Alpha Architect ETFs

 

Alpha Architect U.S. Quantitative Value ETF

 

Alpha Architect International Quantitative Value ETF

 

Alpha Architect U.S. Quantitative Momentum ETF

 

Alpha Architect International Quantitative Momentum ETF

 

Alpha Architect Value Momentum Trend ETF

 

Alpha Architect High Inflation and Deflation ETF

 

 

 

Semi-Annual Report

 

March 31, 2023

 

 

 

 

 

 

ALPHA ARCHITECT ETFs

 

TABLE OF CONTENTS

 

    Page
Sector Allocations   1 – 3
Schedule of Investments   4 – 18
Statements of Assets and Liabilities   19 – 21
Statements of Operations   22 – 24
Statements of Changes in Net Assets   25 – 27
Financial Highlights   28 – 29
Notes to Financial Statements   30 – 43
Expense Example   44 – 45
Liquidity Risk Management Program   46
Management of the Fund   47 – 48
Board Review and Approval of Advisory and Sub-Advisory Contracts   49 – 50
Information About Portfolio Holdings   51
Information About Proxy Voting   51
Privacy Policy   51

 

i

 

 

ALPHA ARCHITECT ETFs

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect U.S. Quantitative Value ETF

 

Sector1   % Net
Assets		  
Energy     48.2 %2
Consumer Discretionary     22.1 %
Industrials     13.5 %
Materials     8.0 %
Consumer Staples     3.9 %
Communication Services     2.1 %
Health Care     1.9 %
Other3     0.3 %
Total     100.0 %

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect International Quantitative Value ETF

 

Sector1   % Net
Assets		  
Materials     32.9 %2
Energy     23.3 %
Consumer Discretionary     16.2 %
Industrials     15.6 %
Information Technology     6.3 %
Utilities     2.2 %
Real Estate     1.9 %
Other3     1.6 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

1

 

 

ALPHA ARCHITECT ETFs

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect U.S. Quantitative Momentum ETF

 

Sector1   % Net
Assets		  
Energy     38.7 %2
Health Care     20.1 %
Information Technology     9.1 %
Industrials     9.9 %
Materials     7.4 %
Consumer Discretionary     6.0 %
Consumer Staples     4.3 %
Utilities     4.2 %
Other3     0.3 %
Total     100.0 %

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect International Quantitative Momentum ETF

 

Sector1   % Net
Assets		  
Industrials     30.4 %2
Energy     16.4 %
Financials     11.0 %
Consumer Discretionary     10.4 %
Health Care     9.9 %
Materials     9.9 %
Information Technology     6.8 %
Utilities     4.1 %
Other3     1.1 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

2

 

 

ALPHA ARCHITECT ETFs

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect Value Momentum Trend ETF

 

Sector1   % Net
Assets		  
Investment Companies - Long     102.6 %
Investment Companies - Short     (90.2 )%
Other2     87.6 %
Total     100.0 %

 

Tabular Presentation of Schedule of Investments

As of March 31, 2023 (Unaudited)

Alpha Architect High Inflation and Deflation ETF

 

Sector1   % Net
Assets		  
U.S. Treasury Bills     99.7 %
Other2     0.3 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

3

 

 

Alpha Architect U.S. Quantitative Value ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 99.7%        
Air Freight & Logistics - 1.9%        
55,177     Hub Group, Inc. - Class A (a)   $ 4,631,557  
               
Automotive Parts & Equipment - 2.0%        
43,931     LCI Industries     4,826,699  
               
Automotive Retail - 6.1%        
23,604     Asbury Automotive Group, Inc. (a)     4,956,840  
22,633     Group 1 Automotive, Inc.     5,124,564  
18,681     Murphy USA, Inc.     4,820,632  
            14,902,036  
Broadcasting - 2.1%        
300,802     Tegna, Inc.     5,086,562  
               
Building Products - 3.8%        
50,336     Owens Corning     4,822,189  
58,250     UFP Industries, Inc.     4,629,127  
            9,451,316  
Cargo Ground Transportation - 1.9%        
176,808     Schneider National, Inc. - Class B     4,729,614  
               
Coal & Consumable Fuels - 6.0%        
34,732     Arch Resources, Inc.     4,565,869  
88,374     CONSOL Energy, Inc.     5,149,553  
197,654     Peabody Energy Corp. (a)     5,059,942  
            14,775,364  
Electrical Components & Equipment - 4.0%        
34,562     Atkore, Inc. (a)     4,855,270  
26,504     Encore Wire Corp.     4,911,986  
            9,767,256  
Fertilizers & Agricultural Chemicals - 3.9%        
64,162     CF Industries Holdings, Inc.     4,651,103  
104,800     Mosaic Co.     4,808,224  
            9,459,327  
Homebuilding - 12.1%        
15,937     Cavco Industries, Inc. (a)     5,063,822  
851     NVR, Inc. (a)     4,741,934  
70,096     Skyline Champion Corp. (a)     5,273,322  
127,520     Taylor Morrison Home Corp. (a)     4,878,915  
79,163     Toll Brothers, Inc.     4,752,155  
193,083     Tri Pointe Homes, Inc. (a)     4,888,862  
            29,599,010  
Industrial Machinery & Supplies & Components - 1.9%        
64,575     Mueller Industries, Inc.     4,744,971  
               
Integrated Oil & Gas - 4.1%        
45,869     Exxon Mobil Corp.     5,029,995  
79,150     Occidental Petroleum Corp.     4,941,334  
            9,971,329  

 

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

 

4

 

 

Alpha Architect U.S. Quantitative Value ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Shares         Value  
Oil & Gas Equipment & Services - 3.8%        
364,450     Liberty Energy, Inc.   $ 4,668,604  
598,068     NexTier Oilfield Solutions, Inc. (a)     4,754,641  
            9,423,245  
Oil & Gas Exploration & Production - 20.3%        
450,703     Comstock Resources, Inc.     4,863,085  
48,470     ConocoPhillips     4,808,709  
199,578     Coterra Energy, Inc.     4,897,644  
99,798     Devon Energy Corp.     5,050,777  
37,289     Diamondback Energy, Inc.     5,040,354  
44,677     EOG Resources, Inc.     5,121,325  
156,645     EQT Corp.     4,998,542  
228,501     Magnolia Oil & Gas Corp. - Class A     4,999,602  
133,019     Ovintiv, Inc.     4,799,326  
25,071     Pioneer Natural Resources Co.     5,120,501  
            49,699,865  
Oil & Gas Refining & Marketing - 12.1%        
153,512     CVR Energy, Inc.     5,032,123  
95,216     HF Sinclair Corp.     4,606,550  
37,386     Marathon Petroleum Corp.     5,040,754  
110,989     PBF Energy, Inc. - Class A     4,812,483  
49,062     Phillips 66     4,973,906  
36,580     Valero Energy Corp.     5,106,568  
            29,572,384  
Oil & Gas Storage & Transportation - 1.9%        
111,201     International Seaways, Inc. ADR (b)     4,634,858  
               
Other Specialty Retail - 1.9%        
71,944     Academy Sports & Outdoors, Inc.     4,694,346  
               
Packaged Foods & Meats - 3.9%        
84,900     Cal-Maine Foods, Inc.     5,169,561  
193,404     Pilgrim’s Pride Corp. (a)     4,483,105  
            9,652,666  
Pharmaceuticals - 1.9%        
115,734     Pfizer, Inc.     4,721,947  
               
Steel - 4.1%        
31,631     Alpha Metallurgical Resources, Inc.     4,934,436  
137,271     Warrior Met Coal, Inc.     5,039,218  
            9,973,654  
      TOTAL COMMON STOCKS (Cost $231,128,247)     244,318,006  
               
MONEY MARKET FUNDS - 0.3%        
761,009     First American Government Obligations Fund - Class X, 4.64% (c)     761,009  
      TOTAL MONEY MARKET FUNDS (Cost $761,009)     761,009  
               
      TOTAL INVESTMENTS (Cost $231,889,256) - 100.0%     245,079,015  
      Liabilities in Excess of Other Assets - (0.0%) (d)     (13,630 )
      TOTAL NET ASSETS - 100.0%   $ 245,065,385  

 

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

 

5

 

 

Alpha Architect U.S. Quantitative Value ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) Rate shown is the 7-day effective yield.
(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 Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

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

 

6

 

 

Alpha Architect International Quantitative Value ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 98.4%        
Australia - 13.7%        
378,708     Iluka Resources Ltd.   $ 2,688,422  
1,117,518     Incitec Pivot Ltd.     2,338,123  
89,921     JB Hi-Fi Ltd.     2,552,771  
716,039     New Hope Corp. Ltd.     2,718,651  
561,192     Santos Ltd.     2,588,386  
901,308     South32 Ltd.     2,632,831  
534,801     Whitehaven Coal Ltd.     2,405,890  
            17,925,074  
Austria - 1.8%        
71,510     voestalpine AG     2,425,855  
               
Belgium - 2.0%        
22,769     Solvay S.A.     2,601,416  
               
Cayman Islands - 1.9%        
410,894     CK Asset Holdings Ltd.     2,494,184  
               
Denmark - 3.5%        
1,120     AP Moller - Maersk A/S - Class B     2,029,071  
38,921     D/S Norden A/S     2,613,110  
            4,642,181  
Finland - 3.7%        
436,950     Outokumpu OYJ     2,379,797  
186,176     Stora Enso OYJ     2,418,867  
            4,798,664  
France - 5.7%        
44,071     Cie de Saint-Gobain     2,500,645  
103,702     Rexel S.A.     2,468,613  
41,467     TotalEnergies SE     2,444,632  
            7,413,890  
Germany - 3.7%        
108,322     K+S AG     2,301,936  
347,040     thyssenkrupp AG     2,490,041  
            4,791,977  
Israel - 4.3%        
29,224     Delek Group Ltd.     3,225,440  
368,327     ICL Group Ltd.     2,471,491  
            5,696,931  
Italy - 2.0%        
183,258     Eni S.p.A.     2,564,992  
               
Japan - 29.1%        
284,600     Amada Co., Ltd.     2,653,623  
61,000     Ebara Corp.     2,816,268  
283,947     Mazda Motor Corp.     2,619,733  
127,400     NGK Spark Plug Co., Ltd.     2,625,241  
263,600     Nikon Corp.     2,690,100  

 

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

 

7

 

 

Alpha Architect International Quantitative Value ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Shares         Value  
113,100     Nippon Steel Corp.   $ 2,657,669  
42,412     Nitto Denko Corp.     2,731,106  
32,140     SCREEN Holdings Co., Ltd.     2,820,041  
186,600     Seiko Epson Corp.     2,643,529  
27,500     Shimamura Co., Ltd.     2,796,084  
92,500     Shin-Etsu Chemical Co., Ltd.     2,978,253  
91,968     Shinko Electric Industries Co., Ltd.     2,826,055  
160,200     Subaru Corp.     2,551,255  
102,700     Yamaha Motor Co., Ltd.     2,676,272  
            38,085,229  
Luxembourg - 1.7%        
152,858     Tenaris S.A.     2,171,655  
               
Norway - 5.7%        
83,931     Equinor ASA     2,394,524  
358,326     Norsk Hydro ASA     2,662,683  
55,777     Yara International ASA     2,418,115  
            7,475,322  
Portugal - 1.9%        
225,448     Galp Energia SGPS S.A.     2,557,464  
               
Singapore - 1.8%        
2,675,100     Yangzijiang Shipbuilding Holdings Ltd.     2,412,173  
               
Spain - 4.1%        
131,143     Endesa S.A.     2,844,504  
164,313     Repsol S.A.     2,527,741  
            5,372,245  
Sweden - 1.9%        
63,562     Boliden AB     2,497,407  
               
Switzerland - 2.2%        
9,809     Kuehne + Nagel International AG     2,914,987  
               
United Kingdom - 7.7%        
433,199     Glencore PLC     2,482,782  
731,475     Harbour Energy PLC     2,476,028  
85,216     Shell PLC     2,426,739  
1,852,325     Taylor Wimpey PLC     2,718,026  
            10,103,575  
      TOTAL COMMON STOCKS (Cost $127,827,281)     128,945,221  
               
MONEY MARKET FUNDS - 0.1%        
160,828     First American Government Obligations Fund - Class X, 4.64% (a)     160,828  
      TOTAL MONEY MARKET FUNDS (Cost $160,828)     160,828  
               
      TOTAL INVESTMENTS (Cost $127,988,109) - 98.5%     129,106,049  
      Other Assets in Excess of Liabilities - 1.5%     1,950,286  
      TOTAL NET ASSETS - 100.0%   $ 131,056,335  

 

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

 

8

 

 

Alpha Architect International Quantitative Value ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a) Rate shown is the 7-day effective yield.

 

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

 

9

 

 

Alpha Architect U.S. Quantitative Momentum ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 99.7%        
Aerospace & Defense - 2.3%        
13,461     Axon Enterprise, Inc. (a)   $ 3,026,706  
               
Biotechnology - 9.7%        
33,382     Gilead Sciences, Inc.     2,769,705  
55,718     Halozyme Therapeutics, Inc. (a)     2,127,870  
13,529     Karuna Therapeutics, Inc. (a)     2,457,408  
22,212     Sarepta Therapeutics, Inc. (a)     3,061,480  
10,897     United Therapeutics Corp. (a)     2,440,492  
            12,856,955  
Broadline Retail - 1.9%        
8,317     Dillard’s, Inc. - Class A     2,558,975  
               
Coal & Consumable Fuels - 3.6%        
17,068     Arch Resources, Inc.     2,243,759  
98,091     Peabody Energy Corp. (a)     2,511,130  
            4,754,889  
Construction & Engineering - 3.7%        
73,407     Fluor Corp. (a)     2,269,010  
8,366     Valmont Industries, Inc.     2,671,096  
            4,940,106  
Construction Machinery & Heavy Transportation Equipment - 1.9%        
11,151     Caterpillar, Inc.     2,551,795  
               
Data Processing & Outsourced Services - 2.0%        
16,119     ExlService Holdings, Inc. (a)     2,608,538  
               
Electric Utilities - 4.2%        
35,037     Constellation Energy Corp.     2,750,404  
169,335     PG&E Corp. (a)     2,738,147  
            5,488,551  
Health Care Distributors - 4.1%        
35,242     Cardinal Health, Inc.     2,660,771  
7,555     McKesson Corp.     2,689,958  
            5,350,729  
Health Care Facilities - 2.0%        
36,974     Acadia Healthcare Co., Inc. (a)     2,671,372  
               
Integrated Oil & Gas - 2.0%        
24,406     Exxon Mobil Corp.     2,676,362  
               
Oil & Gas Drilling - 3.9%        
64,872     Noble Corp. PLC ADR (a)(b)     2,560,498  
39,722     Valaris Ltd. ADR (a)(b)     2,584,313  
            5,144,811  

 

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

 

10

 

 

Alpha Architect U.S. Quantitative Momentum ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Shares         Value  
Oil & Gas Equipment & Services - 7.3%        
85,898     ChampionX Corp.   $ 2,330,413  
49,616     Schlumberger N.V. ADR (b)     2,436,146  
55,892     Tidewater, Inc. (a)     2,463,719  
39,812     Weatherford International PLC ADR (a)(b)     2,362,842  
            9,593,120  
Oil & Gas Exploration & Production - 9.7%        
33,464     Chesapeake Energy Corp.     2,544,603  
37,657     Civitas Resources, Inc.     2,573,479  
80,413     EQT Corp.     2,565,979  
19,590     Hess Corp.     2,592,541  
1,503     Texas Pacific Land Corp.     2,556,633  
            12,833,235  
Oil & Gas Refining & Marketing - 10.3%        
82,340     CVR Energy, Inc.     2,699,105  
53,053     HF Sinclair Corp.     2,566,704  
21,263     Marathon Petroleum Corp.     2,866,890  
60,293     PBF Energy, Inc. - Class A     2,614,304  
19,947     Valero Energy Corp.     2,784,601  
            13,531,604  
Oil & Gas Storage & Transportation - 1.9%        
43,592     Scorpio Tankers, Inc. ADR (b)     2,454,666  
               
Other Specialty Retail - 2.2%        
44,838     Academy Sports & Outdoors, Inc.     2,925,679  
               
Packaged Foods & Meats - 2.1%        
26,427     Lamb Weston Holdings, Inc.     2,762,150  
               
Personal Care Products - 2.2%        
35,586     elf Beauty, Inc. (a)     2,930,507  
               
Pharmaceuticals - 4.3%        
8,587     Eli Lilly & Co.     2,948,948  
25,030     Merck & Co., Inc.     2,662,942  
            5,611,890  
Semiconductors - 7.0%        
16,061     First Solar, Inc. (a)     3,493,267  
19,963     Impinj, Inc. (a)     2,705,386  
60,390     Rambus, Inc. (a)     3,095,591  
            9,294,244  
Specialized Consumer Services - 1.9%        
72,255     H&R Block, Inc.     2,546,989  
               
Specialty Chemicals - 1.7%        
10,366     Albemarle Corp.     2,291,301  

 

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

 

11

 

 

Alpha Architect U.S. Quantitative Momentum ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Shares         Value  
Steel - 5.7%        
65,750     ATI, Inc. (a)   $ 2,594,495  
51,183     Commercial Metals Co.     2,502,849  
21,155     Steel Dynamics, Inc.     2,391,784  
            7,489,128  
Technology Hardware, Storage & Peripherals - 2.1%        
26,550     Super Micro Computer, Inc. (a)     2,828,902  
               
      TOTAL COMMON STOCKS (Cost $137,014,413)     131,723,204  
               
MONEY MARKET FUNDS - 0.5%        
667,693     First American Government Obligations Fund - Class X, 4.64% (c)     667,693  
      TOTAL MONEY MARKET FUNDS (Cost $667,693)     667,693  
               
      TOTAL INVESTMENTS (Cost $137,682,106) - 100.2%     132,390,897  
      Liabilities in Excess of Other Assets - (0.2%)     (233,010 )
      TOTAL NET ASSETS - 100.0%   $ 132,157,887  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) Rate shown is the 7-day effective yield.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

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

 

12

 

 

Alpha Architect International Quantitative Momentum ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 96.8%        
Australia - 17.5%        
45,784     BHP Group Ltd.   $ 1,445,440  
95,858     Fortescue Metals Group Ltd.     1,441,074  
589,558     Incitec Pivot Ltd.     1,233,500  
377,755     New Hope Corp. Ltd.     1,434,257  
250,292     Origin Energy Ltd.     1,386,979  
33,909     Pro Medicus Ltd.     1,447,706  
138,954     Technology One Ltd.     1,350,529  
282,138     Whitehaven Coal Ltd.     1,269,244  
132,455     Worley Ltd.     1,275,853  
            12,284,582  
Bermuda - 1.8%        
219,824     Hafnia Ltd.     1,253,462  
               
Denmark - 6.3%        
19,700     D/S Norden A/S     1,322,635  
30,106     NKT A/S (a)     1,564,608  
9,558     Novo Nordisk A/S - Class B     1,510,780  
            4,398,023  
France - 1.7%        
96,753     Vallourec S.A. (a)     1,219,276  
               
Germany - 13.3%        
45,521     Aixtron SE     1,541,754  
132,271     Deutsche Lufthansa AG (a)     1,471,782  
41,521     Hensoldt AG     1,494,987  
4,018     Muenchener Rueckversicherungs-Gesellschaft AG     1,405,306  
5,288     Rheinmetall AG     1,569,058  
17,707     SMA Solar Technology AG (a)     1,900,169  
            9,383,056  
Ireland - 3.6%        
318,114     AIB Group PLC     1,290,975  
125,142     Bank of Ireland Group PLC     1,265,426  
            2,556,401  
Italy - 6.1%        
136,290     BFF Bank S.p.A. (b)     1,352,435  
122,614     Leonardo S.p.A.     1,438,794  
35,540     Prysmian S.p.A.     1,491,625  
            4,282,854  
Japan - 11.7%        
57,544     Amvis Holdings, Inc.     1,330,522  
16,050     Goldwin, Inc.     1,523,103  
52,240     IHI Corp.     1,306,246  
37,240     Japan Petroleum Exploration Co., Ltd.     1,252,319  
342,710     Mitsubishi Motors Corp. (a)     1,347,352  
98,920     Takashimaya Co., Ltd.     1,440,123  
            8,199,665  

 

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

 

13

 

 

Alpha Architect International Quantitative Momentum ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Shares         Value  
Netherlands - 4.0%        
3,723     Argenx SE (a)   $ 1,375,614  
41,334     OCI N.V.     1,401,289  
            2,776,903  
Portugal - 1.8%        
112,501     Galp Energia SGPS S.A.     1,276,202  
               
Singapore - 10.0%        
1,833,370     Genting Singapore Ltd.     1,542,962  
63,465     Jardine Cycle & Carriage Ltd.     1,491,723  
339,775     Keppel Corp. Ltd.     1,437,431  
14,576,751     Sembcorp Marine Ltd. (a)     1,303,452  
1,413,550     Yangzijiang Shipbuilding Holdings Ltd.     1,274,617  
            7,050,185  
Spain - 11.4%        
7,414     Acciona S.A.     1,485,084  
44,398     ACS Actividades de Construccion y Servicios S.A.     1,413,198  
322,819     CaixaBank S.A.     1,254,754  
86,825     Repsol S.A.     1,335,690  
414,949     Sacyr S.A.     1,332,042  
1,097,855     Unicaja Banco S.A. (b)     1,176,341  
            7,997,109  
Sweden - 4.1%        
23,847     Saab AB - Class B     1,449,798  
198,784     SSAB AB     1,415,754  
            2,865,552  
United Kingdom - 3.5%        
74,783     Indivior PLC (a)     1,277,687  
38,970     TORM PLC - Class A     1,195,874  
            2,473,561  
      TOTAL COMMON STOCKS (Cost $64,632,238)     68,016,831  
               
PREFERRED STOCKS - 2.1%        
Germany - 2.1%        
11,439     Dr. Ing. h.c. F. Porsche AG     1,463,866  
      TOTAL PREFERRED STOCKS (Cost $1,305,471)     1,463,866  
               
MONEY MARKET FUNDS - 0.5%        
382,319     First American Government Obligations Fund - Class X, 4.64% (c)     382,319  
      TOTAL MONEY MARKET FUNDS (Cost $382,319)     382,319  
               
      TOTAL INVESTMENTS (Cost $66,320,028) - 99.4%     69,863,016  
      Other Assets in Excess of Liabilities - 0.6%     425,688  
      TOTAL NET ASSETS - 100.0%   $ 70,288,704  

 

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

 

14

 

 

Alpha Architect International Quantitative Momentum ETF
Schedule of Investments (Continued)
March 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) 144A restricted security.
(c) Rate shown is the 7-day effective yield.

 

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

 

15

 

 

Alpha Architect Value Momentum Trend ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Shares         Value  
INVESTMENT COMPANIES - 102.6%        
International Developed Equity - 36.9%        
227,697     Alpha Architect International Quantitative Momentum ETF (a)(b)   $ 6,021,425  
334,317     Alpha Architect International Quantitative Value ETF (a)(b)(c)     7,841,940  
            13,863,365  
U.S. Equity - 65.7%        
255,201     Alpha Architect U.S. Quantitative Momentum ETF (a)(b)(c)     11,503,466  
389,216     Alpha Architect U.S. Quantitative Value ETF (a)(b)(c)     13,167,177  
            24,670,643  
      TOTAL INVESTMENT COMPANIES (Cost $39,345,514)     38,534,008  
               
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.1%        
1,899,150     First American Government Obligations Fund - Class X, 4.64% (d)     1,899,150  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,899,150)     1,899,150  
               
MONEY MARKET FUNDS - 0.4%        
166,951     First American Government Obligations Fund - Class X, 4.64% (d)     166,951  
      TOTAL MONEY MARKET FUNDS (Cost $166,951)     166,951  
               
      TOTAL INVESTMENTS (Cost $41,411,615) - 108.1%     40,600,109  
      TOTAL SECURITIES SOLD SHORT (Proceeds $34,011,651) - (90.2%)     (33,880,859 )
      Other Assets in Excess of Liabilities - 82.1%     30,838,482  
      TOTAL NET ASSETS - 100.0%   $ 37,557,732  

 

Percentages are stated as a percent of net assets.

 

(a) Affiliated fund.
(b) All or a portion of these securities have been segregated as collateral for broker agreements. The total value of securities segregated amounted to $17,235,324.
(c) This security or a portion of this security was out on loan as of March 31, 2023. Total loaned securities had a market value of $1,866,316 as of March 31, 2023.
(d) Rate shown is the 7-day effective yield.

 

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

 

16

 

 

Alpha Architect Value Momentum Trend ETF
Schedule of Securities Sold Short
March 31, 2023 (Unaudited)

 

Shares         Value  
INVESTMENT COMPANIES - 90.2%        
99,665     iShares MSCI EAFE ETF   $ 7,128,041  
65,348     SPDR S&P 500 ETF Trust     26,752,818  
      TOTAL INVESTMENT COMPANIES (Proceeds $34,011,651)   $ 33,880,859  

 

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

 

17

 

 

Alpha Architect High Inflation and Deflation ETF
Schedule of Investments
March 31, 2023 (Unaudited)

 

Principal Amount         Effective
Yield		     Maturity
Date		   Value  
SHORT TERM INVESTMENTS - 100.0%                  
U.S. Treasury Bills - 99.7%                  
512,000     United States Treasury Bill (a)   3.68%     4/6/2023   $ 511,692  
614,000     United States Treasury Bill (a)   4.18%     4/13/2023     613,093  
409,000     United States Treasury Bill (a)   4.35%     4/20/2023     408,033  
870,000     United States Treasury Bill (a)   4.43%     5/4/2023     866,443  
2,471,000     United States Treasury Bill (a)   4.62%     5/18/2023     2,456,166  
224,000     United States Treasury Bill (a)   4.67%     5/25/2023     222,444  
1,548,000     United States Treasury Bill (a)   4.71%     6/1/2023     1,536,476  
2,700,000     United States Treasury Bill (a)   4.61%     6/6/2023     2,678,213  
475,000     United States Treasury Bill (a)   4.85%     6/8/2023     471,030  
908,000     United States Treasury Bill (a)   4.46%     6/13/2023     899,842  
615,000     United States Treasury Bill (a)   4.44%     6/15/2023     609,224  
384,000     United States Treasury Bill (a)   4.49%     6/22/2023     380,062  
711,000     United States Treasury Bill (a)   4.56%     6/27/2023     703,307  
3,117,000     United States Treasury Bill (a)   4.63%     6/29/2023     3,082,076  
      TOTAL U.S. TREASURY BILLS (Cost $15,436,408)               15,438,101  
                         
Money Market Deposit Account - 0.3%                  
49,942     U.S. Bank Money Market Deposit Account, 4.48% (b)               49,942  
      TOTAL SHORT TERM INVESTMENTS (Cost $15,486,350)               15,488,043  
                         
      TOTAL INVESTMENTS (Cost $15,486,350) - 100.0%               15,488,043  
      Liabilities in Excess of Other Assets - (0.0%) (c)               (2,948 )
      TOTAL NET ASSETS - 100.0%             $ 15,485,095  

 

Percentages are stated as a percent of net assets.

 

(a) Zero coupon bond.
(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of March 31, 2023.
(c) Represents less than 0.05% of net assets.

 

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

 

18

 

 

ALPHA ARCHITECT ETFs

 

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023 (Unaudited)

 

    Alpha
Architect U.S.
Quantitative
Value
ETF		    

Alpha

Architect
International
Quantitative
Value
ETF

  
Assets:                
Investments in securities, at value   $ 245,079,015     $ 129,106,049  
Dividends and interest receivable     66,194       2,001,516  
Securities lending income receivable (Note 4)     6       -  
Foreign currency, at value     -       1,865  
Spot trade receivable     -       978  
Total assets     245,145,215       131,110,408  
Liabilities:                
Accrued investment advisory fees     79,830       54,073  
Total liabilities     79,830       54,073  
Net Assets   $ 245,065,385     $ 131,056,335  
                 
Net Assets Consist of:                
Paid-in capital   $ 339,384,016     $ 214,873,518  
Total distributable earnings (accumulated deficit)     (94,318,631 )     (83,817,183 )
Net Assets:   $ 245,065,385     $ 131,056,335  
                 
Calculation of Net Asset Value Per Share:                
Net Assets   $ 245,065,385     $ 131,056,335  
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value)     7,240,000       5,625,000  
Net Asset Value per Share   $ 33.85     $ 23.30  
                 
Cost of Investments in Securities   $ 231,889,256     $ 127,988,109  
Cost of Foreign Currency   $ -     $ 4,996  

 

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

 

19

 

 

ALPHA ARCHITECT ETFs

 

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

March 31, 2023 (Unaudited)

 

    Alpha
Architect U.S.
Quantitative
Momentum
ETF		    

Alpha
Architect

International
Quantitative
Momentum
ETF

  
Assets:                
Investments in securities, at value   $ 132,390,897     $ 69,863,016  
Dividends and interest receivable     92,458       453,214  
Total assets     132,483,355       70,316,230  
Liabilities:                
Payable for investment securities purchased     283,452       -  
Accrued investment advisory fees     42,016       27,507  
Spot trade payable     -       18  
Foreign currency, at value     -