NPORT-EX 3 NPORT_SEQ1_93895209_0324.htm
QUARTERLY REPORT
Syntax Stratified LargeCap ETF
March 31, 2024
Syntax Stratified LargeCap ETF
Schedule of Investments
March 31, 2024 (Unaudited)
Security Description Shares Value
COMMON STOCK—99.7%    
3M Co.
2,025 $214,792
A O Smith Corp.
2,079 185,987
Abbott Laboratories
492 55,921
AbbVie, Inc.
1,330 242,193
Accenture PLC, Class A
417 144,536
Adobe, Inc.(a)
287 144,820
Advanced Micro Devices, Inc.(a)
609 109,918
AES Corp.
21,936 393,312
Aflac, Inc.
2,314 198,680
Agilent Technologies, Inc.
802 116,699
Air Products & Chemicals, Inc.
188 45,547
Airbnb, Inc., Class A(a)
642 105,904
Akamai Technologies, Inc.(a)
2,856 310,619
Albemarle Corp.
382 50,325
Alexandria Real Estate Equities, Inc., REIT
1,248 160,880
Align Technology, Inc.(a)
306 100,344
Allegion PLC
544 73,282
Alliant Energy Corp.
1,482 74,693
Allstate Corp.
1,515 262,110
Alphabet, Inc., Class A(a)
1,558 235,149
Alphabet, Inc., Class C(a)
1,551 236,155
Altria Group, Inc.
8,512 371,293
Amazon.com, Inc.(a)
804 145,026
Amcor PLC
12,695 120,729
Ameren Corp.
1,000 73,960
American Airlines Group, Inc.(a)
12,142 186,380
American Electric Power Co., Inc.
2,835 244,093
American Express Co.
189 43,033
American International Group, Inc.
3,191 249,440
American Tower Corp., REIT
304 60,067
American Water Works Co., Inc.
2,675 326,912
Ameriprise Financial, Inc.
220 96,457
AMETEK, Inc.
653 119,434
Amgen, Inc.
869 247,074
Amphenol Corp., Class A
1,616 186,406
Analog Devices, Inc.
1,077 213,020
ANSYS, Inc.(a)
471 163,512
Aon PLC, Class A
110 36,709
APA Corp.
2,203 75,739
Apple, Inc.
2,786 477,743
Applied Materials, Inc.
772 159,210
Aptiv PLC(a)
4,559 363,124
Arch Capital Group Ltd.(a)
1,551 143,374
Archer-Daniels-Midland Co.
6,505 408,579
Arista Networks, Inc.(a)
698 202,406
Arthur J Gallagher & Co.
139 34,756
Assurant, Inc.
1,331 250,547
AT&T, Inc.
18,419 324,174
Atmos Energy Corp.
2,737 325,347
Autodesk, Inc.(a)
630 164,065
Automatic Data Processing, Inc.
870 217,274
Security Description Shares Value
AutoZone, Inc.(a)
47 $148,128
AvalonBay Communities, Inc., REIT
566 105,027
Avery Dennison Corp.
277 61,840
Axon Enterprise, Inc.(a)
253 79,159
Baker Hughes Co.
10,356 346,926
Ball Corp.
1,822 122,730
Bank of America Corp.
3,337 126,539
Bank of New York Mellon Corp.
1,905 109,766
Bath & Body Works, Inc.
3,537 176,921
Baxter International, Inc.
1,085 46,373
Becton Dickinson & Co.
200 49,490
Berkshire Hathaway, Inc., Class B(a)
1,181 496,634
Best Buy Co., Inc.
2,014 165,208
Biogen, Inc.(a)
1,065 229,646
Bio-Rad Laboratories, Inc., Class A(a)
232 80,242
Bio-Techne Corp.
1,539 108,330
BlackRock, Inc.
110 91,707
Blackstone, Inc.
720 94,586
Boeing Co.(a)
800 154,392
Booking Holdings, Inc.
31 112,464
BorgWarner, Inc.
11,124 386,448
Boston Properties, Inc., REIT
2,480 161,969
Boston Scientific Corp.(a)
876 59,997
Bristol-Myers Squibb Co.
4,419 239,642
Broadcom, Inc.
163 216,042
Broadridge Financial Solutions, Inc.
517 105,913
Brown & Brown, Inc.
411 35,979
Brown-Forman Corp., Class B
4,368 225,476
Builders FirstSource, Inc.(a)
891 185,818
Bunge Global SA
3,866 396,342
Cadence Design Systems, Inc.(a)
1,025 319,062
Caesars Entertainment, Inc.(a)
1,506 65,872
Camden Property Trust
1,044 102,730
Campbell Soup Co.
4,821 214,293
Capital One Financial Corp.
4,618 687,574
Cardinal Health, Inc.
1,651 184,747
CarMax, Inc.(a)
1,745 152,007
Carnival Corp.(a)
4,840 79,086
Carrier Global Corp.
1,228 71,384
Catalent, Inc.(a)
4,207 237,485
Caterpillar, Inc.
349 127,884
Cboe Global Markets, Inc.
228 41,890
CBRE Group, Inc., Class A(a)
371 36,076
CDW Corp.
477 122,007
Celanese Corp.
408 70,119
Cencora, Inc.
802 194,878
Centene Corp.(a)
3,244 254,589
CenterPoint Energy, Inc.
8,386 238,917
CF Industries Holdings, Inc.
937 77,968
CH Robinson Worldwide, Inc.
1,094 83,297
Charles River Laboratories International, Inc.(a)
445 120,573
 
2
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
March 31, 2024 (Unaudited)
Security Description Shares Value
Charles Schwab Corp.
3,538 $255,939
Charter Communications, Inc., Class A(a)
1,673 486,224
Chevron Corp.
4,756 750,211
Chipotle Mexican Grill, Inc.(a)
178 517,405
Chubb Ltd.
548 142,003
Church & Dwight Co., Inc.
3,911 407,956
Cigna Group
558 202,660
Cincinnati Financial Corp.
1,160 144,037
Cintas Corp.
286 196,491
Cisco Systems, Inc.
3,842 191,754
Citigroup, Inc.
2,067 130,717
Citizens Financial Group, Inc.
1,385 50,262
Clorox Co.
2,619 400,995
CME Group, Inc.
199 42,843
CMS Energy Corp.
1,213 73,192
Coca-Cola Co.
3,994 244,353
Cognizant Technology Solutions Corp., Class A
2,062 151,124
Colgate-Palmolive Co.
4,624 416,391
Comcast Corp., Class A
11,162 483,873
Comerica, Inc.
900 49,491
Conagra Brands, Inc.
7,240 214,594
ConocoPhillips
603 76,750
Consolidated Edison, Inc.
2,636 239,375
Constellation Brands, Inc., Class A
920 250,019
Constellation Energy Corp.
2,090 386,336
Cooper Cos., Inc.
938 95,169
Copart, Inc.(a)
3,842 222,529
Corning, Inc.
5,450 179,632
Corpay, Inc.(a)
146 45,047
Corteva, Inc.
1,449 83,564
CoStar Group, Inc.(a)
462 44,629
Costco Wholesale Corp.
985 721,641
Coterra Energy, Inc.
4,507 125,655
Crown Castle, Inc., REIT
561 59,371
CSX Corp.
2,072 76,809
Cummins, Inc.
267 78,672
CVS Health Corp.
8,440 673,174
Danaher Corp.
310 77,413
Darden Restaurants, Inc.
2,770 463,005
DaVita, Inc.(a)
584 80,621
Dayforce, Inc.(a)
3,158 209,091
Deckers Outdoor Corp.(a)
260 244,728
Deere & Co.
316 129,794
Delta Air Lines, Inc.
4,220 202,011
Dentsply Sirona, Inc.
1,406 46,665
Devon Energy Corp.
2,574 129,163
Dexcom, Inc.(a)
703 97,506
Diamondback Energy, Inc.
369 73,125
Digital Realty Trust, Inc., REIT
2,122 305,653
Discover Financial Services
5,228 685,339
Dollar General Corp.
1,005 156,840
Security Description Shares Value
Dollar Tree, Inc.(a)
1,072 $142,737
Dominion Energy, Inc.
4,950 243,490
Domino's Pizza, Inc.
1,066 529,674
Dover Corp.
1,110 196,681
Dow, Inc.
1,119 64,824
DR Horton, Inc.
1,548 254,723
DTE Energy Co.
2,104 235,943
Duke Energy Corp.
770 74,467
DuPont de Nemours, Inc.
636 48,762
Eastman Chemical Co.
504 50,511
Eaton Corp. PLC
798 249,519
eBay, Inc.
2,794 147,467
Ecolab, Inc.
204 47,104
Edison International
3,430 242,604
Edwards Lifesciences Corp.(a)
646 61,732
Electronic Arts, Inc.
3,518 466,733
Elevance Health, Inc.
505 261,863
Eli Lilly & Co.
312 242,724
Emerson Electric Co.
269 30,510
Enphase Energy, Inc.(a)
1,823 220,547
Entergy Corp.
2,297 242,747
EOG Resources, Inc.
571 72,997
EPAM Systems, Inc.(a)
513 141,670
EQT Corp.
3,167 117,401
Equifax, Inc.
146 39,058
Equinix, Inc., REIT
346 285,564
Equity Residential, REIT
1,666 105,141
Essex Property Trust, Inc., REIT
429 105,023
Estee Lauder Cos., Inc., Class A
2,724 419,905
Etsy, Inc.(a)
1,949 133,935
Everest Group Ltd.
370 147,075
Evergy, Inc.
1,418 75,693
Eversource Energy
1,217 72,740
Exelon Corp.
9,645 362,363
Expedia Group, Inc.(a)
779 107,307
Expeditors International of Washington, Inc.
655 79,628
Extra Space Storage, Inc., REIT
700 102,900
Exxon Mobil Corp.
6,580 764,859
F5, Inc.(a)
984 186,557
FactSet Research Systems, Inc.
85 38,623
Fair Isaac Corp.(a)
29 36,239
Fastenal Co.
1,570 121,110
Federal Realty Investment Trust
619 63,212
FedEx Corp.
320 92,717
Fidelity National Information Services, Inc.
756 56,080
Fifth Third Bancorp
1,308 48,671
First Solar, Inc.(a)
1,107 186,862
FirstEnergy Corp.
6,238 240,912
Fiserv, Inc.(a)
349 55,777
FMC Corp.
1,262 80,389
Ford Motor Co.
19,508 259,066
Fortinet, Inc.(a)
2,959 202,129
 
3
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
March 31, 2024 (Unaudited)
Security Description Shares Value
Fortive Corp.
348 $29,935
Fox Corp., Class A
3,295 103,035
Fox Corp., Class B
3,609 103,290
Franklin Resources, Inc.
3,229 90,767
Freeport-McMoRan, Inc.
5,962 280,333
Garmin Ltd.
2,234 332,576
Gartner, Inc.(a)
342 163,021
GE HealthCare Technologies, Inc.
844 76,728
Gen Digital, Inc.
9,570 214,368
Generac Holdings, Inc.(a)
607 76,567
General Dynamics Corp.
583 164,692
General Electric Co.
1,131 198,524
General Mills, Inc.
3,120 218,306
General Motors Co.
6,018 272,916
Genuine Parts Co.
942 145,944
Gilead Sciences, Inc.
3,162 231,617
Global Payments, Inc.
324 43,306
Globe Life, Inc.
1,538 178,977
Goldman Sachs Group, Inc.
615 256,879
Halliburton Co.
8,751 344,964
Hartford Financial Services Group, Inc.
1,404 144,682
Hasbro, Inc.
4,594 259,653
HCA Healthcare, Inc.
975 325,192
Healthpeak Properties, Inc., REIT
4,466 83,738
Henry Schein, Inc.(a)
2,542 191,972
Hershey Co.
916 178,162
Hess Corp.
471 71,893
Hewlett Packard Enterprise Co.
10,567 187,353
Hilton Worldwide Holdings, Inc.
512 109,215
Hologic, Inc.(a)
1,030 80,299
Home Depot, Inc.
638 244,737
Honeywell International, Inc.
945 193,961
Hormel Foods Corp.
10,448 364,531
Host Hotels & Resorts, Inc., REIT
5,057 104,579
Howmet Aerospace, Inc.
1,054 72,125
HP, Inc.
10,309 311,538
Hubbell, Inc.
603 250,275
Humana, Inc.
745 258,306
Huntington Bancshares, Inc.
3,518 49,076
Huntington Ingalls Industries, Inc.
271 78,988
IDEX Corp.
745 181,795
IDEXX Laboratories, Inc.(a)
142 76,670
Illinois Tool Works, Inc.
729 195,613
Illumina, Inc.(a)
876 120,292
Incyte Corp.(a)
3,958 225,487
Ingersoll Rand, Inc.
1,972 187,241
Insulet Corp.(a)
527 90,328
Intel Corp.
2,880 127,210
Intercontinental Exchange, Inc.
303 41,641
International Business Machines Corp.
1,618 308,973
International Flavors & Fragrances, Inc.
577 49,616
International Paper Co.
1,637 63,876
Security Description Shares Value
Interpublic Group of Cos., Inc.
4,909 $160,181
Intuit, Inc.
325 211,250
Intuitive Surgical, Inc.(a)
304 121,323
Invesco Ltd.
5,702 94,596
Invitation Homes, Inc.
3,006 107,044
IQVIA Holdings, Inc.(a)
460 116,329
Iron Mountain, Inc., REIT
779 62,484
J M Smucker Co.
1,703 214,357
Jabil, Inc.
2,093 280,357
Jack Henry & Associates, Inc.
302 52,466
Jacobs Solutions, Inc.
2,424 372,642
JB Hunt Transport Services, Inc.
395 78,704
Johnson & Johnson
1,490 235,703
Johnson Controls International PLC
1,156 75,510
JPMorgan Chase & Co.
631 126,389
Juniper Networks, Inc.
5,090 188,635
Kellanova
3,288 188,370
Kenvue, Inc.
20,349 436,690
Keurig Dr Pepper, Inc.
8,157 250,175
KeyCorp
3,186 50,371
Keysight Technologies, Inc.(a)
1,234 192,973
Kimberly-Clark Corp.
3,243 419,482
Kimco Realty Corp., REIT
3,251 63,752
Kinder Morgan, Inc.
13,329 244,454
KLA Corp.
227 158,575
Kraft Heinz Co.
5,846 215,717
Kroger Co.
12,738 727,722
L3Harris Technologies, Inc.
370 78,847
Laboratory Corp. of America Holdings
727 158,820
Lam Research Corp.
165 160,309
Lamb Weston Holdings, Inc.
2,015 214,658
Las Vegas Sands Corp.
1,231 63,643
Leidos Holdings, Inc.
1,228 160,979
Lennar Corp., Class A
1,449 249,199
Linde PLC
97 45,039
Live Nation Entertainment, Inc.(a)
793 83,876
LKQ Corp.
2,772 148,053
Lockheed Martin Corp.
183 83,241
Loews Corp.
6,350 497,141
Lowe's Cos., Inc.
983 250,400
Lululemon Athletica, Inc.(a)
514 200,794
LyondellBasell Industries NV, Class A
639 65,357
M&T Bank Corp.
335 48,722
Marathon Oil Corp.
2,744 77,765
Marathon Petroleum Corp.
2,647 533,370
MarketAxess Holdings, Inc.
194 42,535
Marriott International, Inc., Class A
424 106,979
Marsh & McLennan Cos., Inc.
170 35,017
Martin Marietta Materials, Inc.
264 162,080
Masco Corp.
2,320 183,002
Mastercard, Inc., Class A
88 42,378
Match Group, Inc.(a)
12,463 452,158
 
4
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
March 31, 2024 (Unaudited)
Security Description Shares Value
McCormick & Co., Inc.
2,970 $228,126
McDonald's Corp.
1,624 457,887
McKesson Corp.
360 193,266
Medtronic PLC
698 60,831
Merck & Co., Inc.
1,925 254,004
Meta Platforms, Inc., Class A
833 404,488
MetLife, Inc.
2,682 198,763
Mettler-Toledo International, Inc.(a)
89 118,485
MGM Resorts International(a)
1,491 70,390
Microchip Technology, Inc.
1,426 127,926
Micron Technology, Inc.
1,298 153,021
Microsoft Corp.
779 327,741
Mid-America Apartment Communities, Inc., REIT
784 103,159
Moderna, Inc.(a)
2,305 245,621
Mohawk Industries, Inc.(a)
1,465 191,754
Molina Healthcare, Inc.(a)
646 265,396
Molson Coors Beverage Co., Class B
3,682 247,614
Mondelez International, Inc., Class A
2,480 173,600
Monolithic Power Systems, Inc.
287 194,420
Monster Beverage Corp.(a)
4,013 237,891
Moody's Corp.
104 40,875
Morgan Stanley
2,728 256,868
Mosaic Co.
2,506 81,345
Motorola Solutions, Inc.
1,418 503,362
MSCI, Inc.
71 39,792
Nasdaq, Inc.
702 44,296
NetApp, Inc.
1,840 193,145
Netflix, Inc.(a)
351 213,173
Newmont Corp.
7,007 251,131
News Corp., Class A
3,608 94,457
News Corp., Class B
3,477 94,088
NextEra Energy, Inc.
4,108 262,542
NIKE, Inc., Class B
2,396 225,176
NiSource, Inc.
11,728 324,396
Nordson Corp.
110 30,199
Norfolk Southern Corp.
305 77,735
Northern Trust Corp.
1,107 98,434
Northrop Grumman Corp.
174 83,287
Norwegian Cruise Line Holdings Ltd.(a)
3,962 82,925
NRG Energy, Inc.
5,868 397,205
Nucor Corp.
1,280 253,312
NVIDIA Corp.
144 130,113
NVR, Inc.(a)
30 242,999
NXP Semiconductors NV
838 207,631
Occidental Petroleum Corp.
1,118 72,659
Old Dominion Freight Line, Inc.
366 80,267
Omnicom Group, Inc.
1,730 167,395
ON Semiconductor Corp.(a)
2,675 196,746
ONEOK, Inc.
3,079 246,843
Oracle Corp.
2,819 354,095
O'Reilly Automotive, Inc.(a)
134 151,270
Security Description Shares Value
Otis Worldwide Corp.
728 $72,269
PACCAR, Inc.
1,035 128,226
Packaging Corp. of America
319 60,540
Palo Alto Networks, Inc.(a)
753 213,950
Paramount Global, Class B
17,394 204,727
Parker-Hannifin Corp.
135 75,032
Paychex, Inc.
1,750 214,900
Paycom Software, Inc.
1,167 232,245
PayPal Holdings, Inc.(a)
896 60,023
Pentair PLC
2,195 187,541
PepsiCo, Inc.
1,094 191,461
Pfizer, Inc.
8,730 242,258
PG&E Corp.
4,416 74,012
Philip Morris International, Inc.
3,845 352,279
Phillips 66
3,184 520,075
Pinnacle West Capital Corp.
1,022 76,374
Pioneer Natural Resources Co.
487 127,838
PNC Financial Services Group, Inc.
317 51,227
Pool Corp.
287 115,805
PPG Industries, Inc.
449 65,060
PPL Corp.
2,692 74,111
Principal Financial Group, Inc.
2,378 205,245
Procter & Gamble Co.
2,540 412,115
Progressive Corp.
1,200 248,184
Prologis, Inc., REIT
470 61,203
Prudential Financial, Inc.
1,713 201,106
PTC, Inc.(a)
855 161,544
Public Service Enterprise Group, Inc.
3,699 247,019
Public Storage, REIT
360 104,422
PulteGroup, Inc.
2,110 254,508
Qorvo, Inc.(a)
1,822 209,220
QUALCOMM, Inc.
1,236 209,255
Quanta Services, Inc.
1,473 382,685
Quest Diagnostics, Inc.
1,243 165,456
Ralph Lauren Corp.
1,349 253,288
Raymond James Financial, Inc.
1,977 253,886
Realty Income Corp., REIT
1,199 64,866
Regency Centers Corp., REIT
1,024 62,013
Regeneron Pharmaceuticals, Inc.(a)
244 234,848
Regions Financial Corp.
2,414 50,791
Republic Services, Inc.
969 185,505
ResMed, Inc.
502 99,411
Revvity, Inc.
725 76,125
Robert Half, Inc.
1,947 154,358
Rockwell Automation, Inc.
99 28,842
Rollins, Inc.
3,920 181,378
Roper Technologies, Inc.
55 30,846
Ross Stores, Inc.
4,891 717,803
Royal Caribbean Cruises Ltd.(a)
622 86,464
RTX Corp.
872 85,046
S&P Global, Inc.
91 38,716
Salesforce, Inc.
1,038 312,625
 
5
Syntax Stratified LargeCap ETF
Schedule of Investments  (continued)
March 31, 2024 (Unaudited)
Security Description Shares Value
SBA Communications Corp., REIT
282 $61,109
Schlumberger NV
6,284 344,426
Seagate Technology Holdings PLC
2,051 190,846
Sempra
1,031 74,057
ServiceNow, Inc.(a)
416 317,158
Sherwin-Williams Co.
186 64,603
Simon Property Group, Inc., REIT
422 66,039
Skyworks Solutions, Inc.
1,985 215,015
Snap-on, Inc.
806 238,753
Southern Co.
1,060 76,044
Southwest Airlines Co.
5,200 151,788
Stanley Black & Decker, Inc.
2,596 254,226
Starbucks Corp.
5,221 477,147
State Street Corp.
1,460 112,887
Steel Dynamics, Inc.
1,808 268,000
STERIS PLC
508 114,209
Stryker Corp.
331 118,455
Super Micro Computer, Inc.(a)
165 166,655
Synchrony Financial
15,038 648,439
Synopsys, Inc.(a)
553 316,039
Sysco Corp.
8,849 718,362
T Rowe Price Group, Inc.
765 93,269
Take-Two Interactive Software, Inc.(a)
3,307 491,056
Tapestry, Inc.
5,046 239,584
Targa Resources Corp.
2,289 256,345
Target Corp.
934 165,514
TE Connectivity Ltd.
1,269 184,310
Teledyne Technologies, Inc.(a)
71 30,482
Teleflex, Inc.
210 47,496
Teradyne, Inc.
1,494 168,568
Tesla, Inc.(a)
1,356 238,371
Texas Instruments, Inc.
1,226 213,581
Textron, Inc.
1,722 165,191
Thermo Fisher Scientific, Inc.
200 116,242
TJX Cos., Inc.
7,432 753,753
T-Mobile U.S., Inc.
1,933 315,504
Tractor Supply Co.
476 124,579
Trane Technologies PLC
250 75,050
TransDigm Group, Inc.
60 73,896
Travelers Cos., Inc.
620 142,687
Trimble, Inc.(a)
473 30,442
Truist Financial Corp.
1,268 49,427
Tyler Technologies, Inc.(a)
753 320,033
Tyson Foods, Inc., Class A
6,587 386,855
U.S. Bancorp
1,099 49,125
Uber Technologies, Inc.(a)
1,344 103,475
UDR, Inc., REIT
2,772 103,701
Ulta Beauty, Inc.(a)
293 153,204
Union Pacific Corp.
315 77,468
United Airlines Holdings, Inc.(a)
4,115 197,026
United Parcel Service, Inc., Class B
514 76,396
Security Description Shares   Value
United Rentals, Inc.
178   $128,358
UnitedHealth Group, Inc.
534   264,170
Universal Health Services, Inc., Class B
1,804   329,158
Valero Energy Corp.
3,179   542,624
Ventas, Inc., REIT
1,781   77,545
Veralto Corp.
333   29,524
VeriSign, Inc.(a)
1,661   314,776
Verisk Analytics, Inc.
169   39,838
Verizon Communications, Inc.
8,017   336,393
Vertex Pharmaceuticals, Inc.(a)
576   240,774
VF Corp.
14,757   226,372
Viatris, Inc.
19,383   231,433
VICI Properties, Inc.
2,174   64,763
Visa, Inc., Class A
152   42,420
Vulcan Materials Co.
594   162,114
W R Berkley Corp.
1,608   142,212
Walgreens Boots Alliance, Inc.
29,947   649,550
Walmart, Inc.
11,856   713,376
Walt Disney Co.
1,721   210,582
Warner Bros Discovery, Inc.(a)
21,775   190,096
Waste Management, Inc.
858   182,883
Waters Corp.(a)
332   114,284
WEC Energy Group, Inc.
895   73,497
Wells Fargo & Co.
2,083   120,731
Welltower, Inc., REIT
862   80,545
West Pharmaceutical Services, Inc.
133   52,629
Western Digital Corp.(a)
3,019   206,017
Westinghouse Air Brake Technologies Corp.
835   121,643
Westrock Co.
1,305   64,532
Weyerhaeuser Co., REIT
4,547   163,283
Williams Cos., Inc.
6,594   256,968
Willis Towers Watson PLC
127   34,925
WW Grainger, Inc.
120   122,076
Wynn Resorts Ltd.
629   64,303
Xcel Energy, Inc.
1,435   77,131
Xylem, Inc.
1,402   181,194
Yum! Brands, Inc.
3,407   472,381
Zebra Technologies Corp., Class A(a)
421   126,906
Zimmer Biomet Holdings, Inc.
938   123,797
Zoetis, Inc.
1,305   220,819
TOTAL INVESTMENTS—99.7%

(Cost $81,096,543)
    94,013,481
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%
    278,748
NET ASSETS—100.0%
    $94,292,229
    
(a) Non-income producing security.
    
PLC=Public Limited Company
REIT=Real Estate Investment Trust
 
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Syntax Stratified LargeCap ETF
Schedule of Investments
March 31, 2024 (Unaudited)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024.
Description Level 1 Level 2 Level 3 Total
Syntax Stratified LargeCap ETF        
INVESTMENTS:        
Common Stock
$94,013,481 $— $— $94,013,481
Total $94,013,481 $— $— $94,013,481
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Syntax Stratified LargeCap ETF
Schedule of Investments
March 31, 2024 (Unaudited)
INDUSTRY BREAKDOWN
As of March 31, 2024*
INDUSTRY PERCENTAGE OF
NET ASSETS
Marketed Pharmaceuticals
3.5%
Downstream Energy
3.3
Competitive Electric Utilities
3.3
Processed Foods
3.2
Restaurants
3.1
Software for Specific Uses
3.1
Food Distributors
3.1
Non-Real Estate Banking
2.2
Upstream Energy
2.2
Commercial Insurance
2.1
Consumer Insurance
2.1
Real Estate Operators and Developers
2.1
Real Estate Rental
2.1
Content Providers
2.1
Telecommunication Networks
2.1
Commercial IT Hardware
2.0
Regulated Electric Utilities
2.0
Consumer Electronics
1.7
Primary Foods
1.6
Electric and Electronic Components
1.6
Auto Products
1.6
Specialty Industrial Services
1.6
Consumer Equipment Manufacture
1.6
Transportation and Consumer Auto Services
1.6
Mechanical and Structural Components
1.6
Apparel and Accessory Retailers
1.6
Capital Markets
1.5
Distribution Services
1.5
Personal Care Products
1.5
Alcohol and Tobacco
1.5
Internet Search and Social Networks
1.4
Pharmacies
1.4
Investment Services
1.4
Healthcare Insurance
1.4
Transaction Services
1.4
Online Distribution Networks
1.4
Digital Integrated Circuits
1.4
Semiconductor Services and Equipment
1.4
Consumer Equipment Retail
1.4
Management and IT Services
1.3
Analog and Mixed Signal Integrated Circuits
1.3
Diversified Household and Personal Care Products
1.3
Healthcare Providers and Facilities
1.3
INDUSTRY PERCENTAGE OF
NET ASSETS
Internet Services
1.3%
Transport Aerospace and Defense Equipment
1.2
Accessories and Footwear
1.2
Metals
1.1
Medical Research Services and Equipment
1.1
Midstream Energy
1.1
Industrial Conglomerates
1.1
Chemicals
1.0
Other Raw Materials
1.0
Gas and Water Utilities
1.0
Healthcare Products Distribution
1.0
Medical Devices
1.0
Hospital Equipment
0.9
Production Equipment
0.8
Operating Systems and Middleware
0.7
Securities Brokers and Dealers
0.5
Other Pharmaceuticals
0.5
Consumer Paper Products
0.4
Software for Specific Industries
0.3
Contract Electronics Services
0.3
Branded Apparel
0.3
Other Assets in Excess of Liabilities
0.3
Total 100.0%
*    The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
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Syntax Stratified LargeCap 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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