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          <ccc>XXXXXXXX</ccc>
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      <regZipOrPostalCode>53202</regZipOrPostalCode>
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      <seriesName>SanJac Alpha Core Plus Bond ETF</seriesName>
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      <repPdEnd>2026-05-31</repPdEnd>
      <repPdDate>2025-08-31</repPdDate>
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    <signature>
      <ncom:dateSigned>2025-10-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Manager Directed Portfolios</ncom:nameOfApplicant>
      <ncom:signature>/s/ Ryan Frank</ncom:signature>
      <ncom:signerName>Ryan Frank</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
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  <documents>XXXX</documents>
</edgarSubmission>
