# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-26-002832
**Filing Date:** 2026-6
**Character Count:** 486281
**Document Hash:** 5a07370e36fd93971a6e070666f4751b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-26-002832.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001592900-26-002832

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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:** 261054468

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Alpha Architect US Equity 2 ETF (Series ID: S000095435)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000264158 | Alpha Architect US Equity 2 ETF | AAEQ            |

### Alpha Architect US Equity 3 ETF (Series ID: S000097630)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000267085 | Alpha Architect US Equity 3 ETF | AAUA            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20260331

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

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

(Address of principal executive offices) (Zip code)

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2026</u>**

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

------

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

(a) ------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect 1-3 Month Box ETF<br>Ticker: BOXX<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxetf/ |

---

**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, 2025 to March 31, 2026, (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/boxetf/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $10 | 0.19% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $10704381140 | **Advisory Fees** | $11505326 |
| **# of Portfolio Holdings** | 5 | **Fees Waived and/or Expenses Reimbursed** | (2348985) |
| **Portfolio Turnover Rate\*** | 0% | **Net Advisory Fees Paid** | $9156341 |
| \*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 | 100.3% |
| Written Options | (0.2)% |
| Cash and Cash Equivalents | (0.1)% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/boxa/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Aggregate Bond ETF<br>Ticker: BOXA<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<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 October 1, 2025 to March 31, 2026, (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/boxa/. You can also request this information by contacting us at (215) 882-9983 .**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $10 | 0.19% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $15759993 | **Portfolio Turnover Rate\*** | 0% |
| **# of Portfolio Holdings** | 4 | **Advisory Fees** | $12203 |
| \*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 | 97.8% |
| Money Market Funds | 2.2% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Global Factor Equity ETF <br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aavm/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Global Factor Equity ETF <br>Ticker: AAVM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aavm/. You can also request this information by contacting us at (215) 882-9983.** <br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $3 | 0.05% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $20704354 | **Portfolio Turnover Rate\*** | 6% |
| **# of Portfolio Holdings** | 6 | **Advisory Fees** | $5091 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** | **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** |
| Value ETFs | 50.2% |
| Momentum ETFs | 49.4% |
| Cash and Cash Equivalents | 0.4% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS<br>(as a % of Net Assets)** | **TOP HOLDINGS<br>(as a % of Net Assets)** |
| Alpha Architect International Quantitative Momentum ETF | 30.0% |
| Alpha Architect International Quantitative Value ETF | 27.9% |
| Alpha Architect US Quantitative Value ETF | 22.3% |
| Alpha Architect US Quantitative <br>Momentum ETF | 19.3% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/hide/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect High Inflation and Deflation ETF<br>Ticker: HIDE<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025, to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/hide/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $96315123 | **Advisory Fees** | $104560 |
| **# of Portfolio Holdings** | 4 | **Fees Waived and/or Expenses Reimbursed** | (33336) |
| **Portfolio Turnover Rate\*** | 26% | **Net Advisory Fees Paid** | $71224 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** | **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** |
| Intermediate US Treasuries ETFs | 50.0% |
| Commodities ETFs | 27.4% |
| Real Estate ETFs | 21.3% |
| Cash and Cash Equivalents | 1.3% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/imom/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect International Quantitative Momentum ETF<br>Ticker: IMOM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/imom/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $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** | $133042127 | **Portfolio Turnover Rate\*** | 213% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $245296 |
| \*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. |

---

---

| | |
|:---|:---|
| **TOP 10 COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **TOP 10 COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Australia | 16.6% |
| Israel | 15.7% |
| Japan | 13.4% |
| Spain | 10.1% |
| Norway | 6.2% |
| United Kingdom | 5.9% |
| Italy | 5.9% |
| Germany | 5.9% |
| Switzerland | 4.0% |
| Netherlands | 2.0% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/ival/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect International Quantitative Value ETF<br>Ticker: IVAL<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/ival/. You can also request this information by contacting us at (215) 882-9983.** <br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $21 | 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** | $195914199 | **Portfolio Turnover Rate\*** | 124% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $361195 |
| \*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. |

---

---

| | |
|:---|:---|
| **TOP 10 COUNTRY WEIGHTING<br>(as a % of Net Assets)** | **TOP 10 COUNTRY WEIGHTING<br>(as a % of Net Assets)** |
| Japan | 44.7% |
| Australia | 18.2% |
| Germany | 7.9% |
| Norway | 4.1% |
| France | 4.0% |
| United Kingdom | 3.9% |
| Austria | 2.0% |
| Portugal | 2.0% |
| Italy | 2.0% |
| Luxembourg | 2.0% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/caos/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect Tail Risk ETF<br>Ticker: CAOS<br>Listed on: Cboe BZX Exchange, Inc. | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/caos/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $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** | $667218083 | **Portfolio Turnover Rate\*** | 0% |
| **# of Portfolio Holdings** | 9 | **Advisory Fees Paid** | $1773514 |
| \*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 | 116.9% |
| Written Options | (16.9)% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qmom/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect U.S. Quantitative Momentum ETF<br>Ticker: QMOM<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/qmom/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $15 | 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** | $377458267 | **Portfolio Turnover Rate\*** | 206% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $507649 |
| \*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 | 40.0% |
| Information Technology | 18.1% |
| Materials | 10.2% |
| Health Care | 9.9% |
| Consumer Discretionary | 7.9% |
| Energy | 5.8% |
| Communication Services | 4.0% |
| Consumer Staples | 2.0% |
| Utilities | 1.9% |
| Cash and Cash Equivalents | 0.2% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/qval/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect U.S. Quantitative Value ETF<br>Ticker: QVAL<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<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, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/qval/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $15 | 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** | $490702041 | **Portfolio Turnover Rate\*** | 147% |
| **# of Portfolio Holdings** | 51 | **Advisory Fees Paid** | $645567 |
| \*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 | 30.3% |
| Industrials | 16.2% |
| Information Technology | 14.0% |
| Health Care | 11.9% |
| Materials | 9.9% |
| Consumer Staples | 7.9% |
| Energy | 5.8% |
| Communication Services | 3.9% |
| Cash and Cash Equivalents | 0.1% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity 2 ETF<br>Ticker: AAEQ<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaeq/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity 2 ETF<br>Ticker: AAEQ<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaeq/ |

---

**This semi-annual shareholder report contains important information about the Alpha Architect US Equity 2 ETF (the "Fund") for the period of December 9, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aaeq/ . You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $4 | 0.15% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $436647318 | **Portfolio Turnover Rate\*** | 47% |
| **# of Portfolio Holdings** | 354 | **Advisory Fees Paid** | $216857 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 33.2% |
| Financials | 12.6% |
| Communication Services | 10.6% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.5% |
| Industrials | 8.8% |
| Consumer Staples | 4.6% |
| Energy | 4.4% |
| Utilities | 2.6% |
| Materials | 2.0% |
| Real Estate | 1.5% |
| Cash and Cash Equivalents | 0.1% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Apple, Inc. | 7.7% |
| NVIDIA Corp. | 7.5% |
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class A | 3.4% |
| Alphabet, Inc. - Class C | 2.7% |
| Broadcom, Inc. | 2.6% |
| Meta Platforms, Inc. - Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity 3 ETF<br>Ticker: AAUA<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaua/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity 3 ETF<br>Ticker: AAUA<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaua/ |

---

**This semi-annual shareholder report contains important information about the Alpha Architect US Equity 3 ETF (the "Fund") for the period of March 18, 2026 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aaua/. You can also request this information by contacting us at (215) 882-9983 .**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $1 | 0.15% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $321730372 | **Portfolio Turnover Rate\*** | 0% |
| **# of Portfolio Holdings** | 826 | **Advisory Fees Paid** | $17241 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** | **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 34.1% |
| Consumer Discretionary | 9.2% |
| Industrials | 9.1% |
| Financials | 9.1% |
| Communication Services | 8.9% |
| Health Care | 8.3% |
| Consumer Staples | 3.0% |
| Energy | 2.2% |
| Utilities | 1.0% |
| Materials | 0.7% |
| Real Estate | 0.3% |
| Exchange Traded Funds | 14.1% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Apple, Inc. | 7.8% |
| NVIDIA Corp. | 7.0% |
| Microsoft Corp. | 3.5% |
| Meta Platforms, Inc. - Class A | 3.5% |
| Broadcom, Inc. | 3.3% |
| Alphabet, Inc. - Class C | 2.8% |
| State Street SPDR S&P 500 ETF Trust | 2.7% |
| Alpha Architect US Equity ETF | 2.5% |
| Carvana Co. | 2.2% |
| Amazon.com, Inc. | 1.8% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |
| ![Alpha Architect300.jpg](ck0001592900-20260331_g1.jpg) | Alpha Architect US Equity ETF<br>Ticker: AAUS<br>Listed on: The Nasdaq Stock Market LLC | March 31, 2026<br>Semi-Annual Shareholder Report<br>https://funds.alphaarchitect.com/aaus/ |

---

**This semi-annual shareholder report contains important information about the Alpha Architect US Equity ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at https://funds.alphaarchitect.com/aaus/. You can also request this information by contacting us at (215) 882-9983.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $7 | 0.15% |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $463091702 | **Portfolio Turnover Rate\*** | 38% |
| **# of Portfolio Holdings** | 306 | **Advisory Fees Paid** | $363765 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 35.4% |
| Financials | 12.8% |
| Communication Services | 12.1% |
| Health Care | 9.2% |
| Consumer Discretionary | 8.9% |
| Industrials | 7.2% |
| Consumer Staples | 5.8% |
| Energy | 4.3% |
| Utilities | 1.8% |
| Materials | 1.2% |
| Real Estate | 0.8% |
| Cash and Cash Equivalents | 0.5% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Apple, Inc. | 8.5% |
| NVIDIA Corp. | 7.4% |
| Microsoft Corp. | 6.5% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class C | 3.1% |
| Broadcom, Inc. | 2.6% |
| Meta Platforms, Inc. | 2.3% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| JPMorgan Chase & Co. | 1.9% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: March 31, 2026

------

(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 1-3 MONTH BOX ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.3%** <sup>(a)</sup> | | | |
| **Call Options - 6.5%** <sup>(b)(c)(d)(g)</sup> | |  |  |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $10,005.01  | $1500668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $260 |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01  | 704058084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10826 | 691185970 |
| **Total Call Options** |  |  | 691186230 |
| **Put Options - 93.8%** <sup>(b)(c)(d)(g)</sup> |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $15.01  | 1500668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 260 |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01  | 704058084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10826 | 10038679150 |
| **Total Put Options** |  |  | 10038679410 |
| **TOTAL PURCHASED OPTIONS** (Cost $10,699,696,489) |  |  | 10729865640 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 0.0%** <sup>(e)</sup> |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318966 | 4318966 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,318,966) |  |  | 4318966 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $10,704,015,455**)** |  |  | $10734184606 |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (29803466) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $10704381140 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

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

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

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

(g) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT 1-3 MONTH BOX ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%**  | | | |
| **Call Options - (0.0)%** <sup>(a)(b)(c)(d)</sup> | | | |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $15.01  | $(1500668) | (26) | $(1459276) |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704058084) | (10826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108260) |
| **Total Call Options** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1567536) |
| **Put Options - (0.2)%** <sup>(a)(b)(d)</sup> |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $10,005.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1500668) | (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24258104) |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704058084) | (10826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108260) |
| **Total Put Options** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24366364) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $25,721,923) | **TOTAL WRITTEN OPTIONS** (Premiums received $25,721,923) |  | $(25933900) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

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

(d) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT AGGREGATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 97.8%** <sup>(a)</sup> | | | |
| **Call Options - 74.2%** <sup>(b)(c)(d)(f)</sup> | |  |  |
| iShares Core U.S. Aggregate Bond ETF, Expiration: 09/18/2026; Exercise Price: $25.01  | $15585390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | $11441171 |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01  | 260136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 255380 |
| **Total Call Options** |  |  | 11696551 |
| **Put Options - 23.6%** <sup>(b)(c)(d)(f)</sup> |  |  |  |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01  | 260136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 3709100 |
| **TOTAL PURCHASED OPTIONS** (Cost $15,456,308) |  |  | 15405651 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 2.1%**  |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338716 | 338716 |
| **TOTAL MONEY MARKET FUNDS** (Cost $338,716) |  |  | 338716 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $15,795,024**)** |  |  | $15744367 |
| Other Assets in Excess of Liabilities - 0.1% |  |  | 15626 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $15759993 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

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

(e) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(f) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT AGGREGATE BOND ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**  | | | |
| **Call Options - (0.0)%** <sup>(a)</sup><sup>(b)(c)(d)</sup> | | | |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01  | $(260136) | (4) | $(40) |
| **Put Options - (0.0)%** <sup>(a)</sup><sup>(b)(c)(d)</sup> |  |  |  |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01  | (260136) | (4) | (40) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $20) |  |  | $(80) |

---

Percentages are stated as a percent of net assets.

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

(b) Exchange-traded.

(c) 100 shares per contract.

(d) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT GLOBAL FACTOR EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.6%** | | |
| Alpha Architect International Quantitative Momentum ETF <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155991 | $6212872 |
| Alpha Architect International Quantitative Value ETF <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170328 | 5784322 |
| Alpha Architect US Quantitative Momentum ETF <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58602 | 4003103 |
| Alpha Architect US Quantitative Value ETF <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88424 | 4610551 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $15,972,478) |  | 20610848 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.3%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | 70000 |
| **TOTAL MONEY MARKET FUNDS** (Cost $70,000) |  | 70000 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $16,042,478**)** |  | $20680848 |
| Other Assets in Excess of Liabilities - 0.1%  |  | 23506 |
| **TOTAL NET ASSETS - 100.0%** |  | $20704354 |

---

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

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT HIGH INFLATION AND DEFLATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **EXCHANGE TRADED FUNDS - 98.7%** | | |
| GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005490 | $26409195 |
| Schwab Intermediate-Term U.S. Treasury ETF <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933622 | 48166524 |
| Vanguard Real Estate ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231112 | 20499635 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $91,863,540) |  | 95075354 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 1.1%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033278 | 1033278 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,033,278) |  | 1033278 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $92,896,818**)** |  | $96108632 |
| Other Assets in Excess of Liabilities - 0.2%  |  | 206491 |
| **TOTAL NET ASSETS - 100.0%** |  | $96315123 |

---

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 yield as of March 31, 2026.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.6%**  | | |
| **Australia - 16.6%**  | |  |
| ALS Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193194 | $2772520 |
| Capricorn Metals Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378067 | 2869321 |
| Codan Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119366 | 2574467 |
| Emerald Resources NL <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766642 | 2840434 |
| Lynas Rare Earths Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192425 | 2517199 |
| Northern Star Resources Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208295 | 2926000 |
| Perseus Mining Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782164 | 2779219 |
| Regis Resources Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617225 | 2831933 |
|  |  | 22111093 |
| **Cayman Islands - 1.9%**  |  |  |
| ASMPT Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196140 | 2483893 |
| **Finland - 2.0%**  |  |  |
| Wartsila OYJ Abp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73562 | 2696208 |
| **France - 2.0%**  |  |  |
| Exosens SAS  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37921 | 2682469 |
| **Germany - 5.9%**  |  |  |
| Aurubis AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915 | 2585938 |
| Siemens Energy AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15875 | 2610175 |
| Verbio SE <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49324 | 2611123 |
|  |  | 7807236 |
| **Hong Kong - 2.0%**  |  |  |
| Sun Hung Kai Properties Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161877 | 2667259 |
| **Israel - 15.7%**  |  |  |
| Doral Group Renewable Energy Resources Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142977 | 2678744 |
| Elbit Systems Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 | 2593138 |
| Enlight Renewable Energy Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39053 | 2599559 |
| Mega Or Holdings Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17084 | 2719922 |
| OPC Energy Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76806 | 2652778 |
| Tel Aviv Stock Exchange Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59616 | 2627859 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | 2552756 |
| Turpaz Industries Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125470 | 2492002 |
|  |  | 20916758 |
| **Italy - 5.9%**  |  |  |
| BPER Banca SpA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211137 | 2717429 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Italgas SpA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225651 | $2616024 |
| Technoprobe SpA <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152823 | 2522438 |
|  |  | 7855891 |
| **Japan - 13.4%**  |  |  |
| Food & Life Cos. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43676 | 2551127 |
| Kajima Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70147 | 2610871 |
| Kandenko Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68530 | 2531255 |
| Nippon Electric Glass Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68600 | 2555886 |
| Shimizu Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145684 | 2545029 |
| Sumitomo Pharma Co. Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196928 | 2575370 |
| Tokyo Ohka Kogyo Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400 | 2480481 |
|  |  | 17850019 |
| **Luxembourg - 2.0%**  |  |  |
| Millicom International Cellular SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34906 | 2615856 |
| **Netherlands - 2.0%**  |  |  |
| Koninklijke BAM Groep NV  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271746 | 2705964 |
| **Norway - 6.2%**  |  |  |
| Frontline PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79369 | 2766803 |
| Hoegh Autoliners ASA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193707 | 2778703 |
| Wallenius Wilhelmsen ASA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216347 | 2721402 |
|  |  | 8266908 |
| **Singapore - 2.0%**  |  |  |
| Keppel Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287941 | 2635969 |
| **South Africa - 2.0%**  |  |  |
| Pan African Resources PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438171 | 2653550 |
| **Spain - 10.1%**  |  |  |
| Acciona SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188 | 2623661 |
| Indra Sistemas SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50878 | 2778072 |
| Laboratorios Farmaceuticos Rovi SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29202 | 2725578 |
| Solaria Energia y Medio Ambiente SA <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95368 | 2612490 |
| Tecnicas Reunidas SA <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77356 | 2723500 |
|  |  | 13463301 |
| **Switzerland - 4.0%**  |  |  |
| Accelleron Industries AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30091 | 2681320 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Glencore PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349761 | $2617930 |
|  |  | 5299250 |
| **United Kingdom - 5.9%**  |  |  |
| Babcock International Group PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170825 | 2618268 |
| SSE PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76288 | 2620279 |
| Zegona Communications PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120606 | 2617983 |
|  |  | 7856530 |
| **TOTAL COMMON STOCKS** (Cost $123,122,742) |  | 132568154 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 1.1%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411444 | 1411444 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,411,444) |  | 1411444 |
| **TOTAL INVESTMENTS - 100.7% (**Cost $124,534,186**)** |  | $133979598 |
| Liabilities in Excess of Other Assets - (0.7)%  |  | (937471) |
| **TOTAL NET ASSETS - 100.0%** |  | $133042127 |

---

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 yield as of March 31, 2026.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **COMMON STOCKS - 96.6%**  | | |
| **Australia - 18.2%**  | |  |
| BHP Group Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111956 | $3892328 |
| Fortescue Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279308 | 3913912 |
| JB Hi-Fi Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74622 | 3728577 |
| Metcash Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855027 | 3788434 |
| Perseus Mining Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141530 | 4056134 |
| Qantas Airways Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667361 | 3853932 |
| Regis Resources Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900829 | 4133156 |
| Rio Tinto Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36802 | 4098957 |
| Vault Minerals Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424065 | 4097166 |
|  |  | 35562596 |
| **Austria - 2.0%**  |  |  |
| OMV AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55027 | 4019726 |
| **China - 1.9%**  |  |  |
| Yangzijiang Shipbuilding Holdings Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298476 | 3817562 |
| **France - 4.0%**  |  |  |
| Air France-KLM <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385367 | 3811978 |
| Eiffage SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26056 | 3949841 |
|  |  | 7761819 |
| **Germany - 5.9%**  |  |  |
| Aurubis AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21453 | 3719485 |
| Freenet AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129931 | 3967795 |
| TUI AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508510 | 3886296 |
|  |  | 11573576 |
| **Italy - 2.0%**  |  |  |
| Buzzi SpA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78528 | 3910244 |
| **Japan - 44.7%** <sup>(b)</sup> |  |  |
| Aisin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272553 | 3723228 |
| Asahi Kasei Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396100 | 3766201 |
| Bridgestone Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186932 | 3848063 |
| Hitachi Construction Machinery Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112163 | 3725221 |
| Inpex Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126900 | 3740513 |
| Japan Airlines Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231549 | 3734285 |
| Komatsu Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96127 | 3642051 |
| Kuraray Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381100 | 3960962 |
| Kyowa Kirin Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243300 | 3952159 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Makita Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119387 | $3819210 |
| Nippon Paint Holdings Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625800 | 3849318 |
| Niterra Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80418 | 3662020 |
| Otsuka Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206300 | 3926986 |
| Sekisui Chemical Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233812 | 3840024 |
| Sekisui House Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175100 | 3883633 |
| Shimamura Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187567 | 3900136 |
| Subaru Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239087 | 3741360 |
| Sumitomo Rubber Industries Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297500 | 3789397 |
| Suntory Beverage & Food Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139715 | 3950104 |
| Suzuki Motor Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321631 | 3800882 |
| Tosoh Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260121 | 3791877 |
| Toyo Tire Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165700 | 3752407 |
| Yokohama Rubber Co. Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100312 | 3679255 |
|  |  | 87479292 |
| **Luxembourg - 2.0%**  |  |  |
| Tenaris SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132641 | 3909503 |
| **Netherlands - 2.0%**  |  |  |
| Signify NV <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184579 | 3853041 |
| **Norway - 4.1%**  |  |  |
| Aker BP ASA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106657 | 3977511 |
| Equinor ASA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94151 | 4087730 |
|  |  | 8065241 |
| **Portugal - 2.0%**  |  |  |
| Galp Energia SGPS SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164650 | 3998447 |
| **Spain - 1.9%**  |  |  |
| Acciona SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14670 | 3777886 |
| **Sweden - 2.0%**  |  |  |
| Telefonaktiebolaget LM Ericsson - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346485 | 3890643 |
| **United Kingdom - 3.9%**  |  |  |
| easyJet PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831439 | 3819786 |
| Imperial Brands PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95095 | 3847753 |
|  |  | 7667539 |
| **TOTAL COMMON STOCKS** (Cost $179,098,184) |  | 189287115 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **PREFERRED STOCKS - 2.0%**  | | |
| **Germany - 2.0%**  | |  |
| Henkel AG & Co. KGaA, 0.00%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50561 | $3874652 |
| **TOTAL PREFERRED STOCKS** (Cost $3,906,145) |  | 3874652 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 4.3%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352409 | 8352409 |
| **TOTAL MONEY MARKET FUNDS** (Cost $8,352,409) |  | 8352409 |
| **TOTAL INVESTMENTS - 102.9% (**Cost $191,356,738**)** |  | $201514176 |
| Liabilities in Excess of Other Assets - (2.9)%  |  | (5599977) |
| **TOTAL NET ASSETS - 100.0%** |  | $195914199 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

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

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $3,853,041 or 2.0% of the Fund's net assets.

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 116.9%** <sup>(a)</sup> | | | |
| **Call Options - 6.1%**  | |  |  |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01 <sup>(b)(c)(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42011964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | $41243870 |
| **Put Options - 110.8%** <sup>(b)(c)(d)</sup> |  |  |  |
| S&P 500 Index  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/02/2026; Exercise Price: $6,400.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338177336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | 564620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/17/2026; Exercise Price: $2,500.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4499455984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 | 51690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/15/2026; Exercise Price: $2,500.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90093576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/18/2026; Exercise Price: $2,500.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7529994968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534 | 2306800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/18/2026; Exercise Price: $12,000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165171556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | 136126650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 07/17/2026; Exercise Price: $2,500.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702468752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | 425020 |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42011964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | 599019650 |
| **Total Put Options** |  |  | 738501330 |
| **TOTAL PURCHASED OPTIONS** (Cost $784,433,187) |  |  | 779745200 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 0.1%**  |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338061 | 338061 |
| **TOTAL MONEY MARKET FUNDS** (Cost $338,061) |  |  | 338061 |
| **TOTAL INVESTMENTS - 117.0% (**Cost $784,771,248**)** |  |  | $780083261 |
| Liabilities in Excess of Other Assets - (17.0)%  |  |  | (112865178) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $667218083 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

(c) Exchange-traded.

(d) 100 shares per contract.

(e) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(f) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT TAIL RISK ETF** |
| **SCHEDULE OF WRITTEN OPTIONS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (16.9)%**  | | | |
| **Call Options - (0.0)%** <sup>(a)</sup> | | | |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10,010.01 <sup>(b)(c)(d)</sup> | $(42011964) | (646) | $(6460) |
| **Put Options - (16.9)%** <sup>(b)(c)</sup> |  |  |  |
| S&P 500 Index  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 04/02/2026; Exercise Price: $6,480.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338177336) | (518) | (1463350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/18/2026; Exercise Price: $11,000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165171556) | (253) | (111050555) |
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $10.01<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42011964) | (646) | (6460) |
| **Total Put Options** |  |  | (112520365) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $118,842,160) | **TOTAL WRITTEN OPTIONS** (Premiums received $118,842,160) |  | $(112526825) |

---

Percentages are stated as a percent of net assets.

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

(b) Exchange-traded.

(c) 100 shares per contract.

(d) FLexible EXchange® Options.

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.8%**  | | |
| **<u>Communication Services</u> - 4.0%**  | |  |
| **Cable & Satellite - 2.0%**  |  |  |
| EchoStar Corp. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64270 | $7524089 |
| **Interactive Media & Services - 2.0%**  |  |  |
| Alphabet, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050 | 7490938 |
| **Total Communication Services** |  | 15015027 |
| **<u>Consumer Discretionary</u> - 7.9%**  |  |  |
| **Apparel, Accessories & Luxury Goods - 1.9%**  |  |  |
| Tapestry, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51839 | 7315001 |
| **Automotive Parts & Equipment - 2.0%**  |  |  |
| BorgWarner, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135770 | 7366880 |
| **Hotels, Resorts & Cruise Lines - 2.0%**  |  |  |
| Viking Holdings Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104355 | 7668006 |
| **Other Specialty Retail - 2.0%**  |  |  |
| Five Below, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32411 | 7405265 |
| **Total Consumer Discretionary** |  | 29755152 |
| **<u>Consumer Staples</u> - 2.0%**  |  |  |
| **Consumer Staples Merchandise Retail - 2.0%**  |  |  |
| Dollar Tree, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67253 | 7364876 |
| **<u>Energy</u> - 5.8%**  |  |  |
| **Coal & Consumable Fuels - 2.1%**  |  |  |
| Energy Fuels, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431022 | 7866151 |
| **Oil & Gas Equipment & Services - 1.9%**  |  |  |
| TechnipFMC PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104728 | 7239847 |
| **Oil & Gas Refining & Marketing - 1.8%**  |  |  |
| PBF Energy, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141948 | 6759564 |
| **Total Energy** |  | 21865562 |
| **<u>Health Care</u> - 9.9%**  |  |  |
| **Biotechnology - 8.0%**  |  |  |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124631 | 7814364 |
| Insmed, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46154 | 7547102 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98763 | 7416114 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Roivant Sciences Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274159 | $7594204 |
|  |  | 30371784 |
| **Health Care Facilities - 1.9%**  |  |  |
| Tenet Healthcare Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37665 | 7107762 |
| **Total Health Care** |  | 37479546 |
| **<u>Industrials</u> - 40.0%** <sup>(b)</sup> |  |  |
| **Aerospace & Defense - 19.9%**  |  |  |
| ATI, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52189 | 7591412 |
| BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37506 | 7669602 |
| Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19019 | 7496339 |
| Curtiss-Wright Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11282 | 7684396 |
| Howmet Aerospace, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32087 | 7394770 |
| Huntington Ingalls Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19297 | 7330930 |
| Karman Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92879 | 7434964 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108803 | 7671699 |
| Moog, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25116 | 7349946 |
| Woodward, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20978 | 7508446 |
|  |  | 75132504 |
| **Air Freight & Logistics - 1.9%**  |  |  |
| CH Robinson Worldwide, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43802 | 7274198 |
| **Construction & Engineering - 8.0%**  |  |  |
| Comfort Systems USA, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | 7734755 |
| Dycom Industries, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21849 | 7402878 |
| EMCOR Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10202 | 7532239 |
| MasTec, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23455 | 7546412 |
|  |  | 30216284 |
| **Construction Machinery & Heavy Transportation Equipment - 4.0%**  |  |  |
| Caterpillar, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10646 | 7542265 |
| Cummins, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13872 | 7463414 |
|  |  | 15005679 |
| **Electrical Components & Equipment - 2.2%**  |  |  |
| Vicor Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51233 | 8248513 |
| **Heavy Electrical Equipment - 2.0%**  |  |  |
| GE Vernova, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8776 | 7660570 |
| **Trading Companies & Distributors - 2.0%**  |  |  |
| WESCO International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27699 | 7579000 |
| **Total Industrials** |  | 151116748 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **<u>Information Technology</u> - 18.1%**  | |  |
| **Communications Equipment - 2.0%**  |  |  |
| Viavi Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228343 | $7599255 |
| **Electronic Components - 4.0%**  |  |  |
| Amphenol Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59858 | 7563058 |
| Corning, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55802 | 7587398 |
|  |  | 15150456 |
| **Electronic Equipment & Instruments - 2.0%**  |  |  |
| Keysight Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26544 | 7495229 |
| **Electronic Manufacturing Services - 4.1%**  |  |  |
| Flex Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117595 | 7697769 |
| Jabil, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28901 | 7676973 |
|  |  | 15374742 |
| **Semiconductor Materials & Equipment - 2.0%**  |  |  |
| Applied Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22051 | 7536811 |
| **Semiconductors - 4.0%**  |  |  |
| Broadcom, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24402 | 7552663 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34281 | 7612782 |
|  |  | 15165445 |
| **Total Information Technology** |  | 68321938 |
| **<u>Materials</u> - 10.2%**  |  |  |
| **Copper - 2.1%**  |  |  |
| Southern Copper Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44937 | 7731907 |
| **Gold - 6.1%**  |  |  |
| Anglogold Ashanti PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78025 | 7596514 |
| Coeur Mining, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432405 | 8116242 |
| Newmont Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69074 | 7477260 |
|  |  | 23190016 |
| **Silver - 2.0%**  |  |  |
| Hecla Mining Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414437 | 7720961 |
| **Total Materials** |  | 38642884 |
| **<u>Utilities</u> - 1.9%**  |  |  |
| **Independent Power Producers & Energy Traders - 1.9%**  |  |  |
| Talen Energy Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22428 | 7159690 |
| **TOTAL COMMON STOCKS** (Cost $353,897,282) |  | 376721423 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS** | | |
| **MONEY MARKET FUNDS - 0.2%**  | | |
| First American Government Obligations Fund - Class X, 3.58% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745937 | $745937 |
| **TOTAL MONEY MARKET FUNDS** (Cost $745,937) |  | 745937 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $354,643,219**)** |  | $377467360 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(d)</sup> |  | (9093) |
| **TOTAL NET ASSETS - 100.0%** |  | $377458267 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(d) 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 U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.9%**  | | |
| **<u>Communication Services</u> - 3.9%**  | |  |
| **Broadcasting - 1.9%**  |  |  |
| Fox Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162162 | $9470261 |
| **Cable & Satellite - 2.0%**  |  |  |
| Comcast Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | 9474300 |
| **Total Communication Services** |  | 18944561 |
| **<u>Consumer Discretionary</u> - 30.3%** <sup>(a)</sup> |  |  |
| **Apparel Retail - 4.0%**  |  |  |
| Gap, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404838 | 9797080 |
| Urban Outfitters, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157972 | 10007526 |
|  |  | 19804606 |
| **Automotive Retail - 2.0%**  |  |  |
| Group 1 Automotive, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29260 | 9674234 |
| **Broadline Retail - 2.0%**  |  |  |
| Macy's, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545050 | 9859954 |
| **Computer & Electronics Retail - 2.0%**  |  |  |
| Best Buy Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150552 | 9665438 |
| **Footwear - 2.1%**  |  |  |
| Deckers Outdoor Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101607 | 10169845 |
| **Homebuilding - 10.0%**  |  |  |
| DR Horton, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72075 | 9890131 |
| NVR, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | 9700230 |
| PulteGroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83983 | 9877241 |
| Taylor Morrison Home Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167250 | 9740640 |
| Toll Brothers, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73186 | 9987693 |
|  |  | 49195935 |
| **Hotels, Resorts & Cruise Lines - 2.1%**  |  |  |
| Carnival Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400099 | 10354562 |
| **Leisure Products - 2.0%**  |  |  |
| YETI Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273773 | 10017354 |
| **Restaurants - 2.1%**  |  |  |
| Brinker International, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70819 | 10110829 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialized Consumer Services - 2.0%**  |  |  |
| ADT, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476598 | $9701249 |
| **Total Consumer Discretionary** |  | 148554006 |
| **<u>Consumer Staples</u> - 7.9%**  |  |  |
| **Agricultural Products & Services - 2.0%**  |  |  |
| Ingredion, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84961 | 9571706 |
| **Consumer Staples Merchandise Retail - 2.0%**  |  |  |
| Target Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80569 | 9764963 |
| **Packaged Foods & Meats - 2.0%**  |  |  |
| Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235095 | 9935115 |
| **Tobacco - 1.9%**  |  |  |
| Altria Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142535 | 9405884 |
| **Total Consumer Staples** |  | 38677668 |
| **<u>Energy</u> - 5.8%**  |  |  |
| **Oil & Gas Exploration & Production - 3.9%**  |  |  |
| ConocoPhillips  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71975 | 9500700 |
| Range Resources Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207602 | 9379458 |
|  |  | 18880158 |
| **Oil & Gas Refining & Marketing - 1.9%**  |  |  |
| HF Sinclair Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152581 | 9519529 |
| **Total Energy** |  | 28399687 |
| **<u>Health Care</u> - 11.9%**  |  |  |
| **Biotechnology - 4.0%**  |  |  |
| Exelixis, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228362 | 9794446 |
| United Therapeutics Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16286 | 9657272 |
|  |  | 19451718 |
| **Health Care Equipment - 2.0%**  |  |  |
| GE HealthCare Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139277 | 9913737 |
| **Health Care Facilities - 1.9%**  |  |  |
| Tenet Healthcare Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435 | 9517589 |
| **Health Care Services - 2.0%**  |  |  |
| Cigna Group  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36978 | 9863882 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Pharmaceuticals - 2.0%**  |  |  |
| Pfizer, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348130 | $9775490 |
| **Total Health Care** |  | 58522416 |
| **<u>Industrials</u> - 16.2%**  |  |  |
| **Air Freight & Logistics - 2.0%**  |  |  |
| United Parcel Service, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100476 | 9884829 |
| **Building Products - 2.0%**  |  |  |
| Masco Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162727 | 9823829 |
| **Construction Machinery & Heavy Transportation Equipment - 2.0%**  |  |  |
| Allison Transmission Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84530 | 9895082 |
| **Industrial Machinery & Supplies & Components - 4.0%**  |  |  |
| Mueller Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88588 | 9815550 |
| Snap-on, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26820 | 9741561 |
|  |  | 19557111 |
| **Passenger Airlines - 4.2%**  |  |  |
| Delta Air Lines, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151326 | 10060152 |
| United Airlines Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112556 | 10363031 |
|  |  | 20423183 |
| **Research & Consulting Services - 2.0%**  |  |  |
| Leidos Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62318 | 9691695 |
| **Total Industrials** |  | 79275729 |
| **<u>Information Technology</u> - 14.0%**  |  |  |
| **Application Software - 2.0%**  |  |  |
| Zoom Communications, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122656 | 9860316 |
| **IT Consulting & Other Services - 3.9%**  |  |  |
| Cognizant Technology Solutions Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157764 | 9678821 |
| EPAM Systems, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70720 | 9575488 |
|  |  | 19254309 |
| **Semiconductors - 4.0%**  |  |  |
| First Solar, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51926 | 10242923 |
| QUALCOMM, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75205 | 9684900 |
|  |  | 19927823 |
| **Systems Software - 2.0%**  |  |  |
| Gen Digital, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517069 | 9736409 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Technology Distributors - 2.1%**  |  |  |
| TD SYNNEX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60167 | $10150775 |
| **Total Information Technology** |  | 68929632 |
| **<u>Materials</u> - 9.9%**  |  |  |
| **Fertilizers & Agricultural Chemicals - 1.8%**  |  |  |
| CF Industries Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68996 | 8958440 |
| **Gold - 4.1%**  |  |  |
| Anglogold Ashanti PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104641 | 10187848 |
| Newmont Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92636 | 10027847 |
|  |  | 20215695 |
| **Metal, Glass & Plastic Containers - 2.0%**  |  |  |
| Crown Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97091 | 9733373 |
| **Specialty Chemicals - 2.0%**  |  |  |
| PPG Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92119 | 9845679 |
| **Total Materials** |  | 48753187 |
| **TOTAL COMMON STOCKS** (Cost $473,675,966) |  | 490056886 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.1%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445744 | 445744 |
| **TOTAL MONEY MARKET FUNDS** (Cost $445,744) |  | 445744 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $474,121,710**)** |  | $490502630 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> |  | 199411 |
| **TOTAL NET ASSETS - 100.0%** |  | $490702041 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(d) 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 US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.5%**  | | |
| **<u>Communication Services</u> - 10.6%**  | |  |
| **Advertising - 0.1%**  |  |  |
| Omnicom Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | $252590 |
| **Cable & Satellite - 0.1%**  |  |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | 197314 |
| **Integrated Telecommunication Services - 0.4%**  |  |  |
| AT&T, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63321 | 1835676 |
| **Interactive Home Entertainment - 0.2%**  |  |  |
| Electronic Arts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | 356976 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | 355105 |
|  |  | 712081 |
| **Interactive Media & Services - 8.3%**  |  |  |
| Alphabet, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51690 | 14863976 |
| Alphabet, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41297 | 11846458 |
| Meta Platforms, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16984 | 9717056 |
|  |  | 36427490 |
| **Movies & Entertainment - 1.3%**  |  |  |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | 238983 |
| Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37127 | 3569761 |
| Walt Disney Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15839 | 1526563 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496 | 507900 |
|  |  | 5843207 |
| **Wireless Telecommunication Services - 0.2%**  |  |  |
| T-Mobile US, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161 | 873935 |
| **Total Communication Services** |  | 46142293 |
| **<u>Consumer Discretionary</u> - 10.1%**  |  |  |
| **Apparel Retail - 0.5%**  |  |  |
| Ross Stores, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | 626277 |
| TJX Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | 1541425 |
|  |  | 2167702 |
| **Apparel, Accessories & Luxury Goods - 0.0%** <sup>(b)</sup> |  |  |
| Tapestry, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | 215616 |
| **Automobile Manufacturers - 2.1%**  |  |  |
| Ford Motor Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31086 | 358732 |
| General Motors Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 | 571266 |
| Tesla, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21925 | 8150619 |
|  |  | 9080617 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Automotive Retail - 0.3%**  |  |  |
| AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $557334 |
| Carvana Co. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | 256534 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | 698971 |
|  |  | 1512839 |
| **Broadline Retail - 3.8%**  |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76703 | 15974934 |
| eBay, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767 | 433892 |
|  |  | 16408826 |
| **Consumer Electronics - 0.1%**  |  |  |
| Garmin Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | 383977 |
| **Footwear - 0.1%**  |  |  |
| NIKE, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11992 | 633417 |
| **Home Improvement Retail - 1.0%**  |  |  |
| Home Depot, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 | 2970864 |
| Lowe's Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 | 1208572 |
|  |  | 4179436 |
| **Homebuilding - 0.2%**  |  |  |
| DR Horton, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | 372827 |
| Lennar Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | 184969 |
| NVR, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 191105 |
| PulteGroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | 225811 |
|  |  | 974712 |
| **Homefurnishing Retail - 0.0%** <sup>(b)</sup> |  |  |
| Williams-Sonoma, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | 212415 |
| **Hotels, Resorts & Cruise Lines - 0.9%**  |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 | 475697 |
| Booking Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 1220993 |
| Carnival Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 | 138665 |
| Expedia Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | 229043 |
| Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | 590827 |
| Marriott International, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | 651196 |
| Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | 488445 |
|  |  | 3794866 |
| **Other Specialty Retail - 0.1%**  |  |  |
| Tractor Supply Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861 | 174903 |
| Ulta Beauty, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | 236265 |
|  |  | 411168 |
| **Restaurants - 1.0%**  |  |  |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13647 | 436841 |
| Darden Restaurants, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | 225642 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DoorDash, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 | $477027 |
| McDonald's Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | 1969165 |
| Starbucks Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10043 | 899752 |
| Yum! Brands, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | 347964 |
|  |  | 4356391 |
| **Total Consumer Discretionary** |  | 44331982 |
| **<u>Consumer Staples</u> - 4.6%**  |  |  |
| **Agricultural Products & Services - 0.1%**  |  |  |
| Archer-Daniels-Midland Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672 | 266918 |
| **Consumer Staples Merchandise Retail - 2.2%**  |  |  |
| Costco Wholesale Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 | 3949849 |
| Dollar Tree, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | 203360 |
| Target Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | 446016 |
| Walmart, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39541 | 4914155 |
|  |  | 9513380 |
| **Distillers & Vintners - 0.0%** <sup>(b)</sup> |  |  |
| Constellation Brands, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433 | 214950 |
| **Food Retail - 0.1%**  |  |  |
| Kroger Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811 | 348124 |
| **Household Products - 0.9%**  |  |  |
| Church & Dwight Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | 157991 |
| Colgate-Palmolive Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942 | 676897 |
| Kimberly-Clark Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | 243972 |
| Procter & Gamble Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21219 | 3064872 |
|  |  | 4143732 |
| **Packaged Foods & Meats - 0.1%**  |  |  |
| Hershey Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | 233460 |
| Kraft Heinz Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 | 129565 |
| Tyson Foods, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | 116031 |
|  |  | 479056 |
| **Personal Care Products - 0.1%**  |  |  |
| Estee Lauder Cos., Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | 97033 |
| Kenvue, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14569 | 251170 |
|  |  | 348203 |
| **Soft Drinks & Non-alcoholic Beverages - 1.1%**  |  |  |
| Coca-Cola Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34759 | 2643422 |
| Monster Beverage Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069 | 512220 |
| PepsiCo, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11970 | 1858821 |
|  |  | 5014463 |
| **Total Consumer Staples** |  | 20328826 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **<u>Energy</u> - 4.4%**  | |  |
| **Integrated Oil & Gas - 2.4%**  |  |  |
| Chevron Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16594 | $3433299 |
| Exxon Mobil Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37379 | 6341721 |
| Occidental Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016 | 456040 |
|  |  | 10231060 |
| **Oil & Gas Equipment & Services - 0.3%**  |  |  |
| Baker Hughes Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837 | 478449 |
| Halliburton Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171 | 318587 |
| SLB Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392 | 636825 |
|  |  | 1433861 |
| **Oil & Gas Exploration & Production - 0.7%**  |  |  |
| ConocoPhillips  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429 | 1376628 |
| Coterra Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 | 257506 |
| Devon Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | 305241 |
| Diamondback Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | 274532 |
| EQT Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872 | 310054 |
| Expand Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351 | 258093 |
| Texas Pacific Land Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | 263381 |
|  |  | 3045435 |
| **Oil & Gas Refining & Marketing - 0.4%**  |  |  |
| Marathon Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | 593602 |
| Phillips 66  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | 598461 |
| Valero Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | 658221 |
|  |  | 1850284 |
| **Oil & Gas Storage & Transportation - 0.6%**  |  |  |
| Kinder Morgan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19267 | 646023 |
| ONEOK, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196 | 560056 |
| Targa Resources Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | 527787 |
| Williams Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10889 | 792501 |
|  |  | 2526367 |
| **Total Energy** |  | 19087007 |
| **<u>Financials</u> - 12.6%**  |  |  |
| **Asset Management & Custody Banks - 0.9%**  |  |  |
| Ameriprise Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | 429290 |
| Ares Management Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | 172269 |
| Bank of New York Mellon Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | 738116 |
| Blackrock, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | 1181942 |
| Blackstone, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | 620371 |
| KKR & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 | 346597 |
| Northern Trust Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | 190513 |
| T Rowe Price Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | 204077 |
|  |  | 3883175 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Finance - 0.2%**  |  |  |
| Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637 | $845928 |
| Synchrony Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | 206713 |
|  |  | 1052641 |
| **Diversified Banks - 3.4%**  |  |  |
| Bank of America Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59644 | 2907645 |
| Citigroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15595 | 1768629 |
| JPMorgan Chase & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23866 | 7020423 |
| KeyCorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | 117914 |
| PNC Financial Services Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | 729563 |
| Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27616 | 2198510 |
|  |  | 14742684 |
| **Diversified Financial Services - 0.1%**  |  |  |
| Apollo Global Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | 308076 |
| **Financial Exchanges & Data - 1.1%**  |  |  |
| Cboe Global Markets, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | 298777 |
| CME Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | 951913 |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | 250391 |
| Intercontinental Exchange, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | 808419 |
| Moody's Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | 594173 |
| MSCI, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 319094 |
| Nasdaq, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 | 393211 |
| S&P Global, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 | 1136508 |
|  |  | 4752486 |
| **Insurance Brokers - 0.3%**  |  |  |
| Aon PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | 617155 |
| Arthur J Gallagher & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 | 442906 |
| Brown & Brown, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 | 192500 |
|  |  | 1252561 |
| **Investment Banking & Brokerage - 1.3%**  |  |  |
| Charles Schwab Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14306 | 1344478 |
| Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | 2081135 |
| Interactive Brokers Group, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | 164187 |
| Morgan Stanley  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539 | 1734403 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | 295080 |
|  |  | 5619283 |
| **Life & Health Insurance - 0.2%**  |  |  |
| Aflac, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | 417337 |
| MetLife, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | 386697 |
| Principal Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | 114710 |
| Prudential Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | 260246 |
|  |  | 1178990 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Multi-Sector Holdings - 1.8%**  |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16395 | $7856484 |
| **Property & Casualty Insurance - 0.8%**  |  |  |
| Allstate Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | 439768 |
| American International Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | 388064 |
| Arch Capital Group Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587 | 344316 |
| Chubb Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | 1060576 |
| Hartford Insurance Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | 376616 |
| Loews Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | 118695 |
| Travelers Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | 545733 |
| W R Berkley Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | 194930 |
|  |  | 3468698 |
| **Regional Banks - 0.3%**  |  |  |
| Citizens Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 | 260150 |
| M&T Bank Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | 320416 |
| Regions Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | 157817 |
| Truist Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 | 479973 |
|  |  | 1218356 |
| **Transaction & Payment Processing Services - 2.2%**  |  |  |
| Block, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604 | 277069 |
| Corpay, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | 194381 |
| Fidelity National Information Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | 176428 |
| Fiserv, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421 | 302492 |
| Mastercard, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486 | 3740455 |
| PayPal Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | 340446 |
| Visa, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312 | 4627899 |
|  |  | 9659170 |
| **Total Financials** |  | 54992604 |
| **<u>Health Care</u> - 9.5%**  |  |  |
| **Biotechnology - 2.0%**  |  |  |
| AbbVie, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16391 | 3564879 |
| Amgen, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 | 1667065 |
| Biogen, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | 266562 |
| Gilead Sciences, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158 | 1555090 |
| Moderna, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | 112979 |
| Regeneron Pharmaceuticals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | 659835 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | 1023023 |
|  |  | 8849433 |
| **Health Care Distributors - 0.4%**  |  |  |
| Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | 493832 |
| Cencora, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | 511106 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| McKesson Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | $921608 |
|  |  | 1926546 |
| **Health Care Equipment - 1.3%**  |  |  |
| Becton Dickinson & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | 361629 |
| Boston Scientific Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13013 | 816566 |
| Dexcom, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | 245171 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 | 450930 |
| GE HealthCare Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 | 325150 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 449512 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | 1452580 |
| ResMed, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | 251193 |
| STERIS PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | 150590 |
| Stryker Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | 1003514 |
|  |  | 5506835 |
| **Health Care Facilities - 0.2%**  |  |  |
| HCA Healthcare, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | 715539 |
| **Health Care Services - 0.4%**  |  |  |
| Cigna Group  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | 580448 |
| CVS Health Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11433 | 821118 |
| Labcorp Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | 155550 |
|  |  | 1557116 |
| **Life Sciences Tools & Services - 0.9%**  |  |  |
| Agilent Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | 323589 |
| Danaher Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | 1067448 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | 299298 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | 262330 |
| Thermo Fisher Scientific, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365 | 1653998 |
| Waters Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | 291248 |
|  |  | 3897911 |
| **Managed Health Care - 0.6%**  |  |  |
| Elevance Health, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819 | 532512 |
| UnitedHealth Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057 | 2180144 |
|  |  | 2712656 |
| **Pharmaceuticals - 3.7%**  |  |  |
| Eli Lilly & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082 | 6513811 |
| Johnson & Johnson  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21266 | 5198261 |
| Merck & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22088 | 2656965 |
| Pfizer, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50211 | 1409925 |
| Zoetis, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389 | 518824 |
|  |  | 16297786 |
| **Total Health Care** |  | 41463822 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **<u>Industrials</u> - 8.8%**  | |  |
| **Aerospace & Defense - 2.4%**  |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | $345698 |
| Boeing Co. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 | 1359773 |
| General Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9317 | 2643885 |
| Howmet Aerospace, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | 811450 |
| L3Harris Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | 528770 |
| Lockheed Martin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | 1035924 |
| Northrop Grumman Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | 764109 |
| RTX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506 | 2219507 |
| TransDigm Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | 649017 |
|  |  | 10358133 |
| **Air Freight & Logistics - 0.4%**  |  |  |
| CH Robinson Worldwide, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | 132524 |
| Expeditors International of Washington, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | 192358 |
| FedEx Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | 690277 |
| United Parcel Service, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | 600511 |
|  |  | 1615670 |
| **Building Products - 0.4%**  |  |  |
| Carrier Global Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7764 | 437191 |
| Johnson Controls International PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 | 698880 |
| Trane Technologies PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | 770969 |
|  |  | 1907040 |
| **Cargo Ground Transportation - 0.1%**  |  |  |
| Old Dominion Freight Line, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | 271801 |
| **Construction & Engineering - 0.3%**  |  |  |
| Comfort Systems USA, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | 359917 |
| EMCOR Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | 315258 |
| Quanta Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 | 721412 |
|  |  | 1396587 |
| **Construction Machinery & Heavy Transportation Equipment - 1.0%**  |  |  |
| Caterpillar, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 | 2952861 |
| Cummins, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | 609039 |
| PACCAR, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 | 492492 |
| Westinghouse Air Brake Technologies Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | 329631 |
|  |  | 4384023 |
| **Data Processing & Outsourced Services - 0.1%**  |  |  |
| Broadridge Financial Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | 196113 |
| **Diversified Support Services - 0.2%**  |  |  |
| Cintas Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | 488645 |
| Copart, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | 300726 |
|  |  | 789371 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electrical Components & Equipment - 0.7%**  |  |  |
| AMETEK, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 | $489598 |
| Eaton Corp. PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | 1287612 |
| Emerson Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 | 615139 |
| Hubbell, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | 181574 |
| Rockwell Automation, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | 315456 |
|  |  | 2889379 |
| **Environmental & Facilities Services - 0.2%**  |  |  |
| Veralto Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | 215480 |
| Waste Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 | 758077 |
|  |  | 973557 |
| **Heavy Electrical Equipment - 0.4%**  |  |  |
| GE Vernova, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | 1689934 |
| **Human Resource & Employment Services - 0.2%**  |  |  |
| Automatic Data Processing, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592 | 729823 |
| Paychex, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | 311642 |
|  |  | 1041465 |
| **Industrial Conglomerates - 0.4%**  |  |  |
| 3M Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | 654406 |
| Honeywell International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | 1271871 |
|  |  | 1926277 |
| **Industrial Machinery & Supplies & Components - 0.5%**  |  |  |
| Dover Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 | 281199 |
| Fortive Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | 185188 |
| Ingersoll Rand, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | 290355 |
| Otis Worldwide Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | 240104 |
| Parker-Hannifin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | 974916 |
| Snap-on, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | 125311 |
| Xylem, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | 216415 |
|  |  | 2313488 |
| **Passenger Airlines - 0.1%**  |  |  |
| Delta Air Lines, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | 215462 |
| Southwest Airlines Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | 112860 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | 183311 |
|  |  | 511633 |
| **Passenger Ground Transportation - 0.3%**  |  |  |
| Uber Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18531 | 1332935 |
| **Rail Transportation - 0.6%**  |  |  |
| CSX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16633 | 682785 |
| Norfolk Southern Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | 640871 |
| Union Pacific Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | 1251191 |
|  |  | 2574847 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Research & Consulting Services - 0.2%**  |  |  |
| Equifax, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | $226708 |
| Leidos Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | 224571 |
| Verisk Analytics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | 259199 |
|  |  | 710478 |
| **Trading Companies & Distributors - 0.3%**  |  |  |
| Fastenal Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380 | 528032 |
| United Rentals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | 378123 |
| WW Grainger, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | 476684 |
|  |  | 1382839 |
| **Total Industrials** |  | 38265570 |
| **<u>Information Technology</u> - 33.2%** <sup>(c)</sup> |  |  |
| **Application Software - 2.1%**  |  |  |
| Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | 925649 |
| AppLovin Corp. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | 675008 |
| Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | 457015 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | 649104 |
| Datadog, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | 391100 |
| Fair Isaac Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | 259412 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257 | 2670634 |
| PTC, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 | 178682 |
| Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | 397385 |
| Salesforce, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8415 | 1570828 |
| Synopsys, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | 614940 |
| Workday, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | 297907 |
|  |  | 9087664 |
| **Communications Equipment - 1.1%**  |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490 | 919622 |
| Ciena Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | 383571 |
| Cisco Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | 2746686 |
| Motorola Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | 641408 |
|  |  | 4691287 |
| **Electronic Components - 0.5%**  |  |  |
| Amphenol Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11224 | 1418152 |
| Corning, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | 871432 |
|  |  | 2289584 |
| **Electronic Equipment & Instruments - 0.1%**  |  |  |
| Keysight Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | 400118 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | 284960 |
|  |  | 685078 |
| **Electronic Manufacturing Services - 0.2%**  |  |  |
| Jabil, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | 184878 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TE Connectivity PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | $517534 |
|  |  | 702412 |
| **Internet Services & Infrastructure - 0.0%** <sup>(b)</sup> |  |  |
| VeriSign, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | 140075 |
| **IT Consulting & Other Services - 0.8%**  |  |  |
| Accenture PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555 | 1101501 |
| Cognizant Technology Solutions Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594 | 220492 |
| International Business Machines Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373 | 2029531 |
|  |  | 3351524 |
| **Semiconductor Materials & Equipment - 1.1%**  |  |  |
| Applied Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | 1759877 |
| KLA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | 1172039 |
| Lam Research Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 | 1475322 |
| Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | 55036 |
| Teradyne, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | 231239 |
|  |  | 4693513 |
| **Semiconductors - 12.7%**  |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12655 | 2574407 |
| Analog Devices, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614 | 1149758 |
| Broadcom, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36912 | 11424633 |
| First Solar, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | 209293 |
| Intel Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30640 | 1352143 |
| Microchip Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | 139364 |
| Micron Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564 | 2893262 |
| Monolithic Power Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | 295204 |
| NVIDIA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188811 | 32928638 |
| ON Semiconductor Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | 158701 |
| QUALCOMM, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959 | 1024960 |
| Texas Instruments, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943 | 1542054 |
|  |  | 55692417 |
| **Systems Software - 6.4%**  |  |  |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | 825717 |
| Fortinet, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154 | 502905 |
| Microsoft Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66626 | 24662946 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846 | 1097551 |
| ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382 | 980888 |
|  |  | 28070007 |
| **Technology Hardware, Storage & Peripherals - 8.2%**  |  |  |
| Apple, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132156 | 33539871 |
| Dell Technologies, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | 364861 |
| HP, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6074 | 116682 |
| Sandisk Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | 425678 |
| Seagate Technology Holdings PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | 705168 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Western Digital Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 | $559373 |
|  |  | 35711633 |
| **Total Information Technology** |  | 145115194 |
| **<u>Materials</u> - 2.0%**  |  |  |
| **Commodity Chemicals - 0.1%**  |  |  |
| Dow, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | 260813 |
| LyondellBasell Industries NV - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | 125915 |
|  |  | 386728 |
| **Construction Materials - 0.3%**  |  |  |
| CRH PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079 | 639024 |
| Martin Marietta Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | 382642 |
| Vulcan Materials Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | 371962 |
|  |  | 1393628 |
| **Copper - 0.2%**  |  |  |
| Freeport-McMoRan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11090 | 651870 |
| **Fertilizers & Agricultural Chemicals - 0.1%**  |  |  |
| CF Industries Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | 128022 |
| Corteva, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451 | 456303 |
|  |  | 584325 |
| **Gold - 0.3%**  |  |  |
| Newmont Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997 | 1082175 |
| **Industrial Gases - 0.5%**  |  |  |
| Linde PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155 | 2059883 |
| **Paper & Plastic Packaging Products & Materials - 0.1%**  |  |  |
| Amcor PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 | 120840 |
| International Paper Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | 128020 |
| Packaging Corp. of America  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | 190149 |
| Smurfit Westrock PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628 | 144576 |
|  |  | 583585 |
| **Specialty Chemicals - 0.4%**  |  |  |
| Albemarle Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | 156909 |
| DuPont de Nemours, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922 | 179628 |
| Ecolab, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | 668508 |
| PPG Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | 170260 |
| Sherwin-Williams Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | 735342 |
|  |  | 1910647 |
| **Total Materials** |  | 8652841 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **<u>Real Estate</u> - 0.1%**  | |  |
| **Real Estate Services - 0.1%**  |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | $356531 |
| CoStar Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4511 | 181974 |
| **Total Real Estate** |  | 538505 |
| **<u>Utilities</u> - 2.6%**  |  |  |
| **Electric Utilities - 1.8%**  |  |  |
| Alliant Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | 119265 |
| American Electric Power Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297 | 694331 |
| Constellation Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | 635573 |
| Duke Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | 864990 |
| Entergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | 499215 |
| Evergy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | 125092 |
| Eversource Energy  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 | 184908 |
| Exelon Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10139 | 497014 |
| FirstEnergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144 | 260595 |
| NextEra Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18629 | 1730262 |
| NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | 214095 |
| PG&E Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21504 | 377825 |
| PPL Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377 | 281801 |
| Southern Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9403 | 907578 |
| Xcel Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879 | 467028 |
|  |  | 7859572 |
| **Gas Utilities - 0.0%** <sup>(b)</sup> |  |  |
| Atmos Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | 218893 |
| **Independent Power Producers & Energy Traders - 0.1%**  |  |  |
| Vistra Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | 332380 |
| **Multi-Utilities - 0.6%**  |  |  |
| Ameren Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | 220170 |
| CenterPoint Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 | 205053 |
| CMS Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | 163539 |
| Consolidated Edison, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | 319394 |
| Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887 | 425754 |
| DTE Energy Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | 298142 |
| NiSource, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 | 221775 |
| Public Service Enterprise Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | 398436 |
| WEC Energy Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | 292088 |
|  |  | 2544351 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Water Utilities - 0.1%**  |  |  |
| American Water Works Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 | $268369 |
| **Total Utilities** |  | 11223565 |
| **TOTAL COMMON STOCKS** (Cost $277,823,761) |  | 430142209 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.4%**  |  |  |
| **<u>Real Estate</u> - 1.4%**  |  |  |
| **Data Center REITs - 0.3%**  |  |  |
| Digital Realty Trust, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193 | 575411 |
| Equinix, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | 810658 |
|  |  | 1386069 |
| **Health Care REITs - 0.3%**  |  |  |
| Welltower, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 | 1173211 |
| **Industrial REITs - 0.3%**  |  |  |
| Prologis, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307 | 1098019 |
| **Other Specialized REITs - 0.1%**  |  |  |
| Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | 297636 |
| **Retail REITs - 0.1%**  |  |  |
| Simon Property Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 | 495983 |
| **Self-Storage REITs - 0.2%**  |  |  |
| Extra Space Storage, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | 276422 |
| Public Storage  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | 426365 |
|  |  | 702787 |
| **Telecom Tower REITs - 0.1%**  |  |  |
| Crown Castle, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267 | 346950 |
| SBA Communications Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | 181576 |
|  |  | 528526 |
| **Timber REITs - 0.0%** <sup>(b)</sup> |  |  |
| Weyerhaeuser Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156 | 174821 |
| **Total Real Estate** |  | 5857052 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,605,489) |  | 5857052 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 2 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS** | | |
| **MONEY MARKET FUNDS - 0.1%**  | | |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525966 | $525966 |
| **TOTAL MONEY MARKET FUNDS** (Cost $525,966) |  | 525966 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $283,955,216**)** |  | $436525227 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(b)</sup> |  | 122091 |
| **TOTAL NET ASSETS - 100.0%** |  | $436647318 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

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

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

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

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 US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 85.6%**  | | |
| **<u>Communication Services</u> - 8.9%**  | |  |
| **Advertising - 0.0%** <sup>(a)</sup> |  |  |
| Omnicom Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | $9715 |
| Trade Desk, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 22690 |
|  |  | 32405 |
| **Broadcasting - 0.0%** <sup>(a)</sup> |  |  |
| Fox Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | 7767 |
| Fox Corp. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | 9133 |
|  |  | 16900 |
| **Cable & Satellite - 0.0%** <sup>(a)</sup> |  |  |
| Comcast Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | 31294 |
| **Integrated Telecommunication Services - 0.2%**  |  |  |
| AT&T, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7361 | 213395 |
| Verizon Communications, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813 | 342013 |
|  |  | 555408 |
| **Interactive Home Entertainment - 0.1%**  |  |  |
| Electronic Arts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 3670 |
| ROBLOX Corp. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | 167757 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | 16787 |
|  |  | 188214 |
| **Interactive Media & Services - 7.9%**  |  |  |
| Alphabet, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14391 | 4138276 |
| Alphabet, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31423 | 9014002 |
| Baidu, Inc. - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 2674 |
| Match Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 123 |
| Meta Platforms, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19675 | 11256658 |
| Reddit, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | 802648 |
| Tencent Holdings Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | 6006 |
|  |  | 25220387 |
| **Movies & Entertainment - 0.7%**  |  |  |
| Live Nation Entertainment, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 3050 |
| Netflix, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20002 | 1923192 |
| Spotify Technology SA <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 11638 |
| TKO Group Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | 23996 |
| Walt Disney Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | 288080 |
| Warner Bros Discovery, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | 108742 |
|  |  | 2358698 |
| **Wireless Telecommunication Services - 0.0%** <sup>(a)</sup> |  |  |
| Telephone and Data Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | 36290 |
| T-Mobile US, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | 44317 |
|  |  | 80607 |
| **Total Communication Services** |  | 28483913 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **<u>Consumer Discretionary</u> - 9.2%**  | |  |
| **Apparel Retail - 0.3%**  |  |  |
| Ross Stores, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | $240893 |
| TJX Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 | 594403 |
| Victoria's Secret & Co. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 | 206117 |
|  |  | 1041413 |
| **Apparel, Accessories & Luxury Goods - 0.0%** <sup>(a)</sup> |  |  |
| Gildan Activewear, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | 11464 |
| Lululemon Athletica, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 2756 |
| Ralph Lauren Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | 3096 |
| Tapestry, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 4374 |
|  |  | 21690 |
| **Automobile Manufacturers - 0.8%**  |  |  |
| Ford Motor Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102 | 24257 |
| General Motors Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | 24212 |
| Honda Motor Co. Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | 7804 |
| Rivian Automotive, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | 5042 |
| Tesla, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837 | 2541655 |
| Toyota Motor Corp. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 30913 |
|  |  | 2633883 |
| **Automotive Parts & Equipment - 0.0%** <sup>(a)</sup> |  |  |
| Aptiv PLC <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | 24373 |
| **Automotive Retail - 2.3%**  |  |  |
| AutoZone, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 57422 |
| CarMax, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | 5114 |
| Carvana Co. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22947 | 7214078 |
| O'Reilly Automotive, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | 69602 |
| Valvoline, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | 3907 |
|  |  | 7350123 |
| **Broadline Retail - 2.3%**  |  |  |
| Alibaba Group Holding Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 1255 |
| Amazon.com, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27950 | 5821146 |
| eBay, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | 27215 |
| Global-e Online Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37071 | 1143640 |
| MercadoLibre, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | 141780 |
| Sea Ltd. - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | 125623 |
|  |  | 7260659 |
| **Casinos & Gaming - 0.0%** <sup>(a)</sup> |  |  |
| Caesars Entertainment, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | 3542 |
| Las Vegas Sands Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 4310 |
|  |  | 7852 |
| **Computer & Electronics Retail - 0.0%** <sup>(a)</sup> |  |  |
| Best Buy Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 1862 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Electronics - 0.0%** <sup>(a)</sup> |  |  |
| Garmin Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $51042 |
| **Distributors - 0.0%** <sup>(a)</sup> |  |  |
| Genuine Parts Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 2115 |
| **Education Services - 0.0%** <sup>(a)</sup> |  |  |
| Perdoceo Education Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 | 63592 |
| **Footwear - 0.0%** <sup>(a)</sup> |  |  |
| NIKE, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | 43629 |
| **Home Furnishings - 0.0%** <sup>(a)</sup> |  |  |
| Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | 79538 |
| **Home Improvement Retail - 0.4%**  |  |  |
| Home Depot, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 | 1314573 |
| Lowe's Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | 32607 |
|  |  | 1347180 |
| **Homebuilding - 0.2%**  |  |  |
| DR Horton, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 | 387921 |
| Lennar Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 4255 |
| NVR, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 6590 |
| PulteGroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 1882 |
| TopBuild Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 9134 |
|  |  | 409782 |
| **Homefurnishing Retail - 0.0%** <sup>(a)</sup> |  |  |
| Wayfair, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | 4287 |
| Williams-Sonoma, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 6929 |
|  |  | 11216 |
| **Hotels, Resorts & Cruise Lines - 0.9%**  |  |  |
| Airbnb, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525 | 2086777 |
| Booking Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 168413 |
| Carnival Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | 15916 |
| Expedia Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | 546978 |
| Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 29496 |
| InterContinental Hotels Group PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 5071 |
| Marriott International, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 31399 |
| Norwegian Cruise Line Holdings Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | 6882 |
| Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | 36324 |
| Wyndham Hotels & Resorts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 3899 |
|  |  | 2931155 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Housewares & Specialties - 0.0%** <sup>(a)</sup> |  |  |
| Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | $2785 |
| **Leisure Products - 0.0%** <sup>(a)</sup> |  |  |
| Hasbro, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | 842 |
| **Other Specialty Retail - 0.1%**  |  |  |
| Five Below, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 5483 |
| Tractor Supply Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | 142242 |
| Ulta Beauty, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | 254560 |
|  |  | 402285 |
| **Restaurants - 1.9%**  |  |  |
| Chipotle Mexican Grill, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | 62291 |
| Darden Restaurants, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | 194080 |
| DoorDash, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210 | 4686182 |
| McDonald's Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | 783812 |
| Restaurant Brands International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | 13819 |
| Starbucks Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | 105179 |
| Texas Roadhouse, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | 45909 |
| Yum China Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | 12975 |
| Yum! Brands, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | 141487 |
|  |  | 6045734 |
| **Specialized Consumer Services - 0.0%** <sup>(a)</sup> |  |  |
| H&R Block, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 4348 |
| **Total Consumer Discretionary** |  | 29737098 |
| **<u>Consumer Staples</u> - 3.0%**  |  |  |
| **Agricultural Products & Services - 0.0%** <sup>(a)</sup> |  |  |
| Archer-Daniels-Midland Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | 11412 |
| Bunge Global SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 127 |
|  |  | 11539 |
| **Brewers - 0.0%** <sup>(a)</sup> |  |  |
| Molson Coors Beverage Co. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | 2670 |
| **Consumer Staples Merchandise Retail - 0.9%**  |  |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 4134 |
| Costco Wholesale Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | 1543470 |
| Dollar General Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | 21846 |
| Dollar Tree, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | 26392 |
| Target Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | 32239 |
| Walmart, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088 | 1129457 |
|  |  | 2757538 |
| **Distillers & Vintners - 0.0%** <sup>(a)</sup> |  |  |
| Brown-Forman Corp. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | 36778 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Constellation Brands, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $18000 |
|  |  | 54778 |
| **Food Distributors - 0.0%** <sup>(a)</sup> |  |  |
| Sysco Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | 37948 |
| US Foods Holding Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | 4610 |
|  |  | 42558 |
| **Food Retail - 0.1%**  |  |  |
| Casey's General Stores, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | 321714 |
| Koninklijke Ahold Delhaize NV - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 7777 |
| Kroger Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | 28800 |
|  |  | 358291 |
| **Household Products - 0.7%**  |  |  |
| Church & Dwight Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 13998 |
| Clorox Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 2902 |
| Colgate-Palmolive Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9140 | 779002 |
| Kimberly-Clark Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | 59425 |
| Procter & Gamble Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9336 | 1348492 |
| WD-40 Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | 152955 |
|  |  | 2356774 |
| **Packaged Foods & Meats - 0.3%**  |  |  |
| Cal-Maine Foods, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | 7836 |
| Campbell's Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | 16903 |
| Conagra Brands, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | 6147 |
| General Mills, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | 144488 |
| Hershey Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | 114132 |
| J M Smucker Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | 5979 |
| McCormick & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | 7616 |
| Mondelez International, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 5360 |
| Post Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607 | 554308 |
|  |  | 862769 |
| **Personal Care Products - 0.0%** <sup>(a)</sup> |  |  |
| Estee Lauder Cos., Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 6675 |
| Kenvue, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | 12378 |
|  |  | 19053 |
| **Soft Drinks & Non-alcoholic Beverages - 0.5%**  |  |  |
| Coca-Cola Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039 | 611366 |
| Coca-Cola Europacific Partners PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | 2992 |
| Keurig Dr Pepper, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 2686 |
| Monster Beverage Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | 21810 |
| PepsiCo, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013 | 933759 |
|  |  | 1572613 |
| **Tobacco - 0.5%**  |  |  |
| Altria Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 | 416727 |
| British American Tobacco PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | 2982 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Philip Morris International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608 | $1257907 |
|  |  | 1677616 |
| **Total Consumer Staples** |  | 9716199 |
| **<u>Energy</u> - 2.2%**  |  |  |
| **Integrated Oil & Gas - 1.2%**  |  |  |
| Cenovus Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 4590 |
| Chevron Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462 | 1543888 |
| Exxon Mobil Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11741 | 1991978 |
| Imperial Oil Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | 4317 |
| Occidental Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | 20085 |
| Shell PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 25575 |
| Suncor Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | 39732 |
| TotalEnergies SE  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | 25110 |
|  |  | 3655275 |
| **Oil & Gas Drilling - 0.0%** <sup>(a)</sup> |  |  |
| Helmerich & Payne, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 3603 |
| **Oil & Gas Equipment & Services - 0.1%**  |  |  |
| Archrock, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | 4002 |
| Baker Hughes Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | 76435 |
| Halliburton Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | 57120 |
| SLB Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | 41317 |
| TechnipFMC PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | 118005 |
|  |  | 296879 |
| **Oil & Gas Exploration & Production - 0.2%**  |  |  |
| APA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | 33358 |
| ConocoPhillips  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823 | 372636 |
| Coterra Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | 14407 |
| Devon Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | 37639 |
| Diamondback Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 3362 |
| EOG Resources, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 72285 |
| EQT Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | 5982 |
| Expand Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 1098 |
| Range Resources Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | 104050 |
| Texas Pacific Land Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 5695 |
|  |  | 650512 |
| **Oil & Gas Refining & Marketing - 0.2%**  |  |  |
| Marathon Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | 88882 |
| Phillips 66  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 | 585891 |
| Valero Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | 40521 |
|  |  | 715294 |
| **Oil & Gas Storage & Transportation - 0.5%**  |  |  |
| Cheniere Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | 444368 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DT Midstream, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | $141538 |
| Enbridge, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 | 192089 |
| Energy Transfer LP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19684 | 379901 |
| Enterprise Products Partners LP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | 29175 |
| Kinder Morgan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | 129359 |
| ONEOK, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | 44381 |
| Targa Resources Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | 13038 |
| Williams Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | 278602 |
|  |  | 1652451 |
| **Total Energy** |  | 6974014 |
| **<u>Financials</u> - 9.1%**  |  |  |
| **Asset Management & Custody Banks - 0.4%**  |  |  |
| Affiliated Managers Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | 16602 |
| Ameriprise Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | 70660 |
| Ares Management Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | 175215 |
| Bank of New York Mellon Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | 38555 |
| Blackrock, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 240427 |
| Blackstone, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 | 432592 |
| Franklin Resources, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | 13700 |
| Invesco Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | 7263 |
| KKR & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | 37462 |
| Northern Trust Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 9072 |
| State Street Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | 14681 |
| T Rowe Price Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 90 |
| Victory Capital Holdings, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 18989 |
|  |  | 1075308 |
| **Commercial & Residential Mortgage Finance - 0.0%** <sup>(a)</sup> |  |  |
| Rocket Cos., Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | 9647 |
| **Consumer Finance - 1.6%**  |  |  |
| American Express Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | 1575316 |
| Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465 | 3003710 |
| FirstCash Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 8460 |
| Synchrony Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179 | 624355 |
|  |  | 5211841 |
| **Diversified Banks - 2.5%**  |  |  |
| Banco Santander SA - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | 40834 |
| Bank of America Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13063 | 636821 |
| Citigroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | 164218 |
| Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | 56263 |
| HSBC Holdings PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | 20375 |
| ICICI Bank Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | 15825 |
| ING Groep NV - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | 47307 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Itau Unibanco Holding SA - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | $19215 |
| JPMorgan Chase & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10630 | 3126921 |
| KeyCorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | 96040 |
| Lloyds Banking Group PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | 17348 |
| Mizuho Financial Group, Inc. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | 15674 |
| NatWest Group PLC - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | 4515 |
| NU Holdings Ltd. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147751 | 2123182 |
| PNC Financial Services Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | 259280 |
| Royal Bank of Canada  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 21193 |
| Sumitomo Mitsui Financial Group, Inc. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | 5589 |
| US Bancorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18727 | 973991 |
| Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | 497164 |
|  |  | 8141755 |
| **Diversified Capital Markets - 0.0%** <sup>(a)</sup> |  |  |
| UBS Group AG  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 23130 |
| **Diversified Financial Services - 0.1%**  |  |  |
| Apollo Global Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | 184734 |
| ORIX Corp. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 3149 |
|  |  | 187883 |
| **Financial Exchanges & Data - 0.4%**  |  |  |
| Cboe Global Markets, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 46939 |
| CME Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | 66158 |
| Coinbase Global, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 4365 |
| FactSet Research Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | 11066 |
| Intercontinental Exchange, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | 65743 |
| Moody's Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | 139600 |
| MSCI, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | 135831 |
| Nasdaq, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | 21138 |
| S&P Global, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | 894915 |
|  |  | 1385755 |
| **Insurance Brokers - 0.1%**  |  |  |
| Aon PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | 110713 |
| Arthur J Gallagher & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 22741 |
| Brown & Brown, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 4369 |
| Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | 29140 |
| Willis Towers Watson PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | 96803 |
|  |  | 263766 |
| **Investment Banking & Brokerage - 0.9%**  |  |  |
| Charles Schwab Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | 230909 |
| Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | 492366 |
| Houlihan Lokey, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 13788 |
| Interactive Brokers Group, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | 43461 |
| Jefferies Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 4705 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LPL Financial Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $20457 |
| Morgan Stanley  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | 478405 |
| PJT Partners, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 3493 |
| Raymond James Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 14913 |
| Robinhood Markets, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23092 | 1600276 |
| Virtu Financial, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | 5893 |
| XP, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | 7311 |
|  |  | 2915977 |
| **Life & Health Insurance - 0.1%**  |  |  |
| Aegon Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | 13112 |
| Aflac, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 17773 |
| Brighthouse Financial, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 4551 |
| CNO Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | 4352 |
| Globe Life, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | 14891 |
| Lincoln National Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | 4970 |
| MetLife, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | 17044 |
| Principal Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | 46226 |
| Prudential Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | 37611 |
| Sun Life Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | 121617 |
| Unum Group  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | 39801 |
|  |  | 321948 |
| **Multi-Sector Holdings - 0.8%**  |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 | 2678728 |
| **Property & Casualty Insurance - 0.3%**  |  |  |
| Allstate Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 | 449720 |
| American International Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | 22424 |
| Arch Capital Group Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | 8351 |
| Chubb Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | 71379 |
| Hanover Insurance Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 6067 |
| Hartford Insurance Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | 19473 |
| Lemonade, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | 12035 |
| Markel Group, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | 164610 |
| Old Republic International Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | 5945 |
| ProAssurance Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | 8751 |
| Progressive Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | 39252 |
| Stewart Information Services Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | 2894 |
| Travelers Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | 51336 |
| W R Berkley Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | 28964 |
| White Mountains Insurance Group Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 8788 |
|  |  | 899989 |
| **Regional Banks - 0.1%**  |  |  |
| BOK Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 13446 |
| Citizens Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 13313 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CVB Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | $5158 |
| First Interstate BancSystem, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | 7849 |
| Flagstar Bank NA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | 4188 |
| FNB Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | 6421 |
| Fulton Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910 | 140549 |
| Home BancShares, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | 4982 |
| Huntington Bancshares, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037 | 94479 |
| Independent Bank Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 8800 |
| M&T Bank Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | 22532 |
| Regions Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | 5982 |
| ServisFirst Bancshares, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | 9468 |
| Truist Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | 27766 |
| Zions Bancorp NA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | 17459 |
|  |  | 382392 |
| **Reinsurance - 0.1%**  |  |  |
| Reinsurance Group of America, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | 154141 |
| **Transaction & Payment Processing Services - 1.7%**  |  |  |
| Affirm Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28465 | 1304266 |
| Block, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | 14985 |
| Corpay, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 3492 |
| Fidelity National Information Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 4503 |
| Fiserv, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | 66123 |
| Jack Henry & Associates, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 5531 |
| Mastercard, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | 772974 |
| Pagseguro Digital Ltd. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | 5231 |
| PayPal Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | 106924 |
| StoneCo Ltd. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | 3897 |
| Visa, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10540 | 3185610 |
|  |  | 5473536 |
| **Total Financials** |  | 29125796 |
| **<u>Health Care</u> - 8.3%**  |  |  |
| **Biotechnology - 2.8%**  |  |  |
| AbbVie, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134 | 1986554 |
| Amgen, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | 290276 |
| Ascendis Pharma AS - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12893 | 2949016 |
| Biogen, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 4033 |
| Centessa Pharmaceuticals PLC - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 19860 |
| Exelixis, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33256 | 1426350 |
| Gilead Sciences, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | 186338 |
| Incyte Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 10730 |
| Insmed, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 6377 |
| Kymera Therapeutics, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 8329 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Moderna, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | $15799 |
| Natera, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 12999 |
| Nuvalent, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14648 | 1500688 |
| Regeneron Pharmaceuticals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 19316 |
| Twist Bioscience Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | 5987 |
| United Therapeutics Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 22533 |
| Vaxcyte, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | 279393 |
| Vertex Pharmaceuticals, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | 120119 |
|  |  | 8864697 |
| **Health Care Distributors - 0.1%**  |  |  |
| Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 34232 |
| Cencora, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | 38639 |
| McKesson Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | 285569 |
|  |  | 358440 |
| **Health Care Equipment - 0.8%**  |  |  |
| Abbott Laboratories  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052 | 1134709 |
| Baxter International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | 11525 |
| Becton Dickinson & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 15880 |
| Boston Scientific Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | 65574 |
| Dexcom, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 4082 |
| Edwards Lifesciences Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | 15295 |
| GE HealthCare Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | 23988 |
| Globus Medical, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | 136391 |
| Hologic, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 5065 |
| IDEXX Laboratories, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 23599 |
| Insulet Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 11541 |
| Intuitive Surgical, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 97730 |
| Medtronic PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | 199035 |
| ResMed, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | 43325 |
| STERIS PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | 3317 |
| Stryker Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | 776458 |
| Zimmer Biomet Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | 13653 |
|  |  | 2581167 |
| **Health Care Facilities - 0.7%**  |  |  |
| Encompass Health Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 3095 |
| HCA Healthcare, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024 | 2377558 |
|  |  | 2380653 |
| **Health Care Services - 0.4%**  |  |  |
| Cigna Group  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | 51749 |
| CVS Health Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 | 101051 |
| DaVita, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 6148 |
| Guardant Health, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401 | 960740 |
| Labcorp Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | 100321 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Quest Diagnostics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | $90347 |
|  |  | 1310356 |
| **Health Care Supplies - 0.0%** <sup>(a)</sup> |  |  |
| Align Technology, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | 15429 |
| Cooper Cos., Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 1430 |
| Establishment Labs Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | 2612 |
| ICU Medical, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | 9040 |
| Solventum Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | 42510 |
|  |  | 71021 |
| **Health Care Technology - 0.2%**  |  |  |
| Doximity, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | 685020 |
| **Life Sciences Tools & Services - 0.7%**  |  |  |
| 10X Genomics, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | 5456 |
| Agilent Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 9118 |
| Charles River Laboratories International, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 10868 |
| Danaher Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253 | 616769 |
| Illumina, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 | 789111 |
| IQVIA Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | 162866 |
| Medpace Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | 482591 |
| Mettler-Toledo International, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 2522 |
| Revvity, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 7009 |
| Thermo Fisher Scientific, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 62916 |
| Waters Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 42585 |
| West Pharmaceutical Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | 11780 |
|  |  | 2203591 |
| **Managed Health Care - 0.1%**  |  |  |
| Centene Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | 9920 |
| Elevance Health, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 12296 |
| Humana, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 1907 |
| UnitedHealth Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | 285202 |
|  |  | 309325 |
| **Pharmaceuticals - 2.5%**  |  |  |
| AstraZeneca PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | 42600 |
| Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | 165150 |
| Elanco Animal Health, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | 3613 |
| Eli Lilly & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | 1845059 |
| GSK PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | 35929 |
| Haleon PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | 4615 |
| Johnson & Johnson  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 | 2275736 |
| Merck & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330 | 761436 |
| Novartis AG - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | 131212 |
| Novo Nordisk AS - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | 25725 |
| Pfizer, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13619 | 382422 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Royalty Pharma PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $9066 |
| Teva Pharmaceutical Industries Ltd. - ADR <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36718 | 1105946 |
| Theravance Biopharma, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55463 | 900164 |
| Viatris, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | 26763 |
| Zoetis, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | 297889 |
|  |  | 8013325 |
| **Total Health Care** |  | 26777595 |
| **<u>Industrials</u> - 9.1%**  |  |  |
| **Aerospace & Defense - 2.6%**  |  |  |
| Axon Enterprise, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | 1134347 |
| Boeing Co. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | 241224 |
| Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | 680697 |
| Curtiss-Wright Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 7492 |
| General Dynamics Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | 230644 |
| General Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | 397562 |
| Hexcel Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 97116 |
| Howmet Aerospace, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | 176072 |
| Huntington Ingalls Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 18235 |
| Karman Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52464 | 4199743 |
| L3Harris Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 16912 |
| Lockheed Martin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | 143845 |
| Northrop Grumman Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | 115299 |
| Rocket Lab Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 4239 |
| RTX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | 966429 |
| Textron, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | 26443 |
| TransDigm Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | 22020 |
|  |  | 8478319 |
| **Agricultural & Farm Machinery - 0.1%**  |  |  |
| Deere & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | 257428 |
| **Air Freight & Logistics - 0.2%**  |  |  |
| CH Robinson Worldwide, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | 13618 |
| Expeditors International of Washington, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | 19193 |
| FedEx Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | 302397 |
| United Parcel Service, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | 121499 |
|  |  | 456707 |
| **Airport Services - 0.0%** <sup>(a)</sup> |  |  |
| Sky Harbour Group Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | 43335 |
| **Building Products - 0.5%**  |  |  |
| A O Smith Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | 3890 |
| AAON, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15546 | 1286432 |
| Allegion PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 3778 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Carrier Global Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | $67797 |
| Johnson Controls International PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | 70975 |
| Lennox International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 18101 |
| Masco Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | 58921 |
| Modine Manufacturing Co. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 37491 |
| Trane Technologies PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | 166279 |
| Zurn Elkay Water Solutions Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | 21882 |
|  |  | 1735546 |
| **Cargo Ground Transportation - 0.2%**  |  |  |
| JB Hunt Transport Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | 16528 |
| Old Dominion Freight Line, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 19931 |
| Ryder System, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | 660190 |
| Schneider National, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 3374 |
|  |  | 700023 |
| **Construction & Engineering - 0.9%**  |  |  |
| API Group Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25124 | 1018025 |
| Comfort Systems USA, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 110319 |
| EMCOR Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | 107793 |
| Granite Construction, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | 971028 |
| MasTec, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 7722 |
| Quanta Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | 415059 |
| Valmont Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | 356017 |
|  |  | 2985963 |
| **Construction Machinery & Heavy Transportation Equipment - 0.7%**  |  |  |
| Caterpillar, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | 1987230 |
| Cummins, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | 57030 |
| PACCAR, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | 178910 |
| Westinghouse Air Brake Technologies Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | 66976 |
|  |  | 2290146 |
| **Data Processing & Outsourced Services - 0.0%** <sup>(a)</sup> |  |  |
| Broadridge Financial Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | 14948 |
| **Diversified Metals & Mining - 0.0%** <sup>(a)</sup> |  |  |
| BHP Group Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | 8438 |
| **Diversified Support Services - 0.0%** <sup>(a)</sup> |  |  |
| Cintas Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | 14884 |
| Copart, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | 6076 |
| Healthcare Services Group, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | 13356 |
|  |  | 34316 |
| **Electrical Components & Equipment - 0.4%**  |  |  |
| Acuity, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | 6445 |
| AMETEK, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 24223 |
| Eaton Corp. PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | 264318 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Emerson Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 | $628372 |
| Generac Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 18751 |
| Hubbell, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 17176 |
| nVent Electric PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | 18097 |
| Regal Rexnord Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 3371 |
| Rockwell Automation, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 15073 |
| Vertiv Holdings Co. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | 155610 |
| Vicor Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 5152 |
|  |  | 1156588 |
| **Environmental & Facilities Services - 0.4%**  |  |  |
| Republic Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | 330720 |
| Rollins, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | 18960 |
| Tetra Tech, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822 | 145239 |
| Veralto Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | 14059 |
| Waste Connections, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 6985 |
| Waste Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | 797601 |
|  |  | 1313564 |
| **Heavy Electrical Equipment - 1.0%**  |  |  |
| Bloom Energy Corp. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | 71132 |
| GE Vernova, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | 3060388 |
|  |  | 3131520 |
| **Human Resource & Employment Services - 0.6%**  |  |  |
| Automatic Data Processing, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467 | 1313965 |
| Paychex, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 | 344437 |
| TriNet Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034 | 329109 |
| Upwork, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 6488 |
|  |  | 1993999 |
| **Industrial Conglomerates - 0.2%**  |  |  |
| 3M Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | 477081 |
| Honeywell International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | 281859 |
|  |  | 758940 |
| **Industrial Machinery & Supplies & Components - 0.2%**  |  |  |
| Donaldson Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 | 246038 |
| Dover Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 6670 |
| Flowserve Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 44106 |
| Fortive Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | 13709 |
| IDEX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 1516 |
| Illinois Tool Works, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | 35920 |
| Ingersoll Rand, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | 32689 |
| Kadant, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 12571 |
| Lincoln Electric Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 28146 |
| Mueller Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 11302 |
| Nordson Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 798 |
| Otis Worldwide Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | 32219 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Parker-Hannifin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $40286 |
| Pentair PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 2439 |
| RBC Bearings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | 3802 |
| Snap-on, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | 12350 |
| Xylem, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 11114 |
|  |  | 535675 |
| **Marine Transportation - 0.1%**  |  |  |
| Star Bulk Carriers Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | 403123 |
| **Passenger Airlines - 0.1%**  |  |  |
| Alaska Air Group, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | 2575 |
| Delta Air Lines, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | 77050 |
| SkyWest, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | 4959 |
| Southwest Airlines Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | 8040 |
| United Airlines Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | 57267 |
|  |  | 149891 |
| **Passenger Ground Transportation - 0.5%**  |  |  |
| Uber Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24036 | 1728909 |
| **Rail Transportation - 0.2%**  |  |  |
| Canadian Pacific Kansas City Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | 225282 |
| CSX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 | 157796 |
| Norfolk Southern Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | 213815 |
| Union Pacific Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | 35665 |
|  |  | 632558 |
| **Research & Consulting Services - 0.1%**  |  |  |
| Amentum Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | 11397 |
| CACI International, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 2719 |
| Equifax, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 7023 |
| Jacobs Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | 137335 |
| Leidos Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 14463 |
| UL Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 3857 |
| Verisk Analytics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | 117835 |
|  |  | 294629 |
| **Trading Companies & Distributors - 0.1%**  |  |  |
| Fastenal Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 8816 |
| United Rentals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | 33514 |
| Watsco, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 2910 |
| WW Grainger, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | 138533 |
|  |  | 183773 |
| **Total Industrials** |  | 29288338 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **<u>Information Technology</u> - 34.1%** <sup>(c)</sup> | |  |
| **Application Software - 3.1%**  |  |  |
| Adobe, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | $292182 |
| AppLovin Corp. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10304 | 4100992 |
| Autodesk, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | 106533 |
| Bentley Systems, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 3512 |
| Cadence Design Systems, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 | 515171 |
| Circle Internet Group, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | 2862 |
| Datadog, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 2951 |
| Dynatrace, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11660 | 431187 |
| Fair Isaac Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 17081 |
| Figma, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | 56740 |
| Guidewire Software, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | 878665 |
| InterDigital, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 3020 |
| Intuit, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | 422435 |
| Manhattan Associates, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 13845 |
| Nutanix, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | 27747 |
| Palantir Technologies, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | 330739 |
| Procore Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 | 522462 |
| PTC, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518 | 358790 |
| Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 | 441971 |
| Salesforce, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514 | 1215968 |
| SAP SE - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 7362 |
| ServiceTitan, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | 35030 |
| Synopsys, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | 32908 |
| Trimble, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789 | 116697 |
| Tyler Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | 125653 |
| Workday, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | 4807 |
|  |  | 10067310 |
| **Communications Equipment - 1.4%**  |  |  |
| Applied Optoelectronics, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 2707 |
| Arista Networks, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24443 | 3001111 |
| Ciena Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | 465099 |
| Cisco Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10341 | 802358 |
| F5, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 7523 |
| Lumentum Holdings, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 9136 |
| Motorola Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | 46001 |
|  |  | 4333935 |
| **Electronic Components - 0.6%**  |  |  |
| Amphenol Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | 151115 |
| Coherent Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 3097 |
| Corning, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11757 | 1598599 |
|  |  | 1752811 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electronic Equipment & Instruments - 0.2%**  |  |  |
| Advanced Energy Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | $345622 |
| Keysight Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | 129608 |
| Ralliant Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | 2870 |
| Teledyne Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 6050 |
| Zebra Technologies Corp. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 2718 |
|  |  | 486868 |
| **Electronic Manufacturing Services - 0.0%** <sup>(a)</sup> |  |  |
| Celestica, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 4507 |
| IPG Photonics Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 57295 |
| Jabil, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 3187 |
| TE Connectivity PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | 16513 |
|  |  | 81502 |
| **Internet Services & Infrastructure - 1.1%**  |  |  |
| Akamai Technologies, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 1838 |
| GoDaddy, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | 4464 |
| MongoDB, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036 | 987892 |
| Shopify, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | 97743 |
| Snowflake, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 | 2053565 |
| Twilio, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | 401617 |
| VeriSign, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | 3725 |
|  |  | 3550844 |
| **IT Consulting & Other Services - 0.7%**  |  |  |
| Accenture PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10306 | 2043577 |
| Cognizant Technology Solutions Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 6933 |
| Gartner, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 4117 |
| International Business Machines Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | 335952 |
|  |  | 2390579 |
| **Semiconductor Materials & Equipment - 1.1%**  |  |  |
| Aehr Test Systems <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 3782 |
| Applied Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108 | 1745863 |
| ASML Holding NV  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | 186237 |
| Entegris, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | 9731 |
| Ichor Holdings Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | 6153 |
| KLA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | 122210 |
| Lam Research Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 | 1048643 |
| Nova Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | 356110 |
| Onto Innovation, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 5332 |
| Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | 73497 |
| Teradyne, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | 18380 |
|  |  | 3575938 |
| **Semiconductors - 11.5%**  |  |  |
| Advanced Micro Devices, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501 | 1525928 |
| Analog Devices, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | 65537 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Broadcom, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34001 | $10523650 |
| Credo Technology Group Holding Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | 3849 |
| First Solar, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | 10060 |
| Intel Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8757 | 386446 |
| Marvell Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | 112026 |
| Microchip Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | 22290 |
| Micron Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | 206758 |
| Monolithic Power Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | 279898 |
| NVIDIA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128403 | 22393483 |
| NXP Semiconductors NV  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | 12599 |
| ON Semiconductor Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | 11517 |
| QUALCOMM, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 | 386211 |
| Silicon Laboratories, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | 26851 |
| Skyworks Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 11781 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 | 678266 |
| Texas Instruments, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | 234133 |
|  |  | 36891283 |
| **Systems Software - 4.8%**  |  |  |
| Check Point Software Technologies Ltd. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | 28427 |
| Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | 130787 |
| Fortinet, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | 12095 |
| Gen Digital, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | 3898 |
| Microsoft Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30708 | 11367180 |
| Nebius Group NV <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | 124304 |
| Oracle Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18535 | 2726684 |
| Palo Alto Networks, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459 | 875187 |
| ServiceNow, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | 52798 |
| UiPath, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | 30137 |
|  |  | 15351497 |
| **Technology Distributors - 0.1%**  |  |  |
| CDW Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 14159 |
| TD SYNNEX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | 443033 |
|  |  | 457192 |
| **Technology Hardware, Storage & Peripherals - 9.5%**  |  |  |
| Apple, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98300 | 24947557 |
| Dell Technologies, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 3611 |
| Hewlett Packard Enterprise Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | 13405 |
| HP, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | 19902 |
| NetApp, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | 45768 |
| Sandisk Corp. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | 2614424 |
| Seagate Technology Holdings PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766 | 1475368 |
| Super Micro Computer, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25124 | 572074 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Western Digital Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 | $969436 |
|  |  | 30661545 |
| **Total Information Technology** |  | 109601304 |
| **<u>Materials</u> - 0.7%**  |  |  |
| **Commodity Chemicals - 0.0%** <sup>(a)</sup> |  |  |
| Cabot Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | 6100 |
| Dow, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | 63850 |
| LyondellBasell Industries NV - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 8217 |
|  |  | 78167 |
| **Construction Materials - 0.1%**  |  |  |
| CRH PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 2943 |
| Eagle Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 5305 |
| Martin Marietta Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | 19426 |
| Vulcan Materials Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | 150582 |
|  |  | 178256 |
| **Copper - 0.0%** <sup>(a)</sup> |  |  |
| Freeport-McMoRan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | 24923 |
| Southern Copper Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 3785 |
|  |  | 28708 |
| **Diversified Chemicals - 0.0%** <sup>(a)</sup> |  |  |
| Chemours Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | 6851 |
| **Diversified Metals & Mining - 0.0%** <sup>(a)</sup> |  |  |
| Rio Tinto PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | 19498 |
| **Fertilizers & Agricultural Chemicals - 0.1%**  |  |  |
| CF Industries Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | 14023 |
| Corteva, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | 146660 |
|  |  | 160683 |
| **Gold - 0.0%** <sup>(a)</sup> |  |  |
| Barrick Mining Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | 6241 |
| Franco-Nevada Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 6176 |
| Kinross Gold Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | 5646 |
| Newmont Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | 137478 |
|  |  | 155541 |
| **Industrial Gases - 0.3%**  |  |  |
| Air Products and Chemicals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383 | 401747 |
| Linde PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | 591442 |
|  |  | 993189 |
| **Metal, Glass & Plastic Containers - 0.0%** <sup>(a)</sup> |  |  |
| Ball Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | 7211 |
| Crown Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | 58847 |
|  |  | 66058 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Paper & Plastic Packaging Products & Materials - 0.0%** <sup>(a)</sup> |  |  |
| Amcor PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $5963 |
| International Paper Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | 10817 |
| Packaging Corp. of America  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | 19312 |
|  |  | 36092 |
| **Specialty Chemicals - 0.2%**  |  |  |
| Albemarle Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | 121721 |
| DuPont de Nemours, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | 64807 |
| Eastman Chemical Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | 6869 |
| Ecolab, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | 22612 |
| International Flavors & Fragrances, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | 13349 |
| Perimeter Solutions, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | 4933 |
| Sherwin-Williams Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | 188804 |
| Solstice Advanced Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 76160 |
|  |  | 499255 |
| **Steel - 0.0%** <sup>(a)</sup> |  |  |
| Cleveland-Cliffs, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | 3397 |
| Nucor Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | 63243 |
| Steel Dynamics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 7200 |
|  |  | 73840 |
| **Total Materials** |  | 2296138 |
| **<u>Real Estate</u> - 0.0%** <sup>(a)</sup> |  |  |
| **Real Estate Services - 0.0%** <sup>(a)</sup> |  |  |
| CBRE Group, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | 9618 |
| CoStar Group, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | 1371 |
| **Total Real Estate** |  | 10989 |
| **<u>Utilities</u> - 1.0%**  |  |  |
| **Electric Utilities - 0.6%**  |  |  |
| Alliant Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | 88695 |
| American Electric Power Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | 31328 |
| Constellation Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | 53616 |
| Duke Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | 469420 |
| Edison International  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | 5635 |
| Entergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | 68315 |
| Evergy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | 19825 |
| Eversource Energy  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | 83898 |
| Exelon Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | 27353 |
| FirstEnergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | 19605 |
| NextEra Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 | 733566 |
| NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | 72047 |
| PG&E Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | 12071 |
| Pinnacle West Capital Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 6649 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PPL Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | $60471 |
| Southern Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | 112060 |
| Xcel Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | 46552 |
|  |  | 1911106 |
| **Gas Utilities - 0.0%** <sup>(a)</sup> |  |  |
| Atmos Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | 149808 |
| National Fuel Gas Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | 3101 |
| UGI Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | 4042 |
|  |  | 156951 |
| **Independent Power Producers & Energy Traders - 0.0%** <sup>(a)</sup> |  |  |
| AES Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | 14019 |
| Vistra Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 5412 |
|  |  | 19431 |
| **Multi-Utilities - 0.3%**  |  |  |
| Ameren Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | 5826 |
| Brookfield Infrastructure Partners LP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | 40635 |
| CenterPoint Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | 49677 |
| CMS Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 1862 |
| Consolidated Edison, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | 9733 |
| Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | 98850 |
| DTE Energy Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | 265682 |
| National Grid PLC - ADR  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 3384 |
| NiSource, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | 22024 |
| Public Service Enterprise Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 22747 |
| Sempra  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 18462 |
| WEC Energy Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | 262914 |
|  |  | 801796 |
| **Renewable Electricity - 0.0%** <sup>(a)</sup> |  |  |
| Clearway Energy, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | 11748 |
| **Water Utilities - 0.1%**  |  |  |
| American Water Works Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 13065 |
| Essential Utilities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828 | 355503 |
|  |  | 368568 |
| **Total Utilities** |  | 3269600 |
| **TOTAL COMMON STOCKS** (Cost $79,822,069) |  | 275280984 |
| **EXCHANGE TRADED FUNDS - 14.1%** |  |  |
| Akre Focus ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21957 | 1160427 |
| Alerian MLP ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | 235406 |
| Alpha Architect US Equity 2 ETF <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642 | 308969 |
| Alpha Architect US Equity ETF <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154898 | 8114052 |
| Amplify Blockchain Technology ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | 28491 |
| ARK Innovation ETF <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | 37107 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Avantis Responsible US Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $147850 |
| Cambria US EW ETF <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10118 | 494569 |
| Dimensional Emerging Core Equity Market ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | 7111 |
| Dimensional US Core Equity 1 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | 61629 |
| Dimensional US Core Equity 2 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | 351294 |
| Dimensional US Equity Market ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17938 | 1271984 |
| Dimensional US Small Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | 58967 |
| Fidelity Enhanced Large Cap Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 9600 |
| Fidelity International Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 4456 |
| Fidelity Nasdaq Composite Index ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | 179075 |
| Fidelity Small-Mid Multifactor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | 68243 |
| First Trust Capital Strength ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | 115301 |
| First Trust Dow Jones Internet Index Fund <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 24339 |
| First Trust EIP Power Solutions ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 7469 |
| First Trust NASDAQ Cybersecurity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 50144 |
| First Trust SMID Cap Rising Dividend Achievers ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | 13801 |
| First Trust Value Line Dividend Index Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | 41198 |
| Invesco Large Cap Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | 72410 |
| Invesco QQQ Trust Series 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 | 3428449 |
| Invesco RAFI Developed Markets ex-US ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | 101914 |
| Invesco RAFI Emerging Markets ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | 41953 |
| Invesco Russell 1000 Equal Weight ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50514 | 2783321 |
| Invesco S&P 500 Equal Weight ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | 249304 |
| Invesco S&P 500 Equal Weight Technology ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | 20593 |
| Invesco S&P 500 Equal Weight Utilities ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 121665 |
| Invesco S&P 500 Low Volatility ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | 14994 |
| Invesco Water Resources ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | 33898 |
| iShares Core Dividend Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | 40634 |
| iShares Core MSCI EAFE ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | 27521 |
| iShares Core MSCI Emerging Markets ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | 14368 |
| iShares Core S&P 500 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | 47031 |
| iShares Core S&P Mid-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | 234802 |
| iShares Core S&P U.S. Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | 117108 |
| iShares ESG Aware MSCI EAFE ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | 39682 |
| iShares ESG Aware MSCI USA ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | 186109 |
| iShares ESG Aware MSCI USA Small-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 13213 |
| iShares ESG MSCI KLD 400 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | 86530 |
| iShares ESG Optimized MSCI USA ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 221928 |
| iShares Expanded Tech Sector ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | 293431 |
| iShares Expanded Tech-Software Sector ETF <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | 56996 |
| iShares Global Healthcare ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | 54160 |
| iShares MSCI EAFE ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 9713 |
| iShares MSCI EAFE Min Vol Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | 14985 |
| iShares MSCI EAFE Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | 22454 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| iShares MSCI Emerging Markets Min Vol Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $7962 |
| iShares MSCI International Quality Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | 28663 |
| iShares MSCI International Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | 60512 |
| iShares MSCI USA Min Vol Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | 29120 |
| iShares MSCI USA Momentum Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | 84236 |
| iShares MSCI USA Quality Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | 28580 |
| iShares Russell 1000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | 213579 |
| iShares Russell 1000 Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | 25158 |
| iShares Russell 1000 Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 21794 |
| iShares Russell 2000 Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | 50523 |
| iShares Russell 2000 Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | 90055 |
| iShares Russell Mid-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 19446 |
| iShares Russell Mid-Cap Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | 63251 |
| iShares Russell Top 200 Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | 40561 |
| iShares Russell Top 200 Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | 25855 |
| iShares S&P 100 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | 172394 |
| iShares S&P 500 Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | 17948 |
| iShares Semiconductor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | 159729 |
| iShares U.S. Financials ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | 48947 |
| iShares U.S. Small-Cap Equity Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 30196 |
| iShares U.S. Technology ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | 534100 |
| JPMorgan Active Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | 18848 |
| JPMorgan Active Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | 19444 |
| JPMorgan Diversified Return US Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 12500 |
| JPMorgan Diversified Return US Mid Cap Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 6299 |
| JPMorgan Diversified Return US Small Cap Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 6344 |
| JPMorgan Hedged Equity Laddered Overlay ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | 52598 |
| JPMorgan US Quality Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 122640 |
| JPMorgan US Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | 19397 |
| Pacer US Cash Cows 100 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | 125808 |
| Pacer US Small Cap Cash Cows ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 17948 |
| ProShares Nasdaq-100 Dorsey Wright Momentum ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 15212 |
| Qraft AI-Enhanced US Large Cap Momentum ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 47146 |
| Schwab Fundamental Emerging Markets Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 | 66649 |
| Schwab Fundamental US Broad Market ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | 16592 |
| Schwab International Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | 34947 |
| Schwab U.S. Large-Cap Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | 10778 |
| Schwab U.S. Large-Cap Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 24400 |
| Schwab US Broad Market ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6933 | 174018 |
| Schwab US Dividend Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | 96458 |
| SPDR S&P 500 Fossil Fuel Reserves Free ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | 51545 |
| State Street Consumer Staples Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | 31890 |
| State Street Energy Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 98016 |
| State Street Financial Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | 135768 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| State Street Health Care Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | $218596 |
| State Street SPDR Dow Jones Industrial Average ETF Trust  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | 674405 |
| State Street SPDR S&P 500 ETF Trust  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276 | 8633914 |
| State Street SPDR S&P MidCap 400 ETF Trust  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | 141855 |
| State Street SPDR S&P Semiconductor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 33916 |
| State Street Technology Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11126 | 1478645 |
| State Street Utilities Select Sector SPDR ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | 25377 |
| VanEck Junior Gold Miners ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14858 | 1783554 |
| VanEck Morningstar Wide Moat ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | 52025 |
| Vanguard Consumer Discretionary ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | 56368 |
| Vanguard Consumer Staples ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | 45816 |
| Vanguard Dividend Appreciation ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | 165166 |
| Vanguard FTSE All World ex-US Small-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | 13704 |
| Vanguard FTSE Developed Markets ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | 42741 |
| Vanguard FTSE Emerging Markets ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | 79724 |
| Vanguard Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | 828154 |
| Vanguard Health Care ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | 46841 |
| Vanguard High Dividend Yield ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | 25918 |
| Vanguard Large-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | 488321 |
| Vanguard Materials ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | 35153 |
| Vanguard Mid-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | 285170 |
| Vanguard Mid-Cap Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 29853 |
| Vanguard Real Estate ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 8870 |
| Vanguard Russell 2000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 4007 |
| Vanguard S&P 500 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5529 | 3303854 |
| Vanguard S&P 500 Growth ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 10192 |
| Vanguard S&P Small-Cap 600 Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 8139 |
| Vanguard Small-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | 185439 |
| Vanguard Small-Cap Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | 277211 |
| Vanguard Total International Stock ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | 57447 |
| Vanguard Total Stock Market ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418 | 1738149 |
| Vanguard Value ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | 236029 |
| VictoryShares US 500 Enhanced Volatility Wtd ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | 30847 |
| Virtus Reaves Utilities ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 15980 |
| WisdomTree International Hedged Quality Dividend Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | 25471 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $24,745,710) |  | 45185353 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.3%**  |  |  |
| **<u>Real Estate</u> - 0.3%**  |  |  |
| **Data Center REITs - 0.0%** <sup>(a)</sup> |  |  |
| Digital Realty Trust, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 31176 |
| Equinix, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 12743 |
|  |  | 43919 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care REITs - 0.0%** <sup>(a)</sup> |  |  |
| Alexandria Real Estate Equities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $4874 |
| Omega Healthcare Investors, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | 3988 |
| Ventas, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 31894 |
| Welltower, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | 69396 |
|  |  | 110152 |
| **Hotel & Resort REITs - 0.0%** <sup>(a)</sup> |  |  |
| Host Hotels & Resorts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | 9293 |
| **Industrial REITs - 0.1%**  |  |  |
| Prologis, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | 140111 |
| **Multi-Family Residential REITs - 0.0%** <sup>(a)</sup> |  |  |
| AvalonBay Communities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | 11434 |
| Camden Property Trust  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 9473 |
| Equity Residential  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | 5028 |
| Essex Property Trust, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 242 |
| Mid-America Apartment Communities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | 8671 |
| UDR, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | 23882 |
|  |  | 58730 |
| **Other Specialized REITs - 0.0%** <sup>(a)</sup> |  |  |
| Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 10418 |
| Lamar Advertising Co. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | 60670 |
| VICI Properties, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | 52591 |
|  |  | 123679 |
| **Retail REITs - 0.1%**  |  |  |
| Kimco Realty Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | 14583 |
| Realty Income Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | 301250 |
| Simon Property Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 24436 |
|  |  | 340269 |
| **Self-Storage REITs - 0.0%** <sup>(a)</sup> |  |  |
| Extra Space Storage, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 2623 |
| Public Storage  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | 8126 |
|  |  | 10749 |
| **Telecom Tower REITs - 0.1%**  |  |  |
| American Tower Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | 210893 |
| Crown Castle, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 3496 |
| SBA Communications Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | 38036 |
|  |  | 252425 |
| **Timber REITs - 0.0%** <sup>(a)</sup> |  |  |
| Weyerhaeuser Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | 1417 |
| **Total Real Estate** |  | 1090744 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $688,762) |  | 1090744 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY 3 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS** | | |
| **MONEY MARKET FUNDS - 0.0%** <sup>(a)</sup> | | |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139617 | $139617 |
| **TOTAL MONEY MARKET FUNDS** (Cost $139,617) |  | 139617 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $105,396,158**)** |  | $321696698 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(a)</sup> |  | 33674 |
| **TOTAL NET ASSETS - 100.0%** |  | $321730372 |

---

Percentages are stated as a percent of net assets.

---

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

---

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

(b) Non-income producing security.

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

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

(e) The rate shown represents the 7-day annualized yield as of March 31, 2026.

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 US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **COMMON STOCKS - 98.8%**  | | |
| **<u>Communication Services</u> - 12.1%**  | |  |
| **Cable & Satellite - 0.3%**  |  |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | $203791 |
| Comcast Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38203 | 1096808 |
|  |  | 1300599 |
| **Integrated Telecommunication Services - 0.9%**  |  |  |
| AT&T, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73683 | 2136070 |
| Verizon Communications, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44299 | 2223810 |
|  |  | 4359880 |
| **Interactive Home Entertainment - 0.1%**  |  |  |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | 348192 |
| **Interactive Media & Services - 9.2%**  |  |  |
| Alphabet, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62340 | 17926490 |
| Alphabet, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 | 14279891 |
| Meta Platforms, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 | 10492292 |
|  |  | 42698673 |
| **Movies & Entertainment - 1.6%**  |  |  |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | 263080 |
| Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46467 | 4467802 |
| TKO Group Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | 145390 |
| Walt Disney Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19125 | 1843267 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18904 | 519104 |
|  |  | 7238643 |
| **Total Communication Services** |  | 55945987 |
| **<u>Consumer Discretionary</u> - 8.9%**  |  |  |
| **Apparel Retail - 0.6%**  |  |  |
| Ross Stores, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | 745857 |
| TJX Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | 1888612 |
|  |  | 2634469 |
| **Apparel, Accessories & Luxury Goods - 0.1%**  |  |  |
| Lululemon Athletica, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | 184332 |
| Ralph Lauren Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | 137940 |
|  |  | 322272 |
| **Automobile Manufacturers - 2.0%**  |  |  |
| Ford Motor Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 | 491500 |
| Tesla, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686 | 8805271 |
|  |  | 9296771 |
| **Automotive Parts & Equipment - 0.0%** <sup>(b)</sup> |  |  |
| Aptiv PLC <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373 | 164781 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **Automotive Retail - 0.3%**  |  |  |
| AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | $584356 |
| Carvana Co. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | 232012 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435 | 778635 |
|  |  | 1595003 |
| **Broadline Retail - 3.7%**  |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81495 | 16972964 |
| **Casinos & Gaming - 0.0%** <sup>(b)</sup> |  |  |
| Las Vegas Sands Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | 181037 |
| **Computer & Electronics Retail - 0.0%** <sup>(b)</sup> |  |  |
| Best Buy Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | 125062 |
| **Footwear - 0.0%** <sup>(b)</sup> |  |  |
| Deckers Outdoor Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 | 155440 |
| **Home Improvement Retail - 1.1%**  |  |  |
| Home Depot, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10692 | 3516492 |
| Lowe's Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069 | 1433983 |
|  |  | 4950475 |
| **Homebuilding - 0.2%**  |  |  |
| DR Horton, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903 | 398349 |
| Lennar Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | 199211 |
| NVR, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 204285 |
|  |  | 801845 |
| **Homefurnishing Retail - 0.0%** <sup>(b)</sup> |  |  |
| Williams-Sonoma, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | 233382 |
| **Hotels, Resorts & Cruise Lines - 0.2%**  |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 | 592632 |
| Carnival Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8723 | 225751 |
|  |  | 818383 |
| **Leisure Products - 0.0%** <sup>(b)</sup> |  |  |
| Hasbro, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | 135814 |
| **Other Specialty Retail - 0.1%**  |  |  |
| Ulta Beauty, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | 235220 |
| **Restaurants - 0.6%**  |  |  |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | 417090 |
| Darden Restaurants, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | 245246 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | 605855 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Starbucks Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12379 | $1109035 |
| Yum! Brands, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | 449026 |
|  |  | 2826252 |
| **Total Consumer Discretionary** |  | 41449170 |
| **<u>Consumer Staples</u> - 5.8%**  |  |  |
| **Agricultural Products & Services - 0.1%**  |  |  |
| Archer-Daniels-Midland Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 | 348694 |
| Bunge Global SA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | 183550 |
|  |  | 532244 |
| **Consumer Staples Merchandise Retail - 2.5%**  |  |  |
| Costco Wholesale Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 | 4676246 |
| Dollar General Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | 268330 |
| Dollar Tree, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 | 227343 |
| Target Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 | 601273 |
| Walmart, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45432 | 5646289 |
|  |  | 11419481 |
| **Distillers & Vintners - 0.0%** <sup>(b)</sup> |  |  |
| Constellation Brands, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | 220050 |
| **Food Distributors - 0.1%**  |  |  |
| Sysco Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677 | 333610 |
| **Food Retail - 0.1%**  |  |  |
| Kroger Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | 428226 |
| **Household Products - 1.0%**  |  |  |
| Church & Dwight Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | 232833 |
| Clorox Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 129538 |
| Colgate-Palmolive Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 | 672550 |
| Procter & Gamble Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24104 | 3481582 |
|  |  | 4516503 |
| **Packaged Foods & Meats - 0.3%**  |  |  |
| General Mills, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572 | 207390 |
| Hershey Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | 319111 |
| McCormick & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | 133464 |
| Mondelez International, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12777 | 736466 |
|  |  | 1396431 |
| **Personal Care Products - 0.1%**  |  |  |
| Kenvue, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18567 | 320095 |
| **Soft Drinks & Non-alcoholic Beverages - 0.8%**  |  |  |
| Coca-Cola Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40656 | 3091889 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Keurig Dr Pepper, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13707 | $360905 |
| Monster Beverage Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7478 | 541856 |
|  |  | 3994650 |
| **Tobacco - 0.8%**  |  |  |
| Altria Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16872 | 1113383 |
| Philip Morris International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16158 | 2671564 |
|  |  | 3784947 |
| **Total Consumer Staples** |  | 26946237 |
| **<u>Energy</u> - 4.3%**  |  |  |
| **Integrated Oil & Gas - 2.5%**  |  |  |
| Chevron Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950 | 4127655 |
| Exxon Mobil Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43663 | 7407865 |
|  |  | 11535520 |
| **Oil & Gas Equipment & Services - 0.3%**  |  |  |
| Baker Hughes Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218 | 623809 |
| SLB Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15708 | 807234 |
|  |  | 1431043 |
| **Oil & Gas Exploration & Production - 0.7%**  |  |  |
| ConocoPhillips  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13161 | 1737252 |
| Coterra Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8190 | 287796 |
| EOG Resources, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793 | 837494 |
| EQT Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | 403096 |
|  |  | 3265638 |
| **Oil & Gas Refining & Marketing - 0.4%**  |  |  |
| Marathon Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | 794562 |
| Valero Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291 | 813140 |
|  |  | 1607702 |
| **Oil & Gas Storage & Transportation - 0.4%**  |  |  |
| Kinder Morgan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20765 | 696250 |
| ONEOK, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 | 601365 |
| Targa Resources Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | 567653 |
|  |  | 1865268 |
| **Total Energy** |  | 19705171 |
| **<u>Financials</u> - 12.8%**  |  |  |
| **Asset Management & Custody Banks - 0.7%**  |  |  |
| Ameriprise Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | 408848 |
| Bank of New York Mellon Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568 | 897792 |
| Blackstone, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013 | 806425 |
| KKR & Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604 | 518370 |
| State Street Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732 | 345762 |
|  |  | 2977197 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **Consumer Finance - 0.7%**  |  |  |
| American Express Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 | $1817300 |
| Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6374 | 1162809 |
| Synchrony Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 | 229227 |
|  |  | 3209336 |
| **Diversified Banks - 4.3%**  |  |  |
| Bank of America Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73968 | 3605940 |
| Citigroup, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19855 | 2251756 |
| Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076 | 468131 |
| JPMorgan Chase & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30115 | 8858628 |
| PNC Financial Services Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390 | 913515 |
| US Bancorp  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17304 | 899981 |
| Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34649 | 2758407 |
|  |  | 19756358 |
| **Diversified Financial Services - 0.1%**  |  |  |
| Apollo Global Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | 453479 |
| **Financial Exchanges & Data - 0.1%**  |  |  |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | 249169 |
| MSCI, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | 384853 |
|  |  | 634022 |
| **Insurance Brokers - 0.5%**  |  |  |
| Aon PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351 | 758856 |
| Brown & Brown, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | 203716 |
| Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 | 913388 |
| Willis Towers Watson PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | 277909 |
|  |  | 2153869 |
| **Investment Banking & Brokerage - 0.9%**  |  |  |
| Charles Schwab Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17932 | 1685250 |
| Morgan Stanley  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12911 | 2124763 |
| Raymond James Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | 252803 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 | 277269 |
|  |  | 4340085 |
| **Life & Health Insurance - 0.3%**  |  |  |
| Aflac, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079 | 557217 |
| MetLife, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173 | 436554 |
| Prudential Financial, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 | 336054 |
|  |  | 1329825 |
| **Multi-Sector Holdings - 2.0%**  |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19591 | 9388007 |
| **Property & Casualty Insurance - 0.6%**  |  |  |
| Arch Capital Group Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482 | 334237 |
| Chubb Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862 | 1258742 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Progressive Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220 | $1233053 |
|  |  | 2826032 |
| **Regional Banks - 0.2%**  |  |  |
| Citizens Financial Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 | 285397 |
| Truist Financial Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 | 651625 |
|  |  | 937022 |
| **Reinsurance - 0.0%** <sup>(b)</sup> |  |  |
| Everest Group Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | 146102 |
| **Transaction & Payment Processing Services - 2.4%**  |  |  |
| Block, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | 290368 |
| Corpay, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | 204857 |
| Fiserv, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 | 294791 |
| Mastercard, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 | 4607865 |
| Visa, Inc. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18728 | 5660351 |
|  |  | 11058232 |
| **Total Financials** |  | 59209566 |
| **<u>Health Care</u> - 9.2%**  |  |  |
| **Biotechnology - 1.8%**  |  |  |
| AbbVie, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18342 | 3989201 |
| Amgen, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5634 | 1982323 |
| Biogen, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | 279395 |
| Incyte Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | 166028 |
| Moderna, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | 182677 |
| Regeneron Pharmaceuticals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | 764914 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 | 1191815 |
|  |  | 8556353 |
| **Health Care Distributors - 0.2%**  |  |  |
| Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | 488549 |
| Cencora, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | 637390 |
|  |  | 1125939 |
| **Health Care Equipment - 2.0%**  |  |  |
| Abbott Laboratories  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929 | 1840770 |
| Boston Scientific Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15737 | 987497 |
| Dexcom, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133 | 259552 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | 455895 |
| GE HealthCare Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321 | 307569 |
| Hologic, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | 177183 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | 437712 |
| Insulet Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | 151295 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 | 1772507 |
| Medtronic PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13360 | 1157644 |
| ResMed, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | 319659 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| STERIS PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | $233513 |
| Stryker Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601 | 1183253 |
| Zimmer Biomet Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | 188707 |
|  |  | 9472756 |
| **Health Care Services - 0.3%**  |  |  |
| CVS Health Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13394 | 961957 |
| Quest Diagnostics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | 225769 |
|  |  | 1187726 |
| **Health Care Supplies - 0.1%**  |  |  |
| Align Technology, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | 127030 |
| Cooper Cos., Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152 | 153868 |
|  |  | 280898 |
| **Life Sciences Tools & Services - 1.0%**  |  |  |
| Agilent Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | 315041 |
| Danaher Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 | 1253635 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | 275422 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | 269897 |
| Thermo Fisher Scientific, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 | 1935645 |
| Waters Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | 316561 |
| West Pharmaceutical Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | 188983 |
|  |  | 4555184 |
| **Managed Health Care - 0.1%**  |  |  |
| Centene Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | 161245 |
| Humana, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | 210842 |
|  |  | 372087 |
| **Pharmaceuticals - 3.7%**  |  |  |
| Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21346 | 1294635 |
| Eli Lilly & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027 | 7382993 |
| Johnson & Johnson  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25186 | 6156466 |
| Pfizer, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59311 | 1665453 |
| Zoetis, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | 565753 |
|  |  | 17065300 |
| **Total Health Care** |  | 42616243 |
| **<u>Industrials</u> - 7.2%**  |  |  |
| **Aerospace & Defense - 2.3%**  |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | 340177 |
| Boeing Co. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8353 | 1662497 |
| General Dynamics Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 | 929783 |
| General Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11392 | 3232708 |
| Howmet Aerospace, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 | 987060 |
| RTX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14423 | 2782197 |
| Textron, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | 167590 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| TransDigm Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | $715078 |
|  |  | 10817090 |
| **Agricultural & Farm Machinery - 0.3%**  |  |  |
| Deere & Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 | 1535556 |
| **Air Freight & Logistics - 0.2%**  |  |  |
| Expeditors International of Washington, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | 212696 |
| United Parcel Service, Inc. - Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7944 | 781531 |
|  |  | 994227 |
| **Building Products - 0.3%**  |  |  |
| Carrier Global Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 | 448622 |
| Johnson Controls International PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171 | 808093 |
| Lennox International, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | 157804 |
| Masco Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | 136134 |
|  |  | 1550653 |
| **Cargo Ground Transportation - 0.0%** <sup>(b)</sup> |  |  |
| JB Hunt Transport Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | 175241 |
| **Construction & Engineering - 0.3%**  |  |  |
| EMCOR Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | 313782 |
| Quanta Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | 822432 |
|  |  | 1136214 |
| **Construction Machinery & Heavy Transportation Equipment - 1.2%**  |  |  |
| Caterpillar, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980 | 3528131 |
| Cummins, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | 793579 |
| PACCAR, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668 | 654654 |
| Westinghouse Air Brake Technologies Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | 414601 |
|  |  | 5390965 |
| **Data Processing & Outsourced Services - 0.1%**  |  |  |
| Broadridge Financial Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 203100 |
| **Diversified Support Services - 0.2%**  |  |  |
| Cintas Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | 618207 |
| Copart, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664 | 287645 |
|  |  | 905852 |
| **Electrical Components & Equipment - 0.2%**  |  |  |
| Emerson Electric Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077 | 796209 |
| Generac Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | 114268 |
|  |  | 910477 |
| **Environmental & Facilities Services - 0.3%**  |  |  |
| Republic Services, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | 433441 |
| Veralto Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 | 235020 |
| Waste Management, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | 904683 |
|  |  | 1573144 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **Human Resource & Employment Services - 0.1%**  |  |  |
| Paychex, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 | $330527 |
| **Industrial Conglomerates - 0.2%**  |  |  |
| 3M Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | 822002 |
| **Industrial Machinery & Supplies & Components - 0.6%**  |  |  |
| Fortive Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | 189832 |
| IDEX Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | 151071 |
| Illinois Tool Works, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | 705906 |
| Nordson Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | 150856 |
| Otis Worldwide Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | 295833 |
| Parker-Hannifin Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | 1213945 |
| Pentair PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 | 151746 |
|  |  | 2859189 |
| **Passenger Airlines - 0.0%** <sup>(b)</sup> |  |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | 181654 |
| **Passenger Ground Transportation - 0.4%**  |  |  |
| Uber Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | 1652879 |
| **Rail Transportation - 0.2%**  |  |  |
| Norfolk Southern Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | 685930 |
| **Research & Consulting Services - 0.0%** <sup>(b)</sup> |  |  |
| Jacobs Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | 167755 |
| **Trading Companies & Distributors - 0.3%**  |  |  |
| Fastenal Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12492 | 579629 |
| United Rentals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | 506349 |
| WW Grainger, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | 482138 |
|  |  | 1568116 |
| **Total Industrials** |  | 33460571 |
| **<u>Information Technology</u> - 35.4%** <sup>(c)</sup> |  |  |
| **Application Software - 2.5%**  |  |  |
| Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 | 1131781 |
| AppLovin Corp. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 | 753812 |
| Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | 516386 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | 833054 |
| Datadog, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | 450715 |
| Fair Isaac Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | 282898 |
| Intuit, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | 1353349 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16283 | $2381877 |
| PTC, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | 185950 |
| Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | 384646 |
| Salesforce, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10478 | 1955928 |
| Synopsys, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 | 780669 |
| Trimble, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 163075 |
| Tyler Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | 156125 |
| Workday, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | 281537 |
|  |  | 11611802 |
| **Communications Equipment - 1.3%**  |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382 | 1151922 |
| Ciena Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | 394830 |
| Cisco Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42542 | 3300834 |
| F5, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | 184014 |
| Motorola Solutions, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 | 763353 |
|  |  | 5794953 |
| **Electronic Equipment & Instruments - 0.2%**  |  |  |
| Keysight Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | 500077 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | 298270 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | 95131 |
|  |  | 893478 |
| **Electronic Manufacturing Services - 0.2%**  |  |  |
| Jabil, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | 278912 |
| TE Connectivity PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 | 661966 |
|  |  | 940878 |
| **Internet Services & Infrastructure - 0.1%**  |  |  |
| Akamai Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | 165958 |
| VeriSign, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | 224518 |
|  |  | 390476 |
| **IT Consulting & Other Services - 1.0%**  |  |  |
| Accenture PLC - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 | 1393781 |
| Cognizant Technology Solutions Corp. - Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709 | 288897 |
| International Business Machines Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403 | 2763973 |
|  |  | 4446651 |
| **Semiconductor Materials & Equipment - 0.9%**  |  |  |
| Applied Materials, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6611 | 2259574 |
| KLA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | 1525417 |
| Teradyne, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | 322548 |
|  |  | 4107539 |
| **Semiconductors - 12.3%**  |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455 | 2737151 |
| Broadcom, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38919 | 12045820 |
| First Solar, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | 223101 |
| Intel Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41588 | 1835278 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| Micron Technology, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 | $3157115 |
| Monolithic Power Systems, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | 306138 |
| NVIDIA Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197089 | 34372321 |
| NXP Semiconductors NV  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | 412422 |
| ON Semiconductor Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871 | 177772 |
| Texas Instruments, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494 | 1843165 |
|  |  | 57110283 |
| **Systems Software - 7.9%**  |  |  |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 | 999059 |
| Fortinet, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | 579885 |
| Microsoft Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81372 | 30121474 |
| Oracle Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17090 | 2514110 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | 1392860 |
| ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 | 1190197 |
|  |  | 36797585 |
| **Technology Hardware, Storage & Peripherals - 9.0%**  |  |  |
| Apple, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155640 | 39499876 |
| Dell Technologies, Inc. - Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | 428543 |
| Hewlett Packard Enterprise Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11946 | 284434 |
| NetApp, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 | 221367 |
| Sandisk Corp. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | 475234 |
| Seagate Technology Holdings PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014 | 789005 |
| Super Micro Computer, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | 85638 |
|  |  | 41784097 |
| **Total Information Technology** |  | 163877742 |
| **<u>Materials</u> - 1.2%**  |  |  |
| **Copper - 0.2%**  |  |  |
| Freeport-McMoRan, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888 | 698777 |
| **Fertilizers & Agricultural Chemicals - 0.0%** <sup>(b)</sup> |  |  |
| CF Industries Holdings, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | 218780 |
| **Industrial Gases - 0.7%**  |  |  |
| Air Products and Chemicals, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | 680908 |
| Linde PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | 2444097 |
|  |  | 3125005 |
| **Paper & Plastic Packaging Products & Materials - 0.1%**  |  |  |
| Packaging Corp. of America  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | 210310 |
| Smurfit Westrock PLC  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 | 232126 |
|  |  | 442436 |
| **Specialty Chemicals - 0.1%**  |  |  |
| Albemarle Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | 161936 |
| International Flavors & Fragrances, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | 193709 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| PPG Industries, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | $255550 |
|  |  | 611195 |
| **Steel - 0.1%**  |  |  |
| Nucor Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | 366609 |
| Steel Dynamics, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | 258660 |
|  |  | 625269 |
| **Total Materials** |  | 5721462 |
| **<u>Real Estate</u> - 0.1%**  |  |  |
| **Real Estate Services - 0.1%**  |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | 391208 |
| CoStar Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691 | 189235 |
| **Total Real Estate** |  | 580443 |
| **<u>Utilities</u> - 1.8%**  |  |  |
| **Electric Utilities - 1.1%**  |  |  |
| Alliant Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 | 191743 |
| American Electric Power Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553 | 727887 |
| Duke Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166 | 1069256 |
| Edison International  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | 295501 |
| Entergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362 | 490114 |
| FirstEnergy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461 | 276654 |
| NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | 241716 |
| PG&E Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21856 | 384010 |
| Southern Co.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568 | 1116543 |
| Xcel Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | 472271 |
|  |  | 5265695 |
| **Multi-Utilities - 0.6%**  |  |  |
| CenterPoint Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910 | 298236 |
| CMS Energy Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 | 246394 |
| Consolidated Edison, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 | 399186 |
| NiSource, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057 | 235960 |
| Public Service Enterprise Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879 | 394955 |
| Sempra  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383 | 620236 |
| WEC Energy Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 | 394428 |
|  |  | 2589395 |
| **Water Utilities - 0.1%**  |  |  |
| American Water Works Co., Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | 274221 |
| **Total Utilities** |  | 8129311 |
| **TOTAL COMMON STOCKS** (Cost $329,132,801) |  | 457641903 |

---

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.7%**  | | |
| **<u>Real Estate</u> - 0.7%**  | |  |
| **Health Care REITs - 0.1%**  |  |  |
| Ventas, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733 | $387065 |
| **Hotel & Resort REITs - 0.0%** <sup>(b)</sup> |  |  |
| Host Hotels & Resorts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976 | 133660 |
| **Multi-Family Residential REITs - 0.2%**  |  |  |
| AvalonBay Communities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | 246495 |
| Equity Residential  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | 215306 |
| Essex Property Trust, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | 163592 |
| Mid-America Apartment Communities, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | 152284 |
|  |  | 777677 |
| **Other Specialized REITs - 0.1%**  |  |  |
| VICI Properties, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10597 | 289510 |
| **Single-Family Residential REITs - 0.0%** <sup>(b)</sup> |  |  |
| Invitation Homes, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5886 | 146267 |
| **Telecom Tower REITs - 0.3%**  |  |  |
| American Tower Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 | 804223 |
| Crown Castle, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 | 346299 |
| SBA Communications Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | 194484 |
|  |  | 1345006 |
| **Total Real Estate** |  | 3079185 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $3,254,793) |  | 3079185 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.5%**  |  |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233084 | 2233084 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,233,084) |  | 2233084 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $334,620,678**)** |  | $462954172 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(b)</sup> |  | 137530 |
| **TOTAL NET ASSETS - 100.0%** |  | $463091702 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

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

------

---

| |
|:---|
| **ALPHA ARCHITECT US EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** |

---

(a) Non-income producing security.

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

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

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

(b) Not applicable

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

------

**ALPHA ARCHITECT ETFs**

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

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

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Global Factor <br>Equity ETF** |
| **ASSETS:** | | | |
| Investments in unaffiliated securities, <br>at value (See Note 2) | $10734184606 | $15744367 | $70000 |
| Investments in affiliated securities, <br>at value (See Note 2 and 6) |  |  | 20610848 |
| Receivable for fund shares sold | 59242926 |  |  |
| Dividends receivable | 5196 | 2962 | 24293 |
| Deposit at broker for other investments<sup>(a)</sup> | 4837 | 14667 |  |
| Receivable for transaction fee | 4440 |  |  |
| Receivable for investments sold | 3481 |  |  |
| Interest receivable | 96 | 925 |  |
| Security lending income receivable (See Note 4) |  |  | 100 |
| Total assets | 10793445582 | 15762921 | 20705241 |
| **LIABILITIES:** |  |  |  |
| Written option, at value (See Note 2) | 25933900 | 80 |  |
| Payable for investments purchased | 61393303 |  |  |
| Payable to adviser (See Note 3) | 1737239 | 2586 | 887 |
| Interest payable |  | 262 |  |
| Total liabilities | 89064442 | 2928 | 887 |
| **NET ASSETS** | $10704381140 | $15759993 | $20704354 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Paid-in capital | $10498140414 | $15746239 | $42531929 |
| Total distributable earnings (accumulated losses) | 206240726 | 13754 | (21827575) |
| Total net assets | $10704381140 | $15759993 | $20704354 |
| Net assets | $10704381140 | $15759993 | $20704354 |
| Shares issued and outstanding<sup>(b)</sup> | 92150000 | 150000 | 660000 |
| Net asset value per share | $116.16 | $105.07 | $31.37 |
| **COST:** |  |  |  |
| Investments in unaffiliated securities, at cost | $10704015455 | $15795024 | $70000 |
| Investments in affiliated securities, at cost | $— | $— | $15972478 |
| **PROCEEDS:** |  |  |  |
| Written options premium received | $25721923 | $20 | $— |

---

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

(b) Unlimited shares authorized without par value.

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect High Inflation and Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Value ETF** |
| **ASSETS:** | | | |
| Investments, at value (See Note 2) | $96108632 | $133979598 | $201514176 |
| Dividends receivable | 220424 | 440556 | 1879955 |
| Receivable for investments sold |  | 87798183 | 71244153 |
| Dividend tax reclaims receivable |  | 128845 | 518530 |
| Foreign currency, at value |  |  | 14528 |
| Total assets | 96329056 | 222347182 | 275171342 |
| **LIABILITIES:** |  |  |  |
| Payable to adviser (See Note 3) | 13933 | 45330 | 64496 |
| Distributions payable |  |  | 832465 |
| Payable for investments purchased |  | 89238829 | 78360182 |
| Payable to custodian foreign currency, at value |  | 20896 |  |
| Total liabilities | 13933 | 89305055 | 79257143 |
| **NET ASSETS** | $96315123 | $133042127 | $195914199 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Paid-in capital | $93586622 | $199741900 | $280303707 |
| Total distributable earnings (accumulated losses) | 2728501 | (66699773) | (84389508) |
| Total net assets | $96315123 | $133042127 | $195914199 |
| Net assets | $96315123 | $133042127 | $195914199 |
| Shares issued and outstanding<sup>(a)</sup> | 4010000 | 3400000 | 5875000 |
| Net asset value per share | $24.02 | $39.13 | $33.35 |
| **COST:** |  |  |  |
| Investments, at cost | $92896818 | $124534186 | $191356738 |
| Foreign currency, at cost | $— | $— | $14123 |
|  |  | (20944) |  |
| **PROCEEDS:** |  |  |  |
| Foreign currency proceeds | $— | $20944 | $— |

---

(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, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative <br>Value ETF** |
| **ASSETS:** | | | |
| Investments, at value (See Note 2) | $780083261 | $377467360 | $490502630 |
| Receivable for investments sold | 7448537 |  |  |
| Receivable for transaction fee | 12045 |  |  |
| Dividends receivable | 1978 | 74772 | 314606 |
| Interest receivable | 21 |  |  |
| Receivable for fund shares sold |  | 1362666 |  |
| Total assets | 787545842 | 378904798 | 490817236 |
| **LIABILITIES:** |  |  |  |
| Written option, at value (See Note 2) | 112526825 |  |  |
| Payable for investments purchased | 6970518 | 1358230 |  |
| Due to broker | 496774 |  |  |
| Payable to adviser (See Note 3) | 333642 | 88301 | 115195 |
| Total liabilities | 120327759 | 1446531 | 115195 |
| **NET ASSETS** | $667218083 | $377458267 | $490702041 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Paid-in capital | $724282159 | $511727724 | $611543185 |
| Total accumulated losses | (57064076) | (134269457) | (120841144) |
| Total net assets | $667218083 | $377458267 | $490702041 |
| Net assets | $667218083 | $377458267 | $490702041 |
| Shares issued and outstanding<sup>(a)</sup> | 7353847 | 5540000 | 9410000 |
| Net asset value per share | $90.73 | $68.13 | $52.15 |
| **COST:** |  |  |  |
| Investments, at cost | $784771248 | $354643219 | $474121710 |
| **PROCEEDS:** | (118842160) |  |  |
| Written options premium received | $118842160 | $— | $— |

---

(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, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect US Equity 2 ETF** | **Alpha Architect US Equity 3 ETF** | **Alpha Architect US Equity ETF** |
| **ASSETS:** | | | |
| Investments in unaffiliated securities, at value (See Note 2) | $436525227 | $312779108 | $462954172 |
| Investments in affiliated securities, at value (See Note 2 and 6) |  | 8917590 |  |
| Dividends receivable | 178078 | 50232 | 194094 |
| Dividend tax reclaims receivable | 1334 | 683 | 3715 |
| Total assets | 436704639 | 321747613 | 463151981 |
| **LIABILITIES:** |  |  |  |
| Payable to adviser (See Note 3) | 57321 | 17241 | 60279 |
| Total liabilities | 57321 | 17241 | 60279 |
| **NET ASSETS** | $436647318 | $321730372 | $463091702 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Paid-in capital | $113128369 | $104879579 | $256626460 |
| Total distributable earnings | 323518949 | 216850793 | 206465242 |
| Total net assets | $436647318 | $321730372 | $463091702 |
| Net assets | $436647318 | $321730372 | $463091702 |
| Shares issued and outstanding<sup>(a)</sup> | 9383000 | 6570000 | 8837000 |
| Net asset value per share | $46.54 | $48.97 | $52.40 |
| **COST:** |  |  |  |
| Investments in unaffiliated securities, at cost | $283955216 | $100936758 | $334620678 |
| Investments in affiliated securities, at cost | $— | $4459400 | $— |

---

(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, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate <br>Bond ETF** | **Alpha Architect Global Factor Equity ETF** |
| **INVESTMENT INCOME:** | | | |
| Dividend income from unaffiliated securities | $39596 | $20649 | $899 |
| Dividend income from affiliated securities |  |  | 287091 |
| Interest income | 2037 | 8948 |  |
| Securities lending income (See Note 4) |  |  | 1410 |
| Total investment income | 41633 | 29597 | 289400 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee (See Note 3) | 11505326 | 12203 | 5091 |
| Interest expense | 655 | 262 |  |
| Total expenses | 11505981 | 12465 | 5091 |
| Expense reimbursement by adviser (See Note 3) | (2348985) |  |  |
| Net expenses | 9156996 | 12465 | 5091 |
| **NET INVESTMENT INCOME (LOSS)** | (9115363) | 17132 | 284309 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | 26514 | 1855960 |
| Net realized gain (loss) from: |  |  |  |
| Investments in unaffiliated securities | (185392) |  |  |
| Investments in affiliated securities |  |  | (14350) |
| In-kind redemptions in unaffiliated securities | 191614019 | 164673 |  |
| In-kind redemptions in affiliated securities |  |  | 828691 |
| Written options | (2156200) |  |  |
| Net realized gain (loss) | 189272427 | 164673 | 814341 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments in unaffiliated securities | 10830902 | (138331) |  |
| Investments in affiliated securities |  |  | 1041619 |
| Written options | (202594) | 172 |  |
| Net change in unrealized appreciation (depreciation) | 10628308 | (138159) | 1041619 |
| Net realized and unrealized gain (loss) | 199900735 | 26514 | 1855960 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $190785372 | $43646 | $2140269 |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect High Inflation and Deflation ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative <br>Value ETF** |
| **INVESTMENT INCOME:** | | | |
| Dividend income | $2261120 | $1994548 | $2569159 |
| Less: Dividend withholding taxes |  | (130697) | (154878) |
| Interest income | 196647 |  |  |
| Total investment income | 2457767 | 1863851 | 2414281 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee (See Note 3) | 104560 | 245296 | 361195 |
| Total expenses | 104560 | 245296 | 361195 |
| Expense reimbursement by adviser (See Note 3) | (33336) |  |  |
| Net expenses | 71224 | 245296 | 361195 |
| **NET INVESTMENT INCOME (LOSS)** | 2386543 | 1618555 | 2053086 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | 7578806 | 18281723 |
| Net realized gain (loss) from: |  |  |  |
| Investments | 103656 | 7190399 | 24808742 |
| In-kind redemptions | 109665 | 7502516 | 182677 |
| Foreign currency translation |  | (110000) | (115467) |
| Net realized gain (loss) | 213321 | 14582915 | 24875952 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | 2504839 | (6834991) | (6603492) |
| Foreign currency translation |  | (169118) | 9263 |
| Net change in unrealized appreciation (depreciation) | 2504839 | (7004109) | (6594229) |
| Net realized and unrealized gain (loss) | 2718160 | 7578806 | 18281723 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5104703 | $9197361 | $20334809 |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative <br>Value ETF** |
| **INVESTMENT INCOME:** | | | |
| Dividend income | $13179 | $999799 | $4613993 |
| Interest income | 397 |  |  |
| Total investment income | 13576 | 999799 | 4613993 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee (See Note 3) | 1773514 | 507649 | 645567 |
| Interest expense | 675 |  |  |
| Total expenses | 1774189 | 507649 | 645567 |
| **NET INVESTMENT INCOME (LOSS)** | (1760613) | 492150 | 3968426 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments in unaffiliated securities | (20817548) | (24803162) | (15963683) |
| Investments in affiliated securities | 276 |  |  |
| In-kind redemptions | 11264355 | 50337512 | 76771649 |
| Written options | 15231402 |  |  |
| Securities sold short - affiliated | 224 |  |  |
| Net realized gain (loss) | 5678709 | 25534350 | 60807966 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | (1646163) | (4625601) | (10499854) |
| Written options | 5334600 |  |  |
| Net change in unrealized appreciation (depreciation) | 3688437 | (4625601) | (10499854) |
| Net realized and unrealized gain (loss) | 9367146 | 20908749 | 50308112 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7606533 | $21400899 | $54276538 |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF OPERATIONS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Alpha Architect US Equity 2 ETF**<sup>(a)</sup> | **Alpha Architect US Equity 3 ETF**<sup>(b)</sup> | **Alpha Architect US Equity ETF** |
| **INVESTMENT INCOME:** | | | |
| Dividend income | $1596018 | $153084 | $2220838 |
| Less: Issuance fees | (1459) |  | (75) |
| Less: Dividend withholding taxes | (1661) | (304) | (2104) |
| Dividend income from affiliated securities |  | 2106 |  |
| Total investment income | 1592898 | 154886 | 2218659 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee (See Note 3) | 216857 | 17241 | 363765 |
| Total expenses | 216857 | 17241 | 363765 |
| **NET INVESTMENT INCOME (LOSS)** | 1376041 | 137645 | 1854894 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments in unaffiliated securities | (6424706) | 31852 | (7817949) |
| Investments in affiliated securities | (1683) |  |  |
| In-kind redemptions | 172229823 | 369027 | 85923113 |
| In-kind redemptions in affiliated securities | 4243859 | 11729 |  |
| Net realized gain (loss) | 170047293 | 412608 | 78105164 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments in unaffiliated securities | (198951710) | (7317896) | (91726723) |
| Investments in affiliated securities | (4022851) | (145847) |  |
| Net change in unrealized appreciation (depreciation) | (202974561) | (7463743) | (91726723) |
| Net realized and unrealized gain (loss) | (32927268) | (7051135) | (13621559) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(31551227) | $(6913490) | $(11766665) |

---

(a) Inception date of the Fund was December 9, 2025.

(b) Inception date of the Fund was March 18, 2026.

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect 1-3 Month Box ETF** | **Alpha Architect Aggregate Bond ETF** | **Alpha Architect Aggregate Bond ETF** |
| | **Period ended March 31, 2026 (Unaudited)** | **Year Ended September 30, 2025** | **Period Ended March 31, 2026 (Unaudited)** | **Period ended September 30, 2025**<sup>(a)</sup>  |
| **OPERATIONS** | | | | |
| Net investment income (loss) | $(9115363) | $(11226825) | $17132 | $4700 |
| Net realized gain (loss) | 189272427 | 227191271 | 164673 | 192794 |
| Net change in unrealized appreciation (depreciation) | 10628308 | 36375799 | (138159) | 87442 |
| Net increase (decrease) in net assets from operations | 190785372 | 252340245 | 43646 | 284936 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| From earnings |  |  | (15122) |  |
| Total distributions to shareholders |  |  | (15122) |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Shares sold | 3106452701 | 4444626012 | 6334096 | 17305048 |
| Shares redeemed | (672594386) | (586355636) | (1053668) | (7143446) |
| ETF transaction fees (See Note 1) | 72138 | 101229 | 917 | 3586 |
| Net increase (decrease) in net assets from capital transactions | 2433930453 | 3858371605 | 5281345 | 10165188 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2624715825 | 4110711850 | 5309869 | 10450124 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 8079665315 | 3968953465 | 10450124 |  |
| End of the period | $10704381140 | $8079665315 | $15759993 | $10450124 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| Shares sold | 27000000 | 39770000 | 60000 | 170000 |
| Shares redeemed | (5830000) | (5230000) | (10000) | (70000) |
| Total increase (decrease) in shares outstanding | 21170000 | 34540000 | 50000 | 100000 |

---

(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 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, 2025** | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $284309 | $510693 | $2386543 | $1470094 |
| Net realized gain (loss) | 814341 | 1002317 | 213321 | (158044) |
| Net change in unrealized appreciation (depreciation) | 1041619 | 363722 | 2504839 | (376977) |
| Net increase (decrease) in net assets from operations | 2140269 | 1876732 | 5104703 | 935073 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| From earnings | (399686) | (535815) | (2035212) | (955189) |
| Total distributions to shareholders | (399686) | (535815) | (2035212) | (955189) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Shares sold | 979407 | 2992298 | 34494343 | 43421677 |
| Shares redeemed | (2452386) | (5684451) | (3056554) | (11867097) |
| ETF transaction fees (See Note 1) |  | 261 | 570 | 1986 |
| Net increase (decrease) in net assets from capital transactions | (1472979) | (2691892) | 31438359 | 31556566 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 267604 | (1350975) | 34507850 | 31536450 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 20436750 | 21787725 | 61807273 | 30270823 |
| End of the period | $20704354 | $20436750 | $96315123 | $61807273 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| Shares sold | 30000 | 110000 | 1470000 | 1910000 |
| Shares redeemed | (80000) | (220000) | (130000) | (520000) |
| Total increase (decrease) in shares outstanding | (50000) | (110000) | 1340000 | 1390000 |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $1618555 | $1566008 | $2053086 | $4860132 |
| Net realized gain (loss) | 14582915 | 16839530 | 24875952 | 7254505 |
| Net change in unrealized appreciation (depreciation) | (7004109) | 10284498 | (6594229) | 16000686 |
| Net increase (decrease) in net assets from operations | 9197361 | 28690036 | 20334809 | 28115323 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributable earnings | (2987131) | (3480319) | (2543043) | (4488971) |
| Total distributions to shareholders | (2987131) | (3480319) | (2543043) | (4488971) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Subscriptions | 44735730 | 56212517 | 7046070 | 115199295 |
| Redemptions | (34570395) | (47408037) | (1484079) | (117024205) |
| ETF Transaction fess (See Note 1) |  | 44 |  |  |
| Net increase (decrease) in net assets from capital transactions | 10165335 | 8804524 | 5561991 | (1824910) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 16375565 | 34014241 | 23353757 | 21801442 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 116666562 | 82652321 | 172560442 | 150759000 |
| End of the period | $133042127 | $116666562 | $195914199 | $172560442 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| Shares sold | 1050000 | 1900000 | 225000 | 4175000 |
| Shares redeemed | (825000) | (1600000) | (50000) | (4325000) |
| Total increase (decrease) in shares outstanding | 225000 | 300000 | 175000 | (150000) |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect Tail Risk ETF** | **Alpha Architect Tail Risk ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $(1760613) | $(2202861) | $492150 | $1985607 |
| Net realized gain (loss) | 5678709 | 16118004 | 25534350 | 6758820 |
| Net change in unrealized appreciation (depreciation) | 3688437 | (2365784) | (4625601) | (6483242) |
| Net increase (decrease) in net assets from operations | 7606533 | 11549359 | 21400899 | 2261185 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| From earnings |  |  | (1851707) | (4126144) |
| Total distributions to shareholders |  |  | (1851707) | (4126144) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Shares sold | 174259366 | 319878873 | 242871089 | 394845276 |
| Shares redeemed | (37793706) | (56960376) | (220641181) | (309864872) |
| ETF transaction fees (See Note 1) | 74026 | 79176 | 1 | 3 |
| Net increase (decrease) in net assets from capital transactions | 136539686 | 262997673 | 22229909 | 84980407 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 144146219 | 274547032 | 41779101 | 83115448 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 523071864 | 248524832 | 335679166 | 252563718 |
| End of the period | $667218083 | $523071864 | $377458267 | $335679166 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| Shares sold | 1930000 | 3620000 | 3570000 | 6040000 |
| Shares redeemed | (420000) | (650000) | (3240000) | (4770000) |
| Total increase (decrease) in shares outstanding | 1510000 | 2970000 | 330000 | 1270000 |

---

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect US Equity 2 ETF** | **Alpha Architect US Equity 3 ETF** |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** | **Period ended March 31, 2026**<sup>(a)</sup> **(Unaudited)** | **Period ended March 31, 2026**<sup>(b)</sup> **(Unaudited)** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $3968426 | $5826575 | $1376041 | $137645 |
| Net realized gain (loss) | 60807966 | 6508990 | 170047293 | 412608 |
| Net change in unrealized appreciation (depreciation) | (10499854) | (1738118) | (202974561) | (7463743) |
| Net increase (decrease) in net assets from operations | 54276538 | 10597447 | (31551227) | (6913490) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| From earnings | (4410285) | (5717016) | (474396) |  |
| Total distributions to shareholders | (4410285) | (5717016) | (474396) |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Shares sold | 406412687 | 325442456 | 247474877 | 497048 |
| Shares issued from reorganization (See Note 1) |  |  | 479661585 | 328619288 |
| Shares redeemed | (372796528) | (299324736) | (258463557) | (472474) |
| ETF transaction fees (See Note 1) |  |  | 36 |  |
| Net increase (decrease) in net assets from capital transactions | 33616159 | 26117720 | 468672941 | 328643862 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 83482412 | 30998151 | 436647318 | 321730372 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 407219629 | 376221478 |  |  |
| End of the period | $490702041 | $407219629 | $436647318 | $321730372 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| Shares sold | 8010000 | 7100000 | 5080000 | 10000 |
| Shares issued from reorganization (See Note 1) |  |  | 9593000 | 6570000 |
| Shares redeemed | (7320000) | (6540000) | (5290000) | (10000) |
| Total increase (decrease) in shares outstanding | 690000 | 560000 | 9383000 | 6570000 |

---

(a) Inception date of the Fund was December 9, 2025.

(b) Inception date of the Fund was March 18, 2026.

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

------

**ALPHA ARCHITECT ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Alpha Architect US Equity ETF** | **Alpha Architect US Equity ETF** |
| | **Period ended <br>March 31, 2026 (Unaudited)** | **Period ended September 30, 2025**<sup>(a)</sup>  |
| **OPERATIONS:** | | |
| Net investment income (loss) | $1854894 | $876695 |
| Net realized gain (loss) | 78105164 | 141802964 |
| Net change in unrealized appreciation (depreciation) | (91726723) | (107312858) |
| Net increase (decrease) in net assets from operations | (11766665) | 35366801 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| From earnings | (1796918) |  |
| Total distributions to shareholders | (1796918) |  |
| **CAPITAL TRANSACTIONS:** |  |  |
| Shares sold | 165663165 | 198153489 |
| Shares issued from reorganization (See Note 1) |  | 445846700 |
| Shares redeemed | (168734301) | (199640569) |
| ETF transaction fees (See Note 1) |  |  |
| Net increase (decrease) in net assets from capital transactions | (3071136) | 444359620 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (16634719) | 479726421 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 479726421 |  |
| End of the period | $463091702 | $479726421 |
| **SHARES TRANSACTIONS** |  |  |
| Shares sold | 3010000 | 3860000 |
| Shares issued from reorganization (See Note 1) |  | 8917000 |
| Shares redeemed | (3060000) | (3890000) |
| Total increase (decrease) in shares outstanding | (50000) | 8887000 |

---

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect 1-3 Month Box ETF** | | | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Period ended March 31, 2026 (Unaudited)** | **Year ended <br>September 30, 2025** | **Year ended <br>September 30, 2025** | **Period ended** <br>**September 30, 2024**<sup>(i)</sup> | **Period ended** <br>**October 31, 2023**<sup>(a)</sup> |
| **PER SHARE DATA:** | | | | | | |
| Net asset value, beginning of period | $| 113.83 | $| 108.92 | $104.11 | $100.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.11) | (0.11) | (0.22) | (0.22) | (0.19) | (0.16) |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.44 | 2.44 | 5.13 | 5.13 | 5.28 | 4.25 |
| Total from investment operations | 2.33 | 2.33 | 4.91 | 4.91 | 5.09 | 4.09 |
| Net realized gains |  |  |  |  | (0.29) |  |
| Total distributions |  |  |  |  | (0.29) |  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.01 | 0.02 |
| Net asset value, end of period | $| 116.16 | $| 113.83 | $108.92 | $104.11 |
| **TOTAL RETURN**<sup>(e)</sup> | 2.05 | 2.05% | 4.51 | 4.51% | 4.89% | 4.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $| 10704381 | $| 8079665 | $3968953 | $544469 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)</sup> | 0.2449 | 0.2449% | 0.2573 | 0.2573% | 0.3949% | 0.3949% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)</sup> | 0.1949 | 0.1949% | 0.1951 | 0.1951% | 0.1949% | 0.1949% |
| Ratio of interest expense to average net assets<sup>(f)</sup> | 0.0000%<sup>(g)</sup> | 0.0000%<sup>(g)</sup> | 0.0002%<sup>(g)</sup> | 0.0002%<sup>(g)</sup> | —% | —% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(f)</sup> | 0.1949 | 0.1949% | 0.1949 | 0.1949% | 0.1949% | 0.1949% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.1940) | (0.1940)% | (0.1938) | (0.1938)% | (0.1918)% | (0.1865)% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 0 | 0% | 0 | 0% | 0% | 0% |

---

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

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

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

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

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

(f) Annualized for periods less than one year.

(g) Amount represents less than 0.005%.

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

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | |
|:---|:---|:---|
| **Alpha Architect Aggregate Bond ETF** | | |
| | **Period ended <br>March 31, 2026 (Unaudited)** | **Period ended** <br>**September 30, 2025**<sup>(a)</sup>  |
| **PER SHARE DATA:** | | |
| Net asset value, beginning of period | $104.50 | $100.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.14 | 0.07 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.56 | 4.38 |
| Total from investment operations | 0.70 | 4.45 |
| Net investment income | (0.14) |  |
| Total distributions | (0.14) |  |
| ETF transaction fees per share | 0.01 | 0.05 |
| Net asset value, end of period | $105.07 | $104.50 |
| **TOTAL RETURN**<sup>(d)</sup> | 0.67% | 4.50% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $15760 | $10450 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.1991% | 0.2244% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.0042% | 0.0295% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.1949% | 0.1949% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.2736% | 0.0832% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 0% | 0% |

---

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

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

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

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

(e) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect Global Factor Equity ETF** | | | | | | | |
| | **Period ended <br>March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br>March 31, 2026 (Unaudited)** | **2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $28.78 | $| 26.57 | $22.48 | $24.92 | $26.69 | $23.91 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | 0.42 | 0.67 | 0.67 | 0.52 | 1.29 | (0.06) | 0.15 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.78 | 2.19 | 2.19 | 4.53 | (3.18) | (1.51) | 2.65 |
| Total from investment operations | 3.20 | 2.86 | 2.86 | 5.05 | (1.89) | (1.57) | 2.80 |
| Net investment income | (0.61) | (0.65) | (0.65) | (0.96) | (0.55) | (0.20) | (0.02) |
| Total distributions | (0.61) | (0.65) | (0.65) | (0.96) | (0.55) | (0.20) | (0.02) |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  |  |  |  |
| Net asset value, end of period | $31.37 | $| 28.78 | $26.57 | $22.48 | $24.92 | $26.69 |
| **TOTAL RETURN**<sup>(d)</sup> | 11.21% | 11.08 | 11.08% | 23.05% | -7.75% | -5.95% | 11.73% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $20704 | $| 20437 | $21788 | $35073 | $41366 | $45639 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(e)(f)</sup> | 0.05% | 0.20 | 0.20% | 0.45% | 1.14% | 2.31% | 0.49% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(e)(f)</sup> | 0.05% | 0.17 | 0.17% | 0.32% | 0.95% | 2.12% | 0.28% |
| Ratio of interest expense to average net assets<sup>(f)</sup> | —% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | —% | —% | —% | —% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(f)</sup> | 0.05% | 0.17 | 0.17% | 0.32% | 0.95% | 2.12% | 0.28% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 2.79% | 2.56 | 2.56% | 2.16% | 5.44% | (0.24)% | 0.57% |
| Portfolio turnover rate<sup>(d)(h)</sup> | 6% | 32 | 32% | 33% | 49% | 39% | 3% |

---

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

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

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

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

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

(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f) Annualized for periods less than one year.

(g) Amount represents less than 0.005%.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alpha Architect High Inflation and Deflation ETF**<sup>(i)</sup> | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Period ended September 30, 2023**<sup>(a)</sup>  |
|  | **Period ended March 31, 2026 (Unaudited)** | **2025** | **2024** | **Period ended September 30, 2023**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |  |  |
| Net asset value, beginning of period | $23.15 | $23.65 | $23.64 | $24.95 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment loss<sup>(b)</sup> | 0.77 | 0.79 | 0.91 | 1.35 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.82 | (0.65) | 0.00<sup>(d)</sup> | (1.20) |
| Total from investment operations | 1.59 | 0.14 | 0.91 | 0.15 |
| Net investment income | (0.72) | (0.64) | (0.90) | (1.46) |
| Total distributions | (0.72) | (0.64) | (0.90) | (1.46) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> |  |
| Net asset value, end of period | $24.02 | $23.15 | $23.65 | $23.64 |
| **TOTAL RETURN**<sup>(e)</sup> | 7.04% | 0.69% | 3.91% | 0.69% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of period (in thousands) | $96315 | $61807 | $30271 | $16550 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)(g)</sup> | 0.29% | 0.29% | 0.29% | 0.29% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)(g)</sup> | 0.20% | 0.24% | 0.24% | 0.27% |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 6.62% | 3.45% | 3.93% | 6.54% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 26% | 171% | 267% | 402% |

---

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

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

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

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

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

(f) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(g) Annualized for periods less than one year.

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

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect International Quantitative Momentum ETF** | **Alpha Architect International Quantitative Momentum ETF** | | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended March 31, 2026 (Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $36.75 | $28.75 | $24.47 | $22.87 | $34.24 | $28.63 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | 0.50 | 0.51 | 0.56 | 0.95 | 1.41 | 0.28 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.84 | 8.69 | 4.50 | 2.16 | (12.42) | 5.40 |
| Total from investment operations | 3.34 | 9.20 | 5.06 | 3.11 | (11.01) | 5.68 |
| Net investment income | (0.96) | (1.20) | (0.78) | (1.51) | (0.36) | (0.07) |
| Total distributions | (0.96) | (1.20) | (0.78) | (1.51) | (0.36) | (0.07) |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  |  |  |  |
| Net asset value, end of period | $39.13 | $36.75 | $28.75 | $24.47 | $22.87 | $34.24 |
| **TOTAL RETURN**<sup>(d)</sup> | 9.16% | 33.59% | 21.01% | 13.50% | -32.52% | 19.83% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $133042 | $116667 | $82652 | $74024 | $55541 | $71907 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.39% | 0.39% | 0.42% | 0.52% | 0.59% | 0.60% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.55% | 1.70% | 2.06% | 3.72% | 4.86% | 0.84% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 213% | 411% | 219% | 140% | 187% | 99% |

---

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

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

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

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

(e) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect International Quantitative Value ETF** | **Alpha Architect International Quantitative Value ETF** | | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended March 31, 2026 (Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $30.27 | $25.77 | $23.61 | $20.28 | $27.13 | $24.69 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | 0.35 | 0.88 | 0.83 | 1.25 | 1.54 | 0.78 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.17 | 4.43 | 2.28 | 4.79 | (7.72) | 2.19 |
| Total from investment operations | 3.52 | 5.31 | 3.11 | 6.04 | (6.18) | 2.97 |
| Net investment income | (0.44) | (0.81) | (0.95) | (2.71) | (0.67) | (0.53) |
| Total distributions | (0.44) | (0.81) | (0.95) | (2.71) | (0.67) | (0.53) |
| Net asset value, end of period | $33.35 | $30.27 | $25.77 | $23.61 | $20.28 | $27.13 |
| **TOTAL RETURN**<sup>(c)</sup> | 11.67% | 21.11% | 13.38% | 30.86% | -23.33% | 12.00% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $195914 | $172560 | $150759 | $151678 | $105472 | $133633 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.39% | 0.39% | 0.42% | 0.52% | 0.59% | 0.60% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 2.20% | 3.34% | 3.32% | 5.36% | 6.14% | 2.78% |
| Portfolio turnover rate<sup>(c)(e)</sup> | 124% | 267% | 155% | 74% | 124% | 103% |

---

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

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

(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.

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect Tail Risk ETF**<sup>(g)(h)</sup> | | | | | | | | | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Period ended September 30, 2023**<sup>(i)(j)</sup> | **Period ended September 30, 2023**<sup>(i)(j)</sup> | **Year ended February 28,** | **Year ended February 28,** | **Year ended February 28,** | **Year ended February 28,** |
|  | **Period ended March 31, 2026 (Unaudited)** | **Period ended March 31, 2026 (Unaudited)** | **2025** | **2025** | **2024** | **2024** | **Period ended September 30, 2023**<sup>(i)(j)</sup> | **Period ended September 30, 2023**<sup>(i)(j)</sup> | **2023**<sup>(j)</sup> | **2023**<sup>(j)</sup> | **2022**<sup>(j)</sup> | **2022**<sup>(j)</sup> |
| **PER SHARE DATA:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $| 89.51 | $| 86.48 | $| 81.33 | $| 75.76 | $| 83.12 | $| 90.40 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.28) | (0.28) | (0.54) | (0.54) | (0.41) | (0.41) | (0.14) | (0.14) | (0.48) | (0.48) | (0.56) | (0.56) |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.50 | 1.50 | 3.55 | 3.55 | 5.55 | 5.55 | 5.71 | 5.71 | (6.88) | (6.88) | (0.64) | (0.64) |
| Total from investment operations | 1.21 | 1.21 | 3.01 | 3.01 | 5.14 | 5.14 | 5.57 | 5.57 | (7.36) | (7.36) | (1.20) | (1.20) |
| Return of capital |  |  |  |  |  |  |  |  |  |  | (6.08) | (6.08) |
| Total distributions |  |  |  |  |  |  |  |  |  |  | (6.08) | (6.08) |
| ETF transaction fees per share | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 |  |  |  |  |  |  |
| Net asset value, end of period | $| 90.73 | $| 89.51 | $| 86.48 | $| 81.33 | $| 75.76 | $| 83.12 |
| **TOTAL RETURN**<sup>(d)</sup> | 1.37 | 1.37% | 3.50 | 3.50% | 6.36 | 6.36% | 7.32 | 7.32% | -8.85 | -8.85% | -1.47 | -1.47% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $| 667218 | $| 523072 | $| 248525 | $| 164590 | $| 124313 | $| 188926 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(d)(k)</sup> | 0.63 | 0.63% | 0.63 | 0.63% | 0.63 | 0.63% | 0.63 | 0.63% | 0.64 | 0.64% | 0.63 | 0.63% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(d)(k)</sup> | 0.63 | 0.63% | 0.63 | 0.63% | 0.53 | 0.53% | 0.51 | 0.51% | 0.64 | 0.64% | 0.63 | 0.63% |
| Ratio of interest expense to average net assets<sup>(d)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(d)</sup> | 0.63 | 0.63% | 0.63 | 0.63% | 0.53 | 0.53% | 0.51 | 0.51% | 0.64 | 0.64% | 0.63 | 0.63% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | (0.63) | (0.63)% | (0.62) | (0.62)% | (0.48) | (0.48)% | (0.46) | (0.46)% | (0.61) | (0.61)% | (0.63) | (0.63)% |
| Portfolio turnover rate<sup>(c)(f)</sup> | 0 | 0% | 90 | 90% | 14 | 14% | 0 | 0% | 0 | 0% | 0 | 0% |

---

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

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

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

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

(d) Annualized for periods less than one year.

(e) Amount represents less than 0.005%.

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

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

(h) 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.

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

(j) 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.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect U.S. Quantitative Momentum ETF** | **Alpha Architect U.S. Quantitative Momentum ETF** | | | | | |
| | **Period ended <br>March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br>March 31, 2026 (Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $64.43 | $64.10 | $43.12 | $44.12 | $49.20 | $41.89 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | 0.09 | 0.41 | 0.24 | 0.64 | 0.82 | (0.07) |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.96 | 0.82 | 21.18 | (0.91) | (5.84) | 7.38 |
| Total from investment operations | 4.05 | 1.23 | 21.42 | (0.27) | (5.02) | 7.31 |
| Net investment income | (0.35) | (0.90) | (0.44) | (0.73) | (0.06) |  |
| Total distributions | (0.35) | (0.90) | (0.44) | (0.73) | (0.06) |  |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  |  |  |  |
| Net asset value, end of period | $68.13 | $64.43 | $64.10 | $43.12 | $44.12 | $49.20 |
| **TOTAL RETURN**<sup>(d)</sup> | 6.31% | 1.90% | 49.97% | -0.71% | -10.20% | 17.45% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $377458 | $335679 | $252564 | $145321 | $91339 | $85114 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.29% | 0.29% | 0.32% | 0.42% | 0.49% | 0.49% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.28% | 0.64% | 0.44% | 1.39% | 1.72% | (0.13)% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 206% | 399% | 363% | 193% | 125% | 120% |

---

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

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

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

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

(e) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alpha Architect U.S. Quantitative Value ETF** | **Alpha Architect U.S. Quantitative Value ETF** | | | | | |
| | **Period ended March 31, 2026 (Unaudited)** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended March 31, 2026 (Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $46.70 | $46.11 | $37.15 | $29.18 | $34.15 | $24.44 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | 0.44 | 0.69 | 0.79 | 0.78 | 0.60 | 0.42 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.46 | 0.57 | 8.92 | 8.00 | (4.94) | 9.74 |
| Total from investment operations | 5.90 | 1.26 | 9.71 | 8.78 | (4.34) | 10.16 |
| Net investment income | (0.45) | (0.67) | (0.75) | (0.81) | (0.63) | (0.45) |
| Total distributions | (0.45) | (0.67) | (0.75) | (0.81) | (0.63) | (0.45) |
| Net asset value, end of period | $52.15 | $46.70 | $46.11 | $37.15 | $29.18 | $34.15 |
| **TOTAL RETURN**<sup>(c)</sup> | 12.67% | 2.83% | 26.33% | 30.39% | -12.99% | 41.82% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $490702 | $407220 | $376221 | $277853 | $187902 | $213768 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.29% | 0.29% | 0.32% | 0.42% | 0.49% | 0.49% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 1.76% | 1.55% | 1.90% | 2.27% | 1.73% | 1.33% |
| Portfolio turnover rate<sup>(c)(e)</sup> | 147% | 332% | 223% | 101% | 89% | 44% |

---

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

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

(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.

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | |
|:---|:---|
| **Alpha Architect US Equity 2 ETF** | **Alpha Architect US Equity 2 ETF** |
| | **Period ended** <br>**March 31, 2026 (Unaudited)**<sup>(a)</sup> |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $50.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.14 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (3.55) |
| Total from investment operations | (3.41) |
| Net investment income | (0.05) |
| Total distributions | (0.05) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> |
| Net asset value, end of period | $46.54 |
| **TOTAL RETURN**<sup>(e)</sup> | -6.84% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $436647 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.15% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.96% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 47% |

---

(a) Inception date of the Fund was December 9, 2025.

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

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

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

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

(f) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | |
|:---|:---|
| **Alpha Architect US Equity 3 ETF** | **Alpha Architect US Equity 3 ETF** |
| | **Period ended** <br>**March 31, 2026 (Unaudited)**<sup>(a)</sup> |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $50.02 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.02 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.07) |
| Total from investment operations | (1.05) |
| Net asset value, end of period | $48.97 |
| **TOTAL RETURN**<sup>(d)</sup> | -2.10% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $321730 |
| Ratio of expenses to average net assets<sup>(e)(f)</sup> | 0.15% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.30% |
| Portfolio turnover rate<sup>(d)(g)</sup> | 0% |

---

(a) Inception date of the Fund was March 18, 2026.

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

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

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

(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**FINANCIAL HIGHLIGHTS (CONTINUED)**

---

| | | |
|:---|:---|:---|
| **Alpha Architect US Equity ETF** | | |
| | **Period ended <br>March 31, 2026 (Unaudited)** | **Period ended** <br>**September 30, 2025**<sup>(a)</sup>  |
| **PER SHARE DATA:** | | |
| Net asset value, beginning of period | $53.98 | $50.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.21 | 0.10 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.59) | 3.88 |
| Total from investment operations | (1.38) | 3.98 |
| Net investment income | (0.20) |  |
| Total distributions | (0.20) |  |
| Net asset value, end of period | $52.40 | $53.98 |
| **TOTAL RETURN**<sup>(d)</sup> | -2.57% | 7.96% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $463092 | $479726 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.15% | 0.15% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.76% | 0.97% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 38% | 33% |

---

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

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

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

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

(e) Annualized for periods less than one year.

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

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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS March 31, 2026 (Unaudited)**

**NOTE 1 – ORGANIZATION**

Alpha Architect 1-3 Month Box ETF ("BOXX"), Alpha Architect Aggregate Bond ETF ("BOXA"), Alpha Architect Global Factor Equity ETF ("AAVM"), Alpha Architect High Inflation and Deflation ETF ("HIDE"), Alpha Architect International Quantitative Momentum ETF ("IMOM"), Alpha Architect International Quantitative Value ETF ("IVAL"), Alpha Architect Tail Risk ETF ("CAOS"), Alpha Architect U.S. Quantitative Momentum ETF ("QMOM"), Alpha Architect U.S. Quantitative Value ETF ("QVAL"), Alpha Architect US Equity 2 ETF ("AAEQ"), Alpha Architect US Equity 3 ETF ("AAUA") and Alpha Architect US Equity ETF ("AAUS") (individually, a "Fund" or collectively the "Funds") each are a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund 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** | **Diversification Classification** |
| BOXX | December 27, 2022 | 10000 | Cboe BZX Exchange, Inc. | Diversified |
| BOXA | December 17, 2024 | 10000 | Cboe BZX Exchange, Inc. | Non-diversified |
| AAVM | May 1, 2017 | 10000 | The Nasdaq Stock Market LLC | Diversified |
| HIDE | November 16, 2022 | 10000 | The Nasdaq Stock Market LLC | Diversified |
| IMOM | December 22, 2015 | 25000 | The Nasdaq Stock Market LLC | Diversified |
| IVAL | December 16, 2014 | 25000 | The Nasdaq Stock Market LLC | Diversified |
| CAOS | August 14, 2013 | 10000 | Cboe BZX Exchange, Inc. | Diversified |
| QMOM | December 1, 2015 | 10000 | The Nasdaq Stock Market LLC | Diversified |
| QVAL | October 21, 2014 | 10000 | The Nasdaq Stock Market LLC | Diversified |
| AAEQ | December 9, 2025 | 10000 | The Nasdaq Stock Market LLC | Non-diversified |
| AAUA | March 18, 2026 | 10000 | Cboe BZX Exchange, Inc. | Non-diversified |
| AAUS | July 22, 2025 | 10000 | The Nasdaq Stock Market LLC | Non-diversified |

---

The investment objective for each Fund is to:

---

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

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

AAUA seek long-term capital appreciation. <br> AAUS seek long-term capital appreciation.

As part of the AAUS' commencement of operations on July 22, 2025, the Fund received an in-kind contribution from accounts managed by various investment advisers, which consisted of $445,846,700 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of July 22, 2025, was $118,473,625, resulting in net unrealized appreciation on investments of $327,373,075 as of that date. As a result of the in-kind contribution, the Fund issued 8,917,000 shares at a $50.00 per share net asset value.

As part of the AAEQ's commencement of operations on December 9, 2025, the Fund received an in-kind contribution from accounts managed by various investment advisers, which consisted of $479,661,585 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of December 9, 2025, was $124,117,012, resulting in net unrealized appreciation on investments of $355,544,573 as of that date. As a result of the in-kind contribution, the Fund issued 9,593,000 shares at a $50.00 per share net asset value.

As part of the AAUA's commencement of operations on March 18, 2026, the Fund received an in-kind contribution from accounts managed by various investment advisers, which consisted of $328,619,288 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of March 18, 2026, was $104,855,005, resulting in net unrealized appreciation on investments of$223,764,283 as of that date. As a result of the in-kind contribution, the Fund issued 6,570,000 shares at a $50.02 per share net asset value.

CAOS converted from an open-end mutual fund to an exchange-traded fund ("ETF") on March 6, 2023. CAOS is the successor to the Arin Large Cap Theta Fund (the "Predecessor Fund"), a series of the Starboard Investment Trust, which had the same investment objective as the Fund. Arin Risk Advisors, LLC, was 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 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.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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, 2026, and the period covered by these Notes to Financial Statements is from October 1, 2025 to March 31, 2026 (the "current fiscal period") for all Funds except AAEQ and AAUA. The current fiscal period for AAEQ is December 9, 2025 to March 31, 2026 and AAUA is March 18, 2026 to March 31, 2026.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. 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

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities ("ABS"), collateralized loan obligations ("CLO"), collateralized mortgage obligations ("CMO"), corporate obligations, whole loans, and mortgage-backed securities ("MBS") are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price.

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

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

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

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

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

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

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

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>BOXX</u>** | | | | |
| **<u>Assets:</u>** | | | | |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $— | $10729865640 | $— | $10729865640 |
| Money Market Funds | 4318966 |  |  | 4318966 |
| **Total Investments** | $4318966 | $10729865640 | $— | $10734184606 |
| **<u>Liabilities:</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $(25933900) | $— | $(25933900) |
| **Total Investments** | $— | $(25933900) | $— | $(25933900) |
| **<u>BOXA</u>** |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $— | $15405651 | $— | $15405651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 338716 |  |  | 338716 |
| **Total Investments** | $338716 | $15405651 | $— | $15744367 |
| **<u>Liabilities:</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $(80) | $— | $(80) |
| **Total Investments** | $— | $(80) | $— | $(80) |
| **<u>AAVM</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $20610848 | $— | $— | $20610848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 70000 |  |  | 70000 |
| **Total Investments** | $20680848 | $— | $— | $20680848 |
| **<u>HIDE</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $95075354 | $— | $— | $95075354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1033278 |  |  | 1033278 |
| **Total Investments** | $96108632 | $— | $— | $96108632 |

---

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>IMOM</u>** | | | | |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $132568154 | $— | $— | $132568154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1411444 |  |  | 1411444 |
| **Total Investments** | $133979598 | $— | $— | $133979598 |
| **<u>IVAL</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $189287115 | $— | $— | $189287115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3874652 |  |  | 3874652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8352409 |  |  | 8352409 |
| **Total Investments** | $201514176 | $— | $— | $201514176 |
| **<u>CAOS</u>** |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $— | $779745200 | $— | $779745200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 338061 |  |  | 338061 |
| **Total Investments** | $338061 | $779745200 | $— | $780083261 |
| **<u>Liabilities:</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $(112526825) | $— | $(112526825) |
| **Total Investments** | $— | $(112526825) | $— | $(112526825) |
| **<u>QMOM</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $376721423 | $— | $— | $376721423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 745937 |  |  | 745937 |
| **Total Investments** | $377467360 | $— | $— | $377467360 |
| **<u>QVAL</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $490056886 | $— | $— | $490056886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 445744 |  |  | 445744 |
| **Total Investments** | $490502630 | $— | $— | $490502630 |
| **<u>AAEQ</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | $430142209 | $— | $— | $430142209 |
| &nbsp;&nbsp;Real Estate Investment Trusts | 5857052 |  |  | 5857052 |
| &nbsp;&nbsp;Money Market Funds | 525966 |  |  | 525966 |
| **Total Investments** | $436525227 | $— | $— | $436525227 |

---

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>AAUA</u>** | | | | |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | $275280984 | $— | $— | $275280984 |
| &nbsp;&nbsp;Exchange Traded Funds | 45185353 |  |  | 45185353 |
| &nbsp;&nbsp;Real Estate Investment Trusts | 1090744 |  |  | 1090744 |
| &nbsp;&nbsp;Money Market Funds | 139617 |  |  | 139617 |
| **Total Investments** | $321696698 | $— | $— | $321696698 |
| **<u>AAUS</u>** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $457641903 | $— | $— | $457641903 |
| &nbsp;&nbsp;Real Estate Investment Trusts | 3079185 |  |  | 3079185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2233084 |  |  | 2233084 |
| **Total Investments** | $462954172 | $— | $— | $462954172 |

---

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"). BOXX, BOXA, and CAOS's portfolios include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.

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

When a Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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

The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, "Corporate Actions") specified in the OCC's by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC's by-laws, the nature and extent of any such adjustment is to be determined by the OCC's Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.

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

---

| | | |
|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Asset Derivatives** | **Liability Derivatives** |
| | **Purchased Options, at Value** | **Written Options, at Value** |
| BOXX | $10729865640 | $25933900 |
| BOXA | $15405651 | $80 |
| CAOS | $779745200 | $112526825 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income** <sup>(a)</sup> | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income** <sup>(a)</sup> | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income** <sup>(a)</sup> | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income** <sup>(a)</sup> | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income** <sup>(a)</sup> |
| | **Purchased Options** | **Purchased Options in-kind** | **Written Options** | **Written Options in-kind** | **Totals** |
| BOXX | $(185392) | $196990467 | $(2156200) | $(5376448) | $189272427 |
| BOXA | $— | $181084 | $— | $(16411) | $164673 |
| CAOS | $(20817272) | $11666385 | $15231402 | $(402030) | $5678485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Realized gain (loss) on purchased options is included within the net realized (loss) on investments balance on the Statements of Operations.

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Equity Risk - Call and Put Options** | **Equity Risk - Call and Put Options** |
| | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** <sup>(a)</sup> | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** <sup>(a)</sup> |
| | **Purchased Options** | **Written Options** |
| BOXX | $10830902 | $(202594) |
| BOXA | $(138331) | $172 |
| CAOS | $(1646163) | $5334600 |
| <sup>(a)</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>(a)</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>(a)</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 Notional Value** | **Average Monthly Notional Value** |
| BOXX | $1336316192 | $1336316192 |
| BOXA | $13012229 | $277976 |
| CAOS | $17280217251 | $384732885 |

---

&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 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.*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.

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**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.*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, if any, would appear on the "Statement of Operations" under "Net realized gain (loss) – Foreign currency translation" and "Change in net unrealized appreciation (depreciation) – Foreign currency translation," respectively, if applicable.

If applicable, 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 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.*Foreign Taxes.* The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if there are any, are paid by each Fund and are reflected in their Statement of Operations. Foreign taxes payable or deferred as of the current period end, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Funds determine that it is more likely than not that the Funds will sustain its position that it is due the reclaim.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.*Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. 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 distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by each Fund's shareholders may represent a return of capital.

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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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

The Treasurer (principal financial officer) acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has 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;L.*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 period ended September 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings** | **Paid-in Capital** |
| BOXX | $(234603739) | $234603739 |
| BOXA | (299706) | 299706 |
| AAVM | (1481462) | 1481462 |
| HIDE | (513770) | 513770 |
| IMOM | (10645935) | 10645935 |
| IVAL | (14418877) | 14418877 |
| CAOS | (12283608) | 12283608 |
| QMOM | (61023114) | 61023114 |
| QVAL | (56842828) | 56842828 |
| AAUS | (142711051) | 142711051 |

---

As of September 30, 2025, AAEQ and AAUA had not yet commenced operations.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.*New Accounting Pronouncement:* In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU has been adopted by the Funds as of the reporting period end. Management has evaluated the impact of the ASU and determined it does not materially impact the financial statements.

**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:

---

| | |
|:---|:---|
| BOXX | 0.2449% |
| BOXA | 0.1949% |
| AAVM | 0.05% |
| HIDE | 0.29% |
| IMOM | 0.38% |
| IVAL | 0.38% |
| CAOS | 0.63% |
| QMOM | 0.28% |
| QVAL | 0.28% |
| AAEQ | 0.15% |
| AAUA | 0.15% |
| AAUS | 0.15% |

---

Effective November 12, 2024, the Adviser reduced its management fee for BOXX from an annual rate based on average daily net assets from 0.3949% to 0.2449%. 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 February 1, 2026, the Adviser reduced its management fee for QVAL, IVAL, QMOM and IMOM from an annual rate based on average daily net assets from 0.29% to 0.28%, 0.39% to 0.38%, 0.29% to 0.28%, and 0.39% to 0.38%, respectively.

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.

Alpha Architect, LLC ("Alpha Architect") serves as an investment sub-adviser to AAVM, HIDE, IMOM, IVAL, QMOM, QVAL, AAEQ, AAUA and AAUS. Pursuant to an investment sub-advisory agreement among the Trust, the Adviser, and

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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

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

U.S. Bancorp Fund Services, LLC ("Fund Services" or the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports, and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; and 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 current fiscal period, the Funds did not have any securities on loan.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

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

---

| | |
|:---|:---|
| AAVM | $1410 |

---

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

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

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

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| BOXX | $17009524 | $1026512 |
| BOXA |  |  |
| AAVM | 1285029 | 1402316 |
| HIDE | 48339005 | 15953722 |
| IMOM | 270166437 | 270925454 |
| IVAL | 230009667 | 231057711 |
| CAOS | 29172124 | 201400 |
| QMOM | 731577868 | 733626795 |
| QVAL | 660201757 | 657534262 |
| AAEQ | 246961083 | 216489274 |
| AAUA |  | 33915 |
| AAUS | 195867490 | 184339112 |

---

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

---

| | | |
|:---|:---|:---|
| | **Creations** | **Redemptions** |
| BOXX | $— | $37967373746 |
| BOXA |  | 25499519 |
| AAVM | 976601 | 2446728 |
| HIDE | 31222954 | 2132086 |
| IMOM | 44504560 | 34345947 |
| IVAL | 6964866 | 1463741 |
| CAOS |  | 2228258190 |
| QMOM | 241540293 | 219294326 |
| QVAL | 402218164 | 371033015 |
| AAEQ | 217203085 | 258371352 |
| AAUA | 450380 | 427536 |
| AAUS | 152070598 | 167261599 |

---

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

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

**NOTE 6 – TRANSACTIONS WITH AFFILIATES**

AAVM's (the "Fund") transactions with affiliates represent holdings for which the Fund has the same investment adviser. The Fund had the following transactions with such affiliated Funds during the current fiscal period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **IMOM** | **IVAL** | **QMOM** | **QVAL** | **Total** |
| Value as of September 30, 2025 | $6277738 | $5473537 | $4568351 | $4022676 | $20342302 |
| Additions | 301212 | 386723 | 508881 | 1064814 | 2261630 |
| Reductions | (877551) | (737585) | (1291299) | (942609) | (3849044) |
| Realized Gain (Loss) | 279412 | 167317 | 252937 | 114675 | 814341 |
| Net Change in Unrealized Appreciation (Depreciation) | 232061 | 494330 | (35767) | 350995 | 1041619 |
| Value as of March 31, 2026 | $6212872 | $5784322 | $4003103 | $4610551 | $20610848 |
| Shares as of March 31, 2026 | 155991 | 170328 | 58602 | 88424 |  |
| Dividend / Interest Income | $150312 | $75406 | $21074 | $40299 |  |
| Capital Gain Distributions from Underlying Funds | $— | $— | $— | $— |  |

---

CAOS's (the "Fund") transactions with affiliates represent holdings for which the Fund has the same investment adviser. The Fund had the following transactions with such affiliated Funds during the current fiscal period:

---

| | | | |
|:---|:---|:---|:---|
| | **BOXX (Long)** | **BOXX (Short)** | **Total** |
| Value as of September 30, 2025 | $— | $— | $— |
| Additions | 157595 | (339887) | (182292) |
| Reductions | (157871) | 339663 | 181792 |
| Realized Gain (Loss) | 276 | 224 | 500 |
| Net Change in Unrealized Appreciation (Depreciation) |  |  |  |
| Value as of March 31, 2026 | $— | $— | $— |
| Shares as of March 31, 2026 |  |  |  |
| Dividend / Interest Income | $— | $— |  |
| Capital Gain Distributions from Underlying Funds | $— | $— |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

AAEQ's (the "Fund") transactions with affiliates represent holdings for which the Fund has the same investment adviser. The Fund had the following transactions with such affiliated Funds during the current fiscal period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **IMOM** | **IVAL** | **QMOM** | **QVAL** | **TAX** | **Total** |
| Value as of <br>December 9, 2025 <sup>(a)(b)</sup> | $68060 | $63283 | $101603 | $82868 | $6558157 | $6873971 |
| Additions | 13010 | 20423 | 21949 | 16109 | 2198727 | 2270218 |
| Reductions | (87814) | (88434) | (130711) | (105206) | (8951349) | (9363514) |
| Realized Gain (Loss) | 22626 | 17916 | 11388 | 12777 | 4177469 | 4242176 |
| Net Change in Unrealized Appreciation (Depreciation) | (15882) | (13188) | (4229) | (6548) | (3983004) | (4022851) |
| Value as of <br>March 31, 2026 | $— | $— | $— | $— | $— | $— |
| Shares as of <br>March 31, 2026 |  |  |  |  |  |  |
| Dividend / Interest Income | $— | $— | $— | $— | $— |  |
| Capital Gain Distributions from Underlying Funds | $— | $— | $— | $— | $— |  |

---

(a) Inception date of Fund.

(b) Market value and shares of securities received as a result of a non-taxable exchange.

AAUA's (the "Fund") transactions with affiliates represent holdings for which the Fund has the same investment adviser. The Fund had the following transactions with such affiliated Funds during the current fiscal period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AAEQ** | **AAUS** | **USEW** | **Total** |
| Value as of March 18, 2026<sup>(a)(b)</sup> | $313405 | $8235834 | $501984 | $9051223 |
| Additions | 470 | 12408 | 744 | 13622 |
| Reductions | (452) | (11969) | (716) | (13137) |
| Realized Gain (Loss) | 419 | 10639 | 671 | 11729 |
| Net Change in Unrealized Appreciation (Depreciation) | (4873) | (132860) | (8114) | (145847) |
| Value as of March 31, 2026 | $308969 | $8114052 | $494569 | $8917590 |
| Shares as of March 31, 2026 | 6642 | 154898 | 10118 |  |
| Dividend / Interest Income | $— | $— | $2106 |  |
| Capital Gain Distributions from Underlying Funds | $— | $— | $— |  |

---

(a) Inception date of Fund.

(b) Market value and shares of securities as as result of a non-taxable exchange.

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

**NOTE 7 – TAX INFORMATION**

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the fiscal period ended September 30, 2025, for each Fund were as follows:

---

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

---

---

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

---

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

For the fiscal period ended September 30, 2025, the following funds had post-October late year losses and post-October capital losses:

---

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

---

For the fiscal period ended September 30, 2025, each Fund had the following capital loss carryforwards that do not expire:

---

| | | |
|:---|:---|:---|
| | **Unlimited <br>Short-Term** | **Unlimited <br>Long-Term** |
| BOXX | $— | $— |
| BOXA | (155539) |  |

---

------

**ALPHA ARCHITECT ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Unlimited <br>Short-Term** | **Unlimited <br>Long-Term** |
| AAVM | $(22949819) | $(4180959) |
| HIDE | (2148285) |  |
| IMOM | (91084874) |  |
| IVAL | (91027928) | (27773144) |
| CAOS | (58332300) | (7527116) |
| QMOM | (181561818) |  |
| QVAL | (167237246) | (27331209) |
| AAUS |  |  |

---

As of September 30, 2025, AAEQ and AAUA 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 period ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Fiscal Period Ended March 31, 2026 (Unaudited)** | **Fiscal Period Ended September 30, 2025** |
| | **Ordinary Income** | **Ordinary Income** |
| BOXX | $— | $— |
| BOXA | 15122 |  |
| AAVM | 399686 | 535815 |
| HIDE | 2035212 | 955189 |
| IMOM | 2987131 | 3480319 |
| IVAL | 2543043 | 4488971 |
| CAOS |  |  |
| QMOM | 1851707 | 4126144 |
| QVAL | 4410285 | 5717016 |
| AAEQ <sup>(a)</sup> | 474396 | N/A |
| AAUA <sup>(b)</sup> |  | N/A |
| AAUS <sup>(c)</sup> | 1796918 |  |
| (a) Inception date of the Fund was December 9, 2025. | (a) Inception date of the Fund was December 9, 2025. | (a) Inception date of the Fund was December 9, 2025. |
| (b) Inception date of the Fund was March 18, 2026. | (b) Inception date of the Fund was March 18, 2026. | (b) Inception date of the Fund was March 18, 2026. |
| (c) Inception date of the Fund was July 22, 2025. | (c) Inception date of the Fund was July 22, 2025. | (c) Inception date of the Fund was July 22, 2025. |

---

**NOTE 9 – SUBSEQUENT EVENTS**

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to the current fiscal period, effective May 1, 2026, the management fee for each of the Alpha Architect US Equity ETF (AAUS), Alpha Architect US Equity 2 ETF (AAEQ), and Alpha Architect US Equity 3 ETF (AAUA) (collectively, the "Funds") was reduced to an annual rate of 0.0945% of its average daily net assets. Also effective May 1, 2026, the sub-advisory fee rate received by Alpha Architect, LLC was reduced to an annual rate of 0.05% of each of the Funds' average daily net assets.

------

**ALPHA ARCHITECT ETFs**

**FEDERAL TAX INFORMATION (UNAUDITED)**

For the fiscal period ended September 30, 2025, certain dividends paid by each Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for each Fund was:

---

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

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2025 for each Fund was:

---

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

---

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

---

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

---

As of September 30, 2025, AAEQ and AAUA 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 fiscal year ended September 30, 2025. Foreign taxes paid for financial statement purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

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

---

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

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

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

------

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

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

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

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

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

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

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

Not applicable. The Independent Trustees are paid by the Adviser out. See Note 4 to the Financial Statements under Item 7.

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

**<u>Alpha Architect US Equity 2 ETF (AAEQ)</u>**

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on August 29, 2025 and September 4-5, 2025 to consider the approval of (i) the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Alpha Architect US Equity 2 ETF (the "Fund"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"), and (ii) the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Adviser, and Alpha Architect, LLC (the "Sub-Adviser"), each for an initial two-year term.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board's consideration of whether to approve the Agreements. In connection with considering the approval of the Agreements, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve the Agreements, the Board considered and reviewed information provided by the Adviser and Sub-Adviser, including, among other things, information about their respective personnel, operations, financial condition, and compliance programs. The Board also reviewed the proposed 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 and Sub-Adviser to the Fund. In this context, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and 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, executing all Fund transactions, 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 the Sub-Adviser's personnel, the experience of the portfolio managers in managing assets, and the adequacy of each of the Adviser's and the Sub-Adviser's resources to perform the services provided under the Agreements. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Adviser. The Board considered that the Sub-Adviser is the Adviser's parent company.

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

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

------

The Board noted that the Alpha Architect US Equity 2 ETF's proposed management fee and net expense ratio were inline and below with the average of its peer group, respectively. The Board considered 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.

With respect to the sub-advisory fee, the Board noted that it was payable solely by the Adviser. The Board also noted that the Adviser and Sub-Adviser charge the same fee for the other series in the Trust which utilize the same strategy as the Alpha Architect US Equity 2 ETF.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to the Fund. The Board reviewed estimated profit and loss information provided by each of the Adviser and the Sub-Adviser with respect to the Fund and estimated data regarding the proposed advisory and sub-advisory fees. The Board also reviewed the costs associated with the personnel, systems, and resources necessary to manage the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.

The Board also considered other expenses of the Fund that the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by the Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser, as well as the Sub-Adviser, which serves as the sponsor of the Fund. The Board discussed the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to perform its obligations to the Fund.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from the Fund's operations. The Board noted that any ancillary benefits to the Adviser or Sub-Adviser were not expected to be material.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by each Adviser or Sub-Adviser as Fund assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board 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 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 Agreement, 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 Agreement was in the best interests of the Fund and its shareholders.

**<u>Alpha Architect US Equity 3 ETF (AAUA)</u>**

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on October 10, 2025 to consider the approval of (i) the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Alpha Architect US Equity 3 ETF (the "Fund"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"), and (ii) the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Adviser, and Alpha Architect, LLC (the "Sub-Adviser"), each for an initial two-year term.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board's consideration of whether to approve the Agreements. In connection with considering the approval of the Agreements, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve the Agreements, the Board considered and reviewed information provided by the Adviser and Sub-Adviser, including, among other things, information about their respective personnel, operations, financial condition, and compliance programs. The Board also reviewed the proposed 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 and Sub-Adviser to the Fund. In this context, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and 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, executing all Fund transactions, 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 the Sub-Adviser's personnel, the experience of the portfolio managers in managing assets, and the adequacy of each of the Adviser's and the Sub-Adviser's resources to perform the services provided under the Agreements. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Adviser.

<u>Performance.</u> Performance information was not available for the Fund as it had not yet commenced investment operations. The Board noted that another series of the Trust with a similar strategy had recently commenced operations, but determined that it did not have a long enough period of operations for the performance of such series to provide meaningful information with respect to the Fund.

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

The Board noted that the Fund's proposed management fee and net expense ratio were below the average of its peer group. The Board considered 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.

With respect to the sub-advisory fee, the Board noted that it was payable solely by the Adviser. The Board also considered representations from the Adviser that it charges the same management fee for the ETFs that follow a similar strategy as the Fund. The Board also noted that the Sub-Adviser charges the same fee for the ETFs which utilize the same strategy as the Fund. The Board was agreeable to the fee levels.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to the Fund. The Board reviewed estimated profit and loss information provided by each of the Adviser and the Sub-Adviser with respect to the Fund and estimated data regarding the proposed advisory and sub-advisory fees. The Board also reviewed the costs associated with the personnel, systems, and resources necessary to manage the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.

The Board also considered other expenses of the Fund that the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by the Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser, as well as the Sub-Adviser, which serves as the sponsor of the Fund. The Board discussed the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to perform its obligations to the Fund.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from the Fund's operations. The Board noted that any ancillary benefits to the Adviser or Sub-Adviser were not expected to be material.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by the Adviser or Sub-Adviser as Fund assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board 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 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 Agreement, 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 Agreement 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. *Not Applicable.*

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. *Not Applicable to open-end investment companies.*

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

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

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &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 1, 2026 |

---

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 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Sean R. Hegarty |
|  | Sean R. Hegarty, CPA, Treasurer (principal financial officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | June 1, 2026 |

---

## 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, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the EA Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Wesley R. Gray, PhD. | /s/ Sean R. Hegarty, CPA |
| Wesley R. Gray, PhD. | Sean R. Hegarty, CPA |
| President (principal executive officer) | Treasurer (principal financial officer) |
| EA Series Trust | EA Series Trust |
| Date: June 1, 2026 | Date: June 1, 2026 |

---

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

## Ex-99.Cert

**EX-99.CERT**

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

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

1. I have reviewed this report on Form N-CSR of EA Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 1, 2026 | /s/ Wesley R. Gray, PhD. |
| | Wesley R. Gray, PhD. |
| | President (principal executive officer) |
| | EA Series Trust |

---

------

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

I, Sean R. Hegarty, certify that:

1. I have reviewed this report on Form N-CSR of EA Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 1, 2026 | /s/ Sean R. Hegarty, CPA |
| | Sean R. Hegarty, CPA |
| | Treasurer (principal financial officer) |
| | EA Series Trust |

---

<br>