NPORT-EX 2 QVAL06302025.htm NPORT-EX Document

ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
COMMON STOCKS - 99.7%

Shares

Value  
Communication Services - 8.0%

Broadcasting - 4.0%




Fox Corp. - Class A

135,827 

$7,611,745 
Nexstar Media Group, Inc.

44,161 

7,637,645 




15,249,390 
Cable & Satellite - 2.0%




Comcast Corp. - Class A

212,029 

7,567,315 




Integrated Telecommunication Services - 2.0%




Verizon Communications, Inc.

176,658 

7,643,992 
Total Communication Services

30,460,697 





Consumer Discretionary - 18.0%

Apparel Retail - 4.0%




Gap, Inc.

344,196 

7,506,915 
Urban Outfitters, Inc. (a)

105,142 

7,627,001 




15,133,916 
Automobile Manufacturers - 2.0%




General Motors Co.

153,373 

7,547,485 




Automotive Parts & Equipment - 2.0%




Aptiv PLC (a)

110,322 

7,526,167 




Automotive Retail - 2.0%




Lithia Motors, Inc.

22,631 

7,645,204 




Footwear - 2.0%




Crocs, Inc. (a)

74,466 

7,541,917 




Homebuilding - 2.0%




NVR, Inc. (a)

1,017 

7,511,216 




Leisure Products - 2.0%




YETI Holdings, Inc. (a)

240,718 

7,587,431 




Specialized Consumer Services - 2.0%




ADT, Inc.

894,298 

7,574,704 
Total Consumer Discretionary

68,068,040 





Consumer Staples - 6.0%

Agricultural Products & Services - 2.0%




Ingredion, Inc.

55,869 

7,576,954 




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ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
June 30, 2025 (Unaudited)
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value  
Packaged Foods & Meats - 2.0%




Cal-Maine Foods, Inc.

76,021 

$7,573,972 




Tobacco - 2.0%




Altria Group, Inc.

128,882 

7,556,352 
Total Consumer Staples

22,707,278 





Energy - 7.9%

Oil & Gas Equipment & Services - 5.9%




Baker Hughes Co.

195,016 

7,476,913 
Schlumberger NV

221,082 

7,472,572 
TechnipFMC PLC

217,539 

7,492,043 




22,441,528 
Oil & Gas Exploration & Production - 2.0%




Permian Resources Corp.

546,966 

7,449,677 
Total Energy

29,891,205 





Health Care - 20.0%

Biotechnology - 6.0%




Exelixis, Inc. (a)

171,745 

7,569,661 
Halozyme Therapeutics, Inc. (a)

144,283 

7,505,602 
United Therapeutics Corp. (a)

26,159 

7,516,788 




22,592,051 
Health Care Facilities - 2.0%




Universal Health Services, Inc. - Class B

42,441 

7,688,187 




Health Care Services - 4.0%




Cigna Group

22,925 

7,578,546 
DaVita, Inc. (a)

53,240 

7,584,038 




15,162,584 
Health Care Supplies - 2.0%




Lantheus Holdings, Inc. (a)

91,867 

7,520,233 




Managed Health Care - 6.0%




Centene Corp. (a)

140,621 

7,632,908 
Elevance Health, Inc.

19,416 

7,552,048 
Molina Healthcare, Inc. (a)

25,477 

7,589,598 




22,774,554 
Total Health Care

75,737,609 





Industrials - 21.9%

Air Freight & Logistics - 2.0%




Expeditors International of Washington, Inc.

66,494 

7,596,939 




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ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
June 30, 2025 (Unaudited)
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value  
Building Products - 2.0%




Masco Corp.

117,314 

$7,550,329 




Construction Machinery & Heavy Transportation Equipment - 4.0%




Allison Transmission Holdings, Inc.

79,268 

7,529,667 
Cummins, Inc.

23,033 

7,543,308 




15,072,975 
Data Processing & Outsourced Services - 2.0%




Maximus, Inc.

107,558 

7,550,572 




Electrical Components & Equipment - 1.9%




NEXTracker, Inc. - Class A (a)

136,420 

7,417,155 




Industrial Machinery & Supplies & Components - 2.0%




Snap-on, Inc.

24,404 

7,594,037 




Passenger Airlines - 2.0%




United Airlines Holdings, Inc. (a)

94,512 

7,525,991 




Research & Consulting Services - 4.0%




Booz Allen Hamilton Holding Corp.

72,183 

7,516,416 
Leidos Holdings, Inc.

48,019 

7,575,477 




15,091,893 
Trading Companies & Distributors - 2.0%




Wesco International, Inc.

40,436 

7,488,747 
Total Industrials

82,888,638 





Information Technology - 6.0%

IT Consulting & Other Services - 2.0%




Cognizant Technology Solutions Corp. - Class A

96,633 

7,540,273 




Semiconductors - 2.0%




Cirrus Logic, Inc. (a)

71,931 

7,499,166 




Technology Distributors - 2.0%




TD Synnex Corp.

56,190 

7,624,983 
Total Information Technology

22,664,422 





Materials - 11.9%

Aluminum - 2.0%




Alcoa Corp.

257,149 

7,588,467 




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ALPHA ARCHITECT U.S. QUANTITATIVE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
June 30, 2025 (Unaudited)
COMMON STOCKS - 99.7% (CONTINUED)

Shares

Value  
Copper - 2.0%




Southern Copper Corp.

73,528 

$7,438,828 




Fertilizers & Agricultural Chemicals - 2.0%




CF Industries Holdings, Inc.

82,348 

7,576,016 




Gold - 2.0%




Newmont Corp.

130,841 

7,622,796 




Metal, Glass & Plastic Containers - 2.0%




Crown Holdings, Inc.

73,161 

7,534,120 




Specialty Chemicals - 1.9%




Eastman Chemical Co.

99,471 

7,426,505 
Total Materials

45,186,732 
TOTAL COMMON STOCKS (Cost $367,050,314)

377,604,621 





SHORT-TERM INVESTMENTS - 0.2%


Money Market Funds - 0.2%


 
First American Government Obligations Fund - Class X, 4.25% (b)

628,552 

628,552 
TOTAL SHORT-TERM INVESTMENTS (Cost $628,552)

628,552 





TOTAL INVESTMENTS - 99.9% (Cost $367,678,866)

$378,233,173 
Other Assets in Excess of Liabilities - 0.1%

362,388 
TOTAL NET ASSETS - 100.0%

 

$378,595,561 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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



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ALPHA ARCHITECT ETFs

Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)

Alpha Architect U.S. Quantitative Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Investments:







  Common Stocks
$377,604,621 

$— 

$— 

$377,604,621 
  Money Market Funds
628,552 

— 

— 

628,552 
Total Investments
$378,233,173 

$— 

$— 

$378,233,173 

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

During the fiscal period ended June 30, 2025, the Fund 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.
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