As filed with the Securities and Exchange Commission on March 8, 2021
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:
Kathleen H. Moriarty
Counsel to the Trust
Chapman & Cutler LLP
1270 Avenue of the Americas, 30th Floor
New York, New York 10020
Date of fiscal year end: December 31
Date of reporting period: December 31, 2020
Item 1: | Report(s) to Shareholders. |
The Annual Report is attached.
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Cumulative | Annualized | Calendar Year | ||||||||||
YTD | 4Q20 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
SSPY NAV (%) | 12.18 | 17.77 | 12.18 | 10.56 | 13.04 | 10.49 | -1.44 | 14.11 | 19.73 | -6.57 | 28.93 | 12.18 |
SSPY Market Price (%) | 12.22 | 17.60 | 12.22 | -- | -- | -- | -- | -- | -- | -- | 28.90 | 12.22 |
Syntax Stratified LargeCap Index (TR) | 12.38 | 17.91 | 12.38 | 10.79 | -- | -- | -- | -- | 20.12 | -6.43 | 29.33 | 12.38 |
S&P 500 Index (TR) | 18.40 | 12.15 | 18.40 | 14.18 | 15.22 | 12.79 | 1.38 | 11.96 | 21.83 | -4.38 | 31.49 | 18.40 |
S&P 500 Equal Weight Index (TR) | 12.83 | 18.46 | 12.83 | 10.44 | 12.95 | 10.27 | -2.20 | 14.80 | 18.90 | -7.64 | 29.24 | 12.83 |
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Cumulative | Annualized | Calendar Year | ||||||||||
YTD | 4Q20 | 1Y | 3Y | 5Y | Since Fund Inception | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
SMDY NAV (%) | 17.22 | 26.00 | 17.22 | 10.15 | 12.85 | 9.82 | -4.12 | 19.25 | 14.82 | -7.58 | 23.35 | 17.22 |
SMDY Market Price (%) | -- | 26.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Syntax Stratified MidCap ETF (TR) | 17.79 | 26.20 | 17.79 | 10.56 | -- | -- | -- | -- | 15.13 | -7.33 | 23.81 | 17.79 |
S&P 400 Index (TR) | 13.66 | 24.37 | 13.66 | 8.45 | 12.35 | 9.79 | -2.18 | 20.74 | 16.24 | -11.08 | 26.20 | 13.66 |
S&P 400 Equal Weight Index (TR) | 15.77 | 28.34 | 15.77 | 7.92 | 12.15 | 9.04 | -5.24 | 23.95 | 13.87 | -11.94 | 23.29 | 15.77 |
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YTD | 4Q20 | 1Y | 3Y | 5Y | Since Fund Inception | |
SSLY NAV (%) | 44.82 | 31.78 | -- | -- | -- | 44.82 |
SSLY Market Price (%) | 45.10 | 32.03 | -- | -- | -- | 45.10 |
Syntax Stratified SmallCap ETF (TR) | 45.77 | 31.96 | -- | -- | -- | 45.77 |
S&P 600 Index (TR) | 39.11 | 31.31 | -- | -- | -- | 39.11 |
S&P 600 Equal Weight Index (TR) | 45.85 | 35.11 | -- | -- | -- | 45.85 |
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Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||
ASSETS | |||||
Investments in securities of unaffiliated issuers | $41,890,187 | $3,411,704 | $17,193,870 | ||
Cash | 64,400 | 7,328 | 26,964 | ||
Dividends receivable | 44,950 | 2,476 | 9,600 | ||
Total Assets | 41,999,537 | 3,421,508 | 17,230,434 | ||
LIABILITIES | |||||
Accrued Management fee | 10,468 | 842 | 4,311 | ||
Accrued Other fees | 4 | — | 17 | ||
Total Liabilities | 10,472 | 842 | 4,328 | ||
NET ASSETS | $41,989,065 | $3,420,666 | $17,226,106 | ||
NET ASSETS CONSISTS OF: | |||||
Paid in Capital | 35,173,885 | 2,554,449 | 12,662,933 | ||
Distributable earnings | 6,815,180 | 866,217 | 4,563,173 | ||
NET ASSETS | $41,989,065 | $3,420,666 | $17,226,106 | ||
NET ASSET VALUE PER SHARE | $55.99 | $34.21 | $43.07 | ||
SHARES OUTSTANDING (unlimited number of shares authorized, no par value) | 750,000 | 100,000 | 400,000 | ||
COST OF INVESTMENTS | $33,789,937 | $2,550,025 | $13,317,365 |
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Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||
Year Ended 12/31/20 | For the Period 1/16/20(a) to 12/31/20 | For the Period 5/28/20(b) to 12/31/20 | |||
INVESTMENT INCOME | |||||
Dividend income (net of foreign taxes withheld of $0, $5 and $55, respectively) | $671,585 | $36,777 | $103,808 | ||
Total Investment Income | 671,585 | 36,777 | 103,808 | ||
EXPENSES | |||||
Management fee | 141,733 | 11,793 | 37,656 | ||
Other fees | 1,376 | 100 | 356 | ||
Total Expenses | 143,109 | 11,893 | 38,012 | ||
Expense Waiver/Reimbursement | (47,244) | (3,931) | (12,552) | ||
Net Expenses | 95,865 | 7,962 | 25,460 | ||
NET INVESTMENT INCOME (LOSS) | 575,720 | 28,815 | 78,348 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) from transactions in investment securities | (1,199,985) | 9,085 | 815,196 | ||
Net realized gain (loss) from in-kind redemptions of investments | 9,352,080 | — | 1,881,789 | ||
Net realized gain (loss) | 8,152,095 | 9,085 | 2,696,985 | ||
Net change in unrealized appreciation/depreciation on Investments | (2,055,792) | 412,868 | 2,574,574 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 6,096,303 | 421,953 | 5,271,559 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $6,672,023 | $450,768 | $5,349,907 |
(a) | Fund commenced operations on January 16, 2020. |
(b) | Fund commenced operations on May 28, 2020. |
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Syntax Stratified LargeCap ETF | Syntax Stratified MidCap ETF | Syntax Stratified SmallCap ETF | |||||
Year Ended 12/31/20 | For the Period 1/2/19(a) to 12/31/19 | For the Period 1/16/20(b) to 12/31/20 | For the Period 5/28/20(c) to 12/31/20 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $575,720 | $942,339 | $28,815 | $78,348 | |||
Net realized gain (loss) | 8,152,095 | (428,382) | 9,085 | 2,696,985 | |||
Net change in unrealized appreciation/depreciation | (2,055,792) | 12,145,204 | 412,868 | 2,574,574 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 6,672,023 | 12,659,161 | 450,768 | 5,349,907 | |||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Distributions to Shareholders | (684,065) | (964,675) | (30,102) | (149,507) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |||||||
Proceeds from Shares Sold | 16,583,551 | 56,595,018 | 3,000,000 | 16,028,533 | |||
Cost of Shares Redeemed | (42,731,376) | (6,240,572) | — | (4,002,827) | |||
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | (26,147,825) | 50,354,446 | 3,000,000 | 12,025,706 | |||
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | (20,159,867) | 62,048,932 | 3,420,666 | 17,226,106 | |||
NET ASSETS AT BEGINNING OF PERIOD | 62,148,932 | 100,000 | — | — | |||
NET ASSETS AT END OF PERIOD | $41,989,065 | $62,148,932 | $3,420,666 | $17,226,106 | |||
SHARE TRANSACTIONS: | |||||||
Shares sold | 375,000 | 1,372,500 | 100,000 | 525,000 | |||
Shares redeemed | (850,000) | (150,000) | — | (125,000) | |||
NET INCREASE (DECREASE) | (475,000) | 1,222,500 | 100,000 | 400,000 |
(a) | Fund commenced operations on January 2, 2019. |
(b) | Fund commenced operations on January 16, 2020. |
(c) | Fund commenced operations on May 28, 2020. |
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Syntax Stratified LargeCap ETF | |||
Year Ended 12/31/20 | For the Period 1/2/19(a) to 12/31/19 | ||
Net asset value, beginning of period | $50.73 | $40.00 | |
Income (loss) from investment operations: | |||
Net investment income (loss)(b) | 0.88 | 0.84 | |
Net realized and unrealized gain (loss) | 5.29 | 10.68 | |
Total from investment operations | 6.17 | 11.52 | |
Less Distributions from: | |||
Net investment income | (0.82) | (0.79) | |
Net realized gains | (0.09) | — | |
Net asset value, end of period | $55.99 | $50.73 | |
Total return(c) | 12.18% | 28.81%(d) | |
Ratios and Supplemental Data: | |||
Net assets, end of period (000s) | $41,989 | $62,149 | |
Ratios to average net assets: | |||
Total expenses | 0.45% | 0.80%(e) | |
Net expenses(f) | 0.30% | 0.30%(e) | |
Net investment income (loss)(f) | 1.83% | 1.80%(e) | |
Portfolio turnover rate(g) | 36% | 34%(d) |
(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. |
(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. |
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Syntax Stratified MidCap ETF | |
For the Period 1/16/20(a) to 12/31/20 | |
Net asset value, beginning of period | $30.00 |
Income (loss) from investment operations: | |
Net investment income (loss)(b) | 0.29 |
Net realized and unrealized gain (loss) | 4.22 |
Total from investment operations | 4.51 |
Less Distributions from: | |
Net investment income | (0.30) |
Net asset value, end of period | $34.21 |
Total return(c) | 15.04%(d) |
Ratios and Supplemental Data: | |
Net assets, end of period (000s) | $3,421 |
Ratios to average net assets: | |
Total expenses | 0.45%(e) |
Net expenses(f) | 0.30%(e) |
Net investment income (loss)(f) | 1.10%(e) |
Portfolio turnover rate(g) | 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. |
(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. |
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Syntax Stratified SmallCap ETF | |
For the Period 5/28/20(a) to 12/31/20 | |
Net asset value, beginning of period | $30.00 |
Income (loss) from investment operations: | |
Net investment income (loss)(b) | 0.20 |
Net realized and unrealized gain (loss) | 13.24 |
Total from investment operations | 13.44 |
Less Distributions from: | |
Net investment income | (0.19) |
Net realized gains | (0.18) |
Net asset value, end of period | $43.07 |
Total return(c) | 44.82%(d) |
Ratios and Supplemental Data: | |
Net assets, end of period (000s) | $17,226 |
Ratios to average net assets: | |
Total expenses | 0.45%(e) |
Net expenses(f) | 0.30%(e) |
Net investment income (loss)(f) | 0.93%(e) |
Portfolio turnover rate(g) | 40%(d) |
(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. |
(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. |
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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 |
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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.) |
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• | 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 | $41,890,187 | $— | $— | $41,890,187 |
Total | $41,890,187 | $— | $— | $41,890,187 |
Syntax Stratified MidCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $3,411,704 | $— | $— | $3,411,704 |
Total | $3,411,704 | $— | $— | $3,411,704 |
Syntax Stratified SmallCap ETF | ||||
INVESTMENTS: | ||||
Common Stock | $17,193,870 | $— | $— | $17,193,870 |
Total | $17,193,870 | $— | $— | $17,193,870 |
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Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | Distributions Paid from Ordinary Income | Distributions Paid from Long-Term Gain | |||||||
Syntax Stratified LargeCap ETF | $684,065 | $— | $964,675 | $— | ||||||
Syntax Stratified MidCap ETF | 30,102 | — | — | — | ||||||
Syntax Stratified SmallCap ETF | 149,507 | — | — | — |
Paid in Capital | Distributable Earnings | ||
Syntax Stratified LargeCap ETF | $8,490,111 | $(8,490,111) | |
Syntax Stratified MidCap ETF | 3,260 | (3,260) | |
Syntax Stratified SmallCap ETF | 1,939,158 | (1,939,158) |
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Undistrbuted Ordinary Income | Capital Loss Carryforward | Unrealized Appreciation (Depreciation) | |||
Syntax Stratified LargeCap ETF | $— | $(1,197,831) | $8,013,011 | ||
Syntax Stratified MidCap ETF | 6,477 | — | 859,740 | ||
Syntax Stratified SmallCap ETF | 692,908 | — | 3,870,265 |
Long-Term | Short-Term | ||
Syntax Stratified LargeCap ETF | $1,197,831 | $— |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
Syntax Stratified LargeCap ETF | $33,877,176 | $8,630,588 | $(617,577) | $8,013,011 | |||
Syntax Stratified MidCap ETF | 2,551,964 | 912,714 | (52,974) | 859,740 | |||
Syntax Stratified SmallCap ETF | 13,323,605 | 4,106,181 | (235,916) | 3,870,265 |
Purchases | Sales | ||
Syntax Stratified LargeCap ETF | $11,984,244 | $11,986,289 | |
Syntax Stratified MidCap ETF | 1,646,778 | 1,438,023 | |
Syntax Stratified SmallCap ETF | 6,039,245 | 5,514,659 |
In-kind Contributions | In-kind Redemptions | In-kind Net Realized Gains (Losses) | |||
Syntax Stratified LargeCap ETF | $16,512,531 | $42,571,812 | $9,352,080 | ||
Syntax Stratified MidCap ETF | 2,336,742 | — | — | ||
Syntax Stratified SmallCap ETF | 14,116,114 | 4,007,577 | 1,881,789 |
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Annual Rate | |
Syntax Stratified LargeCap ETF | 0.45% |
Syntax Stratified MidCap ETF | 0.45% |
Syntax Stratified SmallCap ETF | 0.45% |
Expense Limit | |
Syntax Stratified LargeCap ETF | 0.30% |
Syntax Stratified MidCap ETF | 0.30% |
Syntax Stratified SmallCap ETF | 0.30% |
Expenses Waived and Reimbursed | |
Syntax Stratified LargeCap ETF | $47,244 |
Syntax Stratified MidCap ETF | 3,931 |
Syntax Stratified SmallCap ETF | 12,552 |
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2022 | 2023 | ||
Syntax Stratified LargeCap ETF | $262,321 | $47,244 | |
Syntax Stratified MidCap ETF | — | 3,931 | |
Syntax Stratified SmallCap ETF | — | 12,552 |
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Individual Funds constituting Syntax ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights |
Syntax Stratified LargeCap ETF | For the year ended December 31, 2020 | For the year ended December 31, 2020 and the period from January 2, 2019 (commencement of operations) through December 31, 2019 | |
Syntax Stratified MidCap ETF | For the period from January 16, 2020 (commencement of operations) through December 31, 2020 | ||
Syntax Stratified SmallCap ETF | For the period from May 28, 2020 (commencement of operations) through December 31, 2020 |
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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% | $1,246.70 | $1.69 | $1,023.60 | $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 366. |
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 | 0.30% | $1,307.10 | $1.74 | $1,023.60 | $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 366. |
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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 | 0.30% | $1,385.50 | $1.80 | $1,023.60 | $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 366. |
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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) | Independent Trustee | Term: Unlimited Trustee since 2018 | Co-Founder and Managing Partner, ETFGI LLP (research and consulting) (2012 to present); | 3 | 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); Director and Board Member, 2 Culford Gardens RTM (Property) (2011 to present); Director and Board Member (2 Culford Gardens Freehold (Property) (2011 to present) |
George Hornig (1954) | Independent Trustee and Chairman of the Audit Committee | Term: Unlimited Trustee since 2018 | Managing Member, George Hornig, LLC (2017 to present) (investments); Senior Managing Director and Chief Operating Officer, Pinebridge Investments (investment adviser) (2010 to 2016). | 3 | Director, Forrester Research, Inc. (technology research company) (1996 to 2018); Director, Daniel J. Edelman Holding (2016 to present) (communications marketing firm); Director, Xometry (advanced manufacturing platform business) (2014 to present); Director, KBL Merger Corp IV (2017 to present) (healthcare). |
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Richard Lyons (1961) | Lead Independent Trustee and Chairman of the Nominating and Governance Committee | Term: Unlimited Trustee since 2018 | Chief Innovation and Entrepreneurship Officer, UC Berkeley (since 2020); Professor and William & Janet Cronk Chair in Innovative Leadership (2019), Dean (2008- 19), 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. | 3 | Director (2013 to 2016), Matthews A Share Selections Fund, LLC (mutual funds). |
Stewart Myers (1940) | Independent Trustee | Term: Unlimited Trustee since 2018 | Professor Emeritus and Professor, MIT Sloan School of Management (since 2015); Principal, The Brattle Group, Inc. (since 1991). | 3 | Director, Entergy Corp. (2009 to 2015). |
Interested Trustees | |||||
Rory Riggs (1953) | Trustee and Chief Executive Officer | Term: Unlimited Trustee since 2017 | Founder and Chief Executive Officer, Locus Analytics, LLC (since 2010); Founder and Chief Executive Officer, Syntax Advisors, LLC (Since 2013); and Chief Executive Officer and Founder of Syntax LLC (Since 2009). | 3 | Managing Member of Balfour, LLC (since 2001); Board Member, Nuredis, Inc. (2016 to present); President, Biomatrix Corporation (1996 to 2000); Director, Biomatrix Corporation (1990 to 2000); Acting President and Chief Exectutive Officer of RF&P Corporation (1991 to 1995); Managing Director PaineWebber Incorporated (1981 to 1990); Co-Founder and Chairman, RP Management, LLC; Chairman/Chairman Emeritus and co- founder, Royalty Pharma (1996 to present) (biopharmaceuticals); Chairman and Co- Founder, Cibus Global, Ltd. (2012 to present) (gene editing in agriculture); Director GeneNews Limited (2000 to present); Director Intra-Cellular Therapies, Inc. (since 2014); Director, FibroGen, Inc. (1993 to present). |
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Kathy Cuocolo (1952) | Trustee and President | Term: Unlimited Trustee since 2018 | President and Senior Vice President, Syntax Advisors, LLC and predecessor companies (2014 to present); Managing Director, Head of Global ETF Services, BNY Mellon (2008 to 2013); Executive Vice President, State Street (1982 to 2003). | 3 | Greenbacker Renewable Energy LLC, Audit Chair (2013 to present); Guardian Life Family of Funds (2005 – 2007); Select Sector Trust, Chairman (2000 to 2007); The China Fund (1999 to 2003). |
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) | Chief Executive | Since 2018 | See Trustee table above |
Kathy Cuocolo (1952) | President | Since 2018 | See Trustee table above |
David Jaffin (1954) | Treasurer | Since 2019 | Partner, B2B CFO® (January 2019 to present); Chief Financial Officer, Poliwogg Holdings, Inc. (October 2012 to August 2018). |
Carly Arison (1990) | Secretary | Since 2018 | Senior Vice President, Vice President, and Manager, Syntax Advisors, LLC and predecessor companies (2012 to present). |
Brandon Kipp (1983) | Chief Compliance Officer | Since 2019 | Director, Foreside Financial Group, LLC (since May 2019); Senior Fund Compliance Officer, Ultimus Fund Solutions, LLC (from July 2017 to May 2019); Assistant Vice President and Compliance Manager, UMB Fund Services, Inc. (March 2014 to July 2017). |
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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 | |||||
2019 | 2020 | |||||
(a) | Audit Fees | $28,500 | $87,000 | |||
(b) | Audit Related Fees(1) | $0 | $0 | |||
(c) | Tax Fees(2) | $8,000 | $27,000 | |||
(d) | All Other Fees(3) | $0 | $0 | |||
Total | $36,500 | $114,000 |
(1) | Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the fund comprising the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements. |
(2) | Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the fund comprising the Registrant. |
(3) | All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company holdings and N-14 merger related items. |
(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) | The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal year ended 2020was 100%. |
(f) | Not Applicable. |
(g) | Not Applicable. |
(h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the 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: Deborah Fuhr, George Hornig, Richard Lyons and Stewart Myers.
Item 6: | Schedule of Investments. |
(a) | The 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 Registrant’s most recent fiscal half-year 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 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Syntax ETF Trust | ||
(Registrant) | ||
By: | /s/ Rory Riggs | |
Rory Riggs | ||
CEO | ||
(Principal Executive Officer) | ||
Date: | March 8, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Rory Riggs | ||
Rory Riggs | |||
CEO | |||
(Principal Executive Officer) | |||
Date: | March 8, 2021 | ||
By: | /s/ David Jaffin | ||
David Jaffin | |||
Treasurer | |||
(Principal Financial Officer) | |||
Date: | March 8, 2021 |
EXHIBIT INDEX
SYNTAX ETF TRUST
(the “Trust”)
Code of Ethics for Principal Executive and Senior Financial Officers
I. | Covered Officers/Purpose of the Code |
This Code of Ethics (the “Code”) is intended to serve as the Code of Ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall apply to the Trust’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers,” each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:
· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
· full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;
· compliance with applicable laws and governmental rules and regulations;
· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
· accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
II. | Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest |
Overview. A “conflict of interest” occurs when a Covered Officer’s private interest has the potential to interfere with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that any reasonable observer would have no grounds for belief that a conflict of interest has not been appropriately addressed and resolved. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person’s business opportunities.
This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Trust (adopted under Rule 17j-1 of the Investment Company Act of 1940, as amended (the “1940 Act”)) or the Trust’s investment advisor.
1
Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment advisor of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or the investment advisor), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically.
The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should be properly disclosed to the Trust and resolved by persons who do not have a personal interest.
* * * *
Each Covered Officer must not:
· use his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;
· cause the Trust to take action, or fail to take action, for the improper personal benefit of the Covered Officer rather than the benefit of the Trust; or
· retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports that are made in good faith of actual or of potential violations by the Trust or such affiliated persons of applicable rules and regulations.
Each Covered Officer must discuss certain material conflict of interest situations with the Trust’s Audit Committee. Examples of such situations include:
· service as a director on the Board of a publicly traded company;
· accepting directly or indirectly investment opportunities, gifts or other gratuities from individuals conducting or seeking to conduct business with the Trust or the Trust’s investment advisor. However, Covered Officers may accept gifts from a single giver in aggregate amounts not exceeding $100, and may attend business meals, sporting events and other entertainment events at the expense of a giver as long as the expense is reasonable and both the giver(s) and the Covered Officer(s) are present;
2
· any direct or indirect ownership interest in, financial relationships with, or any consulting or employment relationship with, any of the Trust’s service providers; and
· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares.
III. | Disclosure and Compliance |
· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust and should understand the Trust’s Disclosure Controls and Procedures.
· Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s Board, Audit Committee and independent auditors, and to governmental regulators, self-regulators and self-regulatory organizations.
· Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust.
· It is the responsibility of each Covered Officer to promote and encourage professional integrity in all aspects of the Trust’s operations.
IV. | Reporting and Accountability |
Each Covered Officer must:
· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the person named in Exhibit A affirming that he or she has received, read and understands the Code;
· annually sign and return a report in the form of Exhibit C to the person named in Exhibit A affirming that he or she has complied with the requirements of the Code; and
· notify the Trust’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.
The Trust’s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation, including any approvals or waivers sought by the Covered Officers.
3
The Audit Committee will follow these procedures in investigating and enforcing this Code:
· The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee.
· If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.
· Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.
· If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to the appropriate personnel of the investment advisor, administrator or its board; and possible dismissal of the Covered Officer as an officer of the Trust. No Covered Person will be disciplined for reporting a concern in good faith.
· The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.
· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
V. | Other Policies and Procedures |
This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Trust’s investment advisor govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s and the investment advisor’s code of ethics under Rule 17j-1 under the 1940 Act and the investment advisor’s other policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.
4
VI. | Amendments |
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.
VII. | Confidentiality |
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust’s Board, Trust’s Audit Committee, Trust’s Chief Compliance Officer, legal counsel to the Trust, legal counsel to the Trustees who are not interested persons as that term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), and such other person as approved by a majority of the Board, including a majority of the Independent Trustees.
VIII. | Internal Use |
The Code is intended solely for internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance or legal conclusion.
The Code, and any waivers thereto, and any amendments thereto, must be disclosed to the public in one of three ways:
(i) | filing a copy of the Code as an exhibit to the Trust’s Form N-CSR (annual report), |
(ii) | posting the Code on the Trust’s website and disclosing on Form N-CSR the website address and the fact that the Code is posted there, or |
(iii) | providing an undertaking in the Trust’s Form N-CSR to provide a copy of the Code to any person, without charge upon request, and explaining the manner in which the request should be made. |
Adopted: March 28, 2018
Amended: May 23, 2019
September 16, 2019
5
EXHIBIT A
Persons Covered by this Code of Ethics:
Rory Riggs | Chief Executive Officer and Principal Executive Officer |
David Jaffin | Treasurer and Principal Financial Officer |
Recipient of reports under Article IV
A-1 |
EXHIBIT B
INITIAL CERTIFICATION FORM
This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Syntax ETF Trust, dated, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.
Please sign your name here:
Please print your name here:
Please date here:
B-1
EXHIBIT C
ANNUAL CERTIFICATION FORM
This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Syntax ETF Trust dated , (the “Code”) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.
This is to further certify that I have complied with the requirements of the Code during the period of through .
Please sign your name here:
Please print your name here:
Please date here:
C-1 |
Exhibit 13(a)(2)(i)
Section 302 N-CSR Certification of Principal Executive Officer
SYNTAX ETF TRUST (THE “TRUST”)
FOR THE PERIOD ENDED DECEMBER 31, 2020
FORM N-CSR CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
I, Rory Riggs, certify that:
1. | I have reviewed this report on Form N-CSR of Syntax ETF Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal half-year of 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; and |
5. | The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | March 8, 2021 | By: | /s/ Rory Riggs | ||
Rory Riggs | |||||
Title: | CEO | ||||
(Principal Executive Officer) |
Section 302 N-CSR Certification of Principal Financial Officer
SYNTAX ETF TRUST (THE “TRUST”)
FOR THE PERIOD ENDED DECEMBER 31, 2020
FORM N-CSR CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
I, David Jaffin, certify that:
1. | I have reviewed this report on Form N-CSR of Syntax ETF Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal half-year of 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; and |
5. | The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | March 8, 2021 | By: | /s/ David Jaffin | ||
David Jaffin | |||||
Title: | Treasurer | ||||
(Principal Financial Officer) |
Exhibit 13(b)
Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer
SYNTAX ETF TRUST
FOR THE PERIOD ENDED DECEMBER 31, 2020
FORM N-CSR CERTIFICATION
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Certified Shareholder Report of Syntax ETF Trust (the “Trust”) on Form N-CSR for the period ended December 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to his or her knowledge:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Funds. |
/s/ Rory Riggs | Date: | March 8, 2021 | ||
Rory Riggs | ||||
CEO | ||||
(Principal Executive Officer) | ||||
/s/ David Jaffin | Date: | March 8, 2021 | ||
David Jaffin | ||||
Treasurer | ||||
(Principal Financial Officer) |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
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