Syntax Stratified

U.S. Total Market Hedged

SHUS

About SHUS

The Fund seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500 Index over a full market cycle by investing in exchange traded funds or underlying securities that provide Stratified Weight U.S. total equity market exposure. Using the Stratified Defined Risk Strategy, the fund combines Syntax’s Stratified Weight Methodology with the Defined Risk Strategy of Swan Global Investments, LLC.

The Defined Risk Strategy

The Fund seeks to reduce market risk by buying S&P 500 Index put options to limit overall portfolio downside loss. In an effort to generate additional returns, the Fund will also buy and sell options on equity indices including different expiration dates and engage in various option spread strategies. Each option strategy includes a hedging element so that the Fund is not exposed to significant losses on written options.

Fund Snapshot

As of September 5, 2024

NAV	$42.11
Market Price	$42.05
Premium/Discount	-0.14%
Rolling 30 Day Bid/Ask	0.77%

Fund Details

As of August 30, 2024

Net Assets	$33,097,857.64
Ticker	SHUS
CUSIP	87166N502
Asset Class	Equity
Listing Exchange	NYSE Arca
Fund Inception Date	June 15, 2021
Gross Expense Ratio	1.29
Net Expense Ratio*	0.65

Top 10 Holdings

As of

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Ticker	Name	Weight (%)	Shares	Market Value
SSPY	SYNTAX STRATIFIED LARGECAP ETF	81.41	329,399	$25,709,591.95
SMDY	SYNTAX STRATIFIED MIDCAP ETF	9.47	69,234	$2,991,462.67
SSLY	SYNTAX STRATIFIED SMALLCAP ETF	4.88	33,934	$1,540,142.10
SPYX192554000.U	SPDR S+P 500 ETF TRUST DEC25 540 PUT	2.64	27,500	$832,425.00
SPYX192549000.U	SPDR S+P 500 ETF TRUST DEC25 490 PUT	1.57	27,200	$495,176.00
	NET OTHER ASSETS	0.12	1	$38,378.34
	US DOLLAR	-0.09	-27,363	-$26,870.67

Holdings are subject to change.

MONTHLY End Returns

As of August 31, 2024

	MTD	QTD	YTD	1y	3y	5y	Incept.
SHUS NAV (%)	1.26	5.60	5.39	9.36	3.34	-	3.52
SHUS Market Price (%)	0.85	5.75	5.43	9.31	3.32	-	3.50

QUARTER End Returns

As of June 30, 2024

	QTD	YTD	1y	3y	5y	Incept.
SHUS NAV (%)	-3.89	-0.20	3.74	2.18	-	1.88
SHUS Market Price (%)	-3.95	-0.30	3.81	2.10	-	1.82

CALENDAR YEAR Returns

As of December 31, 2023

	2021**	2022	2023
SHUS NAV (%)	3.54	-3.53	6.14
SHUS Market Price (%)	3.57	-3.52	5.81

**Represents the return for the period from the inception date of June 15, 2021 through December 31, 2021. Returns for periods less than a year are not annualized.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month end is available by calling (866) 972-4492. *The Adviser has contractually agreed to waive and/or reimburse certain fees/expenses until May 1, 2025. Performance would have been lower without fee waivers/expense reimbursements in effect.

Premium Discount

Calendar Year 2023

Days traded at premium	52	1
Days traded at discount	181	62

Premium and Discount Line Graph

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Tailored Shareholder Report

N-PX

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other important information, please visit www.syntaxadvisors.com, call (866) 972-4492, or download a prospectus now, or talk to your financial advisor. Read it carefully before investing.

Investing involves risk, including possible loss of principal. The Fund is actively managed using a proprietary process, and there can be no guarantee that the Fund's investment strategies will be successful. The Fund may invest in Underlying Funds or Securities that are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Maintaining investments in securities regardless of their individual performance or market conditions could negatively affect the Fund's return. The Fund is new and has no operating history. As a result, investors have a limited track record on which to base their investment decision. The Fund is subject to certain other risks, including but not limited to, equity securities risk, large-, mid-, and small-capitalization risk, and market trading risk.

Investing in securities of small and mid-sized companies may involve greater volatility than investing in larger and more established companies.

Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market.

Purchased put options may expire worthless and may have imperfect correlation to the value of the Fund’s sector based investments. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses. The Fund invests in derivatives. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Derivatives can be volatile and may be less liquid than other securities.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Investors may purchase or sell individual shares on an exchange on which they are listed. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Please see the prospectus for more details.

The S&P Composite 1500® combines three leading indices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap 600®, to cover approximately 90% of U.S. market capitalization. Investors seeking to replicate the performance of the US equity market or benchmark against a representative universe of investable stocks may want to consider this fund.

Syntax®, Stratified®, Stratified Indices®, Stratified Weight™, and FIS™ are trademarks or registered trademarks of Locus LP. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Foreside Fund Services, LLC is the distributor of the Syntax ETF Trust, and not affiliated with Syntax Advisors, LLC.
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