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QUARTERLY REPORT
Syntax Stratified
SmallCap ETF
March 31, 2021
Syntax Stratified SmallCap ETF
Schedule of Investments
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3D Systems Corp.(a) | 997 | $27,358 |
8x8, Inc.(a) | 1,623 | 52,650 |
AAON, Inc. | 241 | 16,872 |
AAR Corp. | 400 | 16,660 |
Aaron's Co., Inc. | 1,357 | 34,848 |
Abercrombie & Fitch Co., Class A | 630 | 21,615 |
ABM Industries, Inc. | 834 | 42,542 |
Acadia Realty Trust, REIT | 577 | 10,946 |
Addus HomeCare Corp.(a) | 203 | 21,232 |
ADTRAN, Inc. | 3,532 | 58,914 |
Advanced Energy Industries, Inc. | 613 | 66,921 |
AdvanSix, Inc.(a) | 333 | 8,931 |
Aegion Corp.(a) | 1,484 | 42,665 |
Aerojet Rocketdyne Holdings, Inc. | 390 | 18,314 |
AeroVironment, Inc.(a) | 325 | 37,719 |
Agilysys, Inc.(a) | 957 | 45,898 |
Agree Realty Corp., REIT | 186 | 12,520 |
Alamo Group, Inc. | 188 | 29,356 |
Alarm.com Holdings, Inc.(a) | 658 | 56,838 |
Albany International Corp., Class A | 303 | 25,291 |
Alexander & Baldwin, Inc.(a) | 644 | 10,813 |
Allegheny Technologies, Inc.(a) | 972 | 20,470 |
Allegiance Bancshares, Inc. | 98 | 3,973 |
Allegiant Travel Co.(a) | 341 | 83,224 |
Allscripts Healthcare Solutions, Inc.(a) | 3,682 | 55,285 |
Ambac Financial Group, Inc.(a) | 3,195 | 53,484 |
AMC Networks, Inc., Class A(a) | 548 | 29,132 |
American Assets Trust, Inc., REIT | 372 | 12,068 |
American Axle & Manufacturing Holdings, Inc.(a) | 5,015 | 48,445 |
American Equity Investment Life Holding Co. | 1,990 | 62,745 |
American Public Education, Inc.(a) | 1,939 | 69,087 |
American States Water Co. | 1,787 | 135,133 |
American Vanguard Corp. | 389 | 7,939 |
American Woodmark Corp.(a) | 242 | 23,856 |
America's Car-Mart, Inc.(a) | 268 | 40,835 |
Ameris Bancorp | 69 | 3,623 |
AMERISAFE, Inc. | 890 | 56,960 |
AMN Healthcare Services, Inc.(a) | 142 | 10,465 |
Amphastar Pharmaceuticals, Inc.(a) | 2,958 | 54,191 |
Andersons, Inc. | 1,214 | 33,239 |
AngioDynamics, Inc.(a) | 708 | 16,567 |
ANI Pharmaceuticals, Inc.(a) | 1,770 | 63,968 |
Anika Therapeutics, Inc.(a) | 1,995 | 81,376 |
Apogee Enterprises, Inc. | 234 | 9,566 |
Apollo Commercial Real Estate Finance, Inc., REIT | 272 | 3,800 |
Applied Industrial Technologies, Inc. | 184 | 16,775 |
Applied Optoelectronics, Inc.(a) | 4,820 | 40,295 |
ArcBest Corp. | 326 | 22,941 |
Archrock, Inc. | 1,232 | 11,692 |
Security Description | Shares | Value |
Arconic Corp.(a) | 721 | $18,306 |
Arcosa, Inc. | 275 | 17,900 |
Arlo Technologies, Inc.(a) | 2,764 | 17,358 |
Armada Hoffler Properties, Inc., REIT | 952 | 11,938 |
ARMOUR Residential REIT, Inc. | 1,770 | 21,594 |
Asbury Automotive Group, Inc.(a) | 226 | 44,409 |
Assured Guaranty Ltd. | 1,297 | 54,837 |
Astec Industries, Inc. | 404 | 30,470 |
Atlas Air Worldwide Holdings, Inc.(a) | 318 | 19,220 |
ATN International, Inc. | 1,657 | 81,392 |
Avista Corp. | 2,872 | 137,138 |
Axcelis Technologies, Inc.(a) | 413 | 16,970 |
Axos Financial, Inc.(a) | 233 | 10,953 |
AZZ, Inc. | 377 | 18,982 |
B&G Foods, Inc. | 883 | 27,426 |
Badger Meter, Inc. | 213 | 19,824 |
Balchem Corp. | 105 | 13,168 |
Banc of California, Inc. | 191 | 3,453 |
BancFirst Corp. | 53 | 3,747 |
BankUnited, Inc. | 83 | 3,648 |
Banner Corp. | 64 | 3,413 |
Barnes & Noble Education, Inc.(a) | 4,850 | 39,479 |
Barnes Group, Inc. | 172 | 8,521 |
Bed Bath & Beyond, Inc. | 1,143 | 33,318 |
Bel Fuse, Inc., Class B | 2,813 | 55,951 |
Benchmark Electronics, Inc. | 1,211 | 37,444 |
Berkshire Hills Bancorp, Inc. | 167 | 3,727 |
Big Lots, Inc. | 506 | 34,560 |
BJ's Restaurants, Inc.(a) | 393 | 22,825 |
Bloomin' Brands, Inc. | 855 | 23,128 |
Blucora, Inc.(a) | 4,256 | 70,820 |
BM Technologies, Inc.(a) | 42 | 489 |
Boise Cascade Co. | 293 | 17,530 |
Bonanza Creek Energy, Inc.(a) | 504 | 18,008 |
Boot Barn Holdings, Inc.(a) | 411 | 25,609 |
Boston Private Financial Holdings, Inc. | 837 | 11,149 |
Bottomline Technologies DE, Inc.(a) | 1,189 | 53,802 |
Brady Corp., Class A | 387 | 20,685 |
Brandywine Realty Trust, REIT | 1,380 | 17,816 |
Brightsphere Investment Group, Inc. | 3,663 | 74,652 |
Brinker International, Inc. | 319 | 22,668 |
Bristow Group, Inc.(a) | 450 | 11,646 |
Brookline Bancorp, Inc. | 248 | 3,720 |
Buckle, Inc. | 1,057 | 41,519 |
Cadence BanCorp | 1,807 | 37,459 |
CalAmp Corp.(a) | 5,390 | 58,481 |
Calavo Growers, Inc. | 458 | 35,559 |
Caleres, Inc. | 1,388 | 30,258 |
California Water Service Group | 2,396 | 134,991 |
Callaway Golf Co. | 2,094 | 56,014 |
Callon Petroleum Co.(a) | 442 | 17,039 |
Cal-Maine Foods, Inc.(a) | 869 | 33,387 |
2
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
Capitol Federal Financial, Inc. | 860 | $11,391 |
Capstead Mortgage Corp., REIT | 3,400 | 21,182 |
Cardiovascular Systems, Inc.(a) | 383 | 14,684 |
Cardtronics PLC, Class A(a) | 1,482 | 57,502 |
CareTrust REIT, Inc. | 3,607 | 83,989 |
Carpenter Technology Corp. | 461 | 18,970 |
Cato Corp., Class A | 1,641 | 19,692 |
Cavco Industries, Inc.(a) | 188 | 42,415 |
Celsius Holdings, Inc.(a) | 633 | 30,416 |
Centerspace, REIT | 179 | 12,172 |
Central Garden & Pet Co.(a) | 269 | 15,605 |
Central Garden & Pet Co., Class A(a) | 302 | 15,671 |
Central Pacific Financial Corp. | 456 | 12,166 |
Century Aluminum Co.(a) | 1,198 | 21,157 |
Century Communities, Inc.(a) | 703 | 42,405 |
CEVA, Inc.(a) | 1,443 | 81,024 |
Chart Industries, Inc.(a) | 134 | 19,075 |
Chatham Lodging Trust, REIT(a) | 1,793 | 23,596 |
Cheesecake Factory, Inc. | 394 | 23,053 |
Chefs' Warehouse, Inc.(a) | 1,877 | 57,173 |
Chesapeake Utilities Corp. | 1,087 | 126,179 |
Chico's FAS, Inc. | 6,089 | 20,155 |
Children's Place, Inc.(a) | 256 | 17,843 |
Chuy's Holdings, Inc.(a) | 552 | 24,465 |
Cincinnati Bell, Inc.(a) | 5,602 | 85,991 |
CIRCOR International, Inc.(a) | 525 | 18,281 |
City Holding Co. | 143 | 11,695 |
Clearwater Paper Corp.(a) | 1,604 | 60,342 |
Coca-Cola Consolidated, Inc. | 95 | 27,434 |
Cogent Communications Holdings, Inc. | 1,342 | 92,276 |
Coherus Biosciences, Inc.(a) | 3,532 | 51,603 |
Cohu, Inc. | 676 | 28,284 |
Collegium Pharmaceutical, Inc.(a) | 3,388 | 80,296 |
Columbia Banking System, Inc. | 80 | 3,447 |
Comfort Systems USA, Inc. | 576 | 43,068 |
Community Bank System, Inc. | 520 | 39,894 |
Community Health Systems, Inc.(a) | 4,591 | 62,070 |
Community Healthcare Trust, Inc., REIT | 1,815 | 83,708 |
Computer Programs and Systems, Inc. | 1,544 | 47,246 |
Comtech Telecommunications Corp. | 2,974 | 73,874 |
CONMED Corp. | 518 | 67,646 |
Conn's, Inc.(a) | 2,082 | 40,495 |
CONSOL Energy, Inc.(a) | 1,911 | 18,575 |
Consolidated Communications Holdings, Inc.(a) | 12,121 | 87,271 |
Cooper Tire & Rubber Co. | 451 | 25,247 |
Cooper-Standard Holdings, Inc.(a) | 550 | 19,976 |
Corcept Therapeutics, Inc.(a) | 1,672 | 39,777 |
Core Laboratories N.V. | 343 | 9,875 |
CoreCivic, Inc. | 3,797 | 34,363 |
Core-Mark Holding Co., Inc. | 1,619 | 62,639 |
CorVel Corp.(a) | 527 | 54,065 |
Security Description | Shares | Value |
Covetrus, Inc.(a) | 3,852 | $115,444 |
Crocs, Inc.(a) | 524 | 42,156 |
Cross Country Healthcare, Inc.(a) | 798 | 9,967 |
CryoLife, Inc.(a) | 648 | 14,632 |
CSG Systems International, Inc. | 881 | 39,548 |
CTS Corp. | 965 | 29,973 |
Cubic Corp. | 549 | 40,939 |
Customers Bancorp, Inc.(a) | 129 | 4,105 |
Cutera, Inc.(a) | 1,997 | 60,010 |
CVB Financial Corp. | 157 | 3,468 |
Cytokinetics, Inc.(a) | 2,516 | 58,522 |
Daktronics, Inc. | 6,018 | 37,733 |
Dave & Buster's Entertainment, Inc.(a) | 700 | 33,530 |
Deluxe Corp. | 1,038 | 43,554 |
Designer Brands, Inc., Class A | 1,693 | 29,458 |
DiamondRock Hospitality Co., REIT(a) | 2,401 | 24,730 |
Diebold Nixdorf, Inc.(a) | 3,392 | 47,929 |
Digi International, Inc.(a) | 3,259 | 61,888 |
Dime Community Bancshares, Inc. | 119 | 3,587 |
Dine Brands Global, Inc. | 289 | 26,019 |
Diodes, Inc.(a) | 1,033 | 82,475 |
Diversified Healthcare Trust, REIT | 16,045 | 76,695 |
DMC Global, Inc. | 151 | 8,193 |
Donnelley Financial Solutions, Inc.(a) | 2,476 | 68,907 |
Dorian LPG Ltd.(a) | 6,846 | 89,888 |
Dorman Products, Inc.(a) | 248 | 25,455 |
Dril-Quip, Inc.(a) | 329 | 10,933 |
DSP Group, Inc.(a) | 5,354 | 76,294 |
DXP Enterprises, Inc.(a) | 519 | 15,658 |
Eagle Bancorp, Inc. | 71 | 3,778 |
Eagle Pharmaceuticals, Inc.(a) | 955 | 39,862 |
Easterly Government Properties, Inc., REIT | 603 | 12,500 |
Ebix, Inc. | 1,733 | 55,508 |
Echo Global Logistics, Inc.(a) | 592 | 18,595 |
Edgewell Personal Care Co. | 1,803 | 71,399 |
eHealth, Inc.(a) | 2,014 | 146,478 |
El Pollo Loco Holdings, Inc.(a) | 3,365 | 54,244 |
elf Beauty, Inc.(a) | 2,255 | 60,502 |
Employers Holdings, Inc. | 1,517 | 65,322 |
Enanta Pharmaceuticals, Inc.(a) | 1,645 | 81,131 |
Encore Capital Group, Inc.(a) | 890 | 35,805 |
Encore Wire Corp. | 605 | 40,614 |
Endo International PLC(a) | 4,964 | 36,783 |
Enerpac Tool Group Corp. | 678 | 17,709 |
Enova International, Inc.(a) | 907 | 32,180 |
EnPro Industries, Inc. | 104 | 8,868 |
Ensign Group, Inc. | 237 | 22,240 |
ePlus, Inc.(a) | 486 | 48,425 |
ESCO Technologies, Inc. | 195 | 21,234 |
Essential Properties Realty Trust, Inc., REIT | 548 | 12,511 |
Ethan Allen Interiors, Inc. | 754 | 20,818 |
EVERTEC, Inc. | 1,141 | 42,468 |
3
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
EW Scripps Co., Class A | 1,770 | $34,108 |
ExlService Holdings, Inc.(a) | 581 | 52,383 |
Exponent, Inc. | 149 | 14,520 |
Extreme Networks, Inc.(a) | 9,252 | 80,955 |
EZCORP, Inc., Class A(a) | 6,616 | 32,882 |
Fabrinet(a) | 414 | 37,421 |
FARO Technologies, Inc.(a) | 612 | 52,981 |
FB Financial Corp. | 438 | 19,473 |
Federal Signal Corp. | 975 | 37,342 |
Ferro Corp.(a) | 528 | 8,902 |
Fiesta Restaurant Group, Inc.(a) | 3,822 | 48,119 |
First BanCorp | 335 | 3,772 |
First Bancorp/Southern Pines NC | 81 | 3,524 |
First Commonwealth Financial Corp. | 259 | 3,722 |
First Financial Bancorp | 157 | 3,768 |
First Hawaiian, Inc. | 408 | 11,167 |
First Midwest Bancorp, Inc. | 1,801 | 39,460 |
Flagstar Bancorp, Inc. | 246 | 11,095 |
FormFactor, Inc.(a) | 636 | 28,690 |
Forrester Research, Inc.(a) | 478 | 20,305 |
Forward Air Corp. | 213 | 18,917 |
Fossil Group, Inc.(a) | 2,979 | 36,940 |
Four Corners Property Trust, Inc., REIT | 432 | 11,837 |
Franklin Electric Co., Inc. | 271 | 21,393 |
Franklin Street Properties Corp., REIT | 2,912 | 15,870 |
Fresh Del Monte Produce, Inc. | 1,209 | 34,614 |
Fulgent Genetics, Inc.(a) | 296 | 28,600 |
FutureFuel Corp. | 2,999 | 43,575 |
GameStop Corp., Class A(a) | 160 | 30,371 |
Gannett Co., Inc.(a) | 7,553 | 40,635 |
GCP Applied Technologies, Inc.(a) | 332 | 8,147 |
Genesco, Inc.(a) | 517 | 24,558 |
Gentherm, Inc.(a) | 406 | 30,089 |
GEO Group, Inc., REIT | 3,995 | 31,001 |
Getty Realty Corp., REIT | 424 | 12,008 |
Gibraltar Industries, Inc.(a) | 102 | 9,334 |
G-III Apparel Group Ltd.(a) | 1,335 | 40,237 |
Glatfelter Corp. | 1,399 | 23,993 |
Glaukos Corp.(a) | 826 | 69,326 |
Global Net Lease, Inc., REIT | 1,013 | 18,295 |
Glu Mobile, Inc.(a) | 3,457 | 43,143 |
GMS, Inc.(a) | 396 | 16,533 |
Granite Construction, Inc. | 1,067 | 42,947 |
Granite Point Mortgage Trust, Inc., REIT | 1,785 | 21,366 |
Great Western Bancorp, Inc. | 120 | 3,635 |
Green Dot Corp., Class A(a) | 832 | 38,097 |
Green Plains, Inc.(a) | 1,334 | 36,111 |
Greenbrier Companies, Inc. | 619 | 29,229 |
Greenhill & Co., Inc. | 797 | 13,135 |
Griffon Corp. | 1,887 | 51,270 |
Group 1 Automotive, Inc. | 245 | 38,659 |
Guess?, Inc. | 790 | 18,565 |
Security Description | Shares | Value |
Hanger, Inc.(a) | 2,109 | $48,127 |
Hanmi Financial Corp. | 188 | 3,709 |
Harmonic, Inc.(a) | 7,722 | 60,540 |
Harsco Corp.(a) | 563 | 9,655 |
Haverty Furniture Companies, Inc. | 2,352 | 87,471 |
Hawaiian Holdings, Inc. | 3,098 | 82,624 |
Hawkins, Inc. | 557 | 18,671 |
Haynes International, Inc. | 647 | 19,196 |
HB Fuller Co. | 154 | 9,688 |
HCI Group, Inc. | 855 | 65,681 |
HealthStream, Inc.(a) | 2,365 | 52,834 |
Heartland Express, Inc. | 1,227 | 24,025 |
Heidrick & Struggles International, Inc. | 285 | 10,180 |
Helix Energy Solutions Group, Inc.(a) | 2,108 | 10,645 |
Helmerich & Payne, Inc. | 400 | 10,784 |
Heritage Financial Corp. | 133 | 3,756 |
Hersha Hospitality Trust, REIT(a) | 2,127 | 22,440 |
Heska Corp.(a) | 149 | 25,101 |
Hibbett Sports, Inc.(a) | 515 | 35,478 |
Hillenbrand, Inc. | 606 | 28,912 |
Hilltop Holdings, Inc. | 543 | 18,533 |
HNI Corp. | 505 | 19,978 |
HomeStreet, Inc. | 80 | 3,526 |
Hope Bancorp, Inc. | 244 | 3,675 |
Horace Mann Educators Corp. | 1,462 | 63,173 |
Hub Group, Inc., Class A(a) | 284 | 19,108 |
Ichor Holdings Ltd.(a) | 368 | 19,798 |
Independence Realty Trust, Inc., REIT | 883 | 13,422 |
Independent Bank Corp. | 38 | 3,199 |
Independent Bank Group, Inc. | 55 | 3,973 |
Industrial Logistics Properties Trust, REIT | 571 | 13,207 |
Innospec, Inc. | 83 | 8,523 |
Innovative Industrial Properties, Inc., REIT | 66 | 11,891 |
Innoviva, Inc.(a) | 3,577 | 42,745 |
Inogen, Inc.(a) | 1,436 | 75,419 |
Insight Enterprises, Inc.(a) | 184 | 17,557 |
Installed Building Products, Inc. | 218 | 24,172 |
Insteel Industries, Inc. | 1,666 | 51,379 |
Integer Holdings Corp.(a) | 169 | 15,565 |
Inter Parfums, Inc. | 846 | 60,007 |
Interface, Inc. | 708 | 8,836 |
Invacare Corp. | 8,685 | 69,654 |
Invesco Mortgage Capital, Inc., REIT | 3,215 | 12,892 |
Investors Bancorp, Inc. | 271 | 3,981 |
iRobot Corp.(a) | 176 | 21,504 |
iStar, Inc., REIT | 1,058 | 18,811 |
Itron, Inc.(a) | 236 | 20,921 |
J & J Snack Foods Corp. | 176 | 27,637 |
James River Group Holdings Ltd. | 1,204 | 54,926 |
John B Sanfilippo & Son, Inc. | 318 | 28,738 |
John Bean Technologies Corp. | 221 | 29,468 |
Kaiser Aluminum Corp. | 77 | 8,509 |
4
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
Kaman Corp. | 182 | $9,335 |
Kelly Services, Inc., Class A | 475 | 10,578 |
Kite Realty Group Trust, REIT | 592 | 11,420 |
KKR Real Estate Finance Trust, Inc., REIT | 205 | 3,770 |
Knowles Corp.(a) | 3,042 | 63,639 |
Kontoor Brands, Inc. | 815 | 39,552 |
Koppers Holdings, Inc.(a) | 579 | 20,126 |
Korn Ferry | 161 | 10,042 |
Kraton Corp.(a) | 525 | 19,210 |
Kulicke & Soffa Industries, Inc. | 349 | 17,139 |
Lannett Co., Inc.(a) | 8,613 | 45,477 |
Lantheus Holdings, Inc.(a) | 1,466 | 31,328 |
Laredo Petroleum, Inc.(a) | 420 | 12,625 |
La-Z-Boy, Inc. | 470 | 19,966 |
LCI Industries | 174 | 23,017 |
LeMaitre Vascular, Inc. | 331 | 16,146 |
Lexington Realty Trust, REIT | 1,674 | 18,598 |
LGI Homes, Inc.(a) | 307 | 45,838 |
Lindsay Corp. | 182 | 30,325 |
Liquidity Services, Inc.(a) | 6,601 | 122,647 |
Livent Corp.(a) | 450 | 7,794 |
LivePerson, Inc.(a) | 1,038 | 54,744 |
LTC Properties, Inc., REIT | 497 | 20,735 |
Lumber Liquidators Holdings, Inc.(a) | 3,315 | 83,273 |
Luminex Corp. | 878 | 28,008 |
Lydall, Inc.(a) | 807 | 27,228 |
M/I Homes, Inc.(a) | 767 | 45,307 |
Mack-Cali Realty Corp., REIT | 1,182 | 18,297 |
Macy's, Inc.(a) | 2,309 | 37,383 |
Magellan Health, Inc.(a) | 552 | 51,468 |
ManTech International Corp., Class A | 626 | 54,431 |
Marcus & Millichap, Inc.(a) | 1,643 | 55,369 |
Marcus Corp. | 1,855 | 37,081 |
MarineMax, Inc.(a) | 748 | 36,921 |
Marten Transport Ltd. | 1,410 | 23,928 |
Matador Resources Co. | 681 | 15,969 |
Materion Corp. | 292 | 19,342 |
Matrix Service Co.(a) | 825 | 10,816 |
Matson, Inc. | 311 | 20,744 |
Matthews International Corp., Class A | 508 | 20,091 |
MaxLinear, Inc.(a) | 2,405 | 81,962 |
MDC Holdings, Inc. | 750 | 44,550 |
Medifast, Inc. | 253 | 53,590 |
MEDNAX, Inc.(a) | 1,820 | 46,355 |
Mercer International, Inc. | 1,629 | 23,441 |
Meredith Corp. | 1,165 | 34,694 |
Meridian Bioscience, Inc.(a) | 1,206 | 31,657 |
Merit Medical Systems, Inc.(a) | 271 | 16,227 |
Meritage Homes Corp.(a) | 484 | 44,489 |
Meritor, Inc.(a) | 570 | 16,769 |
Mesa Laboratories, Inc. | 108 | 26,298 |
Meta Financial Group, Inc. | 883 | 40,009 |
Security Description | Shares | Value |
Methode Electronics, Inc. | 698 | $29,302 |
MGP Ingredients, Inc. | 1,296 | 76,658 |
Michaels Companies, Inc.(a) | 1,579 | 34,643 |
MicroStrategy, Inc., Class A(a) | 78 | 52,946 |
ModivCare, Inc.(a) | 215 | 31,846 |
Monarch Casino & Resort, Inc.(a) | 471 | 28,552 |
Monro, Inc. | 607 | 39,941 |
Moog, Inc., Class A | 213 | 17,711 |
Motorcar Parts of America, Inc.(a) | 2,610 | 58,725 |
Movado Group, Inc. | 1,703 | 48,450 |
Mr Cooper Group, Inc.(a) | 601 | 20,891 |
MTS Systems Corp. | 378 | 22,000 |
Mueller Industries, Inc. | 484 | 20,013 |
Myers Industries, Inc. | 507 | 10,018 |
MYR Group, Inc.(a) | 180 | 12,901 |
Myriad Genetics, Inc.(a) | 1,043 | 31,759 |
Nabors Industries Ltd. | 103 | 9,625 |
National Bank Holdings Corp., Class A | 1,024 | 40,632 |
National Beverage Corp. | 563 | 27,536 |
National Presto Industries, Inc. | 373 | 38,072 |
National Storage Affiliates Trust, REIT | 468 | 18,687 |
Natus Medical, Inc.(a) | 1,082 | 27,710 |
NBT Bancorp, Inc. | 291 | 11,611 |
Neenah, Inc. | 449 | 23,070 |
NeoGenomics, Inc.(a) | 435 | 20,980 |
NETGEAR, Inc.(a) | 2,005 | 82,405 |
New York Mortgage Trust, Inc., REIT | 2,634 | 11,774 |
NexPoint Residential Trust, Inc., REIT | 295 | 13,597 |
NextGen Healthcare, Inc.(a) | 2,869 | 51,929 |
NIC, Inc. | 1,692 | 57,410 |
NMI Holdings, Inc., Class A(a) | 2,333 | 55,152 |
Northfield Bancorp, Inc. | 243 | 3,869 |
Northwest Bancshares, Inc. | 799 | 11,546 |
Northwest Natural Holding Co. | 2,425 | 130,829 |
NOW, Inc.(a) | 1,495 | 15,085 |
Oceaneering International, Inc.(a) | 900 | 10,278 |
ODP Corp. | 861 | 37,273 |
Office Properties Income Trust, REIT | 646 | 17,778 |
OFG Bancorp | 1,899 | 42,955 |
O-I Glass, Inc. | 2,939 | 43,321 |
Oil States International, Inc.(a) | 1,473 | 8,882 |
Old National Bancorp | 193 | 3,733 |
Olympic Steel, Inc. | 741 | 21,822 |
Omnicell, Inc.(a) | 430 | 55,844 |
OneSpan, Inc.(a) | 3,303 | 80,923 |
Onto Innovation, Inc.(a) | 446 | 29,307 |
OraSure Technologies, Inc.(a) | 2,542 | 29,665 |
Orthofix Medical, Inc.(a) | 1,576 | 68,320 |
OSI Systems, Inc.(a) | 228 | 21,911 |
Owens & Minor, Inc. | 451 | 16,953 |
Oxford Industries, Inc. | 235 | 20,544 |
Pacific Premier Bancorp, Inc. | 83 | 3,606 |
5
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
Pacira BioSciences, Inc.(a) | 585 | $41,003 |
Palomar Holdings, Inc.(a) | 834 | 55,911 |
Par Pacific Holdings, Inc.(a) | 2,469 | 34,862 |
Park Aerospace Corp. | 555 | 7,337 |
Park National Corp. | 24 | 3,103 |
Patrick Industries, Inc. | 285 | 24,225 |
Patterson-UTI Energy, Inc. | 1,441 | 10,274 |
PBF Energy, Inc., Class A(a) | 2,646 | 37,441 |
PC Connection, Inc. | 368 | 17,072 |
PDC Energy, Inc.(a) | 430 | 14,792 |
PDF Solutions, Inc.(a) | 2,096 | 37,267 |
Penn Virginia Corp.(a) | 972 | 13,025 |
Pennant Group, Inc.(a) | 378 | 17,312 |
PennyMac Mortgage Investment Trust, REIT | 1,095 | 21,462 |
Perdoceo Education Corp.(a) | 5,079 | 60,745 |
Perficient, Inc.(a) | 851 | 49,971 |
PetMed Express, Inc. | 3,613 | 127,087 |
PGT Innovations, Inc.(a) | 963 | 24,316 |
Phibro Animal Health Corp., Class A | 2,332 | 56,901 |
Photronics, Inc.(a) | 1,368 | 17,592 |
Piper Sandler Companies | 112 | 12,281 |
Pitney Bowes, Inc. | 3,368 | 27,752 |
Plantronics, Inc. | 2,067 | 80,427 |
Plexus Corp.(a) | 1,417 | 130,137 |
Powell Industries, Inc. | 515 | 17,443 |
Power Integrations, Inc. | 1,045 | 85,147 |
PRA Group, Inc.(a) | 965 | 35,773 |
Preferred Bank | 61 | 3,884 |
Prestige Consumer Healthcare, Inc.(a) | 1,235 | 54,439 |
PriceSmart, Inc. | 657 | 63,565 |
ProAssurance Corp. | 2,025 | 54,189 |
Progress Software Corp. | 1,261 | 55,560 |
ProPetro Holding Corp.(a) | 1,015 | 10,820 |
Proto Labs, Inc.(a) | 322 | 39,203 |
Provident Financial Services, Inc. | 172 | 3,832 |
Quaker Chemical Corp. | 88 | 21,452 |
Quanex Building Products Corp. | 952 | 24,971 |
QuinStreet, Inc.(a) | 917 | 18,615 |
R1 RCM, Inc.(a) | 520 | 12,834 |
RadNet, Inc.(a) | 1,358 | 29,537 |
Rambus, Inc.(a) | 4,340 | 84,370 |
Range Resources Corp.(a) | 1,671 | 17,261 |
Raven Industries, Inc. | 224 | 8,586 |
Rayonier Advanced Materials, Inc.(a) | 1,365 | 12,381 |
RE/MAX Holdings, Inc., Class A | 1,336 | 52,625 |
Ready Capital Corp., REIT | 267 | 3,583 |
Realogy Holdings Corp.(a) | 3,467 | 52,456 |
Red Robin Gourmet Burgers, Inc.(a) | 644 | 25,689 |
Redwood Trust, Inc., REIT | 1,152 | 11,992 |
REGENXBIO, Inc.(a) | 1,410 | 48,095 |
Regis Corp.(a) | 2,562 | 32,179 |
Renasant Corp. | 271 | 11,214 |
Security Description | Shares | Value |
Renewable Energy Group, Inc.(a) | 598 | $39,492 |
Rent-A-Center, Inc. | 543 | 31,309 |
Resideo Technologies, Inc.(a) | 859 | 24,267 |
Resources Connection, Inc. | 992 | 13,432 |
Retail Opportunity Investments Corp., REIT | 725 | 11,506 |
Retail Properties of America, Inc., REIT, Class A | 1,040 | 10,899 |
REX American Resources Corp.(a) | 334 | 28,113 |
Rogers Corp.(a) | 54 | 10,163 |
RPC, Inc.(a) | 2,052 | 11,081 |
RPT Realty, REIT | 955 | 10,897 |
Ruth's Hospitality Group, Inc.(a) | 917 | 22,769 |
S&T Bancorp, Inc. | 112 | 3,752 |
Safehold, Inc., REIT | 178 | 12,478 |
Safety Insurance Group, Inc. | 757 | 63,777 |
Saia, Inc.(a) | 86 | 19,830 |
Sally Beauty Holdings, Inc.(a) | 1,621 | 32,631 |
Sanmina Corp.(a) | 3,228 | 133,575 |
Saul Centers, Inc., REIT | 292 | 11,712 |
ScanSource, Inc.(a) | 532 | 15,933 |
Scholastic Corp. | 1,383 | 41,642 |
Schweitzer-Mauduit International, Inc. | 516 | 25,269 |
Seacoast Banking Corp. of Florida(a) | 100 | 3,624 |
SEACOR Holdings, Inc.(a) | 2,346 | 95,599 |
Select Medical Holdings Corp.(a) | 1,494 | 50,945 |
Seneca Foods Corp., Class A(a) | 619 | 29,149 |
ServisFirst Bancshares, Inc. | 63 | 3,864 |
Shake Shack, Inc., Class A(a) | 526 | 59,317 |
Shenandoah Telecommunications Co. | 1,660 | 81,025 |
Shoe Carnival, Inc. | 467 | 28,898 |
Shutterstock, Inc. | 1,406 | 125,190 |
Signet Jewelers Ltd.(a) | 728 | 42,209 |
Simmons First National Corp., Class A | 123 | 3,649 |
Simply Good Foods Co.(a) | 881 | 26,800 |
Simulations Plus, Inc. | 804 | 50,845 |
SiriusPoint Ltd.(a) | 5,226 | 53,148 |
SITE Centers Corp., REIT | 863 | 11,702 |
SkyWest, Inc. | 1,436 | 78,233 |
Sleep Number Corp.(a) | 156 | 22,384 |
SM Energy Co. | 938 | 15,355 |
SMART Global Holdings, Inc.(a) | 1,874 | 86,241 |
Sonic Automotive, Inc., Class A | 818 | 40,548 |
South Jersey Industries, Inc. | 4,638 | 104,726 |
Southside Bancshares, Inc. | 97 | 3,735 |
Southwestern Energy Co.(a) | 3,988 | 18,544 |
SpartanNash Co. | 3,065 | 60,166 |
Spectrum Pharmaceuticals, Inc.(a) | 11,686 | 38,096 |
Spok Holdings, Inc. | 7,424 | 77,878 |
SPS Commerce, Inc.(a) | 541 | 53,727 |
SPX Corp.(a) | 711 | 41,430 |
SPX FLOW, Inc. | 313 | 19,822 |
St Joe Co. | 264 | 11,326 |
6
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
Security Description | Shares | Value |
Stamps.com, Inc.(a) | 88 | $17,557 |
Standard Motor Products, Inc. | 1,446 | 60,125 |
Standex International Corp. | 485 | 46,351 |
Stepan Co. | 109 | 13,855 |
Steven Madden Ltd. | 1,098 | 40,911 |
Stewart Information Services Corp. | 1,054 | 54,840 |
StoneX Group, Inc.(a) | 1,138 | 74,402 |
Sturm Ruger & Co., Inc. | 926 | 61,181 |
Summit Hotel Properties, Inc., REIT(a) | 2,406 | 24,445 |
SunCoke Energy, Inc. | 2,879 | 20,182 |
Supernus Pharmaceuticals, Inc.(a) | 1,615 | 42,281 |
Surmodics, Inc.(a) | 292 | 16,372 |
Sykes Enterprises, Inc.(a) | 235 | 10,359 |
Tabula Rasa HealthCare, Inc.(a) | 1,284 | 59,128 |
Tactile Systems Technology, Inc.(a) | 1,446 | 78,793 |
Talos Energy, Inc.(a) | 1,243 | 14,966 |
Tanger Factory Outlet Centers, Inc., REIT | 711 | 10,757 |
Team, Inc.(a) | 1,217 | 14,032 |
TechTarget, Inc.(a) | 262 | 18,196 |
Tennant Co. | 374 | 29,879 |
TimkenSteel Corp.(a) | 1,790 | 21,033 |
Titan International, Inc. | 1,166 | 10,820 |
Tivity Health, Inc.(a) | 883 | 19,709 |
Tompkins Financial Corp. | 45 | 3,722 |
Tredegar Corp. | 538 | 8,075 |
Trinseo S.A. | 130 | 8,277 |
Triumph Bancorp, Inc.(a) | 532 | 41,171 |
Triumph Group, Inc. | 548 | 10,072 |
TrueBlue, Inc.(a) | 475 | 10,460 |
Trupanion, Inc.(a) | 693 | 52,814 |
TrustCo Bank Corp. NY | 1,569 | 11,564 |
TTEC Holdings, Inc. | 119 | 11,954 |
TTM Technologies, Inc.(a) | 4,480 | 64,960 |
Tupperware Brands Corp.(a) | 2,584 | 68,243 |
UFP Industries, Inc. | 137 | 10,390 |
Ultra Clean Holdings, Inc.(a) | 321 | 18,631 |
Unifi, Inc.(a) | 315 | 8,681 |
UniFirst Corp. | 170 | 38,031 |
Unisys Corp.(a) | 1,894 | 48,145 |
United Community Banks, Inc. | 105 | 3,583 |
United Fire Group, Inc. | 1,612 | 56,098 |
United Insurance Holdings Corp. | 8,191 | 59,057 |
United Natural Foods, Inc.(a) | 1,655 | 54,516 |
Uniti Group, Inc., REIT | 1,102 | 12,155 |
Universal Corp. | 1,498 | 88,367 |
Universal Electronics, Inc.(a) | 1,342 | 73,770 |
Universal Health Realty Income Trust, REIT | 178 | 12,065 |
Universal Insurance Holdings, Inc. | 3,961 | 56,801 |
Urstadt Biddle Properties, Inc., REIT, Class A | 676 | 11,255 |
Security Description | Shares | Value | |
US Concrete, Inc.(a) | 967 | $70,900 | |
US Ecology, Inc.(a) | 958 | 39,891 | |
US Physical Therapy, Inc. | 268 | 27,899 | |
US Silica Holdings, Inc. | 923 | 11,344 | |
USANA Health Sciences, Inc.(a) | 285 | 27,816 | |
Vanda Pharmaceuticals, Inc.(a) | 2,405 | 36,123 | |
Varex Imaging Corp.(a) | 1,224 | 25,080 | |
Vector Group Ltd. | 5,760 | 80,352 | |
Veeco Instruments, Inc.(a) | 736 | 15,265 | |
Vera Bradley, Inc.(a) | 3,765 | 38,026 | |
Vericel Corp.(a) | 384 | 21,331 | |
Veritex Holdings, Inc. | 125 | 4,090 | |
Veritiv Corp.(a) | 389 | 16,548 | |
Viad Corp. | 491 | 20,499 | |
Viavi Solutions, Inc.(a) | 1,748 | 27,444 | |
Vicor Corp.(a) | 877 | 74,571 | |
Virtus Investment Partners, Inc. | 287 | 67,588 | |
Vista Outdoor, Inc.(a) | 1,971 | 63,210 | |
Vonage Holdings Corp.(a) | 10,526 | 124,417 | |
Wabash National Corp. | 1,516 | 28,501 | |
Waddell & Reed Financial, Inc., Class A | 2,937 | 73,572 | |
Walker & Dunlop, Inc. | 206 | 21,164 | |
Warrior Met Coal, Inc. | 1,123 | 19,237 | |
Washington Real Estate Investment Trust, REIT | 776 | 17,150 | |
Watts Water Technologies, Inc., Class A | 180 | 21,386 | |
WD-40 Co. | 30 | 9,185 | |
Westamerica BanCorp | 553 | 34,717 | |
Whitestone REIT | 1,187 | 11,514 | |
Winnebago Industries, Inc. | 772 | 59,220 | |
WisdomTree Investments, Inc. | 11,960 | 74,750 | |
Wolverine World Wide, Inc. | 1,066 | 40,849 | |
World Acceptance Corp.(a) | 252 | 32,700 | |
WSFS Financial Corp. | 79 | 3,933 | |
Xencor, Inc.(a) | 1,221 | 52,576 | |
Xenia Hotels & Resorts, Inc., REIT | 1,239 | 24,161 | |
Xperi Holding Corp. | 679 | 14,782 | |
Zumiez, Inc.(a) | 943 | 40,455 | |
Zynex, Inc.(a) | 4,382 | 66,913 | |
TOTAL INVESTMENTS—99.8% (Cost $15,091,331) | 20,611,402 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 40,578 | ||
NET ASSETS—100.0% | $20,651,980 |
(a) | Non-income producing security. |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
7
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
The following table
summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021.
Description | Level 1 | Level 2 | Level 3 | Total |
Syntax Stratified SmallCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $20,611,402 | $— | $— | $20,611,402 |
Total | $20,611,402 | $— | $— | $20,611,402 |
8
Syntax Stratified SmallCap ETF
Schedule of
Investments (continued)
March 31, 2021
(Unaudited)
INDUSTRY BREAKDOWN
AS OF March 31, 2021*
INDUSTRY | PERCENTAGE OF NET ASSETS |
Branded Pharmaceuticals | 5.2% |
Healthcare Providers and Facilities | 3.6 |
Commercial Hardware | 3.3 |
Midstream and Gas | 3.1 |
Business Software for Specific Uses | 2.6 |
Operators and Developers | 2.5 |
Telecommunication Networks | 2.4 |
Home Office and Consumer Equipment Manufacture | 2.4 |
Commercial Insurance | 2.4 |
Management and IT Services | 2.4 |
Non Real Estate Banking | 2.4 |
Transportation Services | 2.4 |
Home Office and Consumer Equipment Retail | 2.4 |
Real Estate Banking | 2.3 |
Consumer Insurance | 2.3 |
Rental | 2.3 |
Hospital Equipment | 2.2 |
Auto Products | 2.2 |
Content Providers | 2.2 |
Business Software for Specific Industries | 2.1 |
Investment Services | 2.1 |
Medical Devices | 2.1 |
Information and Electrical Components | 2.0 |
Transaction Services | 1.9 |
Production Equipment | 1.8 |
Distribution Services | 1.8 |
Restaurants | 1.7 |
Food Distributors | 1.7 |
Semiconductor Services and Equipment | 1.7 |
Upstream Energy | 1.6 |
Mechanical Components | 1.6 |
Specialty Services | 1.6 |
Digital Integrated Circuits | 1.6 |
Analog and Mixed Signal Integrated Circuits | 1.6 |
Other Natural Resources | 1.5 |
Apparel Retailers | 1.5 |
Branded Apparel | 1.4 |
Chemicals | 1.4 |
Contract Electronics Services | 1.3 |
Online Distribution Networks | 1.2 |
Alcohol and Tobacco | 1.2 |
Primary Foods | 1.1 |
Processed Foods | 1.1 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Metals | 1.1% |
Transport Aerospace and Defense Equipment | 1.0 |
Personal Products | 0.9 |
Midstream | 0.9 |
Accessories and Footwear | 0.8 |
Industrial Conglomerates | 0.7 |
Search and Social Networks | 0.7 |
Electric Regulated | 0.7 |
Healthcare Products Distribution | 0.6 |
Drugstores | 0.6 |
Internet Services | 0.6 |
Downstream | 0.5 |
Brokers and Dealers | 0.4 |
End User Hardware | 0.4 |
Consumer Paper Products | 0.3 |
Consumer Services | 0.2 |
Medical Research Services and Equipment | 0.1 |
Vitamins and Nutritional Supplements | 0.1 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
* The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
9
Syntax Stratified SmallCap ETF
Notes to Schedule of
Investments
March 31, 2021
(Unaudited)
Note 1—Investment Valuation
The following
methodologies are used to determine the market value or fair value of investments.
Market Value: Equity
investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at
the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are
valued at the last published sale price or at fair value.
Fair Valuation:
Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the
Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination
is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual
restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s
financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Under generally
accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy
of inputs is summarized in the three broad levels listed below.
The three levels of
the fair value hierarchy are as follows:
• | Level 1 — Quoted prices in active markets for identical investments |
• | Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
The value of the
Fund’s investments according to the fair value hierarchy as of March 31, 2021 is disclosed in the Fund’s respective Schedule of Investments.
Other information
regarding the Fund is available on the Fund's website at www.syntaxadvisors.com as well as on the website of the Securities and Exchange Commission at www.sec.gov.
10