UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-22961
Alpha Architect ETF Trust
213 Foxcroft Road
Broomall, PA 19008
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
215-882-9983
Date of fiscal year end: September 30, 2020
Date of reporting period: December 31, 2019
Item 1. Schedule of Investments.
|
Alpha Architect U.S. Quantitative Value ETF
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
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Value
|
|
|
COMMON STOCKS - 99.8%
|
|
|
|
|
Accounting, Tax Preparation, Bookkeeping, and Payroll Services - 2.4%
|
|
|
|
|
|
106,020
|
|
H&R Block, Inc.
|
|
$
|
2,489,350
|
|
|
Advertising, Public Relations, and Related Services - 2.5%
|
|
|
|
|
|
|
31,921
|
|
Omnicom Group, Inc.
|
|
|
2,586,239
|
|
|
Aerospace Product and Parts Manufacturing - 2.1%
|
|
|
|
|
|
|
29,567
|
|
Spirit AeroSystems Holdings, Inc.
|
|
|
2,154,843
|
|
|
Clothing Stores - 5.2%
|
|
|
|
|
|
|
171,374
|
|
Hanesbrands, Inc.
|
|
|
2,544,904
|
|
|
|
102,922
|
|
Urban Outfitters, Inc. (a)
|
|
|
2,858,144
|
|
|
|
|
|
|
|
|
5,403,048
|
|
|
Computer and Peripheral Equipment Manufacturing - 2.5%
|
|
|
|
|
|
|
127,461
|
|
HP, Inc.
|
|
|
2,619,324
|
|
|
Converted Paper Product Manufacturing - 2.4%
|
|
|
|
|
|
|
22,594
|
|
Packaging Corp of America
|
|
|
2,530,302
|
|
|
Department Stores - 5.5%
|
|
|
|
|
|
|
54,462
|
|
Kohl's Corp.
|
|
|
2,774,839
|
|
|
|
168,262
|
|
Macy's, Inc.
|
|
|
2,860,454
|
|
|
|
|
|
|
|
|
5,635,293
|
|
|
Drugs and Druggists' Sundries Merchant Wholesalers - 2.3%
|
|
|
|
|
|
|
28,616
|
|
AmerisourceBergen Corp.
|
|
|
2,432,932
|
|
|
Electric Lighting Equipment Manufacturing - 2.6%
|
|
|
|
|
|
|
19,520
|
|
Acuity Brands, Inc.
|
|
|
2,693,760
|
|
|
Employment Services - 5.2%
|
|
|
|
|
|
|
27,351
|
|
ManpowerGroup, Inc.
|
|
|
2,655,782
|
|
|
|
43,619
|
|
Robert Half International, Inc.
|
|
|
2,754,540
|
|
|
|
|
|
|
|
|
5,410,322
|
|
|
Engine, Turbine, and Power Transmission Equipment Manufacturing - 4.9%
|
|
|
|
|
|
|
43,251
|
|
Brunswick Corp.
|
|
|
2,594,195
|
|
|
|
14,047
|
|
Cummins, Inc.
|
|
|
2,513,851
|
|
|
|
|
|
|
|
|
5,108,046
|
|
|
Foundries - 2.5%
|
|
|
|
|
|
|
|
|
21,197
|
|
Reliance Steel & Aluminum Co.
|
|
|
2,538,553
|
|
|
Iron and Steel Mills and Ferroalloy Manufacturing - 2.4%
|
|
|
|
|
|
|
74,112
|
|
Steel Dynamics, Inc.
|
|
|
2,522,772
|
|
|
Motor Vehicle Body and Trailer Manufacturing - 2.4%
|
|
|
|
|
|
|
31,240
|
|
PACCAR, Inc.
|
|
|
2,471,084
|
|
|
Motor Vehicle Manufacturing - 2.6%
|
|
|
|
|
|
|
28,182
|
|
Oshkosh Corp.
|
|
|
2,667,426
|
|
|
Motor Vehicle Parts Manufacturing - 7.8%
|
|
|
|
|
|
|
52,775
|
|
Allison Transmission Holdings, Inc.
|
|
|
2,550,088
|
|
|
|
60,189
|
|
BorgWarner, Inc.
|
|
|
2,610,999
|
|
|
|
21,012
|
|
Lear Corp.
|
|
|
2,882,846
|
|
|
|
|
|
|
|
|
8,043,933
|
|
|
Nonresidential Building Construction - 2.4%
|
|
|
|
|
|
|
63,551
|
|
PulteGroup, Inc.
|
|
|
2,465,779
|
|
|
Other Fabricated Metal Product Manufacturing - 2.6%
|
|
|
|
|
|
|
48,367
|
|
The Timken Co.
|
|
|
2,723,546
|
|
|
Other Leather and Allied Product Manufacturing - 2.6%
|
|
|
|
|
|
|
100,766
|
|
Tapestry, Inc.
|
|
|
2,717,659
|
|
|
Other Miscellaneous Manufacturing - 2.4%
|
|
|
|
|
|
|
55,245
|
|
Textron, Inc.
|
|
|
2,463,927
|
|
|
Petroleum and Coal Products Manufacturing - 2.4%
|
|
|
|
|
|
|
48,246
|
|
Hollyfrontier Corp.
|
|
|
2,446,555
|
|
The accompanying notes are an integral part of these financial statements.
|
Pharmaceutical and Medicine Manufacturing - 4.8%
|
|
|
|
|
|
|
8,606
|
|
Biogen, Inc. (a)
|
|
|
2,553,658
|
|
|
|
37,868
|
|
Gilead Sciences, Inc.
|
|
|
2,460,663
|
|
|
|
|
|
|
|
|
5,014,321
|
|
|
Pulp, Paper, and Paperboard Mills - 4.9%
|
|
|
|
|
|
|
67,133
|
|
Domtar Corp.
|
|
|
2,567,166
|
|
|
|
54,297
|
|
International Paper Co.
|
|
|
2,500,377
|
|
|
|
|
|
|
|
|
5,067,543
|
|
|
Radio and Television Broadcasting - 2.6%
|
|
|
|
|
|
|
63,586
|
|
ViacomCBS, Inc.
|
|
|
2,668,704
|
|
|
Scheduled Air Transportation - 9.9%
|
|
|
|
|
|
|
37,562
|
|
Alaska Air Group, Inc.
|
|
|
2,544,826
|
|
|
|
44,984
|
|
Delta Air Lines, Inc.
|
|
|
2,630,664
|
|
|
|
44,734
|
|
Southwest Airlines Co.
|
|
|
2,414,741
|
|
|
|
65,808
|
|
Spirit Airlines, Inc. (a)
|
|
|
2,652,721
|
|
|
|
|
|
|
|
|
10,242,952
|
|
|
Shoe Stores - 2.5%
|
|
|
|
|
|
|
|
|
65,038
|
|
Foot Locker, Inc.
|
|
|
2,535,832
|
|
|
Tobacco Manufacturing - 2.4%
|
|
|
|
|
|
|
49,941
|
|
Altria Group, Inc.
|
|
|
2,492,555
|
|
|
Traveler Accommodation - 2.6%
|
|
|
|
|
|
|
52,409
|
|
Wyndham Destinations, Inc.
|
|
|
2,709,021
|
|
|
Utility System Construction - 2.4%
|
|
|
|
|
|
|
39,358
|
|
MasTec, Inc. (a)
|
|
|
2,525,209
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $99,366,075)
|
|
|
103,380,830
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.8%
|
|
|
|
|
|
|
746,538
|
|
First American Government Obligations Fund, 1.51% (b)
|
|
|
746,538
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $746,538)
|
|
|
746,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $100,112,613) - 100.6%
|
|
|
104,127,368
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.6)%
|
|
|
(575,223
|
)
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
$
|
103,552,145
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-Income producing security.
|
|
|
|
|
|
(b) Rate shown is the 7-day effective yield.
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
Alpha Architect International Quantitative Value ETF
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
|
COMMON STOCKS - 100.2%
|
|
|
|
|
Australia - 15.6%
|
|
|
|
|
|
|
|
1,274,689
|
|
Beach Energy Ltd.
|
|
$
|
2,245,226
|
|
|
|
83,876
|
|
BHP Group Ltd.
|
|
|
2,290,829
|
|
|
|
225,960
|
|
BlueScope Steel Ltd.
|
|
|
2,388,024
|
|
|
|
91,333
|
|
CIMIC Group Ltd.
|
|
|
2,124,038
|
|
|
|
326,234
|
|
Fortescue Metals Group Ltd.
|
|
|
2,447,310
|
|
|
|
342,291
|
|
Iluka Resources Ltd.
|
|
|
2,233,883
|
|
|
|
921,820
|
|
Whitehaven Coal Ltd.
|
|
|
1,707,781
|
|
|
|
|
|
|
|
|
15,437,091
|
|
|
Finland - 2.2%
|
|
|
|
|
|
|
|
|
62,102
|
|
UPM-Kymmene OYJ
|
|
|
2,153,194
|
|
|
France - 6.0%
|
|
|
|
|
|
|
|
|
78,378
|
|
Peugeot SA
|
|
|
1,872,632
|
|
|
|
48,432
|
|
Publicis Groupe SA
|
|
|
2,192,614
|
|
|
|
40,180
|
|
Renault SA
|
|
|
1,901,057
|
|
|
|
|
|
|
|
|
5,966,303
|
|
|
Hong Kong - 2.4%
|
|
|
|
|
|
|
|
|
1,824,210
|
|
Xinyi Glass Holdings Ltd.
|
|
|
2,415,955
|
|
|
Italy - 2.1%
|
|
|
|
|
|
|
|
|
135,458
|
|
Eni S.p.A.
|
|
|
2,103,815
|
|
|
Japan - 48.1%
|
|
|
|
|
|
|
|
|
94,872
|
|
Alfresa Holdings Corp.
|
|
|
1,945,376
|
|
|
|
112,509
|
|
Brother Industries Ltd.
|
|
|
2,351,552
|
|
|
|
133,488
|
|
DMG Mori Co., Ltd.
|
|
|
2,076,248
|
|
|
|
232,719
|
|
Inpex Corp.
|
|
|
2,434,174
|
|
|
|
182,599
|
|
Isuzu Motors Ltd.
|
|
|
2,183,021
|
|
|
|
154,810
|
|
Kajima Corp.
|
|
|
2,077,336
|
|
|
|
139,739
|
|
KINDEN Corp.
|
|
|
2,186,336
|
|
|
|
40,401
|
|
Koito Manufacturing Co., Ltd.
|
|
|
1,896,324
|
|
|
|
62,835
|
|
Kyudenko Corp.
|
|
|
1,870,795
|
|
|
|
183,604
|
|
Nexon Co., Ltd. (a)
|
|
|
2,450,194
|
|
|
|
166,192
|
|
Nikon Corp.
|
|
|
2,055,700
|
|
|
|
207,050
|
|
Obayashi Corp.
|
|
|
2,319,082
|
|
|
|
35,940
|
|
OKUMA Corp.
|
|
|
1,918,476
|
|
|
|
60,269
|
|
Sankyo Co., Ltd.
|
|
|
2,010,723
|
|
|
|
97,442
|
|
Sekisui House Ltd.
|
|
|
2,092,687
|
|
|
|
227,245
|
|
Shimizu Corp.
|
|
|
2,334,043
|
|
|
|
75,561
|
|
Showa Denko K.K.
|
|
|
2,016,026
|
|
|
|
34,486
|
|
Sony Corp.
|
|
|
2,349,003
|
|
|
|
125,791
|
|
Sumco Corp.
|
|
|
2,113,979
|
|
|
|
126,682
|
|
Sumitomo Dainippon Pharma Co., Ltd.
|
|
|
2,483,389
|
|
|
|
208,725
|
|
Tokai Carbon Co., Ltd.
|
|
|
2,103,482
|
|
|
|
151,570
|
|
TOSOH CORP.
|
|
|
2,364,467
|
|
|
|
|
|
|
|
|
47,632,413
|
|
|
Norway - 2.2%
|
|
|
|
|
|
|
|
|
109,387
|
|
Equinor ASA
|
|
|
2,186,668
|
|
|
Sweden - 4.5%
|
|
|
|
|
|
|
|
|
63,968
|
|
Lundin Petroleum AB
|
|
|
2,173,847
|
|
|
|
110,651
|
|
SKF AB
|
|
|
2,237,510
|
|
|
|
|
|
|
|
|
4,411,357
|
|
The accompanying notes are an integral part of these financial statements.
|
United Kingdom - 17.1%
|
|
|
|
|
|
|
78,612
|
|
Anglo American PLC
|
|
|
2,262,748
|
|
|
|
36,832
|
|
Berkeley Group Holdings PLC
|
|
|
2,370,608
|
|
|
|
97,679
|
|
Mondi PLC
|
|
|
2,293,375
|
|
|
|
72,046
|
|
Persimmon PLC
|
|
|
2,571,913
|
|
|
|
272,549
|
|
Redrow PLC
|
|
|
2,689,604
|
|
|
|
38,079
|
|
Rio Tinto PLC
|
|
|
2,271,303
|
|
|
|
972,815
|
|
Taylor Wimpey PLC
|
|
|
2,492,151
|
|
|
|
|
|
|
|
|
16,951,702
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $97,829,255)
|
|
|
99,258,498
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.2%
|
|
|
|
|
|
|
175,178
|
|
First American Government Obligations Fund, 1.51% (b)
|
|
|
175,178
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $175,178)
|
|
|
175,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.4% (Cost $98,004,433)
|
|
|
99,433,676
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.4)%
|
|
|
(417,741
|
)
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
$
|
99,015,935
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-Income producing security.
|
|
|
|
|
|
(b) Rate shown is the 7-day effective yield.
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
Alpha Architect U.S. Quantitative Momentum ETF
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
|
COMMON STOCKS - 99.5%
|
|
|
|
|
Accounting, Tax Preparation, Bookkeeping, and Payroll Services - 2.0%
|
|
|
|
|
|
10,614
|
|
Paylocity Holding Corp. (a)
|
|
$
|
1,282,383
|
|
|
Advertising, Public Relations, and Related Services - 2.0%
|
|
|
|
|
|
|
4,836
|
|
The Trade Desk Inc. (a)
|
|
|
1,256,296
|
|
|
Aerospace Product and Parts Manufacturing - 2.0%
|
|
|
|
|
|
|
2,220
|
|
TransDigm Group, Inc.
|
|
|
1,243,200
|
|
|
Architectural, Engineering, and Related Services - 2.0%
|
|
|
|
|
|
|
3,726
|
|
Teledyne Technologies, Inc. (a)
|
|
|
1,291,208
|
|
|
Building Finishing Contractors - 1.9%
|
|
|
|
|
|
|
11,344
|
|
TopBuild Corp. (a)
|
|
|
1,169,340
|
|
|
Business Support Services - 5.8%
|
|
|
|
|
|
|
9,816
|
|
Atlassian Corp. PLC (a)(b)
|
|
|
1,181,258
|
|
|
|
4,142
|
|
FleetCor Technologies, Inc. (a)
|
|
|
1,191,736
|
|
|
|
7,054
|
|
Global Payments, Inc.
|
|
|
1,287,778
|
|
|
|
|
|
|
|
|
3,660,772
|
|
|
Cable and Other Subscription Programming - 3.6%
|
|
|
|
|
|
|
833
|
|
Cable One, Inc.
|
|
|
1,239,895
|
|
|
|
7,750
|
|
Roku, Inc. (a)
|
|
|
1,037,725
|
|
|
|
|
|
|
|
|
2,277,620
|
|
|
Computer Systems Design and Related Services - 5.6%
|
|
|
|
|
|
|
11,492
|
|
Alteryx, Inc. (a)
|
|
|
1,150,004
|
|
|
|
9,770
|
|
Okta, Inc. (a)
|
|
|
1,127,165
|
|
|
|
22,925
|
|
Rapid7, Inc. (a)
|
|
|
1,284,258
|
|
|
|
|
|
|
|
|
3,561,427
|
|
|
Data Processing, Hosting, and Related Services - 2.1%
|
|
|
|
|
|
|
39,554
|
|
Pagseguro Digital Ltd. (a)(b)
|
|
|
1,351,165
|
|
|
Electrical Equipment Manufacturing - 2.1%
|
|
|
|
|
|
|
12,929
|
|
Generac Holdings, Inc. (a)
|
|
|
1,300,528
|
|
|
Electronics and Appliance Stores - 1.9%
|
|
|
|
|
|
|
27,090
|
|
Smartsheet, Inc. (a)
|
|
|
1,216,883
|
|
|
Furniture Stores - 2.1%
|
|
|
|
|
|
|
6,174
|
|
RH (a)
|
|
|
1,318,149
|
|
|
Household Appliances and Electrical and Electronic Goods Merchant Wholesalers - 4.4%
|
|
|
|
|
|
|
26,873
|
|
Entegris, Inc.
|
|
|
1,346,069
|
|
|
|
7,853
|
|
KLA-Tencor Corp.
|
|
|
1,399,169
|
|
|
|
|
|
|
|
|
2,745,238
|
|
|
Lumber and Other Construction Materials Merchant Wholesalers - 2.0%
|
|
|
|
|
|
|
49,504
|
|
Builders FirstSource, Inc. (a)
|
|
|
1,257,897
|
|
|
Manufacturing and Reproducing Magnetic and Optical Media - 3.7%
|
|
|
|
|
|
|
8,509
|
|
MongoDB, Inc. (a)
|
|
|
1,119,870
|
|
|
|
203,393
|
|
Zynga, Inc. (a)
|
|
|
1,244,765
|
|
|
|
|
|
|
|
|
2,364,635
|
|
|
Medical Equipment and Supplies Manufacturing - 3.6%
|
|
|
|
|
|
|
6,908
|
|
Insulet Corp. (a)
|
|
|
1,182,649
|
|
|
|
18,024
|
|
Tandem Diabetes Care, Inc. (a)
|
|
|
1,074,411
|
|
|
|
|
|
|
|
|
2,257,060
|
|
|
Metal Ore Mining - 2.1%
|
|
|
|
|
|
|
10,855
|
|
Royal Gold, Inc.
|
|
|
1,327,024
|
|
|
Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers - 2.0%
|
|
|
|
|
|
|
14,022
|
|
Copart, Inc. (a)
|
|
|
1,275,161
|
|
|
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing - 4.1%
|
|
|
|
|
|
|
12,034
|
|
Keysight Technologies, Inc. (a)
|
|
|
1,235,049
|
|
|
|
19,997
|
|
Teradyne, Inc.
|
|
|
1,363,596
|
|
|
|
|
|
|
|
|
2,598,645
|
|
The accompanying notes are an integral part of these financial statements.
|
Offices of Physicians - 1.9%
|
|
|
|
|
|
|
13,840
|
|
Novocure Ltd. (a)(b)
|
|
|
1,166,297
|
|
|
Other Financial Investment Activities - 6.2%
|
|
|
|
|
|
|
29,358
|
|
Apollo Global Management, Inc.
|
|
|
1,400,670
|
|
|
|
19,043
|
|
Cohen & Steers, Inc.
|
|
|
1,195,139
|
|
|
|
23,861
|
|
The Blackstone Group Inc.
|
|
|
1,334,784
|
|
|
|
|
|
|
|
|
3,930,593
|
|
|
Other Furniture Related Product Manufacturing - 2.1%
|
|
|
|
|
|
|
15,020
|
|
Tempur Sealy International, Inc. (a)
|
|
|
1,307,641
|
|
|
Other General Merchandise Stores - 2.0%
|
|
|
|
|
|
|
8,033
|
|
Dollar General Corp.
|
|
|
1,252,987
|
|
|
Other Telecommunications - 2.0%
|
|
|
|
|
|
|
7,396
|
|
RingCentral, Inc. (a)
|
|
|
1,247,483
|
|
|
Professional and Commercial Equipment and Supplies Merchant Wholesalers - 2.1%
|
|
|
|
|
|
|
10,357
|
|
SYNNEX Corp.
|
|
|
1,333,982
|
|
|
Restaurants and Other Eating Places - 2.1%
|
|
|
|
|
|
|
1,561
|
|
Chipotle Mexican Grill, Inc. (a)
|
|
|
1,306,729
|
|
|
Securities and Commodity Contracts Intermediation and Brokerage - 1.9%
|
|
|
|
|
|
|
3,168
|
|
MarketAxess Holdings, Inc.
|
|
|
1,201,020
|
|
|
Semiconductor and Other Electronic Component Manufacturing - 6.4%
|
|
|
|
|
|
|
17,999
|
|
Inphi Corp. (a)
|
|
|
1,332,286
|
|
|
|
4,723
|
|
Lam Research Corp.
|
|
|
1,381,005
|
|
|
|
6,480
|
|
Universal Display Corp.
|
|
|
1,335,334
|
|
|
|
|
|
|
|
|
4,048,625
|
|
|
Software Publishers - 15.7%
|
|
|
|
|
|
|
18,312
|
|
Cadence Design Systems, Inc. (a)
|
|
|
1,270,120
|
|
|
|
8,291
|
|
Coupa Software, Inc. (a)
|
|
|
1,212,559
|
|
|
|
17,608
|
|
DocuSign, Inc. (a)
|
|
|
1,304,929
|
|
|
|
3,451
|
|
Fair Isaac Corp. (a)
|
|
|
1,293,021
|
|
|
|
15,296
|
|
Manhattan Associates, Inc. (a)
|
|
|
1,219,856
|
|
|
|
4,640
|
|
Paycom Software, Inc. (a)
|
|
|
1,228,486
|
|
|
|
9,090
|
|
Synopsys, Inc. (a)
|
|
|
1,265,328
|
|
|
|
7,995
|
|
Veeva Systems, Inc. (a)
|
|
|
1,124,577
|
|
|
|
|
|
|
|
|
9,918,876
|
|
|
Spectator Sports - 2.1%
|
|
|
|
|
|
|
9,716
|
|
Churchill Downs, Inc.
|
|
|
1,333,035
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $58,961,032)
|
|
|
62,801,899
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.4%
|
|
|
|
|
|
|
265,868
|
|
First American Government Obligations Fund, 1.51% (c)
|
|
|
265,868
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $265,868)
|
|
|
265,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $59,226,900) - 99.9%
|
|
|
63,067,767
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 0.1%
|
|
|
57,514
|
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
$
|
63,125,281
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-Income producing security.
|
|
|
|
|
|
(b) Foreign Issue Security.
|
|
|
|
|
|
(c) Rate shown is the 7-day effective yield.
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
Alpha Architect International Quantitative Momentum ETF
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
|
COMMON STOCKS - 99.7%
|
|
|
|
|
Australia - 28.1%
|
|
|
|
|
|
|
|
24,708
|
|
ASX Ltd.
|
|
$
|
1,359,537
|
|
|
|
350,616
|
|
Aurizon Holdings Ltd.
|
|
|
1,286,813
|
|
|
|
832,533
|
|
Beach Energy Ltd.
|
|
|
1,466,416
|
|
|
|
201,902
|
|
Fortescue Metals Group Ltd.
|
|
|
1,514,609
|
|
|
|
470,478
|
|
Harvey Norman Holdings Ltd.
|
|
|
1,343,742
|
|
|
|
109,770
|
|
IDP Education Ltd.
|
|
|
1,322,623
|
|
|
|
342,311
|
|
Independence Group NL
|
|
|
1,498,951
|
|
|
|
54,310
|
|
JB Hi-Fi Ltd.
|
|
|
1,435,680
|
|
|
|
38,192
|
|
Magellan Financial Group Ltd.
|
|
|
1,526,329
|
|
|
|
20,745
|
|
Rio Tinto Ltd.
|
|
|
1,461,603
|
|
|
|
249,760
|
|
Santos Ltd.
|
|
|
1,433,700
|
|
|
|
47,781
|
|
Wesfarmers Ltd.
|
|
|
1,388,154
|
|
|
|
73,326
|
|
WiseTech Global Ltd.
|
|
|
1,202,538
|
|
|
|
|
|
|
|
|
18,240,695
|
|
|
Cayman Islands - 1.5%
|
|
|
|
|
|
|
2,740,790
|
|
Bosideng International Holdings Ltd.
|
|
|
988,363
|
|
|
Finland - 4.5%
|
|
|
|
|
|
|
|
|
26,279
|
|
Elisa OYJ
|
|
|
1,451,756
|
|
|
|
36,881
|
|
Metso OYJ
|
|
|
1,455,382
|
|
|
|
|
|
|
|
|
2,907,138
|
|
|
France - 8.9%
|
|
|
|
|
|
|
|
|
27,930
|
|
Edenred
|
|
|
1,444,277
|
|
|
|
13,184
|
|
Ingenico Group SA
|
|
|
1,431,532
|
|
|
|
3,140
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
|
1,458,876
|
|
|
|
13,526
|
|
SOITEC (a)
|
|
|
1,421,634
|
|
|
|
|
|
|
|
|
5,756,319
|
|
|
Germany - 2.2%
|
|
|
|
|
|
|
|
|
22,679
|
|
CTS Eventim AG & Co. KGaA
|
|
|
1,425,864
|
|
|
Israel - 2.3%
|
|
|
|
|
|
|
|
|
93,547
|
|
Alony Hetz Properties & Investments Ltd.
|
|
|
1,479,068
|
|
|
Italy - 8.3%
|
|
|
|
|
|
|
|
|
54,923
|
|
Azimut Holding S.p.A.
|
|
|
1,311,006
|
|
|
|
41,310
|
|
Banca Generali S.p.A.
|
|
|
1,341,938
|
|
|
|
136,374
|
|
Banca Mediolanum S.p.A.
|
|
|
1,354,562
|
|
|
|
121,532
|
|
Poste Italiane S.p.A.
|
|
|
1,379,589
|
|
|
|
|
|
|
|
|
5,387,095
|
|
|
Japan - 7.1%
|
|
|
|
|
|
|
|
|
28,300
|
|
Advantest Corp.
|
|
|
1,604,417
|
|
|
|
31,400
|
|
Lasertec Corp.
|
|
|
1,606,774
|
|
|
|
92,000
|
|
Olympus Corp.
|
|
|
1,430,104
|
|
|
|
|
|
|
|
|
4,641,295
|
|
|
New Zealand - 4.6%
|
|
|
|
|
|
|
|
|
96,426
|
|
Fisher & Paykel Healthcare Corp Ltd.
|
|
|
1,441,093
|
|
|
|
458,181
|
|
Meridian Energy Ltd.
|
|
|
1,542,240
|
|
|
|
|
|
|
|
|
2,983,333
|
|
|
Spain - 2.3%
|
|
|
|
|
|
|
|
|
48,661
|
|
Ferrovial SA
|
|
|
1,472,111
|
|
|
Sweden - 11.6%
|
|
|
|
|
|
|
|
|
38,063
|
|
Atlas Copco AB
|
|
|
1,518,237
|
|
|
|
119,330
|
|
Epiroc AB
|
|
|
1,456,852
|
|
|
|
33,238
|
|
Fastighets AB Balder (a)
|
|
|
1,537,280
|
|
|
|
80,675
|
|
Getinge AB
|
|
|
1,498,711
|
|
|
|
82,885
|
|
Wihlborgs Fastigheter AB
|
|
|
1,526,492
|
|
|
|
|
|
|
|
|
7,537,572
|
|
The accompanying notes are an integral part of these financial statements.
|
Switzerland - 6.8%
|
|
|
|
|
|
|
|
|
213
|
|
Belimo Holding AG
|
|
|
1,604,433
|
|
|
|
13,360
|
|
Landis+Gyr Group AG
|
|
|
1,390,114
|
|
|
|
1,459
|
|
Straumann Holding AG
|
|
|
1,432,769
|
|
|
|
|
|
|
|
|
4,427,316
|
|
|
United Kingdom - 11.5%
|
|
|
|
|
|
|
245,664
|
|
Avast PLC
|
|
|
1,473,450
|
|
|
|
23,672
|
|
AVEVA Group PLC
|
|
|
1,459,942
|
|
|
|
27,942
|
|
Dialog Semiconductor PLC (a)
|
|
|
1,413,868
|
|
|
|
15,795
|
|
London Stock Exchange Group PLC
|
|
|
1,621,470
|
|
|
|
96,662
|
|
Softcat PLC
|
|
|
1,475,013
|
|
|
|
|
|
|
|
|
7,443,743
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $59,872,477)
|
|
|
64,689,912
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.4%
|
|
|
|
|
|
|
265,905
|
|
First American Government Obligations Fund, 1.51% (b)
|
|
|
265,905
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $265,905)
|
|
|
265,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $60,138,382) - 100.1%
|
|
|
64,955,817
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.1)%
|
|
|
(76,161
|
)
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
$
|
64,879,656
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-Income producing security.
|
|
|
|
|
|
(b) Rate shown is the 7-day effective yeild.
|
|
|
|
|
|
Affiliated Underlying Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information regarding the Alpha Architect Value Momentum Trend ETF purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds for the
period September 30, 2019, through December 31, 2019, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value,
beginning of period
|
|
|
Purchases
|
|
|
Proceeds
from Sales
|
|
|
Net
Realized
Gains (Losses)
|
|
|
Change in Unrealized
Appreciation
(Depreciation)
|
|
|
Value,
end
of period
|
|
|
Dividend
Income
|
|
|
Capital
Gain
Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect U.S. Quantitative Value ETF
|
|
$
|
18,557,017
|
|
|
$
|
54,819
|
|
|
$
|
(4,242,989
|
)
|
|
$
|
30,427
|
|
|
|
1,528,182
|
|
|
$
|
15,927,456
|
|
|
$
|
130,064
|
|
|
$
|
-
|
|
|
Alpha Architect International Quantitative Value ETF
|
|
|
22,315,732
|
|
|
|
69,300
|
|
|
|
(3,846,737
|
)
|
|
|
(534,838
|
)
|
|
|
2,521,839
|
|
|
|
20,525,295
|
|
|
|
141,768
|
|
|
|
-
|
|
|
Alpha Architect U.S. Quantitative Momentum ETF
|
|
|
19,252,878
|
|
|
|
59,804
|
|
|
|
(2,500,247
|
)
|
|
|
301,204
|
|
|
|
1,079,597
|
|
|
|
18,193,236
|
|
|
|
-
|
|
|
|
-
|
|
|
Alpha Architect International Quantitative Momentum ETF
|
|
|
22,506,855
|
|
|
|
1,846,837
|
|
|
|
(2,370,347
|
)
|
|
|
(47,728
|
)
|
|
|
1,314,445
|
|
|
|
23,250,062
|
|
|
|
46,159
|
|
|
|
-
|
|
|
|
|
$
|
82,632,482
|
|
|
$
|
2,030,760
|
|
|
$
|
(12,960,320
|
)
|
|
$
|
(250,935
|
)
|
|
$
|
6,444,063
|
|
|
$
|
77,896,049
|
|
|
$
|
317,991
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares,
beginning
of period
|
|
|
# of Shares
Purchased
|
|
|
# of Shares
Sold
|
|
|
Shares,
end
of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect U.S. Quantitative Value ETF
|
|
|
666,081
|
|
|
|
1,793
|
|
|
|
(144,289
|
)
|
|
|
523,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect International Quantitative Value ETF
|
|
|
829,686
|
|
|
|
2,385
|
|
|
|
(135,890
|
)
|
|
|
696,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect U.S. Quantitative Momentum ETF
|
|
|
641,256
|
|
|
|
1,924
|
|
|
|
(81,487
|
)
|
|
|
561,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect International Quantitative Momentum ETF
|
|
|
878,450
|
|
|
|
70,439
|
|
|
|
(91,181
|
)
|
|
|
857,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The unaudited cost basis of investments for federal income tax purposes at December 31, 2019 was as follows*:
|
Cost of Investments - Assets
|
|
|
|
|
|
|
|
|
|
Alpha Architect
|
|
|
Alpha Architect
|
|
|
|
|
U.S. Quantitative
|
|
|
International Quantitative
|
|
|
|
|
Value ETF
|
|
|
Value ETF
|
|
|
Cost of investments
|
|
$
|
100,112,613
|
|
|
$
|
98,004,433
|
|
|
Gross unrealized appreciation
|
|
$
|
7,404,048
|
|
|
$
|
7,177,132
|
|
|
Gross unrealized depreciation
|
|
$
|
(3,389,293
|
)
|
|
$
|
(5,747,889
|
)
|
|
Net unrealized appreciation/(depreciation)
|
|
$
|
4,014,755
|
|
|
$
|
1,429,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect
|
|
|
Alpha Architect
|
|
|
|
|
U.S. Quantitative
|
|
|
International Quantitative
|
|
|
|
|
Momentum ETF
|
|
|
Momentum ETF
|
|
|
Cost of investments
|
|
$
|
59,226,900
|
|
|
$
|
60,138,382
|
|
|
Gross unrealized appreciation
|
|
$
|
5,561,416
|
|
|
$
|
5,494,530
|
|
|
Gross unrealized depreciation
|
|
$
|
(1,720,549
|
)
|
|
$
|
(677,095
|
)
|
|
Net unrealized appreciation/(depreciation)
|
|
$
|
3,840,867
|
|
|
$
|
4,817,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect
|
|
|
|
|
|
|
|
|
Value Momentum
|
|
|
|
|
|
|
|
|
Trend ETF
|
|
|
|
|
|
|
Cost of investments
|
|
$
|
80,367,381
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
2,061,719
|
|
|
|
|
|
|
Gross unrealized depreciation
|
|
$
|
(4,449,640
|
)
|
|
|
|
|
|
Net unrealized appreciation/(depreciation)
|
|
$
|
(2,387,921
|
)
|
|
|
|
|
*Because tax adjustments are calculated annually at the end of the Funds’ fiscal year, the above tables do not reflect tax adjustments for the current fiscal year. For the previous
fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual report.
|
VALUATION MEASUREMENTS (Unaudited)
|
|
|
|
|
|
|
|
|
The Funds follow authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional
disclosures about the various inputs and valuation techniques used to develop the measurement of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the
three broad levels below:
|
|
|
|
Level 1 - Quoted prices in active markets for identical securities
|
|
|
|
Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)
|
|
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.
|
|
|
|
|
|
|
The following is a summary of the inputs used to value each Fund's net assets as of December 31, 2019:
|
|
|
|
|
Alpha Architect U.S. Quantitative Value ETF
|
|
|
|
|
|
Assets
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks*
|
|
$
|
103,380,830
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
103,380,830
|
|
|
Money Market Funds*
|
|
|
746,538
|
|
|
|
-
|
|
|
|
-
|
|
|
|
746,538
|
|
|
Total Investments in Securites
|
|
$
|
104,127,368
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
104,127,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect International Quantitative Value ETF
|
|
|
|
|
|
|
Assets
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks*
|
|
$
|
99,258,498
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
99,258,498
|
|
|
Money Market Funds*
|
|
|
175,178
|
|
|
|
-
|
|
|
|
-
|
|
|
|
175,178
|
|
|
Total Investments in Securites
|
|
$
|
99,433,676
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
99,433,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect U.S. Quantitative Momentum ETF
|
|
|
|
|
|
|
Assets
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks*
|
|
$
|
62,801,899
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
62,801,899
|
|
|
Money Market Funds*
|
|
|
265,868
|
|
|
|
-
|
|
|
|
-
|
|
|
|
265,868
|
|
|
Total Investments in Securites
|
|
$
|
63,067,767
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
63,067,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect International Quantitative Momentum ETF
|
|
|
|
|
|
|
Assets
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks*
|
|
$
|
64,689,912
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
64,689,912
|
|
|
Money Market Funds*
|
|
|
265,905
|
|
|
|
-
|
|
|
|
-
|
|
|
|
265,905
|
|
|
Total Investments in Securites
|
|
$
|
64,955,817
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
64,955,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Architect Value Momentum Trend ETF
|
|
|
|
|
|
|
Assets
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investment Companies-Equity*
|
|
$
|
77,896,049
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
77,896,049
|
|
|
Money Market Funds*
|
|
|
83,411
|
|
|
|
-
|
|
|
|
-
|
|
|
|
83,411
|
|
|
Total Investments in Securites
|
|
$
|
77,979,460
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
77,979,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
* For
further detail on each asset class, see the Schedule of Investments.
|
|
|
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
|
(a)
|
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
|
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
(Registrant) Alpha Architect ETF Trust
By (Signature and Title) /s/ Wesley R Gray
Wesley R. Gray, Principal Executive Officer, President
Date 2/26/2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By (Signature and Title) /s/ Wesley R Gray
Wesley R. Gray, Principal Executive Officer, President
Date 2/26/2020
By (Signature and Title) /s/ John R. Vogel
John R. Vogel, Principal Financial Officer, Treasurer
Date 2/26/2020