# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-004114
**Filing Date:** 2025-12
**Character Count:** 341044
**Document Hash:** 4e3c7a168adcf9eb3ceee56da081e91e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-004114.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001592900-25-004114

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251542779

**BUSINESS ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125

## Series and Classes Contracts Data

### Alpha Architect U.S. Quantitative Value ETF (Series ID: S000046016)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000143786 | Alpha Architect U.S. Quantitative Value ETF | QVAL            |

### Alpha Architect International Quantitative Value ETF (Series ID: S000046017)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000143787 | Alpha Architect International Quantitative Value ETF | IVAL            |

### Alpha Architect U.S. Quantitative Momentum ETF (Series ID: S000046018)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000143788 | Alpha Architect U.S. Quantitative Momentum ETF | QMOM            |

### Alpha Architect International Quantitative Momentum ETF (Series ID: S000046019)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000143789 | Alpha Architect International Quantitative Momentum ETF | IMOM            |

### Alpha Architect Global Factor Equity ETF (Series ID: S000057372)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000183146 | Alpha Architect Global Factor Equity ETF | AAVM            |

### Alpha Architect 1-3 Month Box ETF (Series ID: S000077497)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237974 | Alpha Architect 1-3 Month Box ETF | BOXX            |

### Alpha Architect High Inflation and Deflation ETF (Series ID: S000077708)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000238196 | Alpha Architect High Inflation and Deflation ETF | HIDE            |

### Alpha Architect Tail Risk ETF (Series ID: S000077908)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000238588 | Alpha Architect Tail Risk ETF | CAOS            |

### Alpha Architect US Equity ETF (Series ID: S000088650)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000254981 | Alpha Architect US Equity ETF | AAUS            |

### Alpha Architect Aggregate Bond ETF (Series ID: S000088655)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254986 | Alpha Architect Aggregate Bond ETF | BOXA            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20250930

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STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number <u>811-22961</u>**

**<u>EA Series Trust</u>**

(Exact name of registrant as specified in charter)

**<u>3803 West Chester Pike, Suite 150</u>**

**<u>Newtown Square, PA 19073</u>**

(Address of principal executive offices) (Zip code)

**<u>3803 West Chester Pike, Suite 150</u>**

**<u>Newtown Square, PA 19073</u>**

(Name and address of agent for service)

**<u>(215) 882-9983</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>September 30, 2025</u>**

------

**<u>Item 1. Report to Stockholders</u>.**

(a) ------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |

---

**This annual shareholder report report contains important information about the Alpha Architect 1-3 Month Box ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025, (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/boxetf/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $20 | 0.20% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g2.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **Since Inception (12/27/2022)** |
| Alpha Architect 1-3 Month Box ETF - NAV | 4.51% | 4.91% |
| Solactive US Aggregate Bond Index | 2.42% | 4.36% |
| Solactive 1-3 Month US T-Bill Index | 4.48% | 4.99% |
| The Solactive US Aggregate Bond Index is provided as a broad measure of market performance. The Solactive 1-3 Month US T-Bill Index is provided as a measure of the Fund's investment objective and strategy. | The Solactive US Aggregate Bond Index is provided as a broad measure of market performance. The Solactive 1-3 Month US T-Bill Index is provided as a measure of the Fund's investment objective and strategy. | The Solactive US Aggregate Bond Index is provided as a broad measure of market performance. The Solactive 1-3 Month US T-Bill Index is provided as a measure of the Fund's investment objective and strategy. |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/boxetf/ for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/boxetf/ for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/boxetf/ for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

The Alpha Architect 1-3 Month Box ETF continued to meet its objective to deliver a competitive return for investors seeking limited interest rate and credit risk. BOXX benefitted from a restrictive monetary policy stance as short-term rates held steady for most of the period. As the fiscal year came to a close this stance shifted and the expectation for lower rates increased. We use measures like the CME FedWatch Tool to track market expectations for short-term interest movements. The managers of BOXX monitor the credit rating of the Options Clearing Corporation since this Systematically Important Financial Market Utility serves as the counterparty for the assets held.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $8079665315 | **Advisory Fees** | $14897487 |
| **# of Portfolio Holdings** | 8 | **Fees Waived and/or Expenses Reimbursed** | (3606436) |
| **Portfolio Turnover Rate\*** | 0% | **Net Advisory Fees Paid** | $11291051 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **ASSET CLASSES (as a % of net assets)** | **ASSET CLASSES (as a % of net assets)** |
| Purchased Options | 101.4% |
| Written Options | (1.5)% |
| Cash and Cash Equivalents | 0.1% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/boxetf/. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |

---

**This annual shareholder report contains important information about the Alpha Architect Aggregate Bond ETF (the "Fund") for the period of December 17, 2024 to September 30, 2025, (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/boxa/. You can also request this information by contacting us at (215) 882-9983 .**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $18 | 0.22% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g3.jpg)

---

| | |
|:---|:---|
| **CUMULATIVE TOTAL RETURNS** | **CUMULATIVE TOTAL RETURNS** |
| | **Since Inception (12/17/2024)** |
| Alpha Architect Aggregate Bond ETF - NAV | 4.50% |
| Solactive US Aggregate Bond Index | 5.06% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/boxa/ for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/boxa/ for more recent performance information. |

---

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

The Alpha Architect Aggregate Bond ETF seeks to track the performance of the broad U.S. investment-grade bond market. During the fiscal year, several factors materially affected the Fund's performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Elevated interest rates** throughout the period weighed on bond prices, particularly in shorter-duration segments, as the Federal Reserve maintained a restrictive monetary policy stance to combat inflation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Duration exposure** was a primary driver of returns, with rising yields initially leading to price declines across core fixed income sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spread sectors**, such as investment-grade corporates and securitized debt, contributed modestly to performance as credit conditions remained generally stable and yield spreads remained below historical levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Limited credit risk and broad diversification** helped mitigate volatility relative to more concentrated or high-yield fixed income strategies, especially when compared to the "sleeping volatility" embedded in private debt funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recession concerns fluctuated** throughout the year, at times boosting demand for higher-quality bonds before easing amid resilient economic data and labor market strength.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market expectations for policy easing** were revised multiple times as inflation cooled more slowly than anticipated, contributing to yield volatility across the curve.

The Fund's performance reflected the challenges of a rising rate environment and shifting macroeconomic expectations, consistent with the behavior of the broader U.S. aggregate bond market during the fiscal year.

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $10450124 | **Portfolio Turnover Rate\*** | 0% |
| **# of Portfolio Holdings** | 3 | **Advisory Fees** | $11007 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **ASSET CLASSES (as a % of net assets)** | **ASSET CLASSES (as a % of net assets)** |
| Purchased Options | 73.7% |
| Written Options | (0.1)% |
| Cash and Cash Equivalents | 26.4% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/boxa/. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Global Factor Equity ETF (formerly known as the Alpha Architect Value Momentum Trend ETF)<br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Global Factor Equity ETF (formerly known as the Alpha Architect Value Momentum Trend ETF)<br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |

---

**This annual shareholder report contains important information about the Alpha Architect Global Factor Equity ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aavm/. You can also request this information by contacting us at (215) 882-9983. This report describes changes to the Fund that occurred during the Period.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $18 | 0.17% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **5 Year** | **Since Inception (5/2/2017)** |
| Alpha Architect Global Factor Equity ETF - NAV | 11.08% | 5.79% | 3.27% |
| Solactive GBS Global Markets Large & Mid Cap Index | 18.04% | 14.09% | 12.03% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aavm for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aavm for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aavm for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aavm for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's tilt toward smaller stocks due to equal weight methodology detracted from returns relative to the benchmark, while exposure to global value stocks contributed positively.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Global Factor Equity ETF (formerly known as the Alpha Architect Value Momentum Trend ETF)<br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Global Factor Equity ETF (formerly known as the Alpha Architect Value Momentum Trend ETF)<br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $20436750 | **Advisory Fees** | $39152 |
| **# of Portfolio Holdings** | 6 | **Fees Waived and/or Expenses Reimbursed** | (6188) |
| **Portfolio Turnover Rate\*** | 32% | **Net Advisory Fees Paid** | $32964 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING**<br>**(as a % of Net Assets)** | **INVESTMENT WEIGHTING**<br>**(as a % of Net Assets)** |
| Momentum ETFs | 53.1% |
| Value ETFs | 46.5% |
| Investments Purchased with Proceeds from Securities Lending | 0.6% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Alpha Architect International Quantitative Momentum ETF | 30.7% |
| Alpha Architect International Quantitative Value ETF | 26.8% |
| Alpha Architect US Quantitative Momentum ETF | 22.4% |
| Alpha Architect US Quantitative Value ETF | 19.7% |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 31, 2026, at funds.alphaarchitect.com/aavm or by calling (215) 882-9983.

Effective January 31, 2025, the Fund's name and ticker symbol changed from the Alpha Architect Value Momentum Trend ETF (VMOT) to the Alpha Architect Global Factor Equity ETF (AAVM). Additionally, the Fund's investment objective changed to seeking long term capital appreciation, the Fund's principal investment strategies were revised to remove references to hedging, derivatives, and short sales, and the Fund adopted a policy to invest at least 80% of its net asset, plus any borrowings for investment purposes, in equity securities.

Also effective January 31, 2025, the Fund's management fee only applies on the daily average net assets of the Fund that are not invested in the Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, and Alpha Architect International Quantitative Momentum ETF, subject to a minimum management fee of 0.05% of the Fund's average net assets annually.

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/aavm/. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |

---

**This annual shareholder report contains important information about the Alpha Architect High Inflation and Deflation ETF (the "Fund") for the period of October 1, 2024, to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/hide. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $24 | 0.24% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g5.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **Since Inception (11/16/2022)** |
| Alpha Architect High Inflation and Deflation ETF - NAV | 0.69% | 1.83% |
| Solactive US Aggregate Bond Index | 2.42% | 4.24% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/hide for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/hide for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/hide for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, bond markets responded positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy. However, the Fund's exposure to REITs contributed negatively to returns relative to the benchmark.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $61807273 | **Advisory Fees** | $123683 |
| **# of Portfolio Holdings** | 5 | **Fees Waived and/or Expenses Reimbursed** | (21220) |
| **Portfolio Turnover Rate\*** | 171% | **Net Advisory Fees Paid** | $102463 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT ALLOCATIONS<br>(as a % of Net Assets)** | **INVESTMENT ALLOCATIONS<br>(as a % of Net Assets)** |
| US Treasury Bills | 49.6% |
| Intermediate US Treasuries ETFs | 25.5% |
| Commodities ETFs | 12.7% |
| Real Estate ETFs | 11.7% |
| Cash and Cash Equivalents | 0.5% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| United States Treasury Bill, 4.02%, 10/02/2025 | 49.6% |
| Schwab Intermediate-Term U.S. Treasury ETF | 25.5% |
| GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF | 12.7% |
| Vanguard Real Estate ETF | 11.7% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/hide. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |

---

**This annual shareholder report contains important information about the Alpha Architect International Quantitative Momentum ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/imom. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $46 | 0.39% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **5 Year** | **Since Inception (12/22/2015)** |
| Alpha Architect International Quantitative Momentum ETF - NAV | 33.59% | 8.21% | 6.07% |
| Solactive GBS Developed Markets ex North America Large & Mid Cap Index | 15.26% | 11.11% | 8.00% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/imom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/imom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/imom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/imom for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's tilt toward higher momentum stocks contributed positively to returns relative to the benchmark.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $116666562 | **Portfolio Turnover Rate\*** | 411% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $359858 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Japan | 31.0% |
| Germany | 15.9% |
| Israel | 10.6% |
| Switzerland | 7.8% |
| Australia | 6.1% |
| Italy | 5.9% |
| Spain | 5.9% |
| Sweden | 3.8% |
| Hong Kong | 2.1% |
| Netherlands | 2.0% |
| Portugal | 2.0% |
| Luxembourg | 1.9% |
| France | 1.9% |
| Austria | 1.9% |
| United States | 1.2% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| IHI Corp. | 2.2% |
| Phoenix Financial Ltd. | 2.2% |
| Bank Leumi Le-Israel BM | 2.1% |
| Bank Hapoalim BM | 2.1% |
| Sumitomo Pharma Co. Ltd. | 2.1% |
| First International Bank Of Israel Ltd. | 2.1% |
| Swissquote Group Holding SA | 2.1% |
| Evolution Mining Ltd. | 2.1% |
| Genesis Minerals Ltd. | 2.1% |
| SUNeVision Holdings Ltd. | 2.0% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/imom. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |

---

**This annual shareholder report contains important information about the Alpha Architect International Quantitative Value ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/ival. You can also request this information by contacting us at (215) 882-9983.** <br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $43 | 0.39% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **5 Year** | **10 Year** |
| Alpha Architect International Quantitative Value ETF - NAV | 21.11% | 9.06% | 6.30% |
| Solactive GBS Developed Markets ex North America Large & Mid Cap Index | 15.26% | 11.11% | 8.13% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/ival for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/ival for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/ival for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/ival for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's tilt toward deeper value stocks as measured by EBIT/TEV contributed positively to returns relative to the benchmark.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $172560442 | **Portfolio Turnover Rate\*** | 267% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $566818 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Japan | 44.9% |
| Australia | 12.0% |
| Germany | 10.0% |
| United Kingdom | 6.1% |
| Sweden | 6.0% |
| France | 4.0% |
| Denmark | 3.9% |
| Norway | 3.8% |
| China | 2.0% |
| Italy | 2.0% |
| Luxembourg | 2.0% |
| Netherlands | 2.0% |
| United States | 1.3% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Ramelius Resources Ltd. | 2.1% |
| Endeavour Mining PLC | 2.1% |
| Yangzijiang Shipbuilding Holdings Ltd. | 2.0% |
| Telefonaktiebolaget LM Ericsson - Class B | 2.0% |
| easyJet PLC | 2.0% |
| Essity AB - Class B | 2.0% |
| Deutsche Telekom AG | 2.0% |
| Buzzi SpA | 2.0% |
| Nitto Denko Corp. | 2.0% |
| Eiffage SA | 2.0% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/ival. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |

---

**This annual shareholder report contains important information about the Alpha Architect Tail Risk ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/caos. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $64 | 0.63% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **5 Year** | **10 Year** |
| Alpha Architect Tail Risk ETF - NAV | 3.50% | 1.84% | 3.48% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/caos for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/caos for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/caos for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/caos for more recent performance information. |

---

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

The Alpha Architect Tail Risk ETF is designed to provide convex downside protection during significant equity market dislocation events through a systematic, options-based strategy. During the fiscal year, key factors influencing performance included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Low levels of sustained equity market stress** which limited the opportunity for tail risk hedges to generate substantial gains. Major equity indices remained relatively stable or trended upward for much of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cost of maintaining protective option positions** detracted from returns, as the Fund's strategy involves regular premium outlays to preserve exposure to extreme downside scenarios. However, since volatility levels were muted this drag was less impactful in permitting CAOS to generate a positive return for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Periodic volatility spikes**, particularly during geopolitical events, tariff announcements, and inflation-related market reactions, provided some offsetting performance but were short-lived and insufficient to materially boost returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investor expectations of policy intervention**—commonly referred to as the "Fed put"—contributed to a muted volatility environment, reducing the effectiveness of downside hedges for much of the year.

The Fund's performance reflected its intended role as a hedge during sharp market dislocations, which were largely absent during the fiscal year. In April, the "Tariff Tantrum" offered a limited opportunity to score a monetization event as the market shortly returned to its upward climb.

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $523071864 | **Advisory Fees** | $2254302 |
| **# of Portfolio Holdings** | 16 | **Fees Waived and/or Expenses Reimbursed** | (10065) |
| **Portfolio Turnover Rate\*** | 90% | **Net Advisory Fees Paid** | $2244237 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **ASSET CLASSES (as a % of Net Assets)** | **ASSET CLASSES (as a % of Net Assets)** |
| Purchased Options | 119.1% |
| Written Options | (19.2)% |
| Cash & Cash Equivalents | 0.1% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/caos. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |

---

**This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Momentum ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/qmom. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $29 | 0.29% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | | **5 Year** | **Since Inception (12/1/2015)** |
| Alpha Architect U.S. Quantitative Momentum ETF - NAV | 1.90% | 17.03% | 9.86% | 10.64% |
| Solactive GBS United States 1000 Index | 17.40% | 15.06% | 15.42% | 13.66% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qmom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qmom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qmom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qmom for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qmom for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's tilt towards smaller momentum stocks contributed negatively to returns relative to the benchmark.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $335679166 | **Portfolio Turnover Rate\*** | 399% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $899430 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 28.0% |
| Financials | 22.0% |
| Industrials | 18.1% |
| Communication Services | 10.0% |
| Consumer Discretionary | 8.0% |
| Health Care | 4.0% |
| Utilities | 3.9% |
| Materials | 2.0% |
| Energy | 2.0% |
| Consumer Staples | 2.0% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Bloom Energy Corp. - Class A | 2.1% |
| Kratos Defense & Security Solutions, Inc. | 2.0% |
| Spotify Technology SA | 2.0% |
| Zscaler, Inc. | 2.0% |
| Synchrony Financial | 2.0% |
| Tapestry, Inc. | 2.0% |
| Western Digital Corp. | 2.0% |
| Capital One Financial Corp. | 2.0% |
| First Horizon Corp. | 2.0% |
| Citigroup, Inc. | 2.0% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/qmom. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |

---

**This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Value ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/qval. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $29 | 0.29% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **1 Year** | **5 Year** | **10 Year** |
| Alpha Architect U.S. Quantitative Value ETF - NAV | 2.83% | 15.89% | 9.10% |
| Solactive GBS United States 1000 Index | 17.40% | 15.42% | 14.43% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qval for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qval for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qval for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/qval for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's tilt towards smaller value stocks contributed negatively to returns relative to the benchmark.

Annual Shareholder Report: September 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $407219629 | **Portfolio Turnover Rate\*** | 332% |
| **# of Portfolio Holdings** | 52 | **Advisory Fees Paid** | $1090768 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Health Care | 23.9% |
| Consumer Discretionary | 22.0% |
| Industrials | 20.0% |
| Materials | 10.0% |
| Communication Services | 9.8% |
| Energy | 6.0% |
| Information Technology | 4.0% |
| Consumer Staples | 3.9% |
| Cash and Cash Equivalents | 0.4% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Illumina, Inc. | 2.0% |
| Alcoa Corp. | 2.0% |
| Vail Resorts, Inc. | 2.0% |
| Freeport-McMoRan, Inc. | 2.0% |
| Gap, Inc. | 2.0% |
| Kirby Corp. | 2.0% |
| Merck & Co., Inc. | 2.0% |
| United Airlines Holdings, Inc. | 2.0% |
| YETI Holdings, Inc. | 2.0% |
| GE HealthCare Technologies, Inc. | 2.0% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/qval. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Annual Shareholder Report: September 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |

---

**This annual shareholder report contains important information about the Alpha Architect U.S. Equity ETF (the "Fund") for the period of July 22, 2025 to September 30, 2025 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aaus/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $3 | 0.15% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250930_g11.jpg)

---

| | |
|:---|:---|
| **CUMULATIVE TOTAL RETURNS** | **CUMULATIVE TOTAL RETURNS** |
| | **Since Inception (7/22/2025)** |
| Alpha Architect U.S. Equity ETF - NAV | 7.96% |
| Solactive GBS United States 1000 Index | 6.11% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aaus/ for more recent performance information. | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** Visit https://funds.alphaarchitect.com/aaus/ for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund's small tilt towards larger stocks contributed to slightly positive returns relative to the benchmark.

Annual Shareholder Report: September 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |
| ![Alpha Architect300.jpg](ck0001592900-20250930_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market | September 30, 2025<br>Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $479726421 | **Portfolio Turnover Rate\*** | 33% |
| **# of Portfolio Holdings** | 439 | **Advisory Fees Paid** | $135052 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 34.8% |
| Financials | 13.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 4.7% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Materials | 2.0% |
| Real Estate | 1.6% |
| Cash and Cash Equivalents | 0.3% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 6.7% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class C | 3.6% |
| Meta Platforms, Inc. - Class A | 2.7% |
| Broadcom, Inc. | 2.7% |
| Tesla, Inc. | 2.2% |
| JPMorgan Chase & Co. | 1.6% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/aaus/. You can also request information by calling (215) 882-9983.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Annual Shareholder Report: September 30, 2025

------

(b) Not applicable.

**<u>Item 2. Code of Ethics</u>.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the year covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the year covered by this report.

A copy of the registrant's Code of Ethics is incorporated by reference.

**<u>Item 3. Audit Committee Financial Expert</u>.**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Pagano is an "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant's tax returns and calculations of required income, capital gain and excise distributions. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BOXX** | **BOXX** | **BOXA** | **AAVM** | **AAVM** | **HIDE** | **HIDE** | **IMOM** | **IMOM** |
| | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2024 |
| (a) Audit Fees | $11000 | $11000 | $7250 | $8750 | $8750 | $8750 | $8750 | $8750 | $8750 |
| (b) Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (c) Tax Fees | $21500 | $2500 | $1750 | $2250 | $2250 | $2250 | $2250 | $2250 | $2250 |
| (d) All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **IVAL** | **IVAL** | **CAOS** | **CAOS** | **QMOM** | **QMOM** | **QVAL** | **QVAL** | **AAUS** |
| | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 | FYE<br>9/30/2024 | FYE<br>9/30/2025 |
| (a) Audit Fees | $8750 | $8750 | $11000 | $11000 | $8750 | $8750 | $8750 | $8750 | $7250 |
| (b) Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (c) Tax Fees | $2250 | $2250 | $2500 | $2500 | $2250 | $2250 | $2250 | $2250 | $1750 |
| (d) All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

------

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund's investment adviser.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction..

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants</u>.**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.

(b) Not applicable.

------

**<u>Item 6. Investments</u>**

(a) ------

---

| |
|:---|
| **ALPHA ARCHITECT 1-3 MONTH BOX ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 101.4%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 6.7%** | | | |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $10,005.01 <sup>(d)(g)</sup> | $7144403 | 119 | &nbsp;&nbsp;&nbsp;&nbsp;$0<sup>(f)</sup> |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10.01 <sup>(d)(g)</sup> | 551397186 | 8277 | 541624615 |
| **Total Call Options** |  |  | 541624615 |
| **Put Options - 94.7%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $15.01 <sup>(d)(g)</sup> | 7144403 | 119 | 2 |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10,010.01 <sup>(d)(g)</sup> | 551397186 | 8277 | 7655117869 |
| **Total Put Options** |  |  | 7655117871 |
| **TOTAL PURCHASED OPTIONS** (Cost $8,177,404,237) |  |  | 8196742486 |
| **TOTAL INVESTMENTS - 101.4% (**Cost $8,177,404,237**)** |  |  | $8196742486 |
| Liabilities in Excess of Other Assets - (1.4)% <sup>(e)</sup> |  |  | (117077171) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $8079665315 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

(d) Held in connection with written option contracts. See Schedule of Written Options for further information.

(e) Includes cash of $219,599 that is pledged as collateral for written options.

(f) Less than $0.50.

(g) FLexible EXchange® Options.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT 1-3 MONTH BOX ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.5)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - (0.1)%** | | | |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $15.01<sup>(d)</sup> | $(7144403) | (119) | $(6958523) |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10,010.01<sup>(d)</sup> | (551397186) | (8277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0)<sup>(c)</sup> |
| **Total Call Options** |  |  | (6958523) |
| **Put Options - (1.4)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $10,005.01<sup>(d)</sup> | (7144403) | (119) | (110649825) |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10.01<sup>(d)</sup> | (551397186) | (8277) | (3807) |
| **Total Put Options** |  |  | (110653632) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $117,602,772) | **TOTAL WRITTEN OPTIONS** (Premiums received $117,602,772) |  | $(117612155) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

(c) Less than $(0.50).

(d) FLexible EXchange® Options.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT AGGREGATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 73.7%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 73.7%** | |  | |
| iShares Core U.S. Aggregate Bond ETF, Expiration: 03/20/2026; Exercise Price: $25.01 <sup>(d)(g)</sup> | $10456075 | 1043 | $7697101 |
| **TOTAL PURCHASED OPTIONS** (Cost $7,609,427) |  |  | 7697101 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 7.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> |  | 744954 | 744954 |
| **TOTAL MONEY MARKET FUNDS** (Cost $744,954) |  |  | 744954 |
| **TOTAL INVESTMENTS - 80.8% (**Cost $8,354,381**)** |  |  | $8442055 |
| Other Assets in Excess of Liabilities - 19.2% <sup>(f)</sup> |  |  | 2008069 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $10450124 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

(d) Held in connection with written option contracts. See Schedule of Written Options for further information.

(e) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(f) Includes cash of $2,013,670 that is pledged as collateral for written options.

(g) FLexible EXchange® Options.

---

| |
|:---|
| **SCHEDULE OF WRITTEN OPTIONS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.1)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - (0.1)%** | | | |
| iShares Core U.S. Aggregate Bond ETF, Expiration: 03/20/2026; Exercise Price: $16.01<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10025) | (1) | $(8262) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $8,030) |  |  | $(8262) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

(c) FLexible EXchange® Options.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT GLOBAL FACTOR EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.6%** | **Shares** | **Value**  |
| Alpha Architect International Quantitative Momentum ETF<sup>(a)(b)</sup> | 171316 | $6277738 |
| Alpha Architect International Quantitative Value ETF<sup>(a)(b)</sup> | 181434 | 5473537 |
| Alpha Architect US Quantitative Momentum ETF<sup>(b)(c)</sup> | 70892 | 4568351 |
| Alpha Architect US Quantitative Value ETF<sup>(b)</sup> | 86231 | 4022676 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $16,745,551) |  | 20342302 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.6%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(d)</sup> | 119250 | 119250 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $119,250) |  | 119250 |
| **MONEY MARKET FUNDS - 0.4%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 94916 | 94916 |
| **TOTAL MONEY MARKET FUNDS** (Cost $94,916) |  | 94916 |
| **TOTAL INVESTMENTS - 100.6% (**Cost $16,959,717**)** |  | $20556468 |
| Liabilities in Excess of Other Assets - (0.6)%  |  | (119718) |
| **TOTAL NET ASSETS - 100.0%** |  | $20436750 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(b) Affiliated security as defined by the Investment Company Act of 1940.

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $115,994.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT HIGH INFLATION AND DEFLATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 49.9%** | **Shares** | **Value**  |
| GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF | 360882 | $7867228 |
| Schwab Intermediate-Term U.S. Treasury ETF<sup>(a)</sup> | 626794 | 15751333 |
| Vanguard Real Estate ETF | 79418 | 7260393 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $30,171,979) |  | 30878954 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 49.6%** | **Par** | **Value**  |
| 4.02%, 10/02/2025 <sup>(b)</sup> | $30620000 | 30616590 |
| **TOTAL U.S. TREASURY BILLS** (Cost $30,616,590) |  | 30616590 |
| **MONEY MARKET FUNDS - 0.5%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 319338 | 319338 |
| **TOTAL MONEY MARKET FUNDS** (Cost $319,338) |  | 319338 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $61,107,907**)** |  | $61814882 |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(d)</sup>  |  | (7609) |
| **TOTAL NET ASSETS - 100.0%** |  | $61807273 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(b) The rate shown is the annualized yield as of September 30, 2025.

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(d) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.8%** | **Shares** | **Value**  |
| **Australia - 6.1%** | |  |
| Evolution Mining Ltd.  | 337139 | $2416007 |
| Genesis Minerals Ltd. <sup>(a)</sup> | 614495 | 2394939 |
| Regis Resources Ltd.  | 592439 | 2356020 |
|  |  | 7166966 |
| **Austria - 1.9%** |  |  |
| Erste Group Bank AG  | 22765 | 2223713 |
| **France - 1.9%** |  |  |
| Societe Generale SA  | 33834 | 2238784 |
| **Germany - 15.9%** |  |  |
| Commerzbank AG  | 62269 | 2346008 |
| Deutsche Bank AG  | 66052 | 2322580 |
| Heidelberg Materials AG  | 10244 | 2303772 |
| Hensoldt AG  | 17883 | 2315814 |
| RENK Group AG  | 22654 | 2330164 |
| Rheinmetall AG  | 988 | 2301950 |
| Siemens Energy AG <sup>(a)</sup> | 19767 | 2307291 |
| thyssenkrupp AG  | 170012 | 2330367 |
|  |  | 18557946 |
| **Hong Kong - 2.1%** |  |  |
| SUNeVision Holdings Ltd.  | 2708253 | 2390879 |
| **Israel - 10.6%** |  |  |
| Bank Hapoalim BM  | 122031 | 2480263 |
| Bank Leumi Le-Israel BM  | 126820 | 2499873 |
| Elbit Systems Ltd.  | 4650 | 2354342 |
| First International Bank Of Israel Ltd.  | 34248 | 2451603 |
| Phoenix Financial Ltd.  | 67525 | 2527957 |
|  |  | 12314038 |
| **Italy - 5.9%** |  |  |
| Leonardo SpA  | 36617 | 2322337 |
| Poste Italiane SpA <sup>(b)</sup> | 96553 | 2288706 |
| Telecom Italia SpA <sup>(a)</sup> | 4380459 | 2290130 |
|  |  | 6901173 |
| **Japan - 31.0%**<sup>(c)</sup> |  |  |
| Daifuku Co. Ltd.  | 71800 | 2302785 |
| Food & Life Cos. Ltd.  | 41159 | 2153343 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.8% (CONTINUED)** | **Shares** | **Value**  |
| **Japan - 31.0%**<sup>(c)</sup> **(Continued)** | | |
| IHI Corp.  | 135618 | $2531059 |
| Kandenko Co. Ltd.  | 81380 | 2231986 |
| Mitsui Kinzoku Co. Ltd.  | 29500 | 2295010 |
| Mizuho Financial Group, Inc.  | 66700 | 2249718 |
| NEC Corp.  | 72100 | 2310457 |
| PAL GROUP Holdings Co. Ltd.  | 128700 | 2184380 |
| Ryohin Keikaku Co. Ltd.  | 96536 | 1922430 |
| Sankyu, Inc.  | 40876 | 2238872 |
| SBI Holdings, Inc.  | 52638 | 2290822 |
| Seibu Holdings, Inc.  | 62100 | 2247836 |
| Square Enix Holdings Co. Ltd.  | 105792 | 2276297 |
| Sumitomo Pharma Co. Ltd. <sup>(a)</sup> | 213000 | 2464368 |
| Toho Co. Ltd.  | 35272 | 2265842 |
| Tokyo Gas Co. Ltd.  | 63000 | 2242499 |
|  |  | 36207704 |
| **Luxembourg - 1.9%** |  |  |
| Millicom International Cellular SA  | 46717 | 2267643 |
| **Netherlands - 2.0%** |  |  |
| ABN AMRO Bank NV <sup>(b)</sup> | 71560 | 2289416 |
| **Portugal - 2.0%** |  |  |
| Banco Comercial Portugues SA  | 2582811 | 2283972 |
| **Spain - 5.9%** |  |  |
| ACS Actividades de Construccion y Servicios S.A.  | 29075 | 2321221 |
| Bankinter SA  | 146085 | 2299113 |
| Indra Sistemas SA  | 49711 | 2223644 |
|  |  | 6843978 |
| **Sweden - 3.8%** |  |  |
| Saab AB  | 37212 | 2270808 |
| Spotify Technology SA <sup>(a)</sup> | 3153 | 2200794 |
|  |  | 4471602 |
| **Switzerland - 7.8%** |  |  |
| Accelleron Industries AG  | 25195 | 2118969 |
| Galderma Group AG  | 13379 | 2324371 |
| Holcim AG  | 26909 | 2276305 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.8% (CONTINUED)** | **Shares** | **Value**  |
| **Switzerland - 7.8% (Continued)** | | |
| Swissquote Group Holding SA  | 3487 | $2433300 |
|  |  | 9152945 |
| **TOTAL COMMON STOCKS** (Cost $99,030,356) |  | 115310759 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 318809 | 318809 |
| **TOTAL MONEY MARKET FUNDS** (Cost $318,809) |  | 318809 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $99,349,165**)** |  | $115629568 |
| Other Assets in Excess of Liabilities - 0.9%  |  | 1036994 |
| **TOTAL NET ASSETS - 100.0%** |  | $116666562 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $4,578,122 or 3.9% of the Fund's net assets.

(c) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.7%** | **Shares** | **Value**  |
| **Australia - 12.0%** | |  |
| Fortescue Ltd.  | 274286 | $3390325 |
| Qantas Airways Ltd.  | 477007 | 3446738 |
| Ramelius Resources Ltd.  | 1433630 | 3680693 |
| Santos Ltd.  | 760441 | 3386425 |
| Whitehaven Coal Ltd.  | 771635 | 3364791 |
| Woodside Energy Group Ltd.  | 224907 | 3427344 |
|  |  | 20696316 |
| **China - 2.0%** |  |  |
| Yangzijiang Shipbuilding Holdings Ltd.  | 1352800 | 3534196 |
| **Denmark - 3.9%** |  |  |
| AP Moller - Maersk AS - Class B  | 1714 | 3360309 |
| Pandora AS  | 26195 | 3412986 |
|  |  | 6773295 |
| **France - 4.0%** |  |  |
| Air France-KLM <sup>(a)</sup> | 252492 | 3386817 |
| Eiffage SA  | 27165 | 3466786 |
|  |  | 6853603 |
| **Germany - 8.0%** |  |  |
| Aumovio SE <sup>(a)</sup> | 82764 | 3412588 |
| Deutsche Post AG  | 77053 | 3432217 |
| Deutsche Telekom AG  | 102245 | 3482392 |
| TUI AG <sup>(a)</sup> | 374265 | 3401890 |
|  |  | 13729087 |
| **Italy - 2.0%** |  |  |
| Buzzi SpA  | 63237 | 3471632 |
| **Japan - 44.9%**<sup>(b)</sup> |  |  |
| Aisin Corp.  | 195972 | 3392422 |
| Asahi Kasei Corp.  | 423554 | 3335217 |
| Daikin Industries Ltd.  | 29393 | 3394749 |
| Daito Trust Construction Co. Ltd.  | 155465 | 3411326 |
| Denso Corp.  | 229378 | 3312281 |
| Hitachi Construction Machinery Co. Ltd.  | 106925 | 3422815 |
| Inpex Corp.  | 184991 | 3343686 |
| Japan Airlines Co. Ltd.  | 165704 | 3342428 |
| Komatsu Ltd.  | 96658 | 3372589 |
| Makita Corp.  | 104958 | 3410949 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.7% (CONTINUED)** | **Shares** | **Value**  |
| **Japan - 44.9%**<sup>(b)</sup> **(Continued)** | | |
| Nissan Chemical Corp.  | 92897 | $3373276 |
| Niterra Co. Ltd.  | 86656 | 3348226 |
| Nitto Denko Corp.  | 145879 | 3469293 |
| Panasonic Holdings Corp.  | 308226 | 3355606 |
| SCREEN Holdings Co. Ltd.  | 37984 | 3457177 |
| Sekisui Chemical Co. Ltd.  | 181076 | 3373326 |
| Shimamura Co. Ltd.  | 47161 | 3153634 |
| Subaru Corp.  | 164482 | 3370054 |
| Suntory Beverage & Food Ltd.  | 108599 | 3396358 |
| Suzuki Motor Corp.  | 230616 | 3369144 |
| Tosoh Corp.  | 225202 | 3334211 |
| Toyota Tsusho Corp.  | 122518 | 3398376 |
| Yokohama Rubber Co. Ltd.  | 91866 | 3407276 |
|  |  | 77544419 |
| **Luxembourg - 2.0%** |  |  |
| Tenaris SA  | 193444 | 3449855 |
| **Netherlands - 2.0%** |  |  |
| Signify NV <sup>(c)</sup> | 128568 | 3366089 |
| **Norway - 3.8%** |  |  |
| Aker BP ASA  | 130171 | 3301379 |
| Equinor ASA  | 135501 | 3304853 |
|  |  | 6606232 |
| **Sweden - 6.0%** |  |  |
| Essity AB - Class B  | 133493 | 3485361 |
| Evolution AB <sup>(c)</sup> | 40496 | 3326777 |
| Telefonaktiebolaget LM Ericsson - Class B  | 426734 | 3528315 |
|  |  | 10340453 |
| **United Kingdom - 6.1%** |  |  |
| easyJet PLC  | 565155 | 3526756 |
| Endeavour Mining PLC  | 84878 | 3565400 |
| Imperial Brands PLC  | 80620 | 3424087 |
|  |  | 10516243 |
| **TOTAL COMMON STOCKS** (Cost $150,260,999) |  | 166881420 |
| **PREFERRED STOCKS - 2.0%** |  |  |
| **Germany - 2.0%** |  |  |
| Henkel AG & Co. KGaA  | 42644 | 3439557 |
| **TOTAL PREFERRED STOCKS** (Cost $3,299,048) |  | 3439557 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.5%** | | |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 4315174 | $4315174 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,315,174) |  | 4315174 |
| **TOTAL INVESTMENTS - 101.2% (**Cost $157,875,221**)** |  | $174636151 |
| Liabilities in Excess of Other Assets - (1.2)%  |  | (2075709) |
| **TOTAL NET ASSETS - 100.0%** |  | $172560442 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $6,692,866 or 3.9% of the Fund's net assets.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 119.1%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 6.3%** | |  | |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $10,005.01 <sup>(d)(h)</sup> | $180111 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(e)</sup> |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10.01 <sup>(d)(h)</sup> | 33708708 | 506 | 33111279 |
| **Total Call Options** |  |  | 33111279 |
| **Put Options - 112.8%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $15.01 <sup>(d)(h)</sup> | 180111 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(e)</sup> |
| S&P 500 Index <sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 10/17/2025; Exercise Price: $2,500.00  | 3534182264 | 5284 | 26420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $2,500.00  | 3526156112 | 5272 | 65900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $2,500.00  | 3748212984 | 5604 | 280200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $12,000.00  | 154503426 | 231 | 120319815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $2,500.00  | 3877969108 | 5798 | 681265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/20/2026; Exercise Price: $2,500.00  | 2437274824 | 3644 | 810790 |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10,010.01 <sup>(d)(h)</sup> | 33708708 | 506 | 467982317 |
| **Total Put Options** |  |  | 590166707 |
| **TOTAL PURCHASED OPTIONS** (Cost $626,319,810) |  |  | 623277986 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 0.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(f)</sup> |  | 363511 | 363511 |
| **TOTAL MONEY MARKET FUNDS** (Cost $363,511) |  |  | 363511 |
| **TOTAL INVESTMENTS - 119.2% (**Cost $626,683,321**)** |  |  | $623641497 |
| Liabilities in Excess of Other Assets - (19.2)% <sup>(g)</sup> |  |  | (100569633) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $523071864 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

(d) Held in connection with written option contracts. See Schedule of Written Options for further information.

(e) Less than $(0.50).

(f) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(g) Includes cash of $3,852 that is pledged as collateral for written options.

(h) FLexible Exchange® Options.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (19.2)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - (0.0)%** <sup>(c)</sup> | | | |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $15.01<sup>(e)</sup> | $(180111) | (3) | $(175425) |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10,010.01<sup>(e)</sup> | (33708708) | (506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0)<sup>(d)</sup> |
| **Total Call Options** |  |  | (175425) |
| **Put Options - (19.2)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/30/2025; Exercise Price: $10,005.01<sup>(e)</sup> | (180111) | (3) | (2789491) |
| S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $11,000.00 | (154503426) | (231) | (97441575) |
| SPDR S&P 500 ETF Trust, Expiration: 12/19/2025; Exercise Price: $10.01<sup>(e)</sup> | (33708708) | (506) | (233) |
| **Total Put Options** |  |  | (100231299) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $101,387,459) | **TOTAL WRITTEN OPTIONS** (Premiums received $101,387,459) |  | $(100406724) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

(c) Represents less than 0.05% of net assets.

(d) Less than $(0.50).

(e) FLexible Exchange® Options.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 100.0%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 10.0%** | |  |
| **Interactive Home Entertainment - 4.0%** |  |  |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 48590 | $6730687 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 25903 | 6692299 |
|  |  | 13422986 |
| **Movies & Entertainment - 6.0%** |  |  |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 40134 | 6557896 |
| Netflix, Inc. <sup>(a)</sup> | 5609 | 6724742 |
| Spotify Technology SA <sup>(a)</sup> | 9726 | 6788748 |
|  |  | 20071386 |
| **Total Communication Services** |  | 33494372 |
| **<u>Consumer Discretionary</u> - 8.0%** |  |  |
| **Apparel, Accessories & Luxury Goods - 2.0%** |  |  |
| Tapestry, Inc.  | 59844 | 6775538 |
| **Hotels, Resorts & Cruise Lines - 4.0%** |  |  |
| Royal Caribbean Cruises Ltd.  | 20771 | 6721080 |
| Viking Holdings Ltd. <sup>(a)</sup> | 106699 | 6632410 |
|  |  | 13353490 |
| **Restaurants - 2.0%** |  |  |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 24617 | 6695578 |
| **Total Consumer Discretionary** |  | 26824606 |
| **<u>Consumer Staples</u> - 2.0%** |  |  |
| **Packaged Foods & Meats - 2.0%** |  |  |
| Cal-Maine Foods, Inc.  | 70194 | 6605255 |
| **<u>Energy</u> - 2.0%** |  |  |
| **Oil & Gas Exploration & Production - 2.0%** |  |  |
| EQT Corp.  | 121836 | 6631534 |
| **<u>Financials</u> - 22.0%** |  |  |
| **Asset Management & Custody Banks - 2.0%** |  |  |
| Bank of New York Mellon Corp.  | 61526 | 6703873 |
| **Commercial & Residential Mortgage Finance - 2.0%** |  |  |
| Mr Cooper Group, Inc.  | 31379 | 6614379 |
| **Consumer Finance - 4.0%** |  |  |
| Capital One Financial Corp.  | 31785 | 6756855 |
| Synchrony Financial  | 95535 | 6787762 |
|  |  | 13544617 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 100.0% (CONTINUED)** | **Shares** | **Value**  |
| **Diversified Banks - 2.0%** |  |  |
| Citigroup, Inc.  | 66539 | $6753709 |
| **Investment Banking & Brokerage - 10.0%** |  |  |
| Charles Schwab Corp.  | 70362 | 6717460 |
| Goldman Sachs Group, Inc.  | 8440 | 6721194 |
| Interactive Brokers Group, Inc. - Class A  | 97694 | 6722324 |
| LPL Financial Holdings, Inc.  | 20159 | 6706698 |
| Morgan Stanley  | 42421 | 6743242 |
|  |  | 33610918 |
| **Regional Banks - 2.0%** |  |  |
| First Horizon Corp.  | 298740 | 6754511 |
| **Total Financials** |  | 73982007 |
| **<u>Health Care</u> - 4.0%** |  |  |
| **Biotechnology - 2.0%** |  |  |
| Insmed, Inc. <sup>(a)</sup> | 45877 | 6606747 |
| **Health Care Technology - 2.0%** |  |  |
| Doximity, Inc. - Class A <sup>(a)</sup> | 91831 | 6717437 |
| **Total Health Care** |  | 13324184 |
| **<u>Industrials</u> - 18.1%** |  |  |
| **Aerospace & Defense - 12.0%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 9206 | 6606594 |
| BWX Technologies, Inc.  | 36259 | 6685072 |
| Curtiss-Wright Corp.  | 12427 | 6747115 |
| Howmet Aerospace, Inc.  | 34147 | 6700666 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 74409 | 6798750 |
| Woodward, Inc.  | 26691 | 6745083 |
|  |  | 40283280 |
| **Construction & Engineering - 2.0%** |  |  |
| Comfort Systems USA, Inc.  | 8144 | 6720266 |
| **Heavy Electrical Equipment - 4.1%** |  |  |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 84108 | 7113013 |
| GE Vernova, Inc.  | 10923 | 6716553 |
|  |  | 13829566 |
| **Total Industrials** |  | 60833112 |
| **<u>Information Technology</u> - 28.0%**<sup>(b)</sup> |  |  |
| **Application Software - 4.0%** |  |  |
| InterDigital, Inc.  | 19405 | 6699188 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 100.0% (CONTINUED)** | **Shares** | **Value**  |
| **Application Software - 4.0% (Continued)** | | |
| Life360, Inc. <sup>(a)</sup> | 63523 | $6752495 |
|  |  | 13451683 |
| **Electronic Components - 4.0%** |  |  |
| Amphenol Corp. - Class A  | 54347 | 6725441 |
| Corning, Inc.  | 82141 | 6738026 |
|  |  | 13463467 |
| **Electronic Equipment & Instruments - 2.0%** |  |  |
| Mirion Technologies, Inc. <sup>(a)</sup> | 284805 | 6624564 |
| **Electronic Manufacturing Services - 6.0%** |  |  |
| Flex Ltd. <sup>(a)</sup> | 116138 | 6732520 |
| Jabil, Inc.  | 30879 | 6705992 |
| TTM Technologies, Inc. <sup>(a)</sup> | 116545 | 6712992 |
|  |  | 20151504 |
| **Internet Services & Infrastructure - 8.0%** |  |  |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | 31281 | 6712590 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | 29678 | 6693873 |
| Twilio, Inc. - Class A <sup>(a)</sup> | 66077 | 6613647 |
| VeriSign, Inc.  | 23800 | 6653766 |
|  |  | 26673876 |
| **Systems Software - 2.0%** |  |  |
| Zscaler, Inc. <sup>(a)</sup> | 22654 | 6788498 |
| **Technology Hardware, Storage & Peripherals - 2.0%** |  |  |
| Western Digital Corp.  | 56301 | 6759498 |
| **Total Information Technology** |  | 93913090 |
| **<u>Materials</u> - 2.0%** |  |  |
| **Steel - 2.0%** |  |  |
| Carpenter Technology Corp.  | 27270 | 6695876 |
| **<u>Utilities</u> - 3.9%** |  |  |
| **Electric Utilities - 1.9%** |  |  |
| NRG Energy, Inc.  | 41093 | 6655011 |
| **Independent Power Producers & Energy Traders - 2.0%** |  |  |
| Talen Energy Corp. <sup>(a)</sup> | 15662 | 6662302 |
| **Total Utilities** |  | 13317313 |
| **TOTAL COMMON STOCKS** (Cost $308,171,607) |  | 335621349 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.3%** | | |
| First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 1153397 | $1153397 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,153,397) |  | 1153397 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $309,325,004**)** |  | $336774746 |
| Liabilities in Excess of Other Assets - (0.3)%  |  | (1095580) |
| **TOTAL NET ASSETS - 100.0%** |  | $335679166 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 9.8%** | |  |
| **Broadcasting - 1.9%** |  |  |
| Fox Corp. - Class A  | 126229 | $7960001 |
| **Cable & Satellite - 3.9%** |  |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | 28726 | 7902666 |
| Comcast Corp. - Class A  | 256238 | 8050998 |
|  |  | 15953664 |
| **Integrated Telecommunication Services - 2.0%** |  |  |
| Verizon Communications, Inc.  | 184734 | 8119059 |
| **Movies & Entertainment - 2.0%** |  |  |
| Cinemark Holdings, Inc.  | 288218 | 8075869 |
| **Total Communication Services** |  | 40108593 |
| **<u>Consumer Discretionary</u> - 22.0%** |  |  |
| **Apparel Retail - 4.0%** |  |  |
| Gap, Inc.  | 383140 | 8195365 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 113865 | 8133377 |
|  |  | 16328742 |
| **Automotive Parts & Equipment - 2.0%** |  |  |
| Aptiv PLC <sup>(a)</sup> | 94760 | 8170207 |
| **Broadline Retail - 2.0%** |  |  |
| Macy's, Inc.  | 454688 | 8152556 |
| **Footwear - 2.0%** |  |  |
| Deckers Outdoor Corp. <sup>(a)</sup> | 79919 | 8101389 |
| **Homebuilding - 4.0%** |  |  |
| Taylor Morrison Home Corp. <sup>(a)</sup> | 122609 | 8093420 |
| Toll Brothers, Inc.  | 58730 | 8112962 |
|  |  | 16206382 |
| **Leisure Facilities - 2.0%** |  |  |
| Vail Resorts, Inc.  | 54990 | 8224855 |
| **Leisure Products - 2.0%** |  |  |
| YETI Holdings, Inc. <sup>(a)</sup> | 246328 | 8173163 |
| **Specialized Consumer Services - 4.0%** |  |  |
| ADT, Inc.  | 931084 | 8109742 |
| Service Corp. International  | 97143 | 8084240 |
|  |  | 16193982 |
| **Total Consumer Discretionary** |  | 89551276 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6% (CONTINUED)** | **Shares** | **Value**  |
| **<u>Consumer Staples</u> - 3.9%** | |  |
| **Agricultural Products & Services - 2.0%** |  |  |
| Ingredion, Inc.  | 66219 | $8086002 |
| **Packaged Foods & Meats - 1.9%** |  |  |
| Cal-Maine Foods, Inc.  | 85466 | 8042351 |
| **Total Consumer Staples** |  | 16128353 |
| **<u>Energy</u> - 6.0%** |  |  |
| **Oil & Gas Equipment & Services - 2.0%** |  |  |
| TechnipFMC PLC  | 206233 | 8135892 |
| **Oil & Gas Exploration & Production - 4.0%** |  |  |
| Coterra Energy, Inc.  | 344140 | 8138911 |
| Permian Resources Corp.  | 636943 | 8152870 |
|  |  | 16291781 |
| **Total Energy** |  | 24427673 |
| **<u>Health Care</u> - 23.9%** |  |  |
| **Biotechnology - 9.9%** |  |  |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 149067 | 8073469 |
| Exelixis, Inc. <sup>(a)</sup> | 196699 | 8123668 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 109308 | 8016649 |
| Incyte Corp. <sup>(a)</sup> | 95370 | 8088330 |
| United Therapeutics Corp. <sup>(a)</sup> | 19064 | 7991819 |
|  |  | 40293935 |
| **Health Care Equipment - 2.0%** |  |  |
| GE HealthCare Technologies, Inc.  | 108795 | 8170504 |
| **Health Care Facilities - 2.0%** |  |  |
| Universal Health Services, Inc. - Class B  | 39577 | 8091122 |
| **Health Care Services - 2.0%** |  |  |
| Cigna Group  | 28054 | 8086566 |
| **Life Sciences Tools & Services - 2.0%** |  |  |
| Illumina, Inc. <sup>(a)</sup> | 86789 | 8242351 |
| **Managed Health Care - 2.0%** |  |  |
| Humana, Inc.  | 31025 | 8071774 |
| **Pharmaceuticals - 4.0%** |  |  |
| Merck & Co., Inc.  | 97559 | 8188127 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6% (CONTINUED)** | **Shares** | **Value**  |
| **Pharmaceuticals - 4.0% (Continued)** | | |
| Pfizer, Inc.  | 320018 | $8154059 |
|  |  | 16342186 |
| **Total Health Care** |  | 97298438 |
| **<u>Industrials</u> - 20.0%** |  |  |
| **Agricultural & Farm Machinery - 2.0%** |  |  |
| CNH Industrial NV  | 749954 | 8137001 |
| **Air Freight & Logistics - 2.0%** |  |  |
| Expeditors International of Washington, Inc.  | 66599 | 8164372 |
| **Cargo Ground Transportation - 2.0%** |  |  |
| Ryder System, Inc.  | 43222 | 8153398 |
| **Construction Machinery & Heavy Transportation Equipment - 2.0%** |  |  |
| Allison Transmission Holdings, Inc.  | 95482 | 8104512 |
| **Industrial Machinery & Supplies & Components - 6.0%** |  |  |
| Middleby Corp. <sup>(a)</sup> | 61266 | 8144089 |
| Mueller Industries, Inc.  | 80284 | 8117515 |
| Snap-on, Inc.  | 23433 | 8120238 |
|  |  | 24381842 |
| **Marine Transportation - 2.0%** |  |  |
| Kirby Corp. <sup>(a)</sup> | 98183 | 8193371 |
| **Passenger Airlines - 2.0%** |  |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 84834 | 8186481 |
| **Research & Consulting Services - 2.0%** |  |  |
| Leidos Holdings, Inc.  | 42918 | 8109785 |
| **Total Industrials** |  | 81430762 |
| **<u>Information Technology</u> - 4.0%** |  |  |
| **IT Consulting & Other Services - 2.0%** |  |  |
| Cognizant Technology Solutions Corp. - Class A  | 120716 | 8096422 |
| **Technology Distributors - 2.0%** |  |  |
| TD SYNNEX Corp.  | 49408 | 8090560 |
| **Total Information Technology** |  | 16186982 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6% (CONTINUED)** | **Shares** | **Value**  |
| **<u>Materials</u> - 10.0%** | |  |
| **Aluminum - 2.0%** |  |  |
| Alcoa Corp.  | 250557 | $8240820 |
| **Copper - 2.0%** |  |  |
| Freeport-McMoRan, Inc.  | 209554 | 8218708 |
| Southern Copper Corp.  | 0<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(b)</sup> |
|  |  | 8218708 |
| **Fertilizers & Agricultural Chemicals - 2.0%** |  |  |
| CF Industries Holdings, Inc.  | 90314 | 8101166 |
| **Gold - 2.0%** |  |  |
| Newmont Corp.  | 96729 | 8155222 |
| **Metal, Glass & Plastic Containers - 2.0%** |  |  |
| Crown Holdings, Inc.  | 83618 | 8076662 |
| **Total Materials** |  | 40792578 |
| **TOTAL COMMON STOCKS** (Cost $379,043,881) |  | 405924655 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 1071131 | 1071131 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,071,131) |  | 1071131 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $380,115,012**)** |  | $406995786 |
| Other Assets in Excess of Liabilities - 0.1%  |  | 223843 |
| **TOTAL NET ASSETS - 100.0%** |  | $407219629 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) Rounds to zero.

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 10.5%** | |  |
| **Advertising - 0.0%**<sup>(a)</sup> |  |  |
| Trade Desk, Inc. - Class A <sup>(b)</sup> | 299 | $14654 |
| **Alternative Carriers - 0.0%**<sup>(a)</sup> |  |  |
| Liberty Global Ltd. - Class A <sup>(b)</sup> | 8232 | 94339 |
| **Cable & Satellite - 0.3%** |  |  |
| Comcast Corp. - Class A  | 32041 | 1006728 |
| Sirius XM Holdings, Inc.  | 4966 | 115584 |
|  |  | 1122312 |
| **Integrated Telecommunication Services - 0.7%** |  |  |
| AT&T, Inc.  | 62320 | 1759917 |
| Sunrise Communications AG - ADR  | 5298 | 311416 |
| Verizon Communications, Inc.  | 31915 | 1402664 |
|  |  | 3473997 |
| **Interactive Home Entertainment - 0.5%** |  |  |
| Electronic Arts, Inc.  | 1848 | 372741 |
| ROBLOX Corp. - Class A <sup>(b)</sup> | 12411 | 1719172 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup> | 1483 | 383148 |
|  |  | 2475061 |
| **Interactive Media & Services - 7.3%** |  |  |
| Alphabet, Inc. - Class A  | 20449 | 4971152 |
| Alphabet, Inc. - Class C  | 70030 | 17055806 |
| Match Group, Inc.  | 1815 | 64106 |
| Meta Platforms, Inc. - Class A  | 17529 | 12872947 |
|  |  | 34964011 |
| **Movies & Entertainment - 1.5%** |  |  |
| IMAX Corp. <sup>(b)</sup> | 3827 | 125334 |
| Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | 514 | 53687 |
| Liberty Media Corp.-Liberty Live - Class C <sup>(b)</sup> | 535 | 51879 |
| Netflix, Inc. <sup>(b)</sup> | 3613 | 4331698 |
| Spotify Technology SA <sup>(b)</sup> | 1120 | 781760 |
| Walt Disney Co.  | 15672 | 1794444 |
| Warner Bros Discovery, Inc. <sup>(b)</sup> | 1771 | 34588 |
|  |  | 7173390 |
| **Wireless Telecommunication Services - 0.2%** |  |  |
| T-Mobile US, Inc.  | 3925 | 939567 |
| **Total Communication Services** |  | 50257331 |
| **<u>Consumer Discretionary</u> - 10.3%** |  |  |
| **Apparel Retail - 0.4%** |  |  |
| Ross Stores, Inc.  | 2856 | 435226 |
| TJX Cos., Inc.  | 9874 | 1427188 |
|  |  | 1862414 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Automobile Manufacturers - 2.4%** |  |  |
| Ford Motor Co.  | 34520 | $412859 |
| General Motors Co.  | 8553 | 521477 |
| Tesla, Inc. <sup>(b)</sup> | 23778 | 10574552 |
|  |  | 11508888 |
| **Automotive Retail - 0.4%** |  |  |
| AutoZone, Inc. <sup>(b)</sup> | 149 | 639246 |
| CarMax, Inc. <sup>(b)</sup> | 1188 | 53306 |
| Carvana Co. <sup>(b)</sup> | 1116 | 421000 |
| O'Reilly Automotive, Inc. <sup>(b)</sup> | 7556 | 814612 |
|  |  | 1928164 |
| **Broadline Retail - 3.7%** |  |  |
| Alibaba Group Holding Ltd. - ADR  | 686 | 122609 |
| Amazon.com, Inc. <sup>(b)</sup> | 80341 | 17640473 |
| eBay, Inc.  | 2129 | 193633 |
|  |  | 17956715 |
| **Computer & Electronics Retail - 0.0%**<sup>(a)</sup> |  |  |
| Best Buy Co., Inc.  | 2381 | 180051 |
| **Consumer Electronics - 0.1%** |  |  |
| Garmin Ltd.  | 1392 | 342738 |
| **Footwear - 0.2%** |  |  |
| Crocs, Inc. <sup>(b)</sup> | 1035 | 86474 |
| NIKE, Inc. - Class B  | 10299 | 718150 |
|  |  | 804624 |
| **Home Improvement Retail - 1.0%** |  |  |
| Home Depot, Inc.  | 8552 | 3465185 |
| Lowe's Cos., Inc.  | 4960 | 1246497 |
|  |  | 4711682 |
| **Homebuilding - 0.2%** |  |  |
| DR Horton, Inc.  | 2429 | 411643 |
| Lennar Corp. - Class A  | 1779 | 224225 |
| Taylor Morrison Home Corp. <sup>(b)</sup> | 747 | 49309 |
| Toll Brothers, Inc.  | 912 | 125984 |
| TopBuild Corp. <sup>(b)</sup> | 136 | 53157 |
|  |  | 864318 |
| **Hotels, Resorts & Cruise Lines - 0.7%** |  |  |
| Airbnb, Inc. - Class A <sup>(b)</sup> | 3297 | 400322 |
| Booking Holdings, Inc.  | 282 | 1522594 |
| Carnival Corp. <sup>(b)</sup> | 9223 | 266637 |
| Expedia Group, Inc.  | 636 | 135945 |
| Hilton Worldwide Holdings, Inc.  | 2067 | 536263 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Hotels, Resorts & Cruise Lines - 0.7% (Continued)** | | |
| Marriott International, Inc. - Class A  | 1968 | $512546 |
| Royal Caribbean Cruises Ltd.  | 237 | 76688 |
|  |  | 3450995 |
| **Leisure Products - 0.0%**<sup>(a)</sup> |  |  |
| Brunswick Corp.  | 997 | 63050 |
| **Other Specialty Retail - 0.0%**<sup>(a)</sup> |  |  |
| Tractor Supply Co.  | 3274 | 186192 |
| **Restaurants - 1.2%** |  |  |
| Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 11859 | 464754 |
| DoorDash, Inc. - Class A <sup>(b)</sup> | 3283 | 892943 |
| McDonald's Corp.  | 8865 | 2693985 |
| Starbucks Corp.  | 9869 | 834918 |
| Yum China Holdings, Inc.  | 7735 | 331986 |
| Yum! Brands, Inc.  | 2117 | 321784 |
|  |  | 5540370 |
| **Specialized Consumer Services - 0.0%**<sup>(a)</sup> |  |  |
| H&R Block, Inc.  | 897 | 45361 |
| **Total Consumer Discretionary** |  | 49445562 |
| **<u>Consumer Staples</u> - 4.7%** |  |  |
| **Agricultural Products & Services - 0.1%** |  |  |
| Archer-Daniels-Midland Co.  | 2052 | 122586 |
| Ingredion, Inc.  | 3132 | 382449 |
| Limoneira Co.  | 7411 | 110053 |
|  |  | 615088 |
| **Brewers - 0.0%**<sup>(a)</sup> |  |  |
| Anheuser-Busch InBev SA/NV - ADR  | 1095 | 65273 |
| Molson Coors Beverage Co. - Class B  | 1612 | 72943 |
|  |  | 138216 |
| **Consumer Staples Merchandise Retail - 1.6%** |  |  |
| Costco Wholesale Corp.  | 3799 | 3516468 |
| Target Corp.  | 4129 | 370371 |
| Walmart, Inc.  | 36862 | 3798998 |
|  |  | 7685837 |
| **Distillers & Vintners - 0.0%**<sup>(a)</sup> |  |  |
| Constellation Brands, Inc. - Class A  | 899 | 121068 |
| Diageo PLC - ADR  | 669 | 63843 |
|  |  | 184911 |
| **Food Distributors - 0.1%** |  |  |
| Sysco Corp.  | 4412 | 363284 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Food Retail - 0.2%** |  |  |
| Casey's General Stores, Inc.  | 500 | $282660 |
| Kroger Co.  | 3040 | 204927 |
| Maplebear, Inc. <sup>(b)</sup> | 6979 | 256548 |
|  |  | 744135 |
| **Household Products - 0.8%** |  |  |
| Colgate-Palmolive Co.  | 7361 | 588438 |
| Kimberly-Clark Corp.  | 1466 | 182283 |
| Procter & Gamble Co.  | 20203 | 3104191 |
|  |  | 3874912 |
| **Packaged Foods & Meats - 0.2%** |  |  |
| Conagra Brands, Inc.  | 3541 | 64836 |
| General Mills, Inc.  | 1485 | 74874 |
| Hershey Co.  | 60 | 11223 |
| J M Smucker Co.  | 668 | 72545 |
| Mondelez International, Inc. - Class A  | 11765 | 734959 |
| Tyson Foods, Inc. - Class A  | 1891 | 102681 |
|  |  | 1061118 |
| **Personal Care Products - 0.1%** |  |  |
| Kenvue, Inc.  | 17483 | 283749 |
| Unilever PLC - ADR  | 1450 | 85956 |
|  |  | 369705 |
| **Soft Drinks & Non-alcoholic Beverages - 0.9%** |  |  |
| Coca-Cola Co.  | 29030 | 1925270 |
| Keurig Dr Pepper, Inc.  | 30 | 765 |
| Monster Beverage Corp. <sup>(b)</sup> | 6322 | 425534 |
| PepsiCo, Inc.  | 12471 | 1751427 |
|  |  | 4102996 |
| **Tobacco - 0.7%** |  |  |
| Altria Group, Inc.  | 13752 | 908457 |
| Philip Morris International, Inc.  | 14169 | 2298212 |
|  |  | 3206669 |
| **Total Consumer Staples** |  | 22346871 |
| **<u>Energy</u> - 3.0%** |  |  |
| **Integrated Oil & Gas - 1.5%** |  |  |
| BP PLC - ADR  | 8765 | 302042 |
| Chevron Corp.  | 15745 | 2445041 |
| Exxon Mobil Corp.  | 36938 | 4164759 |
| Occidental Petroleum Corp.  | 6037 | 285248 |
| Shell PLC - ADR  | 622 | 44492 |
| TotalEnergies SE - ADR  | 1537 | 91744 |
|  |  | 7333326 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Oil & Gas Equipment & Services - 0.2%** |  |  |
| Baker Hughes Co.  | 8885 | $432877 |
| Schlumberger NV  | 13444 | 462071 |
|  |  | 894948 |
| **Oil & Gas Exploration & Production - 0.4%** |  |  |
| Canadian Natural Resources Ltd.  | 2314 | 73955 |
| ConocoPhillips  | 11357 | 1074259 |
| Diamondback Energy, Inc.  | 257 | 36777 |
| EOG Resources, Inc.  | 4941 | 553985 |
| EQT Corp.  | 5341 | 290710 |
|  |  | 2029686 |
| **Oil & Gas Refining & Marketing - 0.2%** |  |  |
| Marathon Petroleum Corp.  | 1935 | 372952 |
| Phillips 66  | 1833 | 249325 |
| Valero Energy Corp.  | 2737 | 466001 |
|  |  | 1088278 |
| **Oil & Gas Storage & Transportation - 0.7%** |  |  |
| Cheniere Energy, Inc.  | 1919 | 450927 |
| DT Midstream, Inc.  | 545 | 61618 |
| Enbridge, Inc.  | 1001 | 50510 |
| Kinder Morgan, Inc.  | 49800 | 1409838 |
| ONEOK, Inc.  | 3075 | 224383 |
| Targa Resources Corp.  | 1880 | 314975 |
| Williams Cos., Inc.  | 10924 | 692035 |
|  |  | 3204286 |
| **Total Energy** |  | 14550524 |
| **<u>Financials</u> - 13.2%** |  |  |
| **Asset Management & Custody Banks - 1.2%** |  |  |
| Ameriprise Financial, Inc.  | 850 | 417562 |
| Ares Management Corp. - Class A  | 1813 | 289880 |
| Bank of New York Mellon Corp.  | 6298 | 686230 |
| Blackrock, Inc.  | 1187 | 1383888 |
| Blackstone, Inc.  | 5958 | 1017924 |
| Blue Owl Capital, Inc. - Class A  | 2916 | 49368 |
| Brookfield Corp.  | 1908 | 130851 |
| KKR & Co., Inc.  | 5961 | 774632 |
| Northern Trust Corp.  | 396 | 53302 |
| P10, Inc. - Class A  | 85712 | 932546 |
| State Street Corp.  | 268 | 31091 |
|  |  | 5767274 |
| **Commercial & Residential Mortgage Finance - 0.0%**<sup>(a)</sup> |  |  |
| Federal Agricultural Mortgage Corp. - Class C  | 440 | 73911 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Consumer Finance - 0.7%** |  |  |
| American Express Co.  | 4448 | $1477448 |
| Capital One Financial Corp.  | 5519 | 1173229 |
| EZCORP, Inc. - Class A <sup>(b)</sup> | 34239 | 651911 |
| Synchrony Financial  | 731 | 51937 |
|  |  | 3354525 |
| **Diversified Banks - 3.4%** |  |  |
| Bank of America Corp.  | 59777 | 3083895 |
| Citigroup, Inc.  | 18230 | 1850345 |
| Fifth Third Bancorp  | 190 | 8465 |
| JPMorgan Chase & Co.  | 24385 | 7691761 |
| KeyCorp  | 15197 | 284032 |
| PNC Financial Services Group, Inc.  | 3483 | 699839 |
| US Bancorp  | 4280 | 206852 |
| Wells Fargo & Co.  | 28524 | 2390882 |
|  |  | 16216071 |
| **Diversified Financial Services - 0.1%** |  |  |
| Apollo Global Management, Inc.  | 3521 | 469244 |
| **Financial Exchanges & Data - 1.1%** |  |  |
| Cboe Global Markets, Inc.  | 356 | 87309 |
| CME Group, Inc.  | 3184 | 860285 |
| Coinbase Global, Inc. - Class A <sup>(b)</sup> | 1813 | 611869 |
| FactSet Research Systems, Inc.  | 305 | 87380 |
| Intercontinental Exchange, Inc.  | 5053 | 851329 |
| Moody's Corp.  | 1345 | 640866 |
| MSCI, Inc.  | 667 | 378463 |
| Nasdaq, Inc.  | 4129 | 365210 |
| S&P Global, Inc.  | 2713 | 1320444 |
|  |  | 5203155 |
| **Insurance Brokers - 0.5%** |  |  |
| Aon PLC - Class A  | 1848 | 658960 |
| Arthur J Gallagher & Co.  | 2243 | 694747 |
| Marsh & McLennan Cos., Inc.  | 4357 | 878066 |
| Willis Towers Watson PLC  | 1212 | 418685 |
|  |  | 2650458 |
| **Investment Banking & Brokerage - 1.3%** |  |  |
| Charles Schwab Corp.  | 15090 | 1440642 |
| Goldman Sachs Group, Inc.  | 2557 | 2036267 |
| Interactive Brokers Group, Inc. - Class A  | 91 | 6262 |
| Jefferies Financial Group, Inc.  | 2388 | 156223 |
| LPL Financial Holdings, Inc.  | 121 | 40256 |
| Morgan Stanley  | 10063 | 1599614 |
| Raymond James Financial, Inc.  | 1619 | 279439 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Investment Banking & Brokerage - 1.3% (Continued)** | | |
| Robinhood Markets, Inc. - Class A <sup>(b)</sup> | 6075 | $869819 |
|  |  | 6428522 |
| **Life & Health Insurance - 0.3%** |  |  |
| Aflac, Inc.  | 4010 | 447917 |
| Globe Life, Inc.  | 753 | 107657 |
| Lincoln National Corp.  | 2304 | 92920 |
| MetLife, Inc.  | 5020 | 413497 |
| Prudential Financial, Inc.  | 3132 | 324914 |
|  |  | 1386905 |
| **Multi-Sector Holdings - 1.2%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 11195 | 5628174 |
| **Property & Casualty Insurance - 0.8%** |  |  |
| Allstate Corp.  | 2307 | 495198 |
| American International Group, Inc.  | 5144 | 404010 |
| Arch Capital Group Ltd.  | 656 | 59519 |
| Chubb Ltd.  | 3294 | 929731 |
| Hartford Insurance Group, Inc.  | 1037 | 138325 |
| Progressive Corp.  | 4828 | 1192275 |
| Travelers Cos., Inc.  | 1979 | 552576 |
| W R Berkley Corp.  | 1218 | 93323 |
|  |  | 3864957 |
| **Regional Banks - 0.3%** |  |  |
| Cadence Bank  | 2919 | 109579 |
| East West Bancorp, Inc.  | 439 | 46732 |
| First Horizon Corp.  | 6214 | 140499 |
| Fulton Financial Corp.  | 16619 | 309612 |
| M&T Bank Corp.  | 1437 | 283980 |
| Truist Financial Corp.  | 11438 | 522945 |
|  |  | 1413347 |
| **Transaction & Payment Processing Services - 2.3%** |  |  |
| Block, Inc. <sup>(b)</sup> | 4850 | 350509 |
| Corpay, Inc. <sup>(b)</sup> | 145 | 41769 |
| Fidelity National Information Services, Inc.  | 4611 | 304049 |
| Fiserv, Inc. <sup>(b)</sup> | 4874 | 628405 |
| Mastercard, Inc. - Class A  | 6950 | 3953229 |
| PayPal Holdings, Inc. <sup>(b)</sup> | 8565 | 574369 |
| Visa, Inc. - Class A  | 14623 | 4992000 |
|  |  | 10844330 |
| **Total Financials** |  | 63300873 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **<u>Health Care</u> - 9.1%** | |  |
| **Biotechnology - 1.9%** |  |  |
| AbbVie, Inc.  | 17467 | $4044309 |
| Alnylam Pharmaceuticals, Inc. <sup>(b)</sup> | 1152 | 525312 |
| Amgen, Inc.  | 4433 | 1250993 |
| Biogen, Inc. <sup>(b)</sup> | 350 | 49028 |
| Gilead Sciences, Inc.  | 10272 | 1140192 |
| Regeneron Pharmaceuticals, Inc.  | 2566 | 1442785 |
| Vertex Pharmaceuticals, Inc. <sup>(b)</sup> | 2119 | 829885 |
|  |  | 9282504 |
| **Health Care Distributors - 0.3%** |  |  |
| Cardinal Health, Inc.  | 2157 | 338563 |
| Cencora, Inc.  | 1644 | 513799 |
| Henry Schein, Inc. <sup>(b)</sup> | 897 | 59534 |
| McKesson Corp.  | 1019 | 787218 |
|  |  | 1699114 |
| **Health Care Equipment - 1.8%** |  |  |
| Abbott Laboratories  | 14060 | 1883196 |
| Becton Dickinson & Co.  | 2580 | 482899 |
| Boston Scientific Corp. <sup>(b)</sup> | 12190 | 1190110 |
| Dexcom, Inc. <sup>(b)</sup> | 3504 | 235784 |
| Edwards Lifesciences Corp. <sup>(b)</sup> | 2398 | 186492 |
| Envista Holdings Corp. <sup>(b)</sup> | 2269 | 46219 |
| GE HealthCare Technologies, Inc.  | 1175 | 88242 |
| IDEXX Laboratories, Inc. <sup>(b)</sup> | 922 | 589057 |
| Intuitive Surgical, Inc. <sup>(b)</sup> | 3207 | 1434267 |
| Medtronic PLC  | 10582 | 1007830 |
| ResMed, Inc.  | 1309 | 358313 |
| Stryker Corp.  | 3120 | 1153370 |
| Zimmer Biomet Holdings, Inc.  | 632 | 62252 |
|  |  | 8718031 |
| **Health Care Facilities - 0.1%** |  |  |
| HCA Healthcare, Inc.  | 1180 | 502916 |
| **Health Care Services - 0.4%** |  |  |
| Cigna Group  | 2430 | 700448 |
| CVS Health Corp.  | 11106 | 837281 |
| DaVita, Inc. <sup>(b)</sup> | 400 | 53148 |
| Labcorp Holdings, Inc.  | 378 | 108509 |
|  |  | 1699386 |
| **Health Care Supplies - 0.0%**<sup>(a)</sup> |  |  |
| Haemonetics Corp. <sup>(b)</sup> | 605 | 29488 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Health Care Technology - 0.1%** |  |  |
| Veeva Systems, Inc. - Class A <sup>(b)</sup> | 1266 | $377154 |
| **Life Sciences Tools & Services - 0.7%** |  |  |
| Agilent Technologies, Inc.  | 2556 | 328063 |
| Charles River Laboratories International, Inc. <sup>(b)</sup> | 303 | 47407 |
| Danaher Corp.  | 5360 | 1062674 |
| IQVIA Holdings, Inc. <sup>(b)</sup> | 1535 | 291558 |
| Medpace Holdings, Inc. <sup>(b)</sup> | 131 | 67355 |
| Mettler-Toledo International, Inc. <sup>(b)</sup> | 109 | 133809 |
| Revvity, Inc.  | 505 | 44263 |
| Thermo Fisher Scientific, Inc.  | 3082 | 1494832 |
|  |  | 3469961 |
| **Managed Health Care - 0.8%** |  |  |
| Elevance Health, Inc.  | 2025 | 654318 |
| Humana, Inc.  | 779 | 202672 |
| UnitedHealth Group, Inc.  | 8166 | 2819720 |
|  |  | 3676710 |
| **Pharmaceuticals - 3.0%** |  |  |
| Bristol-Myers Squibb Co.  | 18274 | 824157 |
| Eli Lilly & Co.  | 7260 | 5539380 |
| Johnson & Johnson  | 20624 | 3824102 |
| Merck & Co., Inc.  | 24361 | 2044619 |
| Novartis AG - ADR  | 979 | 125547 |
| Pfizer, Inc.  | 50599 | 1289262 |
| Zoetis, Inc.  | 3658 | 535239 |
|  |  | 14182306 |
| **Total Health Care** |  | 43637570 |
| **<u>Industrials</u> - 8.4%** |  |  |
| **Aerospace & Defense - 2.2%** |  |  |
| Axon Enterprise, Inc. <sup>(b)</sup> | 654 | 469336 |
| Boeing Co. <sup>(b)</sup> | 6220 | 1342463 |
| General Dynamics Corp.  | 2077 | 708257 |
| General Electric Co.  | 8480 | 2550954 |
| Howmet Aerospace, Inc.  | 3596 | 705643 |
| L3Harris Technologies, Inc.  | 1653 | 504843 |
| Lockheed Martin Corp.  | 2074 | 1035361 |
| Northrop Grumman Corp.  | 1272 | 775055 |
| RTX Corp.  | 11021 | 1844144 |
| Textron, Inc.  | 924 | 78069 |
| TransDigm Group, Inc.  | 492 | 648466 |
| Woodward, Inc.  | 200 | 50542 |
|  |  | 10713133 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Agricultural & Farm Machinery - 0.2%** |  |  |
| CNH Industrial NV  | 5335 | $57885 |
| Deere & Co.  | 2225 | 1017403 |
|  |  | 1075288 |
| **Air Freight & Logistics - 0.2%** |  |  |
| FedEx Corp.  | 1142 | 269295 |
| GXO Logistics, Inc. <sup>(b)</sup> | 1127 | 59607 |
| United Parcel Service, Inc. - Class B  | 6493 | 542360 |
|  |  | 871262 |
| **Building Products - 0.4%** |  |  |
| Carrier Global Corp.  | 7110 | 424467 |
| Hayward Holdings, Inc. <sup>(b)</sup> | 23077 | 348924 |
| Johnson Controls International PLC  | 1225 | 134689 |
| Masco Corp.  | 1620 | 114032 |
| Trane Technologies PLC  | 1970 | 831261 |
|  |  | 1853373 |
| **Cargo Ground Transportation - 0.1%** |  |  |
| Old Dominion Freight Line, Inc.  | 1728 | 243268 |
| XPO, Inc. <sup>(b)</sup> | 1964 | 253886 |
|  |  | 497154 |
| **Construction & Engineering - 0.2%** |  |  |
| Matrix Service Co. <sup>(b)</sup> | 15071 | 197129 |
| NWPX Infrastructure, Inc. <sup>(b)</sup> | 4388 | 232257 |
| Quanta Services, Inc.  | 1299 | 538331 |
|  |  | 967717 |
| **Construction Machinery & Heavy Transportation Equipment - 0.7%** |  |  |
| Caterpillar, Inc.  | 4225 | 2015959 |
| Cummins, Inc.  | 1214 | 512757 |
| PACCAR, Inc.  | 4564 | 448733 |
| Westinghouse Air Brake Technologies Corp.  | 1501 | 300905 |
|  |  | 3278354 |
| **Data Processing & Outsourced Services - 0.1%** |  |  |
| Broadridge Financial Solutions, Inc.  | 888 | 211495 |
| **Diversified Support Services - 0.2%** |  |  |
| Cintas Corp.  | 3040 | 623990 |
| Copart, Inc. <sup>(b)</sup> | 7833 | 352250 |
|  |  | 976240 |
| **Electrical Components & Equipment - 0.7%** |  |  |
| AMETEK, Inc.  | 2034 | 382392 |
| Eaton Corp. PLC  | 3228 | 1208079 |
| Emerson Electric Co.  | 4973 | 652358 |
| EnerSys  | 1033 | 116688 |
| Rockwell Automation, Inc.  | 1194 | 417339 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Electrical Components & Equipment - 0.7% (Continued)** | | |
| Vertiv Holdings Co. - Class A  | 3363 | $507342 |
|  |  | 3284198 |
| **Environmental & Facilities Services - 0.2%** |  |  |
| Republic Services, Inc.  | 1194 | 273999 |
| Waste Management, Inc.  | 3555 | 785051 |
|  |  | 1059050 |
| **Heavy Electrical Equipment - 0.2%** |  |  |
| GE Vernova, Inc.  | 1165 | 716359 |
| **Human Resource & Employment Services - 0.6%** |  |  |
| Automatic Data Processing, Inc.  | 3586 | 1052491 |
| Korn Ferry  | 1107 | 77468 |
| Paychex, Inc.  | 2852 | 361519 |
| TriNet Group, Inc.  | 1925 | 128763 |
| Upwork, Inc. <sup>(b)</sup> | 69766 | 1295555 |
|  |  | 2915796 |
| **Industrial Conglomerates - 0.4%** |  |  |
| 3M Co.  | 4761 | 738812 |
| Honeywell International, Inc.  | 5305 | 1116703 |
|  |  | 1855515 |
| **Industrial Machinery & Supplies & Components - 0.5%** |  |  |
| Donaldson Co., Inc.  | 600 | 49110 |
| Dover Corp.  | 352 | 58724 |
| Franklin Electric Co., Inc.  | 1091 | 103863 |
| Illinois Tool Works, Inc.  | 2470 | 644077 |
| Ingersoll Rand, Inc.  | 3563 | 294375 |
| ITT, Inc.  | 785 | 140327 |
| Otis Worldwide Corp.  | 3493 | 319365 |
| Parker-Hannifin Corp.  | 1135 | 860500 |
| Xylem, Inc.  | 507 | 74783 |
|  |  | 2545124 |
| **Marine Transportation - 0.0%**<sup>(a)</sup> |  |  |
| Matson, Inc.  | 507 | 49985 |
| **Office Services & Supplies - 0.1%** |  |  |
| Steelcase, Inc. - Class A  | 32815 | 564418 |
| **Passenger Airlines - 0.0%**<sup>(a)</sup> |  |  |
| Delta Air Lines, Inc.  | 1319 | 74853 |
| **Passenger Ground Transportation - 0.4%** |  |  |
| Uber Technologies, Inc. <sup>(b)</sup> | 21574 | 2113605 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Rail Transportation - 0.5%** |  |  |
| CSX Corp.  | 16580 | $588756 |
| Norfolk Southern Corp.  | 1992 | 598417 |
| Union Pacific Corp.  | 4864 | 1149703 |
|  |  | 2336876 |
| **Research & Consulting Services - 0.1%** |  |  |
| Equifax, Inc.  | 616 | 158022 |
| Verisk Analytics, Inc.  | 772 | 194166 |
|  |  | 352188 |
| **Trading Companies & Distributors - 0.4%** |  |  |
| Fastenal Co.  | 10139 | 497217 |
| Ferguson Enterprises, Inc.  | 1774 | 398405 |
| United Rentals, Inc.  | 575 | 548929 |
| Watsco, Inc.  | 109 | 44069 |
| WW Grainger, Inc.  | 401 | 382137 |
|  |  | 1870757 |
| **Total Industrials** |  | 40182740 |
| **<u>Information Technology</u> - 34.8%**<sup>(c)</sup> |  |  |
| **Application Software - 3.0%** |  |  |
| Adobe, Inc. <sup>(b)</sup> | 3636 | 1282599 |
| AppLovin Corp. - Class A <sup>(b)</sup> | 2160 | 1552046 |
| Atlassian Corp. - Class A <sup>(b)</sup> | 1261 | 201382 |
| Autodesk, Inc. <sup>(b)</sup> | 1817 | 577206 |
| Cadence Design Systems, Inc. <sup>(b)</sup> | 2340 | 821948 |
| Datadog, Inc. - Class A <sup>(b)</sup> | 8040 | 1144896 |
| Fair Isaac Corp. <sup>(b)</sup> | 210 | 314271 |
| Guidewire Software, Inc. <sup>(b)</sup> | 518 | 119068 |
| Intuit, Inc.  | 2405 | 1642399 |
| Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 17546 | 3200741 |
| Roper Technologies, Inc.  | 916 | 456800 |
| Salesforce, Inc.  | 4835 | 1145895 |
| SAP SE - ADR  | 190 | 50770 |
| Strategy, Inc. - Class A <sup>(b)</sup> | 2123 | 684052 |
| Synopsys, Inc. <sup>(b)</sup> | 1574 | 776596 |
| Workday, Inc. - Class A <sup>(b)</sup> | 1826 | 439573 |
|  |  | 14410242 |
| **Communications Equipment - 0.9%** |  |  |
| Arista Networks, Inc. <sup>(b)</sup> | 8415 | 1226150 |
| Cisco Systems, Inc.  | 29943 | 2048700 |
| Gilat Satellite Networks Ltd. <sup>(b)</sup> | 8628 | 112336 |
| Motorola Solutions, Inc.  | 1425 | 651638 |
| Ribbon Communications, Inc. <sup>(b)</sup> | 14502 | 55108 |
|  |  | 4093932 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Electronic Components - 0.4%** |  |  |
| Amphenol Corp. - Class A  | 10649 | $1317814 |
| Corning, Inc.  | 6189 | 507684 |
|  |  | 1825498 |
| **Electronic Equipment & Instruments - 0.0%**<sup>(a)</sup> |  |  |
| Keysight Technologies, Inc. <sup>(b)</sup> | 95 | 16617 |
| **Electronic Manufacturing Services - 0.1%** |  |  |
| TE Connectivity PLC  | 2624 | 576047 |
| **Internet Services & Infrastructure - 0.5%** |  |  |
| Akamai Technologies, Inc. <sup>(b)</sup> | 800 | 60608 |
| Cloudflare, Inc. - Class A <sup>(b)</sup> | 2479 | 531969 |
| MongoDB, Inc. <sup>(b)</sup> | 2972 | 922449 |
| Shopify, Inc. - Class A <sup>(b)</sup> | 1158 | 172091 |
| Snowflake, Inc. - Class A <sup>(b)</sup> | 2511 | 566356 |
|  |  | 2253473 |
| **IT Consulting & Other Services - 0.8%** |  |  |
| Accenture PLC - Class A  | 5351 | 1319557 |
| Cognizant Technology Solutions Corp. - Class A  | 4202 | 281828 |
| Gartner, Inc. <sup>(b)</sup> | 498 | 130909 |
| International Business Machines Corp.  | 7878 | 2222857 |
|  |  | 3955151 |
| **Semiconductor Materials & Equipment - 0.8%** |  |  |
| Applied Materials, Inc.  | 6925 | 1417824 |
| KLA Corp.  | 1096 | 1182146 |
| Lam Research Corp.  | 10528 | 1409699 |
|  |  | 4009669 |
| **Semiconductors - 12.6%** |  |  |
| Advanced Micro Devices, Inc. <sup>(b)</sup> | 14047 | 2272664 |
| Analog Devices, Inc.  | 4227 | 1038574 |
| Broadcom, Inc.  | 38884 | 12828221 |
| First Solar, Inc. <sup>(b)</sup> | 891 | 196492 |
| Intel Corp.  | 33955 | 1139190 |
| Marvell Technology, Inc.  | 7383 | 620689 |
| Microchip Technology, Inc.  | 4482 | 287834 |
| Micron Technology, Inc.  | 9200 | 1539344 |
| Monolithic Power Systems, Inc.  | 397 | 365494 |
| NVIDIA Corp.  | 196488 | 36660731 |
| NXP Semiconductors NV  | 55 | 12525 |
| QUALCOMM, Inc.  | 9004 | 1497905 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 1146 | 320066 |
| Texas Instruments, Inc.  | 7761 | 1425929 |
|  |  | 60205658 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Systems Software - 8.6%** |  |  |
| Check Point Software Technologies Ltd. <sup>(b)</sup> | 300 | $62073 |
| Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | 3255 | 1596187 |
| Fortinet, Inc. <sup>(b)</sup> | 5426 | 456218 |
| Microsoft Corp.  | 62373 | 32306095 |
| Oracle Corp.  | 14194 | 3991921 |
| Palo Alto Networks, Inc. <sup>(b)</sup> | 5605 | 1141290 |
| ServiceNow, Inc. <sup>(b)</sup> | 1710 | 1573679 |
| Zscaler, Inc. <sup>(b)</sup> | 828 | 248118 |
|  |  | 41375581 |
| **Technology Hardware, Storage & Peripherals - 7.1%** |  |  |
| Apple, Inc.  | 125803 | 32033218 |
| Dell Technologies, Inc. - Class C  | 4319 | 612304 |
| HP, Inc.  | 3369 | 91738 |
| Logitech International SA  | 997 | 109351 |
| Seagate Technology Holdings PLC  | 5831 | 1376466 |
|  |  | 34223077 |
| **Total Information Technology** |  | 166944945 |
| **<u>Materials</u> - 2.0%** |  |  |
| **Construction Materials - 0.3%** |  |  |
| CRH PLC  | 6677 | 800572 |
| Martin Marietta Materials, Inc.  | 377 | 237616 |
| Vulcan Materials Co.  | 499 | 153502 |
|  |  | 1191690 |
| **Copper - 0.1%** |  |  |
| Freeport-McMoRan, Inc.  | 14127 | 554061 |
| **Fertilizers & Agricultural Chemicals - 0.1%** |  |  |
| CF Industries Holdings, Inc.  | 1156 | 103693 |
| Corteva, Inc.  | 6725 | 454812 |
| FMC Corp.  | 1217 | 40928 |
|  |  | 599433 |
| **Gold - 0.4%** |  |  |
| Agnico Eagle Mines Ltd.  | 5656 | 953375 |
| Franco-Nevada Corp.  | 997 | 222241 |
| Newmont Corp.  | 10999 | 927326 |
|  |  | 2102942 |
| **Industrial Gases - 0.6%** |  |  |
| Air Products and Chemicals, Inc.  | 2154 | 587439 |
| Linde PLC  | 4669 | 2217775 |
|  |  | 2805214 |
| **Metal, Glass & Plastic Containers - 0.0%**<sup>(a)</sup> |  |  |
| Ball Corp.  | 1118 | 56370 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Paper & Plastic Packaging Products & Materials - 0.0%**<sup>(a)</sup> |  |  |
| Avery Dennison Corp.  | 811 | $131520 |
| International Paper Co.  | 1791 | 83102 |
|  |  | 214622 |
| **Specialty Chemicals - 0.4%** |  |  |
| DuPont de Nemours, Inc.  | 1052 | 81951 |
| Ecolab, Inc.  | 2517 | 689305 |
| PPG Industries, Inc.  | 2241 | 235551 |
| Sherwin-Williams Co.  | 2287 | 791897 |
|  |  | 1798704 |
| **Steel - 0.1%** |  |  |
| Nucor Corp.  | 2400 | 325032 |
| **Total Materials** |  | 9648068 |
| **<u>Real Estate</u> - 0.2%** |  |  |
| **Real Estate Services - 0.2%** |  |  |
| CBRE Group, Inc. - Class A <sup>(b)</sup> | 2894 | 455978 |
| CoStar Group, Inc. <sup>(b)</sup> | 4132 | 348617 |
| Zillow Group, Inc. - Class C <sup>(b)</sup> | 800 | 61640 |
| **Total Real Estate** |  | 866235 |
| **<u>Utilities</u> - 2.1%** |  |  |
| **Electric Utilities - 1.4%** |  |  |
| American Electric Power Co., Inc.  | 6936 | 780300 |
| Constellation Energy Corp.  | 2993 | 984906 |
| Duke Energy Corp.  | 7367 | 911666 |
| Entergy Corp.  | 4236 | 394753 |
| Evergy, Inc.  | 1634 | 124217 |
| Exelon Corp.  | 9592 | 431736 |
| NextEra Energy, Inc.  | 16981 | 1281896 |
| Oklo, Inc. <sup>(b)</sup> | 1536 | 171464 |
| PG&E Corp.  | 20854 | 314478 |
| PPL Corp.  | 6760 | 251202 |
| Southern Co.  | 8826 | 836440 |
| Xcel Energy, Inc.  | 5474 | 441478 |
|  |  | 6924536 |
| **Gas Utilities - 0.0%**<sup>(a)</sup> |  |  |
| Atmos Energy Corp.  | 826 | 141040 |
| ONE Gas, Inc.  | 964 | 78026 |
|  |  | 219066 |
| **Independent Power Producers & Energy Traders - 0.2%** |  |  |
| AES Corp.  | 7536 | 99174 |
| Vistra Corp.  | 3207 | 628315 |
|  |  | 727489 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (CONTINUED)** | **Shares** | **Value**  |
| **Multi-Utilities - 0.5%** |  |  |
| Ameren Corp.  | 2558 | $267004 |
| Consolidated Edison, Inc.  | 3421 | 343879 |
| Dominion Energy, Inc.  | 8092 | 494988 |
| DTE Energy Co.  | 1156 | 163493 |
| Public Service Enterprise Group, Inc.  | 4716 | 393597 |
| Sempra  | 2048 | 184279 |
| WEC Energy Group, Inc.  | 3031 | 347322 |
|  |  | 2194562 |
| **Water Utilities - 0.0%**<sup>(a)</sup> |  |  |
| American Water Works Co., Inc.  | 187 | 26028 |
| **Total Utilities** |  | 10091681 |
| **TOTAL COMMON STOCKS** (Cost $251,732,378) |  | 471272400 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.4%** |  |  |
| **<u>Financials</u> - 0.0%**<sup>(a)</sup> |  |  |
| **Mortgage REITs - 0.0%**<sup>(a)</sup> |  |  |
| Starwood Property Trust, Inc.  | 2439 | 47243 |
| **<u>Real Estate</u> - 1.4%** |  |  |
| **Data Center REITs - 0.3%** |  |  |
| Digital Realty Trust, Inc.  | 3341 | 577592 |
| Equinix, Inc.  | 968 | 758176 |
|  |  | 1335768 |
| **Health Care REITs - 0.3%** |  |  |
| Ventas, Inc.  | 4323 | 302567 |
| Welltower, Inc.  | 6488 | 1155772 |
|  |  | 1458339 |
| **Industrial REITs - 0.0%**<sup>(a)</sup> |  |  |
| Prologis, Inc.  | 294 | 33669 |
| **Multi-Family Residential REITs - 0.1%** |  |  |
| AvalonBay Communities, Inc.  | 1410 | 272370 |
| **Other Specialized REITs - 0.1%** |  |  |
| EPR Properties  | 1147 | 66538 |
| Iron Mountain, Inc.  | 1482 | 151075 |
| VICI Properties, Inc.  | 10627 | 346546 |
|  |  | 564159 |
| **Retail REITs - 0.2%** |  |  |
| Realty Income Corp.  | 8809 | 535499 |
| Simon Property Group, Inc.  | 3096 | 581027 |
|  |  | 1116526 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **September 30, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - 1.4%** | **Shares** | **Value** |
| **Self-Storage REITs - 0.2%** |  |  |
| Extra Space Storage, Inc.  | 2085 | $293860 |
| Public Storage  | 1566 | 452339 |
|  |  | 746199 |
| **Telecom Tower REITs - 0.2%** |  |  |
| American Tower Corp.  | 3803 | 731393 |
| Crown Castle, Inc.  | 4317 | 416547 |
|  |  | 1147940 |
| **Timber REITs - 0.0%**<sup>(a)</sup> |  |  |
| Weyerhaeuser Co.  | 2078 | 51514 |
| **Total Real Estate** |  | 6726484 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $6,253,532) |  | 6773727 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 1567138 | 1567138 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,567,138) |  | 1567138 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $259,553,048**)** |  | $479613265 |
| Other Assets in Excess of Liabilities - 0.0%<sup>(a)</sup>  |  | 113156 |
| **TOTAL NET ASSETS - 100.0%** |  | $479726421 |

---

Percentages are stated as a percent of net assets.

---

| |
|:---|
| ADR - American Depositary Receipt |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(a) Represents less than 0.05% of net assets.

(b) Non-income producing security.

(c) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(b) Not applicable

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment</u>**

**<u>Companies.</u>**

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month<br> Box ETF** | **Alpha Architect Aggregate<br> Bond ETF** | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect High Inflation and <br>Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| **ASSETS:** | | | | | |
| &nbsp;&nbsp;Investments in unaffiliated securities, at value (See Note 2) | $8196742486 | $8442055 | $214166 | $61814882 | $115629568 |
| &nbsp;&nbsp;Investments in affiliated securities, at value <br>(See Note 2 and 6) |  |  | 20342302 |  |  |
| &nbsp;&nbsp;Cash | 1596583 |  |  |  |  |
| &nbsp;&nbsp;Deposit at broker for other investments<sup>(a)</sup> | 219599 | 2013670 |  |  |  |
| &nbsp;&nbsp;Interest receivable | 3548 | 1724 |  |  |  |
| &nbsp;&nbsp;Dividends receivable | 3368 | 2495 | 262 | 4331 | 222314 |
| &nbsp;&nbsp;Receivable for transaction fee | 2631 |  |  |  |  |
| &nbsp;&nbsp;Receivable for investments sold |  |  |  |  | 22308414 |
| &nbsp;&nbsp;Dividend tax reclaims receivable |  |  |  |  | 116679 |
| &nbsp;&nbsp;Security lending income receivable (See Note 4) |  |  | 29 |  |  |
| Total assets | 8198568215 | 10459944 | 20556759 | 61819213 | 138276975 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;Written option contracts, at value (See Note 2) | 117612155 | 8262 |  |  |  |
| &nbsp;&nbsp;Payable to adviser (See Note 3) | 1290745 | 1558 | 759 | 11940 | 36121 |
| &nbsp;&nbsp;Payable for investments purchased |  |  |  |  | 21553067 |
| &nbsp;&nbsp;Payable upon return of securities loaned |  |  | 119250 |  |  |
| &nbsp;&nbsp;Payable to custodian foreign currency, at value |  |  |  |  | 21225 |
| Total liabilities | 118902900 | 9820 | 120009 | 11940 | 21610413 |
| **NET ASSETS** | $8079665315 | $10450124 | $20436750 | $61807273 | $116666562 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;Paid-in capital | $8064209961 | $10464894 | $44004908 | $62148263 | $189576565 |
| &nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 15455354 | (14770) | (23568158) | (340990) | (72910003) |
| Total net assets | $8079665315 | $10450124 | $20436750 | $61807273 | $116666562 |
| Net assets | $8079665315 | $10450124 | $20436750 | $61807273 | $116666562 |
| Shares issued and outstanding<sup>(b)</sup> | 70980000 | 100000 | 710000 | 2670000 | 3175000 |
| Net asset value per share | $113.83 | $104.50 | $28.78 | $23.15 | $36.75 |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month<br> Box ETF** | **Alpha Architect Aggregate<br> Bond ETF** | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect High Inflation and <br>Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| **COST:** | | | | | |
| Investments in unaffiliated securities, at cost | $8177404237 | $8354381 | $214166 | $61107907 | $99349165 |
| Investments in affiliated securities, at cost | $— | $— | $16745551 | $— | $— |
| **PROCEEDS:** |  |  |  |  |  |
| Written options premium received | $117602772 | $8030 | $— | $— | $— |
| Foreign currency proceeds | $— | $— | $— | $— | $21034 |
| **LOANED SECURITIES:** |  |  | 115994 |  |  |
| at value (included in investments) | $— | $— | $115994 | $— | $— |

---

(a) Deposit at broker for transactions occurred after fiscal year end.

(b) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect US Equity ETF** |
| **ASSETS:** | | | | | |
| &nbsp;&nbsp;Investments, at value <br>(See Note 2) | $174636151 | $623641497 | $336774746 | $406995786 | $479613265 |
| &nbsp;&nbsp;Receivable for investments sold | 15286117 | 1565702 | 171408975 | 162689635 |  |
| &nbsp;&nbsp;Dividends receivable | 1155965 | 3107 | 60619 | 362402 | 167709 |
| &nbsp;&nbsp;Dividend tax reclaims receivable | 570253 |  |  |  | 4250 |
| &nbsp;&nbsp;Foreign currency, at value | 14757 |  |  |  |  |
| &nbsp;&nbsp;Receivable for fund shares sold |  |  | 51844480 | 65722016 |  |
| &nbsp;&nbsp;Interest receivable |  | 421 |  |  |  |
| &nbsp;&nbsp;Deposit at broker for other investments |  | 3852 |  |  |  |
| Total assets | 191663243 | 625214579 | 560088820 | 635769839 | 479785224 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;Written option contracts, at value (See Note 2) |  | 100406724 |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | 19046972 | 1471654 | 172781661 | 163069596 |  |
| &nbsp;&nbsp;Payable to adviser (See Note 3) | 55829 | 264337 | 79993 | 95574 | 58803 |
| &nbsp;&nbsp;Payable for capital shares redeemed |  |  | 51548000 | 65385040 |  |
| Total liabilities | 19102801 | 102142715 | 224409654 | 228550210 | 58803 |
| **NET ASSETS** | $172560442 | $523071864 | $335679166 | $407219629 | $479726421 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;Paid-in capital | $274741716 | $587742473 | $489497815 | $577927026 | $259697596 |
| &nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (102181274) | (64670609) | (153818649) | (170707397) | 220028825 |
| Total net assets | $172560442 | $523071864 | $335679166 | $407219629 | $479726421 |
| Net assets | $172560442 | $523071864 | $335679166 | $407219629 | $479726421 |
| Shares issued and outstanding<sup>(a)</sup> | 5700000 | 5843847 | 5210000 | 8720000 | 8887000 |
| Net asset value per share | $30.27 | $89.51 | $64.43 | $46.70 | $53.98 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at cost | $157875221 | $626683321 | $309325004 | $380115012 | $259553048 |
| &nbsp;&nbsp;Foreign currency, at cost | $14684 | $— | $— | $— | $— |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;Written options premium received | $— | $101387459 | $— | $— | $— |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS**

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month <br>Box ETF** | **Alpha Architect Aggregate** <br>**Bond ETF**<sup>(a)</sup> | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect High Inflation and <br>Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;Dividend income from unaffiliated securities | $57920 | $14031 | $2864 | $862383 | $2404854 |
| &nbsp;&nbsp;Less: Dividend withholding taxes, net |  |  |  |  | (479926) |
| &nbsp;&nbsp;Dividend income from affiliated securities |  |  | 502221 |  |  |
| &nbsp;&nbsp;Interest income | 16609 | 3341 | 16688 | 708604 | 130 |
| &nbsp;&nbsp;Securities lending income <br>(See Note 5) |  |  | 22721 | 1570 | 808 |
| Total investment income | 74529 | 17372 | 544494 | 1572557 | 1925866 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fee, net<br>(See Note 3) | 14897487 | 11007 | 39152 | 123683 | 359858 |
| &nbsp;&nbsp;Interest expense | 10303 | 1665 | 837 |  |  |
| Total expenses | 14907790 | 12672 | 39989 | 123683 | 359858 |
| &nbsp;&nbsp;Expense reimbursement by Adviser (See Note 3) | (3606436) |  | (6188) | (21220) |  |
| Net expenses | 11301354 | 12672 | 33801 | 102463 | 359858 |
| **NET INVESTMENT INCOME/(LOSS)** | (11226825) | 4700 | 510693 | 1470094 | 1566008 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: | 227191271 | 192795 | 1002316 | (230879 | 16839530 |
| &nbsp;&nbsp;Investments in unaffiliated securities | 63332751 | 124947 |  | (657822) | 5944476 |
| &nbsp;&nbsp;Investments in affiliated securities |  |  | (7995) |  |  |
| &nbsp;&nbsp;In-kind redemptions in unaffiliated securities | 235095790 | 299783 |  | 499778 | 11157013 |
| &nbsp;&nbsp;In-kind redemptions - affiliated issues |  |  | 1483796 |  |  |
| &nbsp;&nbsp;Written option contracts expired or closed | (71237270) | (231955) |  |  |  |
| &nbsp;&nbsp;Securities sold short |  | 19 | (473484) |  |  |
| &nbsp;&nbsp;Foreign currency translation |  |  |  |  | (261959) |
| Net realized gain (loss) | 227191271 | 192794 | 1002317 | (158044) | 16839530 |
| (a) Inception date of the Fund was December 17, 2024. | (a) Inception date of the Fund was December 17, 2024. | (a) Inception date of the Fund was December 17, 2024. |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS (CONTINUED)**

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month <br>Box ETF** | **Alpha Architect Aggregate** <br>**Bond ETF**<sup>(a)</sup> | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect High Inflation and <br>Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | $(4216982) | $87674 | $— | $(376977) | $10293971 |
| &nbsp;&nbsp;Investments in affiliated securities |  |  | 363722 |  |  |
| &nbsp;&nbsp;Written option contracts | 40592781 | (232) |  |  |  |
| &nbsp;&nbsp;Foreign currency translation |  |  |  |  | (9473) |
| Net change in unrealized appreciation (depreciation) | 36375799 | 87442 | 363722 | (376977) | 10284498 |
| Net realized and unrealized gain (loss) | 263567070 | 280236 | 1366039 | (535021) | 27124028 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $252340245 | $284936 | $1876732 | $935073 | $28690036 |

---

(a) Inception date of the Fund was December 17, 2024.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS (CONTINUED)**

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect US Equity ETF**<sup>(a)</sup> |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;Dividend income | $5886853 | $41593 | $2884881 | $6917532 | $1013168 |
| &nbsp;&nbsp;Less: Dividend withholding taxes, net | (460456) |  |  |  | (1369) |
| &nbsp;&nbsp;Less: Issuance fees |  |  |  | (477) | (52) |
| &nbsp;&nbsp;Interest income |  | 4445 |  |  |  |
| &nbsp;&nbsp;Securities lending income (See Note 4) | 553 |  | 156 | 288 |  |
| Total investment income | 5426950 | 46038 | 2885037 | 6917343 | 1011747 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fee, net<br>(See Note 3) | 566818 | 2254302 | 899430 | 1090768 | 135052 |
| &nbsp;&nbsp;Interest expense |  | 4662 |  |  |  |
| Total expenses | 566818 | 2258964 | 899430 | 1090768 | 135052 |
| &nbsp;&nbsp;Expense reimbursement by Adviser (See Note 3) |  | (10065) |  |  |  |
| Net expenses | 566818 | 2248899 | 899430 | 1090768 | 135052 |
| **NET INVESTMENT INCOME/(LOSS)** | 4860132 | (2202861) | 1985607 | 5826575 | 876695 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | (8602227) | (57040304) | (56837997) | (52721724) | (964999) |
| &nbsp;&nbsp;Investments in affiliated securities |  | 14 |  |  |  |
| &nbsp;&nbsp;In-kind redemptions in unaffiliated securities | 16137093 | 14055974 | 63596817 | 59230714 | 142767963 |
| &nbsp;&nbsp;In-kind redemptions - affiliated issues |  | 1150809 |  |  |  |
| &nbsp;&nbsp;Written option contracts expired or closed |  | 57951505 |  |  |  |
| &nbsp;&nbsp;Affiliated securities sold short |  | 6 |  |  |  |
| &nbsp;&nbsp;Foreign currency translation | (280361) |  |  |  |  |
| Net realized gain (loss) | 7254505 | 16118004 | 6758820 | 6508990 | 141802964 |
| (a) Inception date of the Fund was July 22, 2025. | (a) Inception date of the Fund was July 22, 2025. | (a) Inception date of the Fund was July 22, 2025. | (a) Inception date of the Fund was July 22, 2025. | (a) Inception date of the Fund was July 22, 2025. | (a) Inception date of the Fund was July 22, 2025. |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS (CONTINUED)**

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect US Equity ETF**<sup>(a)</sup> |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | $15955790 | $(696557) | $(6483242) | $(1738118) | $220060217 |
| &nbsp;&nbsp;Investments in affiliated securities |  | (943741) |  |  |  |
| &nbsp;&nbsp;Written option contracts |  | (725486) |  |  |  |
| &nbsp;&nbsp;Foreign currency translation | 44896 |  |  |  |  |
| Net change in unrealized appreciation (depreciation) | 16000686 | (2365784) | (6483242) | (1738118) | 220060217 |
| Net realized and unrealized gain (loss) | 23255191 | 13752220 | 275578 | 4770872 | 361863181 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28115323 | $11549359 | $2261185 | $10597447 | $362739876 |

---

(a) Inception date of the Fund was July 22, 2025.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate Bond ETF** |
| | **Year ended September 30, 2025** | **Period ended September 30, 2024**<sup>(a)</sup> | **Period ended October 30, 2023**<sup>(b)</sup> | **Period ended September 30, 2025**<sup>(c)</sup> |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $(11226825) | $(3942585) | $(347053) | $4700 |
| &nbsp;&nbsp;Net realized gain (loss) | 227191271 | 132948958 | 4910985 | 192794 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 36375799 | (21953490) | 4906557 | 87442 |
| Net increase (decrease) in net assets from operations | 252340245 | 107052883 | 9470489 | 284936 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;From earnings |  | (10281074) |  |  |
| Total distributions to shareholders |  | (10281074) |  |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 4444626012 | 3626281994 | 564203019 | 17305048 |
| &nbsp;&nbsp;Shares redeemed | (586355636) | (298731150) | (29241791) | (7143446) |
| &nbsp;&nbsp;ETF transaction fees (Note 1) | 101229 | 161462 | 37633 | 3586 |
| Net increase (decrease) in net assets from capital transactions | 3858371605 | 3327712306 | 534998861 | 10165188 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4110711850 | 3424484115 | 544469350 | 10450124 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 3968953465 | 544469350 |  |  |
| End of the period | $8079665315 | $3968953465 | $544469350 | $10450124 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 39770000 | 33990000 | 5520000 | 170000 |
| &nbsp;&nbsp;Shares redeemed | (5230000) | (2780000) | (290000) | (70000) |
| Total increase (decrease) in shares outstanding | 34540000 | 31210000 | 5230000 | 100000 |

---

(a) For the period November 1, 2023, to September 30, 2024.

(b) Inception date of the Fund was December 27, 2022.

(c) Inception date of the Fund was December 17, 2024.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect Global Factor Equity ETF** | **Alpha Architect High Inflation and Deflation ETF** | **Alpha Architect High Inflation and Deflation ETF** |
| | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2025** | **Year ended September 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $510693 | $616888 | $1470094 | $848947 |
| &nbsp;&nbsp;Net realized gain (loss) | 1002317 | 2223575 | (158044) | (968955) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 363722 | 2946404 | (376977) | 1110402 |
| Net increase (decrease) in net assets from operations | 1876732 | 5786867 | 935073 | 990394 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;From earnings | (535815) | (1247610) | (955189) | (665962) |
| Total distributions to shareholders | (535815) | (1247610) | (955189) | (665962) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 2992298 | 2824066 | 43421677 | 17879432 |
| &nbsp;&nbsp;Shares redeemed | (5684451) | (20648759) | (11867097) | (4485245) |
| &nbsp;&nbsp;ETF transaction fees (Note 1) | 261 |  | 1986 | 1905 |
| Net increase (decrease) in net assets from capital transactions | (2691892) | (17824693) | 31556566 | 13396092 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (1350975) | (13285436) | 31536450 | 13720524 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 21787725 | 35073161 | 30270823 | 16550299 |
| End of the year | $20436750 | $21787725 | $61807273 | $30270823 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 110000 | 130000 | 1910000 | 770000 |
| &nbsp;&nbsp;Shares redeemed | (220000) | (870000) | (520000) | (190000) |
| Total increase (decrease) in shares outstanding | (110000) | (740000) | 1390000 | 580000 |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** |
| | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2025** | **Year ended September 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $1566008 | $1625637 | $4860132 | $4974075 |
| &nbsp;&nbsp;Net realized gain (loss) | 16839530 | 4845741 | 7254505 | 16741365 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 10284498 | 7815055 | 16000686 | (3378686) |
| Net increase (decrease) in net assets from operations | 28690036 | 14286433 | 28115323 | 18336754 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;From earnings | (3480319) | (2136152) | (4488971) | (5691752) |
| Total distributions to shareholders | (3480319) | (2136152) | (4488971) | (5691752) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 56212517 | 134028213 | 115199295 | 177186999 |
| &nbsp;&nbsp;Shares redeemed | (47408037) | (137550133) | (117024205) | (190750707) |
| &nbsp;&nbsp;ETF transaction fees (Note 1) | 44 |  |  |  |
| Net increase (decrease) in net assets from capital transactions | 8804524 | (3521920) | (1824910) | (13563708) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 34014241 | 8628361 | 21801442 | (918706) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 82652321 | 74023960 | 150759000 | 151677706 |
| End of the year | $116666562 | $82652321 | $172560442 | $150759000 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 1900000 | 4850000 | 4175000 | 7000000 |
| &nbsp;&nbsp;Shares redeemed | (1600000) | (5000000) | (4325000) | (7575000) |
| Total increase (decrease) in shares outstanding | 300000 | (150000) | (150000) | (575000) |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** |
| | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2025** | **Year ended September 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $(2202861) | $(912440) | $1985607 | $862655 |
| &nbsp;&nbsp;Net realized gain (loss) | 16118004 | (2895070) | 6758820 | 39100637 |
| &nbsp;&nbsp;Capital Gain Distribution from Investment Companies |  | 90426 |  |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2365784) | 15170358 | (6483242) | 34363108 |
| Net increase (decrease) in net assets from operations | 11549359 | 11453274 | 2261185 | 74326400 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;From earnings |  |  | (4126144) | (1434103) |
| Total distributions to shareholders |  |  | (4126144) | (1434103) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 319878873 | 167856362 | 394845276 | 404714536 |
| &nbsp;&nbsp;Shares redeemed | (56960376) | (95408522) | (309864872) | (370364114) |
| &nbsp;&nbsp;ETF transaction fees (Note 1) | 79176 | 33670 | 3 |  |
| Net increase (decrease) in net assets from capital transactions | 262997673 | 72481510 | 84980407 | 34350422 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 274547032 | 83934784 | 83115448 | 107242719 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 248524832 | 164590048 | 252563718 | 145320999 |
| End of the year | $523071864 | $248524832 | $335679166 | $252563718 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 3620000 | 1970000 | 6040000 | 7540000 |
| &nbsp;&nbsp;Shares redeemed | (650000) | (1120000) | (4770000) | (6970000) |
| Total increase (decrease) in shares outstanding | 2970000 | 850000 | 1270000 | 570000 |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect US Equity ETF** |
| | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Period ended September 30, 2025**<sup>(a)</sup> |
| **OPERATIONS:** | | | |
| &nbsp;&nbsp;Net investment income (loss) | $5826575 | $6111996 | $876695 |
| &nbsp;&nbsp;Net realized gain (loss) | 6508990 | 55313182 | 141802964 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1738118) | 10986491 | 220060217 |
| Net increase (decrease) in net assets from operations | 10597447 | 72411669 | 362739876 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;From earnings | (5717016) | (5758591) |  |
| Total distributions to shareholders | (5717016) | (5758591) |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;Shares sold | 325442456 | 466179689 | 316627114 |
| &nbsp;&nbsp;Shares redeemed | (299324736) | (434464143) | (199640569) |
| Net increase (decrease) in net assets from capital transactions | 26117720 | 31715546 | 116986545 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 30998151 | 98368624 | 479726421 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period | 376221478 | 277852854 |  |
| End of the period | $407219629 | $376221478 | $479726421 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;Shares sold | 7100000 | 11170000 | 12777000 |
| &nbsp;&nbsp;Shares redeemed | (6540000) | (10490000) | (3890000) |
| Total increase (decrease) in shares outstanding | 560000 | 680000 | 8887000 |

---

(a) Inception date of the Fund was July 22, 2025.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)**<sup>(a)(b)</sup> | **Net realized and unrealized gain (loss) on investments**<sup>(c)</sup> | **Total from investment operations** | **Net investment income** | **Net realized gains** | **Return of capital** | **Total distributions** | **ETF transaction fees per share** | **Net asset value, end of period** | **Total return**<sup>(d)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment**<sup>(e)(f)</sup> | **Ratio of expenses to average net assets after expense reimbursement / recoupment**<sup>(e)(f)</sup> | **Ratio of dividends, interest and borrowing expenses on securities sold short to average net assets**<sup>(e)(f)</sup> | **Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short**<sup>(e)(f)</sup> | **Ratio of net investment income (loss) to average net assets**<sup>(e)(f)</sup> | **Portfolio turnover rate**<sup>(d)(g)</sup> |
| **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** |
| 9/30/2025 | $108.92 | (0.22) | 5.13 | 4.91 | – | – | – | – | 0.00<sup>(h)</sup> | $113.83 | 4.51% | $8079665 | 0.2573% | 0.1951% | 0.0002% | 0.1949% | (0.1938)% | 0% |
| 9/30/2024<sup>(s)</sup> | $104.11 | (0.19) | 5.28 | 5.09 | – | (0.29) | – | (0.29) | 0.01 | $108.92 | 4.89% | $3968953 | 0.3949% | 0.1949% | –% | 0.1949% | (0.1918)% | 0% |
| 10/31/2023<sup>(j)</sup> | $100.00 | (0.16) | 4.25 | 4.09 | – | – | – | – | 0.02 | $104.11 | 4.11% | $544469 | 0.3949% | 0.1949% | –% | 0.1949% | (0.1865)% | 0% |
| **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** |
| 9/30/2025<sup>(k)</sup> | $100.00 | 0.07 | 4.38 | 4.45 | – | – | – | – | 0.05 | $104.50 | 4.50% | $10450 | 0.2244% | 0.2244% | 0.0295% | 0.1949% | 0.0832% | 0% |
| **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(p)</sup> |
| 9/30/2025 | $26.57 | 0.67 | 2.19 | 2.86 | (0.65) | – | – | (0.65) | 0.00<sup>(h)</sup> | $28.78 | 11.08% | $20437 | 0.20% | 0.17% | 0.00%<sup>(i)</sup> | 0.17% | 2.56% | 32% |
| 9/30/2024 | $22.48 | 0.52 | 4.53 | 5.05 | (0.96) | – | – | (0.96) | – | $26.57 | 23.05% | $21788 | 0.45% | 0.32% | –% | 0.32% | 2.16% | 33% |
| 9/30/2023 | $24.92 | 1.29 | (3.18) | (1.89) | (0.55) | – | – | (0.55) | – | $22.48 | -7.75% | $35073 | 1.14% | 0.95% | –% | 0.95% | 5.44% | 49% |
| 9/30/2022 | $26.69 | (0.06) | (1.51) | (1.57) | (0.20) | – | – | (0.20) | – | $24.92 | -5.95% | $41366 | 2.31% | 2.12% | –% | 2.12% | (0.24)% | 39% |
| 9/30/2021 | $23.91 | 0.15 | 2.65 | 2.80 | (0.02) | – | – | (0.02) | – | $26.69 | 11.73% | $45639 | 0.49% | 0.28% | –% | 0.28% | 0.57% | 3% |
| **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(p)</sup> |
| 9/30/2025 | $23.65 | 0.79 | (0.65) | 0.14 | (0.64) | – | – | (0.64) | 0.00<sup>(h)</sup> | $23.15 | 0.69% | $61807 | 0.29% | 0.24% | –% | 0.24% | 3.45% | 171% |
| 9/30/2024 | $23.64 | 0.91 | –<sup>(h)</sup> | 0.91 | (0.90) | – | – | (0.90) | 0.00<sup>(h)</sup> | $23.65 | 3.91% | $30271 | 0.29% | 0.24% | –% | 0.24% | 3.93% | 267% |
| 9/30/2023<sup>(l)</sup> | $24.95 | 1.35 | (1.20) | 0.15 | (1.46) | – | – | (1.46) | – | $23.64 | 0.69% | $16550 | 0.29% | 0.27% | –% | 0.27% | 6.54% | 402% |
| **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| 9/30/2025 | $28.75 | 0.51 | 8.69 | 9.20 | (1.20) | – | – | (1.20) | 0.00<sup>(h)</sup> | $36.75 | 33.59% | $116667 | 0.39% | 0.39% | –% | 0.39% | 1.70% | 411% |
| 9/30/2024 | $24.47 | 0.56 | 4.50 | 5.06 | (0.78) | – | – | (0.78) | – | $28.75 | 21.01% | $82652 | 0.42% | 0.42% | –% | 0.42% | 2.06% | 219% |
| 9/30/2023 | $22.87 | 0.95 | 2.16 | 3.11 | (1.51) | – | – | (1.51) | – | $24.47 | 13.50% | $74024 | 0.52% | 0.52% | –% | 0.52% | 3.72% | 140% |
| 9/30/2022 | $34.24 | 1.41 | (12.42) | (11.01) | (0.36) | – | – | (0.36) | – | $22.87 | -32.52% | $55451 | 0.59% | 0.59% | –% | 0.59% | 4.86% | 187% |
| 9/30/2021 | $28.63 | 0.28 | 5.40 | 5.68 | (0.07) | – | – | (0.07) | – | $34.24 | 19.83% | $71907 | 0.60% | 0.60% | –% | 0.60% | 0.84% | 99% |
| **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** |
| 9/30/2025 | $25.77 | 0.88 | 4.43 | 5.31 | (0.81) | – | – | (0.81) | – | $30.27 | 21.11% | $172560 | 0.39% | 0.39% | –% | 0.39% | 3.34% | 267% |
| 9/30/2024 | $23.61 | 0.83 | 2.28 | 3.11 | (0.95) | – | – | (0.95) | – | $25.77 | 13.38% | $150759 | 0.42% | 0.42% | –% | 0.42% | 3.32% | 155% |
| 9/30/2023 | $20.28 | 1.25 | 4.79 | 6.04 | (2.71) | – | – | (2.71) | – | $23.61 | 30.86% | $151678 | 0.52% | 0.52% | –% | 0.52% | 5.36% | 74% |
| 9/30/2022 | $27.13 | 1.54 | (7.72) | (6.18) | (0.67) | – | – | (0.67) | – | $20.28 | -23.33% | $105472 | 0.59% | 0.59% | –% | 0.59% | 6.14% | 124% |
| 9/30/2021 | $24.69 | 0.78 | 2.19 | 2.97 | (0.53) | – | – | (0.53) | – | $27.13 | 12.00% | $133633 | 0.60% | 0.60% | –% | 0.60% | 2.78% | 103% |

---

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)**<sup>(a)(b)</sup> | **Net realized and unrealized gain (loss) on investments**<sup>(c)</sup> | **Total from investment operations** | **Net investment income** | **Net realized gains** | **Return of capital** | **Total distributions** | **ETF transaction fees per share** | **Net asset value, end of period** | **Total return**<sup>(d)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment**<sup>(e)(f)</sup> | **Ratio of expenses to average net assets after expense reimbursement / recoupment**<sup>(e)(f)</sup> | **Ratio of dividends, interest and borrowing expenses on securities sold short to average net assets**<sup>(e)(f)</sup> | **Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short**<sup>(e)(f)</sup> | **Ratio of net investment income (loss) to average net assets**<sup>(e)(f)</sup> | **Portfolio turnover rate**<sup>(d)(g)</sup> |
| **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> | **Alpha Architect Tail Risk ETF**<sup>(p)(q)</sup> |
| 9/30/2025 | $86.48 | (0.54) | 3.55 | 3.01 | – | – | – | – | 0.02 | $89.51 | 3.50% | $523072 | 0.63%<sup>(r)</sup> | 0.63%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.63% | (0.62)% | 90% |
| 9/30/2024 | $81.33 | (0.41) | 5.55 | 5.14 | – | – | – | – | 0.01 | $86.48 | 6.36% | $248525 | 0.63%<sup>(r)</sup> | 0.53%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.53% | (0.48)% | 14% |
| 9/30/2023<sup>(n)(o)</sup> | $75.76 | (0.14) | 5.71 | 5.57 | – | – | – | – | – | $81.33 | 7.32% | $164590 | 0.63%<sup>(r)</sup> | 0.51%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.51% | (0.46)% | 0% |
| 2/28/2023<sup>(o)</sup> | $83.12 | (0.48) | (6.88) | (7.36) | – | – | – | – | – | $75.76 | -8.85% | $124313 | 0.64%<sup>(r)</sup> | 0.64%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.64% | (0.61)% | 0% |
| 2/28/2022<sup>(o)</sup> | $90.40 | (0.56) | (0.64) | (1.20) | – | – | (6.08) | (6.08) | – | $83.12 | -1.47% | $188926 | 0.63%<sup>(r)</sup> | 0.63%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.63% | (0.63)% | 0% |
| 2/28/2021<sup>(o)</sup> | $76.32 | (0.56) | 19.52 | 18.96 | (0.08) | – | (4.80) | (4.88) | – | $90.40 | 24.94% | $166869 | 0.65%<sup>(r)</sup> | 0.65%<sup>(r)</sup> | 0.00%<sup>(i)</sup> | 0.65% | (0.59)% | 0% |
| **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** |
| 9/30/2025 | $64.10 | 0.41 | 0.82 | 1.23 | (0.90) | – | – | (0.90) | 0.00<sup>(h)</sup> | $64.43 | 1.90% | $335679 | 0.29% | 0.29% | –% | 0.29% | 0.64% | 399% |
| 9/30/2024 | $43.12 | 0.24 | 21.18 | 21.42 | (0.44) | – | – | (0.44) | – | $64.10 | 49.97% | $252564 | 0.32% | 0.32% | –% | 0.32% | 0.44% | 363% |
| 9/30/2023 | $44.12 | 0.64 | (0.91) | (0.27) | (0.73) | – | – | (0.73) | – | $43.12 | -0.71% | $145321 | 0.42% | 0.42% | –% | 0.42% | 1.39% | 193% |
| 9/30/2022 | $49.20 | 0.82 | (5.84) | (5.02) | (0.06) | – | – | (0.06) | – | $44.12 | -10.20% | $91339 | 0.49% | 0.49% | –% | 0.49% | 1.72% | 125% |
| 9/30/2021 | $41.89 | (0.07) | 7.38 | 7.31 | – | – | – | – | – | $49.20 | 17.45% | $85114 | 0.49% | 0.49% | –% | 0.49% | (0.13)% | 120% |
| **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** |
| 9/30/2025 | $46.11 | 0.69 | 0.57 | 1.26 | (0.67) | – | – | (0.67) | – | $46.70 | 2.83% | $407220 | 0.29% | 0.29% | –% | 0.29% | 1.55% | 332% |
| 9/30/2024 | $37.15 | 0.79 | 8.92 | 9.71 | (0.75) | – | – | (0.75) | – | $46.11 | 26.33% | $376221 | 0.32% | 0.32% | –% | 0.32% | 1.90% | 223% |
| 9/30/2023 | $29.18 | 0.78 | 8.00 | 8.78 | (0.81) | – | – | (0.81) | – | $37.15 | 30.39% | $277853 | 0.42% | 0.42% | –% | 0.42% | 2.27% | 101% |
| 9/30/2022 | $34.15 | 0.60 | (4.94) | (4.34) | (0.63) | – | – | (0.63) | – | $29.18 | -12.99% | $187902 | 0.49% | 0.49% | –% | 0.49% | 1.73% | 89% |
| 9/30/2021 | $24.44 | 0.42 | 9.74 | 10.16 | (0.45) | – | – | (0.45) | – | $34.15 | 41.82% | $213768 | 0.49% | 0.49% | –% | 0.49% | 1.33% | 44% |
| **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** |
| 9/30/2025<sup>(m)</sup> | $50.00 | 0.10 | 3.88 | 3.98 | – | – | – | – | – | $53.98 | 7.96% | $479726 | 0.15% | 0.15% | –% | 0.15% | 0.97% | 33% |

---

(a) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The net income per share does not include net investment income of the exchange traded funds in which the Fund invests.

(b) Net investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) These ratios exclude the impact of expenses of the underlying exchange traded funds in which the fund invests. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate excludes in-kind transactions.

(h) Amount represents less than $0.005 per share.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

(i) Amount represents less than 0.005%.

(j) Inception date of the Fund was December 27, 2022.

(k) Inception date of the Fund was December 17, 2024.

(l) Inception date of the Fund was November 16, 2022.

(m) Inception date of the Fund was July 22, 2025.

(n) Alpha Architect Tail Risk ETF (the "Fund") acquired all of the assets and liabilities of the Arin Large Cap Theta Fund ("Predecessor Fund") in a reorganization on March 6, 2023. Prior to the Fund's listing on March 6, 2023, the NAV performance of the Institutional Class Shares of the Predecessor Fund are used as proxy market price returns.

(o) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(p) Net and gross expenses do not include expenses of the investment companies in which the Fund invests.

(q) Effective March 22, 2023, the Alpha Architect Tail Risk ETF had a 1:8 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:8 stock split.

(r) Includes less than 0.01% of average net assets in interest expense.

(s) For the period November 1, 2023 to September 30, 2024.

The accompanying notes are an integral part of these financial statements.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS September 30, 2025**

**NOTE 1 – ORGANIZATION**

Alpha Architect 1-3 Month Box ETF ("BOXX"), Alpha Architect Aggregate Bond ETF ("BOXA"), Alpha Architect Global Factor Equity ETF ("AAVM"), Alpha Architect High Inflation and Deflation ETF ("HIDE"), Alpha Architect International Quantitative Momentum ETF ("IMOM"), Alpha Architect International Quantitative Value ETF ("IVAL"), Alpha Architect Tail Risk ETF ("CAOS"), Alpha Architect U.S. Quantitative Momentum ETF ("QMOM"), Alpha Architect U.S. Quantitative Value ETF ("QVAL") and Alpha Architect US Equity ETF ("AAUS") (individually, a "Fund" or collectively the "Funds") each are a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies. See the Funds' Prospectus and Statement of Additional Information regarding the risks of investing in shares of each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ticker** | **Commencement <br>of Operations** | **Creation Unit Size** | **Listing Exchange** | **Diversification Classification** |
| BOXX | December 27, 2022 | 10000 | Cboe BZX Exchange, Inc. | Diversified |
| BOXA | December 17, 2024 | 10000 | Cboe BZX Exchange, Inc. | Non-diversified |
| AAVM | May 1, 2017 | 10000 | The Nasdaq Stock Market® | Diversified |
| HIDE | November 16, 2022 | 10000 | The Nasdaq Stock Market® | Non-diversified |
| IMOM | December 22, 2015 | 25000 | The Nasdaq Stock Market® | Diversified |
| IVAL | December 16, 2014 | 25000 | The Nasdaq Stock Market® | Diversified |
| CAOS | August 14, 2013 | 10000 | Cboe BZX Exchange, Inc. | Diversified |
| QMOM | December 1, 2015 | 10000 | The Nasdaq Stock Market® | Diversified |
| QVAL | October 21, 2014 | 10000 | The Nasdaq Stock Market® | Diversified |
| AAUS | July 22, 2025 | 10000 | The Nasdaq Stock Market® | Non-diversified |

---

The investment objective for each Fund is to:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| BOXX | seek to provide investment results that, before fees and expenses, equals or exceeds the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market. |
| BOXA | seek to provide investment results that, before fees and expenses, exceed the total return performance of an investment that tracks the U.S. Aggregate Bond Market. |
| AAVM | seek long-term capital appreciation. |
| HIDE | seek long-term total return. |
| IMOM | seek long-term capital appreciation. |
| IVAL | seek long-term capital appreciation. |
| CAOS | seek maximum total return through a combination of capital appreciation and current income. |
| QMOM | seek long-term capital appreciation. |
| QVAL | seek long-term capital appreciation. |
| AAUS | seek long-term capital appreciation. |

---

As part of the AAUS's commencement of operations on July 22, 2025, the Fund received an in-kind contribution from accounts managed by various investment advisers, which consisted of $445,846,700 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of July 22, 2025, was $118,473,625, resulting in net unrealized

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

appreciation on investments of $327,373,075 as of that date. As a result of the in-kind contribution, the Fund issued 8,917,000 shares at a $50.00 per share net asset value.

CAOS converted from an open-end mutual fund to an exchange-traded fund ("ETF") on March 6, 2023. CAOS is the successor to the Arin Large Cap Theta Fund (the "Predecessor Fund"), a series of the Starboard Investment Trust, which had the same investment objective as the Fund. Arin Risk Advisors, LLC, was the adviser to the Predecessor Fund. Effective March 6, 2023, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Fund. For financial reporting purposes, assets received and shares issued by CAOS were recorded at fair value; however, for tax purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Arin Risk Advisors, LLC.

The fiscal year end of the Predecessor Fund was February 28th; after conversion, the Fund changed its fiscal year end to September 30th. Operations prior to March 6, 2023 were for the Predecessor Fund. As of March 6, 2023, the net assets of the Predecessor Fund were $126,488,085, including $2,569,806 of net unrealized appreciation of investments, all of which were transferred into the Fund at the closing of the reorganization. The transfer of net assets resulted in the creation of 13,152,191 shares of the Fund and an initial NAV per share of $9.62 at the closing of the reorganization.

The primary purpose of the reorganization into the Trust was to provide shareholders the continued benefit of a stable and highly regulated investment vehicle in addition to the benefits of tax efficiency.

The reorganization was accomplished by a tax-free exchange of shares. Fees and expenses incurred to affect the reorganizations were borne by the Sub-Advisor. The reorganization did not result in a material change to the Predecessor Fund's investment portfolios as compared to that of the Fund. There are no material differences in accounting policies of the Predecessor Fund as compared to that of the Fund.

The Fund did not purchase or sell securities following the reorganization for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Predecessor Fund did not affect the Fund's portfolio turnover ratio for the year ended September 30, 2023.

On March 22, 2023, shares of the CAOS were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock split is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Effective<br>Date** | **Rate** | **Net Asset Value<br>Before Split** | **Net Asset Value<br>After Split** | **Shares Outstanding<br>Before Split** | **Shares Outstanding<br>After Split** |
| 3/22/2023 | 1:8 | $9.56 | $76.51 | 13150783 | 1643847 |

---

Market prices for the shares may be different from their net asset value ("NAV"). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. A Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by a Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.

The end of the reporting period for each Fund is September 30, 2025, and the period covered by these Notes to Financial Statements is from October 1, 2024 to September 30, 2025 (the "current fiscal period") for all Funds except BOXA and AAUS. The current fiscal period for BOXA is December 17, 2024 to September 30, 2025 and AAUS is July 22, 2025 to September 30, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.*Security Valuation.* Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities ("ABS"), collateralized loan obligations ("CLO"), collateralized mortgage obligations ("CMO"), corporate obligations, whole loans, and mortgage-backed securities ("MBS") are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price.

Subject to its oversight, the Trust's Board of Trustees (the "Board") has delegated primary responsibility for determining or causing to be determined the value of the Fund's investments to Empowered Funds, LLC dba EA Advisers (the "Adviser"), pursuant to the Trust's valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the "valuation designee" of each Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust's fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust's valuation policies during these periodic reports. The use of fair value pricing by each Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

such considerations. As of the current fiscal period end, each Fund did not hold any securities that required fair valuation due to unobservable inputs.

As described above, the Funds may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the fair value classification of the Funds' investments as of the current fiscal period end:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **INVESTMENTS MEASURED AT NET ASSET VALUE** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>BOXX</u>** | | | | | |
| **<u>Assets</u>** | | | | | |
| <u>Investments:</u> |  |  |  |  |  |
| Purchased Options | $— | $— | $8196742486 | $— | $8196742486 |
| **Total Investments** | $**—** | $**—** | $**8196742486** | $**—** | $**8196742486** |
| **<u>Liabilities:</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $— | $(117612155) | $— | $(117612155) |
| **Total Investments** | $**—** | $**—** | $**(117612155)** | $**—** | $**(117612155)** |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **INVESTMENTS MEASURED AT NET ASSET VALUE** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>BOXA</u>** | | | | | |
| **<u>Assets:</u>** | | | | | |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $7697101 | $— | $7697101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 744954 |  |  | 744954 |
| **Total Investments** | $**—** | $**744954** | $**7697101** | $**—** | $**8442055** |
| **<u>Liabilities:</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $— | $(8262) | $— | $(8262) |
| **Total Investments** | $**—** | $**—** | $**(8262)** | $**—** | $**(8262)** |
| **<u>AAVM</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $— | $20342302 | $— | $— | $20342302 |
| &nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | 119250 |  |  |  | 119250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 94916 |  |  | 94916 |
| **Total Investments** | $**119250** | $**20437218** | $**—** | $**—** | $**20556468** |
| **<u>HIDE</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $— | $30878954 | $— | $— | $30878954 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  | 30616590 |  | 30616590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 319338 |  |  | 319338 |
| **Total Investments** | $**—** | $**31198292** | $**30616590** | $**—** | $**61814882** |
| **<u>IMOM</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $115310759 | $— | $— | $115310759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 318809 |  |  | 318809 |
| **Total Investments** | $**—** | $**115629568** | $**—** | $**—** | $**115629568** |
| **<u>IVAL</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $166881420 | $— | $— | $166881420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  | 3439557 |  |  | 3439557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 4315174 |  |  | 4315174 |
| **Total Investments** | $**—** | $**174636151** | $**—** | $**—** | $**174636151** |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **INVESTMENTS MEASURED AT NET ASSET VALUE** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>CAOS</u>** | | | | | |
| **<u>Assets:</u>** | | | | | |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $623277986 | $— | $623277986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 363511 |  |  | 363511 |
| **Total Investments** | $**—** | $**363511** | $**623277986** | $**—** | $**623641497** |
| **<u>Liabilities:</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $— | $(100406724) | $— | $(100406724) |
| **Total Investments** | $**—** | $**—** | $**(100406724)** | $**—** | $**(100406724)** |
| **<u>QMOM</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $335621349 | $— | $— | $335621349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 1153397 |  |  | 1153397 |
| **Total Investments** | $**—** | $**336774746** | $**—** | $**—** | $**336774746** |
| **<u>QVAL</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $405924655 | $— | $— | $405924655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 1071131 |  |  | 1071131 |
| **Total Investments** | $**—** | $**406995786** | $**—** | $**—** | $**406995786** |
| **<u>AAUS</u>** |  |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $471272400 | $— | $— | $471272400 |
| &nbsp;&nbsp;Real Estate Investment Trusts |  | 6773727 |  |  | 6773727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 1567138 |  |  | 1567138 |
| **Total Investments** | $**—** | $**479613265** | $**—** | $**—** | $**479613265** |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $119,250 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

During the current fiscal period, the Funds did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.*Options Contracts.* In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price"). BOXX, BOXA, and CAOS's portfolios include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.

Each FLEX Option contract entitles the holder thereof (i.e., the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. Each Fund intends to be structured so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options will be fully covered, and no additional collateral will be necessary during the life of a Fund. Each Fund receives premiums in exchange for its written FLEX Options and pays premiums in exchange for its purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

When a Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the applicable Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the applicable Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the applicable Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the applicable Fund. A Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, "Corporate Actions") specified in the OCC's by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC's by-laws, the nature and extent of any such adjustment is to be determined by the OCC's Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.

The value of derivative instruments on the Statements of Assets and Liabilities for the CAOS, BOXX, and BOXA as of the current fiscal period are as follows:

---

| | | |
|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Asset Derivatives** | **Liability Derivatives** |
| | **Purchased Options, at Value** | **Written Options, at Value** |
| BOXX | $8196742486 | $117612155 |
| BOXA | $7697101 | $8262 |
| CAOS | $623277986 | $100406724 |

---

The effects of derivative instruments on the Statement of Operations for the current fiscal period are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<sup>(1)</sup> | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<sup>(1)</sup> | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<sup>(1)</sup> | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<sup>(1)</sup> |
| | **Purchased Options** | **Purchased Options in-kind** | **Written Options** | **Written Options in-kind** |
| BOXX | $298039344 | $302800086 | $(71237270) | $(67704296) |
| BOXA | $401465 | $398405 | $(231955) | $(98621) |
| CAOS | $(43120115) | $14241602 | $57951505 | $(185628) |
| <sup>(1)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations. |

---

---

| | | |
|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** <sup>(1)</sup> | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** <sup>(1)</sup> |
| | **Purchased Options** | **Written Options** |
| BOXX | $(4216982) | $40592781 |
| BOXA | $87674 | $(232) |
| CAOS | $(696557) | $(725486) |
| <sup>(1)</sup> Unrealized gain (loss) on purchased options is included within the change in net unrealized gain (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Unrealized gain (loss) on purchased options is included within the change in net unrealized gain (loss) on investments balance on the Statements of Operations. | <sup>(1)</sup> Unrealized gain (loss) on purchased options is included within the change in net unrealized gain (loss) on investments balance on the Statements of Operations. |

---

The average volume of derivative activity for the current fiscal period is as follows:

---

| | | |
|:---|:---|:---|
| | **Purchased Options** | **Written Options** |
| | **Average Monthly Market Value** | **Average Monthly Market Value** |
| BOXX | $1336452202 | $1062456565 |
| BOXA | $8354258 | $2171169 |
| CAOS | $8654835822 | $366477909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.Hedging.* Prior to January 31, 2025, to seek to avoid down trending markets, AAVM could have hedged up to 100% of the value of its long portfolio. The Fund engaged in hedging of its U.S. portfolio by shorting a representative broad-based U.S. securities index ETF or similar futures contracts. Likewise, the Fund engaged in hedging of its international portfolio by shorting a representative broad-based international securities index ETF or similar futures

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

contracts. When the Fund engaged in a short sale, the Fund borrowed the security sold short and deliver the security to the counterparty. Short selling allowed the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund paid a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrued on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, was recognized upon the termination of the short sale; which was affected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss was offset, completely or in part, by the change in the value of the long portion of the Fund's portfolio. The Fund was subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there was the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. Securities that were hard to borrow may earn a rebate that was less than the foregoing or may be subject to a premium charge on a security by security basis. The different rebate rate was determined at the time of a short sale request. For the current fiscal period, the Fund did not incur any dividend interest income or dividend interest expense, as shown on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.*Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates are included on the "Statement of Operations" under "Net realized gain (loss) – Foreign currency."

Each Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.*Federal Income Taxes.* The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

Distributions received from a Fund's investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by each Fund's shareholders may represent a return of capital.

Distributions to shareholders from net investment income for IVAL and QVAL are declared and paid on a quarterly basis. Distributions to shareholders from net investment income for BOXX, BOXA, AAVM, HIDE, IMOM, CAOS, QMOM, and AAUS are declared and paid on an annual basis. Distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis for each Fund. Distributions are recorded on the ex-dividend date. Each Fund may distribute more frequently, if necessary, for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.*Use of Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.*Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for regular trading. The offering and redemption price per share for each Fund is equal to the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.*Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust's organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.*Segment Reporting:* The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the current fiscal period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Treasurer (principal financial officer) acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.*Reclassification of Capital Accounts.* GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. In addition, the Funds realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings to paid-in capital. For the current fiscal period, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings** | **Paid-in Capital** |
| BOXX | $(234603739) | $234603739 |
| BOXA | (299706) | 299706 |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings** | **Paid-in Capital** |
| AAVM | (1481462) | 1481462 |
| HIDE | $(513770) | $513770 |
| IMOM | (10645935) | 10645935 |
| IVAL | (14418877) | 14418877 |
| CAOS | (12283608) | 12283608 |
| QMOM | (61023114) | 61023114 |
| QVAL | (56842828) | 56842828 |
| AAUS | (142711051) | 142711051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.*New Accounting Pronouncement:* In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements. BOXA and AAUS have adopted the amendment for the current fiscal period, but related income taxes paid were deemed immaterial.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Funds. Pursuant to investment advisory agreements (the "Advisory Agreements") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreements, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses ("AFFE"), taxes, interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. The table below represents the annual rate based on average daily net assets that each Fund pays the Adviser monthly:

---

| | |
|:---|:---|
| BOXX | 0.2449% |
| BOXA | 0.1949% |
| AAVM | 0.05% |
| HIDE | 0.29% |
| IMOM | 0.39% |
| IVAL | 0.39% |
| CAOS | 0.63% |
| QMOM | 0.29% |
| QVAL | 0.29% |
| AAUS | 0.15% |

---

Effective November 12, 2024, the Adviser reduced its management fee for BOXX from an annual rate based on average daily net assets from 0.3949% to 0.2449%.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

The Adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of BOXX so that the total annual operating expenses of the Fund (excluding payments under the Fund's Rule 12b-1 distribution and service plan (if any), AFFE, brokerage expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses) do not exceed 0.1949% of the Fund's average daily net assets. This agreement will remain in place until at least January 31, 2026. The agreement may be terminated only by the Board of Trustees.

The Adviser has contractually agreed to waive all or a portion of its management fee in BOXA to the extent necessary to offset AFFE related to holding BOXX, which are the indirect expenses of investing in other investment companies. This waiver agreement will continue in effect for the life the Fund or until terminated sooner only by agreement of the investment adviser and the Fund's Board of Trustees.

Effective January 31, 2025, AAVM's management fee applies on the daily average net assets of the Fund that are not invested in Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, or Alpha Architect International Quantitative Momentum ETF, subject to a minimum management fee of 0.05%. Prior to January 31, 2025, the Adviser had contractually agreed to waive all or a portion of its management fee for AAVM until at least January 31, 2025 to the extent necessary to prevent (i) management fees paid to the investment adviser for the Fund plus (ii) the aggregate amount of management fees paid to the Adviser for management of the Alpha Architect ETFs that are directly attributable to the Fund's ownership of shares of the Alpha Architect ETFs, from exceeding 0.69% of the Fund's daily net assets. This waiver agreement could only be terminated by agreement of the investment adviser and the Fund's Board of Trustees. The fee waived was not subject to recoupment.

The Adviser has contractually agreed to waive receipt of its management fees in HIDE to the extent necessary to offset AFFE. This agreement is in effect until January 31, 2026, and it may be terminated before that date only by a majority vote of the "non-interested" trustees. Prior to January 31, 2025, the Adviser had contractually agreed to waive receipt of its management fees and/or assume expenses of HIDE to the extent necessary to offset AFFE so that the total annual operating expenses of the Fund (excluding payments under the Fund's Rule 12b-1 distribution and service plan (if any), brokerage expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses) do not exceed 0.29% of the Fund's average daily net assets. This agreement was in effect until November 15, 2025, and could have been terminated before that date only by a majority vote of the "non-interested" trustees. The fee waived was not subject to recoupment.

The Adviser has contractually agreed to waive receipt of its management fees in CAOS to the extent necessary to offset any AFFE relating to the Fund's investment in BOXX. Any AFFE associated with CAOS' investments in any other acquired funds are not included in the fee waiver. In its sole discretion, the Fund's Board of Trustees may terminate this agreement prior to its expiration.

Alpha Architect, LLC ("Alpha Architect") serves as a discretionary investment sub-adviser to AAVM, HIDE, IMOM, IVAL, QMOM, QVAL and AAUS. Pursuant to an investment sub-advisory agreement among the Trust, the Adviser, and Alpha Architect, Alpha Architect is responsible for determining the investments for the Fund, subject to the overall supervision and oversight of the Adviser and the Board.

Alpha Architect serves as a non-discretionary investment sub-adviser to BOXA, BOXX, and CAOS. Pursuant to an investment sub-advisory agreement among the Trust, the Adviser, and Alpha Architect, Alpha Architect provides investment guidance and strategic investment advice to Arin Risk Advisors, LLC ("Arin") with respect to Arin's investment models, subject to the overall supervision and oversight of the Adviser and the Board.

Arin Risk Advisors, LLC serves as a discretionary investment sub-adviser to BOXA, BOXX and CAOS. Pursuant to an investment sub-advisory agreement among the Trust, the Adviser, and Arin, Arin has discretion to purchase and sell securities in accordance with the Funds' objectives, policies, and restrictions. Arin continuously reviews, supervises, and administers the Funds' investment program subject to oversight by the Adviser.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds' Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of the Administrator, serves as the Funds' Custodian.

The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Funds.

**NOTE 4 – SECURITIES LENDING**

Certain Funds may lend up to 33<sup>1/3</sup>% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

During the current fiscal period, certain Funds had loaned securities and received cash collateral for the loans. The cash collateral was invested by the Securities Lending Agent in accordance with the Trust-approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent.

As of the end of the current fiscal period, the values of the securities on loan and payable for collateral due to broker for the applicable funds were as follows:

---

| | | |
|:---|:---|:---|
| | **Value of Securities on Loan** | **Payable for Collateral Received\*** |
| AAVM | $115994 | $119250 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedule of Investments. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.

The interest income earned by the Funds on the investment of cash collateral received from borrowers for the securities loaned to them ("Securities Lending Income") is reflected in the Funds' Statements of Operations. Net securities lending income earned on collateral investments and recognized by the applicable funds during the current fiscal period was as follows:

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

---

| | |
|:---|:---|
| AAVM | $22721 |
| HIDE | 1570 |
| IMOM | 808 |
| IVAL | 553 |
| QMOM | 156 |
| QVAL | 288 |

---

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES**

For the current fiscal period, purchases and sales of securities for the applicable Funds, excluding short-term securities and in-kind transactions for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| BOXX | $21030842 | $20050863 |
| BOXA | 11979 | 2011976 |
| AAVM | 6794983 | 6273032 |
| HIDE | 45892756 | 55182908 |
| IMOM | 391563036 | 381845324 |
| IVAL | 392415511 | 385569280 |
| CAOS | 6031315 | 18837602 |
| QMOM | 1230535604 | 1228505085 |
| QVAL | 1250366589 | 1248102487 |
| AAUS | 174483143 | 154456531 |

---

For the current fiscal period, in-kind transactions, including options on BOXA, BOXX and CAOS, associated with creations and redemptions for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| BOXX | $— | $63399912868 |
| BOXA | 9749 | 43801782 |
| AAVM | 1947593 | 5664673 |
| HIDE | 29270235 | 11462990 |
| IMOM | 43377133 | 47006451 |
| IVAL | 107061148 | 116433315 |
| CAOS |  | 2567353342 |
| QMOM | 389630549 | 307766717 |
| QVAL | 322452934 | 298639001 |
| AAUS | 177752695 | 200017737 |

---

There were no purchases or sales of U.S. Government securities during the current fiscal period for any of the respective Funds.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

**NOTE 6 – TRANSACTIONS WITH AFFILIATES**

AAVM's (the "Fund") transactions with affiliates represent holdings for which the Fund and the underlying Alpha Architect ETFs have the same investment adviser. The Fund had the following transactions with such affiliated Alpha Architect ETFs during the current fiscal period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **IMOM** | **IVAL** | **QMOM** | **QVAL** | **Total** |
| Value, Beginning of Period | $4239334 | $3186677 | $7761341 | $6510556 | $21697908 |
| Purchases | 2841052 | 3192808 | 1559816 | 1148899 | 8742575 |
| Proceeds from Sales | (2207427) | (1657649) | (4665990) | (3406638) | (11937704) |
| Net Realized Gains (Losses) | 252172 | (27067) | 984799 | 265897 | 1475801 |
| Change in Unrealized Appreciation (Depreciation) | 1152607 | 778768 | (1071615) | (496038) | 363722 |
| Value, End of Period | $6277738 | $5473537 | $4568351 | $4022676 | $20342302 |
| Dividend Income | $193873 | $132738 | $101065 | $74545 | $502221 |
|  | **IMOM** | **IVAL** | **QMOM** | **QVAL** |  |
| Shares, Beginning of Period | 147148 | 123574 | 120912 | 141116 |  |
| Number of Shares Purchased | 97806 | 120738 | 24558 | 25659 |  |
| Number of Shares Sold | (73638) | (62878) | (74578) | (80544) |  |
| Shares, End of Period | 171316 | 181434 | 70892 | 86231 |  |

---

CAOS' (the "Fund") transactions with affiliates represent holdings for which the Fund and the underlying Alpha Architect ETFs have the same investment adviser. The Fund had the following transactions with such affiliated Alpha Architect ETFs during the current fiscal period:

---

| | |
|:---|:---|
| | **BOXX** |
| Value, Beginning of Period | $28918192 |
| Purchases | 9467 |
| Securities Sold Short | (11368) |
| Proceeds from Sales | (29134741) |
| Purchases to Cover Securities Sold Short | 11362 |
| Net Realized Gains (Losses) | 1150829 |
| Change in Unrealized Appreciation (Depreciation) | (943741) |
| Value, End of Period | $— |
| Dividend Income | $— |
| Shares, Beginning of Period | 265475 |
| Number of Shares Purchased | 85 |
| Number of Shares Sold Short | (102) |
| Number of Shares Sold | (265560) |
| Number of Shares Purchased to Cover Securities Sold Short | 102 |
| Shares, End of Period |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

**NOTE 7 – TAX INFORMATION**

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the current fiscal period end, for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BOXX** | **BOXA** | **AAVM** | **HIDE** | **IMOM** |
| Tax cost of Investments | $8059802047 | $8346351 | $17181301 | $61143316 | $99421032 |
| Gross tax unrealized appreciation | 19368871 | 90432 | 3612362 | 707931 | 17001429 |
| Gross tax unrealized depreciation | (40587) | (2758) | (237195) | (36365) | (788125) |
| Net tax unrealized appreciation (depreciation) | $19328284 | $87442 | $3375167 | $671566 | $16213304 |
| Undistributed ordinary income |  | 4700 | 187453 | 1135729 | 1961567 |
| Undistributed long-term gain |  |  |  |  |  |
| Total distributable earnings | $— | 4700 | 187453 | 1135729 | 1961567 |
| Other accumulated gain (loss) | (3872930) | (106912) | (27130778) | (2148285) | (91084874) |
| Total accumulated gain (loss) | $15455354 | $(14770) | $(23568158) | $(340990) | $(72910003) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IVAL** | **CAOS** | **QMOM** | **QVAL** | **AAUS** |
| Tax cost of Investments | $158807019 | $522045967 | $310681379 | $383597692 | $260722701 |
| Gross tax unrealized appreciation | 19689026 | 1319720 | 31595059 | 32750251 | 223619775 |
| Gross tax unrealized depreciation | (3813531) | (130913) | (5501692) | (9352157) | (4729211) |
| Net tax unrealized appreciation (depreciation) | $15875495 | $1188807 | $26093367 | $23398094 | $218890564 |
| Undistributed ordinary income | 744303 |  | 1649802 | 462964 | 1138261 |
| Undistributed long-term gain |  |  |  |  |  |
| Total distributable earnings | 744303 |  | 1649802 | 462964 | 1138261 |
| Other accumulated gain (loss) | (118801072) | (65859416) | (181561818) | (194568455) |  |
| Total accumulated gain (loss) | $(102181274) | $(64670609) | $(153818649) | $(170707397) | $220028825 |

---

Under tax law, certain capital and foreign currency losses realized after October 31st and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year.

For the current fiscal period end, BOXX had the following post-October late year losses and post-October capital losses:

---

| | | |
|:---|:---|:---|
| | **Post-October Late Year Loss** | **Post-October Capital Loss** |
| BOXX | $3872930 | $— |

---

For the current fiscal period end, each Fund had the following capital loss carryforwards that do not expire:

---

| | | |
|:---|:---|:---|
| | **Unlimited Short-Term** | **Unlimited Long-Term** |
| BOXX | $— | $— |
| BOXA | (155539) |  |
| AAVM | (22949819) | (4180959) |
| HIDE | (2148285) |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) September 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Unlimited Short-Term** | **Unlimited Long-Term** |
| IMOM | $(91084874) | $— |
| IVAL | (91027928) | (27773144) |
| CAOS | (58332300) | (7527116) |
| QMOM | (181561818) |  |
| QVAL | (167237246) | (27331209) |
| AAUS |  |  |

---

**NOTE 8 – DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid by each Fund during the current fiscal period, fiscal period ended September 30, 2024 and fiscal period ended October 31, 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Current Fiscal Period** | **Fiscal Period Ended September 30, 2024** | **Fiscal Period Ended September 30, 2024** | **Fiscal Period Ended September 30, 2024** | **Fiscal Period Ended September 30, 2024** | **Fiscal Period Ended October 31, 2023** |
| | **Ordinary Income** | **Ordinary Income** | | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Ordinary Income** |
| BOXX | $| 4343602 | <sup>(a)</sup> | $| 5937472 | $|
| BOXA<sup>(b)</sup> |  | N/A |  | N/A | N/A | N/A |
| AAVM | 535815 | 1247610 |  |  |  | N/A |
| HIDE | 955189 | 665962 |  |  |  | N/A |
| IMOM | 3480319 | 2136152 |  |  |  | N/A |
| IVAL | 4488971 | 5691752 |  |  |  | N/A |
| CAOS |  |  |  |  |  | N/A |
| QMOM | 4126144 | 1434103 |  |  |  | N/A |
| QVAL | 5717016 | 5758591 |  |  |  | N/A |
| AAUS<sup>(c)</sup> |  | N/A |  | N/A | N/A | N/A |
| <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). | <sup>(a)</sup> 100% of BOXX's taxable ordinary income distributions are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C). |
| <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. | <sup>(b)</sup> Inception date of the Fund was December 17, 2025. |
| <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. | <sup>(c)</sup> Inception date of the Fund was July 22, 2025. |

---

**NOTE 9 – SUBSEQUENT EVENTS**

In preparing these financial statements, management of the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred during the period subsequent to the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

------

![Tait.jpg](ck0001592900-20250930_g12.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of

Alpha Architect ETFs and

**The Board of Trustees of**

**EA Series Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Alpha Architect 1-3 Month Box ETF, Alpha Architect Aggregate Bond ETF, Alpha Architect Global Factor Equity ETF (formerly, Alpha Architect Value Momentum Trend ETF), Alpha Architect High Inflation and Deflation ETF, Alpha Architect International Quantitative Momentum ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect Tail Risk ETF, Alpha Architect U.S. Quantitative Momentum ETF, Alpha Architect U.S. Quantitative Value ETF and Alpha Architect US Equity ETF (the "Funds"), each a series of EA Series Trust (the "Trust"), including the schedules of investments, as of September 30, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting EA Series Trust** | **Statement Of Operations** | **Statements Of Changes In Net Assets** | **Financial Highlights** |
| Alpha Architect Global Factor Equity ETF, Alpha Architect International Quantitative Momentum ETF, Alpha Architect International. Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, and Alpha Architect U.S. Quantitative Value ETF | For the year ended September 30, 2025 | For each of the two years ended September 30, 2025 | For each of the three years ended September 30, 2025 |
| Alpha Architect 1-3 Month Box ETF | For the year ended September 30, 2025 | For year ended September 30, 2025, for the period November 1, 2023 to September 30, 2024 and for the period December 27, 2022 (commencement of operations) to October 31, 2023 | For year ended September 30, 2025, for the period November 1, 2023 to September 30, 2024 and for the period December 27, 2022 (commencement of operations) to October 31, 2023 |
| Alpha Architect Aggregate Bond ETF | For the period December 17, 2024 (commencement of operations) to September 30, 2025 | For the period December 17, 2024 (commencement of operations) to September 30, 2025 | For the period December 17, 2024 (commencement of operations) to September 30, 2025 |
| Alpha Architect High Inflation and Deflation ETF | For the year ended September 30, 2025 | For each of the two years ended September 30, 2025 | For each of the two years ended September 30, 2025 and for the period November 16, 2022 (commencement of operations) to September 30, 2023 |

---

------

![Tait.jpg](ck0001592900-20250930_g12.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)**

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting EA Series Trust** | **Statement Of Operations** | **Statements Of Changes In Net Assets** | **Financial Highlights** |
| Alpha Architect Tail Risk ETF | For the year ended September 30, 2025 | For each of the two years ended September 30, 2025 | For each of the two years ended September 30, 2025 and for the period March 1, 2023 to September 30, 2023 |
| Alpha Architect US Equity ETF | For the period July 22, 2025 (commencement of operations) to September 30, 2025 | For the period July 22, 2025 (commencement of operations) to September 30, 2025 | For the period July 22, 2025 (commencement of operations) to September 30, 2025 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1999.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![Sign.jpg](ck0001592900-20250930_g13.jpg)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**November 26, 2025**

------

**ALPHA ARCHITECT ETFs**

**FEDERAL TAX INFORMATION (UNAUDITED)**

For the current fiscal period end, certain dividends paid by each Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for each Fund was:

---

| | |
|:---|:---|
| BOXX | 0.00% |
| BOXA | 0.00% |
| AAVM | 73.46% |
| HIDE | 0.00% |
| IMOM | 45.92% |
| IVAL | 100.00% |
| CAOS | 0.00% |
| QMOM | 33.01% |
| QVAL | 100.00% |
| AAUS | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the current fiscal period end for each Fund was:

---

| | |
|:---|:---|
| BOXX | 0.00% |
| BOXA | 0.00% |
| AAVM | 14.16% |
| HIDE | 0.00% |
| IMOM | 0.00% |
| IVAL | 0.00% |
| CAOS | 0.00% |
| QMOM | 32.17% |
| QVAL | 99.60% |
| AAUS | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871 (k)(2)(C) for each Fund was:

---

| | |
|:---|:---|
| BOXX | 0.00% |
| BOXA | 0.00% |
| AAVM | 0.00% |
| HIDE | 0.00% |
| IMOM | 0.00% |
| IVAL | 0.00% |
| CAOS | 0.00% |
| QMOM | 0.00% |
| QVAL | 0.00% |
| AAUS | 0.00% |

---

------

**ALPHA ARCHITECT ETFs**

**FOREIGN TAX CREDIT PASS THROUGH (UNAUDITED)**

Pursuant to Section 853 of the Internal Revenue code, the applicable Funds designate the following amounts as foreign taxes paid for the current fiscal period end. Foreign taxes paid for financial statement purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
| | **Creditable Foreign Tax Credit Paid** | **Per Share Amount** | **Portion of Ordinary Income Distribution Derived From Foreign Sourced Income** |
| IMOM | $501305 | $0.157891 | 99.75% |
| IVAL | 561465 | 0.098503 | 99.79% |
| AAVM | 39956 | 0.056276 | 65.03% |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund.

------

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment</u>**

**<u>Companies.</u>**

There were no matters concerning changes in and disagreements with Accountants on accounting and financial disclosures required by Item 304 of Regulation S-K.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

There were no matters submitted during the period covered by the report to a vote of shareholders.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management</u>**

**<u>Investment Companies</u>**

Not applicable. The Independent Trustees are paid by the Adviser out. See Note 3 to the Financial Statements under Item 7.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.</u>**

**<u>Alpha Archi</u><u>tect US Equity ETF</u>**

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on September 5-6, 2024 to consider the approval of the Advisory Agreement between the Trust, on behalf of the Alpha Architect US Equity ETF (the "Fund"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"), as well as to consider the approval of the Sub-Advisory Agreement between the Adviser and Alpha Architect, LLC ("AA" or, the "Sub-Adviser"), for an initial two-year term.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser and AA relevant to the Board's consideration of whether to approve the Advisory Agreement and Sub-Advisory Agreement. In connection with considering the approval of the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve the Advisory Agreement and Sub-Advisory Agreement, the Board considered and reviewed information provided by the Adviser and AA, including among other things information about their respective personnel, operations, financial condition, and compliance and risk management. The Board also reviewed the proposed Advisory Agreement and Sub-Advisory Agreement. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:

<u>Nature, Quality, and Extent of Services</u>. The Board was presented with and considered information concerning the nature, quality, and extent of the overall services expected to be provided by the Adviser to the Fund. In this connection, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and the Fund, and arranging service providers for the Fund. In addition, the Board considered that the Adviser is responsible for providing investment advisory oversight services to the Fund, monitoring compliance with the Fund's objectives, policies and restrictions, and carrying out directives of the Board. The Board also considered the services expected to be provided by the Adviser in the oversight of the Trust's administrator, transfer agent and custodian. In addition, the Board evaluated the integrity of each of the Adviser's and Sub-Adviser's personnel, the experience of the portfolio managers in managing assets and the adequacy of each of the Adviser's and Sub-Adviser's resources to perform the services provided under the Advisory Agreement and Sub-Advisory Agreement. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Adviser.

<u>Performance.</u> Performance information was not available for the Fund as it had not yet commenced investment operations.

<u>Comparative Fees and Expenses</u>. In considering the advisory fee and sub-advisory fee, the Board reviewed and considered the fees in light of the nature, quality and extent of the services expected to be provided by the Adviser and the Sub-Adviser, respectively. With respect to the advisory fees and expense ratio for the Fund, the Board also considered the fees and expense ratio versus the fees and expenses charged to other comparable ETFs. The Board also considered the allocation of fees between the Adviser and the Sub-Adviser.

------

The Board compared the Fund's gross total expense ratio, net total expense ratio, and management fee to those of its respective peers, as shown in the third-party report. The Fund's gross total expense ratio (0.15%) was lower than the peer group average (0.21%); the Fund's net total expense ratio (0.15%) was lower than the peer group average (0.21%); and the Fund's management fee (0.15%) was lower than the peer group average (0.18%).

The Board considered that the Fund's fee arrangement in which the Adviser is responsible for paying most of the Fund's operating expenses out of its resources, noting that comparisons with the Fund's overall expense ratio may be more relevant than comparisons to management fees only. In addition, the Board noted the Adviser's contractual commitment to waive all or portion of its management fee to the extent necessary to offset acquired fund fees and expenses incurred by the Fund. They stated that such a comparison demonstrates the Fund's overall cost structure is within the range of expense ratios of its respective peers.

The Board considered, among other information, the data provided in a third-party report comparing the Fund's proposed fees to those of other ETFs that the third-party deemed to be comparable to the Fund. Fee information was provided in quartiles, ranging from quartile one (the least expensive) to quartile four (the most expensive). This data included a comparison of the Fund's anticipated expense ratio against its respective peers. The Fund's total expense ratio (for both gross and net) and management fee were in the following quartiles:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Total Expense Ratio** | **Net Expense Ratio** | **Management Fee Only** |
| **AAUS** | Quartile 1 | Quartile 2 | Quartile 2 |

---

With respect to the sub-advisory fee, the Board noted that it was payable solely out of the unitary management fee payable to the Adviser. The Board considered the representations from the Adviser and the Sub-Adviser that none of the firms manage any other accounts that follow a similar strategy as the Fund. The Board was agreeable to the fee levels.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to the Fund. The Board reviewed estimated profit and loss information provided by each of the Adviser and the Sub-Adviser with respect to the Fund and estimated data regarding the proposed advisory and sub-advisory fees. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies. The Board also considered other expenses of the Fund that the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by the Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser, as well as the Sub-Adviser, who serves as the sponsor of the Fund. The Board also considered the Fund's projected asset totals over the first year of operations, noting that based on the projected asset totals the Adviser and the Sub-Adviser will not be profitable as it relates to their respective advisory fee arrangements. The Board discussed the financial condition of the Sub-Adviser, noting that it has sufficient capital to maintain its commitment to the Fund.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from the Fund's operations. For example, the Adviser may engage in soft dollar transactions in the future, although it did not currently plan to do so. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Fund and other series in the Trust.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by the Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that the proposed advisory and sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given that the Fund is new.

<u>Conclusion</u>. No single factor was determinative of the Board's decision to approve the Advisory Agreement and Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement and Sub-Advisory Agreement, including the compensation payable under each Agreement, were fair

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and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of each of the Advisory Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

**<u>Alpha Architect 1-3 Month Box ETF, Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, Alpha Architect International Quantitative Momentum ETF, Alpha Architect High Inflation and Deflation ETF, Alpha Architect Tail Risk ETF, and Alpha Architect Global Factor Equity ETF</u>**

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on June 5-6, 2025 to consider the approval of (i) the continuation of the Advisory Agreement between the Trust, on behalf of the following series (each, a "Fund," and together, the "Funds"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"):

Alpha Architect 1-3 Month Box ETF

Alpha Architect U.S. Quantitative Value ETF

Alpha Architect International Quantitative Value ETF

Alpha Architect U.S. Quantitative Momentum ETF

Alpha Architect International Quantitative Momentum ETF

Alpha Architect High Inflation and Deflation ETF

Alpha Architect Tail Risk ETF

Alpha Architect Global Factor Equity ETF

The Board also considered the approval of the continuation of the Sub-Advisory Agreement among the Trust, the Adviser, and Alpha Architect, LLC (the "Alpha Architect") with respect to each Fund, and the continuation of the Sub-Advisory Agreement (the Advisory Agreement and each Sub-Advisory Agreement together, the "Agreements") among the Trust, the Adviser, Alpha Architect, and Arin Risk Advisors, LLC ("Arin" and together with Alpha Architect, the "Sub-Advisers") with respect to the Alpha Architect 1-3 Month Box ETF and Alpha Architect Tail Risk ETF (together, the "Options ETFs"), each for an additional annual term.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by the Adviser and Sub-Advisers relevant to the Board's consideration of whether to approve the continuation of the Agreements. In connection with considering the approval of the Agreements, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve the Agreements, the Board considered and reviewed information provided by the Adviser and Sub-Advisers at this meeting and throughout the year, including among other things information about their respective personnel, operations, financial condition, and compliance programs. The Board also reviewed the Agreements. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:

<u>Nature, Quality, and Extent of Services</u>. The Board was presented with and considered information concerning the nature, quality, and extent of the overall services provided by the Adviser to each Fund. In this context, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and each Fund, and arranging service providers for each Fund. In addition, the Board considered that the Adviser is responsible for providing investment advisory oversight services to each Fund, executing all Fund transactions (except for the Options ETFs), monitoring compliance with each Fund's objectives, policies and restrictions, and carrying out directives of the Board. The Board also considered the services provided by the Adviser in the oversight of the Trust's administrator, transfer agent and custodian. In addition, the Board evaluated the integrity of each of the Adviser's and Sub-Advisers' personnel, the experience of the portfolio managers in managing assets and the adequacy of each of the Adviser's and the Sub-Advisers' resources to perform the services provided under the Agreements. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Advisers.

<u>Performance</u>. The Board compared each Fund's performance for periods ended March 31, 2025 to that of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses. The Board noted that the Adviser and the Sub-Advisers' (as applicable) have consistently managed each Fund's portfolio in accordance with the applicable Fund's stated investment objective and strategies.

*<u>Alpha Architect 1-3 Month Box ETF</u>* - For the one-year period, the Fund's returns were below those of funds in its peer group. For the two-year and since-inception periods, the Fund returned below-average results relative to the

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average of its peer group, but within the range of the peer group. Because the Fund had been operational for fewer than three years, its since inception returns cover a relatively short period which may not reflect a sufficient variety of market conditions or market cycles by which to effectively judge longer-term performance. Additionally, the Board noted that the peer group was comprised of funds investing directly in bonds, rather than short-duration options contracts, which may limit the utility of the peer group as a point of comparison. The Board further considered that the Fund had performed roughly in line with an index of 1-3 month U.S. Treasury bills for the 1-year and since-inception periods on a pre-tax basis.

*<u>Alpha Architect U.S. Quantitative Value ETF</u>* - The Fund returned above-average results relative to the average of its peer group for the three- and five-year periods, although the Fund significantly underperformed its peer group for the one-year period. For the ten-year and since-inception periods, there was not a sufficient number of peers to consider the performance of the Fund relative to its peer group. The Board also considered the Sub-Adviser's rationale that the peer group was comprised primarily of funds investing in larger capitalization companies than the Fund, which contributed to the variance in performance.

*<u>Alpha Architect International Quantitative Value ETF</u>* - The Fund significantly underperformed its peer group average for the one-, three-, and five-year periods. For the ten-year and since-inception periods, there was not a sufficient number of peers to consider the performance of the Fund relative to its peer group. The Adviser noted that the peer group only included funds with significantly more holdings than the Fund, which reflects a different risk/reward calculation by investors than the Fund's more concentrated equity exposure. The Board also considered the Sub-Adviser's rationale that the peer group was comprised primarily of funds investing in larger capitalization companies than the Fund, which contributed to the variance in performance.

*<u>Alpha Architect U.S. Quantitative Momentum ETF</u>* – The Fund returned below-average results relative to the average of its peer group for the one- and three-year periods, and performed roughly in line with its peer group for the five-year period. For the Fund's since-inception period, there was not a sufficient number of peers to consider the performance of the Fund relative to its peer group. The Board also considered the Sub-Adviser's rationale that the peer group was comprised primarily of funds investing in larger capitalization companies than the Fund, which contributed to the variance in performance.

*<u>Alpha Architect International Quantitative Momentum ETF</u>* – The Fund returned below-average results relative to the average of its peer group for the one-, three-, and five-year periods, but the Fund's returns were within the range of the peer group. For the Fund's since-inception period, there was not a sufficient number of peers to consider the performance of the Fund relative to its peer group. The Board also considered the Sub-Adviser's rationale that the peer group was comprised primarily of funds investing in larger capitalization companies than the Fund, which contributed to the variance in performance.

*<u>Alpha Architect High Inflation and Deflation ETF</u>* – The Board noted that the Fund outperformed the average total return of its peer group for the one-year and since inception periods but underperformed for the two-year period.

*<u>Alpha Architect Tail Risk ETF</u>* – The Board noted that the Fund outperformed the average total return of its peer group for the one-year period but underperformed for the two-year and since inception periods.

*<u>Alpha Architect Global Factor Equity ETF</u>* – For the one-year period, the Fund returned below-average results relative to the average of its peer group, but within the range of the peer group. For the Fund's three-year and five-year periods, the Fund returned below-average results relative to the average of its peer group. For the Fund's since-inception period, there was not a sufficient number of peers to consider the performance of the Fund relative to its peer group. The Board considered that the Fund had modified its strategy as of January 31, 2025, and, as a result, the return periods were not sufficiently long to measure the efficacy of the new strategy.

<u>Comparative Fees and Expenses</u>. In considering the advisory fees and sub-advisory fees, the Board reviewed and considered the fees in light of the nature, quality, and extent of the services being provided by the Adviser and the Sub-Advisers, respectively. The Board also considered the allocation of fees between the Adviser and Alpha Architect and Arin, respectively. The Board compared each Fund's management fee and net expense ratio to those of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses.

------

*<u>Alpha Architect 1-3 Month Box ETF</u>* – The Board noted that the Fund's management fee was above the average for the Fund's peer group, but the net expense ratio below the average for the peer group.

*<u>Alpha Architect U.S. Quantitative Value ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were below the average for the Fund's peer group.

*<u>Alpha Architect International Quantitative Value ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were roughly in line with the average for the Fund's peer group.

*<u>Alpha Architect U.S. Quantitative Momentum ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were below the average for the Fund's peer group.

*<u>Alpha Architect International Quantitative Momentum ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were below the average for the Fund's peer group.

*<u>Alpha Architect High Inflation and Deflation ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were significantly below the average for the Fund's peer group.

*<u>Alpha Architect Tail Risk ETF</u>* – The Board noted that the Fund's management fee and net expense ratio were significantly above the average for its peer group. The Board noted that the Adviser identified that the peer group contained only one fund with a directly comparable strategy, and the management fee and net expense ratio of that fund were slightly lower than the Fund.

*<u>Alpha Architect Global Factor Equity ETF</u>* - The Board noted that the Fund's management fee and net expense ratio were below the average for the Fund's peer group.

The Board considered each Fund's fee arrangement in which the Adviser is responsible for paying most of a Fund's operating expenses out of its resources, noting that comparisons with a Fund's overall expense ratio may be more relevant than comparisons to management fees only

With respect to the Alpha Architect sub-advisory fee, the Board noted that it was payable solely by the Adviser. The Board considered the representations from the Adviser that it does not manage any other accounts that follow a similar strategy. As it relates to the Sub-Advisers, the Board noted that Alpha Architect charges its separately managed account clients a lower fee for strategies similar to that of the Alpha Architect U.S. Quantitative Value ETF and Alpha Architect International Quantitative Value ETF, but requires a high minimum investment amount unlike the Funds, and Arin charges its separately managed account clients a similar or higher fee for strategies similar to that of the Alpha Architect 1-3 Month Box ETF.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Advisers in connection with providing their respective services to the Funds. The Board reviewed the profit and loss information provided by the Adviser with respect to the Funds and considered the Adviser's profitability with respect to providing investment advisory services as well as non-advisory services. The Board also reviewed the same type of information provided by the Sub-Advisers. The Board discussed the financial condition of the Sub-Advisers, noting that each Sub-Adviser has sufficient capital to maintain its commitment to the Funds for an additional annual period. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage the Funds and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.

The Board also considered other expenses of a Fund the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by each Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with a Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser, as well as Arin, which serves as sponsor of the Options ETFs, and Alpha Architect, which serves as sponsor to each other Fund and has agreed to assume a portion of the expenses of the Alpha Architect 1-3 Month Box ETF. The Board also considered the fee waivers in place for the Options ETFs.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Advisers might derive ancillary benefits from each Fund's operations. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Funds and other series in the Trust.

------

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by each Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that the advisory and sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given each Fund's current assets. As it relates to Alpha Architect 1-3 Month Box ETF, the Board considered that the Fund was brought to the market at a very competitive fee level which has benefited shareholders.

<u>Conclusion</u>. No single factor was determinative of the Board's decision to approve the continuation of the Agreements for an additional annual term; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Agreements, including the compensation payable under each Agreement, were fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of each of the Agreements was in the best interests of each Fund and its shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

There have been no required recovery of erroneously awarded incentive based compensation to an executive officer from the registrant that required an accounting restatement.

------

**<u>Item 19. Exhibits</u>.**

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. *<u>[Filed herewith](exhibit99codeeth.htm)</u>* .

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. *Not Applicable.*

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *<u>[Filed herewith](exhibit99cert.htm)</u>*.

(4) 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.*

(5) Change in the registrant's independent public accountant. *Not Applicable.*

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *<u>[F](exhibit99906cert.htm) [iled](exhibit99906cert.htm) [herewith.](exhibit99906cert.htm)</u>*

------

**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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | EA Series Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Sean R. Hegarty, CPA |
|  | Sean R. Hegarty, CPA, Treasurer (principal financial officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2025 |

---

## Exhibit 99.906

**EX-99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the EA Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the EA Series Trust for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the EA Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Wesley R. Gray, PhD. | /s/ Sean R. Hegarty |
| Wesley R. Gray, PhD. | Sean R. Hegarty, CPA |
| President (principal executive officer) | Treasurer (principal financial officer) |
| EA Series Trust | EA Series Trust |
| Date: December 2, 2025 | Date: December 2, 2025 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the EA Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Wesley R. Gray, PhD., certify that:

1. I have reviewed this report on Form N-CSR of EA Series 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: December 2, 2025 | /s/ Wesley R. Gray, PhD. |
| | Wesley R. Gray, PhD. |
| | President (principal executive officer) |
| | EA Series Trust |

---

------

**<u>CERTIFICATIONS</u>**

I, Sean R. Hegarty, certify that:

1. I have reviewed this report on Form N-CSR of EA Series 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: December 2, 2025 | /s/ Sean R. Hegarty |
| | Sean R. Hegarty, CPA |
| | Treasurer (principal financial officer) |
| | EA Series Trust |

---

## Ex-99.Code

**EX-99.CODE ETH**

**XIX. FINANCIAL CODE OF ETHICS FOR SENIOR EXECUTIVES** 

**Applicable Law:**

**Overview**

The reputation and integrity of the Trust and Funds are valuable assets that are vital to the Funds' success. The Trust's senior officers are responsible for conducting the Funds' business in a manner that demonstrates a commitment to the highest standards of integrity. The Funds' senior officers include the principal executive officer, the principal financial officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "SOX Act") imposed corporate disclosure and financial reporting reform with respect to public companies, including investment companies, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies must either have a code of ethics for their senior officers or disclose why they do not. The SOX Act was intended to foster corporate environments that encourage employees to question and report unethical and potentially illegal business practices. The Trust has chosen to adopt this Code of Ethics for Senior Executives (the "Senior Executive Code") to encourage its senior officers to act in a manner consistent with the highest principles of ethical conduct.

**Purposes Of The Code**

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote honest and ethical conduct by the Trust's senior officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To encourage the prompt internal reporting to an appropriate person of violations of this Senior Executive Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To establish accountability for adherence to this Senior Executive Code.

**Questions Regarding This Code**

The Trust CCO is designated to oversee the Trust's Code of Ethics adopted pursuant to Rule 17j-1 and shall also serve as the compliance officer for the implementation and administration of this Senior Executive Code. Senior officers should direct their questions about this Code to the Trust CCO.

**Conduct Guidelines**

The Trust has adopted the following guidelines under which senior officers must perform their official duties and conduct the business affairs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Ethical and honest conduct is of paramount importance</u>. The Trust's senior officers must act with honesty and integrity and avoid violations of this Senior Executive Code, including the avoidance of actual or apparent conflicts of interest with the Funds in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior officers must disclose material transactions or relationships</u>. The Trust's senior officers must disclose to the Trust CCO any actual or apparent conflicts of interest the senior officers may have with the Fund(s) that

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reasonably could be expected to give rise to any violations of this Senior Executive Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which a senior officer may be a party. If it is not possible to disclose the matter to the Trust CCO, it should be disclosed to the Trust's general counsel or another designated person. In addition to disclosing any actual or apparent conflicts of interest in which a senior officer is personally involved, the Trust's senior officers have an obligation to report any other actual or apparent conflicts that they discover or of which they otherwise become aware. If a senior officer is unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," the senior officer should bring the matter to the attention of the Trust CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Standards for quality of information shared with service providers</u>. The Trust's senior officers must at all times seek to provide information to the Trust's service providers (adviser, sub-advisers, administrator, independent accountants, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Standards for quality of information included in periodic reports</u>. The Trust's senior officers must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Funds' periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance with laws</u>. The Fund's senior officers must comply with the federal securities laws and other laws and rules applicable to the Funds, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Standard of care</u>. The Trust's senior officers must at all times act in good faith and with due care, competence, and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated. The Trust's senior officers must conduct the affairs of the Funds in a responsible manner consistent with this Senior Executive Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality of information</u>. The Trust's senior officers must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. The Trust's senior officers may not use confidential information acquired in the course of their work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Sharing of information and educational standards</u>. The Trust's senior officers should share information with relevant parties to keep them informed of the business affairs of the Funds, as appropriate, and maintain skills important and relevant to the Funds' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Promote ethical conduct</u>. The Trust's senior officers should at all times proactively promote ethical behavior among peers in their work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Standards for recordkeeping</u>. The Trust's senior officers must at all times endeavor to ensure that the Funds' financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Senior Executive Code.

**Waivers Of This Senior Executive Code**

A senior officer may request a waiver of a provision of this Senior Executive Code by submitting his or her request in writing to the Trust CCO for appropriate review and consideration. For example, if a senior officer's family member works for a service provider that helps prepare the Funds' financial statements, the senior officer may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Senior Executive Code in order to review the work. The Trust CCO may consult, as necessary, with another appropriate party (such as an executive officer of the Trust, the Board, or a designated Board or Audit Committee member) in deciding whether to grant a waiver. All waivers of this Senior Executive Code must be disclosed to the Funds' shareholders to the extent required by SEC rules.

**Affirmation Of The Senior Executive Code**

Upon adoption of the Senior Executive Code, the Trust's senior officers must affirm in writing (see template form in Exhibit A to this policy) that they have received, read, and understand the Senior Executive Code, and annually thereafter must affirm that they have complied with the requirements of the Senior Executive Code. To the extent

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necessary, the Trust CCO will provide guidance on the conduct required by this Senior Executive Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**Reporting Violations**

In the event that a senior officer discovers or in good faith suspects a violation of this Senior Executive Code, the senior officer must immediately report the violation or suspected violation to the Trust CCO. The Trust CCO may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Senior Executive Code violation may occur when a periodic report or financial statement omits a material fact, or is technically accurate, but, in the view of the senior officer, is written in a way that obscures its meaning. Senior officers who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**Violations Of The Senior Executive Code**

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Senior Executive Code, regardless of whether this Senior Executive Code specifically refers to such conduct. A violation of this Senior Executive Code may result in disciplinary action up to and including removal as a senior officer of the Trust. A variety of laws apply to the Trust and its operations, including the 1933 Act, the 1934 Act, the ICA, state laws relating to duties owed by Trust officers, and criminal laws. The Trust will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

**Duties Of The Trust CCO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust's CCO will implement policies and procedures as necessary to implement this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will advise all senior executives of their status, present this Senior Executive Code to the senior executives, and receive and maintain in accordance with the recordkeeping protocols of the Manual, all affirmations of senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will receive and respond to any questions concerning the application of this Senior Executive Code, and hold informational meetings with senior executives, as necessary, to communicate the standards and requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will receive, evaluate and address all actual or suspected violations of this Senior Executive Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will report to the Board, as necessary, any violations of the Senior Executive Code, and all remedial actions taken or recommended for the Board to take.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will review the Senior Executive Code periodically, but not less than annually, to determine the adequacy and effectiveness of this Code.

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