# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-001476
**Filing Date:** 2025-6
**Character Count:** 207457
**Document Hash:** 86b11ca0a79e3f41cba116c6781d974e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-001476.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001592900-25-001476

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251026325

**BUSINESS ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083

**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 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'? ck0001592900-20250331

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>811-22961</u>**

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

(Exact name of registrant as specified in charter)

**<u>19 E. Eagle Road</u>**

**<u>Havertown, PA 19083</u>**

(Address of principal executive offices) (Zip code)

**<u>19 E. Eagle Road</u>**

**<u>Havertown, PA 19083</u>**

(Name and address of agent for service)

**<u>(215) 330-4476</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>March 31, 2025</u>**

------

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

(a) ------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval |

---

**This semi-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 March 31, 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) 330-4476.**<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** |
| $14 | 0.29% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $358895347 | **Portfolio Turnover Rate\*** | 193% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $548224 |
| \*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)** |
| Consumer Discretionary | 22.0% |
| Industrials | 21.8% |
| Consumer Staples | 12.1% |
| Communication Services | 10.1% |
| Energy | 10.0% |
| Health Care | 8.0% |
| Information Technology | 7.9% |
| Materials | 6.0% |
| Utilities | 2.0% |
| Cash and Cash Equivalents | 0.1% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Fox Corp. - Class A | 2.1% |
| Urban Outfitters, Inc. | 2.1% |
| Altria Group, Inc. | 2.1% |
| Nexstar Media Group, Inc. | 2.0% |
| TechnipFMC PLC | 2.0% |
| Snap-on, Inc. | 2.0% |
| Match Group, Inc. | 2.0% |
| NOV, Inc. | 2.0% |
| Tenet Healthcare Corp. | 2.0% |
| H&R Block, 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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival |

---

**This semi-annual shareholder report contains important information about the Alpha Architect International Quantitative Value ETF (the "Fund") for the period of October 1, 2024 to March 31, 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) 330-4476.** <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** |
| $19 | 0.39% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $137894099 | **Portfolio Turnover Rate\*** | 133% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $265277 |
| \*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)** |
| Industrials | 27.0% |
| Consumer Discretionary | 22.9% |
| Materials | 11.8% |
| Energy | 10.3% |
| Consumer Staples | 9.8% |
| Utilities | 8.4% |
| Information Technology | 2.1% |
| Real Estate | 1.9% |
| Health Care | 1.9% |
| Communication Services | 1.9% |
| Cash and Cash Equivalents | 2.0% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Equinor ASA | 2.3% |
| Eiffage SA | 2.3% |
| Mitsubishi Electric Corp. | 2.3% |
| Evolution Mining Ltd. | 2.2% |
| Enel SpA | 2.2% |

---

---

| | |
|:---|:---|
| **COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Japan | 44.7% |
| United Kingdom | 15.8% |
| France | 6.3% |
| Italy | 6.1% |
| Australia | 5.8% |
| Germany | 4.0% |
| Norway | 3.9% |
| Finland | 2.1% |
| Portugal | 2.1% |
| Denmark | 2.0% |
| China | 1.9% |
| Singapore | 1.9% |
| Israel | 1.4% |
| United States | 0.4% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/ival. You can also request information by calling (215) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom |

---

**This semi-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 March 31, 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) 330-4476.**<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** |
| $14 | 0.29% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $297310476 | **Portfolio Turnover Rate\*** | 245% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $434165 |
| \*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 | 15.7% |
| Financials | 15.7% |
| Information Technology | 15.4% |
| Communication Services | 13.7% |
| Consumer Staples | 9.9% |
| Energy | 9.8% |
| Consumer Discretionary | 5.9% |
| Utilities | 3.9% |
| Materials | 3.9% |
| Industrials | 3.8% |
| Real Estate | 2.0% |
| Cash and Cash Equivalents | 0.3% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Corcept Therapeutics, Inc. | 4.1% |
| Fox Corp. - Class A | 2.0% |
| Sprouts Farmers Market, Inc. | 2.0% |
| Walmart, Inc. | 2.0% |
| TKO Group Holdings, Inc. | 2.0% |
| Philip Morris International, Inc. | 2.0% |
| Fiserv, Inc. | 2.0% |
| Unum Group | 2.0% |
| Garmin Ltd. | 2.0% |
| Targa Resources Corp. | 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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom |

---

**This semi-annual shareholder report contains important information about the Alpha Architect International Quantitative Momentum ETF (the "Fund") for the period of October 1, 2024 to March 31, 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) 330-4476.**<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 | 0.39% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $94083817 | **Portfolio Turnover Rate\*** | 193% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $160317 |
| \*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)** |
| Financials | 28.3% |
| Industrials | 27.0% |
| Consumer Discretionary | 14.9% |
| Health Care | 8.8% |
| Communication Services | 7.7% |
| Information Technology | 7.3% |
| Consumer Staples | 2.1% |
| Energy | 2.0% |
| Investments Purchased with Proceeds from Securities Lending | 1.6% |
| Cash and Cash Equivalents | 0.3% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Rheinmetall AG | 2.8% |
| Kongsberg Gruppen ASA | 2.4% |
| Leonardo SpA | 2.4% |
| Kawasaki Heavy Industries Ltd. | 2.3% |
| Jungheinrich AG, 0.00% | 2.3% |

---

---

| | |
|:---|:---|
| **COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Japan | 25.3% |
| Germany | 17.3% |
| Australia | 12.4% |
| Italy | 10.5% |
| United Kingdom | 7.9% |
| Israel | 5.1% |
| Singapore | 4.1% |
| Sweden | 3.7% |
| United States | 2.5% |
| Norway | 2.4% |
| Spain | 2.3% |
| Belgium | 1.9% |
| Netherlands | 1.9% |
| Switzerland | 1.7% |
| Hong Kong | 1.6% |

---

**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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_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 | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |
| ![Alpha Architect300.jpg](ck0001592900-20250331_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 | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |

---

**This semi-annual shareholder report contains important information about the Alpha Architect Global Factor Equity ETF (the "Fund") for the period of October 1, 2024 to March 31, 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) 330-4476. 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** |
| $16 | 0.33% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $18661370 | **Advisory Fees** | $34452 |
| **# of Portfolio Holdings** | 5 | **Fees Waived and/or Expenses Reimbursed** | (6188) |
| **Portfolio Turnover Rate\*** | 13% | **Net Advisory Fees Paid** | $28264 |
| \*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)** |
| Momentum ETFs | 54.3% |
| Value ETFs | 45.4% |
| Investments Purchased with Proceeds from Securities Lending | 0.9% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Alpha Architect US Quantitative Momentum ETF | 34.4% |
| Alpha Architect US Quantitative Value ETF | 29.9% |
| Alpha Architect International Quantitative Momentum ETF | 19.9% |
| Alpha Architect International Quantitative Value ETF | 15.5% |

---

**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) 330-4476.

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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide |

---

**This semi-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 March 31, 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) 330-4476.**<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** |
| $14 | 0.29% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $37794876 | **Advisory Fees** | $48622 |
| **# of Portfolio Holdings** | 5 | **Fees Waived and/or Expenses Reimbursed** | (8759) |
| **Portfolio Turnover Rate\*** | 93% | **Net Advisory Fees Paid** | $39863 |
| \*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)** |
| Intermediate US Treasuries | 50.5% |
| Commodities | 25.4% |
| Real Estate | 23.4% |
| Cash and Cash Equivalents | 0.7% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Schwab Intermediate-Term U.S. Treasury ETF | 25.5% |
| GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF | 25.4% |
| United States Treasury Bill, 4.11%, 09/04/2025 | 25.0% |
| Vanguard Real Estate ETF | 23.4% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/hide. You can also request information by calling (215) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos |

---

**This semi-annual shareholder report contains important information about the Alpha Architect Tail Risk ETF (the "Fund") for the period of October 1, 2024 to March 31, 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) 330-4476.**<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** |
| $32 | 0.63% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $342618292 | **Advisory Fees** | $935435 |
| **# of Portfolio Holdings** | 19 | **Fees Waived and/or Expenses Reimbursed** | (10065) |
| **Portfolio Turnover Rate\*** | 48% | **Net Advisory Fees Paid** | $925370 |
| \*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 | 128.8% |
| Written Options | (28.8)% |

---

**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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxx |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxx |

---

**This semi-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 March 31, 2025, (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/boxx. You can also request this information by contacting us at (215) 330-4476.**<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** |
| $14 | 0.28% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $5767906416 | **Advisory Fees** | $6449826 |
| **# of Portfolio Holdings** | 11 | **Fees Waived and/or Expenses Reimbursed** | (1881719) |
| **Portfolio Turnover Rate\*** | 0% | **Net Advisory Fees Paid** | $4568107 |
| \*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 | 100.1% |
| Written Options | (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/boxx. You can also request information by calling (215) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |
| ![Alpha Architect300.jpg](ck0001592900-20250331_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2025<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |

---

**This semi-annual shareholder report contains important information about the Alpha Architect Aggregate Bond ETF (the "Fund") for the period of December 17, 2024 to March 31, 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) 330-4476 .**<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** |
| $9 | 0.30% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $8172375 | **Portfolio Turnover Rate\*** | 0% |
| **# of Portfolio Holdings** | 10 | **Advisory Fees** | $3115 |
| \*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 | 122.1% |
| Written Options | (23.3)% |

---

**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) 330-4476.

**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.

Semi-Annual Shareholder Report: March 31, 2025

------

(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>**

(a) ------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.9%** | **Shares** | **Value** |
| **Agricultural & Farm Machinery - 2.0%** | | |
| CNH Industrial NV | 583531 | $7165761 |
| **Agricultural Products & Services - 2.0%** |  |  |
| Ingredion, Inc. | 52904 | 7153150 |
| **Apparel Retail - 6.1%** |  |  |
| Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 93841 | 7166637 |
| Gap, Inc. | 351127 | 7236727 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 140854 | 7380750 |
|  |  | 21784114 |
| **Automotive Retail - 2.0%** |  |  |
| Lithia Motors, Inc. | 24668 | 7241045 |
| **Biotechnology - 2.0%** |  |  |
| United Therapeutics Corp. <sup>(a)</sup> | 23287 | 7178683 |
| **Brewers - 2.0%** |  |  |
| Molson Coors Beverage Co. - Class B | 117867 | 7174564 |
| **Broadcasting - 4.1%** |  |  |
| Fox Corp. - Class A | 130441 | 7382960 |
| Nexstar Media Group, Inc. | 40640 | 7283501 |
|  |  | 14666461 |
| **Broadline Retail - 1.9%** |  |  |
| Macy's, Inc. | 558330 | 7012625 |
| **Cable & Satellite - 2.0%** |  |  |
| Comcast Corp. - Class A | 193274 | 7131811 |
| **Construction & Engineering - 2.0%** |  |  |
| EMCOR Group, Inc. | 19215 | 7102440 |
| **Construction Machinery & Heavy Transportation Equipment - 5.9%** |  |  |
| Allison Transmission Holdings, Inc. | 73966 | 7076327 |
| Caterpillar, Inc. | 21611 | 7127308 |
| Oshkosh Corp. | 76148 | 7164004 |
|  |  | 21367639 |
| **Consumer Staples Merchandise Retail - 2.0%** |  |  |
| Target Corp. | 68337 | 7131649 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.9% (CONTINUED)** | **Shares** | **Value** |
| **Data Processing & Outsourced Services - 2.0%** | | |
| Maximus, Inc. | 105050 | $7163360 |
| **Electric Utilities - 2.0%** |  |  |
| NRG Energy, Inc. | 74700 | 7130862 |
| **Electrical Components & Equipment - 1.9%** |  |  |
| NEXTracker, Inc. - Class A <sup>(a)</sup> | 166013 | 6995788 |
| **Footwear - 4.0%** |  |  |
| Crocs, Inc. <sup>(a)</sup> | 67275 | 7144605 |
| Skechers USA, Inc. - Class A <sup>(a)</sup> | 125869 | 7146842 |
|  |  | 14291447 |
| **Gold - 2.0%** |  |  |
| Newmont Corp. | 147395 | 7116231 |
| **Health Care Facilities - 4.0%** |  |  |
| Tenet Healthcare Corp. <sup>(a)</sup> | 53940 | 7254930 |
| Universal Health Services, Inc. - Class B | 38140 | 7166506 |
|  |  | 14421436 |
| **Industrial Machinery & Supplies & Components - 2.0%** |  |  |
| Snap-on, Inc. | 21591 | 7276383 |
| **Integrated Telecommunication Services - 2.0%** |  |  |
| Verizon Communications, Inc. | 158165 | 7174364 |
| **Interactive Media & Services - 2.0%** |  |  |
| Match Group, Inc. | 232820 | 7263984 |
| **Leisure Products - 4.0%** |  |  |
| Mattel, Inc. <sup>(a)</sup> | 370040 | 7189877 |
| YETI Holdings, Inc. <sup>(a)</sup> | 215595 | 7136195 |
|  |  | 14326072 |
| **Metal, Glass & Plastic Containers - 2.0%** |  |  |
| Crown Holdings, Inc. | 81219 | 7249608 |
| **Oil & Gas Equipment & Services - 6.0%** |  |  |
| NOV, Inc. | 476723 | 7255724 |
| Schlumberger NV | 169698 | 7093377 |
| TechnipFMC PLC | 229773 | 7281506 |
|  |  | 21630607 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.9% (CONTINUED)** | **Shares** | **Value** |
| **Oil & Gas Exploration & Production - 4.0%** | | |
| Hess Corp. | 44881 | $7168842 |
| Permian Resources Corp. | 522626 | 7238370 |
|  |  | 14407212 |
| **Packaged Foods & Meats - 4.0%** |  |  |
| Cal-Maine Foods, Inc. | 78058 | 7095472 |
| Hershey Co. | 41917 | 7169065 |
|  |  | 14264537 |
| **Passenger Airlines - 2.0%** |  |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 101926 | 7037990 |
| **Pharmaceuticals - 2.0%** |  |  |
| Merck & Co., Inc. | 79512 | 7136997 |
| **Research & Consulting Services - 4.0%** |  |  |
| Booz Allen Hamilton Holding Corp. | 67589 | 7068457 |
| Leidos Holdings, Inc. | 52869 | 7134143 |
|  |  | 14202600 |
| **Semiconductors - 3.9%** |  |  |
| Cirrus Logic, Inc. <sup>(a)</sup> | 71242 | 7099622 |
| First Solar, Inc. <sup>(a)</sup> | 55463 | 7012187 |
|  |  | 14111809 |
| **Specialized Consumer Services - 4.0%** |  |  |
| ADT, Inc. | 880536 | 7167563 |
| H&R Block, Inc. | 132052 | 7250975 |
|  |  | 14418538 |
| **Specialty Chemicals - 2.0%** |  |  |
| Eastman Chemical Co. | 81971 | 7222465 |
| **Technology Distributors - 2.0%** |  |  |
| TD SYNNEX Corp. | 68329 | 7103483 |
| **Technology Hardware, Storage & Peripherals - 2.0%** |  |  |
| Western Digital Corp. <sup>(a)</sup> | 174230 | 7044119 |
| **Tobacco - 2.1%** |  |  |
| Altria Group, Inc. | 122920 | 7377658 |
| **TOTAL COMMON STOCK**S (Cost $365,087,541) |  | 358477492 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 0.1%** | **Shares** | **Value** |
| **Money Market Funds - 0.1%** | | |
| First American Government Obligations Fund - Class X, 4.27% <sup>(b)</sup> | 295891 | $295891 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $295,891) |  | 295891 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $365,383,432**)** |  | $358773383 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> |  | 121964 |
| **TOTAL NET ASSETS - 100.0%** |  | $358895347 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

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 INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.0%** | **Shares** | **Value** |
| **Australia - 5.8%** | | |
| BHP Group Ltd. | 103063 | $2460045 |
| Evolution Mining Ltd. | 692832 | 3078041 |
| Woodside Energy Group Ltd. | 165382 | 2389203 |
|  |  | 7927289 |
| **China - 1.9%** |  |  |
| Yangzijiang Shipbuilding Holdings Ltd. | 1503592 | 2652311 |
| **Denmark - 2.0%** |  |  |
| AP Moller - Maersk AS - Class B | 1557 | 2704579 |
| **Finland - 2.1%** |  |  |
| Nokia Oyj | 558878 | 2924892 |
| **France - 6.3%** |  |  |
| Eiffage SA | 27084 | 3140925 |
| Engie SA | 151465 | 2953765 |
| Renault SA | 52716 | 2653442 |
|  |  | 8748132 |
| **Germany - 4.0%** |  |  |
| Deutsche Post AG | 69000 | 2945599 |
| TUI AG <sup>(a)</sup> | 375180 | 2559862 |
|  |  | 5505461 |
| **Israel - 1.4%** |  |  |
| ZIM Integrated Shipping Services Ltd. | 132984 | 1940237 |
| **Italy - 6.1%** |  |  |
| Buzzi SpA | 59812 | 2859925 |
| Enel SpA | 369951 | 2999019 |
| Pirelli & C SpA <sup>(b)</sup> | 432739 | 2561405 |
|  |  | 8420349 |
| **Japan - 44.7%**<sup>(c)</sup> |  |  |
| Amada Co. Ltd. | 276018 | 2663751 |
| Asahi Kasei Corp. | 398241 | 2779908 |
| Bridgestone Corp. | 68213 | 2726428 |
| Daito Trust Construction Co. Ltd. | 26094 | 2664375 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.0% (CONTINUED)** | **Shares** | **Value** |
| **Japan - 44.7%**<sup>(c)</sup> **(Continued)**  | | |
| Denso Corp. | 205703 | $2528944 |
| Hitachi Construction Machinery Co. Ltd. | 103375 | 2720322 |
| Honda Motor Co. Ltd. | 288936 | 2586150 |
| Komatsu Ltd. | 87426 | 2509876 |
| MEIJI Holdings Co. Ltd. | 130241 | 2822077 |
| Mitsubishi Electric Corp. | 171827 | 3116004 |
| Nexon Co. Ltd. | 187845 | 2554862 |
| Niterra Co. Ltd. | 91260 | 2750760 |
| Nitto Denko Corp. | 135344 | 2467937 |
| Persol Holdings Co. Ltd. | 1702519 | 2813884 |
| Sekisui Chemical Co. Ltd. | 159980 | 2713975 |
| Shimamura Co. Ltd. | 47125 | 2690389 |
| Shionogi & Co. Ltd. | 176322 | 2640304 |
| Subaru Corp. | 141651 | 2497946 |
| Suntory Beverage & Food Ltd. | 84308 | 2781225 |
| Suzuki Motor Corp. | 217222 | 2621320 |
| Toyota Tsusho Corp. | 159639 | 2653377 |
| Yamaha Motor Co. Ltd. | 324102 | 2575702 |
| Yokohama Rubber Co. Ltd. | 121938 | 2798257 |
|  |  | 61677773 |
| **Norway - 3.9%** |  |  |
| Equinor ASA | 118787 | 3146178 |
| Golden Ocean Group Ltd. | 274873 | 2193487 |
|  |  | 5339665 |
| **Portugal - 2.1%** |  |  |
| Galp Energia SGPS SA | 163618 | 2871422 |
| **Singapore - 1.9%** |  |  |
| Hafnia Ltd. | 640670 | 2630713 |
| **United Kingdom - 15.8%** |  |  |
| Associated British Foods PLC | 113108 | 2790662 |
| Centrica PLC | 1442109 | 2782171 |
| easyJet PLC | 426362 | 2435992 |
| Imperial Brands PLC | 76709 | 2838909 |
| Johnson Matthey PLC | 150104 | 2567206 |
| Shell PLC | 81610 | 2978121 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.0% (CONTINUED)** | **Shares** | **Value** |
| **United Kingdom - 15.8% (Continued)** | | |
| SSE PLC | 141550 | $2914598 |
| Tesco PLC | 565713 | 2428326 |
|  |  | 21735985 |
| **TOTAL COMMON STOCK**S (Cost $133,299,472) |  | 135078808 |
| **SHORT-TERM INVESTMENTS - 0.4%** |  |  |
| **Money Market Funds - 0.4%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 548609 | 548609 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $548,609) |  | 548609 |
| **TOTAL INVESTMENTS - 98.4% (**Cost $133,848,081**)** |  | $135627417 |
| Other Assets in Excess of Liabilities - 1.6% |  | 2266682 |
| **TOTAL NET ASSETS - 100.0%** |  | $137894099 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement <br> PLC - Public Limited Company

(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 March 31, 2025, the value of these securities total $2,561,405 or 1.9% 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 the country or region.

(d) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **Aerospace & Defense - 1.9%** | | |
| Howmet Aerospace, Inc. | 44551 | $5779601 |
| **Application Software - 5.8%** |  |  |
| Fair Isaac Corp. <sup>(a)</sup> | 3152 | 5812792 |
| Guidewire Software, Inc. <sup>(a)</sup> | 30801 | 5770875 |
| InterDigital, Inc. | 27430 | 5671153 |
|  |  | 17254820 |
| **Asset Management & Custody Banks - 3.9%** |  |  |
| Bank of New York Mellon Corp. | 69553 | 5833410 |
| StepStone Group, Inc. - Class A | 110832 | 5788755 |
|  |  | 11622165 |
| **Biotechnology - 5.8%** |  |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | 286307 | 5680331 |
| Gilead Sciences, Inc. | 51490 | 5769455 |
| Natera, Inc. <sup>(a)</sup> | 40198 | 5684399 |
|  |  | 17134185 |
| **Broadcasting - 2.0%** |  |  |
| Fox Corp. - Class A | 105659 | 5980299 |
| **Cable & Satellite - 2.0%** |  |  |
| EchoStar Corp. - Class A <sup>(a)</sup> | 229502 | 5870661 |
| **Communications Equipment - 2.0%** |  |  |
| F5, Inc. <sup>(a)</sup> | 21905 | 5832644 |
| **Consumer Electronics - 2.0%** |  |  |
| Garmin Ltd. | 27097 | 5883572 |
| **Consumer Staples Merchandise Retail - 2.0%** |  |  |
| Walmart, Inc. | 67782 | 5950582 |
| **Diversified Financial Services - 2.0%** |  |  |
| Equitable Holdings, Inc. | 112334 | 5851478 |
| **Electric Utilities - 3.9%** |  |  |
| Entergy Corp. | 68349 | 5843156 |
| NRG Energy, Inc. | 60608 | 5785640 |
|  |  | 11628796 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Electronic Components - 1.9%** | | |
| Corning, Inc. | 126354 | $5784486 |
| **Food Retail - 2.0%** |  |  |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 39041 | 5959218 |
| **Health Care Equipment - 3.9%** |  |  |
| Boston Scientific Corp. <sup>(a)</sup> | 58202 | 5871418 |
| Globus Medical, Inc. - Class A <sup>(a)</sup> | 80012 | 5856878 |
|  |  | 11728296 |
| **Health Care Technology - 1.9%** |  |  |
| Doximity, Inc. - Class A <sup>(a)</sup> | 99628 | 5781413 |
| **Hotels, Resorts & Cruise Lines - 1.9%** |  |  |
| Royal Caribbean Cruises Ltd. | 27795 | 5710205 |
| **Interactive Home Entertainment - 1.9%** |  |  |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 97888 | 5705892 |
| **Internet Services & Infrastructure - 1.9%** |  |  |
| Twilio, Inc. - Class A <sup>(a)</sup> | 58527 | 5730379 |
| **Investment Banking & Brokerage - 3.9%** |  |  |
| Goldman Sachs Group, Inc. | 10647 | 5816350 |
| Interactive Brokers Group, Inc. - Class A | 35104 | 5812871 |
|  |  | 11629221 |
| **Life & Health Insurance - 2.0%** |  |  |
| Unum Group | 72286 | 5888418 |
| **Movies & Entertainment - 5.8%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 6177 | 5760238 |
| Spotify Technology SA <sup>(a)</sup> | 10266 | 5646608 |
| TKO Group Holdings, Inc. | 38867 | 5939266 |
|  |  | 17346112 |
| **Oil & Gas Exploration & Production - 2.0%** |  |  |
| Texas Pacific Land Corp. | 4405 | 5836581 |
| **Oil & Gas Storage & Transportation - 7.8%** |  |  |
| DT Midstream, Inc. | 59810 | 5770469 |
| Kinder Morgan, Inc. | 203803 | 5814499 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation - 7.8% (Continued)** | | |
| Targa Resources Corp. | 29329 | $5879585 |
| Williams Cos., Inc. | 97553 | 5829767 |
|  |  | 23294320 |
| **Packaged Foods & Meats - 1.9%** |  |  |
| Cal-Maine Foods, Inc. | 63309 | 5754788 |
| **Paper & Plastic Packaging Products & Materials - 2.0%** |  |  |
| International Paper Co. | 108812 | 5805120 |
| **Pharmaceuticals - 4.1%** |  |  |
| Corcept Therapeutics, Inc. <sup>(a)</sup> | 106263 | 12137360 |
| **Real Estate Services - 2.0%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 44757 | 5853320 |
| **Restaurants - 2.0%** |  |  |
| Brinker International, Inc. <sup>(a)</sup> | 39210 | 5844250 |
| **Soft Drinks & Non-alcoholic Beverages - 2.0%** |  |  |
| Primo Brands Corp. | 164351 | 5832817 |
| **Steel - 1.9%** |  |  |
| Carpenter Technology Corp. | 31808 | 5762973 |
| **Systems Software - 3.8%** |  |  |
| Commvault Systems, Inc. <sup>(a)</sup> | 35671 | 5627457 |
| Fortinet, Inc. <sup>(a)</sup> | 59980 | 5773675 |
|  |  | 11401132 |
| **Tobacco - 2.0%** |  |  |
| Philip Morris International, Inc. | 37372 | 5932058 |
| **Trading Companies & Distributors - 1.9%** |  |  |
| FTAI Aviation Ltd. | 51608 | 5730036 |
| **Transaction & Payment Processing Services - 3.9%** |  |  |
| Fiserv, Inc. <sup>(a)</sup> | 26707 | 5897707 |
| Shift4 Payments, Inc. - Class A <sup>(a)(b)</sup> | 68504 | 5597462 |
|  |  | 11495169 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Wireless Telecommunication Services - 2.0%** | | |
| T-Mobile US, Inc. | 21726 | $5794541 |
| **TOTAL COMMON STOCK**S (Cost $279,680,811) |  | 296526908 |
| **SHORT-TERM INVESTMENTS - 0.3%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 0.0%**<sup>(c)</sup> | **Investments Purchased with Proceeds from Securities Lending - 0.0%**<sup>(c)</sup> |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 112450 | 112450 |
| **Money Market Funds - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 750438 | 750438 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $862,888) |  | 862888 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $280,543,699**)** |  | $297389796 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> |  | (79320) |
| **TOTAL NET ASSETS - 100.0%** |  | $297310476 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $106,223, which represented 0.0% of net assets.

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

(d) The rate shown represents the 7-day annualized effective yield as of March 31, 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 INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.8%** | **Shares** | **Value** |
| **Australia - 12.4%** | | |
| Aristocrat Leisure Ltd. | 40894 | $1639204 |
| HUB24 Ltd. | 38909 | 1658589 |
| Insurance Australia Group Ltd. | 355099 | 1710727 |
| JB Hi-Fi Ltd. | 32720 | 1897923 |
| Pro Medicus Ltd. | 11536 | 1440144 |
| Qantas Airways Ltd. | 299130 | 1691552 |
| Telix Pharmaceuticals Ltd. <sup>(a)</sup> | 99905 | 1655532 |
|  |  | 11693671 |
| **Belgium - 1.9%** |  |  |
| UCB SA | 10090 | 1775659 |
| **Germany - 15.0%** |  |  |
| Commerzbank AG | 87017 | 1973104 |
| Deutsche Bank AG | 88845 | 2096212 |
| MTU Aero Engines AG | 5447 | 1886522 |
| Rheinmetall AG | 1811 | 2582919 |
| SAP SE | 6865 | 1814217 |
| Siemens Energy AG <sup>(a)</sup> | 33337 | 1940792 |
| Zalando SE <sup>(a)(b)</sup> | 52283 | 1795513 |
|  |  | 14089279 |
| **Hong Kong - 1.6%** |  |  |
| SUNeVision Holdings Ltd. | 1680553 | 1479389 |
| **Israel - 5.1%** |  |  |
| Bank Hapoalim BM | 137927 | 1857573 |
| Global-e Online Ltd. <sup>(a)</sup> | 44029 | 1569634 |
| ZIM Integrated Shipping Services Ltd. | 91628 | 1336852 |
|  |  | 4764059 |
| **Italy - 10.5%** |  |  |
| Intesa Sanpaolo SpA | 382859 | 1959813 |
| Leonardo SpA | 45836 | 2221892 |
| Poste Italiane SpA <sup>(b)</sup> | 118224 | 2100345 |
| Prysmian SpA | 31845 | 1734101 |
| Saipem SpA <sup>(a)</sup> | 809028 | 1872957 |
|  |  | 9889108 |
| **Japan - 25.3%**<sup>(c)</sup> |  |  |
| Asics Corp. | 83676 | 1754524 |
| DeNA Co. Ltd. <sup>(a)(d)</sup> | 71353 | 1669771 |
| Kawasaki Heavy Industries Ltd. | 36394 | 2166315 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.8% (CONTINUED)** | **Shares** | **Value** |
| **Japan - 25.3%**<sup>(c)</sup> **(Continued)** | | |
| Mizuho Financial Group, Inc. | 66544 | $1797251 |
| NS Solutions Corp. | 71623 | 1830806 |
| Obayashi Corp. | 139907 | 1850627 |
| Rakuten Bank Ltd. <sup>(a)</sup> | 49329 | 2116026 |
| Recruit Holdings Co. Ltd. | 30608 | 1562541 |
| Round One Corp. | 248605 | 1632615 |
| Sanrio Co. Ltd. | 44278 | 2028068 |
| SBI Sumishin Net Bank Ltd. | 66284 | 1796416 |
| Sompo Holdings, Inc. | 62752 | 1891471 |
| Tomy Co. Ltd. | 75419 | 1742798 |
|  |  | 23839229 |
| **Netherlands - 1.9%** |  |  |
| Argenx SE <sup>(a)</sup> | 3024 | 1767687 |
| **Norway - 2.4%** |  |  |
| Kongsberg Gruppen ASA | 15421 | 2249968 |
| **Singapore - 4.1%** |  |  |
| Sea Ltd. - ADR <sup>(a)</sup> | 14974 | 1953957 |
| Singapore Telecommunications Ltd. | 763876 | 1950128 |
|  |  | 3904085 |
| **Spain - 2.3%** |  |  |
| CaixaBank SA | 273939 | 2125019 |
| **Sweden - 3.7%** |  |  |
| Spotify Technology SA <sup>(a)</sup> | 3184 | 1751295 |
| Telefonaktiebolaget LM Ericsson - Class B | 228548 | 1766212 |
|  |  | 3517507 |
| **Switzerland - 1.7%** |  |  |
| Galderma Group AG <sup>(a)</sup> | 15552 | 1644852 |
| **United Kingdom - 7.9%** |  |  |
| 3i Group PLC | 37464 | 1749939 |
| HSBC Holdings PLC | 160685 | 1813918 |
| Imperial Brands PLC | 52984 | 1960875 |
| Rolls-Royce Holdings PLC <sup>(a)</sup> | 195954 | 1895904 |
|  |  | 7420636 |
| **TOTAL COMMON STOCK**S (Cost $85,200,617) |  | 90160148 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS - 2.3%** | **Shares** | **Value** |
| **Germany - 2.3%** | | |
| Jungheinrich AG | 62261 | $2159723 |
| **TOTAL PREFERRED STOCK**S (Cost $1,919,135) |  | 2159723 |
| **SHORT-TERM INVESTMENTS - 2.5%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 1.6%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(e)</sup> | 1551149 | 1551149 |
| **Money Market Funds - 0.9%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(e)</sup> | 798555 | 798555 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,349,704) |  | 2349704 |
| **TOTAL INVESTMENTS - 100.6% (**Cost $89,469,456**)** |  | $94669575 |
| Liabilities in Excess of Other Assets - (0.6)% |  | (585758) |
| **TOTAL NET ASSETS - 100.0%** |  | $94083817 |

---

Percentages are stated as a percent of net assets.

---

| |
|:---|
| ADR - American Depositary Receipt |
| ASA - Advanced Subscription Agreement |
| PLC - Public Limited Company |

---

(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 March 31, 2025, the value of these securities total $3,895,858 or 4.1% 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 the country or region.

(d) All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $1,394,963, which represented 1.5% of net assets.

(e) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT GLOBAL FACTOR EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.6%** <sup>(a)</sup> | **Shares** | **Value** |
| Alpha Architect International Quantitative Momentum ETF | 131427 | $3707556 |
| Alpha Architect International Quantitative Value ETF | 113400 | 2896236 |
| Alpha Architect US Quantitative Momentum ETF <sup>(b)(c)</sup> | 107916 | 6410210 |
| Alpha Architect US Quantitative Value ETF <sup>(c)</sup> | 130718 | 5575123 |
| **TOTAL EXCHANGE TRADED FUND**S (Cost $17,196,697) | **TOTAL EXCHANGE TRADED FUND**S (Cost $17,196,697) | 18589125 |
| **SHORT-TERM INVESTMENTS - 1.3%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 0.9%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 165900 | 165900 |
| **Money Market Funds - 0.4%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 71683 | 71683 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $237,583) |  | 237583 |
| **TOTAL INVESTMENTS - 100.9% (**Cost $17,434,280**)** |  | $18826708 |
| Liabilities in Excess of Other Assets - (0.9)% |  | (165338) |
| **TOTAL NET ASSETS - 100.0%** |  | $18661370 |

---

Percentages are stated as a percent of net assets.

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

(b) All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $166,320, which represented 0.9% of net assets.

(c) 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.

(d) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT HIGH INFLATION AND DEFLATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 74.3%** | **Shares** | **Value** |
| GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF <sup>(a)</sup> | 441682 | $9584499 |
| Schwab Intermediate-Term U.S. Treasury ETF <sup>(a)</sup> | 387280 | 9627781 |
| Vanguard Real Estate ETF | 98136 | 8885234 |
| **TOTAL EXCHANGE TRADED FUND**S (Cost $27,326,587) |  | 28097514 |
| **SHORT-TERM INVESTMENTS - 25.7%** |  |  |
| **Money Market Funds - 0.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(b)</sup> | 259576 | 259576 |
| **U.S. Treasury Bills - 25.0%** | **<u>Par</u>** |  |
| 4.11%, 09/04/2025 <sup>(c)</sup> | $9612000 | 9441851 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,704,324) |  | 9701427 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $37,030,911**)** |  | $37798941 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(d)</sup> |  | (4065) |
| **TOTAL NET ASSETS - 100.0%** |  | $37794876 |

---

Percentages are stated as a percent of net assets.

(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 represents the 7-day annualized effective yield as of March 31, 2025.

(c) The rate shown is the annualized effective yield as of March 31, 2025.

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

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

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 128.8%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 5.3%** | |  | |
| Invesco QQQ Trust Series |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 03/31/2025; Exercise Price: $10,005.01 | 281352 | 6 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/30/2025; Exercise Price: $10,005.01 | 281352 | 6 | 60 |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10.01 | 18347992 | 328 | 17968496 |
| **Put Options - 123.5%** |  |  |  |
| Invesco QQQ Trust Series 1 |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 03/31/2025; Exercise Price: $15.01 | 281352 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/30/2025; Exercise Price: $15.01 | 281352 | 6 | 60 |
| S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/11/2025; Exercise Price: $5,700.00 | 7856590 | 14 | 185640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/17/2025; Exercise Price: $2,700.00 | 942790800 | 1680 | 33600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $2,700.00 | 1964147500 | 3500 | 253750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $11,000.00 | 120654775 | 215 | 113933875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $2,700.00 | 1960780390 | 3494 | 742475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 07/18/2025; Exercise Price: $2,700.00 | 2012409410 | 3586 | 1308890 |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10,010.01 | 18347992 | 328 | 306725264 |
| **TOTAL PURCHASED OPTION**S (Cost $440,300,563) | **TOTAL PURCHASED OPTION**S (Cost $440,300,563) |  | 441152110 |
| **SHORT-TERM INVESTMENTS - 0.1%** |  | **Shares** |  |
| **Money Market Funds - 0.1%** |  |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.27% <sup>(d)</sup> | 438749 | 438749 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $438,749) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $438,749) |  | 438749 |
| **TOTAL INVESTMENTS - 128.9% (**Cost $440,739,312**)** | **TOTAL INVESTMENTS - 128.9% (**Cost $440,739,312**)** |  | $441590859 |
| Liabilities in Excess of Other Assets - (28.9)% |  |  | (98972567) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $342618292 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

(d) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (28.8)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.1)%** | **Call Options - (0.1)%** | **Call Options - (0.1)%** | **Call Options - (0.1)%** |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $15.01 | $(281352) | (6) | $(272100) |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10,010.01 | (18347992) | (328) | (3280) |
| **Total Call Options** |  |  | (275380) |
| **Put Options - (28.7)%** | **Put Options - (28.7)%** | **Put Options - (28.7)%** | **Put Options - (28.7)%** |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $10,005.01 | (281352) | (6) | (5653686) |
| S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/11/2025; Exercise Price: $5,730.00 | (7856590) | (14) | (213710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $10,000.00 | (120654775) | (215) | (92559650) |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10.01 | (18347992) | (328) | (3280) |
| **Total Put Options** |  |  | (98430326) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $98,092,092) | **TOTAL WRITTEN OPTIONS** (Premiums received $98,092,092) |  | $(98705706) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT 1-3 MONTH BOX ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 100.1%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 5.5%** | | | | |
| Invesco QQQ Trust Series |  |  |  |  |
| Expiration: 03/31/2025; Exercise Price: $10,005.01 | $| 468920 | 10 | $— |
| Expiration: 06/30/2025; Exercise Price: $10,005.01 | 375136 | 375136 | 8 | 80 |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10.01 | 326292187 | 326292187 | 5833 | 319543406 |
| **Put Options - 94.6%** |  |  |  |  |
| Invesco QQQ Trust Series 1 |  |  |  |  |
| Expiration: 03/31/2025; Exercise Price: $15.01 | 468920 | 468920 | 10 |  |
| Expiration: 06/30/2025; Exercise Price: $15.01 | 375136 | 375136 | 8 | 80 |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10,010.01 | 326292187 | 326292187 | 5833 | 5454659954 |
| **TOTAL PURCHASED OPTION**S (Cost $5,760,391,492) | **TOTAL PURCHASED OPTION**S (Cost $5,760,391,492) | **TOTAL PURCHASED OPTION**S (Cost $5,760,391,492) |  | 5774203520 |
| **SHORT-TERM INVESTMENTS - 0.0%**<sup>(d)</sup> |  |  | **Shares** |  |
| **Money Market Funds - 0.0%**<sup>(d)</sup> |  |  |  |  |
| First American Government Obligations Fund - Class X, 4.27% <sup>(e)</sup> | First American Government Obligations Fund - Class X, 4.27% <sup>(e)</sup> | First American Government Obligations Fund - Class X, 4.27% <sup>(e)</sup> | 413225 | 413225 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $413,225) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $413,225) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $413,225) |  | 413225 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $5,760,804,717**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $5,760,804,717**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $5,760,804,717**)** |  | $5774616745 |
| Liabilities in Excess of Other Assets - (0.1)% |  |  |  | (6710329) |
| **TOTAL NET ASSETS - 100.0%** |  |  |  | $5767906416 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT 1-3 MONTH BOX ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.1)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.0)%** <sup>(c)</sup> | | | |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $15.01 | $(375136) | (8) | $(362800) |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10,010.01 | (326292187) | (5833) | (58330) |
| **Total Call Options** |  |  | (421130) |
| **Put Options - (0.1)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $10,005.01 | (375136) | (8) | (7538248) |
| SPDR S&P 500 ETF Trust, Expiration: 06/20/2025; Exercise Price: $10.01 | (326292187) | (5833) | (58330) |
| **Total Put Options** |  |  | (7596578) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $7,899,397) | **TOTAL WRITTEN OPTIONS** (Premiums received $7,899,397) |  | $(8017708) |

---

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.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT AGGREGATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 122.1%**<sup>(a)(b)(c)</sup> | **Notional Amount** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 111.0%** | | | | |
| iShares Core U.S. Aggregate Bond ETF, <br>&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $1.01 | $| 9199560 | 930 | $9020767 |
| SPDR S&P 500 ETF Trust |  |  |  |  |
| &nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $1,001.01 | 223756 | 223756 | 4 | 1 |
| &nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $10.01 | 55939 | 55939 | 1 | 54320 |
| **Put Options - 11.1%** |  |  |  |  |
| SPDR S&P 500 ETF Trust |  |  |  |  |
| &nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $1.01 | 223756 | 223756 | 4 |  |
| &nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $10,010.01 | 55939 | 55939 | 1 | 905103 |
| **TOTAL PURCHASED OPTION**S (Cost $9,926,054) | **TOTAL PURCHASED OPTION**S (Cost $9,926,054) | **TOTAL PURCHASED OPTION**S (Cost $9,926,054) |  | 9980191 |
| **TOTAL INVESTMENTS - 122.1% (**Cost $9,926,054**)** | **TOTAL INVESTMENTS - 122.1% (**Cost $9,926,054**)** | **TOTAL INVESTMENTS - 122.1% (**Cost $9,926,054**)** |  | $9980191 |
| Liabilities in Excess of Other Assets - (22.1)% |  |  |  | (1807816) |
| **TOTAL NET ASSETS - 100.0%** |  |  |  | $8172375 |
| two |  |  |  |  |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

---

| |
|:---|
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (23.3)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (21.2)%** | | | |
| iShares Core U.S. Aggregate Bond ETF, <br>&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $16.01 | $(1820128) | (184) | $(1511558) |
| SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $1.01 | (223756) | (4) | (222355) |
| &nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $10,010.01 | (55939) | (1) |  |
| **Total Call Options** |  |  | (1733913) |
| **Put Options - (2.1)%** |  |  |  |
| SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $1,001.01 | (223756) | (4) | (173484) |
| &nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $10.01 | (55939) | (1) |  |
| **Total Put Options** |  |  | (173484) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,902,276) | **TOTAL WRITTEN OPTIONS** (Premiums received $1,902,276) |  | $(1907397) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

(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>**

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;Investments in securities, at value (See Note 2) | $358773383 | $135627417 | $297389796 |
| &nbsp;&nbsp;Foreign currency, at value |  | 13491 |  |
| &nbsp;&nbsp;Receivable for fund shares sold |  | 7590360 |  |
| &nbsp;&nbsp;Interest receivable | 3044 | 1123 | 3128 |
| &nbsp;&nbsp;Dividends receivable | 207937 | 1151191 | 103128 |
| &nbsp;&nbsp;Dividend tax reclaims receivable |  | 573596 |  |
| &nbsp;&nbsp;Security lending income receivable (See Note 4) | 60 | 33 | 3 |
| Total assets | 358984424 | 144957211 | 297496055 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased |  | 7018634 |  |
| &nbsp;&nbsp;Payable to adviser (See Note 3) | 89077 | 44478 | 73129 |
| &nbsp;&nbsp;Payable upon return of securities loaned |  |  | 112450 |
| Total liabilities | 89077 | 7063112 | 185579 |
| **NET ASSETS** | $358895347 | $137894099 | $297310476 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;Paid-in capital | $506827832 | $253032117 | $415616462 |
| &nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (147932485) | (115138018) | (118305986) |
| Total net assets | $358895347 | $137894099 | $297310476 |
| Net assets | $358895347 | $137894099 | $297310476 |
| Shares issued and outstanding<sup>(a)</sup> | 8410000 | 5450000 | 5010000 |
| Net asset value per share | $42.67 | $25.30 | $59.34 |
| **COST:** |  |  |  |
| Investments, at cost | $365383432 | $133848081 | $280543699 |
| Foreign currency, at cost | $— | $13175 | $— |
| **LOANED SECURITIES:** |  |  |  |
| at value (included in investments) | $— | $— | $106223 |

---

(a) 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**

**March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect Global Factor <br>Equity ETF** | **Alpha Architect High Inflation and Deflation ETF** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;Investments in unaffiliated securities, at value (See Note 2) | $94669575 | $237583 | $37798941 |
| &nbsp;&nbsp;Investments in affiliated securities, at value <br>(See Note 2 and 6) |  | 18589125 |  |
| &nbsp;&nbsp;Receivable for fund shares sold | 7021175 |  |  |
| &nbsp;&nbsp;Interest receivable | 2409 | 227 | 622 |
| &nbsp;&nbsp;Dividends receivable | 455796 |  |  |
| &nbsp;&nbsp;Dividend tax reclaims receivable | 146143 |  |  |
| &nbsp;&nbsp;Security lending income receivable (See Note 4) | 111 | 1079 | 1337 |
| Total assets | 102295209 | 18828014 | 37800900 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | 6611715 |  |  |
| &nbsp;&nbsp;Payable to adviser, net (See Note 3) | 28980 | 744 | 6024 |
| &nbsp;&nbsp;Payable upon return of securities loaned | 1551149 | 165900 |  |
| &nbsp;&nbsp;Payable to custodian | 19548 |  |  |
| Total liabilities | 8211392 | 166644 | 6024 |
| **NET ASSETS** | $94083817 | $18661370 | $37794876 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;Paid-in capital | $183489461 | $43701976 | $38806581 |
| &nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (89405644) | (25040606) | (1011705) |
| Total net assets | $94083817 | $18661370 | $37794876 |
| Net assets | $94083817 | $18661370 | $37794876 |
| Shares issued and outstanding<sup>(a)</sup> | 3350000 | 760000 | 1660000 |
| Net asset value per share | $28.08 | $24.55 | $22.77 |
| **COST:** |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities, at cost | $89469456 | $237583 | $37030911 |
| &nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $17196697 | $— |
| **LOANED SECURITIES:** |  |  |  |
| &nbsp;&nbsp;at value (included in investments) | $1394963 | $166320 | $— |

---

(a) 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** 

**March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate Bond ETF** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;Investments in securities, at value (See Note 2) | $441590859 | $5774616745 | $9980191 |
| &nbsp;&nbsp;Cash |  |  | 2335 |
| &nbsp;&nbsp;Receivable for fund shares sold |  | 51280202 |  |
| &nbsp;&nbsp;Receivable for investments sold | 11765607 | 15168 | 395944 |
| &nbsp;&nbsp;Interest receivable | 1891 | 3021 | 3650 |
| &nbsp;&nbsp;Deposit at broker for option contracts |  | 1511977 | 3658484 |
| **Total assets** | 453358357 | 5827427113 | 14040604 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;Written option contracts, at value (See Note 2) | 98705706 | 8017708 | 1907397 |
| &nbsp;&nbsp;Payable for investments purchased | 10745654 | 50586724 | 3959293 |
| &nbsp;&nbsp;Due to broker | 1109865 |  |  |
| &nbsp;&nbsp;Payable to adviser, net (See Note 3) | 178840 | 916265 |  |
| &nbsp;&nbsp;Payable for capital shares redeemed |  |  | 1539 |
| &nbsp;&nbsp;Total liabilities | 110740065 | 59520697 | 5868229 |
| **NET ASSETS** | $342618292 | $5767906416 | $8172375 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;Paid-in capital | $401622837 | $5661524471 | $8043902 |
| &nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (59004545) | 106381945 | 128473 |
| Total net assets | $342618292 | $5767906416 | $8172375 |
| Net assets | $342618292 | $5767906416 | $8172375 |
| Shares issued and outstanding<sup>(a)</sup> | 3893847 | 51740000 | 80000 |
| Net asset value per share | $87.99 | $111.48 | $102.15 |
| **COST:** |  |  |  |
| Investments in securities, at cost | $440739312 | $5760804717 | $9926054 |
| **PROCEEDS:** |  |  |  |
| Written options premium received | $98092092 | $7899397 | $1902276 |

---

(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 March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect U.S. Quantitative <br>Value ETF** | **Alpha Architect International Quantitative <br>Value ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** |
| **INVESTMENT INCOME:** | | | |
| &nbsp;&nbsp;Dividend income | $2907369 | $2628657 | $1052377 |
| &nbsp;&nbsp;Less: Dividend withholding taxes |  | (250535) |  |
| &nbsp;&nbsp;Less: Issuance fees | (477) |  |  |
| &nbsp;&nbsp;Interest income | 23908 | 10542 | 21747 |
| &nbsp;&nbsp;Securities lending income (See Note 4) | 287 | 540 | 3 |
| Total investment income | 2931087 | 2389204 | 1074127 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Investment advisory fees (See Note 3) | 548224 | 265277 | 434165 |
| Net expenses | 548224 | 265277 | 434165 |
| **NET INVESTMENT INCOME/(LOSS)** | 2382863 | 2123927 | 639962 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;Investments in securities | (33130878) | (10245275) | (41225384) |
| &nbsp;&nbsp;In-kind redemptions | 39389643 | 5216235 | 34423043 |
| &nbsp;&nbsp;Foreign currency translation |  | (180192) |  |
| Net realized gain (loss) | 6258765 | (5209232) | (6802341) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | (35228941) | 974196 | (17086887) |
| &nbsp;&nbsp;Foreign currency translation |  | (1931) |  |
| Net change in unrealized appreciation (depreciation) | (35228941) | 972265 | (17086887) |
| Net realized and unrealized gain (loss) | (28970176) | (4236967) | (23889228) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(26587313) | $(2113040) | $(23249266) |

---

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

------

**ALPHA ARCHITECT ETFs**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect Global Factor <br>Equity ETF** | **Alpha Architect High Inflation and Deflation ETF** |
| **INVESTMENT INCOME:** | | | |
| &nbsp;&nbsp;Dividend income from unaffiliated securities | $1298856 | $— | $396728 |
| &nbsp;&nbsp;Dividend income from affiliated securities |  | 378591 |  |
| &nbsp;&nbsp;Less: Dividend withholding taxes | (364869) |  |  |
| &nbsp;&nbsp;Interest income | 11659 | 17783 | 276057 |
| &nbsp;&nbsp;Securities lending income (See Note 4) | 568 | 22073 | 1516 |
| Total investment income | 946214 | 418447 | 674301 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Investment advisory fee (See Note 3) | 160317 | 34452 | 48622 |
| Total expenses | 160317 | 34452 | 48622 |
| &nbsp;&nbsp;Expense reimbursement by Adviser <br>(See Note 3) |  | (6188) | (8759) |
| Net expenses | 160317 | 28264 | 39863 |
| **NET INVESTMENT INCOME/(LOSS)** | 785897 | 390183 | 634438 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | (3682043) |  | (568709) |
| &nbsp;&nbsp;Investments in affiliated securities |  | 668 |  |
| &nbsp;&nbsp;In-kind redemptions | 5349741 | 846056 | 782 |
| &nbsp;&nbsp;Securities sold short |  | (473484) |  |
| &nbsp;&nbsp;Foreign currency translation | (102833) |  |  |
| Net realized gain (loss) | 1564865 | 373240 | (567927) |
|  | ' |  |  |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | (786313) |  | (315923) |
| &nbsp;&nbsp;Investments in affiliated securities |  | (1840601) |  |
| &nbsp;&nbsp;Foreign currency translation | (15989) |  |  |
| Net change in unrealized appreciation (depreciation) | (802302) | (1840601) | (315923) |
| Net realized and unrealized gain (loss) | 762563 | (1467361) | (883850) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1548460 | $(1077178) | $(249412) |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS**

**For the Period Ended March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate Bond ETF**<sup>(a)</sup> |
| **INVESTMENT INCOME:** | | | |
| &nbsp;&nbsp;Interest income | 21456 | 31903 | 5773 |
| Total investment income | 21456 | 31903 | 5773 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Investment advisory fee (See Note 3) | 935435 | 6449826 | 3115 |
| Total expenses | 935435 | 6449826 | 3115 |
| &nbsp;&nbsp;Expense reimbursement by Adviser (See Note 3) | (10065) | (1881719) |  |
| Net expenses | 925370 | 4568107 | 3115 |
| **NET INVESTMENT INCOME/(LOSS)** | (903914) | (4536204) | 2658 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | (6531650) | (2732553) | 1473 |
| &nbsp;&nbsp;Investments in affiliated securities | 1150811 |  |  |
| &nbsp;&nbsp;In-kind redemptions | 7155445 | 88289398 | 76934 |
| &nbsp;&nbsp;Written option contracts | 4127885 | (3098193) | (1627) |
| &nbsp;&nbsp;Securities sold short |  |  | 19 |
| Net realized gain (loss) | 5902491 | 82458652 | 76799 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities | 2253073 | (9743204) | 54137 |
| &nbsp;&nbsp;Written option contracts | (2319835) | 40483853 | (5121) |
| Net change in unrealized appreciation (depreciation) | (66762) | 30740649 | 49016 |
| Net realized and unrealized gain (loss) | 5835729 | 113199301 | 125815 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4931815 | $108663097 | $128473 |

---

(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 CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** |
| | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| **OPERATIONS** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $2382863 | $6111996 | $2123927 | $4974075 |
| &nbsp;&nbsp;Net realized gain (loss) | 6258765 | 55313182 | (5209232) | 16741365 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (35228941) | 10986491 | 972265 | (3378686) |
| Net increase (decrease) in net assets from operations | (26587313) | 72411669 | (2113040) | 18336754 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;Distributable earnings | (2600172) | (5758591) | (1636231) | (5691752) |
| Total distributions to shareholders | (2600172) | (5758591) | (1636231) | (5691752) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 200729454 | 466179689 | 36257550 | 177186999 |
| &nbsp;&nbsp;Redemptions | (188868100) | (434464143) | (45373180) | (190750707) |
| Net increase (decrease) in net assets from capital transactions | 11861354 | 31715546 | (9115630) | (13563708) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (17326131) | 98368624 | (12864901) | (918706) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of the period | 376221478 | 277852854 | 150759000 | 151677706 |
| &nbsp;&nbsp;End of the period | $358895347 | $376221478 | $137894099 | $150759000 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 4340000 | 11170000 | 1450000 | 7000000 |
| &nbsp;&nbsp;Redemptions | (4090000) | (10490000) | (1850000) | (7575000) |
| Total increase (decrease) in shares outstanding | 250000 | 680000 | (400000) | (575000) |

---

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 Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** |
| | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $639962 | $862655 | $785897 | $1625637 |
| &nbsp;&nbsp;Net realized gain (loss) | (6802341) | 39100637 | 1564865 | 4845741 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (17086887) | 34363108 | (802302) | 7815055 |
| Net increase (decrease) in net assets from operations | (23249266) | 74326400 | 1548460 | 14286433 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings | (4126144) | (1434103) | (3480319) | (2136152) |
| Total distributions to shareholders | (4126144) | (1434103) | (3480319) | (2136152) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 236431154 | 404714536 | 40337232 | 134028213 |
| &nbsp;&nbsp;Redemptions | (164308989) | (370364114) | (26973877) | (137550133) |
| &nbsp;&nbsp;ETF Transaction fess (See Note 1) | 3 |  |  |  |
| Net increase (decrease) in net assets from capital transactions | 72122168 | 34350422 | 13363355 | (3521920) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 44746758 | 107242719 | 11431496 | 8628361 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of the period | 252563718 | 145320999 | 82652321 | 74023960 |
| &nbsp;&nbsp;End of the period | $297310476 | $252563718 | $94083817 | $82652321 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 3520000 | 7540000 | 1425000 | 4850000 |
| &nbsp;&nbsp;Redemptions | (2450000) | (6970000) | (950000) | (5000000) |
| Total increase (decrease) in shares outstanding | 1070000 | 570000 | 475000 | (150000) |

---

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** |
| | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $390183 | $616888 | $634438 | $848947 |
| &nbsp;&nbsp;Net realized gain (loss) | 373240 | 2223575 | (567927) | (968955) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1840601) | 2946404 | (315923) | 1110402 |
| Net increase (decrease) in net assets from operations | (1077178) | 5786867 | (249412) | 990394 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;Distributable earnings | (535815) | (1247610) | (955189) | (665962) |
| Total distributions to shareholders | (535815) | (1247610) | (955189) | (665962) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 1569828 | 2824066 | 8949803 | 17879432 |
| &nbsp;&nbsp;Redemptions | (3083451) | (20648759) | (221517) | (4485245) |
| &nbsp;&nbsp;ETF Transaction fess (See Note 1) | 261 |  | 368 | 1905 |
| Net increase (decrease) in net assets from capital transactions | (1513362) | (17824693) | 8728654 | 13396092 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (3126355) | (13285436) | 7524053 | 13720524 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of the period | 21787725 | 35073161 | 30270823 | 16550299 |
| &nbsp;&nbsp;End of the period | $18661370 | $21787725 | $37794876 | $30270823 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 60000 | 130000 | 390000 | 770000 |
| &nbsp;&nbsp;Redemptions | (120000) | (870000) | (10000) | (190000) |
| Total increase (decrease) in shares outstanding | (60000) | (740000) | 380000 | 580000 |

---

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 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** |
| | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Period Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024**<sup>(a)</sup> |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $(903914) | $(912440) | $(4536204) | $(3942585) |
| &nbsp;&nbsp;Net realized gain (loss) | 5902491 | (2895070) | 82458652 | 132948958 |
| &nbsp;&nbsp;Capital Gain Distributions from Investment Companies |  | 90426 |  |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (66762) | 15170358 | 30740649 | (21953490) |
| Net increase (decrease) in net assets from operations | 4931815 | 11453274 | 108663097 | 107052883 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  | (10281074) |
| Total distributions to shareholders |  |  |  | (10281074) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 132736628 | 167856362 | 1858118065 | 3626281994 |
| &nbsp;&nbsp;Redemptions | (43605129) | (95408522) | (167874001) | (298731150) |
| &nbsp;&nbsp;ETF Transaction fess (See Note 1) | 30146 | 33670 | 45790 | 161462 |
| Net increase (decrease) in net assets from capital transactions | 89161645 | 72481510 | 1690289854 | 3327712306 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 94093460 | 83934784 | 1798952951 | 3424484115 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of the period | 248524832 | 164590048 | 3968953465 | 544469350 |
| &nbsp;&nbsp;End of the period | $342618292 | $248524832 | $5767906416 | $3968953465 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Subscriptions | 1520000 | 1970000 | 16820000 | 33990000 |
| &nbsp;&nbsp;Redemptions | (500000) | (1120000) | (1520000) | (2780000) |
| Total increase (decrease) in shares outstanding | 1020000 | 850000 | 15300000 | 31210000 |

---

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

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
| | **Alpha Architect Aggregate Bond ETF** |
| | **Period Ended** <br>**March 31, 2025**<sup>(a)</sup> **(Unaudited)** |
| **Increase (Decrease) in Net Assets from:** | |
| **OPERATIONS:** | |
| &nbsp;&nbsp;Net investment income (loss) | $2658 |
| &nbsp;&nbsp;Net realized gain (loss) | 76799 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 49016 |
| Net increase (decrease) in net assets from operations | 128473 |
| **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;Subscriptions | 11097139 |
| &nbsp;&nbsp;Redemptions | (3055498) |
| &nbsp;&nbsp;ETF Transaction fess (See Note 1) | 2261 |
| Net increase (decrease) in net assets from capital transactions | 8043902 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 8172375 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;Beginning of the period |  |
| &nbsp;&nbsp;End of the period | $8172375 |
| **SHARES TRANSACTIONS** |  |
| Subscriptions | 110000 |
| Redemptions | (30000) |
| Total increase (decrease) in shares outstanding | 80000 |

---

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

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:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)**<sup>(a)</sup> | **Net realized and unrealized gain (loss) on investments**<sup>(b)</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>(c)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment**<sup>(d)</sup> | **Ratio of expenses to average net assets after expense reimbursement / recoupment**<sup>(d)</sup> | **Ratio of net investment income (loss) to average net assets**<sup>(d)</sup> | **Portfolio turnover rate**<sup>(c)(e)</sup> |
| **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** | | | | | | | | | | | |
| 3/31/2025<sup>(f)</sup> | $46.11 | 0.28 | (3.41) | (3.13) | (0.31) | – | – | (0.31) |  | $42.67 | -6.79% | $358895 | 0.29% | 0.29% | 1.26% | 193% |
| 9/30/2024 | $37.15 | 0.79 | 8.92 | 9.71 | (0.75) | – | – | (0.75) |  | $46.11 | 26.33% | $376221 | 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% | 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% | 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% | 1.33% | 44% |
| 9/30/2020 | $27.86 | 0.59 | (3.51) | (2.92) | (0.50) | – | – | (0.50) |  | $24.44 | -10.52% | $113653 | 0.49% | 0.49% | 2.36% | 78% |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $25.77 | 0.39 | (0.56) | (0.17) | (0.30) | – | – | (0.30) |  | $25.30 | -0.59% | $137894 | 0.39% | 0.39% | 3.12% | 133% |
| 9/30/2024 | $23.61 | 0.83 | 2.28 | 3.11 | (0.95) | – | – | (0.95) |  | $25.77 | 13.38% | $150759 | 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% | 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% | 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% | 2.78% | 103% |
| 9/30/2020 | $26.76 | 0.58 | (2.05) | (1.47) | (0.60) | – | – | (0.60) |  | $24.69 | -5.47% | $92569 | 0.59% | 0.59% | 2.26% | 76% |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $64.10 | 0.14 | (4.00) | (3.86) | (0.90) | – | – | (0.90) | 0.00<sup>(g)</sup> | $59.34 | -6.15% | $297310 | 0.29% | 0.29% | 0.43% | 245% |
| 9/30/2024 | $43.12 | 0.24 | 21.18 | 21.42 | (0.44) | – | – | (0.44) |  | $64.10 | 49.97% | $252564 | 0.32% | 0.32% | 0.44% | 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% | 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% | 1.72% | 125% |
| 9/30/2021 | $41.89 | (0.07) | 7.38 | 7.31 | – | – | – | – |  | $49.20 | 17.45% | $85114 | 0.49% | 0.49% | (0.13)% | 120% |
| 9/30/2020 | $30.02 | 0.06 | 11.85 | 11.91 | (0.02) | – | (0.02) | (0.04) |  | $41.89 | 39.79% | $73308 | 0.49% | 0.49% | 0.18% | 84% |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $28.75 | 0.27 | 0.26 | 0.53 | (1.20) | – | – | (1.20) |  | $28.08 | 2.10% | $94084 | 0.39% | 0.39% | 1.91% | 193% |
| 9/30/2024 | $24.47 | 0.56 | 4.50 | 5.06 | (0.78) | – | – | (0.78) |  | $28.75 | 21.01% | $82652 | 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% | 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% | 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% | 0.84% | 99% |
| 9/30/2020 | $25.63 | 0.29 | 2.97 | 3.26 | (0.26) | – | – | (0.26) |  | $28.63 | 13.00% | $83024 | 0.59% | 0.59% | 1.13% | 158% |

---

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:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)**<sup>(a)</sup> | **Net realized and unrealized gain (loss) on investments**<sup>(b)</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>(c)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment**<sup>(d)</sup> | **Ratio of expenses to average net assets after expense reimbursement / recoupment**<sup>(d)</sup> | **Ratio of net investment income (loss) to average net assets**<sup>(d)</sup> | **Portfolio turnover rate**<sup>(c)(e)</sup> |
| **Alpha Architect Global Factor Equity ETF**<sup>(n)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(n)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(n)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(n)</sup> | **Alpha Architect Global Factor Equity ETF**<sup>(n)</sup> | | | | | | | | | | | | |
| 3/31/2025<sup>(f)</sup> | $26.57 | 0.48 | (1.85) | (1.37) | (0.65) | – | – | (0.65) | 0.00<sup>(g)</sup> | $24.55 | -5.24% | $18661 | 0.33% | 0.28% | 3.69% | 13% |
| 9/30/2024 | $22.48 | 0.52 | 4.53 | 5.05 | (0.96) | – | – | (0.96) |  | $26.57 | 23.05% | $21788 | 0.45% | 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% | 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% | (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% | 0.57% | 3% |
| 9/30/2020 | $23.52 | 0.03 | 0.72 | 0.75 | (0.36) | – | – | (0.36) |  | $23.91 | 3.10% | $49609 | 1.40% | 1.18% | 0.14% | 20% |
| **Alpha Architect High Inflation and Deflation ETF**<sup>(n)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(n)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(n)</sup> | **Alpha Architect High Inflation and Deflation ETF**<sup>(n)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $23.65 | 0.43 | (0.67) | (0.24) | (0.64) | – | – | (0.64) | 0.00<sup>(g)</sup> | $22.77 | -0.97% | $37795 | 0.29% | 0.24% | 3.78% | 93% |
| 9/30/2024 | $23.64 | 0.91 | –<sup>(g)</sup> | 0.91 | (0.90) | – | – | (0.90) | 0.00<sup>(g)</sup> | $23.65 | 3.91% | $30271 | 0.29% | 0.24% | 3.93% | 267% |
| 9/30/2023<sup>(k)</sup> | $24.95 | 1.35 | (1.20) | 0.15 | (1.46) | – | – | (1.46) |  | $23.64 | 0.69% | $16550 | 0.29% | 0.27% | 6.54% | 402% |
| **Alpha Architect Tail Risk ETF**<sup>(n)(o)</sup> | **Alpha Architect Tail Risk ETF**<sup>(n)(o)</sup> | **Alpha Architect Tail Risk ETF**<sup>(n)(o)</sup> | **Alpha Architect Tail Risk ETF**<sup>(n)(o)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $86.48 | (0.27) | 1.77 | 1.50 | – | – | – | – | 0.01 | $87.99 | 1.75% | $342618 | 0.63%<sup>(p)</sup> | 0.63%<sup>(p)</sup> | (0.61)% | 48% |
| 9/30/2024 | $81.33 | (0.41) | 5.55 | 5.14 | – | – | – | – | 0.01 | $86.48 | 6.36% | $248525 | 0.63%<sup>(p)</sup> | 0.53%<sup>(p)</sup> | (0.48)% | 14% |
| 9/30/2023<sup>(l)(m)</sup> | $75.76 | (0.14) | 5.71 | 5.57 | – | – | – | – |  | $81.33 | 7.32% | $164590 | 0.63%<sup>(p)</sup> | 0.51%<sup>(p)</sup> | (0.46)% | 0% |
| 2/28/2023<sup>(m)</sup> | $83.12 | (0.48) | (6.88) | (7.36) | – | – | – | – |  | $75.76 | -8.85% | $124313 | 0.64%<sup>(p)</sup> | 0.64%<sup>(p)</sup> | (0.61)% | 0% |
| 2/28/2022<sup>(m)</sup> | $90.40 | (0.56) | (0.64) | (1.20) | – | – | (6.08) | (6.08) |  | $83.12 | -1.47% | $188926 | 0.63%<sup>(p)</sup> | 0.63%<sup>(p)</sup> | (0.63)% | 0% |
| 2/28/2021<sup>(m)</sup> | $76.32 | (0.56) | 19.52 | 18.96 | (0.08) | – | (4.80) | (4.88) |  | $90.40 | 24.94% | $166869 | 0.65%<sup>(p)</sup> | 0.65%<sup>(p)</sup> | (0.59)% | 0% |
| **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)</sup> | $108.92 | (0.11) | 2.67 | 2.56 | – | – | – | – | 0.00<sup>(g)</sup> | $111.48 | 2.35% | $5767906 | 0.2752% | 0.1949% | (0.1935)% | 0% |
| 9/30/2024 | $104.11 | (0.19) | 5.28 | 5.09 | – | (0.29) | – | (0.29) | 0.01 | $108.92 | 4.89% | $3968953 | 0.3949% | 0.1949 | (0.1918)% | 0% |
| 10/31/2023<sup>(i)</sup> | $100.00 | (0.16) | 4.25 | 4.09 | – | – | – | – | 0.02 | $104.11 | 4.11% | $544469 | 0.3949% | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(f)(j)</sup> | $100.00 | 0.05 | 2.06 | 2.11 | – | – | – | – | 0.04 | $102.15 | 2.15% | $8172 | 0.1949% | 0.1949% | 0.1663% | 0% |

---

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

(b) 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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

(d) Annualized for periods less than one year.

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

(f) Unaudited.

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

(h) Amount represents less than 0.005%.

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

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

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

(l) 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. Market price returns are calculated using the official closing price of the Fund on the listing exchange as of the time that the Fund's NAV is calculated. 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.

(m) 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.

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

(o) 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.

(p) Includes less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01% and less than 0.01% of average net assets in interest expense, respectively.

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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS March 31, 2025 (Unaudited)**

**NOTE 1 – ORGANIZATION**

Alpha Architect U.S. Quantitative Value ETF ("QVAL"), Alpha Architect International Quantitative Value ETF ("IVAL"), Alpha Architect U.S. Quantitative Momentum ETF ("QMOM"), Alpha Architect International Quantitative Momentum ETF ("IMOM"), Alpha Architect Global Factor Equity ETF (Formerly known as Alpha Architect Value Momentum) ("AAVM" (formerly "VMOT")), Alpha Architect High Inflation and Deflation ETF ("HIDE"), Alpha Architect Tail Risk ETF ("CAOS"), Alpha Architect 1-3 Month Box ETF ("BOXX") and Alpha Architect Aggregate Bond ETF ("BOXA") (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 is considered diversified under the 1940 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** |
| QVAL | October 21, 2014 | 25000 | The Nasdaq Stock Market® |
| IVAL | January 16, 2024 | 25000 | The Nasdaq Stock Market® |
| QMOM | December 1, 2015 | 10000 | The Nasdaq Stock Market® |
| IMOM | December 22, 2015 | 10000 | The Nasdaq Stock Market® |
| AAVM | May 2, 2017 | 10000 | The Nasdaq Stock Market® |
| HIDE | November 16, 2022 | 10000 | The Nasdaq Stock Market® |
| CAOS | August 14, 2013 | 10000 | Cboe BZX Exchange, Inc. |
| BOXX | December 27, 2022 | 10000 | Cboe BZX Exchange, Inc. |
| BOXA | December 17, 2024 | 10000 | Cboe BZX Exchange, Inc. |

---

The investment objective for each Fund is to:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| QVAL | seek long-term capital appreciation. |
| IVAL | seek long-term capital appreciation. |
| QMOM | seek long-term capital appreciation. |
| IMOM | seek long-term capital appreciation. |
| AAVM | seek long-term capital appreciation while attempting to minimize market drawdown. |
| HIDE | seek long-term total return |
| CAOS | seek maximum total return through a combination of capital appreciation and current income. |
| 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. |

---

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 also 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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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 |

---

Effective November 1, 2023, BOXX's fiscal year changed to September 30th.

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.

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 March 31, 2025, and the period covered by these Notes to Financial Statements is from October 1, 2024 to March 31, 2025 (the "current fiscal period").

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

**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.

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 the 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 the 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 such considerations. As of current fiscal period, 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.

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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 current fiscal period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>QVAL</u>** | **<u>QVAL</u>** | **<u>QVAL</u>** | | |
| **<u>Assets</u>** | | | | |
| Common Stocks | $358477492 | $— | $— | $358477492 |
| Money Market Funds | 295891 |  |  | 295891 |
| **Total Investments in Securities** | $**358773383** | $**—** | $**—** | $**358773383** |
| **<u>IVAL</u>** | **<u>IVAL</u>** | **<u>IVAL</u>** | **<u>IVAL</u>** |  |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks | $135078808 | $— | $— | $135078808 |
| Money Market Funds | 548609 |  | **—** | 548609 |
| **Total Investments in Securities** | $**135627417** | $**—** | $**—** | $**135627417** |
| **<u>QMOM</u>** | **<u>QMOM</u>** | **<u>QMOM</u>** |  |  |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks | $296526908 | $— | $— | $296526908 |
| Investments Purchased with Proceeds from Securities Lending | 112450 |  |  | 112450 |
| Money Market Funds | 750438 |  |  | 750438 |
| **Total Investments in Securities** | $**297389796** | $**—** | $**—** | $**297389796** |
| **<u>IMOM</u>** | **<u>IMOM</u>** | **<u>IMOM</u>** | **<u>IMOM</u>** |  |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks | $90160148 | $— | $— | $90160148 |
| Preferred Stocks | 2159723 |  |  | 2159723 |
| Investments Purchased with Proceeds from Securities Lending | 1551149 |  |  | 1551149 |
| Money Market Funds | 798555 | **—** | **—** | 798555 |
| **Total Investments in Securities** | $**94669575** | $**—** | $**—** | $**94669575** |
| **<u>AAVM</u>** | **<u>AAVM</u>** | **<u>AAVM</u>** | **<u>AAVM</u>** |  |
| **<u>Assets</u>** |  |  |  |  |
| Exchange Traded Funds | $18589125 | $— | $— | $18589125 |
| Investments Purchased with Proceeds from Securities Lending | 165900 |  |  | 165900 |
| Money Market Funds | 71683 |  |  | 71683 |
| **Total Investments in Securities** | $**18826708** | $**—** | $**—** | $**18826708** |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>HIDE</u>** | **<u>HIDE</u>** | **<u>HIDE</u>** | **<u>HIDE</u>** | **<u>HIDE</u>** |
| **<u>Assets</u>** | | | | |
| Exchange Traded Funds | $28097514 | $— | $— | $28097514 |
| Money Market Funds | 259576 |  |  | 259576 |
| U.S. Treasury Bills |  | 9441851 |  | 9441851 |
| **Total Investments in Securities** | $**28357090** | $**9441851** | $**—** | $**37798941** |
| **<u>CAOS</u>** | **<u>CAOS</u>** | **<u>CAOS</u>** | **<u>CAOS</u>** |  |
| **<u>Assets</u>** |  |  |  |  |
| Purchased Options | $— | $441152110 | $— | $441152110 |
| Money Market Funds | 438749 |  |  | 438749 |
| **Total Investments in Securities** | $**438749** | $**441152110** | $**—** | $**441590859** |
| **Liabilities:** |  |  |  |  |
| Written Options | $— | $(98705706) | $— | $(98705706) |
| **Total Investments in Securities** | $**—** | $**(98705706)** | $**—** | $**(98705706)** |
| **<u>BOXX</u>** | **<u>BOXX</u>** |  |  |  |
| **<u>Assets</u>** |  |  |  |  |
| Purchased Options | $— | $5774203520 | $— | $5774203520 |
| Money Market Funds | 413225 |  |  | 413225 |
| **Total Assets** | $**413225** | $**5774203520** | $**—** | $**5774616745** |
| **Liabilities:** |  |  |  |  |
| Written Options | $— | $(8017708) | $— | $(8017708) |
| **Total Investments in Securities** | $**—** | $**(8017708)** | $**—** | $**(8017708)** |
| **<u>BOXA</u>** | **<u>BOXA</u>** |  |  |  |
| **<u>Assets</u>** |  |  |  |  |
| Purchased Options | $— | $9980191 | $— | $9980191 |
| **Total Assets** | $**—** | $**9980191** | $**—** | $**9980191** |
| **Liabilities:** |  |  |  |  |
| Written Options | $— | $(1907397) | $— | $(1907397) |
| **Total Investments in Securities** | $**—** | $**(1907397)** | $**—** | $**(1907397)** |

---

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

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.

&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"). CAOS and BOXX's portfolios include several types of FLEX Options, including both

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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. The 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 the Fund. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the 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 the Funds purchase an option, an amount equal to the premium paid by the Funds are 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 Funds enter 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 the Funds write an option, an amount equal to the premium received by the Funds are 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 Funds 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 Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear 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 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.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
| | **Asset Derivatives** | **Liability Derivatives** |
| | **Purchased Options, at Value** | **Written Options, at Value** |
| CAOS | $441152110 | $98705706 |
| BOXX | $5774203520 | $8017708 |
| BOXA | $9980191 | $1907397 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
| | **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** |
| CAOS | $(5516064) | $6094400 | $4127885 | $(89764) |
| BOXX | $(3195860) | $154071077 | $(3088060) | $(65781679) |
| BOXA | $1473 | $105597 | $(1627) | $(28663) |
| <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 not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
| | **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** |
| CAOS | $2253074 | $(2319835) |
| BOXX | $(9743203) | $40483853 |
| BOXA | $54137 | $(5121) |
| <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** |
| CAOS | $6266715005 | $286632895 |
| BOXX | $1776926290 | $1228315016 |
| BOXA | $5411436 | $1959887 |

---

&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 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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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.

Distributions received from a Funds' 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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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 QVAL and IVAL are declared and paid on a quarterly basis. Distributions to shareholders from net investment income for QMOM, IMOM, AAVM, HIDE, CAOS, BOXX, and BOXA 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 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 Chief 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 fiscal year ended September 30, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| | **Distributable<br>Earnings** | **Paid-in<br>Capital** |
| QVAL | $(72450275) | $72450275 |
| IVAL | (28092171) | 28092171 |
| QMOM | (61514726) | 61514726 |

---

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Distributable<br>Earnings** | **Paid-in<br>Capital** |
| IMOM | (15772406) | 15772406 |
| AAVM | (4083449) | 4083449 |
| HIDE | 6247 | (6247) |
| CAOS | (7632349) | 7632349 |
| BOXX | (48068008) | 48068008 |

---

As of September 30, 2024, BOXA had not yet commenced operations.

**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, 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:

---

| | |
|:---|:---|
| QVAL | 0.29% |
| IVAL | 0.39% |
| QMOM | 0.29% |
| IMOM | 0.39% |
| AAVM | 0.45% |
| HIDE | 0.29% |
| CAOS | 0.63% |
| BOXX | 0.2449% |
| BOXA | 0.1949% |

---

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%. Effective January 31, 2024, the Adviser reduced its management fee for QVAL, IVAL, QMOM and IMOM from an annual rate based on average daily net assets from 0.39% to 0.29%, 0.49% to 0.39%, 0.39% to 0.29%, and 0.49% to 0.39%, respectively.

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.

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

Effective January 31, 2025, the Adviser has contractually agreed to waive receipt of its management fees in HIDE to the extent necessary to offset acquired fund fees and expenses ("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.

Effective January 31, 2025, 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 only by a majority vote of the "non-interested" trustees of the Trust. Prior to January 31, 2025,the Adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of CAOS, including AFFE related to the Fund's investment in 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), 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 0.63% of the Fund's average daily net assets. Any AFFE associated with fund investments in any other acquired funds are not included in the fee waiver. This agreement could only have been changed or terminated by a vote of the holders of a majority of the Fund's outstanding voting securities.

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.

Alpha Architect, LLC ("Alpha Architect"), serves as a discretionary investment sub-adviser to QVAL, IVAL, QMOM, IMOM, AAVM, and HIDE. 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 CAOS, BOXX, and BOXA. Pursuant to an investment sub-advisory agreement among the Trust, the Adviser, and Alpha Architect, Alpha Architect is 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 serves as a discretionary investment sub-adviser to CAOS, BOXX, and BOXA. 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.

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

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

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**

Each Fund 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 year, 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\*** | **Percentage of Net Assets of Securities On Loan** | |
| QMOM | $106223 | $112450 | 0.0% | <sup>(a)</sup> |
| IMOM | 1394963 | 1551149 | 1.5% |  |
| AAVM | 166320 | 165900 | 0.9% |  |

---

<sup>(a)</sup> Represents less than 0.05%.

\* The cash collateral received was invested in the First American Money Market Government Obligations Fund 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, Net") is reflected in the Funds' Statements of Operations. Net securities lending

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

income earned on collateral investments and recognized by the applicable funds during the current fiscal period was as follows:

---

| | |
|:---|:---|
| QVAL | $287 |
| IVAL | 540 |
| QMOM | 3 |
| IMOM | 568 |
| AAVM | 22073 |
| HIDE | 1516 |

---

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** |
| QVAL | $727093717 | $724763970 |
| IVAL | 184443253 | 179910308 |
| QMOM | 722747019 | 723459844 |
| IMOM | 167038639 | 159200920 |
| AAVM | 2623509 | 10350006 |
| HIDE | 21310085 | 21586055 |
| CAOS | 6022290 | 18828565 |
| BOXX | 32091268749 | 191353129 |
| BOXA | 9976 | 9975 |

---

For the current fiscal period, in-kind transactions associated with creations and redemptions for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| QVAL | $199022104 | $188980670 |
| IVAL | 30233606 | 44934046 |
| QMOM | 233278483 | 163616389 |
| IMOM | 28442098 | 26631233 |
| AAVM | 529780 | 3071280 |
| HIDE | 6319534 | 25579 |
| CAOS |  | 1039172449 |
| BOXX |  | 34869048414 |
| BOXA | 9749 | 11675395 |

---

There were no purchases or sales of U.S. Government securities during the current fiscal period in either Fund.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

**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** | **QVAL** | **QMOM** | **IVAL** | **Total** |
| Value, Beginning of Period | $4239334 | $6510556 | $7761341 | $3186677 | $21697908 |
| Purchases | 825686 | 678519 | 1060189 | 588895 | 3153289 |
| Proceeds from Sales | (1288052) | (1146687) | (1987197) | (846259) | (5268195) |
| Net Realized Gains (Losses) | 77392 | 188171 | 672505 | (91344) | 846724 |
| Change in Unrealized Appreciation (Depreciation) | (146804) | (655436) | (1096628) | 58267 | (1840601) |
| Value, End of Period | $3707556 | $5575123 | $6410210 | $2896236 | $18589125 |
| Dividend Income | $193874 | $43258 | $101065 | $40394 | $378591 |
|  | **IMOM** | **QVAL** | **QMOM** | **IVAL** |  |
| Shares, Beginning of Period | 147148 | 141116 | 120912 | 123574 |  |
| Number of Shares Purchased | 29258 | 15076 | 16688 | 23719 |  |
| Number of Shares Sold | (44979) | (25474) | (29684) | (33893) |  |
| Shares, End of Period | 131427 | 130718 | 107916 | 113400 |  |

---

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 | 442 |
| Proceeds from Sales | (29125704) |
| Net Realized Gains (Losses) | 1150811 |
| Change in Unrealized Appreciation (Depreciation) | (943741) |
| Value, End of Period | $— |
| Shares, Beginning of Period | 265475 |
| Number of Shares Purchased | 4 |
| Number of Shares Sold | (265479) |
| Shares, End of Period |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

**NOTE 7 – TAX INFORMATION**

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes at September 30, 2024, for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QVAL** | **IVAL** | **QMOM** | **IMOM** |
| Tax cost of Investments | $350069705 | $152729676 | $221868471 | $77151814 |
| Gross tax unrealized appreciation | 37617009 | 8222186 | 37696928 | 7963574 |
| Gross tax unrealized depreciation | (11702129) | (8838614) | (7032399) | (2945098) |
| Net tax unrealized appreciation (depreciation) | $25914880 | $(616428) | $30664529 | $5018476 |
| Undistributed ordinary income | 353405 | 735030 | 3790339 | 3462039 |
| Undistributed long-term gain |  |  |  |  |
| Total distributable earnings | 353405 | 735030 | 3790339 | 3462039 |
| Other accumulated gain (loss) | (145013284) | (111507351) | (125385445) | (95954297) |
| Total accumulated gain (loss) | $(118744999) | $(111388749) | $(90930577) | $(87473782) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAVM** | **HIDE** | **CAOS** | **BOXX** |
| Tax cost of Investments | $21046164 | $29133038 | $247119616 | $3950916797 |
| Gross tax unrealized appreciation | 3435775 | 1087717 | 1516404 | 18983439 |
| Gross tax unrealized depreciation | (339774) | (6549) | (23069) | (439400) |
| Net tax unrealized appreciation (depreciation) | $3096001 | $1081168 | $1493335 | $18544039 |
| Undistributed ordinary income | 212575 | 620824 |  |  |
| Undistributed long-term gain |  |  |  |  |
| Total distributable earnings | 212575 | 620824 |  |  |
| Other accumulated gain (loss) | (26736190) | (1509096) | (65429695) | (20825191) |
| Total accumulated gain (loss) | $(23427614) | $192896 | $(63936360) | $(2281152) |

---

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 fiscal year ended September 30, 2024, CAOS and BOXX had the following post-October late year losses and post-October capital losses:

---

| | | |
|:---|:---|:---|
| | **Post-October Late Year Loss** | **Post-October Capital Loss** |
| CAOS | $710048 | $— |
| BOXX | 3889448 |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2025 (Unaudited)**

At September 30, 2024, each Fund had the following capital loss carryforwards that do not expire:

---

| | | |
|:---|:---|:---|
| | **Unlimited Short-Term** | **Unlimited Long-Term** |
| QVAL | $(123698404) | $(21314880) |
| IVAL | (85680087) | (25827264) |
| QMOM | (124648184) | (737261) |
| IMOM | (95529921) | (424376) |
| AAVM | (22462977) | (4273213) |
| HIDE | (1509096) |  |
| CAOS | (58002164) | (6717483) |
| BOXX | (7309306) | (9626437) |

---

As of September 30, 2024, BOXA had not yet commenced operations.

**NOTE 8 – DISTRIBUTIONS TO SHAREHOLDERS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Current Fiscal Period** | **Current Fiscal Period** | **Fiscal Year Ended September 30, 2024** | **Fiscal Year Ended September 30, 2024** | **Fiscal Year Ended September 30, 2024** | **Fiscal Year Ended September 30, 2024** |
| | **Ordinary Income** | **Ordinary Income** | **Ordinary Income** | **Ordinary Income** | | **Long-Term Capital Gain** |
| QVAL | $| 2600172 | $| 5758591 |  |  |
| IVAL | 1636231 | 1636231 | 5691752 | 5691752 |  |  |
| QMOM | 4126144 | 4126144 | 1434103 | 1434103 |  |  |
| IMOM | 3480319 | 3480319 | 2136152 | 2136152 |  |  |
| AAVM | 535815 | 535815 | 1247610 | 1247610 |  |  |
| HIDE | 955189 | 955189 | 665962 | 665962 |  |  |
| CAOS |  |  |  |  |  |  |
| BOXX |  |  | 4343602 | 4343602 | <sup>(1)</sup> | 5937472 |
| BOXA |  |  | N/A | N/A |  | N/A |
| <sup>(1)</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>(1)</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>(1)</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>(1)</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>(1)</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>(1)</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>(1)</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). |

---

**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.

------

**ALPHA ARCHITECT ETFs**

**FEDERAL TAX INFORMATION (UNAUDITED)**

For the fiscal year ended September 30, 2024, 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:

---

| | |
|:---|:---|
| QVAL | 100.00% |
| IVAL | 95.61% |
| QMOM | 86.88% |
| IMOM | 94.10% |
| AAVM | 96.35% |
| HIDE | 3.90% |
| CAOS | 0.00% |
| BOXX | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2024 for each Fund was:

---

| | |
|:---|:---|
| QVAL | 92.90% |
| IVAL | 0.00% |
| QMOM | 86.70% |
| IMOM | 5.33% |
| AAVM | 27.37% |
| HIDE | 3.01% |
| CAOS | 0.00% |
| BOXX | 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:

---

| | |
|:---|:---|
| QVAL | 0.00% |
| IVAL | 0.00% |
| QMOM | 0.00% |
| IMOM | 0.00% |
| AAVM | 0.00% |
| HIDE | 0.00% |
| CAOS | 0.00% |
| BOXX | 100.00% |

---

As of September 30, 2024, BOXA had not yet commenced operations.

------

**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 year ended September 30, 2024. 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** |
| IVAL | $499157 | $0.08533 | 100.00% |
| IMOM | 260286 | 0.09053 | 100.00% |

---

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 4 to the Financial Statements under Item 7.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.</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 Aggregate Bond 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"), for an initial two-year term.

As it relates to the Fund, the Board considered the approval of the Sub-Advisory Agreement between the Adviser and Arin Risk Advisors, LLC ("Arin") (AA and Arin together, the "Sub-Advisers"), also 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, AA, and Arin relevant to the Board's consideration of whether to approve the Advisory Agreement and Sub-Advisory Agreements. In connection with considering the approval of the Advisory Agreement and both Sub-Advisory 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 Advisory Agreement and both Sub-Advisory Agreements, the Board considered and reviewed information provided by the Adviser, AA, and Arin, 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 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 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-Advisers' personnel, the experience of the portfolio managers in managing assets and the adequacy of each of the Adviser's and Sub-Advisers' resources to perform the services provided under the Advisory Agreement and Sub-Advisory Agreements. They considered Arin's experience in executing portfolio transactions for other funds in the Trust. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Advisers.

<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-Advisers, 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-Advisers.

------

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 (0.19%) was lower than the peer group average (0.23%); the Fund's net total expense ratio (0.19%) was slightly higher than the peer group average (0.18%); and the Fund's management fee (0.19%) was lower than the peer group average (0.21%).

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** |
| **BOXA** | Quartile 3 | Quartile 3 | Quartile 3 |

---

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-Advisers 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-Advisers 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-Advisers 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-Advisers, who serve individually or jointly 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-Advisers will not be profitable as it relates to their respective advisory fee arrangements. The Board discussed the financial condition of each Sub-Adviser, noting that each 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-Advisers 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 Agreements; 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 Agreements, including the compensation payable under each Agreement, were

------

fair 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 Agreements was in the best interests of the 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>Not Applicable.</u>

&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.* <u>Not Applicable.</u>

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

------

&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.* <u>Not Applicable to open-end investment companies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. <u>Not Applicable.</u>

*(b)* *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit99906cert.htm)* <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.

---

| | |
|:---|:---|
| &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: | June 4, 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: | June 4, 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: | June 4, 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 March 31, 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 |
| Dated: June 4, 2025 | Dated: June 4, 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

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&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: June 4, 2025 | /s/ Wesley R. Gray, PhD. |
| | Wesley R. Gray, PhD. |
| | President (principal executive officer) |
| | EA Series Trust |

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**<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.

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| | |
|:---|:---|
| Date: June 4, 2025 | /s/ Sean R. Hegarty |
| | Sean R. Hegarty, CPA |
| | Treasurer (principal financial officer) |
| | EA Series Trust |

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