# EDGAR Filing Document

**Accession Number:** 0001875710
**File Stem:** 0001133228-26-008967
**Filing Date:** 2026-6
**Character Count:** 74878
**Document Hash:** 9a0a8744e4a0fd061d00a8cc3c9f1194
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008967.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001133228-26-008967

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Build Funds Trust
- **CENTRAL INDEX KEY:** 0001875710

**ORGANIZATION NAME:**
- **EIN:** 871780510
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23732
- **FILM NUMBER:** 261072125

**BUSINESS ADDRESS:**
- **STREET 1:** 3608 W. TRUMAN BLVD.
- **STREET 2:** SUITE 200
- **CITY:** JEFFERSON CITY
- **STATE:** MO
- **ZIP:** 65109
- **BUSINESS PHONE:** 833-852-8453

**MAIL ADDRESS:**
- **STREET 1:** 3608 W. TRUMAN BLVD.
- **STREET 2:** SUITE 200
- **CITY:** JEFFERSON CITY
- **STATE:** MO
- **ZIP:** 65109

## Series and Classes Contracts Data

### Build Bond Innovation ETF (Series ID: S000074231)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000231840 | Build Bond Innovation ETF | BFIX            |

?xml version='1.0' encoding='ASCII'? 2026-02-23190951_BuildBondInnovationETF_TF_TSRSemiAnnual

UNITED 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>811-23732</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Build Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>3608 West Truman Blvd., Suite 200</u>**

**<u>Jefferson City, MO 65109</u>**

(Address of principal executive offices) (Zip code)

**<u>John Ruth</u>**

**<u>3608 West Truman Blvd., Suite 200</u>**

**<u>Jefferson City, MO 65109</u>**

(Name and address of agent for service)

**<u>(833) 852-8453</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>March 31, 2026</u>**

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

(a) ---

| | |
|:---|:---|
| ![image](img223348_202411112029116.jpg) | **Build Bond Innovation ETF**  |
| ![image](img223348_202411112029116.jpg) | BFIX (Principal U.S. Listing Exchange: NYSE Arca, Inc.) |
| ![image](img223348_202411112029116.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  |

---

This Semi-Annual Shareholder Report contains important information about the Build Bond Innovation ETF (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://getbuilding.com/etfs/bfix/. You can also request this information by contacting us at 1-833-852-8453.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Build Bond Innovation ETF | $23 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $12657610 |
| **Number of Holdings** | 126 |
| **Total Advisory Fee** | $26173 |
| **Portfolio Turnover** | 34% |
| **30-Day SEC Yield** | 3.50% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  United States Treasury Note/Bond  | 60.8% |
|  Essex Portfolio LP  | 2.2% |
|  Lowe's Cos., Inc.  | 1.7% |
|  AutoZone, Inc.  | 1.4% |
|  Toyota Motor Credit Corp.  | 1.3% |
|  AT&T, Inc.  | 1.2% |
|  Huntington Ingalls Industries, Inc.  | 1.0% |
|  Marriott International, Inc.  | 1.0% |
|  AvalonBay Communities, Inc.  | 1.0% |
|  Oracle Corp.  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Public Administration  | 60.8% |
|  Manufacturing  | 10.5% |
|  Finance and Insurance  | 5.7% |
|  Retail Trade  | 4.9% |
|  Real Estate and Rental and Leasing  | 4.3% |
|  Information  | 2.4% |
|  Utilities  | 2.0% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.7% |
|  Accommodation and Food Services  | 1.4% |
|  Cash & Other  | 6.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://getbuilding.com/etfs/bfix/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your documents not be householded, please contact Build Asset Management, LLC at 1-833-852-8453, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Build Asset Management, LLC or your financial intermediary.

Build Bond Innovation ETF PAGE 1 TSR-SAR-12009B101

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

**Not applicable for semi-annual reports.**

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

**Not applicable for semi-annual reports.**

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

**Not applicable for semi-annual reports.**

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

**Not applicable for semi-annual reports.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

(a) ![](build_assetmanagement-logo.jpg)

**BUILD FUNDS TRUST** 

**BUILD BOND INNOVATION ETF** 

Semi-Annual Financial Statements and Additional Information

March 31, 2026 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies](#soi) | [1](#soi) |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi) | [1](#soi) |
| &nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#sal) | [5](#sal) |
| &nbsp;&nbsp;&nbsp; [Statement of Operations](#sop) | [6](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [7](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [8](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | [9](#notes) |
| &nbsp;&nbsp;&nbsp; [Additional Information](#add) | [16](#add) |
|  [Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#itm8) | [17](#itm8) |
| [Item 9: Proxy Disclosures for Open-End Management Investment Companies](#itm9) | [17](#itm9) |
|  [Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies](#itm10) | [17](#itm10) |
| [Item 11: Statement Regarding basis for Approval of Investment Advisory Contract](#itm11) | [17](#itm11) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies** 

**Build Bond Innovation ETF** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 60.8%** |  |  |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026<sup>(a)</sup> | $270000 | $270898  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026<sup>(a)</sup> | 150000 | 150538  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2027 | 350000 | 351115  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 520000 | 521763  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2027<sup>(a)</sup> | 320000 | 320386  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027<sup>(a)</sup> | 220000 | 219963  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 650000 | 650495  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 | 650000 | 649543  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2027 | 450000 | 450211  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | 30000 | 29914  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 530000 | 527443  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 660000 | 656520  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/30/2027 | 490000 | 486382  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/29/2028 | 920000 | 912741  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 40000 | 40047  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 500000 | 499336  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2029 | 170000 | 168559  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029 | 670000 | 664137  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 130000 | 130493  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $7,708,037)** |  | 7700484  |
| **CORPORATE BONDS - 37.3%** |  |  |
| &nbsp;&nbsp;&nbsp; **Aerospace Product and Parts** <br>**Manufacturing - 0.5%** | &nbsp;&nbsp;&nbsp; **Aerospace Product and Parts** <br>**Manufacturing - 0.5%** | &nbsp;&nbsp;&nbsp; **Aerospace Product and Parts** <br>**Manufacturing - 0.5%** |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., <br>4.45%, 05/15/2028 | 61000 | 61368  |
|  **Architectural and Structural Metals Manufacturing - 0.5%** |  |  |
| Nucor Corp., 4.30%, 05/23/2027 | 67000 | 67087  |
|  **Automotive Parts, Accessories, and Tire Retailers - 1.4%** |  |  |
| AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 04/21/2026 | 132000 | 131924  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028 | 44000 | 45954  |
|  |  | 177878  |
| **Beverage Manufacturing - 0.2%** |  |  |
| PepsiCo, Inc., 3.60%, 02/18/2028 | 27000 | 26805  |
| **Building Material and Supplies Dealers - 1.7%** | **Building Material and Supplies Dealers - 1.7%** | **Building Material and Supplies Dealers - 1.7%** |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/15/2026 | 56000 | 55958  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 | 40000 | 39694  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/03/2027 | 115000 | 113650  |
|  |  | 209302  |
|  **Clothing and Clothing Accessories Retailers - 0.0%<sup>(b)</sup>** |  |  |
| Ross Stores, Inc., 4.70%, 04/15/2027 | 6000 | 6004  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **Commercial and Service Industry Machinery Manufacturing - 0.1%** |  |  |
| KLA Corp., 4.10%, 03/15/2029 | $15000 | $14943  |
|  **Computer and Peripheral Equipment Manufacturing - 0.9%** |  |  |
|  International Business Machines Corp., 3.30%, 05/15/2026 | 120000 | 119892  |
|  **Computer Systems Design and Related Services - 1.0%** |  |  |
| Oracle Corp., 2.65%, 07/15/2026 | 124000 | 123327  |
| &nbsp;&nbsp;&nbsp; **Converted Paper Product** <br>**Manufacturing - 0.2%** |  |  |
| Kimberly-Clark Corp., 3.95%, 11/01/2028 | 32000 | 31806  |
| **Depository Credit Intermediation - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., <br>3.85%, 04/26/2029 | 22000 | 21807  |
| US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 04/27/2026 | 66000 | 65950  |
| &nbsp;&nbsp;&nbsp; 3.15%, 04/27/2027 | 42000 | 41535  |
|  |  | 129292  |
|  **Electric Power Generation, Transmission and Distribution - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., <br>3.25%, 04/15/2028 | 81000 | 79497  |
| Georgia Power Co., 3.25%, 04/01/2026 | 108000 | 108000  |
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., <br>3.10%, 05/01/2027 | 7000 | 6932  |
|  |  | 194429  |
| **Electrical Equipment Manufacturing - 0.2%** | **Electrical Equipment Manufacturing - 0.2%** | **Electrical Equipment Manufacturing - 0.2%** |
| Eaton Corp., 4.35%, 05/18/2028 | 28000 | 28081  |
| **Freight Transportation Arrangement - 0.1%** | **Freight Transportation Arrangement - 0.1%** | **Freight Transportation Arrangement - 0.1%** |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc., <br>4.90%, 03/15/2030 | 8000 | 8098  |
| **Gasoline Stations - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Valero Energy Partners LP, <br>4.50%, 03/15/2028 | 32000 | 32019  |
| **Grocery and Convenience Retailers - 0.1%** |  |  |
| Kroger Co., 2.65%, 10/15/2026 | 8000 | 7929  |
| **Insurance Carriers - 0.7%** |  |  |
| Radian Group, Inc., 6.20%, 05/15/2029 | 86000 | 88930  |
| **Lessors of Real Estate - 4.3%** |  |  |
| AvalonBay Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/11/2026 | 121000 | 120836  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/15/2028 | 3000 | 2946  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Build Bond Innovation ETF** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Lessors of Real Estate - (Continued)** | **Lessors of Real Estate - (Continued)** | **Lessors of Real Estate - (Continued)** |
| Camden Property Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/15/2028 | $36000 | $35832  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2029 | 11000 | 10559  |
| &nbsp;&nbsp;&nbsp; 2.80%, 05/15/2030 | 7000 | 6541  |
| Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2026 | 161000 | 160941  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/01/2027 | 119000 | 117970  |
| Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/01/2027 | 29000 | 28795  |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/15/2028 | 5000 | 4991  |
| Realty Income Corp., 4.88%, 06/01/2026 | 8000 | 8001  |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, <br>3.38%, 06/15/2027 | 5000 | 4950  |
| Ventas Realty LP, 4.00%, 03/01/2028 | 46000 | 45553  |
|  |  | 547915  |
|  **Management of Companies and Enterprises - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Schlumberger Investment SA, <br>4.50%, 05/15/2028 | 62000 | 62251  |
| **Natural Gas Distribution - 0.5%** |  |  |
| Kinder Morgan, Inc., 4.30%, 03/01/2028 | 20000 | 19983  |
| ONEOK, Inc., 4.85%, 07/15/2026 | 40000 | 40010  |
|  |  | 59993  |
| &nbsp;&nbsp;&nbsp; **Navigational, Measuring, Electromedical, and** <br>**Control Instruments Manufacturing - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., <br>5.40%, 01/15/2027 | 14000 | 14112  |
| **Nondepository Credit Intermediation - 2.1%** | **Nondepository Credit Intermediation - 2.1%** | **Nondepository Credit Intermediation - 2.1%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/12/2027 | 30000 | 30109  |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/22/2027 | 40000 | 39960  |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., <br>3.60%, 08/12/2027 | 1000 | 995  |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br>4.35%, 01/17/2027 | 7000 | 6991  |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., <br>4.95%, 07/14/2028 | 20000 | 20389  |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/18/2026 | 86000 | 86058  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/08/2027 | 76000 | 76245  |
|  |  | 260747  |
| **Oil and Gas Extraction - 1.7%** |  |  |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/2026 | 15000 | 14909  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 | 42000 | 42325  |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br>4.15%, 10/16/2028 | 64000 | 63882  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., <br>7.20%, 03/15/2029 | $39000 | $41745  |
| &nbsp;&nbsp;&nbsp; Shell International Finance BV, <br>2.88%, 05/10/2026 | 47000 | 46938  |
|  |  | 209799  |
| **Other Financial Investment Activities - 0.6%** | **Other Financial Investment Activities - 0.6%** | **Other Financial Investment Activities - 0.6%** |
| Blackrock, Inc., 3.25%, 04/30/2029 | 52000 | 50641  |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, <br>5.88%, 11/15/2027 | 25000 | 25092  |
|  |  | 75733  |
|  **Other General Purpose Machinery Manufacturing - 0.1%** |  |  |
| Xylem, Inc., 3.25%, 11/01/2026 | 15000 | 14924  |
| **Other Miscellaneous Retailers - 1.0%** |  |  |
| Amazon.com, Inc., 1.00%, 05/12/2026 | 55000 | 54806  |
| eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 05/10/2026 | 22000 | 21927  |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/22/2027 | 45000 | 46051  |
|  |  | 122784  |
|  **Petroleum and Coal Products Manufacturing - 1.2%** |  |  |
| Chevron Corp., 2.95%, 05/16/2026 | 34000 | 33949  |
| Phillips 66,  | Phillips 66,  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/15/2028 | 42000 | 41637  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/01/2027 | 79000 | 79790  |
|  |  | 155376  |
|  **Petroleum and Petroleum Products Merchant Wholesalers - 0.8%** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 | 16000 | 16151  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 | 85000 | 84458  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 1000 | 1019  |
|  |  | 101628  |
| **Pipeline Transportation of Natural Gas - 0.6%** | **Pipeline Transportation of Natural Gas - 0.6%** | **Pipeline Transportation of Natural Gas - 0.6%** |
| &nbsp;&nbsp;&nbsp; El Paso Natural Gas Co. LLC, <br>7.50%, 11/15/2026 | 71000 | 72157  |
| **Rail Transportation - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., <br>3.13%, 06/01/2026 | 22000 | 21948  |
| CSX Corp., 3.25%, 06/01/2027 | 61000 | 60326  |
|  |  | 82274  |
| **Residential Building Construction - 0.4%** |  |  |
| Lennar Corp., 5.25%, 06/01/2026 | 50000 | 50027  |
| **Restaurants and Other Eating Places - 0.4%** | **Restaurants and Other Eating Places - 0.4%** | **Restaurants and Other Eating Places - 0.4%** |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 | 14000 | 13878  |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/01/2028 | 20000 | 19860  |
| Starbucks Corp., 2.45%, 06/15/2026 | 12000 | 11955  |
|  |  | 45693  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Build Bond Innovation ETF** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>3.85%, 01/26/2027 | $20000 | $19939  |
| **Securities and Commodity Exchanges - 0.9%** | **Securities and Commodity Exchanges - 0.9%** | **Securities and Commodity Exchanges - 0.9%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., <br>4.00%, 09/15/2027 | 121000 | 120497  |
|  **Semiconductor and Other Electronic Component Manufacturing - 3.1%** |  |  |
| Amphenol Corp., 5.05%, 04/05/2027 | 82000 | 82616  |
| Analog Devices, Inc., 3.45%, 06/15/2027 | 102000 | 101152  |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/19/2026 | 5000 | 4988  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/25/2027 | 50000 | 49674  |
| Jabil, Inc., 1.70%, 04/15/2026 | 40000 | 39949  |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., <br>1.60%, 04/01/2026 | 88000 | 88000  |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., <br>4.60%, 02/15/2028 | 20000 | 20155  |
|  |  | 386534  |
| **Ship and Boat Building - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., <br>4.20%, 05/01/2030 | 130000 | 127648  |
|  **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%** |  |  |
| Clorox Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/2028 | 21000 | 20880  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2029 | 98000 | 97881  |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., <br>4.38%, 05/15/2028 | 2000 | 2002  |
|  |  | 120763  |
| **Software Publishers - 0.7%** |  |  |
| Autodesk, Inc., 3.50%, 06/15/2027 | 90000 | 88982  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>4.40%, 09/25/2027 | 4000 | 3995  |
|  |  | 92977  |
|  **Sugar and Confectionery Product Manufacturing - 0.5%** |  |  |
| Hershey Co., 2.45%, 11/15/2029 | 73000 | 68481  |
| **Tobacco Manufacturing - 0.6%** |  |  |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 | 16000 | 16405  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030 | 52000 | 53976  |
|  |  | 70381  |
| **Traveler Accommodation - 1.0%** |  |  |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 06/15/2026 | 77000 | 76809  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2026 | 50000 | 50205  |
|  |  | 127014  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **Warehouse Clubs, Supercenters, and Other General Merchandise Retailers - 0.5%** |  |  |
| Walmart, Inc., 3.90%, 04/15/2028 | $67000 | $66972  |
| **Waste Treatment and Disposal - 0.8%** |  |  |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/2027 | 35000 | 34481  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 | 70000 | 70468  |
|  |  | 104949  |
|  **Wired and Wireless Telecommunications (except Satellite) - 1.7%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/2027 | 15000 | 14962  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2027 | 39000 | 38985  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | 97000 | 94849  |
| T-Mobile USA, Inc., 2.63%, 04/15/2026 | 62000 | 61955  |
|  |  | 210751  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,712,998)** |  | 4719509 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.4%<sup>(c)(d)(e)</sup>** | **PURCHASED OPTIONS - 0.4%<sup>(c)(d)(e)</sup>** | **PURCHASED OPTIONS - 0.4%<sup>(c)(d)(e)</sup>** | **PURCHASED OPTIONS - 0.4%<sup>(c)(d)(e)</sup>** |
| **Call Options - 0.4%**<br>|  |  |  |
|  Archer-Daniels-Midland Co., Expiration: 01/15/2027; Exercise Price: $70.00 | 65421 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 9180  |
|  Dow, Inc., Expiration: 09/18/2026; Exercise Price: $35.00 | 62475 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 13725  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/18/2026; Exercise Price: $90.00 | 1161646 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | 10318  |
|  iShares China Large-Cap ETF, Expiration: 05/15/2026; Exercise Price: $37.00 | 125650 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 2555  |
| Platinum Group Metals Ltd. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; <br>Exercise Price: $2.50 | 19470 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | 550  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/17/2026; Exercise Price: $5.00 | 17700 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 800  |
|  Smith & Wesson Brands, Inc., Expiration: 09/18/2026; Exercise Price: $16.00 | 21495 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 1725  |
| &nbsp;&nbsp;&nbsp; State Street Energy Select Sector SPDR ETF, Expiration: 12/17/2027; <br>Exercise Price: $55.00 | 61260 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 11900  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $56,631)** |  |  | 50753 |

---

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Build Bond Innovation ETF** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.6%** | **MONEY MARKET FUNDS - 0.6%** | **MONEY MARKET FUNDS - 0.6%** |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(f)</sup> | 71678 | $71678  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $71,678)** |  | 71678  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%**<br>**(Cost $12,549,344)** |  | 12542424  |
|  Other Assets in Excess of Liabilities - 0.9% |  | 115186  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $12657610 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

BV - Besloten Vennootschap

Co. - Company

Corp. - Corporation

ETF - Exchange-Traded Fund

Inc. - Incorporated

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

SA - Société Anonyme

<sup>(a)</sup> All or a portion of this security is held for collateral on purchased options.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Exchange-traded.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Build Bond Innovation ETF** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $12542424  |
| Interest receivable | 122318  |
| Cash | 2842  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 12667584  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 5081  |
| Investment management fees | 4853  |
| Due to broker | 40  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 9974  |
| **NET ASSETS** | $12657610  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $14298250  |
| Total accumulated losses | (1640640)  |
| **Total net assets** | $12657610  |
| Net assets | $12657610  |
| Shares issued and outstanding<sup>(a)</sup> | 500000  |
| Net asset value per share | $25.32  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost (Note 2) | $12549344 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Build Bond Innovation ETF** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** <br>|  |
| Interest income | $229620  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 229620  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 26173  |
| Interest expense | 21  |
| &nbsp;&nbsp;&nbsp; Total expenses | 26194  |
| **NET INVESTMENT INCOME** | 203426  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 107717  |
| Net realized gain | 107717  |
| Net change in unrealized depreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (84513)  |
| Net change in unrealized depreciation | (84513)  |
| **Net realized and unrealized gain** | 23204  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $226630 |

---

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD BOND INNOVATION ETF** 

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $203426 | $378638  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 107717 | 426834  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (84513) | (63676)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 226630 | 741796  |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (208104) | (375083)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (208104) | (375083)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1907495 | 6896205  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (4382668)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 1907495 | 2513537  |
| **NET INCREASE IN NET ASSETS** | 1926021 | 2880250  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 10731589 | 7851339  |
| &nbsp;&nbsp;&nbsp; End of the period | $12657610 | $10731589  |
| **SHARES TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 75000 | 275000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 75000 | 100000 |

---

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

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD BOND INNOVATION ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2022<sup>(a)</sup>** |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **2025** | **2024** | **2023**  | **Period Ended** <br>**September 30,** <br>**2022<sup>(a)</sup>** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.25 | $24.16 | $22.41 | $22.82 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.99 | 1.00 | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 1.09 | 1.81 | (0.35) | &nbsp;&nbsp;&nbsp; (2.20)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 2.08 | 2.81 | 0.52 | &nbsp;&nbsp;&nbsp; (2.02)  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.45) | (0.99) | (1.06) | (0.93) | &nbsp;&nbsp;&nbsp; (0.16)  |
| Net realized capital gain | &nbsp;&nbsp; — |  |  |  | &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (0.45) | (0.99) | (1.06) | (0.93) | &nbsp;&nbsp;&nbsp; (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.32 | $25.25 | $24.16 | $22.41 | &nbsp;&nbsp;&nbsp; $22.82  |
| **TOTAL RETURN**<br>|  |  |  |  |  |
| Net Asset Value<sup>(d)(e)</sup>  | &nbsp;&nbsp; 2.03% | 8.76% | 12.88% | 2.24% | &nbsp;&nbsp;&nbsp; -8.08% |
| Market Value<sup>(e)(f)</sup>  | &nbsp;&nbsp; 2.16%  | 8.83%  | 12.91%  | 2.17%  | &nbsp;&nbsp;&nbsp; -8.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $12658 | $10732 | $7851 | $17365 | &nbsp;&nbsp;&nbsp; $30241  |
| Ratio of expenses to average net assets<sup>(g)(h)</sup> | &nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.45% | &nbsp;&nbsp;&nbsp; 0.45%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(g)(h)</sup> | &nbsp;&nbsp; 3.50% | 3.98% | 4.35% | 3.79% | &nbsp;&nbsp;&nbsp; 1.19%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | &nbsp;&nbsp; 34% | 426% | 119% | 130% | &nbsp;&nbsp;&nbsp; 328% |

---

<sup>(a)</sup> Inception date of the Fund was February 9, 2022.

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

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in the aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is determined by the midpoint of the bid/ask spread at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market value returns may vary from net asset value returns. 

<sup>(g)</sup> The expenses and net investment income do not reflect expenses from underlying investments.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

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

8<br>

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**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)** 

1. ORGANIZATION

Build Funds Trust (the "Trust") was organized as a Delaware statutory trust on July 6, 2021 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of one operational exchange-traded fund, Build Bond Innovation ETF (the "Fund"). The Fund is a non-diversified series of the Trust. The investment objective of the Fund is to seek capital appreciation and risk mitigation.

Build Asset Management, LLC (the "Adviser") is the investment adviser to the Fund.

2. SUMMARY OF 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 ("U.S. GAAP"). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "*Financial Services – Investment Companies".*

&nbsp;&nbsp;&nbsp;&nbsp;A) *<u>Security Valuation</u>.* The Fund values its investments at fair value. The net asset value ("NAV") of the Fund's shares
 is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4 p.m. Eastern Time. The
 Fund's investments in securities are recorded at fair value daily. Fair value is the price that would be received to sell an asset
 or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

The Trust's Board of Trustees ("Board") designated the Adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The Adviser has established a Fair Valuation Committee ("Valuation Committee") to administer, implement, and oversee the fair valuation process, and to make fair value decisions. The Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Valuation Committee also regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews. The Valuation Committee reports to the Board information regarding the fair valuation process and related matters.

The Fund's securities, including exchange-traded funds, listed on an exchange or on the Nasdaq National Market System are valued at the last quoted sale price or the official closing price of the day. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If no sale occurred during the day, investments are valued at the mean between closing bid and asked prices and categorized as Level 2. Investments in other regulated investment companies, including money market funds, are generally priced at the ending NAV provided by the service agent of the Fund and categorized as Level 1.

Bonds, notes, and U.S. government obligations are valued at an evaluated mean price obtained from an independent pricing service that uses a matrix pricing method or other analytical models. These securities will generally be categorized in Level 2 of the fair value hierarchy.

Investments in U.S. mutual funds, including money market funds, are valued at NAV each business day.

Options traded on an exchange are generally valued at the last reported settlement price on the exchange or OTC market on which they principally trade are categorized as Level 1. If the settlement price is not available, then options shall be valued at the mean price and categorized as Level 2.

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). The three levels defined by the hierarchy are as follows:

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

9<br>

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**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Fund's assets and liabilities measured at fair value as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  | $—  | $7700484  | $—  | $7700484  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | —  | 4719509  | —  | 4719509  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 48478  | 2275  | —  | 50753  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 71678  | —  | —  | 71678  |
| **Total Investments** | $120156  | $12422268  | $—  | $12542424 |

---

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

The Fund did not hold any investments during the current fiscal period ended March 31, 2026, with significant unobservable inputs categorized as Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B) *<u>Derivative Instruments</u>.* The Adviser used derivative instruments, such as purchased options, to gain exposure to underlying securities.
 The Trust has adopted disclosure standards in order to enable the investor to understand how and why an entity used derivatives, how derivatives
 are accounted for, and how derivatives affect an entity's results of operations and financial position.

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"). When the 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 Fund enters into a closing sale transaction, a gain or loss is realized. If a purchased call or put option is exercised, the cost of the security acquired is increased by the premium paid for the call, or in the case of a put, 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.

The risks of using the types of derivatives in which the Fund may engage include the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Adviser; the risk that the counterparty to a derivative contract may fail to comply with their obligations to the Fund; the risk that the derivative may not possess a liquid secondary market at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund. The measurement of risks associated with these instruments is meaningful only when all related offsetting transactions are considered. The use of options does not create leverage in the Fund. Cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately as Deposits for options contracts on the Statement of Assets and Liabilities.

The following disclosure identifies the location and fair value amounts of the Fund's derivative instruments on the Statement of Assets and Liabilities and the effect on the Statement of Operations, each categorized by type of derivative contract and related risk exposure.

10<br>

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**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

As of March 31, 2026, the Statement of Assets and Liabilities included the following financial derivative instrument fair values:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  | **Liability Derivatives**  | **Liability Derivatives**  |
| <br>**Derivatives not accounted for as hedging instruments Equity Contracts**  | **Statement** <br>**of Assets and** <br>**Liabilities** <br>**Location**  | **Value**  | **Statement** <br>**of Assets and** <br>**Liabilities** <br>**Location**  | **Value**  |
| Purchased Options  | Investments in <br>securities, at value  | $50753  |  | $—  |
| Total  |  | $50753  |  | $— |

---

For the period ended March 31, 2026, financial derivative instruments had the following effect on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Equity Contracts**  | **Net Realized** <br>**Gain on** <br>**Investments in** <br>**Securities**  | **Net Change in** <br>**Unrealized** <br>**Appreciation on** <br>**Investments** <br>**in Securities**  |
| Purchased Options  | &nbsp;&nbsp; $106489  | &nbsp;&nbsp;&nbsp; $(29770)  |
| Total  | &nbsp;&nbsp; $106489  | &nbsp;&nbsp;&nbsp; $(29770) |

---

The average monthly value of purchased options in the Fund during the period ended March 31, 2026 was $170,637.

&nbsp;&nbsp;&nbsp;&nbsp;C) *<u>Federal Income Taxes</u>.* The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code of 1986,
 as amended, that are applicable to regulated investment companies ("RIC") and to distribute all its taxable income to its
 shareholders. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not
 be subject to excise tax on undistributed income and gains. Therefore, no provision for federal income tax or excise is required.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows:

---

| | |
|:---|:---|
| Tax cost of investments  | $12563164  |
| Unrealized appreciation  | 40227  |
| Unrealized depreciation  | (60967)  |
| Net unrealized appreciation (depreciation)  | (20740) |

---

Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) was attributable primarily to the tax deferral of losses on wash sales and the mark-to-market treatment of certain non-equity options contracts.

Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

During the period, the Fund did not incur any interest or penalties. Based on its analysis, management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statement as of March 31, 2026.

11<br>

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**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;D) *<u>Distributions to Shareholders</u>.* The Fund expects to declare and distribute all its net investment income, if any, to shareholders as dividends
 monthly. The Fund will distribute capital gains, if any, at least annually. Distributions to shareholders are determined in accordance
 with income tax regulations and recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;E) *<u>Use of Estimates</u>.* The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates
 and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
 date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting
 period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F) *Reclassification of Capital Accounts*. U.S. 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 NAV per share. For the year ended September
 30, 2025, distributable earnings were adjusted $70 and Paid-in Capital was adjusted $(70) due to redemptions in kind.

&nbsp;&nbsp;&nbsp;&nbsp;G) *<u>Security Transactions and Income</u>.* Security transactions are recorded on trade date. Dividend income is recognized on the ex-dividend
 date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of
 discounts. Net realized gains and losses from sales of securities are determined using the specific identification method.

&nbsp;&nbsp;&nbsp;&nbsp;H) *<u>Segment Reporting</u>.* The Fund operates in one segment. The segment derives its revenues from the Fund's investments made in accordance
 with the defined investment strategy of the Fund, as prescribed in the Fund prospectus. The chief operating decision maker ("CODM")
 monitors the operating results of the Fund. The Fund's CODM is the President of the Trust.

The financial information the CODM leverages to assess the segment's performance and to make decisions for the Fund's single segment is consistent with that presented within the Fund's financial statements.

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Management** 

The Adviser acts as the Fund's investment adviser pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement").

Under the Investment Advisory Agreement, the Adviser bears all of the ordinary operating expenses of the Fund, except for (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Fund incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) Acquired Fund Fees and Expenses (as such term is defined in Form N-1A as promulgated by the Securities and Exchange Commission ("SEC")) and expenses of other pooled investment vehicles and expenses relating to creation and redemption transactions; (iv) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (v) the advisory fee payable to the Adviser; and (vi) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the Independent Trustees).

Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a management fee at an annual rate of 0.45% based on the Fund's average daily net assets. For the period ended March 31, 2026 the Fund incurred $26,173 in investment advisory fees.

**Administrator, Custodian, Transfer Agent and Accounting Agent** 

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Fund's administrator and, in that capacity performs various administrative and accounting services for the Fund. Fund Services also serves as the Fund's fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

and materials to be supplied to the trustees; monitors the activities of the Fund's custodian, transfer agent and accountants; reviews the Fund's advisory fee expense accrual and coordinates the preparation and payment of the advisory fee. U.S. Bank, N.A. ("U.S. Bank"), an affiliate of Fund Services, serves as the Fund's custodian (the "Custodian"). As of March 31, 2026, there were no fees incurred by the Fund for the services provided by the service providers described above as the Adviser bore all such costs.

4. DISTRIBUTION AND FUND OFFICERS

Foreside Fund Services, LLC ("Distributor") serves as the distributor of Creation Units for the Fund. The Distributor serves as the principal underwriter for shares of the Fund, and acts as the Fund's distributor in a continuous public offering of the Fund's shares. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Foreside Fund Officer Services, LLC provides the Trust with a chief compliance officer and principal financial officer.

5. PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  |
| Build Bond Innovation ETF  | 5,798,504  | 3,328,698 |

---

During the current fiscal year, the values of the in-kind security transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Subscriptions**  | **Redemptions**  |
| Build Bond Innovation ETF  | &nbsp;&nbsp; 599,004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the current fiscal year, there were no realized gains or losses of the in-kind security transactions.

6. RELATED PARTIES

As of March 31, 2026, certain officers and trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor. These officers and trustees do not receive compensation from the Trust for serving as officers and/or trustees.

7. SHARE TRANSACTIONS

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. The consideration for the purchase of Creation Units of a fund in the Fund generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee of $500 and a redemption transaction fee of $500 directly to the Custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the Fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. The Adviser, subject to the approval of the Board, may adjust or waive the transaction fee from time to time. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for the shares may be different from their NAV. The Fund will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 25,000 shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. 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 either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System ("Clearing Process") of the National Securities Clearing Corporation or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Distributor. Retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Fund. Rather, retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. The Fund does not have information concerning the beneficial ownership of shares held in the names of DTC participants.

9. GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust's organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Fund's maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Fund. The Adviser is of the view that the risk of loss to the Fund in connection with the Fund indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Fund.

10. PRINCIPAL RISKS

Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

Options Risk. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash in an amount based on an underlying asset, rate, or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases a call option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price. When the Fund purchases a put option, it may lose the total premium paid for it if the price of the underlying security or other assets increased, remained the same or failed to decrease to a level at or below the exercise price. If an option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

U.S. Government Obligations Risk. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

Portfolio Turnover Risk. Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may negatively affect the Fund's performance.

11. SUBSEQUENT EVENTS

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition of disclosure in the Fund's financial statements, except for the following:

On April 30, 2026, the Fund paid a distribution from ordinary income of $37,261 to shareholders of record as of April 29, 2026.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUILD FUNDS TRUST** 

**ADDITIONAL INFORMATION** 

**AVAILABILITY OF PROXY VOTING RECORDS**

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, (i) by calling (833) 852-8453; (ii) on or through the Fund's website at https://getbuilding.com/etfs/bfix/; and (iii) on the SEC's website at http://www.sec.gov.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

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

**Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies**

The aggregate compensation paid to the Independent Trustees, as defined under the 1940 Act, for the period ended March 31, 2026 was $12,500.

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11: Statement Regarding basis for Approval of Investment Advisory Contract**

Not applicable as the investment advisory contract was not approved during the reporting period.

17<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<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 directors.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* **Not Applicable** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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)).* **Filed herewith.**](bsa-efp24232_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to open-end investment companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange
 Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not
 previously disclosed, the information should relate to events occurring during the reporting period. **Not applicable to open-end investment companies and ETFs.** 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bsa-efp24232_ex99906cert.htm)

**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.

(Registrant) Build Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John Ruth |
|  | John Ruth, Principal Executive Officer |

---

Date <u>6/5/26</u>

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.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John Ruth |
|  | John Ruth, Principal Executive Officer |

---

Date <u>6/5/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Clem Sell |
|  | Clem Sell, Principal Financial Officer |

---

Date <u>6/8/26</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

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

I, John Ruth, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Build Funds Trust;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 6/5/26 | /s/ John Ruth |
|  |  | John Ruth |
|  |  | Principal Executive Officer |

---

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

I, Clem Sell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Build Funds Trust;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 6/8/26 | /s/ Clem Sell |
|  |  | Clem Sell |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<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 Build Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Build Funds Trust for the period ended March 31, 2026 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 Build Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ John Ruth | /s/ Clem Sell |
| John Ruth | Clem Sell |
| Principal Executive Officer<br> Build Funds Trust | Principal Financial Officer<br> Build Funds Trust |

---

Dated: <u>6/5/26</u> Dated: <u>6/8/26</u>

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 Build Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.