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          <ccc>XXXXXXXX</ccc>
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      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4145163123</regPhone>
      <seriesName>SanJac Alpha Low Duration ETF</seriesName>
      <seriesId>S000085376</seriesId>
      <seriesLei>529900200LBHIXC30Z23</seriesLei>
      <repPdEnd>2026-05-31</repPdEnd>
      <repPdDate>2025-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>490.600000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <title>United States Treasury Note/Bond</title>
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    <signature>
      <ncom:dateSigned>2026-01-27</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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</edgarSubmission>
