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.

Freedom 100 Emerging Markets ETF
     
Schedule of Investments
     
December 31, 2019 (Unaudited)
     
           
Shares
     
Value
 
COMMON STOCKS - 99.8%
     
Chile - 11.5%
         
 
9,322
 
AntarChile SA
 
$
90,189
 
 
2,098,888
 
Banco de Chile
   
222,464
 
 
2,915
 
Banco de Credito e Inversiones SA
   
132,170
 
 
9,830
 
Banco Santander Chile ADR
   
226,778
 
 
48,509
 
Empresas CMPC SA
   
118,700
 
 
25,399
 
Empresas COPEC SA
   
227,998
 
 
23,375
 
Enel Americas SA ADR
   
256,657
 
 
11,870
 
Latam Airlines Group SA
   
119,103
 
 
50,343
 
SACI Falabella
   
216,985
 
 
5,073
 
Sociedad Quimica y Minera de Chile SA ADR
   
135,398
 
           
1,746,442
 
India - 0.8%
           
 
195
 
Axis Bank Ltd.
   
10,355
 
 
68
 
Dr Reddy's Laboratories Ltd. ADR
   
2,759
 
 
641
 
HDFC Bank Ltd. ADR
   
40,620
 
 
1,285
 
ICICI Bank Ltd. ADR
   
19,391
 
 
1,539
 
Infosys Ltd. ADR
   
15,883
 
 
597
 
Larsen & Toubro Ltd.
   
10,973
 
 
240
 
Tata Motors Ltd. ADR (a)
   
3,103
 
 
356
 
Vedanta Ltd. ADR
   
3,072
 
 
2,119
 
Wipro Ltd. ADR
   
7,946
 
           
114,102
 
Indonesia - 3.8%
           
 
150,038
 
Astra International Tbk PT
   
74,843
 
 
87,983
 
Bank Central Asia Tbk PT
   
211,837
 
 
57,722
 
Charoen Pokphand Indonesia Tbk PT
   
27,026
 
 
7,157
 
Gudang Garam Tbk PT
   
27,324
 
 
475,397
 
Hanjaya Mandala Sampoerna Tbk PT
   
71,913
 
 
44,569
 
Indofood CBP Sukses Makmur Tbk PT
   
35,796
 
 
169,644
 
Kalbe Farma Tbk PT
   
19,796
 
 
27,914
 
Unilever Indonesia Tbk PT
   
84,451
 
 
15,296
 
United Tractors Tbk PT
   
23,717
 
           
576,703
 
Mexico - 5.4%
           
 
181,944
 
America Movil SAB de CV
   
145,305
 
 
7,875
 
Arca Continental SAB de CV
   
41,654
 
 
888
 
Fomento Economico Mexicano SAB de CV ADR
   
83,925
 
 
20,972
 
Grupo Bimbo SAB de CV
   
38,212
 
 
9,543
 
Grupo Carso SAB de CV
   
35,275
 
 
899
 
Grupo Elektra SAB DE CV
   
66,219
 
 
10,735
 
Grupo Financiero Banorte SAB de CV
   
59,933
 
 
28,248
 
Grupo Financiero Inbursa SAB de CV
   
34,661
 
 
32,357
 
Grupo Mexico SAB de CV
   
88,955
 
 
76,160
 
Wal-Mart de Mexico SAB de CV
   
218,642
 
           
812,781
 
Philippines - 6.1%
           
 
4,770
 
Ayala Corp.
   
73,982
 
 
104,200
 
Ayala Land, Inc.
   
93,614
 
 
33,200
 
Bank of the Philippine Islands
   
57,622
 
 
31,760
 
BDO Unibank, Inc.
   
99,083
 
 
46,730
 
JG Summit Holdings, Inc.
   
74,554
 
 
8,600
 
Manila Electric Co.
   
53,830
 
 
17,620
 
San Miguel Corp.
   
57,058
 
 
39,530
 
San Miguel Food and Beverage, Inc.
   
66,345
 
 
8,440
 
SM Investments Corp.
   
173,816
 
 
207,400
 
SM Prime Holdings, Inc.
   
172,407
 
           
922,311
 

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


Poland - 12.9%
           
 
54,514
 
Bank Millennium SA (a)
   
84,058
 
 
12,544
 
Bank Polska Kasa Opieki SA
   
332,124
 
 
1,997
 
CCC SA
   
57,901
 
 
4,166
 
CD Projekt SA
   
306,913
 
 
30,951
 
Cyfrowy Polsat SA
   
227,937
 
 
4,428
 
Dino Polska SA (a)
   
168,068
 
 
89
 
LPP SA
   
206,906
 
 
1,899
 
mBank SA (a)
   
194,910
 
 
4,680
 
Santander Bank Polska SA
   
379,196
 
           
1,958,013
 
Republic of Korea - 20.1%
       
 
928
 
Celltrion, Inc. (a)
   
145,276
 
 
1,440
 
Hyundai Motor Co.
   
150,046
 
 
411
 
LG Chem Ltd.
   
112,839
 
 
951
 
NAVER Corp.
   
153,367
 
 
488
 
POSCO
   
99,799
 
 
388
 
Samsung Biologics Co., Ltd. (a)
   
145,276
 
 
1,086
 
Samsung C&T Corp.
   
101,890
 
 
35,281
 
Samsung Electronics Co., Ltd.
   
1,702,348
 
 
4,077
 
SK Hynix, Inc.
   
331,744
 
 
520
 
SK Telecom Co., Ltd.
   
107,017
 
           
3,049,602
 
South Africa - 8.3%
       
 
4,428
 
Absa Group Ltd.
   
47,201
 
 
1,403
 
Anglo American Platinum Ltd.
   
130,957
 
 
29,682
 
FirstRand Ltd.
   
133,088
 
 
10,442
 
MTN Group Ltd.
   
61,500
 
 
2,153
 
MultiChoice Group (a)
   
17,909
 
 
3,032
 
Naspers Ltd.
   
495,907
 
 
2,765
 
Nedbank Group Ltd.
   
42,306
 
 
12,200
 
Sanlam Ltd.
   
68,900
 
 
3,536
 
Sasol Ltd.
   
76,618
 
 
8,905
 
Standard Bank Group Ltd.
   
107,018
 
 
9,532
 
Vodacom Group Ltd.
   
78,469
 
           
1,259,873
 
Spain - 0.8%
           
 
11,078
 
AmRest Holdings SE (a)
   
126,434
 
Taiwan - 26.8%
           
 
110,209
 
Cathay Financial Holding Co., Ltd.
   
156,433
 
 
179,529
 
CTBC Financial Holding Co., Ltd.
   
134,151
 
 
48,264
 
Formosa Chemicals & Fibre Corp.
   
140,878
 
 
78,082
 
Formosa Petrochemical Corp.
   
253,961
 
 
51,798
 
Formosa Plastics Corp.
   
172,447
 
 
90,292
 
Fubon Financial Holding Co Ltd.
   
139,759
 
 
116,785
 
Hon Hai Precision Industry Co Ltd.
   
353,740
 
 
890
 
Largan Precision Co., Ltd.
   
148,447
 
 
66,858
 
Nan Ya Plastics Corp.
   
162,367
 
 
41,094
 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   
2,387,561
 
           
4,049,744
 
Thailand - 3.0%
           
 
12,200
 
Advanced Info Service PCL
   
86,754
 
 
7,800
 
Bangkok Bank PCL
   
41,664
 
 
64,500
 
Bangkok Dusit Medical Services PCL
   
55,986
 
 
17,700
 
Central Pattana PCL
   
36,784
 
 
32,200
 
Charoen Pokphand Foods PCL
   
29,562
 
 
51,100
 
Home Product Center PCL
   
27,295
 
 
25,600
 
Indorama Ventures PCL
   
29,913
 
 
10,000
 
Kasikornbank PCL
   
50,411
 
 
18,900
 
PTT Global Chemical PCL
   
35,965
 
 
14,500
 
The Siam Commercial Bank PCL
   
59,058
 
           
453,392
 

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


United States - 0.3%
       
 
1,020
 
Reliance Industries Ltd. (a)(b)
   
43,401
 
     
TOTAL COMMON STOCKS (Cost $13,843,890)
   
15,112,798
 
               
MONEY MARKET FUNDS - 0.3%
       
 
48,796
 
First American Government Obligations Fund, 1.51% (c)
   
48,796
 
     
TOTAL MONEY MARKET FUNDS (Cost $48,796)
   
48,796
 
               
     
TOTAL INVESTMENTS (Cost $13,892,686) - 100.1%
   
15,161,594
 
     
Liabilities in Excess of Other Assets - (0.1)%
   
(16,086
)
     
TOTAL NET ASSETS - 100.0%
 
$
15,145,508
 
               
Percentages are stated as a percent of net assets.
       
               
ADR - American Depository Receipt
       
               
(a) Non-Income producing security.
       
(b) 144A Restricted Security
       
(c) Rate shown is the 7-day effective yield.
       

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


The unaudited cost basis of investments for federal income tax purposes at December 31, 2019 was as follows*:

       
   
Freedom 100
Emerging
Markets ETF
 
Cost of investments
 
$
13,892,686
 
Gross unrealized appreciation
 
$
2,070,320
 
Gross unrealized depreciation
 
$
(801,412
)
Net unrealized appreciation/(depreciation)
 
$
1,268,908
 

*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 Fund follows 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 the Fund's net assets as of December 31, 2019:
             
                         
   
Freedom 100 Emerging Markets ETF
 
Assets
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks*
 
$
15,112,798
   
$
-
   
$
-
   
$
15,112,798
 
Money Market Funds*
   
48,796
     
-
     
-
     
48,796
 
Total Investments in Securites
 
$
15,161,594
   
$
-
   
$
-
   
$
15,161,594
 
                                 
* 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

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