As filed with the Securities and Exchange Commission on March 8, 2024
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23227
SYNTAX ETF TRUST
(Exact Name of Registrant as Specified in Charter)
One Liberty Plaza, 46th Floor
New York, NY 10006
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 880-0200
Carly Arison, One Liberty Plaza, 46th Floor New York, NY 10006
(Name and Address of Agent for Service)
Copies to:
Laura E. Flores
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004-2541
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1: | Report(s) to Shareholders. |
The Annual Report is attached.
1 | |
19 | |
41 | |
43 | |
45 | |
48 | |
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70 | |
74 |
Top 10 Holdings and Portfolio Weights | |
Costco Wholesale Corp. | 0.80% |
TJX Cos., Inc. | 0.78% |
Ross Stores, Inc. | 0.78% |
Walmart, Inc. | 0.78% |
Chevron Corp. | 0.77% |
Kroger Co. | 0.76% |
Exxon Mobil Corp. | 0.75% |
Walgreens Boots Alliance, Inc. | 0.75% |
Sysco Corp. | 0.74% |
CVS Health Corp. | 0.70% |
As of December 31, 2023. Holdings subject to change |
Sector Breakdown | |
Healthcare | 12.70% |
Industrials | 12.69% |
Financials | 12.61% |
Information Tools | 12.52% |
Consumer Products Services | 12.52% |
Information | 12.31% |
Food | 12.20% |
Energy | 12.17% |
Other Assets in Excess of Liabilities | 0.28% |
As of December 31, 2023. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | |||||||||||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
SSPY NAV (%) | 13.67 | 10.79 | 13.67 | 10.01 | 14.01 | 10.33 | -1.44 | 14.11 | 19.73 | -6.57 | 28.93 | 12.18 | 28.76 | -9.02 | 13.67 |
SSPY Market Price (%) | 13.71 | 10.76 | 13.71 | 9.99 | -- | -- | -- | -- | -- | -- | 28.90 | 12.22 | 28.82 | -9.17 | 13.71 |
Syntax Stratified LargeCap Index (TR) | 14.05 | 10.91 | 14.05 | 10.37 | 14.34 | -- | -- | -- | 20.12 | -6.43 | 29.33 | 12.38 | 29.25 | -8.79 | 14.05 |
S&P 500 Index (TR) | 26.29 | 11.69 | 26.29 | 10.00 | 15.69 | 11.85 | 1.38 | 11.96 | 21.83 | -4.38 | 31.49 | 18.40 | 28.71 | -18.11 | 26.29 |
S&P 500 Equal Weight Index (TR) | 13.87 | 11.87 | 13.87 | 9.34 | 13.77 | 9.96 | -2.20 | 14.80 | 18.90 | -7.64 | 29.24 | 12.83 | 29.63 | -11.45 | 13.87 |
Top 10 Holdings and Portfolio Weights | |
Coty, Inc. | 1.80% |
Scotts Miracle-Gro Co. | 1.77% |
Amkor Technology, Inc. | 0.86% |
Doximity, Inc. | 0.85% |
Livent Corp. | 0.82% |
Arrowhead Pharmaceuticals, Inc. | 0.82% |
Frontier Communications Parent, Inc. | 0.81% |
Cable One, Inc. | 0.80% |
Ziff Davis, Inc. | 0.79% |
Qualys, Inc. | 0.78% |
As of December 31, 2023. Holdings subject to change |
Sector Breakdown | |
Industrials | 15.76% |
Consumer Products Services | 14.36% |
Financials | 14.15% |
Information | 14.12% |
Healthcare | 13.91% |
Information Tools | 13.51% |
Food | 7.01% |
Energy | 7.00% |
Other Assets in Excess of Liabilities | 0.18% |
As of December 31, 2023. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | |||||||||||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
SMDY NAV (%) | 17.29 | 12.27 | 17.29 | 7.72 | 12.57 | 9.12 | -4.12 | 19.25 | 14.82 | -7.58 | 23.35 | 17.22 | 21.95 | -12.61 | 17.29 |
SMDY Market Price (%) | 17.30 | 12.26 | 17.30 | 7.61 | -- | -- | -- | -- | -- | -- | -- | -- | 21.66 | -12.67 | 17.30 |
Syntax Stratified MidCap Index (TR) | 17.81 | 12.38 | 17.81 | 8.18 | 13.05 | -- | -- | -- | 15.13 | -7.33 | 23.81 | 17.79 | 22.53 | -12.30 | 17.81 |
S&P 400 Index (TR) | 16.44 | 11.67 | 16.44 | 8.09 | 12.62 | 9.22 | -2.18 | 20.74 | 16.24 | -11.08 | 26.20 | 13.66 | 24.76 | -13.06 | 16.44 |
S&P 400 Equal Weight Index (TR) | 17.72 | 12.24 | 17.72 | 9.83 | 13.59 | 9.30 | -5.24 | 23.95 | 13.87 | -11.94 | 23.29 | 15.77 | 27.12 | -11.47 | 17.72 |
Top 10 Holdings and Portfolio Weights | |
Tandem Diabetes Care, Inc. | 0.90% |
Embecta Corp. | 0.78% |
Vericel Corp. | 0.77% |
Leslie's, Inc. | 0.70% |
Harmonic, Inc. | 0.68% |
ADTRAN Holdings, Inc. | 0.66% |
Cerence, Inc. | 0.63% |
Alarm.com Holdings, Inc. | 0.62% |
Haverty Furniture Cos., Inc. | 0.60% |
Plexus Corp. | 0.59% |
As of December 31, 2023. Holdings subject to change |
Sector Breakdown | |
Information Tools | 14.61% |
Consumer Products Services | 14.41% |
Industrials | 14.38% |
Healthcare | 14.35% |
Financials | 14.09% |
Information | 13.94% |
Energy | 7.10% |
Food | 6.87% |
Other Assets in Excess of Liabilities | 0.25% |
As of December 31, 2023. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | |||||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2021 | 2022 | 2023 | |
SSLY NAV (%) | 11.57 | 13.16 | 11.57 | 4.54 | -- | 15.02 | 25.72 | -18.55 | 11.57 |
SSLY Market Price (%) | 11.54 | 13.08 | 11.54 | 4.46 | -- | 15.01 | 25.47 | -18.56 | 11.54 |
Syntax Stratified SmallCap Index (TR) | 12.17 | 13.37 | 12.17 | 5.32 | -- | 15.95 | 27.34 | -18.21 | 12.17 |
S&P 600 Index (TR) | 16.05 | 15.12 | 16.05 | 7.28 | -- | 16.23 | 26.82 | -16.10 | 16.05 |
S&P 600 Equal Weight Index (TR) | 13.20 | 14.61 | 13.20 | 7.91 | -- | 18.34 | 32.50 | -16.23 | 13.20 |
Cumulative | Annualized | Calendar Year | ||||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2022 | 2023 | |
SYUS NAV (%) | 13.89 | 10.98 | 13.89 | -- | -- | 6.11 | -10.05 | 13.89 |
SYUS Market Price (%) | 13.89 | 10.99 | 13.89 | -- | -- | 6.11 | -10.05 | 13.89 |
S&P Composite 1500® Index (TR) | 25.47 | 11.78 | 25.47 | -- | -- | 8.49 | -17.78 | 25.47 |
Cumulative | Annualized | Calendar Year | ||||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2022 | 2023 | |
SHUS NAV (%) | 6.14 | 7.97 | 6.14 | -- | -- | 2.32 | -3.53 | 6.14 |
SHUS Market Price (%) | 5.81 | 7.93 | 5.81 | -- | -- | 2.29 | -3.32 | 5.81 |
S&P Composite 1500® Index (TR) | 25.47 | 11.78 | 25.47 | -- | -- | 5.93 | -17.78 | 25.47 |
Cumulative | Annualized | Calendar Year | |||||
YTD | 4Q23 | 1Y | 3Y | 5Y | Since Fund Inception | 2023 | |
SYII NAV (%) | 13.89 | 10.98 | 13.89 | -- | -- | 14.48 | 13.89 |
SYII Market Price (%) | 13.85 | 10.97 | 13.85 | -- | -- | 14.48 | 13.85 |
S&P Composite 1500® Index (TR) | 25.47 | 11.78 | 25.47 | -- | -- | 18.67 | 25.47 |
Security Description | Shares | Value |
COMMON STOCK—99.7% | ||
3M Co. | 1,813 | $198,197 |
A O Smith Corp. | 1,802 | 148,557 |
Abbott Laboratories | 559 | 61,529 |
AbbVie, Inc. | 1,567 | 242,838 |
Accenture PLC, Class A | 460 | 161,419 |
Adobe, Inc.(a) | 254 | 151,536 |
Advanced Micro Devices, Inc.(a) | 970 | 142,988 |
AES Corp. | 19,274 | 371,024 |
Aflac, Inc. | 2,270 | 187,275 |
Agilent Technologies, Inc. | 921 | 128,047 |
Air Products & Chemicals, Inc. | 169 | 46,272 |
Airbnb, Inc., Class A(a) | 740 | 100,744 |
Akamai Technologies, Inc.(a) | 2,728 | 322,859 |
Albemarle Corp. | 346 | 49,990 |
Alexandria Real Estate Equities, Inc., REIT | 1,308 | 165,815 |
Align Technology, Inc.(a) | 422 | 115,628 |
Allegion PLC | 638 | 80,828 |
Alliant Energy Corp. | 1,404 | 72,025 |
Allstate Corp. | 1,122 | 157,058 |
Alphabet, Inc., Class A(a) | 1,541 | 215,262 |
Alphabet, Inc., Class C(a) | 1,524 | 214,777 |
Altria Group, Inc. | 8,501 | 342,930 |
Amazon.com, Inc.(a) | 940 | 142,824 |
Amcor PLC | 12,128 | 116,914 |
Ameren Corp. | 923 | 66,770 |
American Airlines Group, Inc.(a) | 12,759 | 175,309 |
American Electric Power Co., Inc. | 2,939 | 238,706 |
American Express Co. | 249 | 46,648 |
American International Group, Inc. | 3,570 | 241,867 |
American Tower Corp., REIT | 301 | 64,980 |
American Water Works Co., Inc. | 2,375 | 313,476 |
Ameriprise Financial, Inc. | 250 | 94,958 |
AMETEK, Inc. | 746 | 123,008 |
Amgen, Inc. | 870 | 250,577 |
Amphenol Corp., Class A | 1,883 | 186,662 |
Analog Devices, Inc. | 1,124 | 223,181 |
ANSYS, Inc.(a) | 546 | 198,132 |
Aon PLC, Class A | 109 | 31,721 |
APA Corp. | 1,940 | 69,607 |
Apple, Inc. | 2,394 | 460,917 |
Applied Materials, Inc. | 1,057 | 171,308 |
Aptiv PLC(a) | 4,399 | 394,678 |
Arch Capital Group Ltd.(a) | 1,966 | 146,015 |
Archer-Daniels-Midland Co. | 4,762 | 343,912 |
Arista Networks, Inc.(a) | 836 | 196,886 |
Arthur J Gallagher & Co. | 145 | 32,608 |
Assurant, Inc. | 932 | 157,033 |
AT&T, Inc. | 18,448 | 309,557 |
Atmos Energy Corp. | 2,750 | 318,725 |
Autodesk, Inc.(a) | 696 | 169,462 |
Automatic Data Processing, Inc. | 909 | 211,770 |
Security Description | Shares | Value |
AutoZone, Inc.(a) | 54 | $139,623 |
AvalonBay Communities, Inc., REIT | 593 | 111,021 |
Avery Dennison Corp. | 304 | 61,457 |
Axon Enterprise, Inc.(a) | 331 | 85,507 |
Baker Hughes Co. | 9,684 | 330,999 |
Ball Corp. | 2,035 | 117,053 |
Bank of America Corp. | 3,784 | 127,407 |
Bank of New York Mellon Corp. | 2,120 | 110,346 |
Bath & Body Works, Inc. | 4,153 | 179,243 |
Baxter International, Inc. | 1,298 | 50,181 |
Becton Dickinson & Co. | 203 | 49,497 |
Berkshire Hathaway, Inc., Class B(a) | 1,324 | 472,218 |
Best Buy Co., Inc. | 2,109 | 165,093 |
Biogen, Inc.(a) | 979 | 253,336 |
Bio-Rad Laboratories, Inc., Class A(a) | 257 | 82,983 |
Bio-Techne Corp. | 1,712 | 132,098 |
BlackRock, Inc. | 119 | 96,604 |
Blackstone, Inc. | 790 | 103,427 |
Boeing Co.(a) | 639 | 166,562 |
Booking Holdings, Inc.(a) | 29 | 102,869 |
BorgWarner, Inc. | 10,671 | 382,555 |
Boston Properties, Inc., REIT | 2,437 | 171,004 |
Boston Scientific Corp.(a) | 1,066 | 61,625 |
Bristol-Myers Squibb Co. | 4,652 | 238,694 |
Broadcom, Inc. | 222 | 247,807 |
Broadridge Financial Solutions, Inc. | 542 | 111,516 |
Brown & Brown, Inc. | 469 | 33,351 |
Brown-Forman Corp., Class B | 4,252 | 242,789 |
Builders FirstSource, Inc.(a) | 952 | 158,927 |
Bunge Global SA | 3,361 | 339,293 |
Cadence Design Systems, Inc.(a) | 1,199 | 326,572 |
Caesars Entertainment, Inc.(a) | 1,413 | 66,241 |
Camden Property Trust | 1,111 | 110,311 |
Campbell Soup Co. | 4,677 | 202,187 |
Capital One Financial Corp. | 2,644 | 346,681 |
Cardinal Health, Inc. | 1,752 | 176,602 |
CarMax, Inc.(a) | 2,090 | 160,387 |
Carnival Corp.(a) | 4,312 | 79,944 |
Carrier Global Corp. | 1,273 | 73,134 |
Catalent, Inc.(a) | 6,297 | 282,924 |
Caterpillar, Inc. | 452 | 133,643 |
Cboe Global Markets, Inc. | 231 | 41,247 |
CBRE Group, Inc., Class A(a) | 417 | 38,819 |
CDW Corp. | 547 | 124,344 |
Celanese Corp. | 444 | 68,984 |
Cencora, Inc. | 926 | 190,182 |
Centene Corp.(a) | 3,383 | 251,052 |
CenterPoint Energy, Inc. | 8,137 | 232,474 |
Ceridian HCM Holding, Inc.(a) | 3,097 | 207,871 |
CF Industries Holdings, Inc. | 1,020 | 81,090 |
CH Robinson Worldwide, Inc. | 922 | 79,652 |
Security Description | Shares | Value |
Charles River Laboratories International, Inc.(a) | 572 | $135,221 |
Charles Schwab Corp. | 3,656 | 251,533 |
Charter Communications, Inc., Class A(a) | 1,276 | 495,956 |
Chevron Corp. | 4,865 | 725,663 |
Chipotle Mexican Grill, Inc.(a) | 211 | 482,549 |
Chubb Ltd. | 700 | 158,200 |
Church & Dwight Co., Inc. | 4,319 | 408,405 |
Cigna Group | 724 | 216,802 |
Cincinnati Financial Corp. | 1,518 | 157,052 |
Cintas Corp. | 318 | 191,646 |
Cisco Systems, Inc. | 3,871 | 195,563 |
Citigroup, Inc. | 2,397 | 123,302 |
Citizens Financial Group, Inc. | 1,759 | 58,293 |
Clorox Co. | 2,835 | 404,243 |
CME Group, Inc. | 197 | 41,488 |
CMS Energy Corp. | 1,238 | 71,891 |
Coca-Cola Co. | 3,996 | 235,484 |
Cognizant Technology Solutions Corp., Class A | 2,221 | 167,752 |
Colgate-Palmolive Co. | 5,201 | 414,572 |
Comcast Corp., Class A | 11,120 | 487,612 |
Comerica, Inc. | 9,368 | 522,828 |
Conagra Brands, Inc. | 6,796 | 194,773 |
ConocoPhillips | 595 | 69,062 |
Consolidated Edison, Inc. | 2,556 | 232,519 |
Constellation Brands, Inc., Class A | 996 | 240,783 |
Constellation Energy Corp. | 3,155 | 368,788 |
Cooper Cos., Inc. | 278 | 105,206 |
Copart, Inc.(a) | 4,390 | 215,110 |
Corning, Inc. | 6,031 | 183,644 |
Corteva, Inc. | 1,727 | 82,758 |
CoStar Group, Inc.(a) | 475 | 41,510 |
Costco Wholesale Corp. | 1,147 | 757,112 |
Coterra Energy, Inc. | 4,740 | 120,965 |
Crown Castle, Inc., REIT | 536 | 61,742 |
CSX Corp. | 2,370 | 82,168 |
Cummins, Inc. | 304 | 72,829 |
CVS Health Corp. | 8,313 | 656,394 |
Danaher Corp. | 359 | 83,051 |
Darden Restaurants, Inc. | 2,943 | 483,535 |
DaVita, Inc.(a) | 727 | 76,161 |
Deere & Co. | 323 | 129,158 |
Delta Air Lines, Inc. | 4,351 | 175,041 |
DENTSPLY SIRONA, Inc. | 1,470 | 52,317 |
Devon Energy Corp. | 2,657 | 120,362 |
Dexcom, Inc.(a) | 803 | 99,644 |
Diamondback Energy, Inc. | 447 | 69,321 |
Digital Realty Trust, Inc., REIT | 2,314 | 311,418 |
Discover Financial Services | 3,020 | 339,448 |
Dollar General Corp. | 1,226 | 166,675 |
Dollar Tree, Inc.(a) | 1,252 | 177,847 |
Dominion Energy, Inc. | 4,928 | 231,616 |
Security Description | Shares | Value |
Domino's Pizza, Inc. | 1,185 | $488,493 |
Dover Corp. | 1,305 | 200,722 |
Dow, Inc. | 1,227 | 67,289 |
DR Horton, Inc. | 1,692 | 257,150 |
DTE Energy Co. | 2,156 | 237,721 |
Duke Energy Corp. | 763 | 74,042 |
DuPont de Nemours, Inc. | 630 | 48,466 |
Eastman Chemical Co. | 524 | 47,066 |
Eaton Corp. PLC | 1,007 | 242,506 |
eBay, Inc. | 3,359 | 146,520 |
Ecolab, Inc. | 232 | 46,017 |
Edison International | 3,472 | 248,213 |
Edwards Lifesciences Corp.(a) | 848 | 64,660 |
Electronic Arts, Inc. | 3,413 | 466,933 |
Elevance Health, Inc. | 522 | 246,154 |
Eli Lilly & Co. | 390 | 227,339 |
Emerson Electric Co. | 326 | 31,730 |
Enphase Energy, Inc.(a) | 2,274 | 300,486 |
Entergy Corp. | 2,297 | 232,433 |
EOG Resources, Inc. | 563 | 68,095 |
EPAM Systems, Inc.(a) | 580 | 172,457 |
EQT Corp. | 3,155 | 121,972 |
Equifax, Inc. | 172 | 42,534 |
Equinix, Inc., REIT | 390 | 314,102 |
Equity Residential, REIT | 1,771 | 108,314 |
Essex Property Trust, Inc., REIT | 462 | 114,548 |
Estee Lauder Cos., Inc., Class A | 2,999 | 438,604 |
Etsy, Inc.(a) | 1,730 | 140,216 |
Everest Group Ltd. | 406 | 143,553 |
Evergy, Inc. | 1,397 | 72,923 |
Eversource Energy | 1,205 | 74,373 |
Exelon Corp. | 8,958 | 321,592 |
Expedia Group, Inc.(a) | 717 | 108,833 |
Expeditors International of Washington, Inc. | 649 | 82,553 |
Extra Space Storage, Inc., REIT | 748 | 119,927 |
Exxon Mobil Corp. | 7,055 | 705,359 |
F5, Inc.(a) | 1,094 | 195,804 |
FactSet Research Systems, Inc. | 86 | 41,026 |
Fair Isaac Corp.(a) | 33 | 38,412 |
Fastenal Co. | 1,877 | 121,573 |
Federal Realty Investment Trust | 628 | 64,715 |
FedEx Corp. | 285 | 72,096 |
Fidelity National Information Services, Inc. | 885 | 53,162 |
Fifth Third Bancorp | 1,665 | 57,426 |
First Solar, Inc.(a) | 1,206 | 207,770 |
FirstEnergy Corp. | 6,316 | 231,545 |
Fiserv, Inc.(a) | 393 | 52,206 |
FleetCor Technologies, Inc.(a) | 162 | 45,783 |
FMC Corp. | 1,398 | 88,144 |
Ford Motor Co. | 21,260 | 259,159 |
Fortinet, Inc.(a) | 3,989 | 233,476 |
Fortive Corp. | 424 | 31,219 |
Security Description | Shares | Value |
Fox Corp., Class A | 3,126 | $92,748 |
Fox Corp., Class B | 3,343 | 92,434 |
Franklin Resources, Inc. | 3,489 | 103,937 |
Freeport-McMoRan, Inc. | 6,137 | 261,252 |
Garmin Ltd. | 2,507 | 322,250 |
Gartner, Inc.(a) | 346 | 156,084 |
GE HealthCare Technologies, Inc. | 1,138 | 87,990 |
Gen Digital, Inc. | 9,394 | 214,371 |
Generac Holdings, Inc.(a) | 579 | 74,830 |
General Dynamics Corp. | 618 | 160,476 |
General Electric Co. | 1,555 | 198,465 |
General Mills, Inc. | 3,066 | 199,719 |
General Motors Co. | 6,937 | 249,177 |
Genuine Parts Co. | 1,057 | 146,394 |
Gilead Sciences, Inc. | 2,964 | 240,114 |
Global Payments, Inc. | 348 | 44,196 |
Globe Life, Inc. | 1,531 | 186,353 |
Goldman Sachs Group, Inc. | 665 | 256,537 |
Halliburton Co. | 8,935 | 323,000 |
Hartford Financial Services Group, Inc. | 2,991 | 240,417 |
Hasbro, Inc. | 4,808 | 245,496 |
HCA Healthcare, Inc. | 1,211 | 327,793 |
Healthpeak Properties, Inc., REIT | 4,162 | 82,408 |
Henry Schein, Inc.(a) | 2,605 | 197,225 |
Hershey Co. | 947 | 176,559 |
Hess Corp. | 499 | 71,936 |
Hewlett Packard Enterprise Co. | 14,430 | 245,021 |
Hilton Worldwide Holdings, Inc. | 606 | 110,347 |
Hologic, Inc.(a) | 1,139 | 81,382 |
Home Depot, Inc. | 717 | 248,476 |
Honeywell International, Inc. | 961 | 201,531 |
Hormel Foods Corp. | 11,192 | 359,375 |
Host Hotels & Resorts, Inc., REIT | 5,785 | 112,634 |
Howmet Aerospace, Inc. | 1,319 | 71,384 |
HP, Inc. | 10,597 | 318,864 |
Hubbell, Inc. | 762 | 250,645 |
Humana, Inc. | 520 | 238,061 |
Huntington Bancshares, Inc. | 4,340 | 55,205 |
Huntington Ingalls Industries, Inc. | 318 | 82,566 |
IDEX Corp. | 857 | 186,063 |
IDEXX Laboratories, Inc.(a) | 145 | 80,482 |
Illinois Tool Works, Inc. | 752 | 196,979 |
Illumina, Inc.(a) | 1,034 | 143,974 |
Incyte Corp.(a) | 4,280 | 268,741 |
Ingersoll Rand, Inc. | 2,393 | 185,075 |
Insulet Corp.(a) | 480 | 104,150 |
Intel Corp. | 2,923 | 146,881 |
Intercontinental Exchange, Inc. | 367 | 47,134 |
International Business Machines Corp. | 1,929 | 315,488 |
International Flavors & Fragrances, Inc. | 579 | 46,882 |
International Paper Co. | 1,590 | 57,479 |
Interpublic Group of Cos., Inc. | 4,997 | 163,102 |
Security Description | Shares | Value |
Intuit, Inc. | 360 | $225,011 |
Intuitive Surgical, Inc.(a) | 378 | 127,522 |
Invesco Ltd. | 5,862 | 104,578 |
Invitation Homes, Inc. | 3,144 | 107,242 |
IQVIA Holdings, Inc.(a) | 545 | 126,102 |
Iron Mountain, Inc., REIT | 955 | 66,831 |
J M Smucker Co. | 1,682 | 212,571 |
Jabil, Inc. | 2,620 | 333,788 |
Jack Henry & Associates, Inc. | 314 | 51,311 |
Jacobs Solutions, Inc. | 2,761 | 358,378 |
JB Hunt Transport Services, Inc. | 416 | 83,092 |
Johnson & Johnson | 1,515 | 237,461 |
Johnson Controls International PLC | 1,254 | 72,281 |
JPMorgan Chase & Co. | 739 | 125,704 |
Juniper Networks, Inc. | 6,461 | 190,470 |
Kellanova | 3,269 | 182,770 |
Kenvue, Inc. | 19,470 | 419,189 |
Keurig Dr Pepper, Inc. | 7,291 | 242,936 |
KeyCorp | 3,922 | 56,477 |
Keysight Technologies, Inc.(a) | 1,295 | 206,022 |
Kimberly-Clark Corp. | 3,346 | 406,572 |
Kimco Realty Corp., REIT | 3,084 | 65,720 |
Kinder Morgan, Inc. | 13,226 | 233,307 |
KLA Corp. | 292 | 169,740 |
Kraft Heinz Co. | 5,539 | 204,832 |
Kroger Co. | 15,755 | 720,161 |
L3Harris Technologies, Inc. | 396 | 83,406 |
Laboratory Corp. of America Holdings | 720 | 163,649 |
Lam Research Corp. | 224 | 175,450 |
Lamb Weston Holdings, Inc. | 1,986 | 214,667 |
Las Vegas Sands Corp. | 1,347 | 66,286 |
Leidos Holdings, Inc. | 1,437 | 155,541 |
Lennar Corp., Class A | 1,679 | 250,238 |
Linde PLC | 111 | 45,589 |
Live Nation Entertainment, Inc.(a) | 917 | 85,831 |
LKQ Corp. | 3,097 | 148,006 |
Lockheed Martin Corp. | 174 | 78,864 |
Loews Corp. | 6,801 | 473,282 |
Lowe's Cos., Inc. | 1,125 | 250,369 |
Lululemon Athletica, Inc.(a) | 574 | 293,480 |
LyondellBasell Industries NV, Class A | 675 | 64,179 |
M&T Bank Corp. | 394 | 54,010 |
Marathon Oil Corp. | 2,778 | 67,116 |
Marathon Petroleum Corp. | 3,271 | 485,286 |
MarketAxess Holdings, Inc. | 160 | 46,856 |
Marriott International, Inc., Class A | 497 | 112,078 |
Marsh & McLennan Cos., Inc. | 176 | 33,347 |
Martin Marietta Materials, Inc. | 332 | 165,638 |
Masco Corp. | 2,194 | 146,954 |
Mastercard, Inc., Class A | 99 | 42,224 |
Match Group, Inc.(a) | 12,967 | 473,295 |
McCormick & Co., Inc. | 2,989 | 204,507 |
Security Description | Shares | Value |
McDonald's Corp. | 1,638 | $485,683 |
McKesson Corp. | 407 | 188,433 |
Medtronic PLC | 736 | 60,632 |
Merck & Co., Inc. | 2,254 | 245,731 |
Meta Platforms, Inc., Class A(a) | 1,252 | 443,158 |
MetLife, Inc. | 2,922 | 193,232 |
Mettler-Toledo International, Inc.(a) | 108 | 131,000 |
MGM Resorts International(a) | 1,507 | 67,333 |
Microchip Technology, Inc. | 1,449 | 130,671 |
Micron Technology, Inc. | 1,667 | 142,262 |
Microsoft Corp. | 836 | 314,369 |
Mid-America Apartment Communities, Inc., REIT | 818 | 109,988 |
Moderna, Inc.(a) | 2,912 | 289,598 |
Mohawk Industries, Inc.(a) | 1,523 | 157,630 |
Molina Healthcare, Inc.(a) | 677 | 244,607 |
Molson Coors Beverage Co., Class B | 3,759 | 230,088 |
Mondelez International, Inc., Class A | 2,469 | 178,830 |
Monolithic Power Systems, Inc. | 362 | 228,342 |
Monster Beverage Corp.(a) | 4,342 | 250,143 |
Moody's Corp. | 103 | 40,228 |
Morgan Stanley | 2,844 | 265,203 |
Mosaic Co. | 2,190 | 78,249 |
Motorola Solutions, Inc. | 1,442 | 451,476 |
MSCI, Inc. | 78 | 44,121 |
Nasdaq, Inc. | 772 | 44,884 |
NetApp, Inc. | 2,619 | 230,891 |
Netflix, Inc.(a) | 460 | 223,965 |
Newmont Corp. | 5,990 | 247,926 |
News Corp., Class A | 4,268 | 104,779 |
News Corp., Class B | 4,084 | 105,040 |
NextEra Energy, Inc. | 3,921 | 238,162 |
NIKE, Inc., Class B | 2,422 | 262,957 |
NiSource, Inc. | 11,870 | 315,148 |
Nordson Corp. | 124 | 32,756 |
Norfolk Southern Corp. | 354 | 83,679 |
Northern Trust Corp. | 1,109 | 93,577 |
Northrop Grumman Corp. | 165 | 77,243 |
Norwegian Cruise Line Holdings Ltd.(a) | 4,178 | 83,727 |
NRG Energy, Inc. | 7,347 | 379,840 |
Nucor Corp. | 1,443 | 251,140 |
NVIDIA Corp. | 261 | 129,252 |
NVR, Inc.(a) | 36 | 252,016 |
NXP Semiconductors NV | 964 | 221,412 |
Occidental Petroleum Corp. | 1,187 | 70,876 |
Old Dominion Freight Line, Inc. | 211 | 85,525 |
Omnicom Group, Inc. | 1,902 | 164,542 |
ON Semiconductor Corp.(a) | 2,731 | 228,120 |
ONEOK, Inc. | 3,429 | 240,784 |
Oracle Corp. | 2,747 | 289,616 |
O'Reilly Automotive, Inc.(a) | 146 | 138,712 |
Otis Worldwide Corp. | 803 | 71,844 |
Security Description | Shares | Value |
PACCAR, Inc. | 1,226 | $119,719 |
Packaging Corp. of America | 358 | 58,322 |
Palo Alto Networks, Inc.(a) | 695 | 204,942 |
Paramount Global, Class B | 11,116 | 164,406 |
Parker-Hannifin Corp. | 161 | 74,173 |
Paychex, Inc. | 1,679 | 199,986 |
Paycom Software, Inc. | 1,113 | 230,079 |
PayPal Holdings, Inc.(a) | 880 | 54,041 |
Pentair PLC | 2,603 | 189,264 |
PepsiCo, Inc. | 1,059 | 179,861 |
Pfizer, Inc. | 8,136 | 234,235 |
PG&E Corp. | 4,092 | 73,779 |
Philip Morris International, Inc. | 3,843 | 361,549 |
Phillips 66 | 3,734 | 497,145 |
Pinnacle West Capital Corp. | 958 | 68,823 |
Pioneer Natural Resources Co. | 527 | 118,512 |
PNC Financial Services Group, Inc. | 371 | 57,449 |
Pool Corp. | 329 | 131,176 |
PPG Industries, Inc. | 435 | 65,054 |
PPL Corp. | 2,764 | 74,904 |
Principal Financial Group, Inc. | 2,492 | 196,046 |
Procter & Gamble Co. | 2,763 | 404,890 |
Progressive Corp. | 971 | 154,661 |
Prologis, Inc., REIT | 520 | 69,316 |
Prudential Financial, Inc. | 1,858 | 192,693 |
PTC, Inc.(a) | 935 | 163,588 |
Public Service Enterprise Group, Inc. | 3,740 | 228,701 |
Public Storage, REIT | 379 | 115,595 |
PulteGroup, Inc. | 2,432 | 251,031 |
Qorvo, Inc.(a) | 2,003 | 225,558 |
QUALCOMM, Inc. | 1,566 | 226,491 |
Quanta Services, Inc. | 1,765 | 380,887 |
Quest Diagnostics, Inc. | 1,147 | 158,148 |
Ralph Lauren Corp. | 2,131 | 307,290 |
Raymond James Financial, Inc. | 2,188 | 243,962 |
Realty Income Corp., REIT | 1,160 | 66,607 |
Regency Centers Corp., REIT | 974 | 65,258 |
Regeneron Pharmaceuticals, Inc.(a) | 277 | 243,286 |
Regions Financial Corp. | 2,983 | 57,811 |
Republic Services, Inc. | 1,083 | 178,598 |
ResMed, Inc. | 574 | 98,739 |
Revvity, Inc. | 857 | 93,679 |
Robert Half, Inc. | 1,879 | 165,202 |
Rockwell Automation, Inc. | 103 | 31,979 |
Rollins, Inc. | 4,238 | 185,073 |
Roper Technologies, Inc. | 57 | 31,075 |
Ross Stores, Inc. | 5,318 | 735,958 |
Royal Caribbean Cruises Ltd.(a) | 646 | 83,651 |
RTX Corp. | 958 | 80,606 |
S&P Global, Inc. | 95 | 41,849 |
Salesforce, Inc.(a) | 1,242 | 326,820 |
SBA Communications Corp., REIT | 257 | 65,198 |
Security Description | Shares | Value |
Schlumberger NV | 6,398 | $332,952 |
Seagate Technology Holdings PLC | 2,906 | 248,085 |
Sempra | 994 | 74,282 |
ServiceNow, Inc.(a) | 447 | 315,801 |
Sherwin-Williams Co. | 214 | 66,747 |
Simon Property Group, Inc., REIT | 470 | 67,041 |
Skyworks Solutions, Inc. | 2,006 | 225,515 |
Snap-on, Inc. | 843 | 243,492 |
Southern Co. | 1,008 | 70,681 |
Southwest Airlines Co. | 6,040 | 174,435 |
Stanley Black & Decker, Inc. | 2,520 | 247,212 |
Starbucks Corp. | 4,847 | 465,360 |
State Street Corp. | 1,404 | 108,754 |
Steel Dynamics, Inc. | 2,071 | 244,585 |
STERIS PLC | 585 | 128,612 |
Stryker Corp. | 402 | 120,383 |
Synchrony Financial | 8,846 | 337,829 |
Synopsys, Inc.(a) | 582 | 299,678 |
Sysco Corp. | 9,510 | 695,466 |
T Rowe Price Group, Inc. | 904 | 97,352 |
Take-Two Interactive Software, Inc.(a) | 3,012 | 484,781 |
Tapestry, Inc. | 8,381 | 308,505 |
Targa Resources Corp. | 2,706 | 235,070 |
Target Corp. | 1,153 | 164,210 |
TE Connectivity Ltd. | 1,319 | 185,319 |
Teledyne Technologies, Inc.(a) | 73 | 32,579 |
Teleflex, Inc. | 203 | 50,616 |
Teradyne, Inc. | 1,693 | 183,724 |
Tesla, Inc.(a) | 962 | 239,038 |
Texas Instruments, Inc. | 1,326 | 226,030 |
Textron, Inc. | 2,056 | 165,344 |
Thermo Fisher Scientific, Inc. | 240 | 127,390 |
TJX Cos., Inc. | 7,880 | 739,223 |
T-Mobile U.S., Inc. | 1,994 | 319,698 |
Tractor Supply Co. | 551 | 118,482 |
Trane Technologies PLC | 298 | 72,682 |
TransDigm Group, Inc. | 72 | 72,835 |
Travelers Cos., Inc. | 862 | 164,202 |
Trimble, Inc.(a) | 624 | 33,197 |
Truist Financial Corp. | 1,514 | 55,897 |
Tyler Technologies, Inc.(a) | 775 | 324,043 |
Tyson Foods, Inc., Class A | 6,834 | 367,327 |
U.S. Bancorp | 1,290 | 55,831 |
Uber Technologies, Inc.(a) | 1,688 | 103,930 |
UDR, Inc., REIT | 2,942 | 112,649 |
Ulta Beauty, Inc.(a) | 325 | 159,247 |
Union Pacific Corp. | 342 | 84,002 |
United Airlines Holdings, Inc.(a) | 4,285 | 176,799 |
United Parcel Service, Inc., Class B | 502 | 78,929 |
United Rentals, Inc. | 237 | 135,901 |
UnitedHealth Group, Inc. | 455 | 239,544 |
Security Description | Shares | Value | |
Universal Health Services, Inc., Class B | 2,272 | $346,344 | |
Valero Energy Corp. | 3,813 | 495,690 | |
Ventas, Inc., REIT | 1,673 | 83,382 | |
Veralto Corp. | 387 | 31,835 | |
VeriSign, Inc.(a) | 1,467 | 302,143 | |
Verisk Analytics, Inc. | 170 | 40,606 | |
Verizon Communications, Inc. | 8,159 | 307,594 | |
Vertex Pharmaceuticals, Inc.(a) | 666 | 270,989 | |
VF Corp. | 15,485 | 291,118 | |
Viatris, Inc. | 23,816 | 257,927 | |
VICI Properties, Inc. | 2,045 | 65,195 | |
Visa, Inc., Class A | 163 | 42,437 | |
Vulcan Materials Co. | 723 | 164,128 | |
W R Berkley Corp. | 2,190 | 154,877 | |
Walgreens Boots Alliance, Inc. | 26,950 | 703,664 | |
Walmart, Inc. | 4,654 | 733,703 | |
Walt Disney Co. | 2,017 | 182,115 | |
Warner Bros Discovery, Inc.(a) | 16,325 | 185,778 | |
Waste Management, Inc. | 1,016 | 181,966 | |
Waters Corp.(a) | 400 | 131,692 | |
WEC Energy Group, Inc. | 857 | 72,134 | |
Wells Fargo & Co. | 2,541 | 125,068 | |
Welltower, Inc., REIT | 891 | 80,341 | |
West Pharmaceutical Services, Inc. | 136 | 47,888 | |
Western Digital Corp.(a) | 4,893 | 256,246 | |
Westinghouse Air Brake Technologies Corp. | 986 | 125,123 | |
Westrock Co. | 1,422 | 59,041 | |
Weyerhaeuser Co., REIT | 5,057 | 175,832 | |
Whirlpool Corp. | 1,263 | 153,796 | |
Williams Cos., Inc. | 6,592 | 229,599 | |
Willis Towers Watson PLC | 143 | 34,492 | |
WW Grainger, Inc. | 147 | 121,817 | |
Wynn Resorts Ltd. | 742 | 67,604 | |
Xcel Energy, Inc. | 1,184 | 73,301 | |
Xylem, Inc. | 1,649 | 188,580 | |
Yum! Brands, Inc. | 3,766 | 492,066 | |
Zebra Technologies Corp., Class A(a) | 494 | 135,025 | |
Zimmer Biomet Holdings, Inc. | 996 | 121,213 | |
Zions Bancorp NA | 12,027 | 527,624 | |
Zoetis, Inc. | 1,267 | 250,068 | |
TOTAL INVESTMENTS—99.7% (Cost $85,306,932) | 94,078,368 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3% | 260,938 | ||
NET ASSETS—100.0% | $94,339,306 |
(a) | Non-income producing security. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Marketed Pharmaceuticals | 3.4% |
Software for Specific Uses | 3.1 |
Downstream Energy | 3.1 |
Food Distributors | 3.1 |
Restaurants | 3.1 |
Processed Foods | 3.1 |
Competitive Electric Utilities | 3.0 |
Non-Real Estate Banking | 2.2 |
Real Estate Operators and Developers | 2.1 |
Real Estate Rental | 2.1 |
Commercial IT Hardware | 2.1 |
Upstream Energy | 2.1 |
Telecommunication Networks | 2.0 |
Consumer Insurance | 2.0 |
Regulated Electric Utilities | 2.0 |
Content Providers | 2.0 |
Commercial Insurance | 2.0 |
Electric and Electronic Components | 1.7 |
Consumer Electronics | 1.7 |
Capital Markets | 1.6 |
Auto Products | 1.6 |
Consumer Equipment Manufacture | 1.6 |
Mechanical and Structural Components | 1.6 |
Distribution Services | 1.6 |
Specialty Industrial Services | 1.6 |
Apparel and Accessory Retailers | 1.6 |
Personal Care Products | 1.5 |
Transportation and Consumer Auto Services | 1.5 |
Alcohol and Tobacco | 1.5 |
Primary Foods | 1.5 |
Digital Integrated Circuits | 1.5 |
Pharmacies | 1.4 |
Investment Services | 1.4 |
Analog and Mixed Signal Integrated Circuits | 1.4 |
Internet Search and Social Networks | 1.4 |
Consumer Equipment Retail | 1.4 |
Semiconductor Services and Equipment | 1.4 |
Healthcare Providers and Facilities | 1.4 |
Management and IT Services | 1.4 |
Online Distribution Networks | 1.4 |
Transaction Services | 1.4 |
Internet Services | 1.3 |
Healthcare Insurance | 1.3 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Diversified Household and Personal Care Products | 1.3% |
Accessories and Footwear | 1.2 |
Transport Aerospace and Defense Equipment | 1.2 |
Medical Research Services and Equipment | 1.1 |
Hospital Equipment | 1.1 |
Medical Devices | 1.1 |
Metals | 1.1 |
Industrial Conglomerates | 1.1 |
Chemicals | 1.1 |
Other Raw Materials | 1.0 |
Healthcare Products Distribution | 1.0 |
Gas and Water Utilities | 1.0 |
Midstream Energy | 1.0 |
Other Pharmaceuticals | 0.8 |
Production Equipment | 0.8 |
Operating Systems and Middleware | 0.7 |
Securities Brokers and Dealers | 0.5 |
Consumer Paper Products | 0.4 |
Contract Electronics Services | 0.4 |
Software for Specific Industries | 0.3 |
Branded Apparel | 0.3 |
Other Assets in Excess of Liabilities | 0.3 |
Total | 100.0% |
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
Acadia Healthcare Co., Inc.(a) | 860 | $66,874 |
Acuity Brands, Inc. | 127 | 26,013 |
Adient PLC(a) | 286 | 10,399 |
Advanced Drainage Systems, Inc. | 84 | 11,814 |
AECOM | 172 | 15,898 |
Affiliated Managers Group, Inc. | 227 | 34,372 |
AGCO Corp. | 269 | 32,659 |
Agree Realty Corp., REIT | 103 | 6,484 |
Alcoa Corp. | 717 | 24,378 |
Allegro MicroSystems, Inc.(a) | 1,876 | 56,787 |
ALLETE, Inc. | 343 | 20,978 |
Ally Financial, Inc. | 930 | 32,476 |
Amedisys, Inc.(a) | 270 | 25,666 |
American Financial Group, Inc. | 155 | 18,428 |
Amkor Technology, Inc. | 2,920 | 97,148 |
Annaly Capital Management, Inc. | 1,720 | 33,316 |
Antero Midstream Corp. | 1,827 | 22,892 |
Antero Resources Corp.(a) | 409 | 9,276 |
Apartment Income REIT Corp. | 766 | 26,603 |
AptarGroup, Inc. | 73 | 9,024 |
Aramark | 2,317 | 65,108 |
Arrow Electronics, Inc.(a) | 67 | 8,191 |
Arrowhead Pharmaceuticals, Inc.(a) | 3,004 | 91,922 |
ASGN, Inc.(a) | 171 | 16,445 |
Ashland, Inc. | 150 | 12,647 |
Aspen Technology, Inc.(a) | 212 | 46,672 |
Associated Banc-Corp. | 1,611 | 34,459 |
Autoliv, Inc. | 93 | 10,248 |
AutoNation, Inc.(a) | 278 | 41,750 |
Avient Corp. | 290 | 12,055 |
Avis Budget Group, Inc. | 201 | 35,629 |
Avnet, Inc. | 166 | 8,366 |
Axalta Coating Systems Ltd.(a) | 321 | 10,904 |
Azenta, Inc.(a) | 971 | 63,251 |
Bank OZK | 153 | 7,624 |
Belden, Inc. | 218 | 16,840 |
BellRing Brands, Inc.(a) | 882 | 48,889 |
Berry Global Group, Inc. | 90 | 6,065 |
BJ's Wholesale Club Holdings, Inc.(a) | 381 | 25,397 |
Black Hills Corp. | 438 | 23,630 |
Blackbaud, Inc.(a) | 490 | 42,483 |
Boston Beer Co., Inc., Class A(a) | 89 | 30,758 |
Boyd Gaming Corp. | 176 | 11,019 |
Brighthouse Financial, Inc.(a) | 678 | 35,880 |
Brink's Co. | 282 | 24,802 |
Brixmor Property Group, Inc. | 265 | 6,167 |
Bruker Corp. | 248 | 18,223 |
Brunswick Corp. | 279 | 26,993 |
Burlington Stores, Inc.(a) | 177 | 34,423 |
BWX Technologies, Inc. | 115 | 8,824 |
Cable One, Inc. | 162 | 90,168 |
Security Description | Shares | Value |
Cabot Corp. | 163 | $13,611 |
CACI International, Inc., Class A(a) | 65 | 21,051 |
Cadence Bank | 252 | 7,457 |
Calix, Inc.(a) | 1,000 | 43,690 |
Capri Holdings Ltd.(a) | 651 | 32,706 |
Carlisle Cos., Inc. | 31 | 9,685 |
Carlyle Group, Inc. | 855 | 34,790 |
Carter's, Inc. | 434 | 32,502 |
Casey's General Stores, Inc. | 88 | 24,177 |
Celsius Holdings, Inc.(a) | 930 | 50,704 |
ChampionX Corp. | 649 | 18,957 |
Chart Industries, Inc.(a) | 87 | 11,861 |
Chemed Corp. | 45 | 26,314 |
Chemours Co. | 437 | 13,783 |
Chesapeake Energy Corp. | 115 | 8,848 |
Choice Hotels International, Inc. | 95 | 10,764 |
Chord Energy Corp. | 53 | 8,810 |
Churchill Downs, Inc. | 86 | 11,604 |
Ciena Corp.(a) | 945 | 42,534 |
Cirrus Logic, Inc.(a) | 640 | 53,242 |
Civitas Resources, Inc. | 124 | 8,479 |
Clean Harbors, Inc.(a) | 140 | 24,431 |
Cleveland-Cliffs, Inc.(a) | 1,035 | 21,135 |
CNO Financial Group, Inc. | 1,359 | 37,916 |
CNX Resources Corp.(a) | 427 | 8,540 |
Coca-Cola Consolidated, Inc. | 61 | 56,632 |
Cognex Corp. | 827 | 34,519 |
Coherent Corp.(a) | 382 | 16,628 |
Columbia Banking System, Inc. | 281 | 7,497 |
Columbia Sportswear Co. | 391 | 31,100 |
Comfort Systems USA, Inc. | 80 | 16,454 |
Commerce Bancshares, Inc. | 268 | 14,314 |
Commercial Metals Co. | 394 | 19,716 |
CommVault Systems, Inc.(a) | 556 | 44,397 |
Concentrix Corp. | 221 | 21,704 |
COPT Defense Properties | 342 | 8,765 |
Core & Main, Inc., Class A(a) | 275 | 11,113 |
Coty, Inc., Class A(a) | 16,258 | 201,924 |
Cousins Properties, Inc. | 374 | 9,107 |
Crane Co. | 85 | 10,042 |
Crane NXT Co. | 177 | 10,066 |
Crocs, Inc.(a) | 304 | 28,397 |
Crown Holdings, Inc. | 70 | 6,446 |
CubeSmart | 597 | 27,671 |
Cullen/Frost Bankers, Inc. | 135 | 14,646 |
Curtiss-Wright Corp. | 44 | 9,803 |
Darling Ingredients, Inc.(a) | 664 | 33,094 |
Deckers Outdoor Corp.(a) | 44 | 29,411 |
Dick's Sporting Goods, Inc. | 226 | 33,211 |
Dolby Laboratories, Inc., Class A | 938 | 80,837 |
Donaldson Co., Inc. | 173 | 11,306 |
Doximity, Inc., Class A(a) | 3,425 | 96,037 |
Security Description | Shares | Value |
Dropbox, Inc., Class A(a) | 1,520 | $44,810 |
DT Midstream, Inc. | 422 | 23,126 |
Dynatrace, Inc.(a) | 1,549 | 84,715 |
Eagle Materials, Inc. | 76 | 15,416 |
East West Bancorp, Inc. | 103 | 7,411 |
EastGroup Properties, Inc. | 48 | 8,810 |
EMCOR Group, Inc. | 73 | 15,726 |
Encompass Health Corp. | 387 | 25,821 |
EnerSys | 257 | 25,947 |
Enovis Corp.(a) | 848 | 47,505 |
Envista Holdings Corp.(a) | 1,790 | 43,067 |
EPR Properties | 134 | 6,492 |
Equitable Holdings, Inc. | 1,120 | 37,296 |
Equitrans Midstream Corp. | 2,364 | 24,066 |
Equity LifeStyle Properties, Inc. | 355 | 25,042 |
Erie Indemnity Co., Class A | 120 | 40,190 |
Esab Corp. | 384 | 33,262 |
Essent Group Ltd. | 635 | 33,490 |
Essential Utilities, Inc. | 656 | 24,502 |
Euronet Worldwide, Inc.(a) | 347 | 35,217 |
Evercore, Inc., Class A | 103 | 17,618 |
Exelixis, Inc.(a) | 3,272 | 78,495 |
ExlService Holdings, Inc.(a) | 720 | 22,212 |
Exponent, Inc. | 189 | 16,640 |
Federated Hermes, Inc. | 976 | 33,047 |
Fidelity National Financial, Inc. | 675 | 34,438 |
First American Financial Corp. | 509 | 32,800 |
First Financial Bankshares, Inc. | 247 | 7,484 |
First Horizon Corp. | 1,029 | 14,571 |
First Industrial Realty Trust, Inc. | 172 | 9,059 |
FirstCash Holdings, Inc. | 246 | 26,664 |
Five Below, Inc.(a) | 162 | 34,532 |
Floor & Decor Holdings, Inc., Class A(a) | 170 | 18,965 |
Flowers Foods, Inc. | 1,449 | 32,617 |
Flowserve Corp. | 271 | 11,171 |
Fluor Corp.(a) | 497 | 19,467 |
FNB Corp. | 543 | 7,477 |
Fortune Brands Innovations, Inc. | 233 | 17,741 |
Fox Factory Holding Corp.(a) | 150 | 10,122 |
Frontier Communications Parent, Inc.(a) | 3,597 | 91,148 |
FTI Consulting, Inc.(a) | 70 | 13,941 |
GameStop Corp., Class A(a) | 2,025 | 35,498 |
Gaming & Leisure Properties, Inc. | 230 | 11,351 |
Gap, Inc. | 1,454 | 30,403 |
GATX Corp. | 138 | 16,590 |
Genpact Ltd. | 609 | 21,138 |
Gentex Corp. | 767 | 25,050 |
Glacier Bancorp, Inc. | 185 | 7,644 |
Globus Medical, Inc., Class A(a) | 903 | 48,121 |
GoDaddy, Inc., Class A(a) | 806 | 85,565 |
Goodyear Tire & Rubber Co.(a) | 677 | 9,695 |
Graco, Inc. | 129 | 11,192 |
Security Description | Shares | Value |
Graham Holdings Co., Class B | 62 | $43,184 |
Grand Canyon Education, Inc.(a) | 298 | 39,348 |
Graphic Packaging Holding Co. | 255 | 6,286 |
Greif, Inc., Class A | 94 | 6,165 |
Grocery Outlet Holding Corp.(a) | 860 | 23,186 |
GXO Logistics, Inc.(a) | 274 | 16,758 |
H&R Block, Inc. | 694 | 33,569 |
Haemonetics Corp.(a) | 249 | 21,292 |
Halozyme Therapeutics, Inc.(a) | 1,800 | 66,528 |
Hancock Whitney Corp. | 316 | 15,354 |
Hanover Insurance Group, Inc. | 144 | 17,484 |
Harley-Davidson, Inc. | 738 | 27,188 |
Healthcare Realty Trust, Inc. | 3,967 | 68,351 |
HealthEquity, Inc.(a) | 459 | 30,432 |
Helen of Troy Ltd.(a) | 156 | 18,846 |
Hertz Global Holdings, Inc.(a) | 4,026 | 41,830 |
Hexcel Corp. | 176 | 12,980 |
HF Sinclair Corp. | 446 | 24,784 |
Hilton Grand Vacations, Inc.(a) | 264 | 10,608 |
Home BancShares, Inc. | 295 | 7,472 |
Houlihan Lokey, Inc. | 140 | 16,787 |
Hyatt Hotels Corp., Class A | 84 | 10,954 |
IDACORP, Inc. | 213 | 20,942 |
Inari Medical, Inc.(a) | 165 | 10,712 |
Independence Realty Trust, Inc., REIT | 1,724 | 26,377 |
Ingredion, Inc. | 295 | 32,016 |
Insperity, Inc. | 268 | 31,415 |
Integra LifeSciences Holdings Corp.(a) | 256 | 11,149 |
Interactive Brokers Group, Inc., Class A | 507 | 42,030 |
International Bancshares Corp. | 145 | 7,876 |
IPG Photonics Corp.(a) | 315 | 34,190 |
Iridium Communications, Inc. | 2,068 | 85,119 |
ITT, Inc. | 81 | 9,665 |
Janus Henderson Group PLC | 1,152 | 34,733 |
Jazz Pharmaceuticals PLC(a) | 598 | 73,554 |
Jefferies Financial Group, Inc. | 486 | 19,639 |
Jones Lang LaSalle, Inc.(a) | 95 | 17,943 |
KB Home | 739 | 46,158 |
KBR, Inc. | 303 | 16,789 |
Kemper Corp. | 765 | 37,233 |
Kilroy Realty Corp. | 219 | 8,725 |
Kinsale Capital Group, Inc. | 53 | 17,750 |
Kirby Corp.(a) | 322 | 25,271 |
Kite Realty Group Trust, REIT | 271 | 6,195 |
Knife River Corp.(a) | 225 | 14,890 |
Knight-Swift Transportation Holdings, Inc. | 285 | 16,430 |
Kyndryl Holdings, Inc.(a) | 1,139 | 23,668 |
Lamar Advertising Co., Class A | 56 | 5,952 |
Lancaster Colony Corp. | 189 | 31,448 |
Landstar System, Inc. | 89 | 17,235 |
Lantheus Holdings, Inc.(a) | 227 | 14,074 |
Lattice Semiconductor Corp.(a) | 815 | 56,227 |
Security Description | Shares | Value |
Lear Corp. | 70 | $9,885 |
Leggett & Platt, Inc. | 656 | 17,168 |
Lennox International, Inc. | 41 | 18,348 |
Light & Wonder, Inc.(a) | 999 | 82,028 |
Lincoln Electric Holdings, Inc. | 152 | 33,054 |
Lithia Motors, Inc. | 140 | 46,099 |
Littelfuse, Inc. | 96 | 25,686 |
LivaNova PLC(a) | 903 | 46,721 |
Livent Corp.(a) | 5,135 | 92,327 |
Louisiana-Pacific Corp. | 219 | 15,512 |
Lumentum Holdings, Inc.(a) | 955 | 50,061 |
MACOM Technology Solutions Holdings, Inc.(a) | 582 | 54,097 |
Macy's, Inc. | 1,811 | 36,437 |
Manhattan Associates, Inc.(a) | 188 | 40,480 |
ManpowerGroup, Inc. | 205 | 16,291 |
Marriott Vacations Worldwide Corp. | 130 | 11,036 |
Masimo Corp.(a) | 159 | 18,636 |
MasTec, Inc.(a) | 239 | 18,097 |
Matador Resources Co. | 160 | 9,098 |
Mattel, Inc.(a) | 908 | 17,143 |
Maximus, Inc. | 370 | 31,028 |
MDU Resources Group, Inc. | 726 | 14,375 |
Medical Properties Trust, Inc. | 13,428 | 65,931 |
Medpace Holdings, Inc.(a) | 198 | 60,693 |
MGIC Investment Corp. | 1,740 | 33,565 |
Middleby Corp.(a) | 233 | 34,291 |
MKS Instruments, Inc. | 599 | 61,619 |
Morningstar, Inc. | 115 | 32,918 |
MP Materials Corp.(a) | 1,074 | 21,319 |
MSA Safety, Inc. | 186 | 31,402 |
MSC Industrial Direct Co., Inc., Class A | 108 | 10,936 |
Murphy Oil Corp. | 206 | 8,788 |
Murphy USA, Inc. | 69 | 24,603 |
National Fuel Gas Co. | 464 | 23,279 |
National Storage Affiliates Trust | 685 | 28,407 |
Neogen Corp.(a) | 926 | 18,622 |
Neurocrine Biosciences, Inc.(a) | 612 | 80,637 |
New Jersey Resources Corp. | 536 | 23,895 |
New York Community Bancorp, Inc. | 718 | 7,345 |
New York Times Co., Class A | 900 | 44,091 |
NewMarket Corp. | 22 | 12,008 |
Nexstar Media Group, Inc. | 283 | 44,360 |
NNN REIT, Inc. | 146 | 6,293 |
Nordstrom, Inc. | 1,928 | 35,572 |
NorthWestern Energy Group, Inc. | 405 | 20,610 |
NOV, Inc. | 996 | 20,199 |
Novanta, Inc.(a) | 103 | 17,346 |
nVent Electric PLC | 424 | 25,054 |
OGE Energy Corp. | 596 | 20,818 |
Old National Bancorp | 430 | 7,263 |
Old Republic International Corp. | 619 | 18,199 |
Security Description | Shares | Value |
Olin Corp. | 208 | $11,222 |
Ollie's Bargain Outlet Holdings, Inc.(a) | 326 | 24,740 |
Omega Healthcare Investors, Inc. | 2,063 | 63,252 |
ONE Gas, Inc. | 384 | 24,468 |
Onto Innovation, Inc.(a) | 360 | 55,044 |
Option Care Health, Inc.(a) | 844 | 28,434 |
Ormat Technologies, Inc. | 299 | 22,661 |
Oshkosh Corp. | 315 | 34,149 |
Ovintiv, Inc. | 205 | 9,004 |
Owens Corning | 65 | 9,635 |
Park Hotels & Resorts, Inc. | 690 | 10,557 |
Patterson Cos., Inc. | 395 | 11,238 |
Paylocity Holding Corp.(a) | 276 | 45,499 |
PBF Energy, Inc., Class A | 576 | 25,321 |
Penn Entertainment, Inc.(a) | 441 | 11,475 |
Penske Automotive Group, Inc. | 253 | 40,609 |
Penumbra, Inc.(a) | 45 | 11,319 |
Performance Food Group Co.(a) | 384 | 26,554 |
Permian Resources Corp. | 665 | 9,044 |
Perrigo Co. PLC | 2,428 | 78,133 |
Physicians Realty Trust | 666 | 8,864 |
Pilgrim's Pride Corp.(a) | 1,196 | 33,081 |
Pinnacle Financial Partners, Inc. | 83 | 7,239 |
Planet Fitness, Inc., Class A(a) | 350 | 25,550 |
PNM Resources, Inc. | 491 | 20,426 |
Polaris, Inc. | 264 | 25,019 |
Portland General Electric Co. | 491 | 21,280 |
Post Holdings, Inc.(a) | 545 | 47,993 |
PotlatchDeltic Corp. | 310 | 15,221 |
Power Integrations, Inc. | 644 | 52,879 |
Primerica, Inc. | 169 | 34,773 |
Progyny, Inc.(a) | 697 | 25,914 |
Prosperity Bancshares, Inc. | 109 | 7,383 |
PVH Corp. | 293 | 35,781 |
Qualys, Inc.(a) | 447 | 87,737 |
QuidelOrtho Corp.(a) | 255 | 18,793 |
R1 RCM, Inc.(a) | 1,506 | 15,918 |
Rambus, Inc.(a) | 770 | 52,552 |
Range Resources Corp. | 287 | 8,736 |
Rayonier, Inc. | 444 | 14,834 |
RBC Bearings, Inc.(a) | 32 | 9,116 |
Regal Rexnord Corp. | 74 | 10,953 |
Reinsurance Group of America, Inc. | 193 | 31,224 |
Reliance Steel & Aluminum Co. | 66 | 18,459 |
RenaissanceRe Holdings Ltd. | 156 | 30,576 |
Repligen Corp.(a) | 350 | 62,930 |
Restoration Hardware, Inc.(a) | 72 | 20,987 |
Rexford Industrial Realty, Inc. | 160 | 8,976 |
RLI Corp. | 135 | 17,971 |
Royal Gold, Inc. | 150 | 18,144 |
RPM International, Inc. | 98 | 10,940 |
Ryder System, Inc. | 150 | 17,259 |
Security Description | Shares | Value |
Sabra Health Care REIT, Inc. | 4,451 | $63,516 |
Saia, Inc.(a) | 41 | 17,967 |
Science Applications International Corp. | 163 | 20,264 |
Scotts Miracle-Gro Co. | 3,115 | 198,581 |
SEI Investments Co. | 524 | 33,300 |
Selective Insurance Group, Inc. | 179 | 17,807 |
Sensata Technologies Holding PLC | 945 | 35,504 |
Service Corp. International | 363 | 24,847 |
Shockwave Medical, Inc.(a) | 121 | 23,058 |
Silgan Holdings, Inc. | 142 | 6,426 |
Silicon Laboratories, Inc.(a) | 414 | 54,760 |
Simpson Manufacturing Co., Inc. | 51 | 10,097 |
Skechers USA, Inc., Class A(a) | 519 | 32,354 |
SLM Corp. | 1,662 | 31,777 |
Sonoco Products Co. | 110 | 6,146 |
Sotera Health Co.(a) | 1,638 | 27,600 |
SouthState Corp. | 88 | 7,432 |
Southwest Gas Holdings, Inc. | 386 | 24,453 |
Southwestern Energy Co.(a) | 1,384 | 9,065 |
Spire, Inc. | 376 | 23,440 |
Spirit Realty Capital, Inc. | 146 | 6,379 |
Sprouts Farmers Market, Inc.(a) | 547 | 26,316 |
STAG Industrial, Inc., REIT | 230 | 9,030 |
Starwood Property Trust, Inc. | 348 | 7,315 |
Stericycle, Inc.(a) | 487 | 24,136 |
Stifel Financial Corp. | 644 | 44,533 |
Sunrun, Inc.(a) | 1,628 | 31,958 |
Super Micro Computer, Inc.(a) | 152 | 43,208 |
Synaptics, Inc.(a) | 470 | 53,618 |
Synovus Financial Corp. | 193 | 7,266 |
Taylor Morrison Home Corp.(a) | 873 | 46,575 |
TD SYNNEX Corp. | 77 | 8,286 |
TEGNA, Inc. | 2,729 | 41,754 |
Tempur Sealy International, Inc. | 370 | 18,859 |
Tenet Healthcare Corp.(a) | 879 | 66,426 |
Teradata Corp.(a) | 967 | 42,074 |
Terex Corp. | 611 | 35,108 |
Tetra Tech, Inc. | 95 | 15,858 |
Texas Capital Bancshares, Inc.(a) | 547 | 35,353 |
Texas Roadhouse, Inc. | 557 | 68,082 |
Thor Industries, Inc. | 221 | 26,133 |
Timken Co. | 120 | 9,618 |
TKO Group Holdings, Inc. | 571 | 46,582 |
Toll Brothers, Inc. | 452 | 46,461 |
TopBuild Corp.(a) | 55 | 20,584 |
Toro Co. | 376 | 36,092 |
Travel & Leisure Co. | 268 | 10,476 |
Trex Co., Inc.(a) | 234 | 19,373 |
U.S. Foods Holding Corp.(a) | 566 | 25,702 |
U.S. Steel Corp. | 503 | 24,471 |
UFP Industries, Inc. | 54 | 6,780 |
Security Description | Shares | Value | |
UGI Corp. | 1,029 | $25,313 | |
UMB Financial Corp. | 184 | 15,373 | |
Under Armour, Inc., Class A(a) | 1,863 | 16,376 | |
Under Armour, Inc., Class C(a) | 1,976 | 16,500 | |
United Bankshares, Inc. | 199 | 7,472 | |
United Therapeutics Corp.(a) | 299 | 65,747 | |
Universal Display Corp. | 91 | 17,405 | |
Unum Group | 842 | 38,075 | |
Vail Resorts, Inc. | 45 | 9,606 | |
Valaris Ltd.(a) | 289 | 19,817 | |
Valley National Bancorp | 702 | 7,624 | |
Valmont Industries, Inc. | 43 | 10,041 | |
Valvoline, Inc.(a) | 300 | 11,274 | |
Vishay Intertechnology, Inc. | 681 | 16,324 | |
Visteon Corp.(a) | 193 | 24,106 | |
Vistra Corp. | 570 | 21,956 | |
Vontier Corp. | 920 | 31,786 | |
Vornado Realty Trust, REIT | 301 | 8,503 | |
Voya Financial, Inc. | 432 | 31,519 | |
Watsco, Inc. | 24 | 10,283 | |
Watts Water Technologies, Inc., Class A | 54 | 11,250 | |
Weatherford International PLC(a) | 220 | 21,523 | |
Webster Financial Corp. | 659 | 33,451 | |
Wendy's Co. | 3,294 | 64,167 | |
Werner Enterprises, Inc. | 391 | 16,567 | |
WESCO International, Inc. | 50 | 8,694 | |
Western Union Co. | 2,637 | 31,433 | |
Westlake Corp. | 82 | 11,477 | |
WEX, Inc.(a) | 176 | 34,241 | |
Williams-Sonoma, Inc. | 123 | 24,819 | |
Wingstop, Inc. | 256 | 65,684 | |
Wintrust Financial Corp. | 153 | 14,191 | |
Wolfspeed, Inc.(a) | 396 | 17,230 | |
Woodward, Inc. | 65 | 8,848 | |
WP Carey, Inc., REIT | 135 | 8,749 | |
Wyndham Hotels & Resorts, Inc. | 133 | 10,695 | |
XPO, Inc.(a) | 193 | 16,905 | |
YETI Holdings, Inc.(a) | 373 | 19,314 | |
Ziff Davis, Inc.(a) | 1,329 | 89,296 | |
ZoomInfo Technologies, Inc.(a) | 2,685 | 49,646 | |
TOTAL INVESTMENTS—99.8% (Cost $9,802,204) | 11,218,519 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 20,677 | ||
NET ASSETS—100.0% | $11,239,196 |
(a) | Non-income producing security. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Providers and Facilities | 4.5% |
Software for Specific Uses | 4.3 |
Production Equipment | 4.0 |
Marketed Pharmaceuticals | 3.2 |
Transaction Services | 2.5 |
Analog and Mixed Signal Integrated Circuits | 2.4 |
Real Estate Banking | 2.4 |
Real Estate Operators and Developers | 2.4 |
Investment Services | 2.4 |
Real Estate Rental | 2.4 |
Telecommunication Networks | 2.4 |
Restaurants | 2.3 |
Commercial IT Hardware | 2.3 |
Consumer Insurance | 2.3 |
Content Providers | 2.3 |
Commercial Insurance | 2.3 |
Management and IT Services | 2.2 |
Chemicals | 2.0 |
Processed Foods | 2.0 |
Semiconductor Services and Equipment | 1.9 |
Transportation and Consumer Auto Services | 1.8 |
Auto Products | 1.8 |
Electric and Electronic Components | 1.8 |
Personal Care Products | 1.8 |
Distribution Services | 1.8 |
Specialty Industrial Services | 1.8 |
Household Care Products | 1.8 |
Upstream Energy | 1.8 |
Gas and Water Utilities | 1.7 |
Consumer Equipment Retail | 1.7 |
Medical Research Services and Equipment | 1.7 |
Mechanical and Structural Components | 1.6 |
Non-Real Estate Banking | 1.6 |
Internet Services | 1.6 |
Consumer Equipment Manufacture | 1.5 |
Hospital Equipment | 1.5 |
Digital Integrated Circuits | 1.4 |
Accessories and Footwear | 1.4 |
Metals | 1.3 |
Medical Devices | 1.2 |
Other Raw Materials | 1.2 |
Branded Apparel | 1.2 |
Food Distributors | 1.1 |
Apparel and Accessory Retailers | 0.9 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Regulated Electric Utilities | 0.9% |
Downstream Energy | 0.9 |
Primary Foods | 0.9 |
Competitive Electric Utilities | 0.9 |
Internet Search and Social Networks | 0.9 |
Midstream Energy | 0.8 |
Clinical Stage Pharmaceuticals | 0.8 |
Securities Brokers and Dealers | 0.8 |
Consumer Electronics | 0.7 |
Other Pharmaceuticals | 0.7 |
Consumer Services | 0.4 |
Vitamins and Nutritional Supplements | 0.4 |
Software for Specific Industries | 0.4 |
Alcohol and Tobacco | 0.3 |
Healthcare Insurance | 0.2 |
Industrial Conglomerates | 0.2 |
Healthcare Products Distribution | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3D Systems Corp.(a) | 3,989 | $25,330 |
A10 Networks, Inc. | 7,725 | 101,738 |
AAON, Inc. | 249 | 18,394 |
AAR Corp.(a) | 266 | 16,598 |
Abercrombie & Fitch Co., Class A(a) | 209 | 18,438 |
ABM Industries, Inc. | 451 | 20,218 |
Academy Sports & Outdoors, Inc. | 702 | 46,332 |
Acadia Realty Trust, REIT | 554 | 9,412 |
ACI Worldwide, Inc.(a) | 705 | 21,573 |
AdaptHealth Corp.(a) | 5,947 | 43,354 |
Addus HomeCare Corp.(a) | 214 | 19,870 |
Adeia, Inc. | 3,317 | 41,098 |
Adtalem Global Education, Inc.(a) | 409 | 24,111 |
ADTRAN Holdings, Inc. | 16,113 | 118,269 |
Advance Auto Parts, Inc. | 348 | 21,238 |
Advanced Energy Industries, Inc. | 256 | 27,884 |
AdvanSix, Inc. | 804 | 24,088 |
AeroVironment, Inc.(a) | 315 | 39,703 |
Agiliti, Inc.(a) | 6,633 | 52,533 |
Agilysys, Inc.(a) | 234 | 19,848 |
Alamo Group, Inc. | 90 | 18,917 |
Alarm.com Holdings, Inc.(a) | 1,730 | 111,793 |
Alaska Air Group, Inc.(a) | 1,105 | 43,172 |
Albany International Corp., Class A | 314 | 30,841 |
Alexander & Baldwin, Inc. | 503 | 9,567 |
Alkermes PLC(a) | 1,450 | 40,223 |
Allegiant Travel Co. | 525 | 43,370 |
Alpha & Omega Semiconductor Ltd.(a) | 2,888 | 75,261 |
Alpha Metallurgical Resources, Inc. | 45 | 15,251 |
Ambac Financial Group, Inc.(a) | 1,200 | 19,776 |
AMC Networks, Inc., Class A(a) | 2,749 | 51,654 |
American Assets Trust, Inc., REIT | 510 | 11,480 |
American Axle & Manufacturing Holdings, Inc.(a) | 4,350 | 38,323 |
American Eagle Outfitters, Inc. | 812 | 17,182 |
American Equity Investment Life Holding Co.(a) | 888 | 49,550 |
American States Water Co. | 658 | 52,916 |
American Woodmark Corp.(a) | 140 | 12,999 |
America's Car-Mart, Inc.(a) | 323 | 24,474 |
Ameris Bancorp | 58 | 3,077 |
AMERISAFE, Inc. | 822 | 38,453 |
AMN Healthcare Services, Inc.(a) | 134 | 10,034 |
Amphastar Pharmaceuticals, Inc.(a) | 926 | 57,273 |
Andersons, Inc. | 531 | 30,554 |
ANI Pharmaceuticals, Inc.(a) | 1,072 | 59,110 |
Anywhere Real Estate, Inc.(a) | 5,168 | 41,912 |
Apogee Enterprises, Inc. | 253 | 13,513 |
Apollo Commercial Real Estate Finance, Inc., REIT | 247 | 2,900 |
Apollo Medical Holdings, Inc.(a) | 1,966 | 75,298 |
Apple Hospitality REIT, Inc. | 1,295 | 21,510 |
Security Description | Shares | Value |
Applied Industrial Technologies, Inc. | 114 | $19,687 |
Arbor Realty Trust, Inc. | 198 | 3,006 |
ArcBest Corp. | 138 | 16,589 |
Archrock, Inc. | 964 | 14,846 |
Arcosa, Inc. | 211 | 17,437 |
Arcus Biosciences, Inc.(a) | 1,665 | 31,801 |
Arlo Technologies, Inc.(a) | 2,098 | 19,973 |
Armada Hoffler Properties, Inc., REIT | 916 | 11,331 |
ARMOUR Residential REIT, Inc. | 575 | 11,109 |
Armstrong World Industries, Inc. | 135 | 13,273 |
Artisan Partners Asset Management, Inc., Class A | 2,005 | 88,581 |
Artivion, Inc.(a) | 1,213 | 21,688 |
Asbury Automotive Group, Inc.(a) | 90 | 20,247 |
Assured Guaranty Ltd. | 694 | 51,932 |
Astec Industries, Inc. | 530 | 19,716 |
ATI, Inc.(a) | 355 | 16,142 |
Atlantic Union Bankshares Corp. | 79 | 2,887 |
ATN International, Inc. | 1,531 | 59,663 |
Avanos Medical, Inc.(a) | 1,032 | 23,148 |
Avista Corp. | 1,528 | 54,611 |
Axcelis Technologies, Inc.(a) | 102 | 13,228 |
Axos Financial, Inc.(a) | 293 | 15,998 |
AZZ, Inc. | 273 | 15,859 |
B Riley Financial, Inc. | 519 | 10,894 |
B&G Foods, Inc. | 1,751 | 18,385 |
Badger Meter, Inc. | 132 | 20,377 |
Balchem Corp. | 60 | 8,925 |
Banc of California, Inc. | 216 | 2,901 |
BancFirst Corp. | 29 | 2,823 |
Bancorp, Inc.(a) | 559 | 21,555 |
Bank of Hawaii Corp. | 224 | 16,231 |
BankUnited, Inc. | 91 | 2,951 |
Banner Corp. | 55 | 2,946 |
Barnes Group, Inc. | 286 | 9,332 |
Benchmark Electronics, Inc. | 1,705 | 47,126 |
Berkshire Hills Bancorp, Inc. | 116 | 2,880 |
BioLife Solutions, Inc.(a) | 2,119 | 34,434 |
BJ's Restaurants, Inc.(a) | 645 | 23,226 |
Blackstone Mortgage Trust, Inc., Class A | 130 | 2,765 |
Bloomin' Brands, Inc. | 861 | 24,237 |
Boise Cascade Co. | 164 | 21,215 |
Boot Barn Holdings, Inc.(a) | 331 | 25,408 |
Brady Corp., Class A | 348 | 20,424 |
Brandywine Realty Trust, REIT | 2,928 | 15,811 |
Bread Financial Holdings, Inc. | 713 | 23,486 |
Brightsphere Investment Group, Inc. | 4,236 | 81,162 |
Brinker International, Inc.(a) | 529 | 22,842 |
Bristow Group, Inc.(a) | 547 | 15,464 |
Brookline Bancorp, Inc. | 267 | 2,913 |
Buckle, Inc. | 1,171 | 55,646 |
Calavo Growers, Inc. | 1,033 | 30,381 |
Security Description | Shares | Value |
Caleres, Inc. | 869 | $26,704 |
California Resources Corp. | 561 | 30,675 |
California Water Service Group | 1,027 | 53,270 |
Callon Petroleum Co.(a) | 939 | 30,424 |
Cal-Maine Foods, Inc. | 543 | 31,163 |
Capitol Federal Financial, Inc. | 2,522 | 16,267 |
CareTrust REIT, Inc. | 4,361 | 97,599 |
Cargurus, Inc.(a) | 2,281 | 55,109 |
Carpenter Technology Corp. | 215 | 15,222 |
Cars.com, Inc.(a) | 2,589 | 49,113 |
Catalyst Pharmaceuticals, Inc.(a) | 2,320 | 38,999 |
Cathay General Bancorp | 70 | 3,120 |
Cavco Industries, Inc.(a) | 72 | 24,957 |
Centerspace, REIT | 201 | 11,698 |
Central Garden & Pet Co.(a) | 198 | 9,922 |
Central Garden & Pet Co., Class A(a) | 222 | 9,777 |
Central Pacific Financial Corp. | 762 | 14,996 |
Century Aluminum Co.(a) | 1,781 | 21,621 |
Century Communities, Inc. | 279 | 25,428 |
Cerence, Inc.(a) | 5,738 | 112,809 |
Certara, Inc.(a) | 2,396 | 42,146 |
CEVA, Inc.(a) | 3,034 | 68,902 |
Chatham Lodging Trust, REIT | 1,208 | 12,950 |
Cheesecake Factory, Inc. | 636 | 22,266 |
Chefs' Warehouse, Inc.(a) | 2,108 | 62,038 |
Chesapeake Utilities Corp. | 534 | 56,406 |
Chico's FAS, Inc.(a) | 2,171 | 16,456 |
Chuy's Holdings, Inc.(a) | 586 | 22,403 |
Cinemark Holdings, Inc.(a) | 3,346 | 47,145 |
City Holding Co. | 145 | 15,988 |
Clearwater Paper Corp.(a) | 915 | 33,050 |
Clearway Energy, Inc., Class A | 1,140 | 29,161 |
Clearway Energy, Inc., Class C | 1,080 | 29,624 |
Cogent Communications Holdings, Inc. | 711 | 54,079 |
Cohu, Inc.(a) | 888 | 31,426 |
Collegium Pharmaceutical, Inc.(a) | 1,372 | 42,230 |
Community Bank System, Inc. | 507 | 26,420 |
Community Healthcare Trust, Inc., REIT | 3,487 | 92,894 |
Compass Minerals International, Inc. | 572 | 14,483 |
Comstock Resources, Inc. | 3,166 | 28,019 |
CONMED Corp. | 201 | 22,012 |
Consensus Cloud Solutions, Inc.(a) | 3,855 | 101,040 |
CONSOL Energy, Inc. | 137 | 13,773 |
Consolidated Communications Holdings, Inc.(a) | 11,263 | 48,994 |
Corcept Therapeutics, Inc.(a) | 1,412 | 45,862 |
Core Laboratories, Inc. | 786 | 13,881 |
CoreCivic, Inc.(a) | 1,188 | 17,262 |
Corsair Gaming, Inc.(a) | 2,390 | 33,699 |
CorVel Corp.(a) | 87 | 21,507 |
Cracker Barrel Old Country Store, Inc. | 290 | 22,353 |
Cross Country Healthcare, Inc.(a) | 460 | 10,414 |
Security Description | Shares | Value |
CSG Systems International, Inc. | 629 | $33,469 |
CTS Corp. | 804 | 35,167 |
Cushman & Wakefield PLC(a) | 3,691 | 39,863 |
Customers Bancorp, Inc.(a) | 491 | 28,291 |
CVB Financial Corp. | 140 | 2,827 |
CVR Energy, Inc. | 1,636 | 49,571 |
Cytek Biosciences, Inc.(a) | 3,671 | 33,480 |
Cytokinetics, Inc.(a) | 771 | 64,371 |
Dana, Inc. | 2,403 | 35,108 |
Dave & Buster's Entertainment, Inc.(a) | 348 | 18,740 |
Deluxe Corp. | 2,672 | 57,314 |
Designer Brands, Inc., Class A | 2,956 | 26,161 |
DiamondRock Hospitality Co., REIT | 1,429 | 13,418 |
Digi International, Inc.(a) | 2,707 | 70,382 |
Digital Turbine, Inc.(a) | 3,194 | 21,911 |
Dime Community Bancshares, Inc. | 114 | 3,070 |
Dine Brands Global, Inc. | 430 | 21,349 |
Diodes, Inc.(a) | 909 | 73,193 |
DISH Network Corp., Class A(a) | 10,771 | 62,149 |
Donnelley Financial Solutions, Inc.(a) | 1,305 | 81,393 |
Dorian LPG Ltd. | 1,253 | 54,969 |
Dorman Products, Inc.(a) | 439 | 36,617 |
DoubleVerify Holdings, Inc.(a) | 588 | 21,627 |
Douglas Emmett, Inc. | 1,019 | 14,775 |
Dril-Quip, Inc.(a) | 654 | 15,219 |
DXC Technology Co.(a) | 2,760 | 63,121 |
DXP Enterprises, Inc.(a) | 573 | 19,310 |
Dycom Industries, Inc.(a) | 225 | 25,895 |
Dynavax Technologies Corp.(a) | 2,463 | 34,433 |
Eagle Bancorp, Inc. | 102 | 3,074 |
Easterly Government Properties, Inc., REIT | 1,152 | 15,483 |
Edgewell Personal Care Co. | 942 | 34,505 |
elf Beauty, Inc.(a) | 260 | 37,528 |
Ellington Financial, Inc., REIT | 850 | 10,803 |
Elme Communities, REIT | 802 | 11,709 |
Embecta Corp. | 7,334 | 138,833 |
Employers Holdings, Inc. | 1,003 | 39,518 |
Encore Capital Group, Inc.(a) | 475 | 24,106 |
Encore Wire Corp. | 255 | 54,468 |
Energizer Holdings, Inc. | 1,061 | 33,612 |
Enerpac Tool Group Corp. | 578 | 17,970 |
Enhabit, Inc.(a) | 1,778 | 18,402 |
Enova International, Inc.(a) | 462 | 25,576 |
Enpro, Inc. | 63 | 9,875 |
Ensign Group, Inc. | 184 | 20,647 |
Envestnet, Inc.(a) | 465 | 23,027 |
Enviri Corp.(a) | 2,003 | 18,027 |
ePlus, Inc.(a) | 950 | 75,848 |
ESCO Technologies, Inc. | 185 | 21,651 |
Essential Properties Realty Trust, Inc., REIT | 451 | 11,528 |
Ethan Allen Interiors, Inc. | 560 | 17,875 |
EVERTEC, Inc. | 839 | 34,349 |
Security Description | Shares | Value |
EW Scripps Co., Class A(a) | 6,318 | $50,481 |
eXp World Holdings, Inc. | 2,232 | 34,641 |
Extreme Networks, Inc.(a) | 3,859 | 68,073 |
EZCORP, Inc., Class A(a) | 2,518 | 22,007 |
Fabrinet(a) | 262 | 49,866 |
FB Financial Corp. | 75 | 2,989 |
Federal Signal Corp. | 233 | 17,880 |
First Bancorp | 1,531 | 25,185 |
First Bancorp | 79 | 2,924 |
First Commonwealth Financial Corp. | 186 | 2,872 |
First Financial Bancorp | 120 | 2,850 |
First Hawaiian, Inc. | 130 | 2,972 |
Foot Locker, Inc. | 1,747 | 54,419 |
FormFactor, Inc.(a) | 782 | 32,617 |
Forrester Research, Inc.(a) | 1,297 | 34,773 |
Fortrea Holdings, Inc.(a) | 915 | 31,933 |
Forward Air Corp. | 292 | 18,358 |
Four Corners Property Trust, Inc., REIT | 362 | 9,159 |
Franklin BSP Realty Trust, Inc. | 808 | 10,916 |
Franklin Electric Co., Inc. | 533 | 51,514 |
Fresh Del Monte Produce, Inc. | 1,179 | 30,949 |
Frontdoor, Inc.(a) | 564 | 19,864 |
Fulgent Genetics, Inc.(a) | 1,039 | 30,037 |
Fulton Financial Corp. | 176 | 2,897 |
Gentherm, Inc.(a) | 719 | 37,647 |
Genworth Financial, Inc., Class A(a) | 7,875 | 52,605 |
GEO Group, Inc., REIT(a) | 1,593 | 17,252 |
Getty Realty Corp., REIT | 301 | 8,795 |
Gibraltar Industries, Inc.(a) | 177 | 13,979 |
G-III Apparel Group Ltd.(a) | 1,032 | 35,067 |
Glaukos Corp.(a) | 344 | 27,345 |
Global Net Lease, Inc., REIT | 1,601 | 15,930 |
GMS, Inc.(a) | 255 | 21,020 |
Gogo, Inc.(a) | 4,765 | 48,269 |
Golden Entertainment, Inc. | 418 | 16,691 |
Goosehead Insurance, Inc., Class A(a) | 463 | 35,095 |
Granite Construction, Inc. | 509 | 25,888 |
Green Brick Partners, Inc.(a) | 427 | 22,178 |
Green Dot Corp., Class A(a) | 3,571 | 35,353 |
Green Plains, Inc.(a) | 1,209 | 30,491 |
Greenbrier Cos., Inc. | 427 | 18,865 |
Griffon Corp. | 1,149 | 70,032 |
Group 1 Automotive, Inc. | 70 | 21,332 |
Guess?, Inc. | 743 | 17,134 |
Hain Celestial Group, Inc.(a) | 1,780 | 19,491 |
Hanesbrands, Inc.(a) | 8,499 | 37,906 |
Hanmi Financial Corp. | 146 | 2,832 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 770 | 21,237 |
Harmonic, Inc.(a) | 9,369 | 122,172 |
Harmony Biosciences Holdings, Inc.(a) | 1,060 | 34,238 |
Haverty Furniture Cos., Inc. | 3,017 | 107,103 |
Security Description | Shares | Value |
Hawkins, Inc. | 349 | $24,577 |
Haynes International, Inc. | 288 | 16,430 |
Hayward Holdings, Inc.(a) | 965 | 13,124 |
HB Fuller Co. | 83 | 6,757 |
HCI Group, Inc. | 556 | 48,594 |
Healthcare Services Group, Inc.(a) | 2,007 | 20,813 |
HealthStream, Inc. | 1,514 | 40,923 |
Heartland Express, Inc. | 1,071 | 15,272 |
Heidrick & Struggles International, Inc. | 335 | 9,893 |
Helix Energy Solutions Group, Inc.(a) | 1,484 | 15,256 |
Helmerich & Payne, Inc. | 391 | 14,162 |
Heritage Financial Corp. | 137 | 2,930 |
Hibbett, Inc. | 602 | 43,356 |
Highwoods Properties, Inc. | 405 | 9,299 |
Hillenbrand, Inc. | 579 | 27,705 |
Hilltop Holdings, Inc. | 85 | 2,993 |
HNI Corp. | 408 | 17,067 |
Hope Bancorp, Inc. | 250 | 3,020 |
Horace Mann Educators Corp. | 1,481 | 48,429 |
Hub Group, Inc., Class A(a) | 231 | 21,238 |
Hudson Pacific Properties, Inc. | 1,917 | 17,847 |
Ichor Holdings Ltd.(a) | 457 | 15,369 |
ICU Medical, Inc.(a) | 255 | 25,434 |
Independent Bank Corp. | 44 | 2,896 |
Independent Bank Group, Inc. | 68 | 3,460 |
Ingevity Corp.(a) | 195 | 9,208 |
Innospec, Inc. | 58 | 7,148 |
Innovative Industrial Properties, Inc., REIT | 123 | 12,401 |
Innoviva, Inc.(a) | 2,482 | 39,811 |
Insight Enterprises, Inc.(a) | 109 | 19,314 |
Installed Building Products, Inc. | 74 | 13,529 |
Insteel Industries, Inc. | 359 | 13,746 |
Integer Holdings Corp.(a) | 244 | 24,176 |
Inter Parfums, Inc. | 247 | 35,570 |
InterDigital, Inc. | 309 | 33,539 |
Interface, Inc. | 1,114 | 14,059 |
iRobot Corp.(a) | 411 | 15,906 |
Ironwood Pharmaceuticals, Inc.(a) | 3,581 | 40,967 |
Itron, Inc.(a) | 279 | 21,067 |
J & J Snack Foods Corp. | 106 | 17,717 |
Jack in the Box, Inc. | 619 | 50,529 |
Jackson Financial, Inc., Class A | 815 | 41,728 |
JBG SMITH Properties | 945 | 16,074 |
JetBlue Airways Corp.(a) | 7,280 | 40,404 |
John B Sanfilippo & Son, Inc. | 182 | 18,753 |
John Bean Technologies Corp. | 223 | 22,177 |
John Wiley & Sons, Inc., Class A | 1,076 | 34,152 |
Kaiser Aluminum Corp. | 468 | 33,317 |
Kaman Corp. | 724 | 17,340 |
Kelly Services, Inc., Class A | 436 | 9,426 |
Kennametal, Inc. | 961 | 24,784 |
Kennedy-Wilson Holdings, Inc. | 924 | 11,439 |
Security Description | Shares | Value |
KKR Real Estate Finance Trust, Inc., REIT | 216 | $2,858 |
Knowles Corp.(a) | 3,070 | 54,984 |
Kohl's Corp. | 1,329 | 38,116 |
Kontoor Brands, Inc. | 607 | 37,889 |
Koppers Holdings, Inc. | 497 | 25,456 |
Korn Ferry | 171 | 10,149 |
Kulicke & Soffa Industries, Inc. | 241 | 13,188 |
Lakeland Financial Corp. | 406 | 26,455 |
La-Z-Boy, Inc. | 459 | 16,946 |
LCI Industries | 422 | 53,050 |
LeMaitre Vascular, Inc. | 400 | 22,704 |
Leslie's, Inc.(a) | 18,066 | 124,836 |
LGI Homes, Inc.(a) | 180 | 23,969 |
Liberty Energy, Inc. | 1,575 | 28,570 |
Ligand Pharmaceuticals, Inc.(a) | 851 | 60,778 |
Lincoln National Corp. | 810 | 21,846 |
Lindsay Corp. | 139 | 17,953 |
Liquidity Services, Inc.(a) | 2,877 | 49,513 |
LiveRamp Holdings, Inc.(a) | 576 | 21,819 |
LTC Properties, Inc., REIT | 594 | 19,079 |
Lumen Technologies, Inc.(a) | 33,038 | 60,460 |
LXP Industrial Trust, REIT | 1,190 | 11,805 |
M/I Homes, Inc.(a) | 191 | 26,308 |
Macerich Co. | 655 | 10,107 |
Madison Square Garden Sports Corp.(a) | 70 | 12,728 |
Marcus & Millichap, Inc. | 885 | 38,657 |
Marcus Corp. | 3,497 | 50,986 |
MarineMax, Inc.(a) | 588 | 22,873 |
Marten Transport Ltd. | 769 | 16,134 |
Masterbrand, Inc.(a) | 852 | 12,652 |
Materion Corp. | 123 | 16,006 |
Mativ Holdings, Inc. | 2,276 | 34,846 |
Matson, Inc. | 149 | 16,330 |
Matthews International Corp., Class A | 478 | 17,519 |
MaxLinear, Inc.(a) | 3,383 | 80,414 |
MDC Holdings, Inc. | 445 | 24,586 |
Medifast, Inc. | 792 | 53,238 |
Mercer International, Inc. | 3,283 | 31,123 |
Mercury General Corp. | 1,265 | 47,197 |
Mercury Systems, Inc.(a) | 510 | 18,651 |
Merit Medical Systems, Inc.(a) | 314 | 23,851 |
Meritage Homes Corp. | 139 | 24,214 |
Mesa Laboratories, Inc. | 271 | 28,393 |
Methode Electronics, Inc. | 1,524 | 34,641 |
MGP Ingredients, Inc. | 747 | 73,594 |
Middlesex Water Co. | 796 | 52,234 |
MillerKnoll, Inc. | 588 | 15,688 |
Minerals Technologies, Inc. | 129 | 9,199 |
Mister Car Wash, Inc.(a) | 2,523 | 21,799 |
ModivCare, Inc.(a) | 360 | 15,836 |
Moelis & Co., Class A | 246 | 13,808 |
Monarch Casino & Resort, Inc. | 254 | 17,564 |
Security Description | Shares | Value |
Monro, Inc. | 648 | $19,012 |
Moog, Inc., Class A | 118 | 17,084 |
Movado Group, Inc. | 1,173 | 35,366 |
Mr Cooper Group, Inc.(a) | 515 | 33,537 |
Mueller Industries, Inc. | 1,155 | 54,458 |
Myers Industries, Inc. | 456 | 8,915 |
MYR Group, Inc.(a) | 183 | 26,467 |
Myriad Genetics, Inc.(a) | 760 | 14,546 |
N-able, Inc.(a) | 1,613 | 21,372 |
Nabors Industries Ltd.(a) | 179 | 14,612 |
National Bank Holdings Corp., Class A | 682 | 25,364 |
National Beverage Corp.(a) | 386 | 19,192 |
National HealthCare Corp. | 220 | 20,332 |
National Presto Industries, Inc. | 501 | 40,220 |
National Vision Holdings, Inc.(a) | 1,748 | 36,586 |
Navient Corp. | 1,183 | 22,027 |
NBT Bancorp, Inc. | 70 | 2,934 |
NCR Atleos Corp.(a) | 1,502 | 36,484 |
NCR Voyix Corp.(a) | 450 | 7,609 |
NeoGenomics, Inc.(a) | 769 | 12,442 |
NetScout Systems, Inc.(a) | 3,062 | 67,211 |
New York Mortgage Trust, Inc. | 1,223 | 10,432 |
Newell Brands, Inc. | 1,950 | 16,926 |
NexPoint Residential Trust, Inc., REIT | 338 | 11,637 |
NMI Holdings, Inc., Class A(a) | 699 | 20,746 |
Northern Oil & Gas, Inc. | 767 | 28,433 |
Northfield Bancorp, Inc. | 245 | 3,082 |
Northwest Bancshares, Inc. | 1,230 | 15,350 |
Northwest Natural Holding Co. | 1,391 | 54,166 |
NOW, Inc.(a) | 1,296 | 14,671 |
Nu Skin Enterprises, Inc., Class A | 1,849 | 35,908 |
NV5 Global, Inc.(a) | 237 | 26,335 |
Oceaneering International, Inc.(a) | 725 | 15,428 |
ODP Corp.(a) | 838 | 47,179 |
OFG Bancorp | 684 | 25,636 |
O-I Glass, Inc.(a) | 1,829 | 29,959 |
Oil States International, Inc.(a) | 2,074 | 14,082 |
Olympic Steel, Inc. | 249 | 16,608 |
OmniAb, Inc.(a),(b) | 198 | — |
OmniAb, Inc.(a),(b) | 198 | — |
Omnicell, Inc.(a) | 625 | 23,519 |
OPENLANE, Inc.(a) | 1,372 | 20,319 |
OraSure Technologies, Inc.(a) | 3,960 | 32,472 |
Organon & Co. | 3,402 | 49,057 |
OSI Systems, Inc.(a) | 163 | 21,035 |
Otter Tail Corp. | 708 | 60,159 |
Outfront Media, Inc. | 688 | 9,604 |
Owens & Minor, Inc.(a) | 2,248 | 43,319 |
Oxford Industries, Inc. | 176 | 17,600 |
Pacific Premier Bancorp, Inc. | 102 | 2,969 |
Pacira BioSciences, Inc.(a) | 1,335 | 45,043 |
Palomar Holdings, Inc.(a) | 806 | 44,733 |
Security Description | Shares | Value |
Papa John's International, Inc. | 700 | $53,361 |
Par Pacific Holdings, Inc.(a) | 1,467 | 53,355 |
Park National Corp. | 21 | 2,790 |
Pathward Financial, Inc. | 469 | 24,824 |
Patrick Industries, Inc. | 372 | 37,330 |
Patterson-UTI Energy, Inc. | 1,295 | 13,986 |
Payoneer Global, Inc.(a) | 6,398 | 33,334 |
PC Connection, Inc. | 284 | 19,088 |
PDF Solutions, Inc.(a) | 410 | 13,177 |
Pebblebrook Hotel Trust | 916 | 14,638 |
Pediatrix Medical Group, Inc.(a) | 7,093 | 65,965 |
PennyMac Mortgage Investment Trust, REIT | 762 | 11,392 |
Perdoceo Education Corp. | 1,336 | 23,460 |
Perficient, Inc.(a) | 1,017 | 66,939 |
PGT Innovations, Inc.(a) | 371 | 15,100 |
Phibro Animal Health Corp., Class A | 4,741 | 54,901 |
Phillips Edison & Co., Inc., REIT | 248 | 9,047 |
Phinia, Inc. | 739 | 22,384 |
Photronics, Inc.(a) | 597 | 18,728 |
Piper Sandler Cos. | 82 | 14,339 |
Pitney Bowes, Inc. | 4,406 | 19,386 |
PJT Partners, Inc., Class A | 135 | 13,752 |
Plexus Corp.(a) | 969 | 104,778 |
Powell Industries, Inc. | 288 | 25,459 |
PRA Group, Inc.(a) | 1,057 | 27,693 |
Preferred Bank | 42 | 3,068 |
Premier, Inc., Class A | 2,345 | 52,434 |
Prestige Consumer Healthcare, Inc.(a) | 882 | 53,996 |
PriceSmart, Inc. | 843 | 63,883 |
Privia Health Group, Inc.(a) | 663 | 15,269 |
ProAssurance Corp. | 3,049 | 42,046 |
PROG Holdings, Inc.(a) | 738 | 22,812 |
Progress Software Corp. | 370 | 20,091 |
ProPetro Holding Corp.(a) | 1,679 | 14,070 |
Proto Labs, Inc.(a) | 1,312 | 51,116 |
Provident Financial Services, Inc. | 163 | 2,939 |
Quaker Chemical Corp. | 35 | 7,470 |
Quanex Building Products Corp. | 378 | 11,555 |
QuinStreet, Inc.(a) | 1,264 | 16,204 |
Radian Group, Inc. | 760 | 21,698 |
RadNet, Inc.(a) | 386 | 13,421 |
Ready Capital Corp., REIT | 258 | 2,644 |
Redwood Trust, Inc., REIT | 2,022 | 14,983 |
REGENXBIO, Inc.(a) | 1,343 | 24,107 |
Renasant Corp. | 86 | 2,896 |
Resideo Technologies, Inc.(a) | 704 | 13,249 |
Resources Connection, Inc. | 917 | 12,994 |
Retail Opportunity Investments Corp., REIT | 651 | 9,134 |
REX American Resources Corp.(a) | 663 | 31,360 |
Rogers Corp.(a) | 51 | 6,736 |
RPC, Inc. | 2,000 | 14,560 |
Rush Enterprises, Inc., Class A | 190 | 9,557 |
Security Description | Shares | Value |
RXO, Inc.(a) | 710 | $16,515 |
S&T Bancorp, Inc. | 90 | 3,008 |
Sabre Corp.(a) | 12,685 | 55,814 |
Safehold, Inc. | 501 | 11,723 |
Safety Insurance Group, Inc. | 624 | 47,418 |
Sally Beauty Holdings, Inc.(a) | 3,565 | 47,343 |
Sanmina Corp.(a) | 1,979 | 101,661 |
Saul Centers, Inc., REIT | 225 | 8,836 |
ScanSource, Inc.(a) | 505 | 20,003 |
Scholastic Corp. | 827 | 31,178 |
Schrodinger, Inc.(a) | 1,232 | 44,106 |
Seacoast Banking Corp. of Florida | 105 | 2,988 |
Sealed Air Corp. | 830 | 30,312 |
Select Medical Holdings Corp. | 2,796 | 65,706 |
Semtech Corp.(a) | 3,274 | 71,733 |
Sensient Technologies Corp. | 355 | 23,430 |
Service Properties Trust, REIT | 1,600 | 13,664 |
ServisFirst Bancshares, Inc. | 50 | 3,331 |
Shake Shack, Inc., Class A(a) | 808 | 59,889 |
Shenandoah Telecommunications Co. | 2,366 | 51,153 |
Shoe Carnival, Inc. | 913 | 27,582 |
Shutterstock, Inc. | 1,095 | 52,867 |
Signet Jewelers Ltd. | 337 | 36,147 |
Simmons First National Corp., Class A | 156 | 3,095 |
Simply Good Foods Co.(a) | 451 | 17,860 |
Simulations Plus, Inc. | 1,000 | 44,750 |
SiriusPoint Ltd.(a) | 4,566 | 52,966 |
SITE Centers Corp., REIT | 647 | 8,819 |
SiTime Corp.(a) | 572 | 69,830 |
Six Flags Entertainment Corp.(a) | 644 | 16,152 |
SJW Group | 796 | 52,019 |
SkyWest, Inc.(a) | 803 | 41,917 |
SL Green Realty Corp. | 341 | 15,403 |
SM Energy Co. | 791 | 30,628 |
SMART Global Holdings, Inc.(a) | 3,747 | 70,931 |
SolarEdge Technologies, Inc.(a) | 315 | 29,484 |
Sonic Automotive, Inc., Class A | 390 | 21,922 |
Sonos, Inc.(a) | 2,029 | 34,777 |
Southside Bancshares, Inc. | 90 | 2,819 |
SpartanNash Co. | 2,575 | 59,096 |
SPS Commerce, Inc.(a) | 109 | 21,129 |
SPX Technologies, Inc.(a) | 556 | 56,162 |
St. Joe Co. | 202 | 12,156 |
STAAR Surgical Co.(a) | 420 | 13,108 |
Standard Motor Products, Inc. | 896 | 35,670 |
Standex International Corp. | 425 | 67,311 |
Stellar Bancorp, Inc. | 106 | 2,951 |
Stepan Co. | 94 | 8,888 |
Steven Madden Ltd. | 837 | 35,154 |
Stewart Information Services Corp. | 611 | 35,896 |
StoneX Group, Inc.(a) | 513 | 37,875 |
Strategic Education, Inc. | 270 | 24,940 |
Security Description | Shares | Value |
Stride, Inc.(a) | 406 | $24,104 |
Sturm Ruger & Co., Inc. | 1,123 | 51,040 |
Summit Hotel Properties, Inc., REIT | 1,924 | 12,929 |
Sun Country Airlines Holdings, Inc.(a) | 2,304 | 36,242 |
SunCoke Energy, Inc. | 1,506 | 16,174 |
SunPower Corp.(a) | 11,282 | 54,492 |
Sunstone Hotel Investors, Inc. | 1,211 | 12,994 |
Supernus Pharmaceuticals, Inc.(a) | 1,218 | 35,249 |
Sylvamo Corp. | 541 | 26,569 |
Talos Energy, Inc.(a) | 2,093 | 29,783 |
Tandem Diabetes Care, Inc.(a) | 5,469 | 161,773 |
Tanger, Inc. | 330 | 9,148 |
TechTarget, Inc.(a) | 523 | 18,232 |
Telephone & Data Systems, Inc. | 2,646 | 48,554 |
Tennant Co. | 271 | 25,119 |
Thryv Holdings, Inc.(a) | 2,565 | 52,198 |
TimkenSteel Corp.(a) | 686 | 16,087 |
Titan International, Inc.(a) | 589 | 8,764 |
Tompkins Financial Corp. | 47 | 2,831 |
Tootsie Roll Industries, Inc. | 523 | 17,385 |
Topgolf Callaway Brands Corp.(a) | 3,830 | 54,922 |
TreeHouse Foods, Inc.(a) | 432 | 17,906 |
Tri Pointe Homes, Inc.(a) | 698 | 24,709 |
Trinity Industries, Inc. | 636 | 16,911 |
TripAdvisor, Inc.(a) | 2,750 | 59,207 |
Triumph Financial, Inc.(a) | 341 | 27,341 |
Triumph Group, Inc.(a) | 1,428 | 23,676 |
TrueBlue, Inc.(a) | 646 | 9,910 |
Trupanion, Inc.(a) | 1,696 | 51,745 |
TrustCo Bank Corp. | 489 | 15,183 |
Trustmark Corp. | 108 | 3,011 |
TTEC Holdings, Inc. | 464 | 10,055 |
TTM Technologies, Inc.(a) | 3,311 | 52,347 |
Two Harbors Investment Corp. | 790 | 11,005 |
U.S. Physical Therapy, Inc. | 158 | 14,716 |
U.S. Silica Holdings, Inc.(a) | 1,265 | 14,307 |
UFP Technologies, Inc.(a) | 124 | 21,333 |
Ultra Clean Holdings, Inc.(a) | 437 | 14,919 |
UniFirst Corp. | 112 | 20,486 |
United Community Banks, Inc. | 99 | 2,897 |
United Fire Group, Inc. | 1,857 | 37,363 |
United Natural Foods, Inc.(a) | 3,936 | 63,881 |
Uniti Group, Inc., REIT | 1,994 | 11,525 |
Unitil Corp. | 1,050 | 55,198 |
Universal Corp. | 1,090 | 73,379 |
Universal Health Realty Income Trust, REIT | 344 | 14,878 |
Upbound Group, Inc. | 1,242 | 42,191 |
Urban Edge Properties | 501 | 9,168 |
Urban Outfitters, Inc.(a) | 1,364 | 48,681 |
USANA Health Sciences, Inc.(a) | 361 | 19,350 |
Varex Imaging Corp.(a) | 1,428 | 29,274 |
Security Description | Shares | Value | |
Vector Group Ltd. | 5,990 | $67,567 | |
Veeco Instruments, Inc.(a) | 440 | 13,653 | |
Veradigm, Inc.(a) | 3,911 | 41,026 | |
Vericel Corp.(a) | 3,877 | 138,060 | |
Veris Residential, Inc., REIT | 975 | 15,337 | |
Veritex Holdings, Inc. | 127 | 2,955 | |
Verra Mobility Corp.(a) | 1,530 | 35,236 | |
Vestis Corp. | 1,035 | 21,880 | |
Viad Corp.(a) | 484 | 17,521 | |
Viasat, Inc.(a) | 1,627 | 45,475 | |
Viavi Solutions, Inc.(a) | 3,420 | 34,439 | |
Vicor Corp.(a) | 640 | 28,762 | |
Victoria's Secret & Co.(a) | 627 | 16,641 | |
Vir Biotechnology, Inc.(a) | 2,727 | 27,434 | |
Virtus Investment Partners, Inc. | 382 | 92,352 | |
Vista Outdoor, Inc.(a) | 1,822 | 53,877 | |
Vital Energy, Inc.(a) | 663 | 30,160 | |
Wabash National Corp. | 683 | 17,498 | |
WaFd, Inc. | 478 | 15,755 | |
Walker & Dunlop, Inc. | 353 | 39,187 | |
Warrior Met Coal, Inc. | 241 | 14,694 | |
WD-40 Co. | 92 | 21,994 | |
Westamerica BanCorp | 53 | 2,990 | |
Whitestone REIT | 760 | 9,340 | |
Winnebago Industries, Inc. | 699 | 50,943 | |
WisdomTree, Inc. | 12,152 | 84,213 | |
WK Kellogg Co. | 1,510 | 19,841 | |
Wolverine World Wide, Inc. | 3,672 | 32,644 | |
World Acceptance Corp.(a) | 178 | 23,234 | |
World Kinect Corp. | 2,355 | 53,647 | |
Worthington Enterprises, Inc. | 160 | 9,208 | |
Worthington Steel, Inc.(a) | 315 | 8,851 | |
WSFS Financial Corp. | 68 | 3,123 | |
Xencor, Inc.(a) | 1,298 | 27,557 | |
Xenia Hotels & Resorts, Inc., REIT | 976 | 13,293 | |
Xerox Holdings Corp. | 2,180 | 39,959 | |
XPEL, Inc.(a) | 667 | 35,918 | |
Xperi, Inc.(a) | 6,614 | 72,886 | |
Yelp, Inc.(a) | 1,123 | 53,163 | |
TOTAL INVESTMENTS—99.8% (Cost $15,390,236) | 17,847,358 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 44,474 | ||
NET ASSETS—100.0% | $17,891,832 |
(a) | Non-income producing security. |
(b) | Fair valued by Adviser. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Providers and Facilities | 3.4% |
Commercial IT Hardware | 2.7 |
Software for Specific Uses | 2.7 |
Consumer Equipment Retail | 2.6 |
Upstream Energy | 2.5 |
Consumer Insurance | 2.5 |
Auto Products | 2.5 |
Medical Devices | 2.5 |
Marketed Pharmaceuticals | 2.5 |
Non-Real Estate Banking | 2.5 |
Real Estate Operators and Developers | 2.5 |
Telecommunication Networks | 2.4 |
Investment Services | 2.4 |
Real Estate Banking | 2.4 |
Management and IT Services | 2.3 |
Real Estate Rental | 2.2 |
Transportation and Consumer Auto Services | 2.2 |
Transaction Services | 2.2 |
Content Providers | 2.2 |
Mechanical and Structural Components | 2.2 |
Apparel and Accessory Retailers | 2.1 |
Software for Specific Industries | 2.1 |
Consumer Equipment Manufacture | 2.1 |
Electric and Electronic Components | 1.9 |
Commercial Insurance | 1.8 |
Restaurants | 1.8 |
Gas and Water Utilities | 1.8 |
Specialty Industrial Services | 1.8 |
Production Equipment | 1.7 |
Distribution Services | 1.7 |
Food Distributors | 1.7 |
Digital Integrated Circuits | 1.6 |
Analog and Mixed Signal Integrated Circuits | 1.6 |
Other Pharmaceuticals | 1.6 |
Hospital Equipment | 1.5 |
Contract Electronics Services | 1.4 |
Semiconductor Services and Equipment | 1.4 |
Internet Search and Social Networks | 1.2 |
Other Raw Materials | 1.2 |
Alcohol and Tobacco | 1.2 |
Branded Apparel | 1.2 |
Metals | 1.2 |
Online Distribution Networks | 1.2 |
Chemicals | 1.2 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Products Distribution | 1.1% |
Processed Foods | 1.0 |
Primary Foods | 1.0 |
Consumer Electronics | 1.0 |
Clinical Stage Pharmaceuticals | 1.0 |
Regulated Electric Utilities | 1.0 |
Downstream Energy | 0.9 |
Transport Aerospace and Defense Equipment | 0.9 |
Personal Care Products | 0.8 |
Industrial Conglomerates | 0.8 |
Medical Research Services and Equipment | 0.7 |
Competitive Electric Utilities | 0.6 |
Accessories and Footwear | 0.6 |
Midstream Energy | 0.3 |
Securities Brokers and Dealers | 0.2 |
Household Care Products | 0.2 |
Consumer Paper Products | 0.2 |
Vitamins and Nutritional Supplements | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
Security Description | Shares | Value | |
EXCHANGE-TRADED FUNDS—99.9% | |||
Syntax Stratified LargeCap ETF(a) | 214,702 | $15,275,554 | |
Syntax Stratified MidCap ETF(a) | 44,388 | 1,813,862 | |
Syntax Stratified SmallCap ETF(a) | 20,404 | 912,475 | |
TOTAL INVESTMENTS—99.9% (Cost $16,782,639) | 18,001,891 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 14,871 | ||
NET ASSETS—100.0% | $18,016,762 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value December 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2023 | Shares as of December 31, 2023 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $10,227,667 | $8,058,605 | $(4,600,364) | $414,775 | $1,174,871 | $15,275,554 | 214,702 | $268,067 | $— |
Syntax Stratified MidCap ETF | 1,219,902 | 970,260 | (617,803) | 27,573 | 213,930 | 1,813,862 | 44,388 | 19,332 | — |
Syntax Stratified SmallCap ETF | 603,858 | 526,513 | (298,981) | (1,249) | 82,334 | 912,475 | 20,404 | 10,593 | — |
Total | $12,051,427 | $9,555,378 | $(5,517,148) | $441,099 | $1,471,135 | $18,001,891 | 279,494 | $297,992 | $— |
ETF=Exchange Traded Fund |
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% |
Security Description | Shares | Value | |
EXCHANGE-TRADED FUNDS—92.1% | |||
Syntax Stratified LargeCap ETF(a) | 389,434 | $27,707,333 | |
Syntax Stratified MidCap ETF(a) | 80,513 | 3,290,067 | |
Syntax Stratified SmallCap ETF(a) | 37,008 | 1,655,013 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $30,286,880) | $32,652,413 | ||
TOTAL PURCHASED OPTIONS—7.8% (Cost $2,781,058) | $2,752,755 | ||
TOTAL INVESTMENTS—99.9% (Cost $33,067,938) | 35,405,168 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 50,580 | ||
NET ASSETS—100.0% | $35,455,748 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value December 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2023 | Shares as of December 31, 2023 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $30,028,261 | $171,727 | $(5,602,215) | $115,168 | $2,994,392 | $27,707,333 | 389,434 | $497,228 | $— |
Syntax Stratified MidCap ETF | 3,582,911 | 17,982 | (807,763) | (42,661) | 539,598 | 3,290,067 | 80,513 | 35,860 | — |
Syntax Stratified SmallCap ETF | 1,773,361 | 109,649 | (387,239) | (16,656) | 175,898 | 1,655,013 | 37,008 | 19,651 | — |
Total | $35,384,533 | $299,358 | $(6,797,217) | $55,851 | $3,709,888 | $32,652,413 | 506,955 | $552,739 | $— |
ETF=Exchange Traded Fund |
Purchased Put Options — 7.8% |
Exchange-Traded Options — 7.8% |
Description | Number of Contracts | Notional Amount | Cost | Exercise Price | Expiration Date | Value |
SPDR S&P 500 ETF Trust | 690 | $32,796,390 | $2,781,058 | $490 | 12/19/25 | $2,752,755 |
Total | $2,781,058 | $2,752,755 | ||||
Total Purchased Options — 7.8% | $2,781,058 | $2,752,755 | ||||
ASSET TYPE | PERCENTAGE OF NET ASSETS |
Large Cap ETF | 78.1% |
Mid Cap ETF | 9.3 |
Small Cap ETF | 4.7 |
Purchased Options | 7.8 |
Other Assets in Excess of Liabilities | 0.1 |
Total | 100.0% |
Security Description | Shares | Value | |
EXCHANGE-TRADED FUNDS—99.9% | |||
Syntax Stratified LargeCap ETF(a) | 92,028 | $6,547,581 | |
Syntax Stratified MidCap ETF(a) | 19,030 | 777,638 | |
Syntax Stratified SmallCap ETF(a) | 8,747 | 391,169 | |
TOTAL INVESTMENTS—99.9% (Cost $6,796,748) | 7,716,388 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 5,135 | ||
NET ASSETS—100.0% | $7,721,523 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value December 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2023 | Shares as of December 31, 2023 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $6,680,122 | $1,831,236 | $(2,773,951) | $370,536 | $439,638 | $6,547,581 | 92,028 | $114,902 | $— |
Syntax Stratified MidCap ETF | 796,872 | 214,688 | (363,843) | 59,061 | 70,860 | 777,638 | 19,030 | 8,288 | — |
Syntax Stratified SmallCap ETF | 394,418 | 128,844 | (177,275) | 17,424 | 27,758 | 391,169 | 8,747 | 4,541 | — |
Total | $7,871,412 | $2,174,768 | $(3,315,069) | $447,021 | $538,256 | $7,716,388 | 119,805 | $127,731 | $— |
ETF=Exchange Traded Fund |
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% |
Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||
ASSETS | |||||
Investments in securities of unaffiliated issuers | $94,078,368 | $11,218,519 | $17,847,358 | ||
Total Investments | 94,078,368 | 11,218,519 | 17,847,358 | ||
Cash | 154,062 | 13,133 | 38,234 | ||
Receivable from investments sold | — | 92,341 | 16,841 | ||
Dividends receivable | 131,256 | 10,892 | 12,525 | ||
Total Assets | 94,363,686 | 11,334,885 | 17,914,958 | ||
LIABILITIES | |||||
Payable for investments purchased | — | 92,379 | 17,177 | ||
Accrued Management fee | 23,988 | 3,264 | 5,877 | ||
Accrued Other fees | 392 | 46 | 72 | ||
Total Liabilities | 24,380 | 95,689 | 23,126 | ||
NET ASSETS | $94,339,306 | $11,239,196 | $17,891,832 | ||
NET ASSETS CONSISTS OF: | |||||
Paid in Capital | $90,865,178 | $10,413,967 | $17,591,187 | ||
Distributable earnings (accumulated loss) | 3,474,128 | 825,229 | 300,645 | ||
NET ASSETS | $94,339,306 | $11,239,196 | $17,891,832 | ||
NET ASSET VALUE PER SHARE | $71.20 | $40.87 | $44.73 | ||
SHARES OUTSTANDING (unlimited number of shares authorized, no par value) | 1,325,000 | 275,000 | 400,000 | ||
COST OF INVESTMENTS | $85,306,932 | $9,802,204 | $15,390,236 |
Syntax Stratified U.S. Total Market ETF | Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | |||
ASSETS | |||||
Investments in securities of unaffiliated issuers | $— | $2,752,755 | $— | ||
Investments in securities of affiliated issuers | 18,001,891 | 32,652,413 | 7,716,388 | ||
Total Investments | 18,001,891 | 35,405,168 | 7,716,388 | ||
Cash | 15,495 | 51,160 | 5,403 | ||
Cash at broker | — | 9,949 | — | ||
Other Assets | — | 151 | — | ||
Total Assets | 18,017,386 | 35,466,428 | 7,721,791 | ||
LIABILITIES | |||||
Accrued Management fee | 550 | 10,534 | 236 | ||
Accrued Other fees | 74 | 146 | 32 | ||
Total Liabilities | 624 | 10,680 | 268 | ||
NET ASSETS | $18,016,762 | $35,455,748 | $7,721,523 | ||
NET ASSETS CONSISTS OF: | |||||
Paid in Capital | $16,815,247 | $35,555,458 | $6,801,004 | ||
Distributable earnings (accumulated loss) | 1,201,515 | (99,710) | 920,519 | ||
NET ASSETS | $18,016,762 | $35,455,748 | $7,721,523 | ||
NET ASSET VALUE PER SHARE | $45.04 | $40.52 | $44.12 | ||
SHARES OUTSTANDING (unlimited number of shares authorized, no par value) | 400,000 | 875,000 | 175,000 | ||
Investments in securities of unaffiliated issuers | $— | $2,781,058 | $— | ||
Investments in securities of affiliated issuers | 16,782,639 | 30,286,880 | 6,796,748 | ||
TOTAL COST OF INVESTMENTS | $16,782,639 | $33,067,938 | $6,796,748 |
Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||
INVESTMENT INCOME | |||||
Dividend income (net of foreign taxes withheld of $725, $0 and $185, respectively) | $1,960,764 | $152,678 | $269,673 | ||
Total Investment Income | 1,960,764 | 152,678 | 269,673 | ||
EXPENSES | |||||
Management fee | 430,397 | 47,592 | 78,942 | ||
Other fees | 4,686 | 518 | 860 | ||
Total Expenses | 435,083 | 48,110 | 79,802 | ||
Expense Waiver/Reimbursement | (143,465) | (10,576) | (8,771) | ||
Net Expenses | 291,618 | 37,534 | 71,031 | ||
NET INVESTMENT INCOME (LOSS) | 1,669,146 | 115,144 | 198,642 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) from transactions in investment securities | (3,334,829) | (241,942) | (871,806) | ||
Net realized gain (loss) from in-kind redemptions of investment securities | 4,653,201 | 207,347 | 694,377 | ||
Net realized gain (loss) | 1,318,372 | (34,595) | (177,429) | ||
Net change in unrealized appreciation (depreciation) on investments | 9,290,508 | 1,614,649 | 2,074,273 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 10,608,880 | 1,580,054 | 1,896,844 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $12,278,026 | $1,695,198 | $2,095,486 |
Syntax Stratified U.S. Total Market ETF | Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | |||
INVESTMENT INCOME | |||||
Dividend income from affiliated investments | $297,992 | $552,739 | $127,731 | ||
Interest income | — | 23 | — | ||
Total Investment Income | 297,992 | 552,762 | 127,731 | ||
EXPENSES | |||||
Management fee | 115,029 | 367,839 | 56,432 | ||
Other fees | 752 | 1,802 | 369 | ||
Total Expenses | 115,781 | 369,641 | 56,801 | ||
Expense Waiver/Reimbursement | (109,576) | (236,142) | (53,841) | ||
Net Expenses | 6,205 | 133,499 | 2,960 | ||
NET INVESTMENT INCOME (LOSS) | 291,787 | 419,263 | 124,771 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) from transactions in investment securities | — | (2,160,048) | — | ||
Net realized gain (loss) from transactions in affiliated investment securities | (15,630) | 280 | 1,871 | ||
Net realized gain (loss) from in-kind redemptions of affiliated investment securities | 456,729 | 55,571 | 445,150 | ||
Net realized gain (loss) from transactions in written options | — | (101,781) | — | ||
Net realized gain (loss) | 441,099 | (2,205,978) | 447,021 | ||
Net change in unrealized appreciation (depreciation) on investments | — | 136,359 | — | ||
Net change in unrealized appreciation (depreciation) on affiliated investments | 1,471,135 | 3,709,888 | 538,256 | ||
Net change in unrealized appreciation (depreciation) on written options | — | (36,069) | — | ||
Net change in unrealized appreciation/depreciation | 1,471,135 | 3,810,178 | 538,256 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 1,912,234 | 1,604,200 | 985,277 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $2,204,021 | $2,023,463 | $1,110,048 |
Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $1,669,146 | $1,566,033 | $115,144 | $94,191 | |||
Net realized gain (loss) | 1,318,372 | 10,384,726 | (34,595) | 116,559 | |||
Net change in unrealized appreciation (depreciation) | 9,290,508 | (20,614,829) | 1,614,649 | (1,692,568) | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 12,278,026 | (8,664,070) | 1,695,198 | (1,481,818) | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (1,685,545) | (1,615,742) | (119,767) | (98,761) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | 11,652,916 | 40,681,880 | — | 3,611,175 | |||
Cost of Shares Redeemed | (25,124,668) | (41,868,028) | (902,596) | (1,645,322) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (13,471,752) | (1,186,148) | (902,596) | 1,965,853 | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (2,879,271) | (11,465,960) | 672,835 | 385,274 | |||
NET ASSETS AT BEGINNING OF PERIOD | 97,218,577 | 108,684,537 | 10,566,361 | 10,181,087 | |||
NET ASSETS AT END OF PERIOD | $94,339,306 | $97,218,577 | $11,239,196 | $10,566,361 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | 175,000 | 650,000 | — | 100,000 | |||
Shares redeemed | (375,000) | (650,000) | (25,000) | (50,000) | |||
NET INCREASE (DECREASE) | (200,000) | — | (25,000) | 50,000 |
Syntax Stratified SmallCap ETF | Syntax Stratified U.S. Total Market ETF | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $198,642 | $191,554 | $291,787 | $188,361 | |||
Net realized gain (loss) | (177,429) | (554,098) | 441,099 | 431,524 | |||
Net change in unrealized appreciation (depreciation) | 2,074,273 | (3,915,877) | 1,471,135 | (2,256,593) | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 2,095,486 | (4,278,421) | 2,204,021 | (1,636,708) | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (207,681) | (205,319) | (291,600) | (199,218) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | — | 3,505,189 | 9,398,823 | 6,300,901 | |||
Cost of Shares Redeemed | (2,251,923) | (2,175,507) | (5,352,062) | (9,439,823) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (2,251,923) | 1,329,682 | 4,046,761 | (3,138,922) | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (364,118) | (3,154,058) | 5,959,182 | (4,974,848) | |||
NET ASSETS AT BEGINNING OF PERIOD | 18,255,950 | 21,410,008 | 12,057,580 | 17,032,428 | |||
NET ASSETS AT END OF PERIOD | $17,891,832 | $18,255,950 | $18,016,762 | $12,057,580 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | — | 75,000 | 225,000 | 150,000 | |||
Shares redeemed | (50,000) | (50,000) | (125,000) | (225,000) | |||
NET INCREASE (DECREASE) | (50,000) | 25,000 | 100,000 | (75,000) |
Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | For the Period June 14, 2022(a) to December 31, 2022 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $419,263 | $408,508 | $124,771 | $123,564 | |||
Net realized gain (loss) | (2,205,978) | 1,831,889 | 447,021 | 289,750 | |||
Net change in unrealized appreciation (depreciation) | 3,810,178 | (4,071,870) | 538,256 | 381,384 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 2,023,463 | (1,831,473) | 1,110,048 | 794,698 | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (419,412) | (1,332,695) | (126,201) | (146,930) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | — | 4,999,857 | 2,099,188 | 18,582,640 | |||
Cost of Shares Redeemed | (5,741,899) | (7,769,157) | (3,236,977) | (11,354,943) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (5,741,899) | (2,769,300) | (1,137,789) | 7,227,697 | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (4,137,848) | (5,933,468) | (153,942) | 7,875,465 | |||
NET ASSETS AT BEGINNING OF PERIOD | 39,593,596 | 45,527,064 | 7,875,465 | — | |||
NET ASSETS AT END OF PERIOD | $35,455,748 | $39,593,596 | $7,721,523 | $7,875,465 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | — | 125,000 | 50,000 | 500,000 | |||
Shares redeemed | (150,000) | (200,000) | (75,000) | (300,000) | |||
NET INCREASE (DECREASE) | (150,000) | (75,000) | (25,000) | 200,000 |
(a) | Fund commenced operations on June 14, 2022. |
Syntax Stratified LargeCap ETF | |||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | For the Period January 2, 2019(a) to December 31, 2019 | |||||
Net asset value, beginning of period | $63.75 | $71.27 | $55.99 | $50.73 | $40.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)(b) | 1.16 | 1.03 | 0.92 | 0.88 | 0.84 | ||||
Net realized and unrealized gain (loss) | 7.54 | (7.47) | 15.14 | 5.29 | 10.68 | ||||
Total from investment operations | 8.70 | (6.44) | 16.06 | 6.17 | 11.52 | ||||
Less Distributions from: | |||||||||
Net investment income | (1.25) | (1.08) | (0.78) | (0.82) | (0.79) | ||||
Net realized gains | — | — | — | (0.09) | — | ||||
Net asset value, end of period | $71.20 | $63.75 | $71.27 | $55.99 | $50.73 | ||||
Total return(c) | 13.67% | (9.02)%(d) | 28.76% | 12.18% | 28.81%(e) | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (000s) | $94,339 | $97,219 | $108,685 | $41,989 | $62,149 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.80%(f) | ||||
Net expenses(g) | 0.30% | 0.30% | 0.30% | 0.30% | 0.30%(f) | ||||
Net investment income (loss)(g) | 1.75% | 1.58% | 1.39% | 1.83% | 1.80%(f) | ||||
Portfolio turnover rate(h) | 23% | 31% | 25% | 36% | 34%(e) |
(a) | Fund commenced operations on January 2, 2019. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | If the Sub-Adviser had not made a special reimbursement during the period ended December 31, 2022, the total return would have been (9.13)%. See Note 6. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified MidCap ETF | |||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | For the Period January 16, 2020(a) to December 31, 2020 | ||||
Net asset value, beginning of period | $35.22 | $40.72 | $34.21 | $30.00 | |||
Income (loss) from investment operations: | |||||||
Net investment income (loss)(b) | 0.41 | 0.35 | 0.31 | 0.29 | |||
Net realized and unrealized gain (loss) | 5.68 | (5.49) | 7.14 | 4.22 | |||
Total from investment operations | 6.09 | (5.14) | 7.45 | 4.51 | |||
Less Distributions from: | |||||||
Net investment income | (0.44) | (0.36) | (0.28) | (0.30) | |||
Net realized gains | — | — | (0.66) | — | |||
Net asset value, end of period | $40.87 | $35.22 | $40.72 | $34.21 | |||
Total return(c) | 17.29% | (12.61)% | 21.95% | 15.04%(d) | |||
Ratios and Supplemental Data: | |||||||
Net assets, end of period (000s) | $11,239 | $10,566 | $10,181 | $3,421 | |||
Ratios to average net assets: | |||||||
Total expenses | 0.45% | 0.45% | 0.45% | 0.45%(e) | |||
Net expenses(f) | 0.35% | 0.35% | 0.34% | 0.30%(e) | |||
Net investment income (loss)(f) | 1.09% | 0.97% | 0.77% | 1.10%(e) | |||
Portfolio turnover rate(g) | 44% | 45% | 50% | 52%(d) |
(a) | Fund commenced operations on January 16, 2020. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Net of expenses waived/reimbursed by the Advisor. |
(g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified SmallCap ETF | |||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | For the Period May 28, 2020(a) to December 31, 2020 | ||||
Net asset value, beginning of period | $40.57 | $50.38 | $43.07 | $30.00 | |||
Income (loss) from investment operations: | |||||||
Net investment income (loss)(b) | 0.48 | 0.44 | 0.45 | 0.20 | |||
Net realized and unrealized gain (loss) | 4.20 | (9.79) | 10.44 | 13.24 | |||
Total from investment operations | 4.68 | (9.35) | 10.89 | 13.44 | |||
Less Distributions from: | |||||||
Net investment income | (0.52) | (0.46) | (0.47) | (0.19) | |||
Net realized gains | — | — | (3.11) | (0.18) | |||
Net asset value, end of period | $44.73 | $40.57 | $50.38 | $43.07 | |||
Total return(c) | 11.57% | (18.55)%(d) | 25.72% | 44.82%(e) | |||
Ratios and Supplemental Data: | |||||||
Net assets, end of period (000s) | $17,892 | $18,256 | $21,410 | $17,226 | |||
Ratios to average net assets: | |||||||
Total expenses | 0.45% | 0.45% | 0.45% | 0.45%(f) | |||
Net expenses(g) | 0.40% | 0.40% | 0.37% | 0.30%(f) | |||
Net investment income (loss)(g) | 1.13% | 1.01% | 0.87% | 0.93%(f) | |||
Portfolio turnover rate(h) | 47% | 50% | 40% | 40%(e) |
(a) | Fund commenced operations on May 28, 2020. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | If the Sub-Adviser had not made a special reimbursement during the period ended December 31, 2022, the total return would have been (18.68)%. See Note 6. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified U.S. Total Market ETF | |||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | For the Period March 18, 2021(a) to December 31, 2021 | |||
Net asset value, beginning of period | $40.19 | $45.42 | $40.00 | ||
Income (loss) from investment operations: | |||||
Net investment income (loss)(b) | 0.80 | 0.78 | 0.56 | ||
Net realized and unrealized gain (loss) | 4.78 | (5.34) | 5.52 | ||
Total from investment operations | 5.58 | (4.56) | 6.08 | ||
Less Distributions from: | |||||
Net investment income | (0.73) | (0.63) | (0.62) | ||
Net realized gains | — | (0.04) | (0.04) | ||
Net asset value, end of period | $45.04 | $40.19 | $45.42 | ||
Total return(c) | 13.89% | (10.05)% | 15.20%(d) | ||
Ratios and Supplemental Data: | |||||
Net assets, end of period (000s) | $18,017 | $12,058 | $17,032 | ||
Ratios to average net assets: | |||||
Total expenses(e) | 0.75% | 0.75% | 0.76%(f) | ||
Net expenses(e),(g) | 0.04% | 0.04% | 0.05%(f) | ||
Net investment income (loss)(g) | 1.90% | 1.87% | 1.64%(f) | ||
Portfolio turnover rate(h) | 1% | 1% | 2%(d) |
(a) | Fund commenced operations on March 18, 2021. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Does not include expenses of the underlying investments in which the Fund invests. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified U.S. Total Market Hedged ETF | |||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | For the Period June 15, 2021(a) to December 31, 2021 | |||
Net asset value, beginning of period | $38.63 | $41.39 | $40.40 | ||
Income (loss) from investment operations: | |||||
Net investment income (loss)(b) | 0.44 | 0.37 | 0.43 | ||
Net realized and unrealized gain (loss) | 1.93 | (1.83) | 1.00(c) | ||
Total from investment operations | 2.37 | (1.46) | 1.43 | ||
Less Distributions from: | |||||
Net investment income | (0.48) | (0.40) | (0.44) | ||
Net realized gains | — | (0.90) | — | ||
Net asset value, end of period | $40.52 | $38.63 | $41.39 | ||
Total return(d) | 6.14% | (3.53)% | 3.54%(e) | ||
Ratios and Supplemental Data: | |||||
Net assets, end of period (000s) | $35,456 | $39,594 | $45,527 | ||
Ratios to average net assets: | |||||
Total expenses(f) | 1.00% | 1.00% | 1.00%(g) | ||
Net expenses(f),(h) | 0.36% | 0.38% | 0.38%(g) | ||
Net investment income (loss)(h) | 1.14% | 0.94% | 1.96%(g) | ||
Portfolio turnover rate(i) | 12% | 35% | 88%(e) |
(a) | Fund commenced operations on June 15, 2021. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share gain or loss amount does not correlate to the aggregate of the net realized and unrealized gain or loss in the Statements of Operations for the year ended December 31, 2021, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio. |
(d) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(e) | Not annualized. |
(f) | Does not include expenses of the underlying investments in which the Fund invests. |
(g) | Annualized. |
(h) | Net of expenses waived/reimbursed by the Advisor. |
(i) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified Total Market II ETF | |||
Year Ended December 31, 2023 | For the Period June 14, 2022(a) to December 31, 2022 | ||
Net asset value, beginning of period | $39.38 | $37.04 | |
Income (loss) from investment operations: | |||
Net investment income (loss)(b) | 0.68 | 0.41 | |
Net realized and unrealized gain (loss) | 4.78 | 2.67 | |
Total from investment operations | 5.46 | 3.08 | |
Less Distributions from: | |||
Net investment income | (0.71) | (0.62) | |
Net realized gains | (0.01) | (0.12) | |
Net asset value, end of period | $44.12 | $39.38 | |
Total return(c) | 13.89% | 8.29%(d) | |
Ratios and Supplemental Data: | |||
Net assets, end of period (000s) | $7,722 | $7,875 | |
Ratios to average net assets: | |||
Total expenses(e) | 0.75% | 0.75%(f) | |
Net expenses(e),(g) | 0.04% | 0.05%(f) | |
Net investment income (loss)(g) | 1.66% | 1.79%(f) | |
Portfolio turnover rate(h) | 1% | 11%(d) |
(a) | Fund commenced operations on June 14, 2022. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Does not include expenses of the underlying investments in which the Fund invests. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
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 |
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 |
• | Level 1 — Quoted prices in active markets for identical investments |
• | Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
Description | Level 1 | Level 2 | Level 3 | Total |
Syntax Stratified LargeCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $94,078,368 | $— | $— | $94,078,368 |
Total | $94,078,368 | $— | $— | $94,078,368 |
Syntax Stratified MidCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $11,218,519 | $— | $— | $11,218,519 |
Total | $11,218,519 | $— | $— | $11,218,519 |
Syntax Stratified SmallCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $17,847,358 | $— | $—* | $17,847,358 |
Total | $17,847,358 | $— | $— | $17,847,358 |
Syntax Stratified U.S. Total Market ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $18,001,891 | $— | $— | $18,001,891 |
Total | $18,001,891 | $— | $— | $18,001,891 |
Syntax Stratified U.S. Total Market Hedged ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $32,652,413 | $— | $— | $32,652,413 |
Purchased Options | $2,752,755 | $— | $— | $2,752,755 |
Total | $35,405,168 | $— | $— | $35,405,168 |
Syntax Stratified Total Market II ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $7,716,388 | $— | $— | $7,716,388 |
Total | $7,716,388 | $— | $— | $7,716,388 |
* | As of December 31, 2023, level 3 common stocks held in Syntax Stratified SmallCapETF represented 0.0% of the Fund’s net assets. |
Year Ended December 31, 2023 | Year or Period Ended December 31, 2022 | ||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | Distributions Paid From Return of Capital | Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | Distributions Paid From Return of Capital | ||||||
Syntax Stratified LargeCap ETF | $1,685,545 | $— | $— | $1,615,742 | $— | $— | |||||
Syntax Stratified MidCap ETF | 119,767 | — | — | 98,761 | — | — | |||||
Syntax Stratified SmallCap ETF | 207,681 | — | — | 205,319 | — | — | |||||
Syntax Stratified U.S. Total Market ETF | 291,600 | — | — | 199,218 | — | — | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 419,412 | — | — | 1,332,695 | — | — | |||||
Syntax Stratified Total Market II ETF | 126,201 | — | — | 142,712 | 4,218 | — |
Paid in Capital | Distributable Earnings (Loss) | ||
Syntax Stratified LargeCap ETF | $4,641,241 | (4,641,241) | |
Syntax Stratified MidCap ETF | 203,242 | (203,242) | |
Syntax Stratified SmallCap ETF | 673,856 | (673,856) | |
Syntax Stratified U.S. Total Market ETF | 456,481 | (456,481) | |
Syntax Stratified U.S. Total Market Hedged ETF | 43,333 | (43,333) | |
Syntax Stratified Total Market II ETF | 445,150 | (445,150) |
Undistrbuted Ordinary Income | Undistributed Long-Term Gain | Capital Loss Carryforward | Post-October Capital Loss Deferrals | Unrealized Appreciation (Depreciation) | Total | ||||||
Syntax Stratified LargeCap ETF | $— | $— | (5,000,313) | $— | $8,474,441 | $3,474,128 | |||||
Syntax Stratified MidCap ETF | — | — | (587,791) | — | 1,413,020 | 825,229 | |||||
Syntax Stratified SmallCap ETF | — | — | (2,126,102) | — | 2,426,747 | 300,645 | |||||
Syntax Stratified U.S. Total Market ETF | 187 | — | (17,924) | — | 1,219,252 | 1,201,515 | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 27 | — | (2,436,911) | — | 2,337,174 | (99,710) | |||||
Syntax Stratified Total Market II ETF | 84 | — | — | 826 | 919,609 | 920,519 |
Non-Expiring Long-Term | Non-Expiring Short-Term | ||
Syntax Stratified LargeCap ETF | $4,461,489 | $538,824 | |
Syntax Stratified MidCap ETF | 447,655 | 140,136 | |
Syntax Stratified SmallCap ETF | 724,601 | 1,401,501 | |
Syntax Stratified U.S. Total Market ETF | 16,092 | 1,832 | |
Syntax Stratified U.S. Total Market Hedged ETF | 597,141 | 1,839,770 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
Syntax Stratified LargeCap ETF | $85,603,927 | $13,725,128 | (5,250,687) | $8,474,441 | |||
Syntax Stratified MidCap ETF | 9,805,499 | 1,950,035 | (537,015) | 1,413,020 | |||
Syntax Stratified SmallCap ETF | 15,420,611 | 3,697,946 | (1,271,199) | 2,426,747 | |||
Syntax Stratified U.S. Total Market ETF | 16,782,639 | 1,246,841 | (27,589) | 1,219,252 | |||
Syntax Stratified U.S. Total Market Hedged ETF | 33,067,994 | 2,589,892 | (252,718) | 2,337,174 | |||
Syntax Stratified Total Market II ETF | 6,796,779 | 919,640 | (31) | 919,609 |
Asset Derivatives | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Investments in securities of unaffiliated issuers | $2,752,755 | $2,752,755 | ||
Total | $2,752,755 | $2,752,755 |
Realized Gain (Loss) on Derivative Instruments | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Net realized gain (loss) from transactions in investment securities | $(2,160,048) | $(2,160,048) | ||
Net realized gain (loss) from transactions in written options | $(101,781) | $(101,781) | ||
Total | $(2,261,829) | $(2,261,829) |
Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Net change in unrealized appreciation (depreciation) on investment securities | $136,359 | $136,359 | ||
Net change in unrealized appreciation (depreciation) on written options | $(36,069) | $(36,069) | ||
Total | $100,290 | $100,290 |
Options: | |
Average value of option contracts purchased | $3,174,935 |
Average value of option contracts written | (355,242) |
Purchases | Sales | ||
Syntax Stratified LargeCap ETF | $22,378,122 | $22,028,329 | |
Syntax Stratified MidCap ETF | 4,878,131 | 4,673,585 | |
Syntax Stratified SmallCap ETF | 8,728,912 | 8,291,698 | |
Syntax Stratified U.S. Total Market ETF | 156,707 | 165,308 | |
Syntax Stratified U.S. Total Market Hedged ETF | 4,612,062 | 5,654,304 | |
Syntax Stratified Total Market II ETF | 75,615 | 77,963 |
In-kind Contributions | In-kind Redemptions | ||
Syntax Stratified LargeCap ETF | $9,973,646 | $23,441,757 | |
Syntax Stratified MidCap ETF | — | 902,572 | |
Syntax Stratified SmallCap ETF | — | 2,246,884 | |
Syntax Stratified U.S. Total Market ETF | 9,398,671 | 5,351,839 | |
Syntax Stratified U.S. Total Market Hedged ETF | — | 5,300,100 | |
Syntax Stratified Total Market II ETF | 2,099,154 | 3,237,108 |
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% |
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% |
Expenses Waived and Reimbursed | |
Syntax Stratified LargeCap ETF | $143,465 |
Syntax Stratified MidCap ETF | 10,576 |
Syntax Stratified SmallCap ETF | 8,771 |
Syntax Stratified U.S. Total Market ETF | 61,349 |
Syntax Stratified U.S. Total Market Hedged ETF | 128,744 |
Syntax Stratified Total Market II ETF | 30,097 |
2024 | 2025 | 2026 | |||
Syntax Stratified LargeCap ETF | $120,877 | $149,044 | $143,465 | ||
Syntax Stratified MidCap ETF | 9,028 | 9,684 | 10,576 | ||
Syntax Stratified SmallCap ETF | 17,104 | 9,526 | 8,771 | ||
Syntax Stratified U.S. Total Market ETF | 58,102 | 40,344 | 61,349 | ||
Syntax Stratified U.S. Total Market Hedged ETF | 86,619 | 152,651 | 128,744 | ||
Syntax Stratified Total Market II ETF | — | 27,622 | 30,097 |
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, Syntax Stratified SmallCap ETF | For the year ended December 31, 2023 | For the years ended December 31, 2023 and December 31, 2022 | For the years ended December 31, 2023, December 31, 2022 and December 31, 2021 |
Syntax Stratified U.S. Total Market ETF | For the year ended December 31, 2023 | For the years ended December 31, 2023 and December 31, 2022 | For the years ended December 31, 2023, December 31, 2022 and for the period from March 18, 2021 (commencement of operations) through December 31, 2021 |
Syntax Stratified U.S. Total Market Hedged ETF | For the year ended December 31, 2023 | For the years ended December 31, 2023 and December 31, 2022 | For the years ended December 31, 2023, December 31, 2022 and for the period from June 15, 2021 (commencement of operations) through December 31, 2021 |
Syntax Stratified Total Market II ETF | For the year ended December 31, 2023 | For the year ended December 31, 2023 and for the period from June 14, 2022 (commencement of operations) through December 31, 2022 | For the year ended December 31, 2023 and for the period from June 14, 2022 (commencement of operations) through December 31, 2022 |
COHEN & COMPANY, LTD.
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified LargeCap ETF | 0.30% | $1,063.50 | $1.56 | $1,023.70 | $1.53 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified MidCap ETF | 0.35% | $1,067.10 | $1.82 | $1,023.40 | $1.79 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified SmallCap ETF | 0.40% | $1,048.90 | $2.07 | $1,023.20 | $2.04 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified U.S. Total Market ETF | 0.04% | $1,061.20 | $0.21 | $1,025.00 | $0.20 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 0.36% | $1,039.40 | $1.85 | $1,023.40 | $1.84 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified Total Market II ETF | 0.04% | $1,061.20 | $0.21 | $1,025.00 | $0.20 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
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) |
Stewart Myers (1940) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Independent Trustee | Term: Unlimited Trustee since 2018 | Professor Emeritus, MIT Sloan School of Management (since 2015); Principal, The Brattle Group, Inc. (1991-2022); Research Associate, National Bureau of Economic Research (since 1978). | 9 | |
Interested Trustees | |||||
Rory Riggs (1953) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Trustee and Chief Executive Officer | Term: Unlimited Trustee since 2017 | Founder and Chief Executive Officer, Locus Analytics, LLC (since 2010) (data analytics); Founder and Chief Executive Officer, Syntax Advisors, LLC (Since 2013) (investment advisor); Chief Executive Officer and Founder of Syntax LLC (Since 2009) (index provider and financial analytics management company for Syntax Advisors). | 9 | Director and Co-Founder, Royalty Pharma (1996 to present) (biopharmaceuticals); Chairman and Co-Founder (2012 to present), Chief Executive Officer (2021 to present) Cibus, Inc. (gene editing agriculture); Director StageZero Life Sciences, fka GeneNews Limited (2000 to present); Director, Intra-Cellular Therapies, Inc. (since 2014); Director, FibroGen, Inc. (1993 to present). |
Kathy Cuocolo (1952) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Trustee | Term: Unlimited Trustee since 2018 | President and Senior Vice President, Syntax Advisors, LLC and predecessor companies (2014 to 2021); Managing Director, Head of Global ETF Services, BNY Mellon (2008 to 2013); Executive Vice President, State Street (1982 to 2003); Director, Guardian Life Family of Funds (2005 – 2007); Select Sector Trust, Chairman (2000 to 2007); Director, The China Fund (1999 to 2003). | 9 | Greenbacker Renewable Energy LLC, Audit Chair (2013 to present); Trustee, Monterey Capital (2021 to present) (acquisition corp.). |
NAME, ADDRESS AND YEAR OF BIRTH | POSITION(S) WITH TRUST | TERM OF OFFICE AND LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS |
OFFICERS | |||
Rory Riggs (1953) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Chief Executive | Since 2018 | See Trustee table above |
Carly Arison (1990) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | President | Since 2021 | President, Senior Vice President, Vice President, and Manager, Syntax Advisors, LLC and predecessor companies (2012 to Present) |
David Jaffin (1954) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Treasurer | Since 2019 | Principal, Jaffin CFO Solutions (2023 to present); Partner, B2B CFO® (January 2019 to 2023); Chief Financial Officer, Poliwogg Holdings, Inc. (October 2012 to August 2018). |
James Nash (1981) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Chief Compliance Officer | Since 2022 | Mr. Nash currently serves as Director and Fund Chief Compliance Officer at Foreside Fund Officer Services, LLC (d/b/a ACA Group, LLC) (2016 to present). |
Bill Belitsky (1979) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Secretary | Since 2022 | Legal counsel to Syntax Advisors LLC (since April 2021); Of Counsel, Paul Hastings LLP (2006 to 2021). |
One Liberty Plaza 46th FI.
New York, NY 10006
One Congress Street, Suite 1
Boston, MA 02111
Three Canal Plaza, Suite 100
Portland, ME 04101
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
Item 2: | Code of Ethics. |
(a) | The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function. |
(b) | The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR. |
(c) | During the period covered by the report no amendments were made to the provisions of this code of ethics. |
(d) | During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics. |
(e) | Not Applicable. |
(f) | The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR. |
Item 3: | Audit Committee Financial Experts. |
The Registrant’s Board of Trustees has determined that George Hornig, Richard Lyons and Stewart Myers are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Messrs. Hornig, Lyons and Myers are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Messrs. Hornig, Lyons and Myers as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.
Item 4: | Principal Accountant Fees and Services. |
Fiscal Year Ended 12/31 | Fiscal Year Ended 12/31 | |||||||||
2022 | 2023 | |||||||||
(a) | Audit Fees | $ | 101,500 | $ | 94,000 | |||||
(b) | Audit Related Fees(1) | $ | 0 | $ | 0 | |||||
(c) | Tax Fees(2) | $ | 24,000 | $ | 24,000 | |||||
(d) | All Other Fees | $ | 0 | $ | 0 | |||||
Total | $ | 125,500 | $ | 118,000 |
(1) | Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the fund comprising the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements. |
(2) | Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the fund comprising the Registrant. |
(e)(1) | Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant. |
The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.
In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.
Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.
Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.
(e)(2) | None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not Applicable. |
(g) | There were no aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2023 and December 31, 2022. |
(h) | The Audit Committee of the Registrant’s Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence. |
Item 5: | Audit Committee of Listed Registrants. |
The following individuals comprise the standing Audit Committee of the Registrant’s Board of Trustees: Deborah Fuhr, George Hornig, Richard Lyons and Stewart Myers.
Item 6: | Investments. |
(a) | The Registrant’s Schedules of Investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10: | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 11: | Controls and Procedures. |
(a) | The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. |
(b) | The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12: | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13: | Exhibits. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Syntax ETF Trust | ||
(Registrant) | ||
By: | /s/ Rory Riggs | |
Rory Riggs | ||
CEO | ||
(Principal Executive Officer) | ||
Date: | March 8, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Rory Riggs | ||
Rory Riggs | |||
CEO | |||
(Principal Executive Officer) | |||
Date: | March 8, 2024 | ||
By: | /s/ David Jaffin | ||
David Jaffin | |||
Treasurer | |||
(Principal Financial Officer) | |||
Date: | March 8, 2024 |
EXHIBIT INDEX