As filed with the Securities and Exchange Commission on March 9, 2023
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, 2022
Item 1: | Report(s) to Shareholders. |
The Annual Report is attached.
1 | |
19 | |
41 | |
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48 | |
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74 |
Top 10 Holdings and Portfolio Weights | |
Chevron Corp. | 0.84% |
Exxon Mobil Corp. | 0.84% |
Walmart, Inc. | 0.77% |
Kroger Co. | 0.76% |
Costco Wholesale Corp. | 0.75% |
Sysco Corp. | 0.74% |
Walgreens Boots Alliance, Inc. | 0.65% |
CVS Health Corp. | 0.65% |
Valero Energy Corp. | 0.58% |
Marathon Petroleum Corp. | 0.57% |
As of December 31, 2022. Holdings subject to change |
Sector Breakdown | |
Energy | 13.11% |
Financials | 12.52% |
Consumer Products Services | 12.45% |
Healthcare | 12.44% |
Industrials | 12.43% |
Food | 12.34% |
Information | 12.32% |
Information Tools | 12.15% |
Other Assets in Excess of Liabilities | 0.24% |
As of December 31, 2022. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | ||||||||||||
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
SSPY NAV (%) | -9.02 | 12.08 | -9.02 | 9.53 | 9.62 | 9.92 | -1.44 | 14.11 | 19.73 | -6.57 | 28.93 | 12.18 | 28.76 | -9.02 |
SSPY Market Price (%) | -9.17 | 11.94 | -9.17 | 9.50 | -- | -- | -- | -- | -- | -- | 28.90 | 12.22 | 28.82 | -9.17 |
Syntax Stratified LargeCap Index (TR) | -8.79 | 12.20 | -8.79 | 9.83 | 9.90 | -- | -- | -- | 20.12 | -6.43 | 29.33 | 12.38 | 29.25 | -8.79 |
S&P 500 Index (TR) | -18.11 | 7.56 | -18.11 | 7.66 | 9.42 | 10.17 | 1.38 | 11.96 | 21.83 | -4.38 | 31.49 | 18.40 | 28.71 | -18.11 |
S&P 500 Equal Weight Index (TR) | -11.45 | 11.64 | -11.45 | 9.01 | 9.11 | 9.48 | -2.20 | 14.80 | 18.90 | -7.64 | 29.24 | 12.83 | 29.63 | -11.45 |
Top 10 Holdings and Portfolio Weights | |
MKS Instruments, Inc. | 1.24% |
Azenta, Inc. | 1.18% |
TripAdvisor, Inc. | 1.17% |
Ziff Davis, Inc. | 1.11% |
Helen of Troy Ltd. | 1.03% |
Coty, Inc. | 0.98% |
Arrowhead Pharmaceuticals, Inc. | 0.93% |
Energizer Holdings, Inc. | 0.89% |
Scotts Miracle-Gro Co. | 0.86% |
NCR Corp. | 0.81% |
As of December 31, 2022. Holdings subject to change |
Sector Breakdown | |
Industrials | 14.95% |
Healthcare | 14.53% |
Financials | 14.17% |
Consumer Products Services | 14.14% |
Information | 14.09% |
Information Tools | 13.73% |
Energy | 7.23% |
Food | 6.98% |
Other Assets in Excess of Liabilities | 0.18% |
As of December 31, 2022. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | ||||||||||||
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
SMDY NAV (%) | -12.61 | 12.71 | -12.61 | 7.70 | 7.33 | 8.14 | -4.12 | 19.25 | 14.82 | -7.58 | 23.35 | 17.22 | 21.95 | -12.61 |
SMDY Market Price (%) | -12.67 | 12.37 | -12.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | 21.66 | -12.67 |
Syntax Stratified MidCap Index (TR) | -12.30 | 12.83 | -12.30 | 8.17 | 7.75 | -- | -- | -- | 15.13 | -7.33 | 23.81 | 17.79 | 22.53 | -12.30 |
S&P 400 Index (TR) | -13.06 | 10.78 | -13.06 | 7.23 | 6.71 | 8.35 | -2.18 | 20.74 | 16.24 | -11.08 | 26.20 | 13.66 | 24.76 | -13.06 |
S&P 400 Equal Weight Index (TR) | -11.47 | 11.81 | -11.47 | 9.22 | 7.18 | 8.30 | -5.24 | 23.95 | 13.87 | -11.94 | 23.29 | 15.77 | 27.12 | -11.47 |
Top 10 Holdings and Portfolio Weights | |
Community Healthcare Trust, Inc., REIT | 0.62% |
Plexus Corp. | 0.58% |
CareTrust REIT, Inc. | 0.56% |
Sanmina Corp. | 0.55% |
Vista Outdoor, Inc. | 0.55% |
Blucora, Inc. | 0.54% |
Liquidity Services, Inc. | 0.54% |
Sturm Ruger & Co., Inc. | 0.52% |
Brightsphere Investment Group, Inc. | 0.51% |
Shutterstock, Inc. | 0.51% |
As of December 31, 2022. Holdings subject to change |
Sector Breakdown | |
Industrials | 14.46% |
Financials | 14.44% |
Healthcare | 14.40% |
Information | 14.35% |
Consumer Products Services | 14.02% |
Information Tools | 13.77% |
Energy | 7.35% |
Food | 7.01% |
Other Assets in Excess of Liabilities | 0.20% |
As of December 31, 2022. (% of the Fund’s Net Assets) |
Cumulative | Annualized | Calendar Year | ||||||
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | 2021 | 2022 | |
SSLY NAV (%) | -18.55 | 9.53 | -18.55 | -- | -- | 16.38 | 25.72 | -18.55 |
SSLY Market Price (%) | -18.56 | 9.39 | -18.56 | -- | -- | 16.38 | 25.47 | -18.56 |
Syntax Stratified SmallCap Index (TR) | -18.21 | 9.65 | -18.21 | -- | -- | 17.44 | 27.34 | -18.21 |
S&P 600 Index (TR) | -16.10 | 9.19 | -16.10 | -- | -- | 16.30 | 26.82 | -16.10 |
S&P 600 Equal Weight Index (TR) | -16.23 | 10.39 | -16.23 | -- | -- | 20.38 | 32.50 | -16.23 |
Cumulative | Annualized | Calendar Year | |||||
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | 2022 | |
SYUS NAV (%) | -10.05 | 11.81 | -10.05 | -- | -- | 2.01 | -10.05 |
SYUS Market Price (%) | -10.05 | 11.81 | -10.05 | -- | -- | 2.01 | -10.05 |
S&P Composite 1500® Index (TR) | -17.78 | 7.79 | -17.78 | -- | -- | 0.04 | -17.78 |
Cumulative | Annualized | Calendar Year | |||||
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | 2022 | |
SHUS NAV (%) | -3.53 | 7.07 | -3.53 | -- | -- | -0.07 | -3.53 |
SHUS Market Price (%) | -3.32 | 8.41 | -3.32 | -- | -- | 0.08 | -3.32 |
S&P Composite 1500® Index (TR) | -17.78 | 7.79 | -17.78 | -- | -- | -5.04 | -17.78 |
YTD | 4Q22 | 1Y | 3Y | 5Y | Since Fund Inception | |
SYII NAV (%) | -- | 11.77 | -- | -- | -- | 8.29 |
SYII Market Price (%) | -- | 11.80 | -- | -- | -- | 8.33 |
S&P Composite 1500® Index (TR) | -- | 7.79 | -- | -- | -- | 3.93 |
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3M Co. | 1,363 | $163,451 |
A O Smith Corp. | 3,313 | 189,636 |
Abbott Laboratories | 598 | 65,654 |
AbbVie, Inc. | 1,486 | 240,152 |
Accenture PLC, Class A | 593 | 158,236 |
Activision Blizzard, Inc. | 4,548 | 348,149 |
Adobe, Inc.(a) | 522 | 175,669 |
Advance Auto Parts, Inc. | 868 | 127,622 |
Advanced Micro Devices, Inc.(a) | 1,993 | 129,087 |
AES Corp. | 13,485 | 387,829 |
Aflac, Inc. | 2,438 | 175,390 |
Agilent Technologies, Inc. | 845 | 126,454 |
Air Products & Chemicals, Inc. | 154 | 47,472 |
Akamai Technologies, Inc.(a) | 3,844 | 324,049 |
Alaska Air Group, Inc.(a) | 3,471 | 149,045 |
Albemarle Corp. | 190 | 41,203 |
Alexandria Real Estate Equities, Inc., REIT | 766 | 111,583 |
Align Technology, Inc.(a) | 681 | 143,623 |
Allegion PLC | 709 | 74,629 |
Alliant Energy Corp. | 1,432 | 79,061 |
Allstate Corp. | 1,330 | 180,348 |
Alphabet, Inc., Class A(a) | 2,461 | 217,134 |
Alphabet, Inc., Class C(a) | 2,451 | 217,477 |
Altria Group, Inc. | 8,246 | 376,925 |
Amazon.com, Inc.(a) | 1,708 | 143,472 |
Amcor PLC | 6,922 | 82,441 |
Ameren Corp. | 890 | 79,139 |
American Airlines Group, Inc.(a) | 11,418 | 145,237 |
American Electric Power Co., Inc. | 2,662 | 252,757 |
American Express Co. | 298 | 44,030 |
American International Group, Inc. | 4,094 | 258,905 |
American Tower Corp., REIT | 326 | 69,066 |
American Water Works Co., Inc. | 2,193 | 334,257 |
Ameriprise Financial, Inc. | 355 | 110,536 |
AmerisourceBergen Corp. | 1,240 | 205,480 |
AMETEK, Inc. | 921 | 128,682 |
Amgen, Inc. | 864 | 226,921 |
Amphenol Corp., Class A | 2,446 | 186,238 |
Analog Devices, Inc. | 1,350 | 221,441 |
ANSYS, Inc.(a) | 702 | 169,596 |
Aon PLC, Class A | 121 | 36,317 |
APA Corp. | 1,740 | 81,223 |
Apple, Inc. | 3,601 | 467,878 |
Applied Materials, Inc. | 1,584 | 154,250 |
Aptiv PLC(a) | 4,127 | 384,348 |
Arch Capital Group Ltd.(a) | 2,861 | 179,614 |
Archer-Daniels-Midland Co. | 5,559 | 516,153 |
Arista Networks, Inc.(a) | 1,610 | 195,374 |
Arthur J Gallagher & Co. | 194 | 36,577 |
Assurant, Inc. | 1,314 | 164,329 |
AT&T, Inc. | 13,442 | 247,467 |
Security Description | Shares | Value |
Atmos Energy Corp. | 2,908 | $325,900 |
Autodesk, Inc.(a) | 878 | 164,072 |
Automatic Data Processing, Inc. | 886 | 211,630 |
AutoZone, Inc.(a) | 51 | 125,775 |
AvalonBay Communities, Inc., REIT | 669 | 108,057 |
Avery Dennison Corp. | 359 | 64,979 |
Baker Hughes Co. | 12,629 | 372,934 |
Ball Corp. | 1,593 | 81,466 |
Bank of America Corp. | 3,959 | 131,122 |
Bank of New York Mellon Corp. | 2,556 | 116,349 |
Bath & Body Works, Inc. | 12,110 | 510,315 |
Baxter International, Inc. | 980 | 49,951 |
Becton Dickinson & Co. | 207 | 52,640 |
Berkshire Hathaway, Inc., Class B(a) | 1,680 | 518,952 |
Best Buy Co., Inc. | 3,135 | 251,458 |
Biogen, Inc.(a) | 846 | 234,274 |
Bio-Rad Laboratories, Inc., Class A(a) | 252 | 105,963 |
Bio-Techne Corp. | 1,590 | 131,779 |
BlackRock, Inc. | 160 | 113,381 |
Boeing Co.(a) | 958 | 182,489 |
Booking Holdings, Inc.(a) | 108 | 217,650 |
BorgWarner, Inc. | 9,505 | 382,576 |
Boston Properties, Inc., REIT | 1,714 | 115,832 |
Boston Scientific Corp.(a) | 1,392 | 64,408 |
Bristol-Myers Squibb Co. | 3,072 | 221,030 |
Broadcom, Inc. | 423 | 236,512 |
Broadridge Financial Solutions, Inc. | 800 | 107,304 |
Brown & Brown, Inc. | 664 | 37,828 |
Brown-Forman Corp., Class B | 3,789 | 248,862 |
Cadence Design Systems, Inc.(a) | 2,090 | 335,738 |
Caesars Entertainment, Inc.(a) | 1,381 | 57,450 |
Camden Property Trust | 986 | 110,314 |
Campbell Soup Co. | 3,957 | 224,560 |
Capital One Financial Corp. | 3,624 | 336,887 |
Cardinal Health, Inc. | 2,639 | 202,860 |
CarMax, Inc.(a) | 1,956 | 119,101 |
Carnival Corp.(a) | 9,623 | 77,561 |
Carrier Global Corp. | 1,789 | 73,796 |
Catalent, Inc.(a) | 5,486 | 246,925 |
Caterpillar, Inc. | 567 | 135,831 |
Cboe Global Markets, Inc. | 370 | 46,424 |
CBRE Group, Inc., Class A(a) | 496 | 38,172 |
CDW Corp. | 691 | 123,399 |
Celanese Corp. | 669 | 68,399 |
Centene Corp.(a) | 3,176 | 260,464 |
CenterPoint Energy, Inc. | 8,440 | 253,116 |
Ceridian HCM Holding, Inc.(a) | 3,517 | 225,616 |
CF Industries Holdings, Inc. | 867 | 73,868 |
CH Robinson Worldwide, Inc. | 897 | 82,129 |
Charles River Laboratories International, Inc.(a) | 607 | 132,265 |
Charles Schwab Corp. | 3,214 | 267,598 |
Security Description | Shares | Value |
Charter Communications, Inc., Class A(a) | 904 | $306,546 |
Chevron Corp. | 4,574 | 820,987 |
Chipotle Mexican Grill, Inc.(a) | 336 | 466,197 |
Chubb Ltd. | 789 | 174,053 |
Church & Dwight Co., Inc. | 6,416 | 517,194 |
Cigna Corp. | 621 | 205,762 |
Cincinnati Financial Corp. | 1,608 | 164,643 |
Cintas Corp. | 428 | 193,293 |
Cisco Systems, Inc. | 4,233 | 201,660 |
Citigroup, Inc. | 2,864 | 129,539 |
Citizens Financial Group, Inc. | 1,431 | 56,338 |
Clorox Co. | 3,451 | 484,279 |
CME Group, Inc. | 259 | 43,553 |
CMS Energy Corp. | 1,269 | 80,366 |
Coca-Cola Co. | 4,070 | 258,893 |
Cognizant Technology Solutions Corp., Class A | 2,348 | 134,282 |
Colgate-Palmolive Co. | 6,605 | 520,408 |
Comcast Corp., Class A | 9,717 | 339,803 |
Comerica, Inc. | 3,111 | 207,970 |
Conagra Brands, Inc. | 5,787 | 223,957 |
ConocoPhillips | 663 | 78,234 |
Consolidated Edison, Inc. | 2,662 | 253,715 |
Constellation Brands, Inc., Class A | 1,063 | 246,350 |
Constellation Energy Corp. | 4,304 | 371,048 |
Cooper Companies, Inc. | 421 | 139,212 |
Copart, Inc.(a) | 3,590 | 218,595 |
Corning, Inc. | 5,807 | 185,476 |
Corteva, Inc. | 1,352 | 79,471 |
CoStar Group, Inc.(a) | 610 | 47,141 |
Costco Wholesale Corp. | 1,595 | 728,117 |
Coterra Energy, Inc. | 5,241 | 128,771 |
Crown Castle, Inc., REIT | 493 | 66,871 |
CSX Corp. | 2,729 | 84,544 |
Cummins, Inc. | 319 | 77,291 |
CVS Health Corp. | 6,740 | 628,101 |
Danaher Corp. | 385 | 102,187 |
Darden Restaurants, Inc. | 3,597 | 497,573 |
DaVita, Inc.(a) | 1,154 | 86,169 |
Deere & Co. | 299 | 128,199 |
Delta Air Lines, Inc.(a) | 4,563 | 149,940 |
DENTSPLY SIRONA, Inc. | 1,701 | 54,160 |
Devon Energy Corp. | 2,147 | 132,062 |
Dexcom, Inc.(a) | 1,102 | 124,790 |
Diamondback Energy, Inc. | 567 | 77,554 |
Digital Realty Trust, Inc., REIT | 3,209 | 321,766 |
Discover Financial Services | 3,325 | 325,285 |
DISH Network Corp., Class A(a) | 17,529 | 246,107 |
Dollar General Corp. | 706 | 173,853 |
Dollar Tree, Inc.(a) | 1,200 | 169,728 |
Dominion Energy, Inc. | 4,412 | 270,544 |
Domino's Pizza, Inc. | 1,415 | 490,156 |
Security Description | Shares | Value |
Dover Corp. | 1,242 | $168,179 |
Dow, Inc. | 1,363 | 68,682 |
DR Horton, Inc. | 3,009 | 268,222 |
DTE Energy Co. | 2,202 | 258,801 |
Duke Energy Corp. | 787 | 81,053 |
DuPont de Nemours, Inc. | 710 | 48,727 |
DXC Technology Co.(a) | 5,189 | 137,509 |
Eastman Chemical Co. | 572 | 46,584 |
Eaton Corp. PLC | 1,615 | 253,474 |
eBay, Inc. | 3,459 | 143,445 |
Ecolab, Inc. | 331 | 48,180 |
Edison International | 3,910 | 248,754 |
Edwards Lifesciences Corp.(a) | 867 | 64,687 |
Electronic Arts, Inc. | 2,747 | 335,628 |
Elevance Health, Inc. | 525 | 269,309 |
Eli Lilly & Co. | 671 | 245,479 |
Emerson Electric Co. | 385 | 36,983 |
Enphase Energy, Inc.(a) | 798 | 211,438 |
Entergy Corp. | 2,193 | 246,713 |
EOG Resources, Inc. | 598 | 77,453 |
EPAM Systems, Inc.(a) | 396 | 129,785 |
EQT Corp. | 3,587 | 121,348 |
Equifax, Inc. | 246 | 47,813 |
Equinix, Inc., REIT | 509 | 333,410 |
Equity Residential, REIT | 1,828 | 107,852 |
Essex Property Trust, Inc., REIT | 531 | 112,530 |
Estee Lauder Companies, Inc., Class A | 2,148 | 532,940 |
Etsy, Inc.(a) | 1,194 | 143,017 |
Everest Re Group Ltd. | 511 | 169,279 |
Evergy, Inc. | 1,271 | 79,984 |
Eversource Energy | 943 | 79,061 |
Exelon Corp. | 9,319 | 402,860 |
Expedia Group, Inc.(a) | 2,412 | 211,291 |
Expeditors International of Washington, Inc. | 790 | 82,097 |
Extra Space Storage, Inc., REIT | 726 | 106,853 |
Exxon Mobil Corp. | 7,425 | 818,977 |
F5, Inc.(a) | 1,372 | 196,896 |
FactSet Research Systems, Inc. | 109 | 43,732 |
Fastenal Co. | 2,511 | 118,821 |
Federal Realty Investment Trust | 632 | 63,857 |
FedEx Corp. | 499 | 86,427 |
Fidelity National Information Services, Inc. | 813 | 55,162 |
Fifth Third Bancorp | 1,733 | 56,860 |
First Republic Bank | 1,773 | 216,111 |
First Solar, Inc.(a) | 1,271 | 190,383 |
FirstEnergy Corp. | 6,217 | 260,741 |
Fiserv, Inc.(a) | 570 | 57,610 |
FleetCor Technologies, Inc.(a) | 244 | 44,818 |
FMC Corp. | 672 | 83,866 |
Ford Motor Co. | 19,453 | 226,238 |
Fortinet, Inc.(a) | 6,581 | 321,745 |
Fortive Corp. | 553 | 35,530 |
Security Description | Shares | Value |
Fox Corp., Class A | 3,300 | $100,221 |
Fox Corp., Class B | 3,515 | 100,002 |
Franklin Resources, Inc. | 4,294 | 113,276 |
Freeport-McMoRan, Inc. | 8,817 | 335,046 |
Garmin Ltd. | 5,394 | 497,812 |
Gartner, Inc.(a) | 397 | 133,448 |
Gen Digital, Inc. | 15,083 | 323,229 |
Generac Holdings, Inc.(a) | 846 | 85,158 |
General Dynamics Corp. | 688 | 170,700 |
General Electric Co. | 2,103 | 176,210 |
General Mills, Inc. | 2,564 | 214,991 |
General Motors Co. | 6,719 | 226,027 |
Genuine Parts Co. | 706 | 122,498 |
Gilead Sciences, Inc. | 2,746 | 235,744 |
Global Payments, Inc. | 468 | 46,482 |
Globe Life, Inc. | 1,470 | 177,209 |
Goldman Sachs Group, Inc. | 713 | 244,830 |
Halliburton Co. | 10,320 | 406,092 |
Hartford Financial Services Group, Inc. | 3,441 | 260,931 |
Hasbro, Inc. | 3,253 | 198,466 |
HCA Healthcare, Inc. | 1,440 | 345,542 |
Healthpeak Properties, Inc., REIT | 3,376 | 84,636 |
Henry Schein, Inc.(a) | 2,532 | 202,231 |
Hershey Co. | 817 | 189,193 |
Hess Corp. | 569 | 80,696 |
Hewlett Packard Enterprise Co. | 15,838 | 252,774 |
Hilton Worldwide Holdings, Inc. | 823 | 103,994 |
Hologic, Inc.(a) | 1,391 | 104,061 |
Home Depot, Inc. | 803 | 253,636 |
Honeywell International, Inc. | 811 | 173,797 |
Hormel Foods Corp. | 10,946 | 498,590 |
Host Hotels & Resorts, Inc., REIT | 6,460 | 103,683 |
Howmet Aerospace, Inc. | 2,028 | 79,923 |
HP, Inc. | 18,164 | 488,067 |
Humana, Inc. | 513 | 262,753 |
Huntington Bancshares, Inc. | 3,912 | 55,159 |
Huntington Ingalls Industries, Inc. | 555 | 128,027 |
IDEX Corp. | 815 | 186,089 |
IDEXX Laboratories, Inc.(a) | 245 | 99,950 |
Illinois Tool Works, Inc. | 773 | 170,292 |
Illumina, Inc.(a) | 623 | 125,971 |
Incyte Corp.(a) | 2,935 | 235,739 |
Ingersoll Rand, Inc. | 3,604 | 188,309 |
Intel Corp. | 4,836 | 127,815 |
Intercontinental Exchange, Inc. | 442 | 45,345 |
International Business Machines Corp. | 2,331 | 328,415 |
International Flavors & Fragrances, Inc. | 455 | 47,702 |
International Paper Co. | 1,783 | 61,745 |
Interpublic Group of Companies, Inc. | 5,317 | 177,109 |
Intuit, Inc. | 571 | 222,245 |
Intuitive Surgical, Inc.(a) | 318 | 84,381 |
Invesco Ltd. | 6,227 | 112,024 |
Security Description | Shares | Value |
Invitation Homes, Inc. | 3,621 | $107,326 |
IQVIA Holdings, Inc.(a) | 620 | 127,032 |
Iron Mountain, Inc., REIT | 1,262 | 62,911 |
J M Smucker Co. | 1,419 | 224,855 |
Jack Henry & Associates, Inc. | 313 | 54,950 |
Jacobs Solutions, Inc. | 3,167 | 380,262 |
JB Hunt Transport Services, Inc. | 485 | 84,565 |
Johnson & Johnson | 1,380 | 243,777 |
Johnson Controls International PLC | 1,167 | 74,688 |
JPMorgan Chase & Co. | 967 | 129,675 |
Juniper Networks, Inc. | 6,318 | 201,923 |
Kellogg Co. | 2,662 | 189,641 |
Keurig Dr Pepper, Inc. | 6,735 | 240,170 |
KeyCorp | 3,263 | 56,841 |
Keysight Technologies, Inc.(a) | 1,131 | 193,480 |
Kimberly-Clark Corp. | 3,778 | 512,863 |
Kimco Realty Corp., REIT | 3,157 | 66,865 |
Kinder Morgan, Inc. | 14,712 | 265,993 |
KLA Corp. | 433 | 163,254 |
Kraft Heinz Co. | 5,519 | 224,678 |
Kroger Co. | 16,616 | 740,741 |
L3Harris Technologies, Inc. | 593 | 123,469 |
Laboratory Corp. of America Holdings | 732 | 172,371 |
Lam Research Corp. | 378 | 158,873 |
Lamb Weston Holdings, Inc. | 2,570 | 229,655 |
Las Vegas Sands Corp.(a) | 1,443 | 69,365 |
Leidos Holdings, Inc. | 1,280 | 134,643 |
Lennar Corp., Class A | 2,901 | 262,541 |
Lincoln National Corp. | 5,395 | 165,734 |
Linde PLC(a) | 144 | 46,970 |
Live Nation Entertainment, Inc.(a) | 1,198 | 83,549 |
LKQ Corp. | 2,415 | 128,985 |
Lockheed Martin Corp. | 267 | 129,893 |
Loews Corp. | 9,080 | 529,636 |
Lowe's Companies, Inc. | 1,264 | 251,839 |
Lumen Technologies, Inc. | 63,046 | 329,100 |
LyondellBasell Industries N.V., Class A | 842 | 69,911 |
M&T Bank Corp. | 375 | 54,398 |
Marathon Oil Corp. | 2,786 | 75,417 |
Marathon Petroleum Corp. | 4,777 | 555,995 |
MarketAxess Holdings, Inc. | 160 | 44,622 |
Marriott International, Inc., Class A | 709 | 105,563 |
Marsh & McLennan Companies, Inc. | 220 | 36,406 |
Martin Marietta Materials, Inc. | 477 | 161,212 |
Masco Corp. | 3,915 | 182,713 |
Mastercard, Inc., Class A | 130 | 45,205 |
Match Group, Inc.(a) | 10,509 | 436,018 |
McCormick & Co., Inc. | 2,584 | 214,188 |
McDonald's Corp. | 1,885 | 496,754 |
McKesson Corp. | 551 | 206,691 |
Medtronic PLC | 818 | 63,575 |
Merck & Co., Inc. | 2,225 | 246,864 |
Security Description | Shares | Value |
Meta Platforms, Inc., Class A(a) | 3,939 | $474,019 |
MetLife, Inc. | 2,362 | 170,938 |
Mettler-Toledo International, Inc.(a) | 90 | 130,091 |
MGM Resorts International | 1,877 | 62,936 |
Microchip Technology, Inc. | 1,797 | 126,239 |
Micron Technology, Inc. | 2,495 | 124,700 |
Microsoft Corp. | 1,397 | 335,029 |
Mid-America Apartment Communities, Inc., REIT | 711 | 111,620 |
Moderna, Inc.(a) | 1,351 | 242,667 |
Mohawk Industries, Inc.(a) | 1,936 | 197,898 |
Molina Healthcare, Inc.(a) | 805 | 265,827 |
Molson Coors Beverage Co., Class B | 4,887 | 251,778 |
Mondelez International, Inc., Class A | 2,868 | 191,152 |
Monolithic Power Systems, Inc. | 590 | 208,630 |
Monster Beverage Corp.(a) | 2,571 | 261,034 |
Moody's Corp. | 168 | 46,808 |
Morgan Stanley | 2,869 | 243,922 |
Mosaic Co. | 1,826 | 80,107 |
Motorola Solutions, Inc. | 1,930 | 497,380 |
MSCI, Inc. | 102 | 47,447 |
Nasdaq, Inc. | 722 | 44,295 |
NetApp, Inc. | 3,983 | 239,219 |
Netflix, Inc.(a) | 715 | 210,839 |
Newell Brands, Inc. | 14,385 | 188,156 |
Newmont Corp. | 7,382 | 348,430 |
News Corp., Class A | 5,670 | 103,194 |
News Corp., Class B | 5,602 | 103,301 |
NextEra Energy, Inc. | 3,043 | 254,395 |
NIKE, Inc., Class B | 3,125 | 365,656 |
NiSource, Inc. | 12,494 | 342,585 |
Nordson Corp. | 162 | 38,511 |
Norfolk Southern Corp. | 348 | 85,754 |
Northern Trust Corp. | 1,303 | 115,302 |
Northrop Grumman Corp. | 248 | 135,311 |
Norwegian Cruise Line Holdings Ltd.(a) | 5,569 | 68,165 |
NRG Energy, Inc. | 11,875 | 377,862 |
Nucor Corp. | 2,310 | 304,481 |
NVIDIA Corp. | 800 | 116,912 |
NVR, Inc.(a) | 56 | 258,304 |
NXP Semiconductors N.V. | 1,339 | 211,602 |
Occidental Petroleum Corp. | 1,174 | 73,950 |
Old Dominion Freight Line, Inc. | 292 | 82,864 |
Omnicom Group, Inc. | 2,264 | 184,674 |
ON Semiconductor Corp.(a) | 3,219 | 200,769 |
ONEOK, Inc. | 4,037 | 265,231 |
Oracle Corp. | 4,291 | 350,746 |
O'Reilly Automotive, Inc.(a) | 154 | 129,981 |
Organon & Co. | 8,956 | 250,141 |
Otis Worldwide Corp. | 984 | 77,057 |
PACCAR, Inc. | 1,263 | 124,999 |
Packaging Corp. of America | 471 | 60,246 |
Security Description | Shares | Value |
Paramount Global, Class B | 10,898 | $183,958 |
Parker-Hannifin Corp. | 260 | 75,660 |
Paychex, Inc. | 1,905 | 220,142 |
Paycom Software, Inc.(a) | 728 | 225,906 |
PayPal Holdings, Inc.(a) | 769 | 54,768 |
Pentair PLC | 4,270 | 192,065 |
PepsiCo, Inc. | 1,053 | 190,235 |
PerkinElmer, Inc. | 739 | 103,623 |
Pfizer, Inc. | 4,670 | 239,291 |
PG&E Corp.(a) | 5,010 | 81,463 |
Philip Morris International, Inc. | 3,782 | 382,776 |
Phillips 66 | 5,231 | 544,442 |
Pinnacle West Capital Corp. | 1,025 | 77,941 |
Pioneer Natural Resources Co. | 591 | 134,978 |
PNC Financial Services Group, Inc. | 365 | 57,648 |
Pool Corp. | 384 | 116,095 |
PPG Industries, Inc. | 529 | 66,516 |
PPL Corp. | 2,731 | 79,800 |
Principal Financial Group, Inc. | 1,935 | 162,385 |
Procter & Gamble Co. | 3,394 | 514,395 |
Progressive Corp. | 1,320 | 171,217 |
Prologis, Inc., REIT | 589 | 66,398 |
Prudential Financial, Inc. | 1,692 | 168,286 |
PTC, Inc.(a) | 1,415 | 169,857 |
Public Service Enterprise Group, Inc. | 4,306 | 263,829 |
Public Storage, REIT | 381 | 106,752 |
PulteGroup, Inc. | 5,840 | 265,895 |
Qorvo, Inc.(a) | 2,317 | 210,013 |
QUALCOMM, Inc. | 1,915 | 210,535 |
Quanta Services, Inc. | 2,595 | 369,787 |
Quest Diagnostics, Inc. | 1,149 | 179,750 |
Ralph Lauren Corp. | 4,782 | 505,314 |
Raymond James Financial, Inc. | 2,255 | 240,947 |
Raytheon Technologies Corp. | 1,739 | 175,500 |
Realty Income Corp., REIT | 1,063 | 67,426 |
Regency Centers Corp., REIT | 1,045 | 65,313 |
Regeneron Pharmaceuticals, Inc.(a) | 320 | 230,877 |
Regions Financial Corp. | 2,585 | 55,733 |
Republic Services, Inc. | 1,414 | 182,392 |
ResMed, Inc. | 587 | 122,172 |
Robert Half International, Inc. | 2,343 | 172,984 |
Rockwell Automation, Inc. | 144 | 37,090 |
Rollins, Inc. | 4,993 | 182,444 |
Roper Technologies, Inc. | 85 | 36,728 |
Ross Stores, Inc. | 4,457 | 517,324 |
Royal Caribbean Cruises Ltd.(a) | 1,524 | 75,331 |
S&P Global, Inc. | 136 | 45,552 |
Salesforce, Inc.(a) | 2,616 | 346,855 |
SBA Communications Corp., REIT | 243 | 68,115 |
Schlumberger Ltd. | 7,274 | 388,868 |
Seagate Technology Holdings PLC | 4,742 | 249,477 |
Sealed Air Corp. | 1,681 | 83,848 |
Security Description | Shares | Value |
Sempra Energy | 494 | $76,343 |
ServiceNow, Inc.(a) | 871 | 338,183 |
Sherwin-Williams Co. | 267 | 63,367 |
Signature Bank | 1,740 | 200,483 |
Simon Property Group, Inc., REIT | 584 | 68,608 |
Skyworks Solutions, Inc. | 2,402 | 218,894 |
Snap-on, Inc. | 819 | 187,133 |
SolarEdge Technologies, Inc.(a) | 808 | 228,882 |
Southern Co. | 1,161 | 82,907 |
Southwest Airlines Co. | 4,050 | 136,364 |
Stanley Black & Decker, Inc. | 2,449 | 183,969 |
Starbucks Corp. | 5,028 | 498,778 |
State Street Corp. | 1,442 | 111,856 |
Steel Dynamics, Inc. | 795 | 77,672 |
STERIS PLC | 451 | 83,295 |
Stryker Corp. | 525 | 128,357 |
SVB Financial Group(a) | 942 | 216,792 |
Synchrony Financial | 9,780 | 321,371 |
Synopsys, Inc.(a) | 1,048 | 334,616 |
Sysco Corp. | 9,367 | 716,107 |
T Rowe Price Group, Inc. | 957 | 104,370 |
Take-Two Interactive Software, Inc.(a) | 3,349 | 348,731 |
Tapestry, Inc. | 9,394 | 357,724 |
Targa Resources Corp. | 3,730 | 274,155 |
Target Corp. | 1,122 | 167,223 |
TE Connectivity Ltd. | 1,580 | 181,384 |
Teledyne Technologies, Inc.(a) | 90 | 35,992 |
Teleflex, Inc. | 211 | 52,672 |
Teradyne, Inc. | 1,840 | 160,724 |
Tesla, Inc.(a) | 1,435 | 176,763 |
Texas Instruments, Inc. | 1,300 | 214,786 |
Textron, Inc. | 2,387 | 169,000 |
Thermo Fisher Scientific, Inc. | 232 | 127,760 |
TJX Companies, Inc. | 6,564 | 522,494 |
T-Mobile US, Inc.(a) | 1,807 | 252,980 |
Tractor Supply Co. | 582 | 130,933 |
Trane Technologies PLC | 441 | 74,128 |
TransDigm Group, Inc. | 127 | 79,966 |
Travelers Companies, Inc. | 915 | 171,553 |
Trimble, Inc.(a) | 632 | 31,954 |
Truist Financial Corp. | 1,351 | 58,134 |
Tyler Technologies, Inc.(a) | 1,061 | 342,077 |
Tyson Foods, Inc., Class A | 8,075 | 502,669 |
UDR, Inc., REIT | 2,861 | 110,807 |
Ulta Beauty, Inc.(a) | 541 | 253,767 |
Union Pacific Corp. | 407 | 84,277 |
United Airlines Holdings, Inc.(a) | 3,581 | 135,004 |
United Parcel Service, Inc., Class B | 484 | 84,139 |
United Rentals, Inc.(a) | 367 | 130,439 |
UnitedHealth Group, Inc. | 511 | 270,922 |
Universal Health Services, Inc., Class B | 2,677 | 377,163 |
Security Description | Shares | Value | |
US Bancorp | 1,325 | $57,783 | |
Valero Energy Corp. | 4,474 | 567,572 | |
Ventas, Inc., REIT | 1,866 | 84,063 | |
VeriSign, Inc.(a) | 1,729 | 355,206 | |
Verisk Analytics, Inc. | 267 | 47,104 | |
Verizon Communications, Inc. | 6,883 | 271,190 | |
Vertex Pharmaceuticals, Inc.(a) | 772 | 222,938 | |
VF Corp. | 12,181 | 336,317 | |
Viatris, Inc. | 22,441 | 249,768 | |
VICI Properties, Inc. | 2,020 | 65,448 | |
Visa, Inc., Class A | 216 | 44,876 | |
Vornado Realty Trust, REIT | 5,181 | 107,817 | |
Vulcan Materials Co. | 942 | 164,954 | |
W R Berkley Corp. | 2,320 | 168,362 | |
Walgreens Boots Alliance, Inc. | 16,925 | 632,318 | |
Walmart, Inc. | 5,299 | 751,345 | |
Walt Disney Co.(a) | 2,203 | 191,397 | |
Warner Bros Discovery, Inc.(a) | 18,729 | 177,551 | |
Waste Management, Inc. | 1,153 | 180,883 | |
Waters Corp.(a) | 384 | 131,551 | |
WEC Energy Group, Inc. | 833 | 78,102 | |
Wells Fargo & Co. | 3,017 | 124,572 | |
Welltower, Inc., REIT | 1,279 | 83,838 | |
West Pharmaceutical Services, Inc. | 216 | 50,836 | |
Western Digital Corp.(a) | 7,196 | 227,034 | |
Westinghouse Air Brake Technologies Corp. | 1,269 | 126,659 | |
Westrock Co. | 1,791 | 62,972 | |
Weyerhaeuser Co., REIT | 5,438 | 168,578 | |
Whirlpool Corp. | 1,344 | 190,122 | |
Williams Companies, Inc. | 7,895 | 259,746 | |
Willis Towers Watson PLC | 157 | 38,399 | |
WW Grainger, Inc. | 217 | 120,706 | |
Wynn Resorts Ltd.(a) | 804 | 66,306 | |
Xcel Energy, Inc. | 1,132 | 79,365 | |
Xylem, Inc. | 1,725 | 190,733 | |
Yum! Brands, Inc. | 4,019 | 514,754 | |
Zebra Technologies Corp., Class A(a) | 507 | 130,000 | |
Zimmer Biomet Holdings, Inc. | 1,034 | 131,835 | |
Zions Bancorp NA | 4,319 | 212,322 | |
Zoetis, Inc. | 1,580 | 231,549 | |
TOTAL INVESTMENTS—99.8% (Cost $97,500,864) | 96,981,792 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 236,785 | ||
NET ASSETS—100.0% | $97,218,577 |
(a) | Non-income producing security. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Marketed Pharmaceuticals | 3.4% |
Downstream | 3.4 |
Electric Competitive | 3.2 |
Processed Foods | 3.2 |
Business Software for Specific Uses | 3.1 |
Restaurants | 3.0 |
Food Distributors | 3.0 |
Upstream Energy | 2.3 |
Commercial Insurance | 2.1 |
Consumer Insurance | 2.1 |
Electric Regulated | 2.1 |
Operators and Developers | 2.1 |
Telecommunication Networks | 2.0 |
Content Providers | 2.0 |
Rental | 2.0 |
Commercial Hardware | 2.0 |
End User Hardware | 2.0 |
Non Real Estate Banking | 1.7 |
Information and Electrical Components | 1.6 |
Mechanical Components | 1.6 |
Home Office and Consumer Equipment Retail | 1.6 |
Home Office and Consumer Equipment Manufacture | 1.6 |
Primary Foods | 1.6 |
Diversified Household and Personal Products | 1.6 |
Capital Markets | 1.6 |
Alcohol and Tobacco | 1.5 |
Distribution Services | 1.5 |
Specialty Services | 1.5 |
Transportation Services | 1.5 |
Healthcare Providers and Facilities | 1.5 |
Auto Products | 1.4 |
Management and IT Services | 1.4 |
Search and Social Networks | 1.4 |
Transport Aerospace and Defense Equipment | 1.4 |
Internet Services | 1.4 |
Investment Services | 1.4 |
Healthcare Insurance | 1.4 |
Transaction Services | 1.4 |
Semiconductor Services and Equipment | 1.3 |
Online Distribution Networks | 1.3 |
Digital Integrated Circuits | 1.3 |
Analog and Mixed Signal Integrated Circuits | 1.3 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Drugstores | 1.3% |
Metals | 1.1 |
Midstream | 1.1 |
Accessories and Footwear | 1.1 |
Personal Products | 1.1 |
Medical Devices | 1.1 |
Apparel Retailers | 1.1 |
Medical Research Services and Equipment | 1.1 |
Healthcare Products Distribution | 1.1 |
Branded Apparel | 1.0 |
Gas and Water Utilities | 1.0 |
Other Natural Resources | 1.0 |
Chemicals | 1.0 |
Hospital Equipment | 1.0 |
Industrial Conglomerates | 0.9 |
Production Equipment | 0.8 |
Other Pharmaceuticals | 0.7 |
Operating Systems and Middleware | 0.7 |
Consumer Paper Products | 0.5 |
Brokers and Dealers | 0.5 |
Real Estate Banking | 0.4 |
Business Software for Specific Industries | 0.4 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
Acadia Healthcare Co., Inc.(a) | 772 | $63,551 |
ACI Worldwide, Inc.(a) | 1,227 | 28,221 |
Acuity Brands, Inc. | 89 | 14,739 |
Adient PLC(a) | 282 | 9,783 |
AECOM | 191 | 16,222 |
Affiliated Managers Group, Inc. | 274 | 43,410 |
AGCO Corp. | 240 | 33,286 |
Alcoa Corp. | 351 | 15,960 |
Allegro MicroSystems, Inc.(a) | 972 | 29,179 |
ALLETE, Inc. | 295 | 19,030 |
Amedisys, Inc.(a) | 183 | 15,288 |
American Financial Group, Inc. | 132 | 18,121 |
Amkor Technology, Inc. | 2,171 | 52,061 |
Annaly Capital Management, Inc. | 975 | 20,553 |
Antero Midstream Corp. | 2,309 | 24,914 |
Antero Resources Corp.(a) | 426 | 13,202 |
Apartment Income REIT Corp. | 692 | 23,743 |
AptarGroup, Inc. | 85 | 9,348 |
Arrow Electronics, Inc.(a) | 100 | 10,457 |
Arrowhead Pharmaceuticals, Inc.(a) | 2,412 | 97,831 |
ASGN, Inc.(a) | 250 | 20,370 |
Ashland, Inc. | 83 | 8,925 |
Aspen Technology, Inc.(a) | 235 | 48,269 |
Associated Banc-Corp | 929 | 21,451 |
AutoNation, Inc.(a) | 327 | 35,087 |
Avient Corp. | 372 | 12,559 |
Avis Budget Group, Inc.(a) | 205 | 33,606 |
Avnet, Inc. | 247 | 10,270 |
Axon Enterprise, Inc.(a) | 191 | 31,693 |
Azenta, Inc.(a) | 2,141 | 124,649 |
Bank of Hawaii Corp. | 275 | 21,329 |
Bank OZK | 162 | 6,490 |
Belden, Inc. | 182 | 13,086 |
BellRing Brands, Inc.(a) | 1,926 | 49,383 |
BJ's Wholesale Club Holdings, Inc.(a) | 450 | 29,772 |
Black Hills Corp. | 341 | 23,986 |
Blackbaud, Inc.(a) | 449 | 26,428 |
Boston Beer Co., Inc., Class A(a) | 90 | 29,657 |
Boyd Gaming Corp. | 240 | 13,087 |
Brighthouse Financial, Inc.(a) | 971 | 49,783 |
Brink's Co. | 418 | 22,451 |
Brixmor Property Group, Inc. | 235 | 5,327 |
Bruker Corp. | 263 | 17,976 |
Brunswick Corp. | 333 | 24,003 |
Builders FirstSource, Inc.(a) | 266 | 17,258 |
Cable One, Inc. | 86 | 61,220 |
Cabot Corp. | 128 | 8,556 |
CACI International, Inc., Class A(a) | 71 | 21,342 |
Cadence Bank | 262 | 6,461 |
Calix, Inc.(a) | 780 | 53,375 |
Capri Holdings Ltd.(a) | 444 | 25,450 |
Security Description | Shares | Value |
Carlisle Companies, Inc. | 38 | $8,955 |
Carter's, Inc. | 352 | 26,263 |
Casey's General Stores, Inc. | 97 | 21,762 |
Cathay General Bancorp | 153 | 6,241 |
Celsius Holdings, Inc.(a) | 418 | 43,489 |
ChampionX Corp. | 1,173 | 34,005 |
Chart Industries, Inc.(a) | 109 | 12,560 |
Chemed Corp. | 63 | 32,157 |
Chemours Co. | 305 | 9,339 |
Choice Hotels International, Inc. | 90 | 10,138 |
Churchill Downs, Inc. | 63 | 13,320 |
Ciena Corp.(a) | 1,117 | 56,945 |
Cirrus Logic, Inc.(a) | 411 | 30,611 |
Clean Harbors, Inc.(a) | 205 | 23,395 |
Cleveland-Cliffs, Inc.(a) | 1,023 | 16,481 |
CNO Financial Group, Inc. | 2,266 | 51,778 |
CNX Resources Corp.(a) | 862 | 14,516 |
Coca-Cola Consolidated, Inc. | 88 | 45,088 |
Cognex Corp. | 658 | 30,998 |
Coherent Corp.(a) | 387 | 13,584 |
Columbia Sportswear Co. | 288 | 25,223 |
Commerce Bancshares, Inc. | 209 | 14,227 |
Commercial Metals Co. | 331 | 15,987 |
CommVault Systems, Inc.(a) | 792 | 49,769 |
Concentrix Corp. | 170 | 22,637 |
Corporate Office Properties Trust | 207 | 5,370 |
Coty, Inc., Class A(a) | 12,115 | 103,704 |
Cousins Properties, Inc. | 211 | 5,336 |
Cracker Barrel Old Country Store, Inc. | 425 | 40,264 |
Crane Holdings Co. | 130 | 13,058 |
Crocs, Inc.(a) | 264 | 28,626 |
CubeSmart | 589 | 23,707 |
Cullen/Frost Bankers, Inc. | 105 | 14,038 |
Curtiss-Wright Corp. | 73 | 12,190 |
Dana, Inc. | 593 | 8,972 |
Darling Ingredients, Inc.(a) | 513 | 32,109 |
Deckers Outdoor Corp.(a) | 66 | 26,345 |
Dick's Sporting Goods, Inc. | 264 | 31,757 |
Donaldson Co., Inc. | 212 | 12,480 |
Douglas Emmett, Inc. | 336 | 5,268 |
DT Midstream, LLC(a) | 423 | 23,375 |
Dycom Industries, Inc.(a) | 182 | 17,035 |
Dynatrace, Inc.(a) | 1,370 | 52,471 |
Eagle Materials, Inc. | 157 | 20,857 |
East West Bancorp, Inc. | 101 | 6,656 |
EastGroup Properties, Inc. | 91 | 13,473 |
EMCOR Group, Inc. | 108 | 15,996 |
Encompass Health Corp. | 282 | 16,866 |
Energizer Holdings, Inc. | 2,790 | 93,604 |
EnerSys | 213 | 15,728 |
Enovis Corp.(a) | 526 | 28,152 |
Envestnet, Inc.(a) | 828 | 51,088 |
Security Description | Shares | Value |
Envista Holdings Corp.(a) | 866 | $29,158 |
EPR Properties | 131 | 4,941 |
Equitrans Midstream Corp. | 3,352 | 22,458 |
Esab Corp. | 544 | 25,524 |
Essent Group Ltd. | 842 | 32,737 |
Essential Utilities, Inc. | 494 | 23,579 |
Euronet Worldwide, Inc.(a) | 402 | 37,941 |
Evercore, Inc., Class A | 198 | 21,598 |
Exelixis, Inc.(a) | 4,584 | 73,527 |
ExlService Holdings, Inc.(a) | 120 | 20,332 |
Fair Isaac Corp.(a) | 83 | 49,682 |
Federated Hermes, Inc. | 1,173 | 42,592 |
First American Financial Corp. | 697 | 36,481 |
First Financial Bankshares, Inc. | 186 | 6,398 |
First Horizon Corp. | 577 | 14,136 |
First Industrial Realty Trust, Inc. | 290 | 13,995 |
FirstCash Holdings, Inc. | 308 | 26,768 |
Five Below, Inc.(a) | 179 | 31,660 |
Flowers Foods, Inc. | 1,101 | 31,643 |
Flowserve Corp. | 424 | 13,008 |
Fluor Corp.(a) | 926 | 32,095 |
FNB Corp. | 512 | 6,682 |
Foot Locker, Inc. | 670 | 25,319 |
Fortune Brands Innovations, Inc. | 289 | 16,505 |
Fox Factory Holding Corp.(a) | 96 | 8,758 |
Frontier Communications Parent, Inc.(a) | 2,579 | 65,713 |
FTI Consulting, Inc.(a) | 133 | 21,120 |
Fulton Financial Corp. | 386 | 6,496 |
GameStop Corp., Class A(a) | 1,404 | 25,918 |
Gap, Inc. | 1,824 | 20,575 |
GATX Corp. | 143 | 15,207 |
Genpact Ltd. | 474 | 21,956 |
Gentex Corp. | 880 | 23,998 |
Glacier Bancorp, Inc. | 122 | 6,029 |
Globus Medical, Inc., Class A(a) | 395 | 29,337 |
Goodyear Tire & Rubber Co.(a) | 902 | 9,155 |
Graco, Inc. | 187 | 12,578 |
Graham Holdings Co., Class B | 52 | 31,419 |
Grand Canyon Education, Inc.(a) | 311 | 32,860 |
Greif, Inc., Class A | 213 | 14,284 |
Grocery Outlet Holding Corp.(a) | 1,114 | 32,518 |
GXO Logistics, Inc.(a) | 313 | 13,362 |
H&R Block, Inc. | 1,019 | 37,204 |
Haemonetics Corp.(a) | 131 | 10,303 |
Halozyme Therapeutics, Inc.(a) | 1,267 | 72,092 |
Hancock Whitney Corp. | 269 | 13,017 |
Hanesbrands, Inc. | 4,030 | 25,631 |
Hanover Insurance Group, Inc. | 133 | 17,972 |
Harley-Davidson, Inc. | 528 | 21,965 |
Hawaiian Electric Industries, Inc. | 468 | 19,586 |
Healthcare Realty Trust, Inc. | 3,231 | 62,261 |
HealthEquity, Inc.(a) | 578 | 35,628 |
Security Description | Shares | Value |
Helen of Troy Ltd.(a) | 979 | $108,581 |
Hexcel Corp. | 157 | 9,239 |
HF Sinclair Corp. | 487 | 25,270 |
Highwoods Properties, Inc. | 185 | 5,176 |
Home BancShares, Inc. | 282 | 6,427 |
Hubbell, Inc. | 64 | 15,020 |
IAA, Inc.(a) | 976 | 39,040 |
ICU Medical, Inc.(a) | 68 | 10,709 |
IDACORP, Inc. | 179 | 19,305 |
Inari Medical, Inc.(a) | 156 | 9,915 |
Independence Realty Trust, Inc., REIT | 1,426 | 24,042 |
Ingevity Corp.(a) | 128 | 9,016 |
Ingredion, Inc. | 321 | 31,436 |
Insperity, Inc. | 314 | 35,670 |
Integra LifeSciences Holdings Corp.(a) | 188 | 10,541 |
Interactive Brokers Group, Inc., Class A | 562 | 40,661 |
International Bancshares Corp. | 141 | 6,452 |
IPG Photonics Corp.(a) | 270 | 25,561 |
Iridium Communications, Inc. | 1,259 | 64,713 |
ITT, Inc. | 158 | 12,814 |
Jabil, Inc. | 789 | 53,810 |
Janus Henderson Group PLC | 1,701 | 40,008 |
Jazz Pharmaceuticals PLC(a) | 480 | 76,469 |
JBG SMITH Properties | 268 | 5,087 |
Jefferies Financial Group, Inc. | 507 | 17,380 |
JetBlue Airways Corp.(a) | 5,158 | 33,424 |
John Wiley & Sons, Inc., Class A | 771 | 30,886 |
Jones Lang LaSalle, Inc.(a) | 130 | 20,718 |
KB Home | 1,367 | 43,539 |
KBR, Inc. | 313 | 16,526 |
Kemper Corp. | 922 | 45,362 |
Kennametal, Inc. | 1,021 | 24,565 |
Kilroy Realty Corp. | 130 | 5,027 |
Kinsale Capital Group, Inc. | 65 | 16,999 |
Kirby Corp.(a) | 370 | 23,809 |
Kite Realty Group Trust, REIT | 242 | 5,094 |
Knight-Swift Transportation Holdings, Inc. | 249 | 13,050 |
Kohl's Corp. | 956 | 24,139 |
Kyndryl Holdings, Inc.(a) | 2,010 | 22,351 |
Lamar Advertising Co., Class A | 56 | 5,286 |
Lancaster Colony Corp. | 158 | 31,173 |
Landstar System, Inc. | 82 | 13,358 |
Lantheus Holdings, Inc.(a) | 317 | 16,154 |
Lattice Semiconductor Corp.(a) | 452 | 29,326 |
Lear Corp. | 75 | 9,302 |
Leggett & Platt, Inc. | 491 | 15,825 |
Lennox International, Inc. | 67 | 16,028 |
LHC Group, Inc.(a) | 191 | 30,883 |
Life Storage, Inc. | 237 | 23,344 |
Light & Wonder, Inc.(a) | 1,338 | 78,407 |
Lincoln Electric Holdings, Inc. | 173 | 24,997 |
Lithia Motors, Inc. | 174 | 35,625 |
Security Description | Shares | Value |
Littelfuse, Inc. | 66 | $14,533 |
LivaNova PLC(a) | 517 | 28,714 |
Louisiana-Pacific Corp. | 220 | 13,024 |
Lumentum Holdings, Inc.(a) | 1,039 | 54,205 |
Macerich Co. | 424 | 4,774 |
MACOM Technology Solutions Holdings, Inc.(a) | 460 | 28,971 |
Macy's, Inc. | 1,147 | 23,686 |
Manhattan Associates, Inc.(a) | 214 | 25,980 |
ManpowerGroup, Inc. | 247 | 20,553 |
Marriott Vacations Worldwide Corp. | 153 | 20,592 |
Masimo Corp.(a) | 122 | 18,050 |
MasTec, Inc.(a) | 181 | 15,445 |
Matador Resources Co. | 250 | 14,310 |
Mattel, Inc.(a) | 1,014 | 18,090 |
Maximus, Inc. | 505 | 37,032 |
MDU Resources Group, Inc. | 695 | 21,086 |
Medical Properties Trust, Inc. | 5,414 | 60,312 |
Medpace Holdings, Inc.(a) | 273 | 57,988 |
Mercury Systems, Inc.(a) | 289 | 12,930 |
MGIC Investment Corp. | 2,436 | 31,668 |
Middleby Corp.(a) | 186 | 24,905 |
MKS Instruments, Inc. | 1,546 | 130,993 |
MP Materials Corp.(a) | 515 | 12,504 |
MSA Safety, Inc. | 238 | 34,317 |
MSC Industrial Direct Co., Inc., Class A | 129 | 10,539 |
Murphy Oil Corp. | 333 | 14,322 |
Murphy USA, Inc. | 81 | 22,643 |
National Fuel Gas Co. | 380 | 24,054 |
National Instruments Corp. | 1,293 | 47,712 |
National Retail Properties, Inc. | 116 | 5,308 |
National Storage Affiliates Trust | 663 | 23,948 |
Navient Corp. | 1,729 | 28,442 |
NCR Corp.(a) | 3,659 | 85,657 |
Neogen Corp.(a) | 1,132 | 17,240 |
Neurocrine Biosciences, Inc.(a) | 616 | 73,575 |
New Jersey Resources Corp. | 476 | 23,619 |
New York Community Bancorp, Inc. | 776 | 6,674 |
New York Times Co., Class A | 908 | 29,474 |
NewMarket Corp. | 30 | 9,333 |
Nexstar Media Group, Inc. | 234 | 40,957 |
Nordstrom, Inc. | 1,452 | 23,435 |
NorthWestern Corp. | 329 | 19,523 |
NOV, Inc. | 1,644 | 34,343 |
Novanta, Inc.(a) | 93 | 12,636 |
nVent Electric PLC | 405 | 15,580 |
OGE Energy Corp. | 478 | 18,905 |
Old National Bancorp | 371 | 6,671 |
Old Republic International Corp. | 756 | 18,257 |
Olin Corp. | 235 | 12,441 |
Ollie's Bargain Outlet Holdings, Inc.(a) | 621 | 29,088 |
Omega Healthcare Investors, Inc. | 2,132 | 59,589 |
Security Description | Shares | Value |
Omnicell, Inc.(a) | 226 | $11,395 |
ONE Gas, Inc. | 311 | 23,549 |
Option Care Health, Inc.(a) | 539 | 16,219 |
Ormat Technologies, Inc. | 218 | 18,853 |
Oshkosh Corp. | 367 | 32,366 |
Owens Corning | 98 | 8,359 |
PacWest Bancorp | 279 | 6,403 |
Papa John's International, Inc. | 747 | 61,486 |
Park Hotels & Resorts, Inc. | 864 | 10,187 |
Patterson Companies, Inc. | 368 | 10,315 |
Paylocity Holding Corp.(a) | 123 | 23,894 |
PBF Energy, Inc., Class A | 731 | 29,810 |
PDC Energy, Inc. | 219 | 13,902 |
Pebblebrook Hotel Trust | 688 | 9,212 |
Penn Entertainment, Inc.(a) | 427 | 12,682 |
Penumbra, Inc.(a) | 49 | 10,901 |
Performance Food Group Co.(a) | 533 | 31,122 |
Perrigo Co. PLC | 2,298 | 78,339 |
Physicians Realty Trust | 355 | 5,137 |
Pilgrim's Pride Corp.(a) | 1,292 | 30,659 |
Pinnacle Financial Partners, Inc. | 91 | 6,679 |
PNM Resources, Inc. | 389 | 18,979 |
Polaris, Inc. | 224 | 22,624 |
Portland General Electric Co. | 396 | 19,404 |
Post Holdings, Inc.(a) | 527 | 47,567 |
PotlatchDeltic Corp. | 300 | 13,197 |
Power Integrations, Inc. | 418 | 29,979 |
Primerica, Inc. | 364 | 51,622 |
Progyny, Inc.(a) | 507 | 15,793 |
Prosperity Bancshares, Inc. | 92 | 6,687 |
PVH Corp. | 344 | 24,283 |
Qualys, Inc.(a) | 434 | 48,708 |
QuidelOrtho Corp.(a) | 182 | 15,592 |
R1 RCM, Inc.(a) | 2,069 | 22,656 |
Range Resources Corp. | 540 | 13,511 |
Rayonier, Inc. | 406 | 13,382 |
Regal Rexnord Corp. | 106 | 12,718 |
Reinsurance Group of America, Inc. | 228 | 32,397 |
Reliance Steel & Aluminum Co. | 77 | 15,588 |
RenaissanceRe Holdings Ltd. | 168 | 30,951 |
Repligen Corp.(a) | 347 | 58,751 |
Rexford Industrial Realty, Inc. | 261 | 14,261 |
RH(a) | 65 | 17,367 |
RLI Corp. | 142 | 18,640 |
Royal Gold, Inc. | 143 | 16,119 |
RPM International, Inc. | 123 | 11,986 |
RXO, Inc.(a) | 760 | 13,072 |
Ryder System, Inc. | 190 | 15,878 |
Sabra Health Care REIT, Inc. | 5,032 | 62,548 |
Saia, Inc.(a) | 59 | 12,371 |
Science Applications International Corp. | 190 | 21,077 |
Scotts Miracle-Gro Co. | 1,870 | 90,863 |
Security Description | Shares | Value |
SEI Investments Co. | 697 | $40,635 |
Selective Insurance Group, Inc. | 200 | 17,722 |
Sensient Technologies Corp. | 126 | 9,188 |
Service Corp. International | 459 | 31,735 |
Shockwave Medical, Inc.(a) | 46 | 9,458 |
Silgan Holdings, Inc. | 269 | 13,945 |
Silicon Laboratories, Inc.(a) | 225 | 30,526 |
Simpson Manufacturing Co., Inc. | 98 | 8,689 |
SiTime Corp.(a) | 310 | 31,502 |
Skechers USA, Inc., Class A(a) | 602 | 25,254 |
SL Green Realty Corp. | 149 | 5,024 |
SLM Corp. | 1,706 | 28,320 |
Sonoco Products Co. | 236 | 14,328 |
Sotera Health Co.(a) | 2,809 | 23,399 |
Southwest Gas Holdings, Inc. | 340 | 21,039 |
Southwestern Energy Co.(a) | 2,321 | 13,578 |
Spire, Inc. | 351 | 24,170 |
Spirit Realty Capital, Inc. | 127 | 5,071 |
Sprouts Farmers Market, Inc.(a) | 942 | 30,493 |
STAAR Surgical Co.(a) | 474 | 23,008 |
Stericycle, Inc.(a) | 468 | 23,349 |
Stifel Financial Corp. | 710 | 41,443 |
STORE Capital Corp. | 167 | 5,354 |
SunPower Corp.(a) | 869 | 15,668 |
Sunrun, Inc.(a) | 664 | 15,949 |
Super Micro Computer, Inc.(a) | 180 | 14,778 |
Synaptics, Inc.(a) | 315 | 29,975 |
Syneos Health, Inc.(a) | 1,643 | 60,265 |
Synovus Financial Corp. | 167 | 6,271 |
Tandem Diabetes Care, Inc.(a) | 661 | 29,712 |
Taylor Morrison Home Corp.(a) | 1,419 | 43,067 |
TD SYNNEX Corp. | 107 | 10,134 |
TEGNA, Inc. | 2,127 | 45,071 |
Tempur Sealy International, Inc. | 532 | 18,264 |
Tenet Healthcare Corp.(a) | 1,451 | 70,794 |
Teradata Corp.(a) | 1,508 | 50,759 |
Terex Corp. | 726 | 31,015 |
Tetra Tech, Inc. | 107 | 15,535 |
Texas Capital Bancshares, Inc.(a) | 367 | 22,134 |
Texas Roadhouse, Inc. | 434 | 39,472 |
Thor Industries, Inc. | 290 | 21,892 |
Timken Co. | 129 | 9,116 |
Toll Brothers, Inc. | 869 | 43,380 |
TopBuild Corp.(a) | 108 | 16,901 |
Topgolf Callaway Brands Corp.(a) | 794 | 15,681 |
Toro Co. | 290 | 32,828 |
Travel & Leisure Co. | 573 | 20,857 |
Trex Co., Inc.(a) | 394 | 16,678 |
TripAdvisor, Inc.(a) | 6,856 | 123,271 |
UGI Corp. | 621 | 23,020 |
UMB Financial Corp. | 174 | 14,532 |
Umpqua Holdings Corp. | 364 | 6,497 |
Security Description | Shares | Value | |
Under Armour, Inc., Class A(a) | 1,340 | $13,614 | |
Under Armour, Inc., Class C(a) | 1,521 | 13,567 | |
United Bankshares, Inc. | 163 | 6,600 | |
United States Steel Corp. | 623 | 15,606 | |
United Therapeutics Corp.(a) | 257 | 71,469 | |
Univar Solutions, Inc.(a) | 324 | 10,303 | |
Universal Display Corp. | 119 | 12,857 | |
Unum Group | 1,273 | 52,231 | |
Valley National Bancorp | 572 | 6,469 | |
Valmont Industries, Inc. | 29 | 9,589 | |
Valvoline, Inc. | 396 | 12,929 | |
Viasat, Inc.(a) | 2,099 | 66,433 | |
Vicor Corp.(a) | 299 | 16,071 | |
Victoria's Secret & Co.(a) | 564 | 20,180 | |
Vishay Intertechnology, Inc. | 613 | 13,222 | |
Visteon Corp.(a) | 171 | 22,372 | |
Vontier Corp. | 1,668 | 32,242 | |
Voya Financial, Inc. | 689 | 42,367 | |
Washington Federal, Inc. | 631 | 21,170 | |
Watsco, Inc. | 39 | 9,727 | |
Watts Water Technologies, Inc., Class A | 84 | 12,283 | |
Webster Financial Corp. | 449 | 21,256 | |
Wendy's Co. | 2,748 | 62,187 | |
Werner Enterprises, Inc. | 315 | 12,682 | |
Western Union Co. | 2,601 | 35,816 | |
Westlake Corp. | 120 | 12,305 | |
WEX, Inc.(a) | 225 | 36,821 | |
Williams-Sonoma, Inc. | 275 | 31,603 | |
Wingstop, Inc. | 273 | 37,570 | |
Wintrust Financial Corp. | 163 | 13,777 | |
Wolfspeed, Inc.(a) | 164 | 11,323 | |
Woodward, Inc. | 136 | 13,139 | |
World Wrestling Entertainment, Inc., Class A | 558 | 38,234 | |
Worthington Industries, Inc. | 173 | 8,600 | |
Wyndham Hotels & Resorts, Inc. | 145 | 10,340 | |
Xerox Holdings Corp. | 3,580 | 52,268 | |
XPO, Inc.(a) | 376 | 12,517 | |
YETI Holdings, Inc.(a) | 387 | 15,987 | |
Ziff Davis, Inc.(a) | 1,481 | 117,147 | |
TOTAL INVESTMENTS—99.8% (Cost $10,746,051) | 10,547,717 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 18,644 | ||
NET ASSETS—100.0% | $10,566,361 |
(a) | Non-income producing security. |
LLC=Limited Liability Corporation |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Providers and Facilities | 4.6% |
Production Equipment | 3.6 |
Business Software for Specific Uses | 3.6 |
Marketed Pharmaceuticals | 3.5 |
Commercial Hardware | 3.2 |
Semiconductor Services and Equipment | 2.9 |
Investment Services | 2.8 |
Transaction Services | 2.6 |
Home Office and Consumer Equipment Manufacture | 2.6 |
Commercial Insurance | 2.4 |
Consumer Insurance | 2.4 |
Operators and Developers | 2.4 |
Content Providers | 2.4 |
Information and Electrical Components | 2.3 |
Real Estate Banking | 2.3 |
Rental | 2.3 |
Restaurants | 2.3 |
Management and IT Services | 2.2 |
Processed Foods | 1.9 |
Upstream Energy | 1.9 |
Telecommunication Networks | 1.8 |
Specialty Services | 1.8 |
Gas and Water Utilities | 1.8 |
Household Products | 1.7 |
Distribution Services | 1.7 |
Auto Products | 1.7 |
Analog and Mixed Signal Integrated Circuits | 1.7 |
Medical Research Services and Equipment | 1.7 |
Transportation Services | 1.7 |
Mechanical Components | 1.7 |
Non Real Estate Banking | 1.6 |
Home Office and Consumer Equipment Retail | 1.6 |
Hospital Equipment | 1.5 |
Branded Apparel | 1.3 |
Medical Devices | 1.3 |
Accessories and Footwear | 1.3 |
Chemicals | 1.2 |
Other Natural Resources | 1.2 |
Food Distributors | 1.2 |
Search and Social Networks | 1.2 |
Internet Services | 1.1 |
Electric Regulated | 1.1 |
Metals | 1.0 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Personal Products | 1.0% |
Downstream | 0.9 |
Clinical Stage Pharmaceuticals | 0.9 |
Apparel Retailers | 0.9 |
Midstream | 0.9 |
Primary Foods | 0.9 |
Brokers and Dealers | 0.8 |
Other Pharmaceuticals | 0.7 |
Business Software for Specific Industries | 0.7 |
Electric Competitive | 0.7 |
Digital Integrated Circuits | 0.6 |
Contract Electronics Services | 0.5 |
End User Hardware | 0.5 |
Vitamins and Nutritional Supplements | 0.5 |
Consumer Services | 0.3 |
Transport Aerospace and Defense Equipment | 0.3 |
Alcohol and Tobacco | 0.3 |
Healthcare Insurance | 0.1 |
Industrial Conglomerates | 0.1 |
Healthcare Products Distribution | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3D Systems Corp.(a) | 3,619 | $26,781 |
8x8, Inc.(a) | 16,577 | 71,613 |
A10 Networks, Inc. | 3,945 | 65,605 |
AAON, Inc. | 196 | 14,763 |
AAR Corp.(a) | 408 | 18,319 |
Aaron's Co., Inc. | 4,230 | 50,548 |
Abercrombie & Fitch Co., Class A(a) | 779 | 17,847 |
ABM Industries, Inc. | 604 | 26,830 |
Academy Sports & Outdoors, Inc. | 449 | 23,590 |
Acadia Realty Trust, REIT | 718 | 10,303 |
AdaptHealth Corp.(a) | 2,558 | 49,165 |
Addus HomeCare Corp.(a) | 218 | 21,689 |
Adeia, Inc. | 5,832 | 55,287 |
Adtalem Global Education, Inc.(a) | 738 | 26,199 |
ADTRAN Holdings, Inc. | 3,708 | 69,673 |
Advanced Energy Industries, Inc. | 611 | 52,412 |
AdvanSix, Inc. | 608 | 23,116 |
Aerojet Rocketdyne Holdings, Inc.(a) | 292 | 16,332 |
AeroVironment, Inc.(a) | 544 | 46,599 |
Agiliti, Inc.(a) | 3,435 | 56,025 |
Agilysys, Inc.(a) | 505 | 39,966 |
Agree Realty Corp., REIT | 147 | 10,427 |
Alamo Group, Inc. | 153 | 21,665 |
Alarm.com Holdings, Inc.(a) | 1,473 | 72,884 |
Albany International Corp., Class A | 219 | 21,591 |
Alexander & Baldwin, Inc. | 538 | 10,077 |
Allegiant Travel Co.(a) | 777 | 52,828 |
Allscripts Healthcare Solutions, Inc.(a) | 1,992 | 35,139 |
Alpha & Omega Semiconductor Ltd.(a) | 1,850 | 52,854 |
Ambac Financial Group, Inc.(a) | 3,470 | 60,517 |
AMC Networks, Inc., Class A(a) | 3,139 | 49,188 |
American Assets Trust, Inc., REIT | 387 | 10,256 |
American Axle & Manufacturing Holdings, Inc.(a) | 5,920 | 46,294 |
American Eagle Outfitters, Inc. | 1,166 | 16,277 |
American Equity Investment Life Holding Co. | 1,230 | 56,113 |
American States Water Co. | 763 | 70,616 |
American Vanguard Corp. | 236 | 5,124 |
American Woodmark Corp.(a) | 344 | 16,808 |
America's Car-Mart, Inc.(a) | 376 | 27,170 |
Ameris Bancorp | 67 | 3,158 |
AMERISAFE, Inc. | 882 | 45,838 |
AMN Healthcare Services, Inc.(a) | 92 | 9,459 |
Amphastar Pharmaceuticals, Inc.(a) | 1,730 | 48,475 |
Andersons, Inc. | 899 | 31,456 |
AngioDynamics, Inc.(a) | 1,660 | 22,858 |
ANI Pharmaceuticals, Inc.(a) | 1,244 | 50,046 |
Anika Therapeutics, Inc.(a) | 1,072 | 31,731 |
Anywhere Real Estate, Inc.(a) | 3,048 | 19,477 |
Apogee Enterprises, Inc. | 304 | 13,516 |
Security Description | Shares | Value |
Apollo Commercial Real Estate Finance, Inc., REIT | 280 | $3,013 |
Apollo Medical Holdings, Inc.(a) | 2,642 | 78,177 |
Applied Industrial Technologies, Inc. | 147 | 18,526 |
ArcBest Corp. | 269 | 18,841 |
Archrock, Inc. | 1,815 | 16,299 |
Arconic Corp.(a) | 712 | 15,066 |
Arcosa, Inc. | 268 | 14,563 |
Arcus Biosciences, Inc.(a) | 696 | 14,393 |
Arlo Technologies, Inc.(a) | 5,699 | 20,003 |
Armada Hoffler Properties, Inc., REIT | 885 | 10,178 |
ARMOUR Residential REIT, Inc. | 1,569 | 8,833 |
Artivion, Inc.(a) | 1,567 | 18,992 |
Asbury Automotive Group, Inc.(a) | 151 | 27,067 |
Assured Guaranty Ltd. | 877 | 54,602 |
Astec Industries, Inc. | 530 | 21,550 |
ATI, Inc.(a) | 538 | 16,065 |
Atlas Air Worldwide Holdings, Inc.(a) | 207 | 20,866 |
ATN International, Inc. | 1,630 | 73,855 |
Avanos Medical, Inc.(a) | 761 | 20,593 |
Avid Bioservices, Inc.(a) | 2,156 | 29,688 |
Avid Technology, Inc.(a) | 1,169 | 31,084 |
Avista Corp. | 1,745 | 77,373 |
Axcelis Technologies, Inc.(a) | 172 | 13,650 |
Axos Financial, Inc.(a) | 545 | 20,830 |
AZZ, Inc. | 388 | 15,598 |
B Riley Financial, Inc. | 421 | 14,398 |
B&G Foods, Inc. | 1,633 | 18,208 |
Badger Meter, Inc. | 164 | 17,881 |
Balchem Corp. | 70 | 8,548 |
Banc of California, Inc. | 208 | 3,313 |
BancFirst Corp. | 38 | 3,351 |
Bancorp, Inc.(a) | 967 | 27,443 |
BankUnited, Inc. | 94 | 3,193 |
Banner Corp. | 52 | 3,286 |
Barnes Group, Inc. | 275 | 11,234 |
Bed Bath & Beyond, Inc.(a) | 7,989 | 20,052 |
Benchmark Electronics, Inc. | 1,768 | 47,188 |
Berkshire Hills Bancorp, Inc. | 110 | 3,289 |
Big Lots, Inc. | 2,973 | 43,703 |
BioLife Solutions, Inc.(a) | 1,429 | 26,008 |
BJ's Restaurants, Inc.(a) | 793 | 20,919 |
Bloomin' Brands, Inc. | 1,101 | 22,152 |
Blucora, Inc.(a) | 3,835 | 97,908 |
Boise Cascade Co. | 257 | 17,648 |
Boot Barn Holdings, Inc.(a) | 358 | 22,382 |
Brady Corp., Class A | 412 | 19,405 |
Brandywine Realty Trust, REIT | 2,933 | 18,038 |
Bread Financial Holdings, Inc. | 725 | 27,303 |
Brightsphere Investment Group, Inc. | 4,551 | 93,660 |
Brinker International, Inc.(a) | 670 | 21,380 |
Bristow Group, Inc.(a) | 638 | 17,309 |
Security Description | Shares | Value |
Brookline Bancorp, Inc. | 239 | $3,382 |
Buckle, Inc. | 829 | 37,595 |
Calavo Growers, Inc. | 943 | 27,724 |
Caleres, Inc. | 1,001 | 22,302 |
California Water Service Group | 1,162 | 70,464 |
Callon Petroleum Co.(a) | 1,081 | 40,094 |
Cal-Maine Foods, Inc. | 550 | 29,947 |
Capitol Federal Financial, Inc. | 2,564 | 22,179 |
Cara Therapeutics, Inc.(a) | 1,882 | 20,213 |
Cardiovascular Systems, Inc.(a) | 1,523 | 20,743 |
CareTrust REIT, Inc. | 5,538 | 102,896 |
Carpenter Technology Corp. | 400 | 14,776 |
Cars.com, Inc.(a) | 6,467 | 89,051 |
Catalyst Pharmaceuticals, Inc.(a) | 1,284 | 23,882 |
Cavco Industries, Inc.(a) | 118 | 26,697 |
Centerspace, REIT | 161 | 9,446 |
Central Garden & Pet Co.(a) | 257 | 9,625 |
Central Garden & Pet Co., Class A(a) | 268 | 9,594 |
Central Pacific Financial Corp. | 1,026 | 20,807 |
Century Aluminum Co.(a) | 2,028 | 16,589 |
Century Communities, Inc. | 553 | 27,656 |
Cerence, Inc.(a) | 4,085 | 75,695 |
CEVA, Inc.(a) | 2,769 | 70,831 |
Chatham Lodging Trust, REIT | 1,190 | 14,601 |
Cheesecake Factory, Inc. | 717 | 22,736 |
Chefs' Warehouse, Inc.(a) | 2,016 | 67,092 |
Chesapeake Utilities Corp. | 620 | 73,272 |
Chico's FAS, Inc.(a) | 3,279 | 16,133 |
Children's Place, Inc.(a) | 537 | 19,558 |
Chuy's Holdings, Inc.(a) | 785 | 22,215 |
Cinemark Holdings, Inc.(a) | 4,575 | 39,619 |
CIRCOR International, Inc.(a) | 1,425 | 34,143 |
City Holding Co. | 222 | 20,666 |
Civitas Resources, Inc. | 657 | 38,060 |
Clearfield, Inc.(a) | 717 | 67,498 |
Clearwater Paper Corp.(a) | 1,131 | 42,763 |
Cogent Communications Holdings, Inc. | 1,301 | 74,261 |
Coherus Biosciences, Inc.(a) | 7,250 | 57,420 |
Cohu, Inc.(a) | 710 | 22,755 |
Collegium Pharmaceutical, Inc.(a) | 1,497 | 34,730 |
Columbia Banking System, Inc. | 106 | 3,194 |
Comfort Systems USA, Inc. | 228 | 26,238 |
Community Bank System, Inc. | 451 | 28,390 |
Community Health Systems, Inc.(a) | 4,495 | 19,418 |
Community Healthcare Trust, Inc., REIT | 3,167 | 113,379 |
Compass Minerals International, Inc. | 369 | 15,129 |
Computer Programs and Systems, Inc.(a) | 2,000 | 54,440 |
Comtech Telecommunications Corp. | 3,337 | 40,511 |
CONMED Corp. | 223 | 19,767 |
Consensus Cloud Solutions, Inc.(a) | 1,316 | 70,748 |
CONSOL Energy, Inc. | 229 | 14,885 |
Security Description | Shares | Value |
Consolidated Communications Holdings, Inc.(a) | 18,721 | $67,021 |
Corcept Therapeutics, Inc.(a) | 1,545 | 31,379 |
Core Laboratories N.V. | 816 | 16,540 |
CoreCivic, Inc.(a) | 1,585 | 18,323 |
Corsair Gaming, Inc.(a) | 3,691 | 50,087 |
CorVel Corp.(a) | 252 | 36,623 |
Cross Country Healthcare, Inc.(a) | 346 | 9,193 |
CSG Systems International, Inc. | 654 | 37,409 |
CTS Corp. | 698 | 27,515 |
Cushman & Wakefield PLC(a) | 1,765 | 21,992 |
Customers Bancorp, Inc.(a) | 931 | 26,385 |
Cutera, Inc.(a) | 421 | 18,617 |
CVB Financial Corp. | 120 | 3,090 |
Cytokinetics, Inc.(a) | 592 | 27,125 |
Dave & Buster's Entertainment, Inc.(a) | 531 | 18,819 |
Deluxe Corp. | 3,210 | 54,506 |
Designer Brands, Inc., Class A | 2,182 | 21,340 |
DiamondRock Hospitality Co., REIT | 1,745 | 14,292 |
Digi International, Inc.(a) | 1,116 | 40,790 |
Digital Turbine, Inc.(a) | 1,933 | 29,459 |
Dime Community Bancshares, Inc. | 100 | 3,183 |
Dine Brands Global, Inc. | 342 | 22,093 |
Diodes, Inc.(a) | 673 | 51,242 |
DMC Global, Inc.(a) | 933 | 18,138 |
Donnelley Financial Solutions, Inc.(a) | 2,372 | 91,678 |
Dorian LPG Ltd. | 2,986 | 56,585 |
Dorman Products, Inc.(a) | 423 | 34,208 |
Douglas Elliman, Inc. | 5,416 | 22,043 |
Dril-Quip, Inc.(a) | 680 | 18,476 |
DXP Enterprises, Inc.(a) | 744 | 20,497 |
Dynavax Technologies Corp.(a) | 1,874 | 19,939 |
Eagle Bancorp, Inc. | 74 | 3,261 |
Eagle Pharmaceuticals, Inc.(a) | 1,057 | 30,896 |
Easterly Government Properties, Inc., REIT | 1,207 | 17,224 |
Ebix, Inc. | 3,810 | 76,048 |
Edgewell Personal Care Co. | 1,088 | 41,932 |
El Pollo Loco Holdings, Inc. | 5,196 | 51,752 |
elf Beauty, Inc.(a) | 824 | 45,567 |
Ellington Financial, Inc., REIT | 674 | 8,337 |
Elme Communities, REIT | 557 | 9,915 |
Embecta Corp. | 1,742 | 44,055 |
Emergent BioSolutions, Inc.(a) | 1,768 | 20,880 |
Employers Holdings, Inc. | 1,031 | 44,467 |
Enanta Pharmaceuticals, Inc.(a) | 509 | 23,679 |
Encore Capital Group, Inc.(a) | 560 | 26,846 |
Encore Wire Corp. | 399 | 54,886 |
Enerpac Tool Group Corp. | 684 | 17,408 |
Enhabit, Inc.(a) | 1,588 | 20,898 |
Enova International, Inc.(a) | 714 | 27,396 |
EnPro Industries, Inc. | 103 | 11,195 |
Ensign Group, Inc. | 247 | 23,369 |
Security Description | Shares | Value |
ePlus, Inc.(a) | 1,227 | $54,332 |
ESCO Technologies, Inc. | 215 | 18,821 |
Essential Properties Realty Trust, Inc., REIT | 455 | 10,679 |
Ethan Allen Interiors, Inc. | 701 | 18,520 |
EVERTEC, Inc. | 1,165 | 37,723 |
EW Scripps Co., Class A(a) | 3,941 | 51,982 |
Exponent, Inc. | 178 | 17,638 |
Extreme Networks, Inc.(a) | 2,247 | 41,143 |
EZCORP, Inc., Class A(a) | 3,505 | 28,566 |
Fabrinet(a) | 379 | 48,595 |
FARO Technologies, Inc.(a) | 606 | 17,822 |
FB Financial Corp. | 80 | 2,891 |
Federal Signal Corp. | 970 | 45,076 |
First Bancorp | 1,992 | 25,338 |
First Bancorp | 69 | 2,956 |
First Commonwealth Financial Corp. | 232 | 3,241 |
First Financial Bancorp | 130 | 3,150 |
First Hawaiian, Inc. | 132 | 3,437 |
FormFactor, Inc.(a) | 1,046 | 23,253 |
Forrester Research, Inc.(a) | 798 | 28,536 |
Forward Air Corp. | 194 | 20,349 |
Four Corners Property Trust, Inc., REIT | 395 | 10,242 |
Franklin BSP Realty Trust, Inc. | 663 | 8,553 |
Franklin Electric Co., Inc. | 461 | 36,765 |
Franklin Street Properties Corp., REIT | 6,272 | 17,123 |
Fresh Del Monte Produce, Inc. | 1,177 | 30,826 |
Frontdoor, Inc.(a) | 1,254 | 26,083 |
Fulgent Genetics, Inc.(a) | 817 | 24,330 |
FutureFuel Corp. | 6,782 | 55,138 |
Gannett Co., Inc.(a) | 11,216 | 22,768 |
Genesco, Inc.(a) | 517 | 23,792 |
Gentherm, Inc.(a) | 398 | 25,985 |
Genworth Financial, Inc., Class A(a) | 9,931 | 52,535 |
GEO Group, Inc., REIT(a) | 1,676 | 18,352 |
Getty Realty Corp., REIT | 315 | 10,663 |
Gibraltar Industries, Inc.(a) | 292 | 13,397 |
G-III Apparel Group Ltd.(a) | 4,141 | 56,773 |
Glaukos Corp.(a) | 443 | 19,350 |
Global Net Lease, Inc., REIT | 1,371 | 17,233 |
GMS, Inc.(a) | 343 | 17,081 |
Gogo, Inc.(a) | 4,758 | 70,228 |
Golden Entertainment, Inc.(a) | 451 | 16,867 |
Granite Construction, Inc. | 780 | 27,355 |
Granite Point Mortgage Trust, Inc., REIT | 1,390 | 7,450 |
Green Brick Partners, Inc.(a) | 1,170 | 28,349 |
Green Dot Corp., Class A(a) | 2,027 | 32,067 |
Green Plains, Inc.(a) | 1,092 | 33,306 |
Greenbrier Companies, Inc. | 628 | 21,057 |
Griffon Corp. | 1,909 | 68,323 |
Group 1 Automotive, Inc. | 145 | 26,154 |
Guess?, Inc. | 889 | 18,393 |
Hain Celestial Group, Inc.(a) | 1,156 | 18,704 |
Security Description | Shares | Value |
Hanmi Financial Corp. | 129 | $3,193 |
Harmonic, Inc.(a) | 5,449 | 71,382 |
Harmony Biosciences Holdings, Inc.(a) | 355 | 19,560 |
Harsco Corp.(a) | 2,336 | 14,693 |
Haverty Furniture Companies, Inc. | 2,367 | 70,773 |
Hawaiian Holdings, Inc.(a) | 4,432 | 45,472 |
Hawkins, Inc. | 916 | 35,358 |
Haynes International, Inc. | 330 | 15,078 |
HB Fuller Co. | 67 | 4,799 |
HCI Group, Inc. | 1,422 | 56,297 |
Healthcare Services Group, Inc. | 2,149 | 25,788 |
HealthStream, Inc.(a) | 1,490 | 37,012 |
Heartland Express, Inc. | 1,287 | 19,743 |
Heidrick & Struggles International, Inc. | 379 | 10,601 |
Helix Energy Solutions Group, Inc.(a) | 2,542 | 18,760 |
Helmerich & Payne, Inc. | 333 | 16,507 |
Heritage Financial Corp. | 109 | 3,340 |
Hersha Hospitality Trust, REIT, Class A | 1,685 | 14,356 |
Heska Corp.(a) | 413 | 25,672 |
Hibbett, Inc. | 364 | 24,832 |
Hillenbrand, Inc. | 665 | 28,376 |
Hilltop Holdings, Inc. | 112 | 3,361 |
HNI Corp. | 681 | 19,361 |
HomeStreet, Inc. | 117 | 3,227 |
Hope Bancorp, Inc. | 249 | 3,190 |
Horace Mann Educators Corp. | 1,306 | 48,805 |
Hostess Brands, Inc.(a) | 818 | 18,356 |
Hub Group, Inc., Class A(a) | 267 | 21,224 |
Hudson Pacific Properties, Inc. | 1,805 | 17,563 |
Ichor Holdings Ltd.(a) | 482 | 12,927 |
Independent Bank Corp. | 35 | 2,955 |
Independent Bank Group, Inc. | 51 | 3,064 |
Industrial Logistics Properties Trust, REIT | 2,918 | 9,542 |
Innospec, Inc. | 49 | 5,040 |
Innovative Industrial Properties, Inc., REIT | 93 | 9,426 |
Innoviva, Inc.(a) | 2,462 | 32,621 |
Inogen, Inc.(a) | 2,653 | 52,291 |
Insight Enterprises, Inc.(a) | 186 | 18,650 |
Installed Building Products, Inc. | 212 | 18,147 |
Insteel Industries, Inc. | 491 | 13,512 |
Integer Holdings Corp.(a) | 275 | 18,826 |
Inter Parfums, Inc. | 460 | 44,399 |
InterDigital, Inc. | 1,122 | 55,517 |
Interface, Inc. | 1,345 | 13,275 |
Invesco Mortgage Capital, Inc | 707 | 9,000 |
iRobot Corp.(a) | 373 | 17,952 |
Ironwood Pharmaceuticals, Inc.(a) | 2,799 | 34,680 |
iStar, Inc., REIT | 1,437 | 10,964 |
iTeos Therapeutics, Inc.(a) | 1,076 | 21,014 |
Itron, Inc.(a) | 358 | 18,133 |
J & J Snack Foods Corp. | 128 | 19,163 |
Jack in the Box, Inc. | 794 | 54,175 |
Security Description | Shares | Value |
James River Group Holdings Ltd. | 1,982 | $41,444 |
John B Sanfilippo & Son, Inc. | 245 | 19,923 |
John Bean Technologies Corp. | 372 | 33,975 |
Joint Corp.(a) | 1,083 | 15,140 |
Kaiser Aluminum Corp. | 276 | 20,965 |
Kaman Corp. | 760 | 16,948 |
KAR Auction Services, Inc.(a) | 2,078 | 27,118 |
Kelly Services, Inc., Class A | 682 | 11,526 |
KKR Real Estate Finance Trust, Inc., REIT | 209 | 2,918 |
Knowles Corp.(a) | 3,366 | 55,270 |
Kontoor Brands, Inc. | 1,327 | 53,067 |
Koppers Holdings, Inc. | 1,199 | 33,812 |
Korn Ferry | 205 | 10,377 |
Kulicke & Soffa Industries, Inc. | 297 | 13,145 |
Lakeland Financial Corp. | 371 | 27,072 |
Laredo Petroleum, Inc.(a) | 736 | 37,845 |
La-Z-Boy, Inc. | 774 | 17,663 |
LCI Industries | 572 | 52,881 |
LeMaitre Vascular, Inc. | 438 | 20,157 |
LendingTree, Inc.(a) | 1,017 | 21,693 |
Leslie's, Inc.(a) | 6,141 | 74,982 |
LGI Homes, Inc.(a) | 289 | 26,761 |
Ligand Pharmaceuticals, Inc.(a) | 784 | 52,371 |
Lindsay Corp. | 128 | 20,845 |
Liquidity Services, Inc.(a) | 6,963 | 97,900 |
Livent Corp.(a) | 224 | 4,451 |
LivePerson, Inc.(a) | 2,683 | 27,206 |
LiveRamp Holdings, Inc.(a) | 1,422 | 33,332 |
LTC Properties, Inc., REIT | 573 | 20,359 |
LXP Industrial Trust, REIT | 1,000 | 10,020 |
M/I Homes, Inc.(a) | 624 | 28,816 |
Marcus & Millichap, Inc. | 607 | 20,911 |
Marcus Corp. | 3,531 | 50,811 |
MarineMax, Inc.(a) | 858 | 26,787 |
Marten Transport Ltd. | 1,019 | 20,156 |
Masterbrand, Inc.(a) | 1,865 | 14,081 |
Materion Corp. | 192 | 16,802 |
Mativ Holdings, Inc. | 1,101 | 23,011 |
Matson, Inc. | 346 | 21,628 |
Matthews International Corp., Class A | 597 | 18,173 |
MaxLinear, Inc.(a) | 1,678 | 56,968 |
MDC Holdings, Inc. | 875 | 27,650 |
Medifast, Inc. | 545 | 62,866 |
Mercer International, Inc. | 4,565 | 53,137 |
Mercury General Corp. | 1,377 | 47,093 |
Meridian Bioscience, Inc.(a) | 891 | 29,590 |
Merit Medical Systems, Inc.(a) | 279 | 19,703 |
Meritage Homes Corp.(a) | 319 | 29,412 |
Mesa Laboratories, Inc. | 161 | 26,760 |
Methode Electronics, Inc. | 589 | 26,134 |
MGP Ingredients, Inc. | 631 | 67,126 |
Middlesex Water Co. | 806 | 63,408 |
Security Description | Shares | Value |
MillerKnoll, Inc. | 980 | $20,590 |
Minerals Technologies, Inc. | 152 | 9,229 |
Mister Car Wash, Inc.(a) | 2,811 | 25,946 |
ModivCare, Inc.(a) | 179 | 16,062 |
Monarch Casino & Resort, Inc.(a) | 229 | 17,608 |
Monro, Inc. | 573 | 25,900 |
Moog, Inc., Class A | 188 | 16,499 |
Motorcar Parts of America, Inc.(a) | 2,806 | 33,279 |
Movado Group, Inc. | 1,424 | 45,924 |
Mr Cooper Group, Inc.(a) | 872 | 34,993 |
Mueller Industries, Inc. | 564 | 33,276 |
Myers Industries, Inc. | 477 | 10,604 |
MYR Group, Inc.(a) | 304 | 27,989 |
Myriad Genetics, Inc.(a) | 841 | 12,203 |
Nabors Industries Ltd.(a) | 113 | 17,500 |
National Bank Holdings Corp., Class A | 644 | 27,093 |
National Beverage Corp.(a) | 407 | 18,938 |
National Presto Industries, Inc. | 640 | 43,814 |
National Vision Holdings, Inc.(a) | 1,169 | 45,310 |
NBT Bancorp, Inc. | 79 | 3,430 |
Nektar Therapeutics(a) | 11,751 | 26,557 |
NeoGenomics, Inc.(a) | 1,369 | 12,650 |
NETGEAR, Inc.(a) | 2,148 | 38,900 |
NetScout Systems, Inc.(a) | 1,275 | 41,450 |
New York Mortgage Trust, Inc., REIT | 3,237 | 8,287 |
NexPoint Residential Trust, Inc., REIT | 226 | 9,836 |
NextGen Healthcare, Inc.(a) | 1,968 | 36,959 |
NMI Holdings, Inc., Class A(a) | 2,821 | 58,959 |
Northfield Bancorp, Inc. | 213 | 3,350 |
Northwest Bancshares, Inc. | 1,474 | 20,607 |
Northwest Natural Holding Co. | 1,543 | 73,431 |
NOW, Inc.(a) | 1,265 | 16,065 |
Nu Skin Enterprises, Inc., Class A | 1,125 | 47,430 |
NuVasive, Inc.(a) | 1,345 | 55,468 |
NV5 Global, Inc.(a) | 193 | 25,538 |
Oceaneering International, Inc.(a) | 1,103 | 19,291 |
ODP Corp.(a) | 531 | 24,182 |
Office Properties Income Trust, REIT | 1,292 | 17,248 |
OFG Bancorp | 1,024 | 28,221 |
O-I Glass, Inc.(a) | 1,377 | 22,817 |
Oil States International, Inc.(a) | 2,465 | 18,389 |
Olympic Steel, Inc. | 475 | 15,950 |
OmniAb, Inc.(a),(b) | 198 | — |
OmniAb, Inc.(a),(b) | 198 | — |
OneSpan, Inc.(a) | 5,973 | 66,838 |
Onto Innovation, Inc.(a) | 323 | 21,993 |
OptimizeRx Corp.(a) | 2,009 | 33,751 |
OraSure Technologies, Inc.(a) | 5,352 | 25,797 |
Organogenesis Holdings, Inc.(a) | 21,123 | 56,821 |
Orion Office REIT, Inc. | 2,039 | 17,413 |
Orthofix Medical, Inc.(a) | 2,752 | 56,499 |
OSI Systems, Inc.(a) | 226 | 17,972 |
Security Description | Shares | Value |
Outfront Media, Inc. | 625 | $10,362 |
Owens & Minor, Inc.(a) | 2,631 | 51,383 |
Oxford Industries, Inc. | 182 | 16,959 |
Pacific Premier Bancorp, Inc. | 96 | 3,030 |
Pacira BioSciences, Inc.(a) | 717 | 27,683 |
Palomar Holdings, Inc.(a) | 959 | 43,308 |
Par Pacific Holdings, Inc.(a) | 2,862 | 66,541 |
Park Aerospace Corp. | 409 | 5,485 |
Park National Corp. | 22 | 3,097 |
Pathward Financial, Inc. | 842 | 36,248 |
Patrick Industries, Inc. | 659 | 39,935 |
Patterson-UTI Energy, Inc. | 964 | 16,234 |
Payoneer Global, Inc.(a) | 6,906 | 37,776 |
PC Connection, Inc. | 362 | 16,978 |
PDF Solutions, Inc.(a) | 474 | 13,518 |
Pediatrix Medical Group, Inc.(a) | 4,746 | 70,526 |
Pennant Group, Inc.(a) | 2,271 | 24,936 |
PennyMac Mortgage Investment Trust, REIT | 620 | 7,682 |
Perdoceo Education Corp.(a) | 1,980 | 27,522 |
Perficient, Inc.(a) | 761 | 53,141 |
PetMed Express, Inc. | 2,973 | 52,622 |
PGT Innovations, Inc.(a) | 999 | 17,942 |
Phibro Animal Health Corp., Class A | 3,897 | 52,259 |
Photronics, Inc.(a) | 770 | 12,959 |
Piper Sandler Companies | 136 | 17,706 |
Pitney Bowes, Inc. | 5,443 | 20,683 |
Plexus Corp.(a) | 1,036 | 106,635 |
Powell Industries, Inc. | 1,559 | 54,846 |
PRA Group, Inc.(a) | 824 | 27,835 |
Preferred Bank | 43 | 3,209 |
Prestige Consumer Healthcare, Inc.(a) | 811 | 50,769 |
PriceSmart, Inc. | 1,005 | 61,084 |
ProAssurance Corp. | 2,328 | 40,670 |
PROG Holdings, Inc.(a) | 1,572 | 26,551 |
Progress Software Corp. | 613 | 30,926 |
ProPetro Holding Corp.(a) | 1,598 | 16,571 |
Proto Labs, Inc.(a) | 2,259 | 57,672 |
Provident Financial Services, Inc. | 151 | 3,225 |
Quaker Chemical Corp. | 32 | 5,341 |
Quanex Building Products Corp. | 792 | 18,755 |
QuinStreet, Inc.(a) | 1,433 | 20,564 |
RadNet, Inc.(a) | 803 | 15,120 |
Rambus, Inc.(a) | 1,973 | 70,673 |
Ranger Oil Corp., Class A | 1,050 | 42,451 |
Rayonier Advanced Materials, Inc.(a) | 1,135 | 10,896 |
RE/MAX Holdings, Inc., Class A | 1,052 | 19,609 |
Ready Capital Corp., REIT | 254 | 2,830 |
Redwood Trust, Inc., REIT | 2,722 | 18,401 |
REGENXBIO, Inc.(a) | 972 | 22,045 |
Renasant Corp. | 82 | 3,082 |
Rent-A-Center, Inc. | 2,079 | 46,881 |
Resideo Technologies, Inc.(a) | 1,170 | 19,246 |
Security Description | Shares | Value |
Resources Connection, Inc. | 974 | $17,902 |
Retail Opportunity Investments Corp., REIT | 676 | 10,160 |
REX American Resources Corp.(a) | 1,087 | 34,632 |
Rogers Corp.(a) | 45 | 5,370 |
RPC, Inc. | 1,860 | 16,535 |
RPT Realty, REIT | 971 | 9,749 |
Ruth's Hospitality Group, Inc. | 1,421 | 21,997 |
S&T Bancorp, Inc. | 91 | 3,110 |
Sabre Corp.(a) | 14,625 | 90,382 |
Safehold, Inc., REIT | 381 | 10,904 |
Safety Insurance Group, Inc. | 576 | 48,534 |
Sally Beauty Holdings, Inc.(a) | 2,182 | 27,319 |
Sanmina Corp.(a) | 1,763 | 101,002 |
Saul Centers, Inc., REIT | 254 | 10,333 |
ScanSource, Inc.(a) | 614 | 17,941 |
Scholastic Corp. | 739 | 29,161 |
Seacoast Banking Corp. of Florida | 99 | 3,088 |
Select Medical Holdings Corp. | 3,120 | 77,470 |
Semtech Corp.(a) | 2,000 | 57,380 |
Seneca Foods Corp., Class A(a) | 496 | 30,231 |
Service Properties Trust, REIT | 2,023 | 14,748 |
ServisFirst Bancshares, Inc. | 47 | 3,239 |
Shake Shack, Inc., Class A(a) | 1,181 | 49,047 |
Shenandoah Telecommunications Co. | 4,074 | 64,695 |
Shoe Carnival, Inc. | 935 | 22,356 |
Shutterstock, Inc. | 1,766 | 93,104 |
Signet Jewelers Ltd. | 651 | 44,268 |
Simmons First National Corp., Class A | 155 | 3,345 |
Simply Good Foods Co.(a) | 533 | 20,270 |
Simulations Plus, Inc. | 964 | 35,253 |
SiriusPoint Ltd.(a) | 9,012 | 53,171 |
SITE Centers Corp., REIT | 799 | 10,914 |
Six Flags Entertainment Corp.(a) | 866 | 20,134 |
SJW Group | 940 | 76,319 |
SkyWest, Inc.(a) | 3,062 | 50,554 |
Sleep Number Corp.(a) | 645 | 16,757 |
SM Energy Co. | 1,064 | 37,059 |
SMART Global Holdings, Inc.(a) | 4,470 | 66,514 |
Sonic Automotive, Inc., Class A | 540 | 26,606 |
Sonos, Inc.(a) | 3,123 | 52,779 |
South Jersey Industries, Inc. | 2,103 | 74,720 |
Southside Bancshares, Inc. | 96 | 3,455 |
SpartanNash Co. | 2,089 | 63,171 |
SPS Commerce, Inc.(a) | 240 | 30,823 |
SPX Technologies, Inc.(a) | 832 | 54,621 |
St. Joe Co. | 288 | 11,131 |
Standard Motor Products, Inc. | 1,528 | 53,174 |
Standex International Corp. | 651 | 66,669 |
Stellar Bancorp, Inc. | 109 | 3,211 |
Stepan Co. | 84 | 8,943 |
Steven Madden Ltd. | 1,343 | 42,922 |
Stewart Information Services Corp. | 1,729 | 73,880 |
Security Description | Shares | Value |
StoneX Group, Inc.(a) | 226 | $21,538 |
Strategic Education, Inc. | 350 | 27,412 |
Stride, Inc.(a) | 852 | 26,651 |
Sturm Ruger & Co., Inc. | 1,875 | 94,912 |
Summit Hotel Properties, Inc., REIT | 2,007 | 14,491 |
Sun Country Airlines Holdings, Inc.(a) | 3,033 | 48,103 |
SunCoke Energy, Inc. | 1,936 | 16,708 |
Sunstone Hotel Investors, Inc. | 1,531 | 14,789 |
Supernus Pharmaceuticals, Inc.(a) | 603 | 21,509 |
Surmodics, Inc.(a) | 558 | 19,039 |
Sylvamo Corp. | 388 | 18,853 |
Talos Energy, Inc.(a) | 2,039 | 38,496 |
Tanger Factory Outlet Centers, Inc., REIT | 568 | 10,190 |
TechTarget, Inc.(a) | 437 | 19,254 |
Telephone and Data Systems, Inc. | 7,496 | 78,633 |
Tennant Co. | 532 | 32,755 |
Thryv Holdings, Inc.(a) | 1,553 | 29,507 |
TimkenSteel Corp.(a) | 889 | 16,153 |
Titan International, Inc.(a) | 822 | 12,593 |
Tompkins Financial Corp. | 39 | 3,026 |
Tootsie Roll Industries, Inc. | 456 | 19,412 |
Tredegar Corp. | 1,043 | 10,659 |
TreeHouse Foods, Inc.(a) | 445 | 21,974 |
Tri Pointe Homes, Inc.(a) | 1,522 | 28,294 |
Trinity Industries, Inc. | 745 | 22,030 |
Trinseo PLC | 1,047 | 23,777 |
Triumph Financial, Inc.(a) | 500 | 24,435 |
Triumph Group, Inc.(a) | 1,344 | 14,139 |
TrueBlue, Inc.(a) | 545 | 10,671 |
Trupanion, Inc.(a) | 945 | 44,916 |
TrustCo Bank Corp. NY | 556 | 20,900 |
Trustmark Corp. | 91 | 3,177 |
TTEC Holdings, Inc. | 229 | 10,106 |
TTM Technologies, Inc.(a) | 3,458 | 52,147 |
Two Harbors Investment Corp. | 566 | 8,926 |
UFP Industries, Inc. | 689 | 54,603 |
Ultra Clean Holdings, Inc.(a) | 391 | 12,962 |
UniFirst Corp. | 148 | 28,563 |
uniQure N.V.(a) | 941 | 21,332 |
Unisys Corp.(a) | 13,066 | 66,767 |
United Community Banks, Inc. | 91 | 3,076 |
United Fire Group, Inc. | 1,564 | 42,791 |
United Natural Foods, Inc.(a) | 1,730 | 66,968 |
Uniti Group, Inc., REIT | 1,793 | 9,915 |
Unitil Corp. | 1,437 | 73,804 |
Universal Corp. | 1,342 | 70,871 |
Universal Electronics, Inc.(a) | 2,495 | 51,921 |
Universal Health Realty Income Trust, REIT | 205 | 9,785 |
Universal Insurance Holdings, Inc. | 4,348 | 46,045 |
Urban Edge Properties | 703 | 9,905 |
Urban Outfitters, Inc.(a) | 1,352 | 32,245 |
Security Description | Shares | Value | |
Urstadt Biddle Properties, Inc., REIT, Class A | 575 | $10,896 | |
US Physical Therapy, Inc. | 181 | 14,666 | |
US Silica Holdings, Inc.(a) | 1,298 | 16,225 | |
USANA Health Sciences, Inc.(a) | 391 | 20,801 | |
Vanda Pharmaceuticals, Inc.(a) | 3,124 | 23,086 | |
Varex Imaging Corp.(a) | 1,390 | 28,217 | |
Vector Group Ltd. | 6,575 | 77,979 | |
Veeco Instruments, Inc.(a) | 738 | 13,712 | |
Vericel Corp.(a) | 2,424 | 63,848 | |
Veris Residential, Inc., REIT(a) | 1,154 | 18,383 | |
Veritex Holdings, Inc. | 112 | 3,145 | |
Veritiv Corp. | 134 | 16,309 | |
Viad Corp.(a) | 651 | 15,878 | |
Viavi Solutions, Inc.(a) | 2,328 | 24,467 | |
Vir Biotechnology, Inc.(a) | 833 | 21,083 | |
Virtus Investment Partners, Inc. | 461 | 88,254 | |
Vista Outdoor, Inc.(a) | 4,084 | 99,527 | |
Wabash National Corp. | 926 | 20,928 | |
Walker & Dunlop, Inc. | 458 | 35,944 | |
Warrior Met Coal, Inc. | 446 | 15,449 | |
WD-40 Co. | 150 | 24,181 | |
Westamerica BanCorp | 55 | 3,246 | |
Whitestone REIT | 1,090 | 10,508 | |
Winnebago Industries, Inc. | 1,003 | 52,858 | |
WisdomTree, Inc. | 16,668 | 90,841 | |
Wolverine World Wide, Inc. | 4,245 | 46,398 | |
World Acceptance Corp.(a) | 396 | 26,112 | |
World Fuel Services Corp. | 2,111 | 57,694 | |
WSFS Financial Corp. | 72 | 3,264 | |
WW International, Inc.(a) | 6,428 | 24,812 | |
Xencor, Inc.(a) | 720 | 18,749 | |
Xenia Hotels & Resorts, Inc., REIT | 1,045 | 13,773 | |
XPEL, Inc.(a) | 598 | 35,916 | |
Xperi, Inc.(a) | 7,111 | 61,226 | |
Yelp, Inc.(a) | 3,176 | 86,832 | |
ZIMVIE, Inc.(a) | 6,328 | 59,104 | |
Zumiez, Inc.(a) | 1,631 | 35,458 | |
Zynex, Inc. | 4,143 | 57,629 | |
TOTAL INVESTMENTS—99.8% (Cost $17,835,833) | 18,218,682 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 37,268 | ||
NET ASSETS—100.0% | $18,255,950 |
(a) | Non-income producing security. |
(b) | Fair valued by Adviser. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Healthcare Providers and Facilities | 3.7% |
Business Software for Specific Uses | 3.1 |
Upstream Energy | 2.8 |
Gas and Water Utilities | 2.8 |
Investment Services | 2.5 |
Operators and Developers | 2.4 |
Medical Devices | 2.4 |
Consumer Insurance | 2.4 |
Commercial Insurance | 2.4 |
Management and IT Services | 2.4 |
Non Real Estate Banking | 2.4 |
Telecommunication Networks | 2.4 |
Auto Products | 2.4 |
Real Estate Banking | 2.3 |
Marketed Pharmaceuticals | 2.3 |
Transaction Services | 2.3 |
Rental | 2.3 |
Commercial Hardware | 2.3 |
Home Office and Consumer Equipment Manufacture | 2.3 |
Transportation Services | 2.2 |
Content Providers | 2.2 |
Home Office and Consumer Equipment Retail | 2.2 |
Digital Integrated Circuits | 2.1 |
Online Distribution Networks | 2.0 |
Specialty Services | 1.8 |
Distribution Services | 1.8 |
Mechanical Components | 1.8 |
Information and Electrical Components | 1.8 |
Food Distributors | 1.8 |
Production Equipment | 1.7 |
Other Pharmaceuticals | 1.7 |
Restaurants | 1.7 |
Apparel Retailers | 1.7 |
Hospital Equipment | 1.6 |
Business Software for Specific Industries | 1.6 |
Chemicals | 1.5 |
Contract Electronics Services | 1.4 |
Semiconductor Services and Equipment | 1.3 |
Primary Foods | 1.2 |
Alcohol and Tobacco | 1.2 |
Branded Apparel | 1.2 |
Other Natural Resources | 1.2 |
End User Hardware | 1.2 |
Metals | 1.1 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Transport Aerospace and Defense Equipment | 1.1% |
Processed Foods | 1.1 |
Personal Products | 1.0 |
Analog and Mixed Signal Integrated Circuits | 0.9 |
Healthcare Products Distribution | 0.9 |
Electric Regulated | 0.8 |
Clinical Stage Pharmaceuticals | 0.8 |
Accessories and Footwear | 0.7 |
Industrial Conglomerates | 0.7 |
Downstream | 0.7 |
Medical Research Services and Equipment | 0.6 |
Search and Social Networks | 0.5 |
Midstream | 0.3 |
Drugstores | 0.3 |
Consumer Paper Products | 0.2 |
Consumer Services | 0.1 |
Brokers and Dealers | 0.1 |
Vitamins and Nutritional Supplements | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
Security Description | Shares | Value | |
EXCHANGE-TRADED FUNDS—99.9% | |||
Syntax Stratified LargeCap ETF(a) | 160,599 | $10,227,667 | |
Syntax Stratified MidCap ETF(a) | 34,645 | 1,219,902 | |
Syntax Stratified SmallCap ETF(a) | 14,886 | 603,858 | |
TOTAL INVESTMENTS—99.9% (Cost $12,303,310) | 12,051,427 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 6,153 | ||
NET ASSETS—100.0% | $12,057,580 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value December 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2022 | Shares as of December 31, 2022 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $14,471,787 | $5,350,872 | $(8,127,467) | $566,599 | $(2,034,124) | $10,227,667 | 160,599 | $173,093 | $— |
Syntax Stratified MidCap ETF | 1,708,961 | 665,886 | (938,378) | (65,694) | (150,873) | 1,219,902 | 34,645 | 12,449 | — |
Syntax Stratified SmallCap ETF | 815,106 | 379,224 | (449,495) | (69,381) | (71,596) | 603,858 | 14,886 | 6,797 | — |
Total | $16,995,854 | $6,395,982 | $(9,515,340) | $431,524 | $(2,256,593) | $12,051,427 | 210,130 | $192,339 | $— |
ETF=Exchange Traded Fund |
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—89.3% | |||
Syntax Stratified LargeCap ETF(a) | 471,516 | $30,028,261 | |
Syntax Stratified MidCap ETF(a) | 101,754 | 3,582,911 | |
Syntax Stratified SmallCap ETF(a) | 43,716 | 1,773,361 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $36,728,888) | $35,384,533 | ||
TOTAL PURCHASED OPTIONS—11.7% (Cost $4,785,590) | $4,620,928 | ||
TOTAL INVESTMENTS—101.0% (Cost $41,514,478) | 40,005,461 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.0)% | (411,865) | ||
NET ASSETS—100.0% | $39,593,596 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value December 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2022 | Shares as of December 31, 2022 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $34,369,826 | $7,076,792 | $(7,717,004) | $160,486 | $(3,861,839) | $30,028,261 | 471,516 | $517,564 | $— |
Syntax Stratified MidCap ETF | 4,058,767 | 941,806 | (862,897) | (1,198) | (553,567) | 3,582,911 | 101,754 | 37,227 | — |
Syntax Stratified SmallCap ETF | 1,935,669 | 658,581 | (425,542) | (72,212) | (323,135) | 1,773,361 | 43,716 | 20,320 | — |
Total | $40,364,262 | $8,677,179 | $(9,005,443) | $87,076 | $(4,738,541) | $35,384,533 | 616,986 | $575,111 | $— |
ETF=Exchange Traded Fund |
Purchased Call Options — 3.1% |
Exchange-Traded Options — 3.1% |
Description | Number of Contracts | Notional Amount | Cost | Exercise Price | Expiration Date | Value |
SPDR S&P 500 ETF Trust | 462 | $17,668,266 | $1,251,050 | $455 | 12/20/24 | $1,212,750 |
Total | $1,251,050 | $1,212,750 |
Purchased Put Options — 8.6% |
Exchange-Traded Options — 8.6% |
Description | Number of Contracts | Notional Amount | Cost | Exercise Price | Expiration Date | Value |
SPDR S&P 500 ETF Trust | 923 | $35,298,289 | $3,534,540 | $375 | 12/20/24 | $3,408,178 |
Total | $3,534,540 | $3,408,178 | ||||
Total Purchased Options — 11.7% | $4,785,590 | $4,620,928 | ||||
Written Call Options — (1.1)% |
Exchange-Traded Options — (1.1)% |
Description | Number of Contracts | Notional Amount | Proceeds Received | Exercise Price | Expiration Date | Value |
SPDR S&P 500 ETF Trust | 462 | $(17,668,266) | $(474,969) | $520 | 12/20/24 | $(438,900) |
Total | $(474,969) | $(438,900) |
ASSET TYPE | PERCENTAGE OF NET ASSETS |
Large Cap ETF | 75.8% |
Mid Cap ETF | 9.0 |
Small Cap ETF | 4.5 |
Purchased Options | 11.7 |
Written Options | (1.1) |
Other Assets in Excess of Liabilities | 0.1 |
Total | 100.0% |
Security Description | Shares | Value | |
EXCHANGE-TRADED FUNDS—99.9% | |||
Syntax Stratified LargeCap ETF(a) | 104,894 | $6,680,122 | |
Syntax Stratified MidCap ETF(a) | 22,631 | 796,872 | |
Syntax Stratified SmallCap ETF(a) | 9,723 | 394,418 | |
TOTAL INVESTMENTS—99.9% (Cost $7,490,028) | 7,871,412 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 4,053 | ||
NET ASSETS—100.0% | $7,875,465 |
(a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
Affiliated Investments | Value June 14, 2022* | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value December 31, 2022 | Shares as of December 31, 2022 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $— | $12,685,998 | $(6,483,029) | $150,790 | $326,363 | $6,680,122 | 104,894 | $113,300 | $— |
Syntax Stratified MidCap ETF | — | 1,501,356 | (782,337) | 29,515 | 48,338 | 796,872 | 22,631 | 8,149 | — |
Syntax Stratified SmallCap ETF | — | 766,990 | (388,255) | 9,000 | 6,683 | 394,418 | 9,723 | 4,448 | — |
Total | $— | $14,954,344 | $(7,653,621) | $189,305 | $381,384 | $7,871,412 | 137,248 | $125,897 | $— |
* | Commencement of operations. |
ETF=Exchange Traded Fund |
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 | $96,981,792 | $10,547,717 | $18,218,682 | ||
Total Investments | 96,981,792 | 10,547,717 | 18,218,682 | ||
Cash | 148,795 | 12,640 | 22,613 | ||
Dividends receivable | 113,542 | 9,018 | 21,116 | ||
Total Assets | 97,244,129 | 10,569,375 | 18,262,411 | ||
LIABILITIES | |||||
Accrued Management fee | 25,141 | 2,972 | 6,383 | ||
Accrued Other fees | 411 | 42 | 78 | ||
Total Liabilities | 25,552 | 3,014 | 6,461 | ||
NET ASSETS | $97,218,577 | $10,566,361 | $18,255,950 | ||
NET ASSETS CONSISTS OF: | |||||
Paid in Capital | $99,695,689 | $11,113,321 | $19,169,254 | ||
Distributable earnings (loss) | (2,477,112) | (546,960) | (913,304) | ||
NET ASSETS | $97,218,577 | $10,566,361 | $18,255,950 | ||
NET ASSET VALUE PER SHARE | $63.75 | $35.22 | $40.57 | ||
SHARES OUTSTANDING (unlimited number of shares authorized, no par value) | 1,525,000 | 300,000 | 450,000 | ||
COST OF INVESTMENTS | $97,500,864 | $10,746,051 | $17,835,833 |
Syntax Stratified U.S. Total Market ETF | Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | |||
ASSETS | |||||
Investments in securities of unaffiliated issuers | $— | $4,620,928 | $— | ||
Investments in securities of affiliated issuers | 12,051,427 | 35,384,533 | 7,871,412 | ||
Total Investments | 12,051,427 | 40,005,461 | 7,871,412 | ||
Cash | 6,606 | 29,893 | 4,339 | ||
Cash at broker | — | 10,196 | — | ||
Total Assets | 12,058,033 | 40,045,550 | 7,875,751 | ||
LIABILITIES | |||||
Written options, at value | — | 438,900 | — | ||
Accrued Management fee | 405 | 12,883 | 251 | ||
Accrued Other fees | 48 | 171 | 35 | ||
Total Liabilities | 453 | 451,954 | 286 | ||
NET ASSETS | $12,057,580 | $39,593,596 | $7,875,465 | ||
NET ASSETS CONSISTS OF: | |||||
Paid in Capital | $12,312,005 | $41,254,024 | $7,493,643 | ||
Distributable earnings (loss) | (254,425) | (1,660,428) | 381,822 | ||
NET ASSETS | $12,057,580 | $39,593,596 | $7,875,465 | ||
NET ASSET VALUE PER SHARE | $40.19 | $38.63 | $39.38 | ||
SHARES OUTSTANDING (unlimited number of shares authorized, no par value) | 300,000 | 1,025,000 | 200,000 | ||
Investments in securities of unaffiliated issuers | $— | $4,785,590 | $— | ||
Investments in securities of affiliated issuers | 12,303,310 | 36,728,888 | 7,490,028 | ||
TOTAL COST OF INVESTMENTS | $12,303,310 | $41,514,478 | $7,490,028 | ||
WRITTEN OPTIONS PREMIUM | $— | $474,969 | $— |
Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||
Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | |||
INVESTMENT INCOME | |||||
Dividend income (net of foreign taxes withheld of $674, $0 and $200, respectively) | $1,868,990 | $128,561 | $268,698 | ||
Total Investment Income | 1,868,990 | 128,561 | 268,698 | ||
EXPENSES | |||||
Management fee | 447,132 | 43,579 | 85,736 | ||
Other fees | 4,869 | 475 | 934 | ||
Total Expenses | 452,001 | 44,054 | 86,670 | ||
Expense Waiver/Reimbursement | (149,044) | (9,684) | (9,526) | ||
Net Expenses | 302,957 | 34,370 | 77,144 | ||
NET INVESTMENT INCOME (LOSS) | 1,566,033 | 94,191 | 191,554 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) from transactions in investment securities | (994,996) | (247,421) | (1,282,514) | ||
Net realized gain (loss) from in-kind redemptions of investment securities | 11,256,196 | 363,980 | 702,387 | ||
Reimbursement from Sub-Adviser (See Note 6) | 123,526 | — | 26,029 | ||
Net realized gain (loss) | 10,384,726 | 116,559 | (554,098) | ||
Net change in unrealized appreciation (depreciation) on investments | (20,614,829) | (1,692,568) | (3,915,877) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | (10,230,103) | (1,576,009) | (4,469,975) | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $(8,664,070) | $(1,481,818) | $(4,278,421) |
Syntax Stratified U.S. Total Market ETF | Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | |||
Year Ended December 31, 2022 | Year Ended December 31, 2022 | For the Period June 14, 2022(a) to December 31, 2022 | |||
INVESTMENT INCOME | |||||
Dividend income (net of foreign taxes withheld of $0, $0 and $132, respectively) | $— | $— | $1,243 | ||
Dividend income from affiliated investments | 192,339 | 575,111 | 125,897 | ||
Total Investment Income | 192,339 | 575,111 | 127,140 | ||
EXPENSES | |||||
Management fee | 75,645 | 436,146 | 51,790 | ||
Other fees | 494 | 2,223 | 338 | ||
Total Expenses | 76,139 | 438,369 | 52,128 | ||
Expense Waiver/Reimbursement | (72,161) | (271,766) | (48,552) | ||
Net Expenses | 3,978 | 166,603 | 3,576 | ||
NET INVESTMENT INCOME (LOSS) | 188,361 | 408,508 | 123,564 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) from transactions in investment securities | — | 1,501,370 | 23,324 | ||
Net realized gain (loss) from transactions in affiliated investment securities | (2,543) | 21,822 | 480 | ||
Net realized gain (loss) from in-kind redemptions of investment securities | — | — | 77,121 | ||
Net realized gain (loss) from in-kind redemptions of affiliated investment securities | 434,067 | 65,254 | 188,825 | ||
Net realized gain (loss) from transactions in written options | — | 243,443 | — | ||
Net realized gain (loss) | 431,524 | 1,831,889 | 289,750 | ||
Net change in unrealized appreciation (depreciation) on investments | — | 502,680 | — | ||
Net change in unrealized appreciation (depreciation) on affiliated investments | (2,256,593) | (4,738,541) | 381,384 | ||
Net change in unrealized appreciation (depreciation) on written options | — | 163,991 | — | ||
Net change in unrealized appreciation/depreciation | (2,256,593) | (4,071,870) | 381,384 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | (1,825,069) | (2,239,981) | 671,134 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $(1,636,708) | $(1,831,473) | $794,698 |
(a) | Fund commenced operations on June 14, 2022. |
Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $1,566,033 | $1,123,302 | $94,191 | $62,501 | |||
Net realized gain (loss) | 10,384,726 | 5,533,657 | 116,559 | 487,191 | |||
Net change in unrealized appreciation (depreciation) | (20,614,829) | 11,995,507 | (1,692,568) | 632,555 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (8,664,070) | 18,652,466 | (1,481,818) | 1,182,247 | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (1,615,742) | (1,189,175) | (98,761) | (234,274) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | 40,681,880 | 61,152,050 | 3,611,175 | 6,815,911 | |||
Cost of Shares Redeemed | (41,868,028) | (11,919,869) | (1,645,322) | (1,003,463) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (1,186,148) | 49,232,181 | 1,965,853 | 5,812,448 | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (11,465,960) | 66,695,472 | 385,274 | 6,760,421 | |||
NET ASSETS AT BEGINNING OF PERIOD | 108,684,537 | 41,989,065 | 10,181,087 | 3,420,666 | |||
NET ASSETS AT END OF PERIOD | $97,218,577 | $108,684,537 | $10,566,361 | $10,181,087 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | 650,000 | 950,000 | 100,000 | 175,000 | |||
Shares redeemed | (650,000) | (175,000) | (50,000) | (25,000) | |||
NET INCREASE (DECREASE) | — | 775,000 | 50,000 | 150,000 |
Syntax Stratified SmallCap ETF | Syntax Stratified U.S. Total Market ETF | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | For the Period March 18, 2021(a) to December 31, 2021 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $191,554 | $185,213 | $188,361 | $234,037 | |||
Net realized gain (loss) | (554,098) | 3,671,700 | 431,524 | 444,307 | |||
Net change in unrealized appreciation (depreciation) | (3,915,877) | 422,221 | (2,256,593) | 2,004,710 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (4,278,421) | 4,279,134 | (1,636,708) | 2,683,054 | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (205,319) | (1,521,147) | (199,218) | (246,920) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | 3,505,189 | 7,862,252 | 6,300,901 | 21,000,000 | |||
Cost of Shares Redeemed | (2,175,507) | (6,436,337) | (9,439,823) | (6,403,706) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | 1,329,682 | 1,425,915 | (3,138,922) | 14,596,294 | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (3,154,058) | 4,183,902 | (4,974,848) | 17,032,428 | |||
NET ASSETS AT BEGINNING OF PERIOD | 21,410,008 | 17,226,106 | 17,032,428 | — | |||
NET ASSETS AT END OF PERIOD | $18,255,950 | $21,410,008 | $12,057,580 | $17,032,428 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | 75,000 | 150,000 | 150,000 | 525,000 | |||
Shares redeemed | (50,000) | (125,000) | (225,000) | (150,000) | |||
NET INCREASE (DECREASE) | 25,000 | 25,000 | (75,000) | 375,000 |
(a) | Fund commenced operations on March 18, 2021. |
Syntax Stratified U.S. Total Market Hedged ETF | Syntax Stratified Total Market II ETF | ||||
Year Ended December 31, 2022 | For the Period June 15, 2021(a) to December 31, 2021 | For the Period June 14, 2022(b) to December 31, 2022 | |||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||
Net investment income (loss) | $408,508 | $484,577 | $123,564 | ||
Net realized gain (loss) | 1,831,889 | (2,029,580) | 289,750 | ||
Net change in unrealized appreciation (depreciation) | (4,071,870) | 2,598,922 | 381,384 | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (1,831,473) | 1,053,919 | 794,698 | ||
DISTRIBUTIONS TO SHAREHOLDERS | |||||
Distributions to Shareholders | (1,332,695) | (484,945) | (146,930) | ||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||
Proceeds from Shares Sold | 4,999,857 | 88,308,024 | 18,582,640 | ||
Cost of Shares Redeemed | (7,769,157) | (43,349,934) | (11,354,943) | ||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (2,769,300) | 44,958,090 | 7,227,697 | ||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (5,933,468) | 45,527,064 | 7,875,465 | ||
NET ASSETS AT BEGINNING OF PERIOD | 45,527,064 | — | — | ||
NET ASSETS AT END OF PERIOD | $39,593,596 | $45,527,064 | $7,875,465 | ||
SHARE TRANSACTIONS: | |||||
Shares sold | 125,000 | 2,200,000 | 500,000 | ||
Shares redeemed | (200,000) | (1,100,000) | (300,000) | ||
NET INCREASE (DECREASE) | (75,000) | 1,100,000 | 200,000 |
(a) | Fund commenced operations on June 15, 2021. |
(b) | Fund commenced operations on June 14, 2022. |
Syntax Stratified LargeCap ETF | |||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | For the Period January 2, 2019(a) to December 31, 2019 | ||||
Net asset value, beginning of period | $71.27 | $55.99 | $50.73 | $40.00 | |||
Income (loss) from investment operations: | |||||||
Net investment income (loss)(b) | 1.03 | 0.92 | 0.88 | 0.84 | |||
Net realized and unrealized gain (loss) | (7.47) | 15.14 | 5.29 | 10.68 | |||
Total from investment operations | (6.44) | 16.06 | 6.17 | 11.52 | |||
Less Distributions from: | |||||||
Net investment income | (1.08) | (0.78) | (0.82) | (0.79) | |||
Net realized gains | — | — | (0.09) | — | |||
Net asset value, end of period | $63.75 | $71.27 | $55.99 | $50.73 | |||
Total return(c) | (9.02)%(d) | 28.76% | 12.18% | 28.81%(e) | |||
Ratios and Supplemental Data: | |||||||
Net assets, end of period (000s) | $97,219 | $108,685 | $41,989 | $62,149 | |||
Ratios to average net assets: | |||||||
Total expenses | 0.45% | 0.45% | 0.45% | 0.80%(f) | |||
Net expenses(g) | 0.30% | 0.30% | 0.30% | 0.30%(f) | |||
Net investment income (loss)(g) | 1.58% | 1.39% | 1.83% | 1.80%(f) | |||
Portfolio turnover rate(h) | 31% | 25% | 36% | 34%(e) |
(a) | Fund commenced operations on January 2, 2019. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | If the Sub-Adviser had not made a special reimbursement during the year ended December 31, 2022, the total return would have been (9.13)%. See Note 6. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified MidCap ETF | |||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | For the Period January 16, 2020(a) to December 31, 2020 | |||
Net asset value, beginning of period | $40.72 | $34.21 | $30.00 | ||
Income (loss) from investment operations: | |||||
Net investment income (loss)(b) | 0.35 | 0.31 | 0.29 | ||
Net realized and unrealized gain (loss) | (5.49) | 7.14 | 4.22 | ||
Total from investment operations | (5.14) | 7.45 | 4.51 | ||
Less Distributions from: | |||||
Net investment income | (0.36) | (0.28) | (0.30) | ||
Net realized gains | — | (0.66) | — | ||
Net asset value, end of period | $35.22 | $40.72 | $34.21 | ||
Total return(c) | (12.61)% | 21.95% | 15.04%(d) | ||
Ratios and Supplemental Data: | |||||
Net assets, end of period (000s) | $10,566 | $10,181 | $3,421 | ||
Ratios to average net assets: | |||||
Total expenses | 0.45% | 0.45% | 0.45%(e) | ||
Net expenses(f) | 0.35% | 0.34% | 0.30%(e) | ||
Net investment income (loss)(f) | 0.97% | 0.77% | 1.10%(e) | ||
Portfolio turnover rate(g) | 45% | 50% | 52%(d) |
(a) | Fund commenced operations on January 16, 2020. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Net of expenses waived/reimbursed by the Advisor. |
(g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified SmallCap ETF | |||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | For the Period May 28, 2020(a) to December 31, 2020 | |||
Net asset value, beginning of period | $50.38 | $43.07 | $30.00 | ||
Income (loss) from investment operations: | |||||
Net investment income (loss)(b) | 0.44 | 0.45 | 0.20 | ||
Net realized and unrealized gain (loss) | (9.79) | 10.44 | 13.24 | ||
Total from investment operations | (9.35) | 10.89 | 13.44 | ||
Less Distributions from: | |||||
Net investment income | (0.46) | (0.47) | (0.19) | ||
Net realized gains | — | (3.11) | (0.18) | ||
Net asset value, end of period | $40.57 | $50.38 | $43.07 | ||
Total return(c) | (18.55)%(d) | 25.72% | 44.82%(e) | ||
Ratios and Supplemental Data: | |||||
Net assets, end of period (000s) | $18,256 | $21,410 | $17,226 | ||
Ratios to average net assets: | |||||
Total expenses | 0.45% | 0.45% | 0.45%(f) | ||
Net expenses(g) | 0.40% | 0.37% | 0.30%(f) | ||
Net investment income (loss)(g) | 1.01% | 0.87% | 0.93%(f) | ||
Portfolio turnover rate(h) | 50% | 40% | 40%(e) |
(a) | Fund commenced operations on May 28, 2020. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | If the Sub-Adviser had not made a special reimbursement during the year ended December 31, 2022, the total return would have been (18.68)%. See Note 6. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified U.S. Total Market ETF | |||
Year Ended December 31, 2022 | For the Period March 18, 2021(a) to December 31, 2021 | ||
Net asset value, beginning of period | $45.42 | $40.00 | |
Income (loss) from investment operations: | |||
Net investment income (loss)(b) | 0.78 | 0.56 | |
Net realized and unrealized gain (loss) | (5.34) | 5.52 | |
Total from investment operations | (4.56) | 6.08 | |
Less Distributions from: | |||
Net investment income | (0.63) | (0.62) | |
Net realized gains | (0.04) | (0.04) | |
Net asset value, end of period | $40.19 | $45.42 | |
Total return(c) | (10.05)% | 15.20%(d) | |
Ratios and Supplemental Data: | |||
Net assets, end of period (000s) | $12,058 | $17,032 | |
Ratios to average net assets: | |||
Total expenses | 0.75% | 0.76%(e) | |
Net expenses(f) | 0.04% | 0.05%(e) | |
Net investment income (loss)(f) | 1.87% | 1.64%(e) | |
Portfolio turnover rate(g) | 1% | 2%(d) |
(a) | Fund commenced operations on March 18, 2021. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Net of expenses waived/reimbursed by the Advisor. |
(g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified U.S. Total Market Hedged ETF | |||
Year Ended December 31, 2022 | For the Period June 15, 2021(a) to December 31, 2021 | ||
Net asset value, beginning of period | $41.39 | $40.40 | |
Income (loss) from investment operations: | |||
Net investment income (loss)(b) | 0.37 | 0.43 | |
Net realized and unrealized gain (loss) | (1.83) | 1.00(c) | |
Total from investment operations | (1.46) | 1.43 | |
Less Distributions from: | |||
Net investment income | (0.40) | (0.44) | |
Net realized gains | (0.90) | — | |
Net asset value, end of period | $38.63 | $41.39 | |
Total return(d) | (3.53)% | 3.54%(e) | |
Ratios and Supplemental Data: | |||
Net assets, end of period (000s) | $39,594 | $45,527 | |
Ratios to average net assets: | |||
Total expenses | 1.00% | 1.00%(f) | |
Net expenses(g) | 0.38% | 0.38%(f) | |
Net investment income (loss)(g) | 0.94% | 1.96%(f) | |
Portfolio turnover rate(h) | 35% | 88%(e) |
(a) | Fund commenced operations on June 15, 2021. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share gain or loss amount does not correlate to the aggregate of the net realized and unrealized gain or loss in the Statements of Operations for the year ended December 31, 2021, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio. |
(d) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Net of expenses waived/reimbursed by the Advisor. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Syntax Stratified Total Market II ETF | |
For the Period June 14, 2022(a) to December 31, 2022 | |
Net asset value, beginning of period | $37.04 |
Income (loss) from investment operations: | |
Net investment income (loss)(b) | 0.41 |
Net realized and unrealized gain (loss) | 2.67 |
Total from investment operations | 3.08 |
Less Distributions from: | |
Net investment income | (0.62) |
Net realized gains | (0.12) |
Net asset value, end of period | $39.38 |
Total return(c) | 8.29%(d) |
Ratios and Supplemental Data: | |
Net assets, end of period (000s) | $7,875 |
Ratios to average net assets: | |
Total expenses | 0.75%(e) |
Net expenses(f) | 0.05%(e) |
Net investment income (loss)(f) | 1.79%(e) |
Portfolio turnover rate(g) | 11%(d) |
(a) | Fund commenced operations on June 14, 2022. |
(b) | Per Share numbers have been calculated using the average shares method. |
(c) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance would have been lower had the waivers/reimbursements not been in effect. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Net of expenses waived/reimbursed by the Advisor. |
(g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
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 | $96,981,792 | $— | $— | $96,981,792 |
Total | $96,981,792 | $— | $— | $96,981,792 |
Syntax Stratified MidCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $10,547,717 | $— | $— | $10,547,717 |
Total | $10,547,717 | $— | $— | $10,547,717 |
Syntax Stratified SmallCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $18,218,682 | $— | $—* | $18,218,682 |
Total | $18,218,682 | $— | $— | $18,218,682 |
Syntax Stratified U.S. Total Market ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $12,051,427 | $— | $— | $12,051,427 |
Total | $12,051,427 | $— | $— | $12,051,427 |
Syntax Stratified U.S. Total Market Hedged ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $35,384,533 | $— | $— | $35,384,533 |
Purchased Options | $4,620,928 | $— | $— | $4,620,928 |
Total | $40,005,461 | $— | $— | $40,005,461 |
OTHER FINANCIAL INSTRUMENTS: | ||||
Written Options | $(438,900) | $— | $— | $(438,900) |
Total | $(438,900) | $— | $— | $(438,900) |
Syntax Stratified Total Market II ETF | ||||
INVESTMENTS: | ||||
Exchange-Traded Funds | $7,871,412 | $— | $— | $7,871,412 |
Total | $7,871,412 | $— | $— | $7,871,412 |
* | As of December 31, 2022, level 3 common stocks held in Syntax Stratified SmallCapETF represented 0.0% of the Fund’s net assets. |
Year or Period Ended December 31, 2022 | Year or Period Ended December 31, 2021 | ||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | Distributions Paid From Return of Capital | Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | Distributions Paid From Return of Capital | ||||||
Syntax Stratified LargeCap ETF | $1,615,742 | $— | $— | $1,189,175 | $— | $— | |||||
Syntax Stratified MidCap ETF | 98,761 | — | — | 145,195 | 89,079 | — | |||||
Syntax Stratified SmallCap ETF | 205,319 | — | — | 1,521,147 | — | — | |||||
Syntax Stratified U.S. Total Market ETF | 199,218 | — | — | 246,920 | — | — | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 1,332,695 | — | — | 484,945 | — | — | |||||
Syntax Stratified Total Market II ETF | 142,712 | 4,218 | — | — | — | — |
Paid in Capital | Distributable Earnings (Loss) | ||
Syntax Stratified LargeCap ETF | $11,145,207 | (11,145,207) | |
Syntax Stratified MidCap ETF | 360,046 | (360,046) | |
Syntax Stratified SmallCap ETF | 679,409 | (679,409) | |
Syntax Stratified U.S. Total Market ETF | 434,015 | (434,015) | |
Syntax Stratified U.S. Total Market Hedged ETF | 347,855 | (347,855) |
Paid in Capital | Distributable Earnings (Loss) | ||
Syntax Stratified Total Market II ETF | $265,946 | $(265,946) |
Undistrbuted Ordinary Income | Undistributed Long-Term Gain | Capital Loss Carryforward | Post-October Capital Loss Deferrals | Unrealized Appreciation (Depreciation) | Total | ||||||
Syntax Stratified LargeCap ETF | $— | $— | (1,558,225) | $— | $(918,887) | (2,477,112) | |||||
Syntax Stratified MidCap ETF | — | — | (346,662) | — | (200,298) | (546,960) | |||||
Syntax Stratified SmallCap ETF | — | — | (1,184,415) | — | 271,111 | (913,304) | |||||
Syntax Stratified U.S. Total Market ETF | — | — | (2,294) | — | (252,131) | (254,425) | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 176 | — | — | (180,753) | (1,479,851) | (1,660,428) | |||||
Syntax Stratified Total Market II ETF | 469 | — | — | — | 381,353 | 381,822 |
Non-Expiring Long-Term | Non-Expiring Short-Term | ||
Syntax Stratified LargeCap ETF | $1,558,225 | $— | |
Syntax Stratified MidCap ETF | 94,834 | 251,828 | |
Syntax Stratified SmallCap ETF | 120,464 | 1,063,951 | |
Syntax Stratified U.S. Total Market ETF | 752 | 1,542 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
Syntax Stratified LargeCap ETF | $97,900,679 | $8,169,141 | (9,088,028) | $(918,887) | |||
Syntax Stratified MidCap ETF | 10,748,015 | 897,556 | (1,097,854) | (200,298) | |||
Syntax Stratified SmallCap ETF | 17,947,571 | 2,681,354 | (2,410,243) | 271,111 | |||
Syntax Stratified U.S. Total Market ETF | 12,303,558 | — | (252,131) | (252,131) | |||
Syntax Stratified U.S. Total Market Hedged ETF | 41,046,412 | 36,069 | (1,515,920) | (1,479,851) | |||
Syntax Stratified Total Market II ETF | 7,490,059 | 381,384 | (31) | 381,353 |
Asset Derivatives | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Investments in securities of unaffiliated issuers | $4,620,928 | $4,620,928 | ||
Total | $4,620,928 | $4,620,928 |
Liability Derivatives | ||||
Location | Equity Contracts | Total | ||
Written options: | ||||
Written options, at value | $(438,900) | $(438,900) | ||
Total | $(438,900) | $(438,900) |
Realized Gain (Loss) on Derivative Instruments | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Net realized gain (loss) from transactions in investment securities | $1,501,362 | $1,501,362 | ||
Net realized gain (loss) from transactions in written options | $243,443 | $243,443 | ||
Total | $1,744,805 | $1,744,805 |
Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | ||||
Location | Equity Contracts | Total | ||
Purchased options: | ||||
Net change in unrealized appreciation (depreciation) on investment securities | $502,680 | $502,680 | ||
Net change in unrealized appreciation (depreciation) on written options | $163,991 | $163,991 | ||
Total | $666,671 | $666,671 |
Options: | |
Average value of option contracts purchased | $5,782,042 |
Average value of option contracts written | (286,934) |
Purchases | Sales | ||
Syntax Stratified LargeCap ETF | $30,769,888 | $30,651,610 | |
Syntax Stratified MidCap ETF | 4,504,080 | 4,412,843 | |
Syntax Stratified SmallCap ETF | 9,632,099 | 9,805,893 | |
Syntax Stratified U.S. Total Market ETF | 95,079 | 75,294 | |
Syntax Stratified U.S. Total Market Hedged ETF | 15,100,720 | 16,043,758 | |
Syntax Stratified Total Market II ETF | 9,591,886 | 1,295,953 |
In-kind Contributions | In-kind Redemptions | ||
Syntax Stratified LargeCap ETF | $39,092,065 | $40,252,901 | |
Syntax Stratified MidCap ETF | 3,610,968 | 1,645,251 | |
Syntax Stratified SmallCap ETF | 3,504,928 | 1,952,908 | |
Syntax Stratified U.S. Total Market ETF | 6,300,903 | 9,440,046 |
In-kind Contributions | In-kind Redemptions | ||
Syntax Stratified U.S. Total Market Hedged ETF | $4,494,726 | $6,831,705 | |
Syntax Stratified Total Market II ETF | 7,922,273 | 11,543,167 |
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 | $149,044 |
Syntax Stratified MidCap ETF | 9,684 |
Syntax Stratified SmallCap ETF | 9,526 |
Syntax Stratified U.S. Total Market ETF | 40,344 |
Syntax Stratified U.S. Total Market Hedged ETF | 152,651 |
Syntax Stratified Total Market II ETF | 27,622 |
2023 | 2024 | 2025 | |||
Syntax Stratified LargeCap ETF | $47,244 | $120,877 | $149,044 | ||
Syntax Stratified MidCap ETF | 3,931 | 9,028 | 9,684 | ||
Syntax Stratified SmallCap ETF | 11,425 | 17,104 | 9,526 | ||
Syntax Stratified U.S. Total Market ETF | — | 58,102 | 40,344 | ||
Syntax Stratified U.S. Total Market Hedged ETF | — | 86,619 | 152,651 | ||
Syntax Stratified Total Market II ETF | — | — | 27,622 |
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
Syntax Stratified LargeCap ETF, Syntax Stratified MidCap ETF, and Syntax Stratified SmallCap ETF | For the year ended December 31, 2022 | For the years ended December 31, 2022 and December 31, 2021 | |
Syntax Stratified U.S. Total Market ETF | For the year ended December 31, 2022 | For the year ended December 31, 2022 and for the period from March 18, 2021 (commencement of operations) through December 31, 2021 | |
Syntax Stratified U.S. Total Market Hedged ETF | For the year ended December 31, 2022 | For the year ended December 31, 2022 and for the period from June 15, 2021 (commencement of operations) through December 31, 2021 | |
Syntax Stratified Total Market II ETF | For the period from June 14, 2022 (commencement of operations) through December 31, 2022 |
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% | $1,066.70 | $1.56 | $1,023.70 | $1.53 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified MidCap ETF | 0.35% | $1,070.10 | $1.83 | $1,023.40 | $1.79 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified SmallCap ETF | 0.40% | $1,024.40 | $2.04 | $1,023.20 | $2.04 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified U.S. Total Market ETF | 0.04% | $1,066.20 | $0.21 | $1,025.00 | $0.20 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified U.S. Total Market Hedged ETF | 0.38% | $1,052.60 | $1.97 | $1,023.30 | $1.94 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified Total Market II ETF | 0.04% | $1,065.80 | $0.21 | $1,025.00 | $0.20 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184 for the Fund and the Hypothetical numbers shown, then divided by 365. |
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, Cibus Global, Ltd. (2012 to present) (gene editing agriculture); Director StageZero Life Sciences, fka GeneNews Limited (2000 to present); Director, Intra-Cellular Therapies, Inc. (since 2014); Director, FibroGen, Inc. (1993 to present). |
Kathy Cuocolo (1952) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Trustee | Term: Unlimited Trustee since 2018 | President and Senior Vice President, Syntax Advisors, LLC and predecessor companies (2014 to 2021); Managing Director, Head of Global ETF Services, BNY Mellon (2008 to 2013); Executive Vice President, State Street (1982 to 2003); Director, Guardian Life Family of Funds (2005 – 2007); Select Sector Trust, Chairman (2000 to 2007); Director, The China Fund (1999 to 2003). | 9 | Greenbacker Renewable Energy LLC, Audit Chair (2013 to present); Trustee, Monterey Capital (2021 to present) (acquisition corp.). |
NAME, ADDRESS AND YEAR OF BIRTH | POSITION(S) WITH TRUST | TERM OF OFFICE AND LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS |
OFFICERS | |||
Rory Riggs (1953) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Chief Executive | Since 2018 | See Trustee table above |
Carly Arison (1990) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | President | Since 2021 | President, Senior Vice President, Vice President, and Manager, Syntax Advisors, LLC and predecessor companies (2012 to Present) |
David Jaffin (1954) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Treasurer | Since 2019 | Partner, B2B CFO® (January 2019 to present); Chief Financial Officer, Poliwogg Holdings, Inc. (October 2012 to August 2018). |
James Nash (1981) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Chief Compliance Officer | Since 2022 | Mr. Nash currently serves as Director and Fund Chief Compliance Officer at Foreside Fund Officer Services, LLC (d/b/a ACA Group, LLC) (2016 to present). |
Bill Belitsky (1979) c/o Syntax Advisors One Liberty Plaza 46th Floor New York, NY 10006 | Secretary | Since 2022 | Legal counsel to Syntax Advisors LLC (since April 2021); Of Counsel, Paul Hastings LLP (2006 to 2021). |
One Liberty Plaza 46th FI.
New York, NY 10006
One Lincoln Street
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 | |||||||||
2021 | 2022 | |||||||||
(a) | Audit Fees | $ | 78,500 | $ | 101,500 | |||||
(b) | Audit Related Fees(1) | $ | 0 | $ | 0 | |||||
(c) | Tax Fees(2) | $ | 20,000 | $ | 24,000 | |||||
(d) | All Other Fees | $ | 0 | $ | 0 | |||||
Total | $ | 98,500 | $ | 125,500 |
(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, 2022 and December 31, 2021. |
(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 9, 2023 |
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 9, 2023 | ||
By: | /s/ David Jaffin | ||
David Jaffin | |||
Treasurer | |||
(Principal Financial Officer) | |||
Date: | March 9, 2023 |
EXHIBIT INDEX