGroup, Inc.

6,080 240,950
PVH Corp.

5,187 295,140
Qorvo, Inc.(a)

2,241 211,371
QUALCOMM, Inc.

1,704 217,669
Quanta Services, Inc.

3,030 379,780
Quest Diagnostics, Inc.

1,296 172,342
Ralph Lauren Corp.

3,410 305,706
Raymond James Financial, Inc.

2,856 255,355
Raytheon Technologies Corp.

1,780 171,076
Realty Income Corp., REIT

1,030 70,308
Regency Centers Corp., REIT

1,114 66,071
Regeneron Pharmaceuticals, Inc.(a)

425 251,230
Regions Financial Corp.

2,818 52,838
Republic Services, Inc.

1,511 197,745
ResMed, Inc.

613 128,503
Robert Half International, Inc.

2,014 150,828
Rockwell Automation, Inc.

174 34,680
Rollins, Inc.

5,645 197,123
Roper Technologies, Inc.

94 37,097
Ross Stores, Inc.

6,613 464,431
Royal Caribbean Cruises Ltd.(a)

1,859 64,898
S&P Global, Inc.

176 59,323
Salesforce, Inc.(a)

1,911 315,391
SBA Communications Corp., REIT

175 56,009
Schlumberger N.V.

7,206 257,687
Seagate Technology Holdings PLC

3,170 226,465
 
See accompanying notes to financial statements.
4

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2022 (Unaudited)

Security Description Shares Value
Sealed Air Corp.

1,421 $82,020
Sempra Energy

550 82,649
ServiceNow, Inc.(a)

483 229,676
Sherwin-Williams Co.

275 61,575
Signature Bank

1,016 182,077
Simon Property Group, Inc., REIT

676 64,166
Skyworks Solutions, Inc.

2,266 209,922
Snap-on, Inc.

921 181,465
SolarEdge Technologies, Inc.(a)

901 246,586
Southern Co.

1,176 83,861
Southwest Airlines Co.(a)

3,816 137,834
Stanley Black & Decker, Inc.

1,737 182,142
Starbucks Corp.

6,745 515,251
State Street Corp.

1,736 107,024
STERIS PLC

380 78,337
Stryker Corp.

592 117,767
SVB Financial Group(a)

455 179,720
Synchrony Financial

10,805 298,434
Synopsys, Inc.(a)

1,113 338,018
Sysco Corp.

9,353 792,293
T Rowe Price Group, Inc.

989 112,360
Take-Two Interactive Software, Inc.(a)

2,658 325,685
Tapestry, Inc.

10,412 317,774
Target Corp.

1,132 159,872
TE Connectivity Ltd.

2,070 234,220
Teledyne Technologies, Inc.(a)

103 38,636
Teleflex, Inc.

188 46,220
Teradyne, Inc.

1,752 156,892
Tesla, Inc.(a)

367 247,145
Texas Instruments, Inc.

1,440 221,256
Textron, Inc.

2,712 165,622
Thermo Fisher Scientific, Inc.

208 113,002
TJX Companies, Inc.

8,662 483,773
T-Mobile US, Inc.(a)

1,954 262,891
Tractor Supply Co.

654 126,778
Trane Technologies PLC

534 69,351
TransDigm Group, Inc.(a)

119 63,864
Travelers Companies, Inc.

1,204 203,633
Trimble, Inc.(a)

584 34,006
Truist Financial Corp.

1,239 58,766
Twitter, Inc.(a)

8,736 326,639
Tyler Technologies, Inc.(a)

672 223,427
Tyson Foods, Inc., Class A

6,074 522,728
UDR, Inc., REIT

2,852 131,306
Ulta Beauty, Inc.(a)

622 239,769
Union Pacific Corp.

410 87,445
United Airlines Holdings, Inc.(a)

3,724 131,904
United Parcel Service, Inc., Class B

488 89,080
United Rentals, Inc.(a)

455 110,524
UnitedHealth Group, Inc.

561 288,146
Universal Health Services, Inc., Class B

2,968 298,907
Security Description Shares   Value
US Bancorp

1,165   $53,613
Valero Energy Corp.

3,641   386,965
Ventas, Inc., REIT

1,619   83,265
VeriSign, Inc.(a)

2,015   337,170
Verisk Analytics, Inc.

347   60,062
Verizon Communications, Inc.

5,023   254,917
Vertex Pharmaceuticals, Inc.(a)

945   266,292
VF Corp.

7,194   317,759
Viatris, Inc.

21,457   224,655
VICI Properties, Inc.

1,899   56,571
Visa, Inc., Class A

230   45,285
Vornado Realty Trust, REIT

3,629   103,753
Vulcan Materials Co.

1,089   154,747
W R Berkley Corp.

2,990   204,097
Walgreens Boots Alliance, Inc.

16,387   621,067
Walmart, Inc.

6,299   765,832
Walt Disney Co.(a)

2,051   193,614
Warner Bros Discovery, Inc.(a)

13,739   184,377
Waste Management, Inc.

1,265   193,520
Waters Corp.(a)

344   113,857
WEC Energy Group, Inc.

863   86,852
Wells Fargo & Co.

3,184   124,717
Welltower, Inc., REIT

1,036   85,315
West Pharmaceutical Services, Inc.

178   53,822
Western Digital Corp.(a)

4,726   211,867
Westinghouse Air Brake Technologies Corp.

766   62,873
Westrock Co.

1,420   56,573
Weyerhaeuser Co., REIT

4,753   157,419
Whirlpool Corp.

936   144,958
Williams Companies, Inc.

9,761   304,641
Willis Towers Watson PLC

190   37,504
WW Grainger, Inc.

256   116,334
Wynn Resorts Ltd.(a)

913   52,023
Xcel Energy, Inc.

1,201   84,983
Xylem, Inc.

2,391   186,928
Yum! Brands, Inc.

4,465   506,822
Zebra Technologies Corp., Class A(a)

423   124,341
Zimmer Biomet Holdings, Inc.

1,127   118,403
Zions Bancorp NA

3,874   197,187
Zoetis, Inc.

1,491   256,288
TOTAL INVESTMENTS—99.7%

(Cost $97,778,227)

    93,965,922
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%

    249,546
NET ASSETS—100.0%

    $94,215,468
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
See accompanying notes to financial statements.
5

Table of Contents
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
June 30, 2022 (Unaudited)

INDUSTRY BREAKDOWN
As of June 30, 2022*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals

3.7%
Processed Foods

3.3
Business Software for Specific Uses

3.3
Food Distributors

3.3
Restaurants

3.3
Electric Competitive

3.2
Downstream

2.6
Rental

2.2
Consumer Insurance

2.1
Electric Regulated

2.1
Commercial Insurance

2.1
End User Hardware

2.1
Telecommunication Networks

2.1
Content Providers

2.1
Commercial Hardware

2.0
Operators and Developers

2.0
Diversified Household and Personal Products

1.7
Upstream Energy

1.7
Information and Electrical Components

1.7
Specialty Services

1.6
Non Real Estate Banking

1.6
Primary Foods

1.6
Capital Markets

1.6
Distribution Services

1.6
Alcohol and Tobacco

1.6
Home Office and Consumer Equipment Retail

1.5
Home Office and Consumer Equipment Manufacture

1.5
Transportation Services

1.5
Healthcare Insurance

1.5
Auto Products

1.5
Mechanical Components

1.5
Investment Services

1.4
Internet Services

1.4
Transaction Services

1.4
Semiconductor Services and Equipment

1.4
Management and IT Services

1.4
Drugstores

1.4
Search and Social Networks

1.4
Healthcare Providers and Facilities

1.3
Digital Integrated Circuits

1.3
Online Distribution Networks

1.3
Analog and Mixed Signal Integrated Circuits

1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Transport Aerospace and Defense Equipment

1.2%
Personal Products

1.1
Healthcare Products Distribution

1.1
Gas and Water Utilities

1.1
Medical Research Services and Equipment

1.1
Hospital Equipment

1.1
Medical Devices

1.0
Industrial Conglomerates

1.0
Other Natural Resources

1.0
Apparel Retailers

1.0
Accessories and Footwear

1.0
Chemicals

1.0
Midstream

1.0
Branded Apparel

0.9
Metals

0.9
Production Equipment

0.8
Other Pharmaceuticals

0.8
Operating Systems and Middleware

0.7
Consumer Paper Products

0.6
Brokers and Dealers

0.5
Real Estate Banking

0.4
Business Software for Specific Industries

0.2
Other Assets in Excess of Liabilities

0.3
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
See accompanying notes to financial statements.
6

Table of Contents
Syntax Stratified MidCap ETF
Schedule of Investments
June 30, 2022 (Unaudited)

Security Description Shares Value
COMMON STOCK—99.9%    
Acadia Healthcare Co., Inc.(a)

834 $56,403
ACI Worldwide, Inc.(a)

703 18,201
Acuity Brands, Inc.

79 12,169
Adient PLC(a)

250 7,407
AECOM

208 13,566
Affiliated Managers Group, Inc.

301 35,097
AGCO Corp.

244 24,083
Alcoa Corp.

308 14,039
Alleghany Corp.(a)

24 19,994
ALLETE, Inc.

349 20,514
Amedisys, Inc.(a)

118 12,404
American Campus Communities, Inc.

353 22,758
American Eagle Outfitters, Inc.

1,910 21,354
American Financial Group, Inc.

118 16,380
Amkor Technology, Inc.

2,688 45,562
Antero Midstream Corp.

1,587 14,362
Apartment Income REIT Corp.

549 22,838
AptarGroup, Inc.

78 8,050
Arrow Electronics, Inc.(a)

81 9,079
Arrowhead Pharmaceuticals, Inc.(a)

2,137 75,244
ASGN, Inc.(a)

212 19,133
Ashland Global Holdings, Inc.

60 6,183
Aspen Technology, Inc.(a)

192 35,267
Associated Banc-Corp

1,188 21,693
AutoNation, Inc.(a)

287 32,075
Avient Corp.

304 12,184
Avis Budget Group, Inc.(a)

203 29,857
Avnet, Inc.

205 8,790
Axon Enterprise, Inc.(a)

295 27,485
Azenta, Inc.

1,047 75,489
Bank of Hawaii Corp.

302 22,469
Bank OZK

156 5,855
Belden, Inc.

217 11,560
BellRing Brands, Inc.(a)

1,497 37,260
BJ's Wholesale Club Holdings, Inc.(a)

466 29,041
Black Hills Corp.

288 20,958
Blackbaud, Inc.(a)

634 36,816
Boston Beer Co., Inc., Class A(a)

122 36,962
Boyd Gaming Corp.

340 16,915
Bread Financial Holdings Inc.

405 15,009
Brighthouse Financial, Inc.(a)

862 35,359
Brink's Co.

364 22,098
Brixmor Property Group, Inc.

218 4,406
Bruker Corp.

307 19,267
Brunswick Corp.

313 20,464
Builders FirstSource, Inc.(a)

239 12,834
Cable One, Inc.

58 74,781
Cabot Corp.

86 5,486
CACI International, Inc., Class A(a)

85 23,951
Cadence Bank

240 5,635
Calix, Inc.(a)

1,421 48,513
Security Description Shares Value
Callaway Golf Co.(a)

649 $13,240
Capri Holdings Ltd.(a)

472 19,357
Carlisle Cos, Inc.

28 6,681
Carter's, Inc.

315 22,201
Casey's General Stores, Inc.

150 27,747
Cathay General Bancorp

153 5,990
CDK Global, Inc.

698 38,229
ChampionX Corp.

1,172 23,264
Chart Industries, Inc.(a)

63 10,545
Chemed Corp.

63 29,572
Chemours Co.

153 4,899
Choice Hotels International, Inc.

80 8,930
Churchill Downs, Inc.

97 18,578
Ciena Corp.(a)

1,121 51,230
Cirrus Logic, Inc.(a)

422 30,612
Clean Harbors, Inc.(a)

233 20,427
Cleveland-Cliffs, Inc.(a)

829 12,742
CMC Materials, Inc.

33 5,758
CNO Financial Group, Inc.

2,005 36,270
CNX Resources Corp.(a)

610 10,041
Cognex Corp.

632 26,873
Coherent, Inc.(a)

284 75,606
Columbia Sportswear Co.

301 21,546
Commerce Bancshares, Inc.

195 12,802
Commercial Metals Co.

421 13,935
CommVault Systems, Inc.(a)

616 38,746
Concentrix Corp.

152 20,617
Corporate Office Properties Trust

156 4,086
Coty, Inc., Class A(a)

9,698 77,681
Cousins Properties, Inc.

131 3,829
Cracker Barrel Old Country Store, Inc.

405 33,813
Crane Holdings Co.

124 10,857
Crocs, Inc.(a)

423 20,587
Cullen/Frost Bankers, Inc.

107 12,460
Curtiss-Wright Corp.

85 11,225
Dana, Inc.

518 7,288
Darling Ingredients, Inc.(a)

375 22,425
Deckers Outdoor Corp.(a)

86 21,960
Dick's Sporting Goods, Inc.

553 41,680
Donaldson Co., Inc.

227 10,928
Douglas Emmett, Inc.

168 3,760
DTE Midstream, LLC(a)

303 14,853
Dycom Industries, Inc.(a)

153 </