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This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Value ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.
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This annual shareholder report contains important information about the Alpha Architect International Quantitative Value ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.
10,00010,0009,4059,60910,15810,21513,38512,16913,26312,51211,87512,33411,22512,40012,57215,6319,63911,67212,61314,61513,69813,80416,97514,30114,30418,222This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Momentum ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.10,00010,0009,43810,02210,29211,42511,43513,06213,66414,36812,61514,68310,50212,89121,09219,54719,82722,45517,18319,28218,49021,13220,59924,80026,51029,987This annual shareholder report contains important information about the Alpha Architect International Quantitative Momentum ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.10,00010,00010,39610,32011,42612,29511,58912,64210,60912,46111,98912,52814,36715,7929,69511,79211,00414,76613,31518,410This annual shareholder report contains important information about the Alpha Architect Value Momentum Trend ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.10,00010,00010,00010,00010,00010,00011,68710,91110,06511,29411,28511,28511,76611,28010,19211,13612,41312,4139,75611,44410,37411,08612,68512,6858,57310,31310,5259,16811,13711,13710,78213,47710,53312,81316,88816,88811,05514,57610,53713,91119,40119,4019,94312,95110,55511,44416,65816,6589,88914,20810,81813,15518,25818,25810,34015,70711,24814,35021,42621,42611,80217,74911,70716,21825,90725,907
This annual shareholder report contains important information about the Alpha Architect High Inflation and Deflation ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.
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This annual shareholder report contains important information about the Alpha Architect Tail Risk ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.
10,00010,00010,69811,97611,44613,74011,81519,21513,89623,06711,90025,34914,70642,035This annual shareholder report contains important information about the Alpha Architect 1-3 Month Box ETF (the “Fund”) for the period of November 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476.CboeBZX10,00010,00010,00010,04410,03710,29410,11710,11510,30510,19010,19210,25210,27410,28110,19810,36110,3759,87210,46210,46810,16010,55210,56310,51710,64110,65610,44210,73710,75510,34310,82910,84810,67710,92110,94710,983
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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 811-22961








 
EA Series Trust
(Exact name of registrant as specified in charter)
 
19 E. Eagle Road
Havertown, PA 19083
(Address of principal executive offices) (Zip code)
 
19 E. Eagle Road
Havertown, PA 19083
(Name and address of agent for service)
 
(215) 330-4476
Registrant’s telephone number, including area code
 






Date of fiscal year end: September 30, 2024
 
Date of reporting period: September 30, 2024








Item 1. Report to Stockholders.
(a)



 
 
 
 


Alpha Architect300.jpg
Alpha Architect U.S. Quantitative Value ETF
Ticker: QVAL
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/qval

This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Value ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/qval. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$360.32%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
11
AVERAGE ANNUAL TOTAL RETURNS
1 Year5 Year
Since Inception (10/21/2014)
Alpha Architect U.S. Quantitative Value ETF - NAV26.33%12.71%8.09%
Solactive GBS United States 1000 Index35.20%15.06%12.71%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/qval for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 26.53% (NAV) for the Period vs. 35.20% for the Solactive GBS United States 1000 Index. During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund’s tilt toward deeper value stocks as measured by EBIT/TEV contributed negatively to returns relative to the benchmark.



Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect U.S. Quantitative Value ETF
Ticker: QVAL
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/qval

 KEY FUND STATISTICS (as of Period End)
Net Assets$376,221,478Portfolio Turnover Rate*223%
# of Portfolio Holdings51Advisory Fees Paid$1,023,524
*Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Consumer Discretionary26.9%
Industrials23.0%
Energy16.3%
Communication Services10.1%
Health Care9.6%
Materials6.1%
Information Technology4.0%
Consumer Staples3.7%
Cash & Cash Equivalents0.2%


TOP 10 HOLDINGS
(as a % of Net Assets)
Powell Industries, Inc. 2.6%
Signet Jewelers Ltd. 2.4%
Delta Air Lines, Inc. 2.3%
Williams-Sonoma, Inc. 2.3%
Freeport-McMoRan, Inc. 2.2%
Tapestry, Inc. 2.2%
Caterpillar, Inc. 2.1%
Jabil, Inc. 2.1%
Ulta Beauty, Inc. 2.1%
CVS Health Corp. 2.1%
Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/qval or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as the Fund’s sub-adviser.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/qval. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.




Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect International Quantitative Value ETF
Ticker: IVAL
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/ival

This annual shareholder report contains important information about the Alpha Architect International Quantitative Value ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/ival. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.

WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$450.42%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12

AVERAGE ANNUAL TOTAL RETURNS
1 Year5 Year
Since Inception (12/16/2014)
Alpha Architect International Quantitative Value ETF - NAV13.38%3.79%3.72%
Solactive GBS Developed Markets ex North America Large & Mid Cap Index24.68%8.12%6.32%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/ival for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 13.38% (NAV) for the Period vs. 24.68% for the Solactive GBS Developed Markets ex-North America Large Index. During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund’s tilt toward deeper value stocks as measured by EBIT/TEV contributed negatively to returns relative to the benchmark.


Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect International Quantitative Value ETF
Ticker: IVAL
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/ival

 KEY FUND STATISTICS (as of Period End)
Net Assets
$150,759,000Portfolio Turnover Rate*155%
# of Portfolio Holdings51Advisory Fees Paid$632,933
*Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Industrials27.9%
Consumer Discretionary26.6%
Materials13.1%
Energy9.6%
Utilities8.0%
Consumer Staples8.0%
Information Technology3.9%
Real Estate1.9%
Investments Purchased with Proceeds from Securities Lending1.8%
Cash & Cash Equivalents0.1%
TOP 10 HOLDINGS
(as a % of Net Assets)
Rio Tinto Ltd. 2.4%
Fortescue Ltd. 2.4%
Rexel SA2.3%
SSAB AB - Class B 2.2%
SKF AB - Class B 2.2%
easyJet PLC 2.1%
Aurizon Holdings Ltd. 2.1%
Cie de Saint-Gobain SA 2.1%
Yamazaki Baking Co. Ltd. 2.1%
Fortum Oyj 2.1%
COUNTRY WEIGHTING
(as a % of Net Assets)
Japan49.8%
France10.0%
Australia8.9%
United Kingdom7.9%
Sweden6.5%
Italy6.1%
Finland4.0%
Singapore2.0%
China1.9%
Portugal1.9%
United States1.9%

Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/ival or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as the Fund’s sub-adviser.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/ival. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect U.S. Quantitative Momentum ETF
Ticker: QMOM
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/qmom

This annual shareholder report contains important information about the Alpha Architect U.S. Quantitative Momentum ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/qmom. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.

WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$400.32%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12
AVERAGE ANNUAL TOTAL RETURNS
1 Year
Since Inception (11/9/2022)
Alpha Architect U.S. Quantitative Momentum ETF - NAV49.97%17.03%11.67%
Solactive GBS United States 1000 Index35.20%15.06%13.24%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/qmom for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 49.97% (NAV) for the Period vs. 35.20% for the Solactive GBS United States 1000 Index. During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund’s tilt toward higher momentum stocks contributed positively to returns relative to the benchmark.


Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect U.S. Quantitative Momentum ETF
Ticker: QMOM
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/qmom

 KEY FUND STATISTICS (as of Period End)
Net Assets
$252,563,718Portfolio Turnover Rate*363%
# of Portfolio Holdings51Advisory Fees Paid$625,008
*Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Financials27.0%
Consumer Discretionary17.7%
Industrials16.1%
Information Technology13.9%
Utilities7.3%
Health Care5.9%
Communication Services4.2%
Consumer Staples3.9%
Materials2.1%
Energy1.6%
Cash & Cash Equivalents0.3%
TOP 10 HOLDINGS
(as a % of Net Assets)
Vistra Corp. 2.7%
Constellation Energy Corp. 2.5%
Zeta Global Holdings Corp. - Class A 2.2%
Fair Isaac Corp.2.2%
Carpenter Technology Corp. 2.1%
Blue Owl Capital, Inc. - Class A 2.1%
EMCOR Group, Inc. 2.1%
Meta Platforms, Inc. - Class A 2.1%
Natera, Inc. 2.1%
Trane Technologies PLC 2.1%
Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/qmom or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as the Fund’s sub-adviser.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/qmom. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect International Quantitative Momentum ETF
Ticker: IMOM
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/imom

This annual shareholder report contains important information about the Alpha Architect International Quantitative Momentum ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/imom. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$460.42%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12
AVERAGE ANNUAL TOTAL RETURNS
1 Year5 Year
Since Inception (12/22/2015)
Alpha Architect International Quantitative Momentum ETF - NAV21.01%4.65%3.32%
Solactive GBS Developed Markets ex North America Large & Mid Cap Index24.68%8.12%7.20%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/ for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 21.01% (NAV) for the Period vs. 24.68% for the Solactive GBS Developed Markets ex-North America Large Index. During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund’s tilt toward higher momentum stocks contributed negatively to returns relative to the benchmark.



Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect International Quantitative Momentum ETF
Ticker: IMOM
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/imom

 KEY FUND STATISTICS (as of Period End)
Net Assets
$82,652,321Portfolio Turnover Rate*219%
# of Portfolio Holdings51Advisory Fees Paid$332,566
*Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Financials31.8%
Industrials19.7%
Information Technology15.7%
Health Care8.4%
Communication Services6.2%
Materials6.2%
Consumer Discretionary5.9%
Consumer Staples2.1%
Energy1.9%
Real Estate1.3%
Cash & Cash Equivalents0.2%

TOP 10 HOLDINGS
(as a % of Net Assets)
Commerzbank AG2.5%
Telix Pharmaceuticals Ltd. 2.4%
Pro Medicus Ltd. 2.4%
Sea Ltd. - ADR 2.3%
IHI Corp. 2.2%
Rolls-Royce Holdings PLC 2.2%
3i Group PLC2.1%
Marks & Spencer Group PLC 2.1%
Deutsche Bank AG2.1%
Asics Corp. 2.1%
COUNTRY WEIGHTING
(as a % of Net Assets)
Japan27.0%
Italy9.9%
Australia8.7%
Germany8.4%
United Kingdom8.4%
Sweden7.8%
Denmark5.7%
Switzerland4.1%
Austria3.3%
Singapore2.3%
Israel2.0%
Spain2.0%
Ireland2.0%
Belgium1.9%
Norway1.9%
Portugal1.9%
Netherlands1.9%
United States0.2%


Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/imom or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as the Fund’s sub-adviser.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/imom. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect Value Momentum Trend ETF
Ticker: VMOT
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/vmot

This annual shareholder report contains important information about the Alpha Architect Value Momentum Trend ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/vmot. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$360.32%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12
AVERAGE ANNUAL TOTAL RETURNS
1 Year5 Year
Since Inception (5/2/2017)
Alpha Architect Value Momentum Trend ETF - NAV23.05%4.22%2.26%
Solactive GBS Global Markets Large & Mid Cap Index32.22%12.66%11.24%
35% Solactive GBS United States 1000 Index/35% Solactive GBS Developed Markets
ex North America Large & Mid Cap Index/30% Solactive 1-3 month U.S. T-Bill Index
22.25%9.12%8.05%
Solactive GBS United States 1000 Index35.20%15.06%13.70%
Solactive GBS Developed Markets ex North America Large & Mid Cap Index
24.68%8.12%6.74%
Solactive 1-3 month U.S. T-Bill Index5.51%2.34%2.15%
The Solactive GBS Global Markets Large & Mid Cap Index is provided as a broad measure of market performance. The 35% Solactive GBS United States 1000 Index/35% Solactive GBS Developed Markets ex North America Large & Mid Cap Index/30% Solactive 1-3 month U.S. T-Bill Index is provided as a measure of the Fund’s investment strategy and universe.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/vmot for more recent performance information.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect Value Momentum Trend ETF
Ticker: VMOT
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/vmot

WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 23.05% (NAV) for the Period vs. 32.22% for the Solactive GBS Global Markets Large & Mid Cap Index. During the Period, markets reacted positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy, with larger-cap stocks leading performance. The Fund’s tilt toward (1) deeper value stocks as measured by EBIT/TEV, (2) higher momentum ex-U.S. stocks, (3) use of trend-following, and (4) relative value-momentum weighting detracted from returns relative to the benchmark, while exposure to higher momentum U.S. stocks contributed positively.
 KEY FUND STATISTICS (as of Period End)
Net Assets
$21,787,725Advisory Fees$128,537
# of Portfolio Holdings5Fees Waived and/or Expenses Reimbursed(37,970)
Portfolio Turnover Rate*33%Net Advisory Fees Paid$90,567
*Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Exchange Traded Funds99.6%
Investments Purchased with Proceeds from Securities Lending10.8%
Cash & Cash Equivalents0.4%





TOP HOLDINGS
(as a % of Net Assets)
Alpha Architect US Quantitative Momentum ETF35.6%
Alpha Architect US Quantitative Value ETF29.9%
Alpha Architect International Quantitative Momentum ETF19.5%
Alpha Architect International Quantitative Value ETF14.6%

Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/vmot or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as the Fund’s sub-adviser.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/vmot. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
 Alpha Architect High Inflation and Deflation ETF
Ticker: HIDE
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/hide

This annual shareholder report contains important information about the Alpha Architect High Inflation and Deflation ETF (the “Fund”) for the period of October 1, 2023, to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/hide. You can also request this information by contacting us at (215) 330-4476.

WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$240.24%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12
AVERAGE ANNUAL TOTAL RETURNS
1 Year
Since Inception (11/16/2022)
Alpha Architect High Inflation and Deflation ETF - NAV3.91%2.45%
Solactive US Aggregate Bond Index11.25%5.22%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/hide for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund returned 3.91% (NAV) for the Period vs. 11.25% for the Solactive US Aggregate Bond Index. During the Period, bond markets responded positively to strong corporate earnings, resilient economic conditions, and Federal Reserve policy. Bond markets also benefited from falling yields in the fiscal year. However, the Fund’s use of trend-following on REITs, bonds, and commodities contributed negatively to returns relative to the benchmark.



Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
 Alpha Architect High Inflation and Deflation ETF
Ticker: HIDE
Listed on: The Nasdaq Stock Market
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/hide

 KEY FUND STATISTICS (as of Period End)
Net Assets
$30,270,823Advisory Fees$62,674
# of Portfolio Holdings4Fees Waived and/or Expenses Reimbursed(10,289)
Portfolio Turnover Rate*267%Net Advisory Fees Paid$52,385
*Excludes impact of in-kind transactions.

SECTOR WEIGHTING
(as a % of Net Assets)
Exchange Traded Funds75.8%
U.S. Treasury Bills23.7%
Cash & Cash Equivalents0.3%



TOP HOLDINGS
(as a % of Net Assets)
Schwab Intermediate-Term U.S. Treasury ETF51.2%
Vanguard Real Estate ETF24.6%
United States Treasury Bill 5.13%, 10/03/2024 23.6%

Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/hide. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect Tail Risk ETF
Ticker: CAOS
Listed on: Cboe BZX Exchange, Inc.
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/caos

This annual shareholder report contains important information about the Alpha Architect Tail Risk ETF (the “Fund”) for the period of October 1, 2023 to September 30, 2024 (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/caos. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.

WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$550.53%


PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
12

AVERAGE ANNUAL TOTAL RETURNS
1 Year5 Year10 Year
Alpha Architect Tail Risk ETF - NAV6.36%5.48%3.23%
S&P 500 Index36.35%15.98%13.38%
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/caos for more recent performance information.








Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect Tail Risk ETF
Ticker: CAOS
Listed on: Cboe BZX Exchange, Inc.
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/caos

WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
As a tail risk fund, CAOS is designed to hedge against significant market downturns by using derivatives—primarily far-out-of-the-money put options on the S&P 500 Index—to protect portfolios during extreme market events. These far-out-of-the-money put options generally require periods of sharp market decline with an increase in implied volatility to gain value. If there is no such event, these options lose their value over time. To combat this erosion in value, the Fund employs two additional strategies in an effort to maintain its long volatility exposure while offering patient investors an opportunity for positive return during these sometimes long interim periods.
During the fiscal year, the equity market climbed higher, reducing the need for downside protection. The Fund trades short put spreads, which benefits the Fund should the market go higher. These put spreads involve selling a high strike put to gain market exposure, generally to the S&P 500 Index, and the purchase of a lower strike put on the same asset to limit any sizeable losses from the higher strike put. The maximum gain from this trade is the net premium collected at the outset of the trade, while the loss is equal to the difference in the strikes of the two put options less the initial net premium collected. This trade should benefit when the market climbs higher and was helpful to the Fund’s performance.
By the summer of 2024, growing concerns about a potential economic slowdown, coupled with speculation around possible rate cuts from the Federal Reserve, led to a modest increase in market volatility. The uptick in volatility towards the end of the fiscal year highlighted the potential of the Fund’s tail risk strategy. However, the degree to which the Federal Reserve sought to reduce short-term rates moderated. This delay permitted the Fund’s idle collateral to collect a stable return without equity market or volatility exposure. Similar to the put spread sales, the collateral yield positively contributed to the Fund return.
Overall, we believe the Fund provided valuable tail risk protection while managing hedging costs throughout the year, and it was well-positioned to deliver the intended downside protection as market conditions evolved.
 KEY FUND STATISTICS (as of Period End)
Net Assets
$248,524,832Advisory Fees$1,192,650
# of Portfolio Holdings19Fees Waived and/or Expenses Reimbursed(186,924)
Portfolio Turnover Rate*14%Net Advisory Fees Paid$1,005,726
*Excludes impact of in-kind transactions.
ASSET CLASSES (as a % of Net Assets)
Purchased Options117.0%
Exchange Traded Funds11.7%
Written Options(29.2)%
Cash & Cash Equivalents0.5%
Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/caos or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as a sub-adviser to the Fund.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/caos. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect 1-3 Month Box ETF
Ticker: BOXX
Listed on: Cboe BZX Exchange, Inc.
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/boxx

This annual shareholder report contains important information about the Alpha Architect 1-3 Month Box ETF (the “Fund”) for the period of November 1, 2023 to September 30, 2024, (the “Period”). You can find additional information about the Fund at https://funds.alphaarchitect.com/. You can also request this information by contacting us at (215) 330-4476. This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT
COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$180.1949%

PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
11

AVERAGE ANNUAL TOTAL RETURNS
1 Year
Since Inception (12/27/2022)
Alpha Architect 1-3 Month Box ETF - NAV5.40%5.14%
Solactive US Aggregate Bond Index11.25%5.48%
Solactive 1-3 Month US T-Bill Index
5.51%5.28%
The Solactive US Aggregate Bond Index is provided as a broad measure of market performance. The Solactive 1-3 Month US T-Bill Index is provided as a measure of the Fund’s investment objective and strategy.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://funds.alphaarchitect.com/boxx for more recent performance information.





Annual Shareholder Report: September 30, 2024


Alpha Architect300.jpg
Alpha Architect 1-3 Month Box ETF
Ticker: BOXX
Listed on: Cboe BZX Exchange, Inc.
September 30, 2024
Annual Shareholder Report
https://funds.alphaarchitect.com/boxx


WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund benefited from the low-volatility environment and expectations for future rate cuts. The Fund primarily uses a strategy centered on derivatives, specifically box spreads utilizing options, such as those linked to the S&P 500.
Stable Interest Rates: For much of the fiscal year, short-term interest rates remained stable, as the Federal Reserve maintained its interest rate policy after a period of aggressive tightening. This environment provided a consistent backdrop for the Fund’s box spread strategy, which aims to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market.
Increased Market Optimism in Mid-2024: By the summer of 2024, market sentiment shifted as expectations for rate cuts grew due to signs of economic slowing and inflation moderation. The Fund’s strategy benefited from the calm market environment as volatility remained low. This allowed the Fund to achieve modest positive returns without being impacted by the more pronounced shifts in longer-duration fixed-income securities.
Derivatives Liquidity: Throughout the year, the liquidity of the options market, in which the Fund’s box spreads are executed, remained robust. This allowed the Fund to operate efficiently without major disruptions.
 KEY FUND STATISTICS (as of Period End)
Net Assets
$3,968,953,465Advisory Fees$8,116,529
# of Portfolio Holdings33Fees Waived and/or Expenses Reimbursed(4,110,676)
Portfolio Turnover Rate*0%Net Advisory Fees Paid$4,005,853
*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)
Purchased Options158.5%
Written Options(58.5)%
Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 31, 2025, at funds.alphaarchitect.com/boxx or by calling (215) 330-4476.
Effective June 21, 2024, the Fund’s Board of Trustees approved Alpha Architect, LLC to serve as a sub-adviser to the Fund.
The Fund revised its principal investment strategies to reflect, among other things, its use of options on broad-based diversified assets such as the SPDR® S&P 500® ETF Trust for substantially all of the Fund’s holdings. The Fund also added “Tax Risk” as a principal investment risk.
Effective November 12, 2024, the Adviser reduced the Fund’s management fee from 0.3949% to 0.2449%.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://funds.alphaarchitect.com/boxx. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Annual Shareholder Report: September 30, 2024





(b) Not applicable

Item 2. Code of Ethics.
 
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the year covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the year covered by this report.

A copy of the registrant’s Code of Ethics is incorporated by reference.


Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Pagano is an “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.


Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant’s tax returns and calculations of required income, capital gain and excise distributions. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
 
 
QVALIVALQMOMIMOM
 
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
9/30/2023
(a) Audit Fees$8,750$8,750$8,750$8,750$8,750$8,750$8,750$8,750
(b) Audit-Related FeesN/AN/AN/AN/AN/AN/AN/AN/A
(c) Tax Fees$2,250$2,250$2,250$2,250$2,250$2,250$2,250$2,250
(d) All Other FeesN/AN/AN/AN/AN/AN/AN/AN/A

 VMOTHIDECAOSBOXX
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
9/30/2023
FYE
9/30/2024
FYE
10/31/2023
(a) Audit Fees$8,750$8,750$8,750$8,750$11,000$8,750$11,000$8,750
(b) Audit-Related FeesN/AN/AN/AN/AN/AN/AN/AN/A
(c) Tax Fees$2,250$2,250$2,250$2,250$2,500$2,250$2,500$2,250
(d) All Other FeesN/AN/AN/AN/AN/AN/AN/AN/A


 











(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund’s investment adviser.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction..

(j) The registrant is not a foreign issuer.
 

Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.

(b) Not applicable.








Item 6. Investments
(a)




ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS
September 30, 2024
COMMON STOCKS - 99.7%

Shares

Value
Advertising - 3.9%

Interpublic Group of Cos., Inc.

224,331 

$7,095,590 
Omnicom Group, Inc.

73,049 

7,552,536 




14,648,126 





Apparel Retail - 2.1%

Urban Outfitters, Inc. (a)

201,359 

7,714,063 





Apparel, Accessories & Luxury Goods - 4.1%

Carter's, Inc.

110,644 

7,189,647 
Tapestry, Inc.

174,764 

8,210,413 




15,400,060 





Brewers - 1.9%

Molson Coors Beverage Co. - Class B

126,708 

7,288,244 





Broadcasting - 2.0%

Fox Corp. - Class A

176,808 

7,484,283 





Building Products - 4.2%

Owens Corning

43,648 

7,704,745 
UFP Industries, Inc.

60,539 

7,943,322 




15,648,067 





Cable & Satellite - 2.1%

Comcast Corp. - Class A

185,067 

7,730,249 





Coal & Consumable Fuels - 2.0%

CONSOL Energy, Inc.

71,520 

7,484,568 





Construction Machinery & Heavy Transportation Equipment - 8.0%

Allison Transmission Holdings, Inc.

79,687 

7,655,530 
Caterpillar, Inc.

20,657 

8,079,366 
PACCAR, Inc.

76,626 

7,561,453 
Terex Corp.

130,935 

6,927,771 




30,224,120 





Copper - 2.2%

Freeport-McMoRan, Inc.

166,622 

8,317,770 





Electrical Components & Equipment - 2.6%

Powell Industries, Inc.

44,557 

9,891,208 





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

1


ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value
Electronic Manufacturing Services - 2.1%

Jabil, Inc.

67,180 

$8,050,179 





Footwear - 3.9%

Crocs, Inc. (a)

50,562 

7,321,883 
Skechers USA, Inc. - Class A (a)

108,254 

7,244,358 




14,566,241 





Health Care Facilities - 2.0%

Tenet Healthcare Corp. (a)

44,488 

7,393,906 






Health Care Services - 2.1%

CVS Health Corp.

127,581 

8,022,293 





Homebuilding - 4.0%

KB Home

88,372 

7,572,597 
Lennar Corp. - Class A

40,463 

7,586,003 




15,158,600 





Homefurnishing Retail - 2.3%

Williams-Sonoma, Inc.

54,992 

8,519,361 





Industrial Machinery & Supplies & Components - 3.9%

Gates Industrial Corp. PLC (a)

406,127 

7,127,529 
Snap-on, Inc.

25,855 

7,490,452 




14,617,981 





Integrated Telecommunication Services - 2.1%

AT&T, Inc.

352,825 

7,762,150 





IT Consulting & Other Services - 1.9%

Cognizant Technology Solutions Corp. - Class A

93,996 

7,254,611 





Leisure Products - 1.9%

Mattel, Inc. (a)

383,120 

7,298,436 





Managed Health Care - 5.5%

Centene Corp. (a)

89,493 

6,737,033 
Elevance Health, Inc.

13,132 

6,828,640 
Molina Healthcare, Inc. (a)

20,849 

7,183,732 




20,749,405 





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

2


ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value
Oil & Gas Equipment & Services - 9.1%

Baker Hughes Co.

208,684 

$7,543,927 
Halliburton Co.

236,115 

6,859,141 
Liberty Energy, Inc.

358,817 

6,849,816 
Schlumberger NV

167,390 

7,022,010 
Weatherford International PLC

70,379 

5,976,585 




34,251,479 





Oil & Gas Exploration & Production - 3.4%

Devon Energy Corp.

163,745 

6,405,704 
SM Energy Co.

161,818 

6,467,866 




12,873,570 





Oil & Gas Refining & Marketing - 1.8%

Marathon Petroleum Corp.

41,185 

6,709,448 





Other Specialty Retail - 6.6%

Academy Sports & Outdoors, Inc.

133,217 

7,774,544 
Signet Jewelers Ltd.

86,911 

8,964,001 
Ulta Beauty, Inc. (a)

20,654 

8,036,884 




24,775,429 





Paper & Plastic Packaging Products & Materials - 1.9%

Graphic Packaging Holding Co.

246,641 

7,298,107 





Passenger Airlines - 2.3%

Delta Air Lines, Inc.

172,915 

8,782,353 





Specialized Consumer Services - 2.0%

H&R Block, Inc.

115,263 

7,324,964 





Steel - 2.0%

Arch Resources, Inc.

53,444 

7,383,823 





Tobacco - 1.8%

Altria Group, Inc.

136,066 

6,944,809 





Trading Companies & Distributors - 2.0%

WESCO International, Inc.

44,700 

7,508,706 
TOTAL COMMON STOCKS (Cost $346,457,717)

375,076,609 





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

3


ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
SHORT-TERM INVESTMENTS - 0.2%
Shares

Value
Money Market Funds - 0.2%


 
First American Government Obligations Fund - Class X, 4.82% (b)

907,975 

$907,975 
TOTAL SHORT-TERM INVESTMENTS (Cost $907,975)

907,975 





TOTAL INVESTMENTS - 99.9% (Cost $347,365,692)

$375,984,584 
Other Assets in Excess of Liabilities - 0.1%

236,894 
TOTAL NET ASSETS - 100.0%

 

$376,221,478 

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

(a)

Non-income producing security.
(b)

The rate shown represents the 7-day effective yield as of September 30, 2024.

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.

4


ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS
September 30, 2024

COMMON STOCKS - 99.0%

Shares

Value
Australia - 8.9%

AGL Energy Ltd.

376,277 

$3,077,436 
Aurizon Holdings Ltd.

1,294,828 

3,159,973 
Fortescue Ltd.

248,728 

3,556,082 
Rio Tinto Ltd.

40,718 

3,635,048 




13,428,539 





China - 1.9%

Yangzijiang Shipbuilding Holdings Ltd.

1,495,130 

2,850,083 





Finland - 4.0%

Fortum Oyj

188,683 

3,107,436 
Nokia Oyj

671,887 

2,934,808 




6,042,244 





France - 10.0%

Cie de Saint-Gobain SA

34,406 

3,129,803 
Cie Generale des Etablissements Michelin SCA

75,847 

3,078,290 
Eiffage SA

27,562 

2,658,175 
Engie SA

166,146 

2,869,433 
Rexel SA

118,515 

3,426,097 




15,161,798 





Italy - 6.1%

Buzzi SpA

77,865 

3,102,986 
Enel SpA

379,181 

3,028,467 
Saipem SpA (a)

1,365,666 

3,007,703 




9,139,156 





Japan - 49.8%(b)

Amada Co. Ltd.

286,794 

2,908,347 
Asahi Kasei Corp.

411,579 

3,098,476 
Bridgestone Corp.

76,417 

2,924,289 
Daito Trust Construction Co. Ltd.

23,828 

2,886,384 
Hitachi Construction Machinery Co. Ltd.

119,438 

2,884,462 
Honda Motor Co. Ltd.

268,205 

2,813,143 
Inpex Corp.

197,660 

2,665,264 
Japan Airlines Co. Ltd. (c)

176,584 

3,093,061 
Komatsu Ltd.

107,075 

2,954,666 
Macnica Holdings, Inc.

217,854 

3,010,319 
Mazda Motor Corp.

349,582 

2,602,559 
Niterra Co. Ltd.

99,064 

2,753,597 
The accompanying notes are an integral part of these financial statements.

5


ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.0% (CONTINUED)

Shares

Value
Japan - 49.8%(b) (Continued)
Nitto Denko Corp.

176,440 

$2,932,176 
Persol Holdings Co. Ltd.

1,499,448 

2,679,132 
Sekisui Chemical Co. Ltd.

193,975 

3,011,690 
Shimamura Co. Ltd.

54,974 

2,992,636 
Subaru Corp.

155,215 

2,680,422 
Suntory Beverage & Food Ltd.

80,131 

3,007,317 
Suzuki Motor Corp.

257,532 

2,853,503 
Takashimaya Co. Ltd.

379,627 

3,019,055 
Toyo Tire Corp.

200,003 

2,904,201 
Toyota Motor Corp.

155,232 

2,746,059 
Toyota Tsusho Corp.

154,325 

2,775,649 
Yamaha Motor Co. Ltd.

333,441 

2,969,591 
Yamazaki Baking Co. Ltd.

157,103 

3,110,361 
Yokohama Rubber Co. Ltd.

128,689 

2,875,972 




75,152,331 





Portugal - 1.9%

Galp Energia SGPS SA

150,727 

2,818,738 





Singapore - 2.0%

Hafnia Ltd.

416,653 

2,965,109 





Sweden - 6.5%

SKF AB - Class B

165,923 

3,300,211 
SSAB AB - Class B

662,012 

3,389,635 
Volvo AB - Class B

117,102 

3,092,479 




9,782,325 





United Kingdom - 7.9%

easyJet PLC

463,002 

3,218,860 
Imperial Brands PLC

101,482 

2,948,252 
Shell PLC

86,311 

2,798,296 
Tesco PLC

615,936 

2,953,811 




11,919,219 
TOTAL COMMON STOCKS (Cost $148,454,401)

149,259,542 





SHORT-TERM INVESTMENTS - 1.9%



Investments Purchased with Proceeds from Securities Lending - 1.8%


 
First American Government Obligations Fund - Class X, 4.82% (d)

2,701,695 

2,701,695 





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

6


ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
SHORT-TERM INVESTMENTS - 1.9%
SharesValue
Money Market Funds - 0.1%


 
First American Government Obligations Fund - Class X, 4.82% (d)

150,545 

$150,545 
TOTAL SHORT-TERM INVESTMENTS (Cost $2,852,240)

2,852,240 





TOTAL INVESTMENTS - 100.9% (Cost $151,306,641)

$152,111,782 
Liabilities in Excess of Other Assets - (0.9)%

(1,352,782)
TOTAL NET ASSETS - 100.0%

 

$150,759,000 

Percentages are stated as a percent of net assets.

AB - Aktiebolag
PLC - Public Limited Company
SA - Sociedad Anónima

(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 the country or region. See the Fund’s prospectus for additional risk disclosures.
(c)

All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $2,549,585 which represented 1.7% of net assets.
(d)

The rate shown represents the 7-day effective yield as of September 30, 2024.


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

7


ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS
September 30, 2024
COMMON STOCKS - 99.7%

Shares

Value
Aerospace & Defense - 4.1%

General Electric Co.

27,846 

$5,251,199 
Howmet Aerospace, Inc.

50,156 

5,028,139 




10,279,338 





Apparel Retail - 1.8%

Abercrombie & Fitch Co. - Class A (a)

33,252 

4,651,955 





Application Software - 6.2%

Fair Isaac Corp. (a)

2,825 

5,490,444 
Nutanix, Inc. - Class A (a)

76,838 

4,552,651 
Zeta Global Holdings Corp. - Class A (a)

184,961 

5,517,387 




15,560,482 





Asset Management & Custody Banks - 8.2%

Blue Owl Capital, Inc. - Class A

276,487 

5,352,788 
Carlyle Group, Inc.

121,551 

5,233,986 
KKR & Co., Inc.

39,355 

5,138,976 
StepStone Group, Inc. - Class A

88,955 

5,055,313 




20,781,063 





Automotive Retail - 1.8%

Murphy USA, Inc.

9,368 

4,617,206 





Biotechnology - 2.1%

Natera, Inc. (a)

41,684 

5,291,784 





Building Products - 6.1%

Carlisle Cos., Inc.

11,530 

5,185,617 
Lennox International, Inc.

8,289 

5,008,960 
Trane Technologies PLC

13,540 

5,263,404 




15,457,981 





Construction & Engineering - 2.1%

EMCOR Group, Inc.

12,425 

5,349,335 





Consumer Electronics - 1.9%

Garmin Ltd.

26,601 

4,682,574 





Consumer Finance - 3.5%

Ally Financial, Inc.

112,522 

4,004,658 
Synchrony Financial

96,805 

4,828,633 




8,833,291 





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

8


ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value
Diversified Banks - 3.8%

Fifth Third Bancorp

114,178 

$4,891,385 
PNC Financial Services Group, Inc.

26,135 

4,831,055 




9,722,440 





Electric Utilities - 4.6%

Constellation Energy Corp.

24,492 

6,368,410 
NRG Energy, Inc.

57,648 

5,251,733 




11,620,143 





Food Retail - 2.0%

Sprouts Farmers Market, Inc. (a)

46,611 

5,146,320 





Footwear - 1.9%

Deckers Outdoor Corp. (a)

30,722 

4,898,623 





Health Care Facilities - 3.8%

Tenet Healthcare Corp. (a)

29,493 

4,901,737 
Universal Health Services, Inc. - Class B

20,405 

4,672,949 




9,574,686 





Homebuilding - 4.1%

KB Home

58,540 

5,016,292 
Toll Brothers, Inc.

33,920 

5,240,301 




10,256,593 





Independent Power Producers & Energy Traders - 2.7%

Vistra Corp.

56,941 

6,749,786 





Interactive Media & Services - 2.1%

Meta Platforms, Inc. - Class A

9,302 

5,324,837 





Internet Services & Infrastructure - 1.8%

GoDaddy, Inc. - Class A (a)

29,097 

4,561,828 





Investment Banking & Brokerage - 3.9%

Evercore, Inc. - Class A

19,812 

5,019,172 
Goldman Sachs Group, Inc.

9,513 

4,709,981 




9,729,153 





Movies & Entertainment - 2.1%

Spotify Technology SA (a)

14,085 

5,190,745 





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

9


ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value
Oil & Gas Equipment & Services - 1.6%

Tidewater, Inc. (a)

54,902 

$3,941,415 





Property & Casualty Insurance - 3.9%

Allstate Corp.

25,672 

4,868,695 
Progressive Corp.

19,276 

4,891,477 




9,760,172 





Regional Banks - 1.8%

Truist Financial Corp.

109,139 

4,667,875 





Reinsurance - 1.9%

Reinsurance Group of America, Inc.

22,064 

4,807,084 





Restaurants - 6.2%

Brinker International, Inc. (a)

68,497 

5,242,076 
Texas Roadhouse, Inc.

28,705 

5,069,303 
Wingstop, Inc.

12,627 

5,253,842 




15,565,221 





Soft Drinks & Non-alcoholic Beverages - 1.9%

Coca-Cola Consolidated, Inc.

3,627 

4,774,583 





Steel - 2.1%

Carpenter Technology Corp.

33,677 

5,374,176 





Systems Software - 1.9%

Crowdstrike Holdings, Inc. - Class A (a)

17,362 

4,869,520 
Technology Hardware, Storage & Peripherals - 4.0%

NetApp, Inc.

40,364 

4,985,357 
Western Digital Corp. (a)

74,430 

5,082,825 




10,068,182 





Trading Companies & Distributors - 3.8%

Core & Main, Inc. - Class A (a)

100,270 

4,451,988 
FTAI Aviation Ltd.

38,423 

5,106,417 




9,558,405 
TOTAL COMMON STOCKS (Cost $217,733,813)

251,666,796 





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

10


ALPHA ARCHITECT U.S. QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
SHORT-TERM INVESTMENTS - 0.3%
Shares

Value
Money Market Funds - 0.3%


 
First American Government Obligations Fund - Class X, 4.82% (b)

866,204 

$866,204 
TOTAL SHORT-TERM INVESTMENTS (Cost $866,204)

866,204 





TOTAL INVESTMENTS - 100.0% (Cost $218,600,017)

$252,533,000 
Other Assets in Excess of Liabilities - 0.0% (c)

30,718 
TOTAL NET ASSETS - 100.0%

 

$252,563,718 
PLC - Public Limited Company
SA - Sociedad Anónima

(a)

Non-income producing security.
(b)

The rate shown represents the 7-day effective yield as of September 30, 2024.
(c)

Represents less than 0.05% of net assets.

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




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

11


ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS
September 30, 2024
COMMON STOCKS - 99.2%

Shares

Value
Australia - 8.7%

JB Hi-Fi Ltd.

29,731 

$1,643,124 
Pro Medicus Ltd.

15,920 

1,961,865 
Telix Pharmaceuticals Ltd. (a)

136,891 

1,961,872 
Westpac Banking Corp.

76,127 

1,669,431 




7,236,292 





Austria - 3.3%

Erste Group Bank AG

30,354 

1,664,089 
Immofinanz AG (a)

55,426 

1,108,088 




2,772,177 





Belgium - 1.9%

UCB SA

8,749 

1,577,712 





Denmark - 5.7%

Novonesis (Novozymes) B

23,728 

1,708,587 
Pandora AS

9,285 

1,528,655 
Zealand Pharma AS (a)

12,473 

1,514,295 




4,751,537 





Germany - 8.4%

Commerzbank AG

110,595 

2,034,377 
Deutsche Bank AG

100,818 

1,739,275 
Rheinmetall AG

2,710 

1,467,294 
SAP SE

7,504 

1,707,372 




6,948,318 





Ireland - 2.0%

AerCap Holdings NV

17,099 

1,619,617 





Israel - 2.0%

CyberArk Software Ltd. (a)

5,642 

1,645,264 





Italy - 9.9%

Banco BPM SpA

238,335 

1,607,206 
Intesa Sanpaolo SpA

389,607 

1,664,292 
Leonardo SpA

68,323 

1,522,599 
Prysmian SpA

23,271 

1,688,951 
UniCredit SpA

38,581 

1,690,589 




8,173,637 





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

12


ALPHA ARCHITECT INTERNATIONAL QUANTITATIVE MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2024
COMMON STOCKS - 99.2% (CONTINUED)

Shares

Value
Japan - 27.0%(b)

Asics Corp.

82,790 

$1,728,668 
Credit Saison Co. Ltd.

68,264 

1,700,841 
Dai-ichi Life Holdings, Inc.

55,104 

1,411,674 
Dexerials Corp.

110,190 

1,552,895 
Disco Corp.

5,900 

1,538,988 
Fuji Soft, Inc.

26,415 

1,657,772 
Idemitsu Kosan Co. Ltd.

221,443 

1,583,882 
IHI Corp.

35,572 

1,842,146 
MS&AD Insurance Group Holdings, Inc.

62,386 

1,445,437 
NEC Corp.

17,327 

1,657,653 
NS Solutions Corp.

63,439 

1,648,597 
Sompo Holdings, Inc.

66,297 

1,476,547 
Sumitomo Mitsui Financial Group, Inc.

71,730 

1,519,693 
TDK Corp.

119,970 

1,521,693 




22,286,486 





Netherlands - 1.9%

Arcadis NV

22,438 

1,553,563 





Norway - 1.9%

Kongsberg Gruppen ASA

16,025 

1,567,126 





Portugal - 1.9%

Banco Comercial Portugues SA

3,453,127 

1,558,299 





Singapore - 2.3%

Sea Ltd. - ADR (a)

20,420