QUARTERLY REPORT
Syntax Stratified
Total Market II ETF
March 31, 2024
Syntax Stratified Total Market II ETF
Schedule of Investments
March 31, 2024
(Unaudited)
| Security Description | Shares | Value | |
| EXCHANGE-TRADED FUNDS—99.9% | |||
Syntax Stratified LargeCap ETF(a) | 91,613 | $7,052,653 | |
Syntax Stratified MidCap ETF(a) | 19,125 | 833,381 | |
Syntax Stratified SmallCap ETF(a) | 9,257 | 419,893 | |
TOTAL INVESTMENTS—99.9% (Cost $6,793,982) | 8,305,927 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1% | 8,871 | ||
NET ASSETS—100.0% | $8,314,798 |
| (a) | Affiliated investment. The Fund's transactions and earnings are as follows: |
| Affiliated Investments | Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value March 31, 2024 | Shares as of March 31, 2024 | Dividend Income | Net Capital Gain Distributions |
Syntax Stratified LargeCap ETF | $6,547,581 | $— | $(30,826) | $1,758 | $534,140 | $7,052,653 | 91,613 | $— | $— |
Syntax Stratified MidCap ETF | 777,638 | 4,017 | — | — | 51,726 | 833,381 | 19,125 | — | — |
Syntax Stratified SmallCap ETF | 391,169 | 22,284 | — | — | 6,440 | 419,893 | 9,257 | — | — |
| Total | $7,716,388 | $26,301 | $(30,826) | $1,758 | $592,306 | $8,305,927 | 119,995 | $— | $— |
| ETF=Exchange Traded Fund |
The following table
summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024.
| Description | Level 1 | Level 2 | Level 3 | Total |
| Syntax Stratified Total Market II ETF | ||||
| INVESTMENTS: | ||||
Exchange-Traded Funds | $8,305,927 | $— | $— | $8,305,927 |
| Total | $8,305,927 | $— | $— | $8,305,927 |
| ASSET TYPE | PERCENTAGE OF NET ASSETS |
Large Cap ETF | 84.8% |
Mid Cap ETF | 10.0 |
Small Cap ETF | 5.1 |
Other Assets in Excess of Liabilities | 0.1 |
| Total | 100.0% |
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Syntax Stratified Total Market II ETF
Notes to Schedule of
Investments
March 31, 2024
(Unaudited)
Investment Valuation
The following
methodologies are used to determine the market value or fair value of investments.
Market Value:
Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are
valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that
day are valued at the last published sale price or at fair value.
Fair Valuation:
Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the
Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination
is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual
restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s
financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Under generally
accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy
of inputs is summarized in the three broad levels listed below.
The three levels of
the fair value hierarchy are as follows:
| • | Level 1 — Quoted prices in active markets for identical investments |
| • | Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
The value of the
Fund’s investments according to the fair value hierarchy as of March 31, 2024 is disclosed in the Fund’s respective Schedule of Investments.
Other information
regarding the Fund is available on the Fund's website at www.syntaxadvisors.com as well as on the website of the Securities and Exchange Commission at www.sec.gov.
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