Abstract We study recursive types from a syntactic perspective. In particular, we compare the formulations of recursive types that are used in programming languages and formal systems. Our main tool is a new syntactic explanation of type expressions as functors. We also introduce a simple logic for programs with recursive types in which we carry out our proofs. 1 Introduction Recursive types are common in both programming languages and formal systems. By now, there is a deep and well-developed semantic theory of recursive types. The syntactic aspects of recursive types are also well understood in some special cases. In particular, there is an important body of knowledge about covariant recursive types, which include datatypes like natural numbers, lists, and trees. Beyond the covariant case, however, the syntactic understanding of recursive types becomes rather spotty. Consequently, the relations between various alternative formulations of recursive types are generally unclear. Furthermore, the syntactic counterparts to some of the most basic semantic results are unknown.