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QUARTERLY REPORT
Syntax Stratified
SmallCap ETF
March 31, 2024
Syntax Stratified SmallCap ETF
Schedule of Investments
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3D Systems Corp.(a) | 5,014 | $22,262 |
A10 Networks, Inc. | 10,402 | 142,403 |
AAON, Inc. | 217 | 19,118 |
AAR Corp.(a) | 271 | 16,225 |
Abercrombie & Fitch Co., Class A(a) | 179 | 22,434 |
ABM Industries, Inc. | 501 | 22,355 |
Academy Sports & Outdoors, Inc. | 601 | 40,592 |
Acadia Realty Trust, REIT | 654 | 11,125 |
ACI Worldwide, Inc.(a) | 675 | 22,417 |
AdaptHealth Corp.(a) | 3,887 | 44,739 |
Addus HomeCare Corp.(a) | 204 | 21,081 |
Adeia, Inc. | 2,642 | 28,851 |
Adtalem Global Education, Inc.(a) | 524 | 26,934 |
ADTRAN Holdings, Inc. | 11,509 | 62,609 |
Advance Auto Parts, Inc. | 321 | 27,314 |
Advanced Energy Industries, Inc. | 256 | 26,107 |
AdvanSix, Inc. | 874 | 24,996 |
AeroVironment, Inc.(a) | 252 | 38,627 |
Agiliti, Inc.(a) | 4,258 | 43,091 |
Agilysys, Inc.(a) | 284 | 23,930 |
Air Lease Corp. | 400 | 20,576 |
Alamo Group, Inc. | 90 | 20,550 |
Alarm.com Holdings, Inc.(a) | 1,874 | 135,809 |
Alaska Air Group, Inc.(a) | 1,155 | 49,653 |
Albany International Corp., Class A | 317 | 29,643 |
Alexander & Baldwin, Inc. | 648 | 10,673 |
Alkermes PLC(a) | 1,200 | 32,484 |
Allegiant Travel Co. | 580 | 43,622 |
Alpha & Omega Semiconductor Ltd.(a) | 2,938 | 64,754 |
Alpha Metallurgical Resources, Inc. | 32 | 10,597 |
Ambac Financial Group, Inc.(a) | 1,370 | 21,413 |
AMC Networks, Inc., Class A(a) | 4,449 | 53,966 |
American Assets Trust, Inc., REIT | 560 | 12,270 |
American Axle & Manufacturing Holdings, Inc.(a) | 5,255 | 38,677 |
American Eagle Outfitters, Inc. | 947 | 24,423 |
American Equity Investment Life Holding Co.(a) | 842 | 47,337 |
American States Water Co. | 728 | 52,591 |
American Woodmark Corp.(a) | 155 | 15,757 |
Ameris Bancorp | 58 | 2,806 |
AMERISAFE, Inc. | 1,002 | 50,270 |
AMN Healthcare Services, Inc.(a) | 192 | 12,002 |
Amphastar Pharmaceuticals, Inc.(a) | 1,231 | 54,053 |
Andersons, Inc. | 641 | 36,774 |
ANI Pharmaceuticals, Inc.(a) | 836 | 57,793 |
Anywhere Real Estate, Inc.(a) | 5,058 | 31,258 |
Apogee Enterprises, Inc. | 188 | 11,130 |
Apollo Commercial Real Estate Finance, Inc., REIT | 262 | 2,919 |
Apple Hospitality REIT, Inc. | 1,390 | 22,768 |
Arbor Realty Trust, Inc. | 223 | 2,955 |
Security Description | Shares | Value |
ArcBest Corp. | 118 | $16,815 |
Arch Resources, Inc. | 65 | 10,451 |
Archrock, Inc. | 839 | 16,503 |
Arcosa, Inc. | 206 | 17,687 |
Arcus Biosciences, Inc.(a) | 1,955 | 36,910 |
Arlo Technologies, Inc.(a) | 1,883 | 23,820 |
Armada Hoffler Properties, Inc., REIT | 1,106 | 11,502 |
ARMOUR Residential REIT, Inc. | 515 | 10,182 |
Armstrong World Industries, Inc. | 85 | 10,559 |
Artisan Partners Asset Management, Inc., Class A | 1,888 | 86,414 |
Artivion, Inc.(a) | 1,173 | 24,821 |
Asbury Automotive Group, Inc.(a) | 112 | 26,407 |
Assured Guaranty Ltd. | 582 | 50,779 |
Astec Industries, Inc. | 435 | 19,014 |
Astrana Health, Inc.(a) | 1,573 | 66,050 |
ATI, Inc.(a) | 245 | 12,537 |
Atlantic Union Bankshares Corp. | 84 | 2,966 |
ATN International, Inc. | 1,596 | 50,282 |
Avanos Medical, Inc.(a) | 1,177 | 23,434 |
Avista Corp. | 1,548 | 54,211 |
Axcelis Technologies, Inc.(a) | 122 | 13,605 |
Axos Financial, Inc.(a) | 343 | 18,536 |
AZZ, Inc. | 173 | 13,375 |
B Riley Financial, Inc. | 604 | 12,787 |
B&G Foods, Inc. | 1,716 | 19,631 |
Badger Meter, Inc. | 132 | 21,359 |
Balchem Corp. | 57 | 8,832 |
Banc of California, Inc. | 191 | 2,905 |
BancFirst Corp. | 34 | 2,993 |
Bancorp, Inc.(a) | 579 | 19,373 |
Bank of Hawaii Corp. | 279 | 17,407 |
BankUnited, Inc. | 106 | 2,968 |
Banner Corp. | 60 | 2,880 |
Barnes Group, Inc. | 281 | 10,439 |
Benchmark Electronics, Inc. | 1,506 | 45,195 |
Berkshire Hills Bancorp, Inc. | 126 | 2,888 |
BGC Group, Inc., Class A | 3,545 | 27,545 |
BioLife Solutions, Inc.(a) | 1,738 | 32,240 |
BJ's Restaurants, Inc.(a) | 610 | 22,070 |
BlackLine, Inc.(a) | 325 | 20,989 |
Blackstone Mortgage Trust, Inc., Class A | 140 | 2,787 |
Bloomin' Brands, Inc. | 761 | 21,825 |
Boise Cascade Co. | 134 | 20,552 |
Boot Barn Holdings, Inc.(a) | 293 | 27,879 |
Box, Inc., Class A(a) | 730 | 20,674 |
Brady Corp., Class A | 368 | 21,815 |
Brandywine Realty Trust, REIT | 3,133 | 15,038 |
Bread Financial Holdings, Inc. | 543 | 20,221 |
Brightsphere Investment Group, Inc. | 3,675 | 83,937 |
Brinker International, Inc.(a) | 459 | 22,803 |
Bristow Group, Inc.(a) | 587 | 15,966 |
2
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
Brookline Bancorp, Inc. | 292 | $2,908 |
Buckle, Inc. | 1,381 | 55,613 |
Calavo Growers, Inc. | 1,198 | 33,316 |
Caleres, Inc. | 704 | 28,885 |
California Resources Corp. | 546 | 30,085 |
California Water Service Group | 1,137 | 52,848 |
Calix, Inc.(a) | 1,970 | 65,325 |
Cal-Maine Foods, Inc. | 606 | 35,663 |
Capitol Federal Financial, Inc. | 2,987 | 17,803 |
CareTrust REIT, Inc. | 3,024 | 73,695 |
Cargurus, Inc.(a) | 2,291 | 52,876 |
Carpenter Technology Corp. | 185 | 13,213 |
Cars.com, Inc.(a) | 2,814 | 48,345 |
Catalyst Pharmaceuticals, Inc.(a) | 2,885 | 45,987 |
Cathay General Bancorp | 70 | 2,648 |
Cavco Industries, Inc.(a) | 62 | 24,742 |
Centerspace, REIT | 206 | 11,771 |
Central Garden & Pet Co.(a) | 233 | 9,979 |
Central Garden & Pet Co., Class A(a) | 271 | 10,005 |
Central Pacific Financial Corp. | 907 | 17,913 |
Century Aluminum Co.(a) | 1,081 | 16,637 |
Century Communities, Inc. | 279 | 26,923 |
Cerence, Inc.(a) | 1,539 | 24,239 |
Certara, Inc.(a) | 3,631 | 64,922 |
CEVA, Inc.(a) | 2,894 | 65,723 |
Chatham Lodging Trust, REIT | 1,293 | 13,072 |
Cheesecake Factory, Inc. | 611 | 22,088 |
Chefs' Warehouse, Inc.(a) | 1,696 | 63,871 |
Chesapeake Utilities Corp. | 502 | 53,865 |
Chuy's Holdings, Inc.(a) | 661 | 22,296 |
Cinemark Holdings, Inc.(a) | 3,076 | 55,276 |
City Holding Co. | 170 | 17,717 |
Clearwater Paper Corp.(a) | 1,050 | 45,916 |
Clearway Energy, Inc., Class A | 1,255 | 26,995 |
Clearway Energy, Inc., Class C | 1,170 | 26,968 |
Cogent Communications Holdings, Inc. | 776 | 50,696 |
Cohu, Inc.(a) | 978 | 32,597 |
Collegium Pharmaceutical, Inc.(a) | 937 | 36,374 |
Community Bank System, Inc. | 747 | 35,878 |
Community Healthcare Trust, Inc., REIT | 2,605 | 69,163 |
Compass Minerals International, Inc. | 592 | 9,318 |
Comstock Resources, Inc. | 3,106 | 28,824 |
CONMED Corp. | 276 | 22,102 |
CONSOL Energy, Inc. | 134 | 11,224 |
Consolidated Communications Holdings, Inc.(a) | 12,293 | 53,106 |
Corcept Therapeutics, Inc.(a) | 1,487 | 37,458 |
Core Laboratories, Inc. | 946 | 16,158 |
CoreCivic, Inc.(a) | 1,183 | 18,467 |
Corsair Gaming, Inc.(a) | 2,430 | 29,986 |
CorVel Corp.(a) | 93 | 24,455 |
Cracker Barrel Old Country Store, Inc. | 320 | 23,274 |
Security Description | Shares | Value |
Cross Country Healthcare, Inc.(a) | 620 | $11,606 |
CSG Systems International, Inc. | 664 | 34,223 |
CTS Corp. | 789 | 36,917 |
Cushman & Wakefield PLC(a) | 3,046 | 31,861 |
Customers Bancorp, Inc.(a) | 641 | 34,011 |
CVB Financial Corp. | 160 | 2,854 |
CVR Energy, Inc. | 1,596 | 56,913 |
Cytek Biosciences, Inc.(a) | 4,231 | 28,390 |
Dana, Inc. | 2,888 | 36,678 |
Dave & Buster's Entertainment, Inc.(a) | 278 | 17,403 |
Deluxe Corp. | 2,727 | 56,149 |
Designer Brands, Inc., Class A | 2,631 | 28,757 |
DiamondRock Hospitality Co., REIT | 1,364 | 13,108 |
Digi International, Inc.(a) | 2,364 | 75,483 |
Dime Community Bancshares, Inc. | 154 | 2,966 |
Dine Brands Global, Inc. | 450 | 20,916 |
Diodes, Inc.(a) | 999 | 70,429 |
DNOW, Inc.(a) | 1,021 | 15,519 |
Donnelley Financial Solutions, Inc.(a) | 1,334 | 82,721 |
Dorian LPG Ltd. | 1,403 | 53,959 |
Dorman Products, Inc.(a) | 389 | 37,496 |
DoubleVerify Holdings, Inc.(a) | 677 | 23,803 |
Douglas Emmett, Inc. | 1,019 | 14,134 |
Dril-Quip, Inc.(a) | 664 | 14,960 |
DXC Technology Co.(a) | 3,371 | 71,499 |
DXP Enterprises, Inc.(a) | 388 | 20,847 |
Dycom Industries, Inc.(a) | 187 | 26,840 |
Dynavax Technologies Corp.(a) | 2,678 | 33,234 |
Eagle Bancorp, Inc. | 122 | 2,866 |
Easterly Government Properties, Inc., REIT | 1,192 | 13,720 |
EchoStar Corp., Class A(a) | 3,829 | 54,563 |
Edgewell Personal Care Co. | 1,097 | 42,388 |
Ellington Financial, Inc., REIT | 885 | 10,452 |
Elme Communities, REIT | 867 | 12,069 |
Embecta Corp. | 10,212 | 135,513 |
Employers Holdings, Inc. | 1,178 | 53,469 |
Encore Capital Group, Inc.(a) | 420 | 19,156 |
Encore Wire Corp. | 237 | 62,279 |
Energizer Holdings, Inc. | 1,471 | 43,306 |
Enerpac Tool Group Corp. | 523 | 18,650 |
Enhabit, Inc.(a) | 2,038 | 23,743 |
Enova International, Inc.(a) | 332 | 20,860 |
Enpro, Inc. | 63 | 10,633 |
Ensign Group, Inc. | 169 | 21,027 |
Envestnet, Inc.(a) | 400 | 23,164 |
Enviri Corp.(a) | 1,483 | 13,569 |
ePlus, Inc.(a) | 875 | 68,722 |
ESCO Technologies, Inc. | 210 | 22,480 |
Essential Properties Realty Trust, Inc., REIT | 471 | 12,557 |
Ethan Allen Interiors, Inc. | 640 | 22,125 |
EVERTEC, Inc. | 934 | 37,267 |
EW Scripps Co., Class A(a) | 12,378 | 48,646 |
3
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
eXp World Holdings, Inc. | 2,332 | $24,090 |
Extreme Networks, Inc.(a) | 5,934 | 68,478 |
EZCORP, Inc., Class A(a) | 1,988 | 22,524 |
Fabrinet(a) | 219 | 41,395 |
FB Financial Corp. | 80 | 3,013 |
Federal Signal Corp. | 223 | 18,926 |
First Bancorp | 1,226 | 21,504 |
First Bancorp | 79 | 2,853 |
First Commonwealth Financial Corp. | 211 | 2,937 |
First Financial Bancorp | 130 | 2,915 |
First Hawaiian, Inc. | 135 | 2,965 |
Foot Locker, Inc. | 2,177 | 62,044 |
FormFactor, Inc.(a) | 707 | 32,260 |
Fortrea Holdings, Inc.(a) | 820 | 32,915 |
Forward Air Corp. | 652 | 20,284 |
Four Corners Property Trust, Inc., REIT | 447 | 10,938 |
Franklin BSP Realty Trust, Inc. | 778 | 10,394 |
Franklin Electric Co., Inc. | 516 | 55,114 |
Fresh Del Monte Produce, Inc. | 1,419 | 36,766 |
Frontdoor, Inc.(a) | 669 | 21,796 |
Fulgent Genetics, Inc.(a) | 1,314 | 28,514 |
Fulton Financial Corp. | 186 | 2,956 |
Gentherm, Inc.(a) | 629 | 36,218 |
Genworth Financial, Inc., Class A(a) | 7,550 | 48,546 |
GEO Group, Inc.(a) | 1,473 | 20,799 |
Getty Realty Corp., REIT | 396 | 10,831 |
Gibraltar Industries, Inc.(a) | 137 | 11,033 |
G-III Apparel Group Ltd.(a) | 1,187 | 34,435 |
Glaukos Corp.(a) | 269 | 25,364 |
Global Net Lease, Inc., REIT | 1,896 | 14,732 |
GMS, Inc.(a) | 193 | 18,787 |
Gogo, Inc.(a) | 5,940 | 52,153 |
Golden Entertainment, Inc. | 533 | 19,630 |
Goosehead Insurance, Inc., Class A(a) | 378 | 25,182 |
Granite Construction, Inc. | 494 | 28,222 |
Green Brick Partners, Inc.(a) | 446 | 26,863 |
Green Dot Corp., Class A(a) | 4,016 | 37,469 |
Green Plains, Inc.(a) | 1,699 | 39,281 |
Greenbrier Cos., Inc. | 352 | 18,339 |
Griffon Corp. | 913 | 66,959 |
Group 1 Automotive, Inc. | 90 | 26,301 |
Guess?, Inc. | 823 | 25,900 |
Hain Celestial Group, Inc.(a) | 2,045 | 16,074 |
Hanesbrands, Inc.(a) | 6,289 | 36,476 |
Hanmi Financial Corp. | 181 | 2,882 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 815 | 23,146 |
Harmonic, Inc.(a) | 5,382 | 72,334 |
Harmony Biosciences Holdings, Inc.(a) | 1,510 | 50,706 |
Haverty Furniture Cos., Inc. | 3,143 | 107,239 |
Hawkins, Inc. | 337 | 25,882 |
Haynes International, Inc. | 208 | 12,505 |
Security Description | Shares | Value |
Hayward Holdings, Inc.(a) | 1,055 | $16,152 |
HB Fuller Co. | 113 | 9,011 |
HCI Group, Inc. | 414 | 48,057 |
Healthcare Services Group, Inc.(a) | 1,652 | 20,617 |
HealthStream, Inc. | 2,654 | 70,756 |
Heartland Express, Inc. | 1,296 | 15,474 |
Heidrick & Struggles International, Inc. | 355 | 11,949 |
Helix Energy Solutions Group, Inc.(a) | 1,579 | 17,116 |
Helmerich & Payne, Inc. | 386 | 16,235 |
Heritage Financial Corp. | 152 | 2,947 |
Hibbett, Inc. | 546 | 41,938 |
Highwoods Properties, Inc. | 565 | 14,792 |
Hillenbrand, Inc. | 509 | 25,598 |
Hilltop Holdings, Inc. | 90 | 2,819 |
HNI Corp. | 488 | 22,023 |
Hope Bancorp, Inc. | 255 | 2,935 |
Horace Mann Educators Corp. | 1,337 | 49,456 |
Hub Group, Inc., Class A | 467 | 20,184 |
Hudson Pacific Properties, Inc. | 2,052 | 13,235 |
Ichor Holdings Ltd.(a) | 312 | 12,049 |
ICU Medical, Inc.(a) | 225 | 24,147 |
Inari Medical, Inc.(a) | 605 | 29,028 |
Independent Bank Corp. | 54 | 2,809 |
Independent Bank Group, Inc. | 63 | 2,876 |
Ingevity Corp.(a) | 190 | 9,063 |
Innospec, Inc. | 70 | 9,026 |
Innovative Industrial Properties, Inc., REIT | 120 | 12,425 |
Innoviva, Inc.(a) | 2,367 | 36,073 |
Insight Enterprises, Inc.(a) | 94 | 17,439 |
Installed Building Products, Inc. | 65 | 16,817 |
Insteel Industries, Inc. | 294 | 11,237 |
Integer Holdings Corp.(a) | 204 | 23,803 |
Inter Parfums, Inc. | 305 | 42,856 |
InterDigital, Inc. | 284 | 30,235 |
Interface, Inc. | 679 | 11,421 |
Ironwood Pharmaceuticals, Inc.(a) | 3,901 | 33,978 |
Itron, Inc.(a) | 224 | 20,724 |
J & J Snack Foods Corp. | 131 | 18,937 |
Jack in the Box, Inc. | 729 | 49,922 |
Jackson Financial, Inc., Class A | 795 | 52,581 |
JBG SMITH Properties | 805 | 12,920 |
JetBlue Airways Corp.(a) | 5,870 | 43,555 |
John B Sanfilippo & Son, Inc. | 187 | 19,807 |
John Bean Technologies Corp. | 241 | 25,278 |
John Wiley & Sons, Inc., Class A | 1,426 | 54,373 |
Kaiser Aluminum Corp. | 398 | 35,565 |
Kaman Corp. | 384 | 17,614 |
Kelly Services, Inc., Class A | 471 | 11,794 |
Kennametal, Inc. | 991 | 24,716 |
Kennedy-Wilson Holdings, Inc. | 1,384 | 11,875 |
KKR Real Estate Finance Trust, Inc., REIT | 286 | 2,877 |
Knowles Corp.(a) | 3,195 | 51,439 |
4
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
Kohl's Corp. | 1,291 | $37,633 |
Kontoor Brands, Inc. | 572 | 34,463 |
Koppers Holdings, Inc. | 442 | 24,385 |
Korn Ferry | 181 | 11,903 |
Kulicke & Soffa Industries, Inc. | 266 | 13,382 |
Lakeland Financial Corp. | 41 | 2,719 |
La-Z-Boy, Inc. | 579 | 21,782 |
LCI Industries | 455 | 55,992 |
LeMaitre Vascular, Inc. | 350 | 23,226 |
Leslie's, Inc.(a) | 13,542 | 88,023 |
LGI Homes, Inc.(a) | 208 | 24,205 |
Liberty Energy, Inc. | 700 | 14,504 |
Ligand Pharmaceuticals, Inc.(a) | 761 | 55,629 |
Lincoln National Corp. | 780 | 24,905 |
Lindsay Corp. | 159 | 18,708 |
Liquidity Services, Inc.(a) | 2,967 | 55,186 |
LiveRamp Holdings, Inc.(a) | 621 | 21,425 |
LTC Properties, Inc., REIT | 654 | 21,262 |
Lumen Technologies, Inc.(a) | 28,978 | 45,206 |
LXP Industrial Trust, REIT | 1,280 | 11,546 |
M/I Homes, Inc.(a) | 186 | 25,350 |
Macerich Co. | 665 | 11,458 |
Madison Square Garden Sports Corp.(a) | 72 | 13,285 |
Magnolia Oil & Gas Corp., Class A | 1,115 | 28,934 |
Marcus & Millichap, Inc. | 870 | 29,728 |
Marcus Corp. | 3,695 | 52,691 |
MarineMax, Inc.(a) | 778 | 25,876 |
Marten Transport Ltd. | 839 | 15,505 |
Masterbrand, Inc.(a) | 837 | 15,685 |
Materion Corp. | 93 | 12,253 |
Mativ Holdings, Inc. | 1,676 | 31,425 |
Matson, Inc. | 149 | 16,748 |
Matthews International Corp., Class A | 593 | 18,430 |
MaxLinear, Inc.(a) | 3,351 | 62,563 |
MDC Holdings, Inc. | 375 | 23,591 |
Medical Properties Trust, Inc. | 16,820 | 79,054 |
Medifast, Inc. | 1,597 | 61,197 |
Mercer International, Inc. | 3,013 | 29,979 |
Mercury General Corp. | 970 | 50,052 |
Mercury Systems, Inc.(a) | 635 | 18,733 |
Merit Medical Systems, Inc.(a) | 314 | 23,785 |
Meritage Homes Corp. | 149 | 26,144 |
Mesa Laboratories, Inc. | 269 | 29,517 |
Metallus, Inc.(a) | 611 | 13,595 |
Methode Electronics, Inc. | 2,489 | 30,316 |
MGE Energy, Inc. | 650 | 51,168 |
MGP Ingredients, Inc. | 852 | 73,383 |
Middlesex Water Co. | 1,006 | 52,815 |
MillerKnoll, Inc. | 693 | 17,159 |
Minerals Technologies, Inc. | 119 | 8,958 |
Mister Car Wash, Inc.(a) | 3,058 | 23,699 |
ModivCare, Inc.(a) | 455 | 10,670 |
Security Description | Shares | Value |
Moelis & Co., Class A | 266 | $15,101 |
Monarch Casino & Resort, Inc. | 254 | 19,047 |
Monro, Inc. | 723 | 22,803 |
Moog, Inc., Class A | 113 | 18,040 |
Movado Group, Inc. | 1,273 | 35,555 |
Mr Cooper Group, Inc.(a) | 490 | 38,195 |
Mueller Industries, Inc. | 1,019 | 54,955 |
Myers Industries, Inc. | 496 | 11,492 |
MYR Group, Inc.(a) | 163 | 28,810 |
Myriad Genetics, Inc.(a) | 665 | 14,178 |
N-able, Inc.(a) | 1,638 | 21,409 |
Nabors Industries Ltd.(a) | 184 | 15,848 |
National Bank Holdings Corp., Class A | 1,022 | 36,864 |
National Beverage Corp.(a) | 386 | 18,320 |
National HealthCare Corp. | 228 | 21,548 |
National Presto Industries, Inc. | 556 | 46,593 |
National Vision Holdings, Inc.(a) | 1,478 | 32,752 |
Navient Corp. | 1,283 | 22,324 |
NBT Bancorp, Inc. | 80 | 2,934 |
NCR Atleos Corp.(a) | 1,547 | 30,553 |
NCR Voyix Corp.(a) | 2,470 | 31,196 |
NeoGenomics, Inc.(a) | 964 | 15,154 |
NetScout Systems, Inc.(a) | 3,230 | 70,543 |
New York Mortgage Trust, Inc. | 1,393 | 10,030 |
Newell Brands, Inc. | 2,685 | 21,561 |
NexPoint Residential Trust, Inc., REIT | 378 | 12,168 |
NMI Holdings, Inc., Class A(a) | 719 | 23,252 |
Northern Oil & Gas, Inc. | 727 | 28,847 |
Northfield Bancorp, Inc. | 280 | 2,722 |
Northwest Bancshares, Inc. | 1,510 | 17,592 |
Northwest Natural Holding Co. | 1,401 | 52,145 |
Nu Skin Enterprises, Inc., Class A | 3,314 | 45,833 |
NV5 Global, Inc.(a) | 265 | 25,973 |
Oceaneering International, Inc.(a) | 735 | 17,199 |
ODP Corp.(a) | 822 | 43,607 |
OFG Bancorp | 939 | 34,565 |
O-I Glass, Inc.(a) | 1,854 | 30,758 |
Olympic Steel, Inc. | 194 | 13,751 |
OmniAb, Inc.(a),(b) | 198 | — |
OmniAb, Inc.(a),(b) | 198 | — |
Omnicell, Inc.(a) | 820 | 23,969 |
OPENLANE, Inc.(a) | 1,462 | 25,293 |
OraSure Technologies, Inc.(a) | 4,170 | 25,645 |
Organon & Co. | 1,904 | 35,795 |
OSI Systems, Inc.(a) | 158 | 22,566 |
Otter Tail Corp. | 623 | 53,827 |
Outfront Media, Inc. | 678 | 11,384 |
Owens & Minor, Inc.(a) | 1,643 | 45,528 |
Oxford Industries, Inc. | 201 | 22,592 |
Pacific Premier Bancorp, Inc. | 122 | 2,928 |
Pacira BioSciences, Inc.(a) | 1,120 | 32,726 |
Palomar Holdings, Inc.(a) | 629 | 52,729 |
5
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
Papa John's International, Inc. | 754 | $50,216 |
Par Pacific Holdings, Inc.(a) | 1,467 | 54,367 |
Park National Corp. | 21 | 2,853 |
Pathward Financial, Inc. | 689 | 34,781 |
Patrick Industries, Inc. | 315 | 37,633 |
Patterson Cos., Inc. | 1,555 | 42,996 |
Patterson-UTI Energy, Inc. | 1,255 | 14,985 |
Payoneer Global, Inc.(a) | 7,643 | 37,145 |
PC Connection, Inc. | 269 | 17,735 |
PDF Solutions, Inc.(a) | 390 | 13,131 |
Peabody Energy Corp. | 455 | 11,038 |
Pebblebrook Hotel Trust | 816 | 12,575 |
Pediatrix Medical Group, Inc.(a) | 7,788 | 78,114 |
PennyMac Mortgage Investment Trust, REIT | 702 | 10,305 |
Perdoceo Education Corp. | 1,501 | 26,358 |
Perficient, Inc.(a) | 1,107 | 62,313 |
Phibro Animal Health Corp., Class A | 4,366 | 56,452 |
Phillips Edison & Co., Inc., REIT | 303 | 10,869 |
Phinia, Inc. | 689 | 26,478 |
Photronics, Inc.(a) | 462 | 13,084 |
Piper Sandler Cos. | 72 | 14,291 |
Pitney Bowes, Inc. | 4,791 | 20,745 |
PJT Partners, Inc., Class A | 140 | 13,196 |
Plexus Corp.(a) | 1,106 | 104,871 |
Powell Industries, Inc. | 173 | 24,618 |
PRA Group, Inc.(a) | 817 | 21,307 |
Preferred Bank | 37 | 2,840 |
Premier, Inc., Class A | 1,980 | 43,758 |
Prestige Consumer Healthcare, Inc.(a) | 762 | 55,291 |
PriceSmart, Inc. | 763 | 64,092 |
Privia Health Group, Inc.(a) | 658 | 12,890 |
ProAssurance Corp.(a) | 4,204 | 54,063 |
PROG Holdings, Inc. | 658 | 22,662 |
Progress Software Corp. | 400 | 21,324 |
ProPetro Holding Corp.(a) | 2,054 | 16,596 |
Proto Labs, Inc.(a) | 1,402 | 50,121 |
Provident Financial Services, Inc. | 188 | 2,739 |
Quaker Chemical Corp. | 45 | 9,236 |
Quanex Building Products Corp. | 443 | 17,024 |
QuinStreet, Inc.(a) | 1,164 | 20,556 |
Radian Group, Inc. | 715 | 23,931 |
RadNet, Inc.(a) | 326 | 15,863 |
Ready Capital Corp., REIT | 328 | 2,995 |
Redwood Trust, Inc., REIT | 1,622 | 10,332 |
REGENXBIO, Inc.(a) | 1,543 | 32,511 |
Renasant Corp. | 91 | 2,850 |
Resideo Technologies, Inc.(a) | 674 | 15,111 |
Resources Connection, Inc. | 1,002 | 13,186 |
Retail Opportunity Investments Corp., REIT | 831 | 10,653 |
REX American Resources Corp.(a) | 803 | 47,144 |
Rogers Corp.(a) | 76 | 9,020 |
RPC, Inc. | 1,995 | 15,441 |
Security Description | Shares | Value |
Rush Enterprises, Inc., Class A | 365 | $19,535 |
RXO, Inc.(a) | 755 | 16,512 |
S&T Bancorp, Inc. | 90 | 2,887 |
Sabre Corp.(a) | 24,877 | 60,202 |
Safehold, Inc. | 551 | 11,351 |
Safety Insurance Group, Inc. | 593 | 48,739 |
Sally Beauty Holdings, Inc.(a) | 3,285 | 40,800 |
Sanmina Corp.(a) | 1,628 | 101,229 |
Saul Centers, Inc., REIT | 280 | 10,777 |
ScanSource, Inc.(a) | 400 | 17,616 |
Scholastic Corp. | 1,352 | 50,984 |
Schrodinger, Inc.(a) | 2,587 | 69,849 |
Seacoast Banking Corp. of Florida | 115 | 2,920 |
Sealed Air Corp. | 825 | 30,690 |
Select Medical Holdings Corp. | 2,484 | 74,893 |
Semtech Corp.(a) | 3,011 | 82,772 |
Sensient Technologies Corp. | 343 | 23,732 |
Service Properties Trust, REIT | 2,000 | 13,560 |
ServisFirst Bancshares, Inc. | 45 | 2,986 |
Shake Shack, Inc., Class A(a) | 508 | 52,847 |
Shenandoah Telecommunications Co. | 2,881 | 50,043 |
Shoe Carnival, Inc. | 833 | 30,521 |
Shutterstock, Inc. | 1,045 | 47,871 |
Signet Jewelers Ltd. | 364 | 36,425 |
Simmons First National Corp., Class A | 146 | 2,841 |
Simply Good Foods Co.(a) | 571 | 19,431 |
Simulations Plus, Inc. | 1,600 | 65,840 |
SiriusPoint Ltd.(a) | 4,321 | 54,920 |
SITE Centers Corp., REIT | 762 | 11,163 |
SiTime Corp.(a) | 727 | 67,778 |
Six Flags Entertainment Corp.(a) | 669 | 17,608 |
SJW Group | 921 | 52,119 |
SkyWest, Inc.(a) | 626 | 43,244 |
SL Green Realty Corp. | 271 | 14,940 |
SM Energy Co. | 586 | 29,212 |
SMART Global Holdings, Inc.(a) | 2,980 | 78,434 |
SolarEdge Technologies, Inc.(a) | 350 | 24,843 |
Sonic Automotive, Inc., Class A | 450 | 25,623 |
Sonos, Inc.(a) | 1,579 | 30,096 |
Southside Bancshares, Inc. | 100 | 2,923 |
SpartanNash Co. | 3,078 | 62,206 |
Sprinklr, Inc., Class A(a) | 1,595 | 19,571 |
SPS Commerce, Inc.(a) | 119 | 22,003 |
SPX Technologies, Inc.(a) | 456 | 56,147 |
St. Joe Co. | 217 | 12,579 |
STAAR Surgical Co.(a) | 420 | 16,078 |
Standard Motor Products, Inc. | 1,156 | 38,784 |
Standex International Corp. | 365 | 66,510 |
Stellar Bancorp, Inc. | 116 | 2,826 |
Stepan Co. | 99 | 8,914 |
Steven Madden Ltd. | 837 | 35,388 |
Stewart Information Services Corp. | 576 | 37,475 |
6
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2024
(Unaudited)
Security Description | Shares | Value |
StoneX Group, Inc.(a) | 438 | $30,774 |
Strategic Education, Inc. | 255 | 26,551 |
Stride, Inc.(a) | 430 | 27,111 |
Sturm Ruger & Co., Inc. | 1,163 | 53,672 |
Summit Hotel Properties, Inc., REIT | 2,009 | 13,079 |
Sun Country Airlines Holdings, Inc.(a) | 2,929 | 44,199 |
SunCoke Energy, Inc. | 1,146 | 12,915 |
SunPower Corp.(a) | 17,407 | 52,221 |
Sunrun, Inc.(a) | 1,145 | 15,091 |
Sunstone Hotel Investors, Inc. | 1,161 | 12,934 |
Supernus Pharmaceuticals, Inc.(a) | 1,508 | 51,438 |
Sylvamo Corp. | 481 | 29,697 |
Talos Energy, Inc.(a) | 2,073 | 28,877 |
Tandem Diabetes Care, Inc.(a) | 4,580 | 162,178 |
Tanger, Inc. | 370 | 10,926 |
TechTarget, Inc.(a) | 563 | 18,624 |
Telephone & Data Systems, Inc. | 3,311 | 53,042 |
Tennant Co. | 231 | 28,092 |
Thryv Holdings, Inc.(a) | 2,420 | 53,797 |
Titan International, Inc.(a) | 829 | 10,329 |
Tompkins Financial Corp. | 57 | 2,867 |
Tootsie Roll Industries, Inc. | 604 | 19,336 |
Topgolf Callaway Brands Corp.(a) | 3,728 | 60,282 |
TreeHouse Foods, Inc.(a) | 522 | 20,332 |
Tri Pointe Homes, Inc.(a) | 678 | 26,211 |
Trinity Industries, Inc. | 691 | 19,244 |
TripAdvisor, Inc.(a) | 1,985 | 55,163 |
Triumph Financial, Inc.(a) | 471 | 37,360 |
Triumph Group, Inc.(a) | 1,198 | 18,018 |
Trupanion, Inc.(a) | 1,588 | 43,845 |
TrustCo Bank Corp. | 629 | 17,713 |
Trustmark Corp. | 108 | 3,036 |
TTEC Holdings, Inc. | 1,004 | 10,411 |
TTM Technologies, Inc.(a) | 3,511 | 54,947 |
Two Harbors Investment Corp. | 785 | 10,393 |
U.S. Physical Therapy, Inc. | 143 | 16,140 |
U.S. Silica Holdings, Inc.(a) | 1,280 | 15,885 |
UFP Technologies, Inc.(a) | 119 | 30,012 |
Ultra Clean Holdings, Inc.(a) | 287 | 13,185 |
UniFirst Corp. | 127 | 22,026 |
United Community Banks, Inc. | 109 | 2,869 |
United Fire Group, Inc. | 2,332 | 50,768 |
United Natural Foods, Inc.(a) | 5,381 | 61,828 |
Uniti Group, Inc., REIT | 1,789 | 10,555 |
Unitil Corp. | 1,010 | 52,873 |
Universal Corp. | 1,389 | 71,839 |
Universal Health Realty Income Trust, REIT | 364 | 13,362 |
Upbound Group, Inc. | 1,257 | 44,259 |
Urban Edge Properties | 631 | 10,897 |
Urban Outfitters, Inc.(a) | 1,273 | 55,274 |
USANA Health Sciences, Inc.(a) | 396 | 19,206 |
Security Description | Shares | Value | |
Varex Imaging Corp.(a) | 1,713 | $31,005 | |
Vector Group Ltd. | 6,318 | 69,245 | |
Veeco Instruments, Inc.(a) | 375 | 13,189 | |
Vericel Corp.(a) | 3,109 | 161,730 | |
Veris Residential, Inc., REIT | 930 | 14,145 | |
Veritex Holdings, Inc. | 142 | 2,910 | |
Verra Mobility Corp.(a) | 1,555 | 38,828 | |
Vestis Corp. | 1,130 | 21,775 | |
Viad Corp.(a) | 479 | 18,916 | |
Viasat, Inc.(a) | 2,242 | 40,558 | |
Viavi Solutions, Inc.(a) | 2,930 | 26,634 | |
Vicor Corp.(a) | 715 | 27,342 | |
Victoria's Secret & Co.(a) | 1,162 | 22,520 | |
Vir Biotechnology, Inc.(a) | 3,097 | 31,373 | |
Virtus Investment Partners, Inc. | 338 | 83,817 | |
Vista Outdoor, Inc.(a) | 1,653 | 54,185 | |
Vital Energy, Inc.(a) | 523 | 27,478 | |
Wabash National Corp. | 648 | 19,401 | |
WaFd, Inc. | 628 | 18,231 | |
Walker & Dunlop, Inc. | 378 | 38,201 | |
Warrior Met Coal, Inc. | 206 | 12,504 | |
WD-40 Co. | 92 | 23,305 | |
Westamerica BanCorp | 58 | 2,835 | |
Whitestone REIT | 890 | 11,170 | |
Winnebago Industries, Inc. | 819 | 60,606 | |
WisdomTree, Inc. | 10,023 | 92,111 | |
WK Kellogg Co. | 1,325 | 24,910 | |
Wolverine World Wide, Inc. | 3,517 | 39,426 | |
World Acceptance Corp.(a) | 163 | 23,632 | |
World Kinect Corp. | 2,144 | 56,709 | |
Worthington Enterprises, Inc. | 165 | 10,268 | |
Worthington Steel, Inc. | 390 | 13,982 | |
WSFS Financial Corp. | 68 | 3,070 | |
Xencor, Inc.(a) | 1,448 | 32,044 | |
Xenia Hotels & Resorts, Inc., REIT | 851 | 12,774 | |
Xerox Holdings Corp. | 1,804 | 32,292 | |
XPEL, Inc.(a) | 692 | 37,382 | |
Xperi, Inc.(a) | 6,432 | 77,570 | |
Yelp, Inc.(a) | 1,377 | 54,254 | |
TOTAL INVESTMENTS—99.8% (Cost $15,413,424) | 18,087,082 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 40,738 | ||
NET ASSETS—100.0% | $18,127,820 |
(a) | Non-income producing security. |
(b) | Fair valued by Adviser. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
7
Syntax Stratified SmallCap ETF
Schedule of Investments
March 31, 2024
(Unaudited)
The following table
summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024.
Description | Level 1 | Level 2 | Level 3 | Total |
Syntax Stratified SmallCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $18,087,082 | $— | $—* | $18,087,082 |
Total | $18,087,082 | $— | $— | $18,087,082 |
* | As of March 31, 2024, level 3 common stocks held in Syntax Stratified SmallCapETF represented 0.0% of the Fund’s net assets. |
8
Syntax Stratified SmallCap ETF
Schedule of Investments
March 31, 2024
(Unaudited)
INDUSTRY BREAKDOWN
As of March 31, 2024*
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Providers and Facilities | 3.7% |
Commercial IT Hardware | 3.1 |
Software for Specific Uses | 2.7 |
Medical Devices | 2.6 |
Auto Products | 2.6 |
Consumer Insurance | 2.6 |
Real Estate Operators and Developers | 2.5 |
Non-Real Estate Banking | 2.5 |
Upstream Energy | 2.5 |
Real Estate Banking | 2.4 |
Investment Services | 2.4 |
Transportation and Consumer Auto Services | 2.4 |
Marketed Pharmaceuticals | 2.4 |
Content Providers | 2.3 |
Management and IT Services | 2.3 |
Real Estate Rental | 2.3 |
Telecommunication Networks | 2.3 |
Consumer Equipment Retail | 2.2 |
Apparel and Accessory Retailers | 2.2 |
Mechanical and Structural Components | 2.1 |
Commercial Insurance | 2.1 |
Consumer Equipment Manufacture | 2.0 |
Transaction Services | 2.0 |
Software for Specific Industries | 1.9 |
Electric and Electronic Components | 1.8 |
Specialty Industrial Services | 1.8 |
Production Equipment | 1.8 |
Gas and Water Utilities | 1.7 |
Food Distributors | 1.7 |
Distribution Services | 1.7 |
Restaurants | 1.7 |
Hospital Equipment | 1.7 |
Analog and Mixed Signal Integrated Circuits | 1.6 |
Other Pharmaceuticals | 1.5 |
Contract Electronics Services | 1.4 |
Primary Foods | 1.3 |
Semiconductor Services and Equipment | 1.2 |
Chemicals | 1.2 |
Branded Apparel | 1.2 |
Healthcare Products Distribution | 1.2 |
Other Raw Materials | 1.2 |
Internet Search and Social Networks | 1.2 |
Alcohol and Tobacco | 1.2 |
Online Distribution Networks | 1.2 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Digital Integrated Circuits | 1.1% |
Processed Foods | 1.1 |
Metals | 1.1 |
Competitive Electric Utilities | 1.0 |
Downstream Energy | 0.9 |
Transport Aerospace and Defense Equipment | 0.9 |
Regulated Electric Utilities | 0.9 |
Consumer Electronics | 0.8 |
Industrial Conglomerates | 0.7 |
Clinical Stage Pharmaceuticals | 0.7 |
Personal Care Products | 0.7 |
Medical Research Services and Equipment | 0.7 |
Accessories and Footwear | 0.6 |
Securities Brokers and Dealers | 0.3 |
Midstream Energy | 0.3 |
Consumer Paper Products | 0.3 |
Household Care Products | 0.2 |
Vitamins and Nutritional Supplements | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
* The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
9
Syntax Stratified SmallCap ETF
Notes to Schedule of
Investments
March 31, 2024
(Unaudited)
Investment Valuation
The following
methodologies are used to determine the market value or fair value of investments.
Market Value:
Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are
valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that
day are valued at the last published sale price or at fair value.
Fair Valuation:
Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the
Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination
is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual
restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s
financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Under generally
accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy
of inputs is summarized in the three broad levels listed below.
The three levels of
the fair value hierarchy are as follows:
• | Level 1 — Quoted prices in active markets for identical investments |
• | Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
The value of the
Fund’s investments according to the fair value hierarchy as of March 31, 2024 is disclosed in the Fund’s respective Schedule of Investments.
Other information
regarding the Fund is available on the Fund's website at www.syntaxadvisors.com as well as on the website of the Securities and Exchange Commission at www.sec.gov.
10