Alpha Architect High Inflation and Deflation ETF

The Alpha Architect High Inflation and Deflation ETF (the Fund) seeks long-term total return. The Fund primarily invests its assets in the shares of registered investment companies, including affiliated and non-affiliated exchange-traded funds (ETFs) (the underlying funds), that emphasize investments in intermediate-term U.S. Treasury bonds, real estate, and commodities (the Target Asset Classes). The Fund expects to obtain its exposure to the Target Asset Classes primarily through its investments in underlying funds, but the Fund also may invest directly in equity interests in real estate investment trusts (REITs) and in intermediate-term U.S. Treasury bonds. The Sub-Adviser believes its investments in underlying funds will provide an efficient, low cost means for the Fund to gain exposure to the Target Asset Classes.