Page | ||||||||
Performance
Summary and Portfolio Allocation |
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SEPTEMBER 30,
2023 |
SEPTEMBER 30,
2023 |
SEPTEMBER 30,
2023 |
SEPTEMBER 30,
2023 |
SEPTEMBER 30,
2023 |
Average Annual Return* | ||||||||||||||||||||
Since Inception | ||||||||||||||||||||
1 Year | 5 Year | (October 21, 2014) | ||||||||||||||||||
Alpha Architect U.S. Quantitative Value ETF - NAV | 30.39% | 5.69% | 6.23% | |||||||||||||||||
Alpha
Architect U.S. Quantitative Value ETF - Market |
30.11% | 5.69% | 6.22% | |||||||||||||||||
Solactive
GBS U.S. 1000 Index |
20.60% | 9.07% | 10.44% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | ||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on October 21,
2014. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | ||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Energy | 38.7%² | |||||||
Consumer Discretionary | 27.2%² | |||||||
Industrials | 17.8% | |||||||
Materials | 4.1% | |||||||
Information Technology | 4.0% | |||||||
Communication Services | 3.8% | |||||||
Health Care | 2.1% | |||||||
Consumer Staples | 2.1% | |||||||
Other3 |
0.2% | |||||||
Total | 100.0% |
Average Annual Return* | ||||||||||||||||||||
Since Inception | ||||||||||||||||||||
1 Year | 5 Year |
(December
16, 2014) | ||||||||||||||||||
Alpha
Architect International Quantitative Value ETF - NAV |
30.86% |
-1.00% |
2.68% | |||||||||||||||||
Alpha
Architect International Quantitative Value ETF - Market |
30.73% |
-1.00% |
2.66% | |||||||||||||||||
Solactive Developed Markets ex N.A. Large and Mid Cap Index | 25.22% | 3.16% | 4.41% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | ||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on December 16,
2014. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | ||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Consumer Discretionary | 32.4%² | |||||||
Energy | 22.7% | |||||||
Industrials | 18.4% | |||||||
Materials | 13.4% | |||||||
Utilities | 5.9% | |||||||
Information Technology | 4.1% | |||||||
Consumer Staples | 1.9% | |||||||
Other3 |
1.2% | |||||||
Total | 100.0% |
Average Annual Return* | ||||||||||||||||||||
Since Inception | ||||||||||||||||||||
1 Year | 5 Year |
(December
1, 2015) | ||||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF - NAV |
-0.71% |
5.28% | 7.54% | |||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF - Market |
-0.82% |
5.28% | 7.54% | |||||||||||||||||
Solactive
GBS U.S. 1000 Index |
20.60% | 9.07% | 10.71% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | ||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on December 1,
2015. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | ||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Consumer Discretionary | 29.6%² | |||||||
Industrials | 27.7%² | |||||||
Information Technology | 16.0% | |||||||
Energy | 8.6% | |||||||
Financials | 6.5% | |||||||
Health Care | 6.0% | |||||||
Materials | 2.0% | |||||||
Communication Services | 1.8% | |||||||
Consumer Staples | 1.7% | |||||||
Other3 |
0.1% | |||||||
Total | 100.0% |
Average Annual Return* | ||||||||||||||||||||
Since Inception | ||||||||||||||||||||
1 Year | 5 Year |
(December
22, 2015) | ||||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF - NAV |
13.50% |
-1.03% |
1.24% | |||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF - Market |
13.88% |
-1.09% |
1.26% | |||||||||||||||||
Solactive
Developed Markets ex N.A. Large & Mid Cap Index |
25.22% | 3.16% | 5.14% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | ||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on December 22,
2015. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | ||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Financials | 33.1%² | |||||||
Consumer Discretionary | 21.5% | |||||||
Information Technology | 13.7% | |||||||
Materials | 11.7% | |||||||
Industrials | 5.9% | |||||||
Utilities | 5.9% | |||||||
Communication Services | 4.0% | |||||||
Health Care | 3.6% | |||||||
Other³ | 0.6% | |||||||
Total | 100.0% |
Average Annual Return* | ||||||||||||||||||||
Since Inception | ||||||||||||||||||||
1 Year | 5 Year | (May 2, 2017) | ||||||||||||||||||
Alpha
Architect Value Momentum Trend ETF - NAV |
-7.75% |
-4.00% |
-0.65% | |||||||||||||||||
Alpha
Architect Value Momentum Trend ETF - Market |
-7.68% |
-4.00% |
-0.66% | |||||||||||||||||
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 |
17.50% | 5.18% | 5.99% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | ||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on May 2, 2017.
Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | ||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Investment
Companies |
98.7% | |||||||
Other2 |
1.3% | |||||||
Total | 100.0% |
Cumulative
Return | |||||||||||||||||
Since Inception | |||||||||||||||||
(November
16, 2022) | |||||||||||||||||
Alpha Architect High Inflation and Deflation ETF - NAV | 0.69% | ||||||||||||||||
Alpha
Architect High Inflation and Deflation ETF - Market |
0.67% | ||||||||||||||||
Solactive U.S. Aggregate Bond Index |
-1.13% | ||||||||||||||||
See “Index Overview” section for a description of the Index. | |||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on November 16,
2022. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original
cost. | |||||||||||||||||
Sector1 |
% Net Assets | |||||||
U.S. Treasury Bills | 87.1% | |||||||
Investment Companies | 12.4% | |||||||
Other² | 0.5% | |||||||
Total | 100.0% |
Average Annual Return* | |||||||||||||||||||||||
Since Conversion | Since Inception | ||||||||||||||||||||||
7
Months |
(March 6, 2023) | 1 Year | 5 Year | 10 Year | (August 14, 2013) | ||||||||||||||||||
Alpha Architect Tail Risk ETF - NAV |
7.32% |
5.61% | 16.18% | 3.19% | 3.24% | 3.25% | |||||||||||||||||
Alpha
Architect Tail Risk ETF - Market |
7.31% |
5.62% | 16.17% | 3.19% | 3.24% | 3.25% | |||||||||||||||||
S&P
500 Total Return Index |
9.04% |
6.90% | 21.62% | 9.92% | 11.91% | 11.76% | |||||||||||||||||
See “Index Overview” section for a description of the Index. | |||||||||||||||||||||||
*This
chart assumes an initial gross investment of $10,000 made on August 14,
2013. Returns shown include the dividends. Past
performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original cost.
The Fund converted from a mutual fund to an ETF on March 6, 2023. The Fund
has adopted the mutual fund’s prior performance for the periods before the
conversion. | |||||||||||||||||||||||
Sector1 |
% Net Assets | |||||||
Purchased Options | 82.5% | |||||||
Affiliated
Investment Companies |
65.2% | |||||||
Other² |
(47.7%) | |||||||
Total | 100.0% |
Alpha Architect U.S. Quantitative Value ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | ||||||||||
COMMON STOCKS - 99.8% | |||||||||||
Agricultural & Farm Machinery - 1.9% | |||||||||||
45,624 | AGCO Corp. | $ | 5,396,406 | ||||||||
Air Freight & Logistics - 2.0% | |||||||||||
69,490 | Hub Group, Inc. - Class A (a) | 5,457,745 | |||||||||
Automotive Retail - 2.1% | |||||||||||
21,405 | Group 1 Automotive, Inc. | 5,751,738 | |||||||||
Biotechnology - 2.1% | |||||||||||
25,483 | United Therapeutics Corp. (a) | 5,755,845 | |||||||||
Broadcasting - 3.8% | |||||||||||
175,210 | Fox Corp. - Class A | 5,466,552 | |||||||||
348,722 | TEGNA, Inc. | 5,080,880 | |||||||||
10,547,432 | |||||||||||
Broadline Retail - 2.1% | |||||||||||
500,347 | Macy's, Inc. | 5,809,029 | |||||||||
Building Products - 4.0% | |||||||||||
41,160 | Owens Corning | 5,614,636 | |||||||||
54,666 | UFP Industries, Inc. | 5,597,798 | |||||||||
11,212,434 | |||||||||||
Coal & Consumable Fuels - 4.3% | |||||||||||
57,012 | CONSOL Energy, Inc. | 5,981,129 | |||||||||
230,887 | Peabody Energy Corp. | 6,000,753 | |||||||||
11,981,882 | |||||||||||
Construction Machinery & Heavy Transportation Equipment - 2.0% | |||||||||||
93,946 | Terex Corp. | 5,413,169 | |||||||||
Electrical Components & Equipment - 2.0% | |||||||||||
37,918 | Atkore, Inc. (a) | 5,656,986 | |||||||||
Electronic Components - 2.0% | |||||||||||
224,441 | Vishay Intertechnology, Inc. | 5,548,182 | |||||||||
Homebuilding - 19.2% | |||||||||||
20,240 | Cavco Industries, Inc. (a) | 5,376,958 | |||||||||
49,993 | D.R. Horton, Inc. | 5,372,748 | |||||||||
117,380 | KB Home | 5,432,346 | |||||||||
47,796 | Lennar Corp. - Class A | 5,364,145 | |||||||||
43,935 | Meritage Homes Corp. | 5,377,205 | |||||||||
73,608 | PulteGroup, Inc. | 5,450,672 | |||||||||
80,607 | Skyline Champion Corp. (a) | 5,136,278 | |||||||||
124,793 | Taylor Morrison Home Corp. (a) | 5,317,430 | |||||||||
71,497 | Toll Brothers, Inc. | 5,287,918 | |||||||||
194,883 | Tri Pointe Homes, Inc. (a) | 5,330,050 | |||||||||
53,445,750 | |||||||||||
Industrial Machinery & Supplies & Components - 2.1% | |||||||||||
76,047 | Mueller Industries, Inc. | 5,715,693 |
Alpha Architect U.S. Quantitative Value ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
Shares | Value | ||||||||||
Integrated Oil & Gas - 2.0% | |||||||||||
47,865 | Exxon Mobil Corp. | $ | 5,627,967 | ||||||||
Oil & Gas Equipment & Services - 2.0% | |||||||||||
305,124 | Liberty Energy, Inc. | 5,650,896 | |||||||||
Oil & Gas Exploration & Production - 14.1% | |||||||||||
147,076 | Callon Petroleum Co. (a) | 5,753,613 | |||||||||
35,257 | Chord Energy Corp. | 5,714,102 | |||||||||
42,516 | EOG Resources, Inc. | 5,389,328 | |||||||||
134,271 | EQT Corp. | 5,448,717 | |||||||||
123,073 | Murphy Oil Corp. | 5,581,361 | |||||||||
174,529 | Range Resources Corp. | 5,656,485 | |||||||||
142,488 | SM Energy Co. | 5,649,649 | |||||||||
39,193,255 | |||||||||||
Oil & Gas Refining & Marketing - 10.1% | |||||||||||
162,862 | CVR Energy, Inc. | 5,542,194 | |||||||||
36,410 | Marathon Petroleum Corp. | 5,510,289 | |||||||||
164,969 | Par Pacific Holdings, Inc. (a) | 5,928,986 | |||||||||
103,633 | PBF Energy, Inc. - Class A | 5,547,474 | |||||||||
39,034 | Valero Energy Corp. | 5,531,508 | |||||||||
28,060,451 | |||||||||||
Oil & Gas Storage & Transportation - 6.2% | |||||||||||
33,867 | Cheniere Energy, Inc. | 5,620,567 | |||||||||
131,116 | International Seaways, Inc. ADR (b) | 5,900,220 | |||||||||
103,859 | Scorpio Tankers, Inc. ADR (b) | 5,620,849 | |||||||||
17,141,636 | |||||||||||
Other Specialty Retail - 3.8% | |||||||||||
111,690 | Academy Sports & Outdoors, Inc. | 5,279,586 | |||||||||
73,204 | Signet Jewelers Ltd. ADR (b) | 5,256,779 | |||||||||
10,536,365 | |||||||||||
Packaged Foods & Meats - 2.1% | |||||||||||
121,264 | Cal-Maine Foods, Inc. | 5,871,603 | |||||||||
Passenger Airlines - 3.8% | |||||||||||
420,481 | American Airlines Group, Inc. (a) | 5,386,362 | |||||||||
122,471 | United Airlines Holdings, Inc. (a) | 5,180,523 | |||||||||
10,566,885 | |||||||||||
Steel - 4.1% | |||||||||||
108,029 | Commercial Metals Co. | 5,337,713 | |||||||||
56,489 | Steel Dynamics, Inc. | 6,056,751 | |||||||||
11,394,464 | |||||||||||
Technology Distributors - 2.0% | |||||||||||
44,278 | Arrow Electronics, Inc. (a) | 5,545,377 | |||||||||
TOTAL COMMON STOCKS (Cost $259,648,789) | 277,281,190 | ||||||||||
Alpha Architect U.S. Quantitative Value ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
Shares | Value | ||||||||||
MONEY MARKET FUNDS - 0.2% | |||||||||||
506,480 | First American Government Obligations Fund - Class X, 5.26% (c) | $ | 506,480 | ||||||||
TOTAL MONEY MARKET FUNDS (Cost $506,480) | 506,480 | ||||||||||
TOTAL INVESTMENTS (Cost $260,155,269) - 100.0% | 277,787,670 | ||||||||||
Other Assets in Excess of Liabilities - 0.0% (d) | 65,184 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 277,852,854 |
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. |
Alpha Architect International Quantitative Value ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | ||||||||||
COMMON STOCKS - 98.8% | |||||||||||
Australia - 14.0% | |||||||||||
245,939 | Fortescue Metals Group Ltd. | $ | 3,308,009 | ||||||||
101,551 | JB Hi-Fi Ltd. | 2,965,575 | |||||||||
803,961 | New Hope Corp. Ltd. | 3,282,361 | |||||||||
1,029,572 | Pilbara Minerals Ltd. | 2,846,444 | |||||||||
792,236 | Qantas Airways Ltd. (a) | 2,638,528 | |||||||||
710,895 | Whitehaven Coal Ltd. | 3,249,769 | |||||||||
124,303 | Woodside Energy Group Ltd. | 2,916,305 | |||||||||
21,206,991 | |||||||||||
Austria - 5.7% | |||||||||||
63,800 | OMV AG | 3,056,950 | |||||||||
101,853 | voestalpine AG | 2,782,557 | |||||||||
110,996 | Wienerberger AG | 2,821,107 | |||||||||
8,660,614 | |||||||||||
Bermuda - 2.1% | |||||||||||
509,028 | Hafnia Ltd. | 3,166,955 | |||||||||
France - 7.4% | |||||||||||
200,854 | Air France-KLM (a) | 2,526,575 | |||||||||
97,206 | Cie Generale des Etablissements Michelin SCA | 2,987,555 | |||||||||
130,673 | Rexel S.A. | 2,942,681 | |||||||||
224,549 | Vallourec SACA (a) | 2,744,395 | |||||||||
11,201,206 | |||||||||||
Italy - 1.8% | |||||||||||
102,377 | Buzzi S.p.A. | 2,805,531 | |||||||||
Japan - 44.1% | |||||||||||
285,911 | Amada Co., Ltd. | 2,878,433 | |||||||||
60,864 | Ebara Corp. | 2,854,629 | |||||||||
366,615 | Fujikura Ltd. | 2,947,590 | |||||||||
58,364 | Horiba Ltd. | 3,161,123 | |||||||||
211,521 | Inpex Corp. | 3,193,197 | |||||||||
236,746 | Isuzu Motors Ltd. | 2,979,128 | |||||||||
90,249 | Japan Petroleum Exploration Co., Ltd. | 3,400,039 | |||||||||
66,027 | Macnica Holdings, Inc. | 3,106,061 | |||||||||
290,039 | Mazda Motor Corp. | 3,292,634 | |||||||||
786,702 | Mitsubishi Motors Corp. | 3,429,187 | |||||||||
130,535 | Niterra Co., Ltd. | 2,955,905 | |||||||||
88,410 | Open House Group Co., Ltd. | 3,001,822 | |||||||||
68,550 | Sankyo Co., Ltd. | 3,144,016 | |||||||||
197,026 | Sanwa Holdings Corp. | 2,621,036 | |||||||||
95,648 | Shin-Etsu Chemical Co., Ltd. | 2,779,706 | |||||||||
158,397 | Subaru Corp. | 3,080,177 | |||||||||
120,066 | Sumitomo Heavy Industries Ltd. | 3,046,643 |
Alpha Architect International Quantitative Value ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
Shares | Value | ||||||||||
77,012 | Suzuki Motor Corp. | $ | 3,100,269 | ||||||||
130,185 | Tokyo Gas Co., Ltd. | 2,954,077 | |||||||||
266,263 | Tokyo Steel Manufacturing Co., Ltd. | 3,002,229 | |||||||||
161,822 | Toyota Boshoku Corp. | 2,951,865 | |||||||||
116,569 | Yamaha Motor Co., Ltd. | 3,066,333 | |||||||||
66,946,099 | |||||||||||
Luxembourg - 1.9% | |||||||||||
185,899 | Tenaris S.A. | 2,945,178 | |||||||||
Netherlands - 5.7% | |||||||||||
215,578 | CNH Industrial N.V. ADR | 2,608,494 | |||||||||
308,592 | Iveco Group N.V. (a) | 2,891,307 | |||||||||
163,556 | Stellantis N.V. ADR (b) | 3,128,826 | |||||||||
8,628,627 | |||||||||||
Spain - 4.1% | |||||||||||
147,582 | Endesa S.A. | 3,007,499 | |||||||||
191,728 | Repsol S.A. | 3,156,108 | |||||||||
6,163,607 | |||||||||||
United Kingdom - 11.9% | |||||||||||
538,432 | Barratt Developments PLC | 2,897,784 | |||||||||
59,984 | Berkeley Group Holdings PLC | 3,005,787 | |||||||||
489,791 | BP PLC | 3,175,634 | |||||||||
92,855 | British American Tobacco PLC | 2,919,562 | |||||||||
1,597,544 | Centrica PLC | 3,010,501 | |||||||||
2,133,983 | Taylor Wimpey PLC | 3,054,126 | |||||||||
18,063,394 | |||||||||||
TOTAL COMMON STOCKS (Cost $145,604,439) | 149,788,202 | ||||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.5% | |||||||||||
790,000 |
First
American Government Obligations Fund - Class X, 5.26% (c) |
790,000 | |||||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $790,000) | 790,000 | ||||||||||
SHORT-TERM INVESTMENTS - 0.3% | |||||||||||
MONEY MARKET FUNDS - 0.3% | |||||||||||
440,434 |
First
American Government Obligations Fund - Class X, 5.26% (c) |
440,434 | |||||||||
TOTAL MONEY MARKET FUNDS (Cost $440,434) | 440,434 | ||||||||||
TOTAL INVESTMENTS (Cost $146,834,873) - 99.6% | 151,018,636 | ||||||||||
Other Assets in Excess of Liabilities - 0.4% | 659,070 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 151,677,706 |
Alpha Architect International Quantitative Value ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
ADR - American Depositary Receipt | ||
PLC - Public Limited Company | ||
(a)
Non-income producing security. | ||
(b) This security or a portion of this security was out on loan as of September 30, 2023. Total loaned securities had a market value of $765,200 as of September 30, 2023. | ||
(c)
Rate shown is the 7-day effective
yield. |
Alpha Architect U.S. Quantitative Momentum ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | |||||||||||||
COMMON STOCKS - 99.9% | ||||||||||||||
Apparel Retail - 4.4% | ||||||||||||||
57,886 | Abercrombie & Fitch Co. - Class A (a) | $ | 3,263,035 | |||||||||||
94,309 | Urban Outfitters, Inc. (a) | 3,082,962 | ||||||||||||
6,345,997 | ||||||||||||||
Application Software - 3.8% | ||||||||||||||
15,942 | Appfolio, Inc. - Class A (a) | 2,911,487 | ||||||||||||
91,392 | DoubleVerify Holdings, Inc. (a) | 2,554,406 | ||||||||||||
5,465,893 | ||||||||||||||
Automotive Parts & Equipment - 2.0% | ||||||||||||||
63,416 | Modine Manufacturing Co. (a) | 2,901,282 | ||||||||||||
Biotechnology - 4.1% | ||||||||||||||
24,227 | Krystal Biotech, Inc. (a) | 2,810,332 | ||||||||||||
264,187 | Roivant Sciences Ltd. ADR (a)(b) | 3,085,704 | ||||||||||||
5,896,036 | ||||||||||||||
Building Products - 3.8% | ||||||||||||||
21,407 | Builders FirstSource, Inc. (a) | 2,664,957 | ||||||||||||
21,355 | Owens Corning | 2,913,036 | ||||||||||||
5,577,993 | ||||||||||||||
Cargo Ground Transportation - 2.0% | ||||||||||||||
7,242 | Saia, Inc. (a) | 2,887,023 | ||||||||||||
Casinos & Gaming - 3.9% | ||||||||||||||
96,307 | International Game Technology PLC (b) | 2,920,028 | ||||||||||||
30,455 | Wynn Resorts Ltd. | 2,814,347 | ||||||||||||
5,734,375 | ||||||||||||||
Communications Equipment - 1.9% | ||||||||||||||
112,639 | Extreme Networks, Inc. (a) | 2,726,990 | ||||||||||||
Construction & Engineering - 5.8% | ||||||||||||||
16,586 | Comfort Systems USA, Inc. | 2,826,420 | ||||||||||||
13,688 | EMCOR Group, Inc. | 2,879,818 | ||||||||||||
37,314 | Sterling Infrastructure, Inc. (a) | 2,741,833 | ||||||||||||
8,448,071 | ||||||||||||||
Construction Machinery & Heavy Transportation Equipment - 4.1% | ||||||||||||||
50,915 | Allison Transmission Holdings, Inc. | 3,007,040 | ||||||||||||
50,141 | Terex Corp. | 2,889,124 | ||||||||||||
5,896,164 | ||||||||||||||
Copper - 2.0% | ||||||||||||||
38,032 | Southern Copper Corp. | 2,863,429 | ||||||||||||
Diversified Banks - 2.2% | ||||||||||||||
448,157 | NU Holdings Ltd. - Class A ADR (a)(b) | 3,249,138 | ||||||||||||
Electrical Components & Equipment - 6.0% | ||||||||||||||
20,103 | Atkore, Inc. (a) | 2,999,167 | ||||||||||||
29,393 | EnerSys | 2,782,635 | ||||||||||||
54,277 | nVent Electric PLC ADR (b) | 2,876,138 | ||||||||||||
8,657,940 |
Alpha Architect U.S. Quantitative Momentum ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
Shares | Value | |||||||||||||
Electronic Equipment & Instruments - 2.0% | ||||||||||||||
51,470 | Crane NXT Co. | $ | 2,860,188 | |||||||||||
Electronic Manufacturing Services - 2.3% | ||||||||||||||
26,694 | Jabil, Inc. | 3,387,202 | ||||||||||||
Footwear - 2.0% | ||||||||||||||
5,837 | Deckers Outdoor Corp. (a) | 3,000,743 | ||||||||||||
Health Care Equipment - 1.9% | ||||||||||||||
11,467 | Penumbra, Inc. (a) | 2,773,982 | ||||||||||||
Homebuilding - 15.3% | ||||||||||||||
25,891 | D.R. Horton, Inc. | 2,782,506 | ||||||||||||
60,723 | KB Home | 2,810,260 | ||||||||||||
25,756 | Lennar Corp. - Class A | 2,890,596 | ||||||||||||
31,545 | M/I Homes, Inc. (a) | 2,651,042 | ||||||||||||
22,199 | Meritage Homes Corp. | 2,716,936 | ||||||||||||
37,568 | PulteGroup, Inc. | 2,781,910 | ||||||||||||
65,245 | Taylor Morrison Home Corp. (a) | 2,780,089 | ||||||||||||
37,650 | Toll Brothers, Inc. | 2,784,594 | ||||||||||||
22,197,933 | ||||||||||||||
Hotels, Resorts & Cruise Lines - 2.0% | ||||||||||||||
31,029 | Royal Caribbean Cruises Ltd. ADR (a)(b) | 2,859,012 | ||||||||||||
Industrial Conglomerates - 2.0% | ||||||||||||||
26,852 | General Electric Co. | 2,968,489 | ||||||||||||
Movies & Entertainment - 1.8% | ||||||||||||||
7,081 | Netflix, Inc. (a) | 2,673,786 | ||||||||||||
Oil & Gas Drilling - 2.0% | ||||||||||||||
57,390 | Noble Corp. PLC ADR (b) | 2,906,804 | ||||||||||||
Oil & Gas Equipment & Services - 6.6% | ||||||||||||||
162,986 | TechnipFMC PLC ADR (b) | 3,315,135 | ||||||||||||
45,862 | Tidewater, Inc. (a) | 3,259,412 | ||||||||||||
34,159 | Weatherford International PLC ADR (a)(b) | 3,085,582 | ||||||||||||
9,660,129 | ||||||||||||||
Personal Care Products - 1.7% | ||||||||||||||
22,078 | elf Beauty, Inc. (a) | 2,424,827 | ||||||||||||
Property & Casualty Insurance - 2.2% | ||||||||||||||
39,796 | Arch Capital Group Ltd. ADR (a)(b) | 3,172,139 | ||||||||||||
Semiconductor Materials & Equipment - 1.8% | ||||||||||||||
16,037 | Axcelis Technologies, Inc. (a) | 2,614,833 | ||||||||||||
Semiconductors - 2.1% | ||||||||||||||
53,938 | Rambus, Inc. (a) | 3,009,201 | ||||||||||||
Technology Hardware, Storage & Peripherals - 2.1% | ||||||||||||||
11,189 | Super Micro Computer, Inc. (a) | 3,068,248 | ||||||||||||
Trading Companies & Distributors - 4.0% | ||||||||||||||
28,207 | Boise Cascade Co. | 2,906,449 | ||||||||||||
82,832 | FTAI Aviation Ltd. ADR (b) | 2,944,678 | ||||||||||||
5,851,127 |
Alpha Architect U.S. Quantitative Momentum ETF | ||
Schedule of Investments (Continued) | ||
September 30,
2023 |
Shares | Value | |||||||||||||
Transaction & Payment Processing Services - 2.1% | ||||||||||||||
122,915 | Remitly Global, Inc. (a) | $ | 3,099,916 | |||||||||||
TOTAL COMMON STOCKS (Cost $145,609,014) | 145,178,890 | |||||||||||||
MONEY MARKET FUNDS - 0.1% | ||||||||||||||
182,039 | First American Government Obligations Fund - Class X, 5.26% (c) | 182,039 | ||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $182,039) | 182,039 | |||||||||||||
TOTAL INVESTMENTS (Cost $145,791,053) - 100.0% | 145,360,929 | |||||||||||||
Liabilities in Excess of Other Assets - (0.0%) (d) | (39,930) | |||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 145,320,999 |
(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. |
Alpha Architect International Quantitative Momentum ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | |||||||||||||
COMMON STOCKS - 99.4% | ||||||||||||||
Cayman Islands - 1.9% | ||||||||||||||
140,037 | Melco Resorts & Entertainment Ltd. ADR (a) | $ | 1,384,966 | |||||||||||
Denmark - 2.1% | ||||||||||||||
14,687 | Pandora A/S | 1,523,153 | ||||||||||||
France - 11.5% | ||||||||||||||
42,507 | Accor S.A. | 1,435,401 | ||||||||||||
743 | Hermes International SCA | 1,358,822 | ||||||||||||
19,356 | Publicis Groupe S.A. | 1,468,506 | ||||||||||||
65,420 | Rexel S.A. | 1,473,221 | ||||||||||||
48,964 | SCOR SE | 1,525,579 | ||||||||||||
32,083 | Verallia S.A. (b) | 1,264,529 | ||||||||||||
8,526,058 | ||||||||||||||
Germany - 19.4% | ||||||||||||||
40,342 | AIXTRON SE | 1,485,128 | ||||||||||||
138,845 | Commerzbank AG | 1,583,906 | ||||||||||||
172,110 | Deutsche Lufthansa AG (a) | 1,365,817 | ||||||||||||
12,102 | Gerresheimer AG | 1,272,447 | ||||||||||||
18,883 | Heidelberg Materials AG | 1,467,757 | ||||||||||||
42,745 | Infineon Technologies AG | 1,417,000 | ||||||||||||
3,941 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,537,900 | ||||||||||||
10,948 | SAP SE | 1,421,614 | ||||||||||||
22,894 | Talanx AG | 1,452,281 | ||||||||||||
82,649 | TeamViewer SE (a)(b) | 1,394,595 | ||||||||||||
14,398,445 | ||||||||||||||
Ireland - 6.0% | ||||||||||||||
334,536 | AIB Group PLC | 1,506,712 | ||||||||||||
154,270 | Bank of Ireland Group PLC | 1,515,217 | ||||||||||||
26,758 | CRH PLC | 1,424,114 | ||||||||||||
4,446,043 | ||||||||||||||
Italy - 14.0% | ||||||||||||||
802,422 | A2A S.p.A. | 1,430,336 | ||||||||||||
167,507 | Banca Mediolanum S.p.A. | 1,434,838 | ||||||||||||
324,270 | Banco BPM S.p.A. | 1,554,754 | ||||||||||||
511,671 | BPER Banca | 1,567,173 | ||||||||||||
50,691 | Buzzi S.p.A. | 1,389,132 | ||||||||||||
576,691 | Intesa Sanpaolo S.p.A. | 1,487,684 | ||||||||||||
63,475 | UniCredit S.p.A. | 1,525,387 | ||||||||||||
10,389,304 | ||||||||||||||
Japan - 16.3% | ||||||||||||||
7,852 | Disco Corp. | 1,449,131 | ||||||||||||
124,125 | Kobe Steel Ltd. | 1,618,841 | ||||||||||||
111,553 | NOK Corp. | 1,482,123 | ||||||||||||
33,654 | Sumitomo Mitsui Financial Group, Inc. | 1,654,550 | ||||||||||||
95,956 | T&D Holdings, Inc. | 1,584,712 |
Alpha Architect International Quantitative Momentum ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | |||||||||||||
88,204 | TBS Holdings, Inc. | $ | 1,484,134 | |||||||||||
27,704 | Tokyo Seimitsu Co., Ltd. | 1,388,537 | ||||||||||||
32,145 | Zensho Holdings Co., Ltd. | 1,397,740 | ||||||||||||
12,059,768 | ||||||||||||||
Luxembourg - 2.1% | ||||||||||||||
212,239 | B&M European Value Retail S.A. | 1,518,508 | ||||||||||||
Netherlands - 3.8% | ||||||||||||||
4,785 | Ferrari N.V. ADR | 1,414,159 | ||||||||||||
107,391 | ING Groep N.V. | 1,424,916 | ||||||||||||
2,839,075 | ||||||||||||||
Singapore - 1.9% | ||||||||||||||
380,678 | Sembcorp Industries Ltd. | 1,417,448 | ||||||||||||
Spain - 8.4% | ||||||||||||||
43,449 | ACS Actividades de Construccion y Servicios S.A. | 1,565,055 | ||||||||||||
195,259 | Banco Bilbao Vizcaya Argentaria S.A. | 1,591,634 | ||||||||||||
107,647 | Indra Sistemas S.A. | 1,559,194 | ||||||||||||
39,703 | Industria de Diseno Textil S.A. | 1,481,333 | ||||||||||||
6,197,216 | ||||||||||||||
Sweden - 2.0% | ||||||||||||||
102,686 | H & M Hennes & Mauritz AB | 1,461,122 | ||||||||||||
Switzerland - 2.0% | ||||||||||||||
23,196 | Holcim AG | 1,489,551 | ||||||||||||
United Kingdom - 8.0% | ||||||||||||||
61,154 | 3i Group PLC | 1,546,758 | ||||||||||||
808,409 | Centrica PLC | 1,523,411 | ||||||||||||
11,291 | Games Workshop Group PLC | 1,456,148 | ||||||||||||
55,593 | Hikma Pharmaceuticals PLC | 1,416,279 | ||||||||||||
5,942,596 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $75,407,678) | 73,593,253 | |||||||||||||
MONEY MARKET FUNDS - 0.2% | ||||||||||||||
145,636 | First American Government Obligations Fund - Class X, 5.26% (c) | 145,636 | ||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $145,636) | 145,636 | |||||||||||||
TOTAL INVESTMENTS (Cost $75,553,314) - 99.6% | 73,738,889 | |||||||||||||
Other Assets in Excess of Liabilities - 0.4% | 285,071 | |||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 74,023,960 |
(a) | Non-income producing security. | ||||
(b) | 144A restricted security. | ||||
(c) | Rate shown is the 7-day effective yield. |
Alpha Architect Value Momentum Trend ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | |||||||||||||
INVESTMENT COMPANIES - 98.7% | ||||||||||||||
International Developed Equity - 54.2% | ||||||||||||||
281,078 |
Alpha
Architect International Quantitative Momentum ETF (a) |
$ | 6,892,369 | |||||||||||
513,468 |
Alpha
Architect International Quantitative Value ETF (a)(b) |
12,112,351 | ||||||||||||
19,004,720 | ||||||||||||||
U.S. Equity - 44.5% | ||||||||||||||
116,054 |
Alpha
Architect U.S. Quantitative Momentum ETF (a) |
5,004,121 | ||||||||||||
285,252 |
Alpha
Architect U.S. Quantitative Value ETF (a) |
10,585,702 | ||||||||||||
15,589,823 | ||||||||||||||
TOTAL INVESTMENT COMPANIES (Cost $34,307,918) | 34,594,543 | |||||||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% | ||||||||||||||
2,450 |
First
American Government Obligations Fund - Class X, 5.26%
(c)(d) |
2,450 | ||||||||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,450) | 2,450 | |||||||||||||
MONEY MARKET FUNDS - 0.9% | ||||||||||||||
328,886 |
First
American Government Obligations Fund - Class X, 5.26% (c) |
328,886 | ||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $328,886) | 328,886 | |||||||||||||
TOTAL INVESTMENTS (Cost $34,639,254) - 99.6% | 34,925,879 | |||||||||||||
Other Assets in Excess of Liabilities - 0.4% | 147,282 | |||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 35,073,161 |
(a) | Affiliated fund. | ||||
(b) | This security or a portion of this security was out on loan as of September 30, 2023. Total loaned securities had a market value of $2,359 as of September 30, 2023. | ||||
(c) | Rate shown is the 7-day effective yield. | ||||
(d) | Represents less than 0.05% of Net Assets |
Alpha Architect High Inflation and Deflation ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares |
Value | |||||||||||||||||||||||||
INVESTMENT COMPANIES - 12.4% | ||||||||||||||||||||||||||
94,947 | GraniteShares Bloomberg Commodity Broad Str No K-1 | $ | 2,049,906 | |||||||||||||||||||||||
TOTAL INVESTMENT COMPANIES (Cost $2,076,623) | 2,049,906 | |||||||||||||||||||||||||
Principal Amount | Effective Yield | Maturity Date | ||||||||||||||||||||||||
SHORT TERM INVESTMENTS - 87.6% | ||||||||||||||||||||||||||
U.S. Treasury Bills - 87.1% | ||||||||||||||||||||||||||
3,892,000 | United States Treasury Bill (a) | 4.21% | 10/05/2023 | 3,889,772 | ||||||||||||||||||||||
480,000 | United States Treasury Bill (a) | 5.16% |
11/02/2023 |
477,790 | ||||||||||||||||||||||
179,000 | United States Treasury Bill (a) | 5.23% |
11/09/2023 |
177,990 | ||||||||||||||||||||||
1,869,000 | United States Treasury Bill (a) | 5.33% |
12/07/2023 |
1,850,814 | ||||||||||||||||||||||
3,385,000 | United States Treasury Bill (a) | 5.34% |
12/14/2023 |
3,348,591 | ||||||||||||||||||||||
393,000 | United States Treasury Bill (a) | 5.34% |
12/19/2023 |
388,489 | ||||||||||||||||||||||
416,000 | United States Treasury Bill (a) | 5.37% |
12/21/2023 |
411,097 | ||||||||||||||||||||||
3,929,000 | United States Treasury Bill (a) | 5.37% |
12/28/2023 |
3,878,629 | ||||||||||||||||||||||
14,423,172 | ||||||||||||||||||||||||||
Money Market Deposit Account - 0.5% | ||||||||||||||||||||||||||
78,261 | U.S. Bank Money Market Deposit Account, 5.20% (b) | 78,261 | ||||||||||||||||||||||||
TOTAL SHORT TERM INVESTMENTS (Cost $14,501,165) | 14,501,433 | |||||||||||||||||||||||||
TOTAL
INVESTMENTS
(Cost
$16,577,788) - 100.0% |
16,551,339 | |||||||||||||||||||||||||
Liabilities in Excess of Other Assets - (0.0%) (c) | (1,040) | |||||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 16,550,299 |
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 September 30, 2023. | ||||||||||||||||||||||||||||
(c) | Represents less than 0.05% of net assets. |
Alpha Architect Tail Risk ETF | ||
Schedule of Investments | ||
September 30,
2023 |
Shares | Value | |||||||||||||||||||
AFFILIATED
INVESTMENT COMPANIES - 65.2% |
||||||||||||||||||||
1,035,000 | Alpha Architect 1-3 Month Box ETF (a) | $ | 107,308,800 | |||||||||||||||||
TOTAL INVESTMENT COMPANIES (Cost $104,646,575) | 107,308,800 |
Contracts | Notional Amount |
|||||||||||||||||||||||||||||||
PURCHASED OPTIONS - 82.5% (b)(c)(d) | ||||||||||||||||||||||||||||||||
CALL OPTIONS - 12.5% | ||||||||||||||||||||||||||||||||
S&P
500®
Index |
||||||||||||||||||||||||||||||||
4 |
Expiration:
12/15/2023, Strike Price $4,000 |
$ | 1,715,220 | 145,300 | ||||||||||||||||||||||||||||
321 |
Expiration:
01/19/2024, Strike Price $4,000 |
137,646,405 | 12,766,812 | |||||||||||||||||||||||||||||
12,912,112 | ||||||||||||||||||||||||||||||||
MercadoLibre, Inc. | ||||||||||||||||||||||||||||||||
3,000 |
Expiration:
10/27/2023, Strike Price $1,331 (e) |
380,364,000 | 7,666,650 | |||||||||||||||||||||||||||||
7,666,650 | ||||||||||||||||||||||||||||||||
PUT OPTIONS - 70.0% | ||||||||||||||||||||||||||||||||
S&P
500®
Index |
||||||||||||||||||||||||||||||||
402 |
Expiration:
10/13/2023, Strike Price $4,250 |
172,379,610 | 1,368,810 | |||||||||||||||||||||||||||||
1,596 |
Expiration:
10/20/2023, Strike Price $1,900 |
684,372,780 | 7,980 | |||||||||||||||||||||||||||||
672 |
Expiration:
11/17/2023, Strike Price $1,900 |
288,156,960 | 10,080 | |||||||||||||||||||||||||||||
960 |
Expiration:
11/17/2023, Strike Price $1,900 |
411,652,800 | 12,000 | |||||||||||||||||||||||||||||
2,188 |
Expiration:
12/15/2023, Strike Price $2,200 |
938,225,340 | 158,630 | |||||||||||||||||||||||||||||
4 |
Expiration:
12/15/2023, Strike Price $5,000 |
1,715,220 | 266,543 | |||||||||||||||||||||||||||||
220 |
Expiration:
12/15/2023, Strike Price $7,300 |
94,337,100 | 64,575,500 | |||||||||||||||||||||||||||||
200 |
Expiration:
01/19/2024, Strike Price $2,200 |
85,761,000 | 33,500 | |||||||||||||||||||||||||||||
321 |
Expiration:
01/19/2024, Strike Price $5,000 |
137,646,405 | 20,648,729 | |||||||||||||||||||||||||||||
87,081,772 | ||||||||||||||||||||||||||||||||
MercadoLibre, Inc. | ||||||||||||||||||||||||||||||||
3,000 |
Expiration:
10/27/2023, Strike Price $1,346 (e) |
380,364,000 | 28,089,120 | |||||||||||||||||||||||||||||
28,089,120 | ||||||||||||||||||||||||||||||||
TOTAL
PURCHASED OPTIONS (Cost $145,963,158) |
135,749,654 | |||||||||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||||||||
MONEY MARKET FUNDS - 0.1% | ||||||||||||||||||||||||||||||||
216,904
|
First American Government Obligations Fund - Class X, 5.26% (f) | 216,904 | ||||||||||||||||||||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $216,904) | 216,904 | |||||||||||||||||||||||||||||||
TOTAL INVESTMENTS (Cost $250,826,637) - 147.8% | 243,275,358 | |||||||||||||||||||||||||||||||
Liabilities in Excess of Other Assets - (47.8%) | (78,685,310) | |||||||||||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 164,590,048 |
Percentages are stated as a percent of net assets. | ||||||||
(a) | Affiliated fund. | |||||||
(b) |
Exchange-Traded. | |||||||
(c) |
Purchased
option contracts are held in connection with corresponding written option
contracts. See the Schedule of Written Options for further
information. | |||||||
(d) |
Each
contract equals 100 shares. | |||||||
(e) |
Flexible
Exchange®
Options. | |||||||
(f) |
Rate
shown is the 7-day effective yield. |
Alpha Architect Tail Risk ETF | ||
Schedule of Written Options | ||
September 30,
2023 |
Contracts | Notional Amount |
Value | ||||||||||||||||||||||||||||||
WRITTEN OPTIONS - (47.8%) (a)(b) | ||||||||||||||||||||||||||||||||
CALL OPTIONS - (3.9%) | ||||||||||||||||||||||||||||||||
S&P
500®
Index |
||||||||||||||||||||||||||||||||
4 |
Expiration: 12/15/2023, Strike Price $5,000.00 | $ | (1,715,220) | $ | (310) | |||||||||||||||||||||||||||
321 |
Expiration: 01/19/2024, Strike Price $5,000.00 | (137,646,405) | (66,386) | |||||||||||||||||||||||||||||
(66,696) | ||||||||||||||||||||||||||||||||
MercadoLibre, Inc. | ||||||||||||||||||||||||||||||||
3,000 |
Expiration: 10/27/2023, Strike Price $1,346.00 (c) | (380,364,000) | (6,365,310) | |||||||||||||||||||||||||||||
(6,365,310) | ||||||||||||||||||||||||||||||||
PUT OPTIONS - (43.9%) | ||||||||||||||||||||||||||||||||
S&P
500®
Index |
||||||||||||||||||||||||||||||||
402 |
Expiration: 10/13/2023, Strike Price $4,150.00 | (172,379,610) | (538,680) | |||||||||||||||||||||||||||||
402 |
Expiration: 10/13/2023, Strike Price $4,300.00 | (172,379,610) | (2,100,450) | |||||||||||||||||||||||||||||
4 |
Expiration: 12/15/2023, Strike Price $4,000.00 | (1,715,220) | (16,307) | |||||||||||||||||||||||||||||
220 |
Expiration: 12/15/2023, Strike Price $6,300.00 | (94,337,100) | (42,834,000) | |||||||||||||||||||||||||||||
321 |
Expiration: 01/19/2024, Strike Price $4,000.00 | (137,646,405) | (1,806,671) | |||||||||||||||||||||||||||||
(47,296,108) | ||||||||||||||||||||||||||||||||
MercadoLibre, Inc. | ||||||||||||||||||||||||||||||||
3,000 |
Expiration: 10/27/2023, Strike Price $1,331.00 (c) | (380,364,000) | (24,909,930) | |||||||||||||||||||||||||||||
TOTAL WRITTEN OPTIONS (Premiums Received $71,323,659) | $ | (78,638,044) |
Percentages are stated as a percent of net assets. | ||||||||
(a) | Exchange-Traded. | |||||||
(b) |
Each
contract equals 100 shares. | |||||||
(c) |
Flexible
Exchange®
Options. |
Alpha Architect U.S. Quantitative Value ETF | Alpha Architect International Quantitative Value ETF | ||||||||||
Assets: | |||||||||||
Investments
in securities, at value (1) |
$ | 277,787,670 | $ | 151,018,636 | |||||||
Foreign currency, at value | — | 13,290 | |||||||||
Receivable for investments sold | 8,107,690 | — | |||||||||
Receivable for fund shares sold | — | 3,541,140 | |||||||||
Dividends and interest receivable | 221,865 | 1,450,465 | |||||||||
Securities
lending income receivable (Note 5) |
2 | 57 | |||||||||
Total assets | 286,117,227 | 156,023,588 | |||||||||
Liabilities: | |||||||||||
Payable for fund shares redeemed | 8,172,142 | — | |||||||||
Payable for investment securities purchased | — | 3,494,263 | |||||||||
Due
to securities lending agent (Note 5) |
— | 790,000 | |||||||||
Accrued investment advisory fees | 92,231 | 61,619 | |||||||||
Total liabilities | 8,264,373 | 4,345,882 | |||||||||
Net Assets | $ | 277,852,854 | $ | 151,677,706 | |||||||
Net Assets Consist of: | |||||||||||
Paid-in capital | 390,800,657 | 247,619,284 | |||||||||
Total distributable earnings (accumulated deficit) | (112,947,803) | (95,941,578) | |||||||||
Net Assets: | $ | 277,852,854 | $ | 151,677,706 | |||||||
Calculation of Net Asset Value Per Share: | |||||||||||
Net Assets | $ | 277,852,854 | $ | 151,677,706 | |||||||
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value) | 7,480,000 | 6,425,000 | |||||||||
Net Asset Value per Share | $ | 37.15 | $ | 23.61 | |||||||
Cost of Investments in Securities | $ | 260,155,269 | $ | 146,834,873 | |||||||
Cost of Foreign Currency | $ | — | $ | 13,235 | |||||||
(1)
Includes
loaned securities with a value of |
$ | — | $ | 765,200 |
September 30,
2023 |
Alpha Architect U.S. Quantitative Momentum ETF | Alpha Architect International Quantitative Momentum ETF | ||||||||||
Assets: | |||||||||||
Investments in securities, at value | $ | 145,360,929 | $ | 73,738,889 | |||||||
Dividends and interest receivable | 9,370 | 335,374 | |||||||||
Total assets | 145,370,299 | 74,074,263 | |||||||||
Liabilities: | |||||||||||
Due
to custodian |
— | 19,101 | |||||||||
Accrued investment advisory fees | 49,300 | 31,202 | |||||||||
Total liabilities | 49,300 | 50,303 | |||||||||
Net Assets | $ | 145,320,999 | $ | 74,023,960 | |||||||
Net Assets Consist of: | |||||||||||
Paid-in capital | $ | 247,629,147 | $ | 157,875,620 | |||||||
Total distributable earnings (accumulated deficit) | (102,308,148) | (83,851,660) | |||||||||
Net Assets: | $ | 145,320,999 | $ | 74,023,960 | |||||||
Calculation of Net Asset Value Per Share: | |||||||||||
Net Assets | $ | 145,320,999 | $ | 74,023,960 | |||||||
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value) | 3,370,000 | 3,025,000 | |||||||||
Net Asset Value per Share | $ | 43.12 | $ | 24.47 | |||||||
Cost of Investments in Securities | $ | 145,791,053 | $ | 75,553,314 |
Alpha Architect Value Momentum Trend ETF | Alpha Architect High Inflation and Deflation ETF | ||||||||||
Assets: | |||||||||||
Investments
in affiliates, at value
(1) |
$ | 34,594,543 | $ | — | |||||||
Non-affiliated investments, at value | 331,336 | 16,551,339 | |||||||||
Total
Investments, at value |
34,925,879 | 16,551,339 | |||||||||
Cash | 161,720 | — | |||||||||
Securities
lending income receivable (Note 5) |
756 | — | |||||||||
Dividends and interest receivable | 527 | 2,700 | |||||||||
Total assets | 35,088,882 | 16,554,039 | |||||||||
Liabilities: | |||||||||||
Due
to broker for securities sold short |
7,709 | — | |||||||||
Accrued investment advisory fees | 5,562 | 3,740 | |||||||||
Due
to securities lending agent (Note 5) |
2,450 | — | |||||||||
Total liabilities | 15,721 | 3,740 | |||||||||
Net Assets | $ | 35,073,161 | $ | 16,550,299 | |||||||
Net Assets Consist of: | |||||||||||
Paid-in capital | $ | 58,956,581 | $ | 16,688,082 | |||||||
Total distributable earnings (accumulated deficit) | (23,883,420) | (137,783) | |||||||||
Net Assets: | $ | 35,073,161 | $ | 16,550,299 | |||||||
Calculation of Net Asset Value Per Share: | |||||||||||
Net Assets | $ | 35,073,161 | $ | 16,550,299 | |||||||
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value) | 1,560,000 | 700,000 | |||||||||
Net Asset Value per Share | $ | 22.48 | $ | 23.64 | |||||||
Cost of Investments in Affiliates | $ | 34,307,918 | $ | — | |||||||
Cost of Non-Affiliated Investments | $ | 331,336 | $ | 16,577,788 | |||||||
(1)
Includes
loaned securities with a value of |
$ | 2,359 | $ | — |
|
Alpha
Architect Tail Risk ETF | ||||||||||
Assets: |
|||||||||||
Non-affiliated
investments, at value |
$ | 135,966,558 | |||||||||
Investments
in affiliates, at value |
107,308,800 | ||||||||||
Total
Investments, at value |
243,275,358 | ||||||||||
Receivable
for investments sold |
3,313,959 | ||||||||||
Deposit
at broker for options |
124,419 | ||||||||||
Dividends
and interest receivable |
523 | ||||||||||
Broker
interest and fees receivable |
112 | ||||||||||
Total
assets |
246,714,371 | ||||||||||
Liabilities: |
|||||||||||
Options
written, at value |
78,638,044 | ||||||||||
Payable
to custodian |
2,010,368 | ||||||||||
Payable
for investment securities purchased |
1,413,932 | ||||||||||
Accrued
investment advisory fees |
61,979 | ||||||||||
Total
liabilities |
82,124,323 | ||||||||||
Net
Assets |
$ | 164,590,048 | |||||||||
|
|||||||||||
Net
Assets Consist of: |
|||||||||||
Paid-in
capital |
$ | 232,347,335 | |||||||||
Total
distributable earnings (accumulated deficit) |
(67,757,287) | ||||||||||
Net
Assets: |
$ | 164,590,048 | |||||||||
|
|||||||||||
Calculation
of Net Asset Value Per Share: |
|||||||||||
Net
Assets |
$ | 164,590,048 | |||||||||
Shares
Outstanding (unlimited shares of beneficial interest authorized, no par
value) |
2,023,847 | ||||||||||
Net
Asset Value per Share |
$ | 81.33 | |||||||||
|
|||||||||||
Cost
of Non-Affiliated Investments |
$ | 146,180,062 | |||||||||
Cost
of Investments in Affiliates |
$ | 104,646,575 | |||||||||
Premiums
Received from Options Written |
$ | 71,323,659 |
Alpha Architect U.S. Quantitative Value ETF | Alpha Architect International Quantitative Value ETF | ||||||||||
Investment Income: | |||||||||||
Dividend income (net of foreign withholding tax of $0 and $810,043, respectively) | $ | 6,456,536 | $ | 7,866,222 | |||||||
Interest income | 36,612 | 23,429 | |||||||||
Securities
lending income, net (See Note 5) |
1,751 | 59 | |||||||||
Total investment income | 6,494,899 | 7,889,710 | |||||||||
Expenses: | |||||||||||
Investment advisory fees | 1,018,002 | 698,963 | |||||||||
Net expenses | 1,018,002 | 698,963 | |||||||||
Net
Investment Income/(Loss) |
5,476,897 | 7,190,747 | |||||||||
Realized and Unrealized Gain (Loss) on Investments: | |||||||||||
Net realized gain (loss) on: | |||||||||||
Investments | 18,716,123 | (3,533,266) | |||||||||
Foreign currency | — | (370,422) | |||||||||
18,716,123 | (3,903,688) | ||||||||||
Net
change in unrealized appreciation/(depreciation) on: |
|||||||||||
Investments | 33,513,536 | 22,569,617 | |||||||||
Foreign currency | — | 7,120,420 | |||||||||
33,513,536 | 29,690,037 | ||||||||||
Net realized and unrealized gain (loss) on investments: | 52,229,659 | 25,786,349 | |||||||||
Net
Increase/ (Decrease) in Net Assets Resulting from
Operations |
$ | 57,706,556 | $ | 32,977,096 |
Alpha Architect U.S. Quantitative Momentum ETF | Alpha Architect International Quantitative Momentum ETF | ||||||||||
Investment Income: | |||||||||||
Dividend
income (net of foreign withholding tax of $0 and $281,583, respectively)
|
$ | 2,472,907 | $ | 2,943,416 | |||||||
Interest income | 19,009 | 12,216 | |||||||||
Securities
lending income, net (See Note 5) |
85 | 4,095 | |||||||||
Total investment income | 2,492,001 | 2,959,727 | |||||||||
Expenses: | |||||||||||
Investment advisory fees | 579,497 | 362,815 | |||||||||
Overdraft fees expense | — | 1,356 | |||||||||
Net expenses | 579,497 | 364,171 | |||||||||
Net
Investment Income/(Loss) |
1,912,504 | 2,595,556 | |||||||||
Realized and Unrealized Gain (Loss) on Investments: | |||||||||||
Net realized gain (loss) on: | |||||||||||
Investments | (13,661,716) | (859,499) | |||||||||
Foreign currency | — | (232,798) | |||||||||
(13,661,716) | (1,092,297) | ||||||||||
Net
change in unrealized appreciation/(depreciation) on: |
|||||||||||
Investments | 4,866,116 | 2,616,359 | |||||||||
Foreign currency | — | 2,886,171 | |||||||||
4,866,116 | 5,502,530 | ||||||||||
Net realized and unrealized gain (loss) on investments: | (8,795,600) | 4,410,233 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (6,883,096) | $ | 7,005,789 |
|
Alpha Architect Value Momentum Trend ETF | Alpha Architect High Inflation and Deflation ETF⁽¹⁾ | ||||||||||
Investment Income: | |||||||||||
Dividend income from affiliates | $ | 1,808,032 | $ | — | |||||||
Dividend income from non-affiliates | — | 312,681 | |||||||||
Interest income | 612,409 | 448,474 | |||||||||
Securities
lending income, net (See Note 5) |
27,323 | — | |||||||||
Total investment income | 2,447,764 | 761,155 | |||||||||
Expenses: | |||||||||||
Dividend expense | 264,762 | — | |||||||||
Investment advisory fees | 172,558 | 32,667 | |||||||||
Other expenses | 186 | — | |||||||||
Total expenses | 437,506 | 32,667 | |||||||||
Less:
Reimbursement of expenses from Advisor (Note 4) |
(74,113) | (2,129) | |||||||||
Net expenses | 363,393 | 30,538 | |||||||||
Net Investment Income | 2,084,371 | 730,617 | |||||||||
Realized
and Unrealized Gain (Loss) on Investments: |
|||||||||||
Net
realized gain (loss) on: |
|||||||||||
Investments in affiliates | (1,840,712) | — | |||||||||
Investments in non-affiliates | (594) | (550,547) | |||||||||
Securities sold short | (1,250,891) | — | |||||||||
(3,092,197) | (550,547) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||
Investments in affiliates | 5,591,687 | — | |||||||||
Investments in non-affiliates | — | (26,450) | |||||||||
Securities sold short | (7,585,247) | — | |||||||||
(1,993,560) | (26,450) | ||||||||||
Net
realized and unrealized gain (loss) on investments: |
(5,085,757) | (576,997) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,001,386) | $ | 153,620 |
Alpha Architect Tail Risk ETF⁽¹⁾ | |||||||||||||||||||||||
For the Period Ended September 30, 2023⁽¹⁾ | Year Ended February 28, 2023 | ||||||||||||||||||||||
Investment
Income: |
|||||||||||||||||||||||
Interest
Income |
$ | 47,791 | $ | 50,046 | |||||||||||||||||||
Total
investment income |
47,791 | 50,046 | |||||||||||||||||||||
|
|||||||||||||||||||||||
Expenses: |
|||||||||||||||||||||||
Investment
advisory fees |
571,945 | 669,864 | |||||||||||||||||||||
Other
expenses |
2,783 | 399,782 | |||||||||||||||||||||
Total
expenses |
574,728 | 1,069,646 | |||||||||||||||||||||
Less:
Reimbursement of expenses from Advisor (Note 4) |
(107,700) | — | |||||||||||||||||||||
Net
expenses |
467,028 | 1,069,646 | |||||||||||||||||||||
|
|||||||||||||||||||||||
Net
Investment Income/(Loss) |
(419,237) | (1,019,600) | |||||||||||||||||||||
|
|||||||||||||||||||||||
Realized
and Unrealized Gain (Loss) on Investments: |
|||||||||||||||||||||||
Net
realized gain (loss) on: |
|||||||||||||||||||||||
Non-affiliated investments | 939,255 | — | |||||||||||||||||||||
Investments | — | 419,995 | |||||||||||||||||||||
Investments in affiliates | 34,863 | — | |||||||||||||||||||||
Securities sold short | — | (4,365) | |||||||||||||||||||||
Options written | 22,763,221 | (16,858,776) | |||||||||||||||||||||
|
23,737,339 | (16,443,146) | |||||||||||||||||||||
Net
change in unrealized appreciation (depreciation) on: |
|||||||||||||||||||||||
Non-Affiliated
Investments |
(11,804,439) | 1,594,589 | |||||||||||||||||||||
Investments
in affiliates |
2,662,225 | — | |||||||||||||||||||||
Options
written |
(3,470,692) | (3,883,872) | |||||||||||||||||||||
|
(12,612,906) | (2,289,283) | |||||||||||||||||||||
Net
realized and unrealized gain (loss) on investments: |
11,124,433 | (18,732,429) | |||||||||||||||||||||
Net
Increase/(Decrease) in Net Assets Resulting from
Operations |
$ | 10,705,196 | $ | (19,752,029) |
(1) | The Fund acquired all of the assets and liabilities of the Arin Large Cap Theta Fund (“Predecessor Fund”) in a reorganization on March 6, 2023. The Predecessor Fund’s Institutional Class Shares’ performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to March 6, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. |
STATEMENT OF CHANGES IN NET ASSETS |
Alpha Architect U.S. Quantitative Value ETF | Alpha Architect International Quantitative Value ETF | ||||||||||||||||||||||
For the Year Ended September 30, 2023 | Year Ended September 30, 2022 | For the Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||||||||
Increase (Decrease) in Net Assets from: | |||||||||||||||||||||||
Operations: | |||||||||||||||||||||||
Net
investment income (loss) |
$ | 5,476,897 | $ | 3,796,980 | $ | 7,190,747 | $ | 8,130,478 | |||||||||||||||
Net realized gain (loss) on investments | 18,716,123 | (10,894,253) | (3,903,688) | (18,921,372) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 33,513,536 | (21,218,750) | 29,690,037 | (21,232,378) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 57,706,556 | (28,316,023) | 32,977,096 | (32,023,272) | |||||||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||||||
Distributable earnings | (5,720,298) | (4,085,319) | (15,398,314) | (3,473,344) | |||||||||||||||||||
Total distributions to shareholders | (5,720,298) | (4,085,319) | (15,398,314) | (3,473,344) | |||||||||||||||||||
Capital Share Transactions: | |||||||||||||||||||||||
Proceeds from shares sold | 289,669,681 | 224,045,024 | 166,148,095 | 116,021,338 | |||||||||||||||||||
Payments for shares redeemed | (251,704,860) | (217,509,671) | (137,521,678) | (108,685,788) | |||||||||||||||||||
Transaction Fees (See Note 1) | 1 | — | 500 | 142 | |||||||||||||||||||
Net
increase (decrease) in net assets derived from net change in capital share
transactions |
37,964,822 | 6,535,353 | 28,626,917 | 7,335,692 | |||||||||||||||||||
Net Increase (Decrease) in Net Assets | 89,951,080 | (25,865,989) | 46,205,699 | (28,160,924) | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||
Beginning of year | 187,901,774 | 213,767,763 | 105,472,007 | 133,632,931 | |||||||||||||||||||
End of year | $ | 277,852,854 | $ | 187,901,774 | $ | 151,677,706 | $ | 105,472,007 | |||||||||||||||
Changes in Shares Outstanding: | |||||||||||||||||||||||
Shares outstanding, beginning of year | 6,440,000 | 6,260,000 | 5,200,000 | 4,925,000 | |||||||||||||||||||
Shares sold | 8,340,000 | 6,520,000 | 7,025,000 | 4,575,000 | |||||||||||||||||||
Shares repurchased | (7,300,000) | (6,340,000) | (5,800,000) | (4,300,000) | |||||||||||||||||||
Shares outstanding, end of year | 7,480,000 | 6,440,000 | 6,425,000 | 5,200,000 |
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) |
Alpha Architect U.S. Quantitative Momentum ETF | Alpha Architect International Quantitative Momentum ETF | ||||||||||||||||||||||
For the Year Ended September 30, 2023 | Year Ended September 30, 2022 | For the Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||||||||||
Increase (Decrease) in Net Assets from: | |||||||||||||||||||||||
Operations: | |||||||||||||||||||||||
Net
investment income (loss) |
$ | 1,912,504 | $ | 1,563,346 | $ | 2,595,556 | $ | 3,282,266 | |||||||||||||||
Net realized gain (loss) on investments | (13,661,716) | (8,272,171) | (1,092,297) | (20,331,684) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 4,866,116 | (3,198,110) | 5,502,530 | (8,225,382) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,883,096) | (9,906,935) | 7,005,789 | (25,274,800) | |||||||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||||||
Distributable earnings | (2,115,259) | (112,054) | (3,768,945) | (789,442) | |||||||||||||||||||
Total distributions to shareholders | (2,115,259) | (112,054) | (3,768,945) | (789,442) | |||||||||||||||||||
Capital Share Transactions: | |||||||||||||||||||||||
Proceeds from shares sold | 220,184,121 | 122,692,058 | 112,964,493 | 62,275,898 | |||||||||||||||||||
Payments for shares redeemed | (157,210,632) | (106,448,351) | (97,628,132) | (52,667,736) | |||||||||||||||||||
Transaction Fees (See Note 1) | 7,116 | — | 52 | 28 | |||||||||||||||||||
Net
increase (decrease) in net assets derived from net change in capital share
transactions |
62,980,605 | 16,243,707 | 15,336,413 | 9,608,190 | |||||||||||||||||||
Net Increase (Decrease) in Net Assets | 53,982,250 | 6,224,718 | 18,573,257 | (16,456,052) | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||
Beginning of period | 91,338,749 | 85,114,031 | 55,450,703 | 71,906,755 | |||||||||||||||||||
End of period | $ | 145,320,999 | $ | 91,338,749 | $ | 74,023,960 | $ | 55,450,703 | |||||||||||||||
Changes in Shares Outstanding: | |||||||||||||||||||||||
Shares outstanding, beginning of period | 2,070,000 | 1,730,000 | 2,425,000 | 2,100,000 | |||||||||||||||||||
Shares sold | 4,700,000 | 2,550,000 | 4,400,000 | 2,100,000 | |||||||||||||||||||
Shares repurchased | (3,400,000) | (2,210,000) | (3,800,000) | (1,775,000) | |||||||||||||||||||
Shares outstanding, end of period | 3,370,000 | 2,070,000 | 3,025,000 | 2,425,000 |
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) |
Alpha Architect Value Momentum Trend ETF | Alpha Architect High Inflation and Deflation ETF | ||||||||||||||||
For the Year Ended September 30, 2023 | Year Ended September 30, 2022 |
For
the Period Ended September 30, 2023⁽¹⁾ | |||||||||||||||
Increase (Decrease) in Net Assets from: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 2,084,371 | (102,613) | $ | 730,617 | ||||||||||||
Net
realized gain (loss) on investments |
(3,092,197) | (1,632,941) | (550,547) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (1,993,560) | (918,398) | (26,450) | ||||||||||||||
Net realized and unrealized gain (loss) on investments: | (3,001,386) | (2,653,952) | 153,620 | ||||||||||||||
Distributions to Shareholders: | |||||||||||||||||
Distributable earnings | (877,779) | (331,835) | (292,778) | ||||||||||||||
Total distributions to shareholders | (877,779) | (331,835) | (292,778) | ||||||||||||||
Capital Share Transactions: | |||||||||||||||||
Proceeds from shares sold | 1,415,122 | 2,547,901 | 18,377,775 | ||||||||||||||
Payments for shares redeemed | (3,828,931) | (3,834,427) | (1,690,136) | ||||||||||||||
Transaction Fees (See Note 1) | — | — | 1,818 | ||||||||||||||
Net
increase (decrease) in net assets derived from net change in capital share
transactions |
(2,413,809) | (1,286,526) | 16,689,457 | ||||||||||||||
Net Increase in Net Assets | (6,292,974) | (4,272,313) | 16,550,299 | ||||||||||||||
Net Assets: | |||||||||||||||||
Beginning
of year/period |
41,366,135 | 45,638,448 | — | ||||||||||||||
End
of year/period |
$ | 35,073,161 | $ | 41,366,135 | $ | 16,550,299 | |||||||||||
Changes in Shares Outstanding: | |||||||||||||||||
Shares outstanding, beginning of year | 1,660,000 | 1,710,000 | — | ||||||||||||||
Shares sold | 60,000 | 100,000 | 770,000 | ||||||||||||||
Shares repurchased | (160,000) | (150,000) | (70,000) | ||||||||||||||
Shares outstanding, end of year | 1,560,000 | 1,660,000 | 700,000 |
STATEMENT
OF CHANGES IN NET ASSETS
(CONTINUED) |
|
Alpha
Architect Tail Risk ETF | ||||||||||
|
For
the Period Ended September 30, 2023⁽¹⁾(2) |
Year
Ended February 28, 2023(4) |
Year
Ended February 28, 2022(4) | ||||||||
Increase
(Decrease) in Net Assets from: |
|||||||||||
Operations: |
|||||||||||
Net
investment income (loss) |
$ | (419,237) | $ | (1,019,600) | $ | (1,152,516) | |||||
Net
realized gain (loss) on non-affiliated investments |
23,737,339 | (16,443,146) | (3,290,885) | ||||||||
Net
change in unrealized appreciation (depreciation) on non-affiliated
investments |
(12,612,906) | (2,289,283) | 1,697,139 | ||||||||
Net increase (decrease) in net assets resulting from operations | 10,705,196 | (19,752,029) | (2,746,262) | ||||||||
|
|||||||||||
Distributions
to Shareholders: |
|||||||||||
Distributable
earnings |
— | — | (11,059,993) | ||||||||
Total
distributions to shareholders |
— | — | (11,059,993) | ||||||||
|
|||||||||||
Capital
Share Transactions
: |
|||||||||||
Proceeds
from shares sold |
36,099,474 | 68,236,684 | 66,469,948 | ||||||||
Reinvestment
of distributions |
— | — | 10,002,032 | ||||||||
Payments
for shares redeemed |
(6,532,109) | (113,157,924) | (40,621,230) | ||||||||
Transaction
Fees (See Note 1) |
4,387 | — | — | ||||||||
Net increase (decrease) in net assets derived from net change in capital share transactions | 29,571,752 | (44,921,240) | 35,850,750 | ||||||||
Net
Increase (Decrease) in Net Assets |
40,276,948 | (64,673,269) | 22,044,495 | ||||||||
Net
Assets: |
|||||||||||
Beginning
of period |
124,313,100 | 188,986,369 | 166,941,874 | ||||||||
End
of period |
$ | 164,590,048 | $ | 124,313,100 | $ | 188,986,369 | |||||
|
|||||||||||
Changes
in Shares Outstanding (3): |
|||||||||||
Shares
outstanding, beginning of period |
1,640,927 | 2,272,177 | 1,846,374 | ||||||||
Shares
sold |
463,303 | 875,194 | 756,493 | ||||||||
Shares
reinvested |
— | — | 117,393 | ||||||||
Shares
repurchased |
(80,383) | (1,506,444) | (448,083) | ||||||||
Shares
outstanding, end of period |
2,023,847 | 1,640,927 | 2,272,177 |
(1) | The Fund acquired all of the assets and liabilities of the Arin Large Cap Theta Fund (“Predecessor Fund”) in a reorganization on March 6, 2023. The Predecessor Fund’s Institutional Class Shares’ performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to March 6, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. |
(2) | Reflects reorganization from the Predecessor Fund on March 6, 2023. See Note 1. |
(3) | Effective March 22, 2023, the Alpha Architect Tail Risk ETF had a 1:8 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:8 stock split. |
(4) | Reflects historical information of Predecessor Fund. |
For
the Year Ended September 30,
2023 |
Net
Asset Value, Beginning of Period |
Net
Investment Income (Loss)(1) |
Net Realized and Unrealized Gain (Loss) on Investments | Net Increase (Decrease) in Net Asset Value Resulting from Operations | Distributions from Net Investment Income | Return of Capital Distribution | Total Distributions | Net Asset Value, End of Period |
Total
Return(2) |
Net Assets, End of Period (000's) |
Net
Expenses(3)(4) |
Gross
Expenses(3) |
Net
Investment Income(3) |
Portfolio
Turnover Rate(5)(14) | |||||||||||||||||||||||||||||||
Alpha Architect U.S. Quantitative Value ETF | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2023 | $29.18 | 0.78 | 8.00 | 8.78 | (0.81) | - | (0.81) | $37.15 | 30.39% | $ | 277,853 | 0.42% | 0.42% | 2.27% | 101% | |||||||||||||||||||||||||||||
Year Ended September 30, 2022 | $34.15 | 0.60 | (4.94) | (4.34) | (0.63) | - | (0.63) | $29.18 |
-12.99% |
$ | 187,902 | 0.49% | 0.49% | 1.73% | 89% | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $24.44 | 0.42 | 9.74 | 10.16 | (0.45) | - | (0.45) | $34.15 | 41.82% | $ | 213,768 | 0.49% | 0.49% | 1.33% | 44% | |||||||||||||||||||||||||||||
Year Ended September 30, 2020 | $27.86 | 0.59 | (3.51) | (2.92) | (0.50) | - | (0.50) | $24.44 |
-10.52% |
$ | 113,653 | 0.49% | 0.49% | 2.36% | 78% | |||||||||||||||||||||||||||||
Year Ended September 30, 2019 | $31.04 | 0.51 | (3.32) | (2.81) | (0.37) | - | (0.37) | $27.86 |
-8.43% |
$ | 91,941 | 0.59% | 0.59% | 1.83% | 77% | |||||||||||||||||||||||||||||
Alpha Architect International Quantitative Value ETF | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2023 | $20.28 | 1.25 | 4.79 | 6.04 | (2.71) | - | (2.71) | $23.61 | 30.86% | $ | 151,678 | 0.52% | 0.52% | 5.36% | 74% | |||||||||||||||||||||||||||||
Year Ended September 30, 2022 | $27.13 | 1.54 | (7.72) | (6.18) | (0.67) | - | (0.67) | $20.28 |
-23.33% |
$ | 105,472 | 0.59% | 0.59% | 6.14% | 124% | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $24.69 | 0.78 | 2.19 | 2.97 | (0.53) | - | (0.53) | $27.13 | 12.00% | $ | 133,633 | 0.60% | 0.60% | 2.78% | 103% | |||||||||||||||||||||||||||||
Year Ended September 30, 2020 | $26.76 | 0.58 | (2.05) | (1.47) | (0.60) | - | (0.60) | $24.69 |
-5.47% |
$ | 92,569 | 0.59% | 0.59% | 2.26% | 76% | |||||||||||||||||||||||||||||
Year Ended September 30, 2019 | $30.78 | 0.73 | (3.99) | (3.26) | (0.76) | - | (0.76) | $26.76 |
-10.46% |
$ | 80,294 | 0.66% | 0.66% | 2.70% | 76% | |||||||||||||||||||||||||||||
Alpha Architect U.S. Quantitative Momentum ETF | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2023 | $44.12 | 0.64 | (0.91) | (0.27) | (0.73) | - | (0.73) | $43.12 |
-0.71% |
$ | 145,321 | 0.42% | 0.42% | 1.39% | 193% | |||||||||||||||||||||||||||||
Year Ended September 30, 2022 | $49.20 | 0.82 | (5.84) | (5.02) | (0.06) | - | (0.06) | $44.12 |
-10.20% |
$ | 91,339 | 0.49% | 0.49% | 1.72% | 125% | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $41.89 | (0.07) | 7.38 | 7.31 | - | - | - | $49.20 | 17.45% | $ | 85,114 | 0.49% | 0.49% | (0.13%) | 120% | |||||||||||||||||||||||||||||
Year Ended September 30, 2020 | $30.02 | 0.06 | 11.85 | 11.91 | (0.02) | (0.02) | (0.04) | $41.89 | 39.79% | $ | 73,308 | 0.49% | 0.49% | 0.18% | 84% | |||||||||||||||||||||||||||||
Year Ended September 30, 2019 | $33.99 |
(0.00)(6) |
(3.96) | (3.96) | (0.01) | - | (0.01) | $30.02 |
-11.63% |
$ | 55,544 | 0.59% | 0.59% | (0.01%) | 115% | |||||||||||||||||||||||||||||
Alpha Architect International Quantitative Momentum ETF | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2023 | $22.87 | 0.95 | 2.16 | 3.11 | (1.51) | - | (1.51) | $24.47 | 13.50% | $ | 74,024 |
0.52% |
0.52% |
3.72% | 140% | |||||||||||||||||||||||||||||
Year Ended September 30, 2022 | $34.24 | 1.41 | (12.42) | (11.01) | (0.36) | - | (0.36) | $22.87 |
-32.52% |
$ | 55,451 | 0.59% | 0.59% | 4.86% | 187% | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $28.63 | 0.28 | 5.40 | 5.68 | (0.07) | - | (0.07) | $34.24 | 19.83% | $ | 71,907 | 0.60% | 0.60% | 0.84% | 99% | |||||||||||||||||||||||||||||
Year Ended September 30, 2020 | $25.63 | 0.29 | 2.97 | 3.26 | (0.26) | - | (0.26) | $28.63 | 13.00% | $ | 83,024 | 0.59% | 0.59% | 1.13% | 158% | |||||||||||||||||||||||||||||
Year Ended September 30, 2019 | $28.39 | 0.28 | (2.69) | (2.41) | (0.35) | - | (0.35) | $25.63 |
-8.45% |
$ | 56,388 | 0.66% | 0.66% | 1.09% | 135% |
For
the Year Ended September 30,
2023 |
Alpha
Architect Value Momentum Trend ETF(7) |
||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2023 | $24.92 | 1.29 | (3.18) | (1.89) | (0.55) | - | (0.55) | $22.48 |
-7.75% |
$ | 35,073 | 0.95% | 1.14% | 5.44% | 49% | |||||||||||||||||||||||||||||
Year Ended September 30, 2022 | $26.69 | (0.06) | (1.51) | (1.57) | (0.20) | - | (0.20) | $24.92 |
-5.95% |
$ | 41,366 | 2.12% | 2.31% | (0.24%) | 39% | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $23.91 | 0.15 | 2.65 | 2.80 | (0.02) | - | (0.02) | $26.69 | 11.73% | $ | 45,639 | 0.28% | 0.49% | 0.57% | 3% | |||||||||||||||||||||||||||||
Year Ended September 30, 2020 | $23.52 | 0.03 | 0.72 | 0.75 | (0.36) | - | (0.36) | $23.91 | 3.10% | $ | 49,609 | 1.18% | 1.40% | 0.14% | 20% | |||||||||||||||||||||||||||||
Year Ended September 30, 2019 | $28.98 | 0.09 | (5.43) | (5.34) | (0.12) | - | (0.12) | $23.52 |
-18.43% |
$ | 81,154 | 1.84% | 2.14% | 0.37% | 155% | |||||||||||||||||||||||||||||
Alpha Architect High Inflation and Deflation ETF | ||||||||||||||||||||||||||||||||||||||||||||
November
16, 2022(8)
to
September 30, 2023 |
$24.95 | 1.35 | (1.20) | 0.15 | (1.46) | - | (1.46) | $23.64 | 0.69% | $ | 16,550 | 0.27% | 0.29% | 6.54% |
402% | |||||||||||||||||||||||||||||
Alpha
Architect Tail Risk ETF(9) |
||||||||||||||||||||||||||||||||||||||||||||
March
1, 2023 to September 30, 2023
(10)(11) |
$75.76 | (0.14) | 5.71 | 5.57 | - | - | - | $81.33 |
7.32%
|
$ | 164,590 |
0.51%(13) |
0.63%(13) |
(0.46%) |
0% | |||||||||||||||||||||||||||||
Year
Ended February 28, 2023 |
$83.12 | (0.48) | (6.88) | (7.36) | - | - | - | $75.76 |
-8.85% |
$ | 124,313 |
0.64%(13) |
0.64%(13) |
(0.61%) | 0% | |||||||||||||||||||||||||||||
Year
Ended February 28, 2022(11) |
$90.40 | (0.56) | (0.64) | (1.20) | - | (6.08) | (6.08) | $83.12 |
-1.47% |
$ | 188,926 |
0.63%(13) |
0.63%(13) |
(0.63%) | 0% | |||||||||||||||||||||||||||||
Year
Ended February 28, 2021(11) |
$76.32 | (0.56) | 19.52 | 18.96 | (0.08) | (4.80) | (4.88) | $90.40 |
24.94% |
$ | 166,869 |
0.65%(13) |
0.65%(13) |
(0.59%) | 0% | |||||||||||||||||||||||||||||
Year
Ended February 29, 2020(11) |
$76.00 | 0.88 | 1.04 | 1.92 | (1.60) | - | (1.60) | $76.32 |
2.55% |
$ | 96,449 |
0.71%(13) |
0.71%(13) |
1.11% |
457%
(12) | |||||||||||||||||||||||||||||
Year
Ended February 28, 2019(11) |
$84.00 | 0.96 | (7.52) | (6.56) | (0.80) | (0.64) | (1.44) | $76.00 |
-7.80% |
$ | 105,671 |
0.83%(13) |
0.83%(13) |
1.18%(13) |
326% |
(1) |
Net investment income per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout the period. | ||||
(2) | All returns reflect reinvested dividends, if any, but do not reflect the impact of taxes. Total return for a period of less than one year is not annualized. | ||||
(3) | For periods of less than one year, these ratios are annualized. | ||||
(4) | Net expenses include effects of any reimbursement or recoupment. | ||||
(5) | Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes the impact of in-kind transactions. | ||||
(6) | Rounds to less than $0.005. | ||||
(7) | Net and gross expenses do not include expenses of the investment companies in which the Fund invests. | ||||
(8) | Commencement of operations. | ||||
(9) |
Effective
March 22, 2023, the Alpha Architect Tail Risk ETF had a 1:8 reverse stock
split. Share amounts for all periods have been adjusted to give effect to
the 1:8 stock split | ||||
(10) |
Alpha
Architect Tail Risk ETF (the “Fund”) acquired all of the assets and
liabilities of the Arin Large Cap Theta Fund (“Predecessor Fund”) in a
reorganization on March 6, 2023. Market price returns are
calculated
using the official closing price of the Fund on the listing exchange as of
the time that the Fund’s NAV is calculated. Prior to the Fund’s listing on
March 6, 2023, the NAV performance of the
Institutional
Class Shares of the Predecessor Fund are used as proxy market price
returns. | ||||
(11) |
Includes
adjustments in accordance with accounting principles generally accepted in
the United States and, consequently, the net asset values for financial
reporting purposes and the returns based upon those net asset values may
differ from the net asset values and returns for shareholder
transactions. | ||||
(12) |
Portfolio
turnover was calculated using the total long-term purchase amount of
$27,391. All securities considered short-term were excluded from the
calculation according to prescribed rules. | ||||
(13) |
Includes
less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01%, 0.03%
& 0.15% of average net assets in interest expense,
respectively. | ||||
(14) |
Excludes impact of in-kind transactions. |
NOTES TO THE FINANCIAL STATEMENTS | ||||||||
SEPTEMBER 30,
2023 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Effective Date |
Rate | Net
Asset Value Before Split |
Net
Asset Value After Split |
Shares Outstanding Before Split |
Shares Outstanding After Split | ||||||||||||||||||||||||||||||
3/22/2023 | 1:8 | $9.56 | $76.51 | 13,150,783 | 1,643,847 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
A. |
Security
Valuation.
Equity securities that are traded on a national securities exchange,
except those listed on the NASDAQ Global Market®
(“NASDAQ”)
are valued at the last reported sale price on the exchange on which the
security is principally traded. Securities traded on NASDAQ will be valued
at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an
exchange-traded or NASDAQ security does not trade, then the most recent
quoted bid for exchange-traded or the mean between the most recent quoted
bid for exchange-traded or the mean between the most recent quoted bid and
ask price for NASDAQ securities will be used. Equity securities that are
not traded on a listed exchange are generally valued at the last sale
price in the over-the-counter market. If a non-exchange traded security
does not trade on a particular day, then the mean between the last quoted
closing bid and asked price will be used. Prices denominated in foreign
currencies are converted to U.S. dollar equivalents at the current
exchange rate, which approximates fair value. Redeemable securities issued
by open-end investment companies are valued at the investment company’s
applicable net asset value, with the exception of exchange-traded open-end
investment companies which are priced as equity
securities. |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
DESCRIPTION | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||||||||||||
Alpha Architect U.S. Quantitative Value ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Common Stocks | $ | 277,281,190 | $ | — | $ | — | $ | 277,281,190 | ||||||||||||||||||
Short Term Investments | 506,480 | — | — | 506,480 | ||||||||||||||||||||||
Total Investments in Securities | $ | 277,787,670 | $ | — | $ | — | $ | 277,787,670 | ||||||||||||||||||
Alpha Architect International Quantitative Value ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Common Stocks | $ | 149,788,202 | $ | — | $ | — | $ | 149,788,202 | ||||||||||||||||||
Investments Purchased with Proceeds from Securities Lending | 790,000 | — | — | 790,000 | ||||||||||||||||||||||
Short Term Investments | 440,434 | — | — | 440,434 | ||||||||||||||||||||||
Total Investments in Securities | $ | 151,018,636 | $ | — | $ | — | $ | 151,018,636 | ||||||||||||||||||
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Alpha Architect U.S. Quantitative Momentum ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Common Stocks | $ | 145,178,890 | $ | — | $ | — | $ | 145,178,890 | ||||||||||||||||||
Short Term Investments | 182,039 | — | — | 182,039 | ||||||||||||||||||||||
Total Investments in Securities | $ | 145,360,929 | $ | — | $ | — | $ | 145,360,929 | ||||||||||||||||||
Alpha Architect International Quantitative Momentum ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Common Stocks | $ | 73,593,253 | $ | — | $ | — | $ | 73,593,253 | ||||||||||||||||||
Short Term Investments | 145,636 | — | — | 145,636 | ||||||||||||||||||||||
Total Investments in Securities | $ | 73,738,889 | $ | — | $ | — | $ | 73,738,889 | ||||||||||||||||||
Alpha Architect Value Momentum Trend ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Investment Companies | $ | 34,594,543 | $ | — | $ | — | $ | 34,594,543 | ||||||||||||||||||
Investments Purchased with Proceeds from Securities Lending | 2,450 | — | — | 2,450 | ||||||||||||||||||||||
Short Term Investments | 328,886 | — | — | 328,886 | ||||||||||||||||||||||
Total Investments in Securities | $ | 34,925,879 | $ | — | $ | — | $ | 34,925,879 | ||||||||||||||||||
Alpha Architect High Inflation and Deflation ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Investment Companies | $ | 2,049,906 | $ | — | $ | — | $ | 2,049,906 | ||||||||||||||||||
U.S. Treasury Bills | — | 14,423,172 | — | 14,423,172 | ||||||||||||||||||||||
Short Term Investments | 78,261 | — | — | 78,261 | ||||||||||||||||||||||
Total Investments in Securities | $ | 2,128,167 | $ | 14,423,172 | $ | — | $ | 16,551,339 | ||||||||||||||||||
Alpha Architect Tail Risk ETF | ||||||||||||||||||||||||||
Assets* | ||||||||||||||||||||||||||
Investment Companies | $ | 107,308,800 | $ | — | $ | — | $ | 107,308,800 | ||||||||||||||||||
Purchased Options | — | 135,749,654 | — | 135,749,654 | ||||||||||||||||||||||
Short Term Investments | 216,904 | — | — | 216,904 | ||||||||||||||||||||||
Total Investments in Securities | $ | 107,525,704 | $ | 135,749,654 | $ | — | $ | 243,275,358 | ||||||||||||||||||
Liabilities* | ||||||||||||||||||||||||||
Written Options | $ | — | $ | (78,638,044) | $ | — | $ | (78,638,044) | ||||||||||||||||||
Total Investments in Securities | $ | — | $ | (78,638,044) | $ | — | $ | (78,638,044) |
* | For further detail on each asset class, see the Schedule of Investments. |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Equity
Risk - Call and Put Options not Accounted for as Hedging Instruments |
||||||||||||||||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||||||||||||||||
Investments, at Value |
Written Options, at Value |
|||||||||||||||||||||||||
$135,749,654 | $78,638,044 |
Equity
Risk - Call and Put Options not Accounted for as Hedging Instruments |
|||||||||||||||||||||||||||||||||||||||||||||||
Amount
of Realized Gain/(Loss) on Derivatives Recognized in Income |
|||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments in-kind |
Written Options |
Written Options in-kind |
||||||||||||||||||||||||||||||||||||||||||||
$(19,097,663) | $ | 20,030,090 | $ | (11,578,309) | $ | 34,341,530 |
Equity
Risk - Call and Put Options not Accounted for as Hedging Instruments |
|||||||||||||||||||||||||||||
Amount
of Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income |
|||||||||||||||||||||||||||||
Investments | Written Options |
||||||||||||||||||||||||||||
$(11,804,439) | $(3,470,692) |
Purchased Options | Written Options | |||||||||||||||||||
Average Monthly Market Value |
Average Monthly Market Value | |||||||||||||||||||
$96,646,833 | $(40,016,697) |
C. |
Foreign
Currency. Investment
securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts using the spot rate of
exchange at the date of valuation. Purchases and sales of investment
securities and income and expense items denominated in foreign currencies
are translated into U.S. dollar amounts on the respective dates of such
transactions. |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
D. |
Federal
Income Taxes. Each
Fund intends to continue to comply with the requirements of subchapter M
of the Internal Revenue Code of 1986, as amended, as necessary to qualify
as a regulated investment company and distribute substantially all net
taxable investment income and net realized gains to shareholders in a
manner which results in no tax cost to a Fund. Therefore, no federal
income tax provision is required. As of and during the fiscal period ended
September 30, 2023, the Funds did not have any tax positions that did not
meet the “more-likely-than-not” threshold of being sustained by the
applicable tax authority. As of and during the fiscal period ended
September 30, 2023, the Funds did not have liabilities for any
unrecognized tax benefits. A Fund would/will recognize interest and
penalties, if any, related to unrecognized tax benefits on uncertain tax
positions as income tax expense in the Statement of Operations. During the
fiscal period ended September 30, 2023, the Funds did not incur any
interest or penalties. Each Fund is subject to examination by U.S. taxing
authorities for the tax periods since each Fund’s commencement of
operations. |
E. |
Security
Transactions and Investment Income. Investment
securities transactions are accounted for on the trade date. Gains and
losses realized on sales of securities are determined on a specific
identification basis. Dividend income is recorded on the ex-dividend date,
net of any foreign taxes withheld at source. Interest income is recorded
on an accrual basis. Withholding taxes on foreign dividends have been
provided for in accordance with the Funds’ understanding of the applicable
tax rules and regulations. |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
F. |
Use
of Estimates. The
preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements,
as well as the reported amounts of increases and decreases in net assets
from operations during the period. Actual results could differ from those
estimates. | ||||
G. |
Share
Valuation. The
NAV per share of each Fund is calculated by dividing the sum of the value
of the securities held by the Fund, plus cash and other assets, minus all
liabilities (including estimated accrued expenses) by the total number of
shares outstanding for the Fund, rounded to the nearest cent. The Funds’
shares will not be priced on the days on which the New York Stock Exchange
(“NYSE”) is closed for regular trading. The offering and redemption price
per share for each Fund is equal to the Fund’s net asset value per
share. | ||||
H. |
Guarantees
and Indemnifications. In
the normal course of business, the Funds enter into contracts with service
providers that contain general indemnification clauses. Additionally, as
is customary, the Trust’s organizational documents permit the Trust to
indemnify its officers and trustees against certain liabilities under
certain circumstances. Each Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be
against the Fund that have not yet occurred. As of the date of this
Report, no claim has been made for indemnification pursuant to any such
agreement of the Funds. | ||||
I. |
Reclassification
of Capital Accounts. GAAP
requires that certain components of net assets relating to permanent
differences be reclassified between financial and tax reporting. These
reclassifications have no effect on net assets or net asset value per
share. In addition, the Funds realized net capital gains resulting from
in-kind redemptions, in which shareholders exchanged Fund shares for
securities held by the Funds rather than for cash. Because such gains are
not taxable to the Funds, and are not distributed to shareholders, they
have been reclassified from distributable earnings to paid-in capital. For
the fiscal year ended September 30,
2023
the following table shows the reclassifications
made: |
|
Distributable Earnings | Paid
in Capital | ||||||||||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Value ETF |
$ | (39,920,646) | $ | 39,920,646 | ||||||||||||||||||||||||||||
Alpha
Architect International Quantitative Value ETF |
(13,786,170) | 13,786,170 | ||||||||||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
(19,823,117) | 19,823,117 | ||||||||||||||||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF |
(10,885,650) | 10,885,650 | ||||||||||||||||||||||||||||||
Alpha
Architect Value Momentum Trend ETF |
(613,584) | 613,584 | ||||||||||||||||||||||||||||||
Alpha
Architect High Inflation and Deflation ETF |
1,375 | (1,375) | ||||||||||||||||||||||||||||||
Alpha Architect Tail Risk ETF | (53,897,123) | 53,897,123 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Alpha
Architect U.S. Quantitative Value ETF |
0.39 |
% | ||||||||||||
Alpha
Architect International Quantitative Value ETF |
0.49 |
% | ||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
0.39 |
% | ||||||||||||
Alpha
Architect International Quantitative Momentum ETF |
0.49 |
% | ||||||||||||
Alpha
Architect Value Momentum Trend ETF |
0.45 |
% | ||||||||||||
Alpha
Architect High Inflation and Deflation ETF |
0.29 | % | ||||||||||||
Alpha
Architect Tail Risk ETF |
0.63 |
% |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Value of Securities on Loan | Payable for Collateral Received* | Percentage of Net Assets of Securities On Loan | ||||||||||||||||||
Alpha Architect U.S. Quantitative Value ETF | $ | — | $ | — | 0.00% | |||||||||||||||
Alpha Architect International Quantitative Value ETF | 765,200 | 790,000 | 0.50% | |||||||||||||||||
Alpha Architect U.S. Quantitative Momentum ETF | — | — | 0.00% | |||||||||||||||||
Alpha Architect International Quantitative Momentum ETF | — | — | 0.00% | |||||||||||||||||
Alpha Architect Value Momentum Trend ETF | 2,359 | 2,450 | 0.01% | |||||||||||||||||
Alpha Architect High Inflation and Deflation ETF | — | — | 0.00% | |||||||||||||||||
Alpha Architect Tail Risk ETF | — | — | 0.00% |
Alpha Architect U.S. Quantitative Value ETF | $ | 1,751 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Alpha Architect International Quantitative Value ETF | 59 | |||||||
Alpha Architect U.S. Quantitative Momentum ETF | 85 | |||||||
Alpha Architect International Quantitative Momentum ETF | 4,095 | |||||||
Alpha Architect Value Momentum Trend ETF | 27,323 | |||||||
Alpha Architect High Inflation and Deflation ETF | — | |||||||
Alpha Architect Tail Risk ETF | — |
Purchases | Sales | |||||||||||||
Alpha Architect U.S. Quantitative Value ETF | $ | 369,427,480 | $ | 242,102,524 | ||||||||||
Alpha Architect International Quantitative Value ETF | 226,680,271 | 98,324,990 | ||||||||||||
Alpha Architect U.S. Quantitative Momentum ETF | 344,302,412 | 268,147,748 | ||||||||||||
Alpha Architect International Quantitative Momentum ETF | 185,861,528 | 97,239,139 | ||||||||||||
Alpha Architect Value Momentum Trend ETF | 18,737,686 | 23,011,096 | ||||||||||||
Alpha Architect High Inflation and Deflation ETF | 7,910,390 | 7,780,527 | ||||||||||||
Alpha Architect Tail Risk ETF | 82,765,338 | — |
Purchases | Sales | ||||||||||
Alpha Architect U.S. Quantitative Value ETF | $ | 159,363,973 | $ | 248,785,940 | |||||||
Alpha Architect International Quantitative Value ETF | 28,237,155 | 136,635,001 | |||||||||
Alpha Architect U.S. Quantitative Momentum ETF | 143,169,616 | 156,296,622 | |||||||||
Alpha Architect International Quantitative Momentum ETF | 22,513,044 | 96,574,986 | |||||||||
Alpha Architect Value Momentum Trend ETF | 1,424,366 | 3,891,938 | |||||||||
Alpha Architect High Inflation and Deflation ETF | 2,827,278 | 331,499 | |||||||||
Alpha Architect Tail Risk ETF | 23,393,687 | 1,547,400 |
Short Term | Long Term | |||||||||||||
Alpha Architect U.S. Quantitative Value ETF | $ | 33,974,654 | $ | 5,970,285 | ||||||||||
Alpha Architect International Quantitative Value ETF | 11,102,192 | 2,683,978 | ||||||||||||
Alpha Architect U.S. Quantitative Momentum ETF | 18,250,249 | 1,572,868 | ||||||||||||
Alpha Architect International Quantitative Momentum ETF | 10,288,348 | 597,302 | ||||||||||||
Alpha Architect Value Momentum Trend ETF | 59,284 | 554,300 | ||||||||||||
Alpha Architect High Inflation and Deflation ETF | (1,375) | — | ||||||||||||
Alpha Architect Tail Risk ETF | 54,406,570 |
(1) |
— | |||||||||||
(1)
Includes
short-term gains on in-kind transactions for options which are considered
short-term securities. |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
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 | Total | ||||||||||||||||||||||||||||
Value, Beginning of Period | $ | 11,182,578 | $ | 7,427,252 | $ | 13,466,228 | $ | 5,508,491 | $ | 37,584,549 | ||||||||||||||||||||||
Purchases | 6,621,901 | 5,466,117 | 1,041,435 | 7,032,600 | 20,162,053 | |||||||||||||||||||||||||||
Proceeds from Sales | (8,875,899) | (2,133,596) | (9,769,017) | (6,124,522) | (26,903,034) | |||||||||||||||||||||||||||
Net Realized Gains (Losses) | (640,823) | (376,988) | 183,683 | (1,006,584) | (1,840,712) | |||||||||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) | 2,297,945 | 1,729,566 | 81,792 | 1,482,384 | 5,591,687 | |||||||||||||||||||||||||||
Value, End of Period | $ | 10,585,702 | $ | 12,112,351 | $ | 5,004,121 | $ | 6,892,369 | $ | 34,594,543 | ||||||||||||||||||||||
Dividend Income | $ | 258,224 | $ | 1,031,957 | $ | 176,519 | $ | 341,332 | $ | 1,808,032 |
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 | |||||||||||||||||||||||
Shares, Beginning of Period | 382,965 | 366,416 | 304,852 | 241,283 | ||||||||||||||||||||||
Number of Shares Purchased | 179,403 | 236,111 | 22,799 | 279,382 | ||||||||||||||||||||||
Number of Shares Sold | (277,116) | (89,059) | (211,597) | (239,587) | ||||||||||||||||||||||
Shares, End of Period | 285,252 | 513,468 | 116,054 | 281,078 |
Alpha Architect 1-3 Month Box ETF | Total | |||||||||||||
Value, Beginning of Period | $ | — | $ | — | ||||||||||
Purchases | 105,901,403 | 105,901,403 | ||||||||||||
Proceeds from Sales | (1,289,691) | (1,289,691) | ||||||||||||
Net Realized Gains (Losses) | 34,863 | 34,863 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) | 2,662,225 | 2,662,225 | ||||||||||||
Value, End of Period | $ | 107,308,800 | $ | 107,308,800 | ||||||||||
Dividend Income | - | - |
Alpha Architect 1-3 Month Box ETF | |||||
Shares, Beginning of Period | — | ||||
Number of Shares Purchased | 1,047,500 | ||||
Number of Shares Sold | (12,500) | ||||
Shares, End of Period | 1,035,000 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
|
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 | ||||||||||
Tax
cost of Investments |
$ | 261,008,540 | $ | 147,508,694 | $ | 145,897,893 | $ | 75,603,023 | ||||||
Gross
tax unrealized appreciation |
$ | 23,340,868 | $ | 9,708,119 | $ | 7,389,090 | $ | 1,661,235 | ||||||
Gross
tax unrealized depreciation |
(6,561,738) | (6,196,645) | (7,926,054) | (3,525,326) | ||||||||||
Net
tax unrealized appreciation (depreciation) |
$16,779,130 | $3,511,474 | $(536,964) | $(1,864,091) | ||||||||||
Undistributed
ordinary income |
- | 1,705,958 | 1,176,104 | 2,068,798 | ||||||||||
Undistributed
long-term gain |
- | - | - | - | ||||||||||
Total
distributable earnings |
- | 1,705,958 | 1,176,104 | 2,068,798 | ||||||||||
Other
accumulated gain (loss) |
(129,726,933) | (101,159,010) | (102,947,288) | (84,056,367) | ||||||||||
Total
accumulated gain (loss) |
$ | (112,947,803) | $ | (95,941,578) | $ | (102,308,148) | $ | (83,851,660) |
|
Alpha Architect Value Momentum Trend ETF |
Alpha Architect High Inflation and Deflation ETF | Alpha Architect Tail Risk ETF | ||||||||
Tax
cost of Investments |
$ | 34,973,928 | $ | 16,577,788 | $ | 179,612,288 | |||||
Gross
tax unrealized appreciation |
$ | 2,853,738 | $ | 267 | $ | 19,616,284 | |||||
Gross
tax unrealized depreciation |
(2,901,787) | (26,717) | (34,591,258) | ||||||||
Net
tax unrealized appreciation (depreciation) |
(48,049) | (26,450) | (14,974,974) | ||||||||
Undistributed
ordinary income |
843,297 | 437,839 | — | ||||||||
Undistributed
long-term gain |
- | - | — | ||||||||
Total
distributable earnings |
843,297 | 437,839 | — | ||||||||
Other
accumulated gain (loss) |
(24,678,668) | (549,172) | (52,782,313) | ||||||||
Total
accumulated gain (loss) |
$ | (23,883,420) | $ | (137,783) | $ | (67,757,287) |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
|
Unlimited Short-Term |
Unlimited Long-Term | |||||||||||||||||||||
Alpha
Architect U.S. Quantitative Value ETF |
$ | (109,966,522) | $ |
(19,760,411) | |||||||||||||||||||
Alpha
Architect International Quantitative Value ETF |
(76,553,792) | (24,605,218) | |||||||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
(102,210,027) |
(737,261)
| |||||||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF |
(83,631,991) | (424,376) | |||||||||||||||||||||
Alpha
Architect Value Momentum Trend ETF |
(21,795,645) | (2,883,023) | |||||||||||||||||||||
Alpha
Architect High Inflation and Deflation ETF |
(549,172) | - | |||||||||||||||||||||
Alpha
Architect Tail Risk ETF |
(42,406,935) | (10,375,378) |
|
Fiscal
Year Ended September 30, 2023 |
Fiscal
Year Ended September 30, 2022 |
||||||||||||||||||||||||
|
Ordinary Income | Ordinary Income | ||||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Value ETF |
$ | 5,720,298 | $ | 4,085,319 | ||||||||||||||||||||||
Alpha
Architect International Quantitative Value ETF |
15,398,314 | 3,473,344 | ||||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
2,115,259 | 112,054 | ||||||||||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF |
3,768,945 | 789,442 | ||||||||||||||||||||||||
Alpha
Architect Value Momentum Trend ETF |
877,779 | 331,835 | ||||||||||||||||||||||||
Alpha
Architect High Inflation and Deflation ETF |
292,778 | - |
1 | |||||||||||||||||||||||
Alpha
Architect Tail Risk ETF |
- | - |
2 |
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED) |
||||||||
SEPTEMBER 30,
2023 |
Individual Funds Constituting EA Series Trust | Statement of Operations | Statements of Changes In Net Assets | Financial Highlights | ||||||||
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, and Alpha Architect Value Momentum ETF | For the year ended September 30, 2023 | For the year ended September 30, 2023 | For the year ended September 30, 2023 | ||||||||
Alpha Architect High Inflation and Deflation ETF | For the period November 17, 2022 (commencement of operations) to September 30, 2023 |
For
the period
November
17, 2022 (commencement of operations) to
September
30, 2023 |
For the period November 17, 2022 (commencement of operations) to September 30, 2023 | ||||||||
Alpha Architect Tail Risk ETF |
For
the period
March
1, 2023 to September 30, 2023 |
For
the period
March
1, 2023 to September 30, 2023 |
For
the period
March
1, 2023 to September 30, 2023 |
SEPTEMBER 30, 2023 (UNAUDITED) |
Annualized Expense Ratio |
Beginning
Account Value April 1, 2023 |
Ending Account Value September 30, 2023 |
Expenses
Paid During the Period1 | |||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Value ETF |
||||||||||||||||||||||||||
Actual | 0.39% | $ 1,000.00 | $ 1,108.00 | 2.06 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.39% | 1,000.00 | 1,023.11 | 1.98 | ||||||||||||||||||||||
Alpha
Architect International Quantitative Value ETF |
||||||||||||||||||||||||||
Actual | 0.49% | $ 1,000.00 | $ 1,046.80 | 2.51 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.49% | 1,000.00 | 1,022.61 | 2.48 | ||||||||||||||||||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
||||||||||||||||||||||||||
Actual | 0.39% | $ 1,000.00 | $ 956.00 | 1.91 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.39% | 1,000.00 | 1,023.11 | 1.98 | ||||||||||||||||||||||
Alpha
Architect International Quantitative Momentum ETF |
||||||||||||||||||||||||||
Actual | 0.61% | $ 1,000.00 | $ 931.30 | 2.95 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.61% | 1,000.00 | 1,022.01 | 3.09 | ||||||||||||||||||||||
Alpha
Architect Value Momentum Trend ETF² |
||||||||||||||||||||||||||
Actual | 0.38% | $ 1,000.00 | $ 969.90 | 1.88 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.38% | 1,000.00 | 1,023.16 | 1.93 | ||||||||||||||||||||||
SEPTEMBER 30, 2023 (UNAUDITED) |
Annualized Expense Ratio |
Beginning
Account Value April 1, 2023 |
Ending Account Value September 30, 2023 |
Expenses
Paid During the Period1 | |||||||||||||||||||||||
Alpha
Architect High Inflation and Deflation ETF |
||||||||||||||||||||||||||
Actual | 0.28% | $ 1,000.00 | $ 1,007.70 | 1.41 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.28% | 1,000.00 | 1,023.66 | 1.42 | ||||||||||||||||||||||
Alpha
Architect Tail Risk ETF |
||||||||||||||||||||||||||
Actual | 0.52% | $ 1,000.00 | $ 1,050.70 | 2.67 | ||||||||||||||||||||||
Hypothetical (5% annual return before expenses) | 0.52% | 1,000.00 | 1,022.46 | 2.64 |
1 |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 183/365, to reflect the one-half year period. | ||||
2 |
The Advisor has waived fees incurred by the Fund that are directly attributable to the Fund’s ownership of shares of the Alpha Architect ETFs, to prevent management fees from exceeding 0.79% of the Fund’s daily net assets. |
REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED) |
FEDERAL TAX INFORMATION (UNAUDITED) |
Alpha
Architect U.S. Quantitative Value ETF |
100.00 | % | |||
Alpha
Architect International Quantitative Value ETF |
84.23 | % | |||
Alpha
Architect U.S. Quantitative Momentum ETF |
100.00 | % | |||
Alpha
Architect International Quantitative Momentum ETF |
99.35 | % | |||
Alpha
Architect Value Momentum Trend ETF |
96.16 | % | |||
Alpha
Architect High Inflation and Deflation ETF |
5.85 | % | |||
Alpha
Architect Tail Risk ETF |
0.00 | % |
Alpha
Architect U.S. Quantitative Value ETF |
0.00 | % | |||
Alpha
Architect International Quantitative Value ETF |
100.00 | % | |||
Alpha
Architect U.S. Quantitative Momentum ETF |
25.26 | % | |||
Alpha
Architect International Quantitative Momentum ETF |
0.00 | % | |||
Alpha
Architect Value Momentum Trend ETF |
23.56 | % | |||
Alpha
Architect High Inflation and Deflation ETF |
100.00 | % | |||
Alpha
Architect Tail Risk ETF |
0.83 | % |
FOREIGN TAX CREDIT PASS THROUGH (UNAUDITED) |
Creditable Foreign Tax Credit Paid | Per Share Amount | Portion of Ordinary Income Distribution Derived From Foreign Sourced Income | |||||||||
Alpha
Architect U.S. Quantitative Value ETF |
$ | — | $ | — | — | ||||||
Alpha
Architect International Quantitative Value ETF |
823,876 | 0.12823 | 100.00 | % | |||||||
Alpha
Architect U.S. Quantitative Momentum ETF |
235,577 | 0.07788 | 95.18 | % | |||||||
Alpha
Architect International Quantitative Momentum ETF |
— | — | — | ||||||||
Alpha
Architect Value Momentum Trend ETF |
— | — | — | ||||||||
Alpha
Architect High Inflation and Deflation ETF |
— | — | — | ||||||||
Alpha
Architect Tail Risk ETF |
— | — | — |
MANAGEMENT OF THE FUND |
Name,
Address,
and
Year of
Birth |
Position(s) Held with Trust |
Term
of
Office
and
Length
of Time
Served |
Principal
Occupation During Past 5 Years |
Number
of
Funds
in Fund Complex
Overseen
by
Trustee |
Other Directorships Held by Trustee During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Daniel
Dorn
Born:
1975 |
Trustee | Since 2014 |
Associate
Professor of Finance, Drexel University, LeBow College of Business (2003 –
present). |
46 | None | ||||||||||||
Michael
S. Pagano,
Ph.D.,
CFA
Born:
1962 |
Trustee | Since 2014 |
The
Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova
University (1999 – present); Co-Editor of The Financial Review (2023 –
present); Founder, Michael S. Pagano, LLC (business consulting firm) (2008
– present). |
46 |
Citadel
Federal Credit Union (pro bono service for non-profit) | ||||||||||||
Chukwuemeka
(Emeka)
O.
Oguh
Born:
1983 |
Trustee | Since 2018 |
o-founder
and CEO, PeopleJoy (2016 – present). |
46 | None | ||||||||||||
Interested Trustee* | |||||||||||||||||
Wesley
R. Gray,
Ph.D.
Born:
1980 |
Chairman
and Trustee |
Since
2014; President 2014-2023 |
Founder
and Executive Managing Member, EA Advisers (2013 – present); Founder and
Executive Managing Member, Empirical Finance, LLC d/b/a Alpha Architect
(2010 – present). |
46 | None |
MANAGEMENT OF THE FUND |
Name, Address, and Year of Birth |
Position(s)
Held with Trust |
Term
of Office and Length of Time Served |
Principal
Occupation During Past 5 Years | ||||||||
Patrick
R. Cleary
Born:
1982 |
President and Chief Executive Officer; Secretary | Since 2023; Since 2015 | Chief Operating Officer (2014 – 2022) and Managing Member (2014 – present), Alpha Architect, LLC; Chief Executive Officer of EA Advisers (2021 – present). | ||||||||
Alyssa
M. Bernard
Born:
1988 |
Secretary | Since October 2023 | General Counsel, EA Advisers (October 2023 – present); Vice President—Regulatory Administration, U.S. Bank Global Fund Services (2021 – 2023); Assistant Vice President—Regulatory Administration, U.S. Bank Global Fund Services (2018 – 2021). | ||||||||
Sean
Hegarty
Born:
1993 |
Treasurer, Chief Financial Officer and Comptroller; Assistant Treasurer | Since
2023; 2022-2023 |
Chief Operating Officer, EA Advisers (2022 – present); Assistant Vice President – Fund Administration, U.S. Bank Global Fund Services (2018 – 2022); Staff Accountant, Cohen & Company (2015 – 2018). | ||||||||
Jessica
Leighty
Born:
1982 |
Chief Compliance Officer | Since 2022 | Chief Compliance Officer Alpha Architect (2021 – present); Chief Compliance Officer, Snow Capital (2015 – 2021). | ||||||||
Brian
P. Massaro
Born:
1997 |
Assistant Treasurer | Since 2023 | Chief Data Officer, EA Advisers (2023 – present); Assistant Operating Officer, EA Advisers (2022 – 2023); Mutual Funds Administrator, U.S. Bank Global Fund Services (2019 – 2022). |
INFORMATION ABOUT PORTFOLIO HOLDINGS (UNAUDITED) |
INFORMATION ABOUT PROXY VOTING (UNAUDITED) |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (UNAUDITED) |
PRIVACY POLICY (UNAUDITED) |