Fund Description: Merlyn.AI Bull-Rider Bear-Fighter ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Alpha Architect ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Merlyn.AI Bull-Rider Bear-Fighter ETF seeks to track the total return performance, before fees and expenses, of the MAI Bull-Rider Bear-Fighter Index. INDEX DESCRIPTION: The MAI Bull-Rider Bear-Fighter Index uses a proprietary market risk indicator (the Bull/Bear Indicator) that seeks to determine whether U.S. equity markets appear to be in an advancing market (a Bull indicator) or appear to have an elevated risk of market decline (a Bear indicator). The Bull/Bear Indicator is an algorithm that assesses U.S. equity markets across three key metrics: price-trend, market momentum, and value sentiment. In addition, when in a Bear market, the Bull/Bear Indicator assesses whether a particularly sharp rebound follows a recent market decline, in which case the Bull indicator is triggered. Price-trend indicates the degree to which U.S. market securities prices are trending higher or lower. Market momentum indicates the volume-adjusted, price-trend of U.S. equity market securities to assess investor conviction. Value sentiment indicates the recent proportion of U.S. equity market securities making 52-week highs against those making 52-week lows. When any one of the three metrics is negative and that metric is declining further at month-end, the Bear indicator is triggered and the Index is constructed via the Bear methodology. When one or more of the three metrics is positive in value and the remaining metrics are increasing, the Bull indicator is triggered and the Index is constructed via the Bull methodology. The Index generally shifts between a Bull sentiment and a Bear sentiment, as appropriate, at month-end. When the Bull/Bear Indicator signals a Bull market, the Index identifies a portfolio of eight ETFs, one selected from each of the eight ETF categories: Sectors-1, Sectors-2, StyleMix, Factors, Global/Regions, Bonds-1 and Bonds-2. For each category, the Index identifies the ETF having the highest recent return performance relative to other ETFs in the category (the Momentum Leader). The Index’s Bull portfolio will generally reflect a classic growth portfolio having approximately 80/20 stocks/bonds allocation weights. In contrast, when the Bull/Bear Indicator signals a Bear market, the Index identifies a portfolio of four or more ETFs, each a Momentum Leader, selected from a generally more conservative Bear Universe of ETFs. FUND STRATEGY: The Fund employs a passive management (or indexing) investment approach designed to track the performance of the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index. The Fund will generally use a replication strategy to seek to achieve its investment objective, meaning the Fund will invest in all of the component securities of the Index in the same approximate proportions as in the Index, but may use a representative sampling strategy, meaning the Fund may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole. Up to 20% of the Fund’s assets may be held in cash and cash equivalents (including U.S. treasury bills), or in other ETFs not included in the Index. The Fund will be considered to be non-diversified. FUND MANAGEMENT: Empowered Funds, LLC serves as the investment adviser to the Fund.