2026-02-23190951_BuildBondInnovationETF_TF

Equity Contracts

Net Realized

Gain on

Investments in

Securities

Net Change in

Unrealized

Appreciation on

Investments

in Securities

Purchased Options

BUILD FUNDS TRUST

BUILD BOND INNOVATION ETF

Semi-Annual Financial Statements and Additional Information

March 31, 2026 (Unaudited)

TABLE OF CONTENTS


			Page
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies			1
Schedule of Investments			1
Statement of Assets and Liabilities			5
Statement of Operations			6
Statements of Changes in Net Assets			7
Financial Highlights			8
Notes to Financial Statements			9
Additional Information			16
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies			17
Item 9: Proxy Disclosures for Open-End Management Investment Companies			17
Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies			17
Item 11: Statement Regarding basis for Approval of Investment Advisory Contract			17

TABLE OF CONTENTS

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies

Build Bond Innovation ETF

Schedule of Investments

March 31, 2026 (Unaudited)


	Par	Value
U.S. TREASURY SECURITIES - 60.8%
United States Treasury Note/Bond
4.25%, 11/30/2026^(a)	$270,000	$270,898
4.25%, 12/31/2026^(a)	150,000	150,538
4.13%, 01/31/2027	350,000	351,115
4.13%, 02/28/2027	520,000	521,763
3.88%, 03/31/2027^(a)	320,000	320,386
3.75%, 04/30/2027^(a)	220,000	219,963
3.88%, 05/31/2027	650,000	650,495
3.75%, 06/30/2027	650,000	649,543
3.88%, 07/31/2027	450,000	450,211
3.63%, 08/31/2027	30,000	29,914
3.50%, 09/30/2027	530,000	527,443
3.50%, 10/31/2027	660,000	656,520
3.38%, 11/30/2027	490,000	486,382
3.38%, 02/29/2028	920,000	912,741
3.88%, 03/15/2028	40,000	40,047
3.75%, 04/15/2028	500,000	499,336
3.50%, 01/15/2029	170,000	168,559
3.50%, 02/15/2029	670,000	664,137
4.00%, 03/31/2030	130,000	130,493
TOTAL U.S. TREASURY SECURITIES (Cost $7,708,037)		7,700,484
CORPORATE BONDS - 37.3%
Aerospace Product and Parts Manufacturing - 0.5%
Lockheed Martin Corp., 4.45%, 05/15/2028	61,000	61,368
Architectural and Structural Metals Manufacturing - 0.5%
Nucor Corp., 4.30%, 05/23/2027	67,000	67,087
Automotive Parts, Accessories, and Tire Retailers - 1.4%
AutoZone, Inc.
3.13%, 04/21/2026	132,000	131,924
6.25%, 11/01/2028	44,000	45,954
		177,878
Beverage Manufacturing - 0.2%
PepsiCo, Inc., 3.60%, 02/18/2028	27,000	26,805
Building Material and Supplies Dealers - 1.7%
Lowe’s Cos., Inc.
2.50%, 04/15/2026	56,000	55,958
3.35%, 04/01/2027	40,000	39,694
3.10%, 05/03/2027	115,000	113,650
		209,302
Clothing and Clothing Accessories Retailers - 0.0%^(b)
Ross Stores, Inc., 4.70%, 04/15/2027	6,000	6,004


	Par	Value
Commercial and Service Industry Machinery Manufacturing - 0.1%
KLA Corp., 4.10%, 03/15/2029	$15,000	$14,943
Computer and Peripheral Equipment Manufacturing - 0.9%
International Business Machines Corp., 3.30%, 05/15/2026	120,000	119,892
Computer Systems Design and Related Services - 1.0%
Oracle Corp., 2.65%, 07/15/2026	124,000	123,327
Converted Paper Product Manufacturing - 0.2%
Kimberly-Clark Corp., 3.95%, 11/01/2028	32,000	31,806
Depository Credit Intermediation - 1.0%
Bank of New York Mellon Corp., 3.85%, 04/26/2029	22,000	21,807
US Bancorp
3.10%, 04/27/2026	66,000	65,950
3.15%, 04/27/2027	42,000	41,535
		129,292
Electric Power Generation, Transmission and Distribution - 1.5%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028	81,000	79,497
Georgia Power Co., 3.25%, 04/01/2026	108,000	108,000
MidAmerican Energy Co., 3.10%, 05/01/2027	7,000	6,932
		194,429
Electrical Equipment Manufacturing - 0.2%
Eaton Corp., 4.35%, 05/18/2028	28,000	28,081
Freight Transportation Arrangement - 0.1%
JB Hunt Transport Services, Inc., 4.90%, 03/15/2030	8,000	8,098
Gasoline Stations - 0.3%
Valero Energy Partners LP, 4.50%, 03/15/2028	32,000	32,019
Grocery and Convenience Retailers - 0.1%
Kroger Co., 2.65%, 10/15/2026	8,000	7,929
Insurance Carriers - 0.7%
Radian Group, Inc., 6.20%, 05/15/2029	86,000	88,930
Lessors of Real Estate - 4.3%
AvalonBay Communities, Inc.
2.95%, 05/11/2026	121,000	120,836
3.20%, 01/15/2028	3,000	2,946

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

1

TABLE OF CONTENTS

Build Bond Innovation ETF

Schedule of Investments

March 31, 2026 (Unaudited)(Continued)


	Par	Value
CORPORATE BONDS - (Continued)
Lessors of Real Estate - (Continued)
Camden Property Trust
4.10%, 10/15/2028	$36,000	$35,832
3.15%, 07/01/2029	11,000	10,559
2.80%, 05/15/2030	7,000	6,541
Essex Portfolio LP
3.38%, 04/15/2026	161,000	160,941
3.63%, 05/01/2027	119,000	117,970
Mid-America Apartments LP
3.60%, 06/01/2027	29,000	28,795
4.20%, 06/15/2028	5,000	4,991
Realty Income Corp., 4.88%, 06/01/2026	8,000	8,001
Simon Property Group LP, 3.38%, 06/15/2027	5,000	4,950
Ventas Realty LP, 4.00%, 03/01/2028	46,000	45,553
		547,915
Management of Companies and Enterprises - 0.5%
Schlumberger Investment SA, 4.50%, 05/15/2028	62,000	62,251
Natural Gas Distribution - 0.5%
Kinder Morgan, Inc., 4.30%, 03/01/2028	20,000	19,983
ONEOK, Inc., 4.85%, 07/15/2026	40,000	40,010
		59,993
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing - 0.1%
L3Harris Technologies, Inc., 5.40%, 01/15/2027	14,000	14,112
Nondepository Credit Intermediation - 2.1%
American Honda Finance Corp.
4.90%, 03/12/2027	30,000	30,109
4.45%, 10/22/2027	40,000	39,960
Caterpillar Financial Services Corp., 3.60%, 08/12/2027	1,000	995
General Motors Financial Co., Inc., 4.35%, 01/17/2027	7,000	6,991
John Deere Capital Corp., 4.95%, 07/14/2028	20,000	20,389
Toyota Motor Credit Corp.
4.45%, 05/18/2026	86,000	86,058
4.35%, 10/08/2027	76,000	76,245
		260,747
Oil and Gas Extraction - 1.7%
Diamondback Energy, Inc.
3.25%, 12/01/2026	15,000	14,909
5.20%, 04/18/2027	42,000	42,325
Enterprise Products Operating LLC, 4.15%, 10/16/2028	64,000	63,882


	Par	Value
Occidental Petroleum Corp., 7.20%, 03/15/2029	$39,000	$41,745
Shell International Finance BV, 2.88%, 05/10/2026	47,000	46,938
		209,799
Other Financial Investment Activities - 0.6%
Blackrock, Inc., 3.25%, 04/30/2029	52,000	50,641
Blackstone Secured Lending Fund, 5.88%, 11/15/2027	25,000	25,092
		75,733
Other General Purpose Machinery Manufacturing - 0.1%
Xylem, Inc., 3.25%, 11/01/2026	15,000	14,924
Other Miscellaneous Retailers - 1.0%
Amazon.com, Inc., 1.00%, 05/12/2026	55,000	54,806
eBay, Inc.
1.40%, 05/10/2026	22,000	21,927
5.95%, 11/22/2027	45,000	46,051
		122,784
Petroleum and Coal Products Manufacturing - 1.2%
Chevron Corp., 2.95%, 05/16/2026	34,000	33,949
Phillips 66,
3.90%, 03/15/2028	42,000	41,637
4.95%, 12/01/2027	79,000	79,790
		155,376
Petroleum and Petroleum Products Merchant Wholesalers - 0.8%
Energy Transfer LP
5.50%, 06/01/2027	16,000	16,151
4.00%, 10/01/2027	85,000	84,458
5.55%, 02/15/2028	1,000	1,019
		101,628
Pipeline Transportation of Natural Gas - 0.6%
El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026	71,000	72,157
Rail Transportation - 0.6%
Canadian Pacific Railway Co., 3.13%, 06/01/2026	22,000	21,948
CSX Corp., 3.25%, 06/01/2027	61,000	60,326
		82,274
Residential Building Construction - 0.4%
Lennar Corp., 5.25%, 06/01/2026	50,000	50,027
Restaurants and Other Eating Places - 0.4%
McDonald’s Corp.
3.50%, 07/01/2027	14,000	13,878
3.80%, 04/01/2028	20,000	19,860
Starbucks Corp., 2.45%, 06/15/2026	12,000	11,955
		45,693

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

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Build Bond Innovation ETF

Schedule of Investments

March 31, 2026 (Unaudited)(Continued)


	Par	Value
CORPORATE BONDS - (Continued)
Securities and Commodity Contracts Intermediation and Brokerage - 0.2%
Goldman Sachs Group, Inc., 3.85%, 01/26/2027	$20,000	$19,939
Securities and Commodity Exchanges - 0.9%
Intercontinental Exchange, Inc., 4.00%, 09/15/2027	121,000	120,497
Semiconductor and Other Electronic Component Manufacturing - 3.1%
Amphenol Corp., 5.05%, 04/05/2027	82,000	82,616
Analog Devices, Inc., 3.45%, 06/15/2027	102,000	101,152
Intel Corp.
2.60%, 05/19/2026	5,000	4,988
3.75%, 03/25/2027	50,000	49,674
Jabil, Inc., 1.70%, 04/15/2026	40,000	39,949
Teledyne Technologies, Inc., 1.60%, 04/01/2026	88,000	88,000
Texas Instruments, Inc., 4.60%, 02/15/2028	20,000	20,155
		386,534
Ship and Boat Building - 1.0%
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030	130,000	127,648
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%
Clorox Co.
3.90%, 05/15/2028	21,000	20,880
4.40%, 05/01/2029	98,000	97,881
Estee Lauder Cos., Inc., 4.38%, 05/15/2028	2,000	2,002
		120,763
Software Publishers - 0.7%
Autodesk, Inc., 3.50%, 06/15/2027	90,000	88,982
Hewlett Packard Enterprise Co., 4.40%, 09/25/2027	4,000	3,995
		92,977
Sugar and Confectionery Product Manufacturing - 0.5%
Hershey Co., 2.45%, 11/15/2029	73,000	68,481
Tobacco Manufacturing - 0.6%
Philip Morris International, Inc.
5.25%, 09/07/2028	16,000	16,405
5.50%, 09/07/2030	52,000	53,976
		70,381
Traveler Accommodation - 1.0%
Marriott International, Inc.
3.13%, 06/15/2026	77,000	76,809
5.45%, 09/15/2026	50,000	50,205
		127,014


	Par	Value
Warehouse Clubs, Supercenters, and Other General Merchandise Retailers - 0.5%
Walmart, Inc., 3.90%, 04/15/2028	$67,000	$66,972
Waste Treatment and Disposal - 0.8%
Waste Management, Inc.
3.15%, 11/15/2027	35,000	34,481
4.50%, 03/15/2028	70,000	70,468
		104,949
Wired and Wireless Telecommunications (except Satellite) - 1.7%
AT&T, Inc.
3.80%, 02/15/2027	15,000	14,962
4.25%, 03/01/2027	39,000	38,985
2.30%, 06/01/2027	97,000	94,849
T-Mobile USA, Inc., 2.63%, 04/15/2026	62,000	61,955
		210,751
TOTAL CORPORATE BONDS (Cost $4,712,998)		4,719,509


	Notional Amount	Contracts
PURCHASED OPTIONS - 0.4%^(c)(d)(e)
Call Options - 0.4%
Archer-Daniels-Midland Co., Expiration: 01/15/2027; Exercise Price: $70.00	65,421	9	9,180
Dow, Inc., Expiration: 09/18/2026; Exercise Price: $35.00	62,475	15	13,725
iShares 20+ Year Treasury Bond ETF, Expiration: 06/18/2026; Exercise Price: $90.00	1,161,646	134	10,318
iShares China Large-Cap ETF, Expiration: 05/15/2026; Exercise Price: $37.00	125,650	35	2,555
Platinum Group Metals Ltd.
Expiration: 04/17/2026; Exercise Price: $2.50	19,470	110	550
Expiration: 07/17/2026; Exercise Price: $5.00	17,700	100	800
Smith & Wesson Brands, Inc., Expiration: 09/18/2026; Exercise Price: $16.00	21,495	15	1,725
State Street Energy Select Sector SPDR ETF, Expiration: 12/17/2027; Exercise Price: $55.00	61,260	10	11,900
TOTAL PURCHASED OPTIONS (Cost $56,631)			50,753

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

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Build Bond Innovation ETF

Schedule of Investments

March 31, 2026 (Unaudited)(Continued)


	Shares	Value
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.6%
First American Government Obligations Fund - Class X, 3.58%^(f)	71,678	$71,678
TOTAL SHORT-TERM INVESTMENTS (Cost $71,678)		71,678
TOTAL INVESTMENTS - 99.1% (Cost $12,549,344)		12,542,424
Other Assets in Excess of Liabilities - 0.9%		115,186
TOTAL NET ASSETS - 100.0%		$12,657,610

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

BV - Besloten Vennootschap

Co. - Company

Corp. - Corporation

ETF - Exchange-Traded Fund

Inc. - Incorporated

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

SA - Société Anonyme

(a)	All or a portion of this security is held for collateral on purchased options.

(b)	Represents less than 0.05% of net assets.

(c)	Non-income producing security.

(d)	100 shares per contract.

(e)	Exchange-traded.

(f)	The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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Build Bond Innovation ETF

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2026 (Unaudited)


ASSETS:
Investments, at value			$12,542,424
Interest receivable			122,318
Cash			2,842
Total assets			12,667,584
LIABILITIES:
Payable for investments purchased			5,081
Investment management fees			4,853
Due to broker			40
Total liabilities			9,974
NET ASSETS			$12,657,610
Net Assets Consists of:
Paid-in capital			$14,298,250
Total accumulated losses			(1,640,640)
Total net assets			$12,657,610
Net assets			$12,657,610
Shares issued and outstanding^(a)			500,000
Net asset value per share			$25.32
Cost:
Investments, at cost (Note 2)			$12,549,344

(a)	Unlimited shares authorized without par value.

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

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Build Bond Innovation ETF

STATEMENT OF OPERATIONS

For the Period Ended March 31, 2026 (Unaudited)


INVESTMENT INCOME:
Interest income			$229,620
Total investment income			229,620
EXPENSES:
Investment advisory fee			26,173
Interest expense			21
Total expenses			26,194
NET INVESTMENT INCOME			203,426
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments			107,717
Net realized gain			107,717
Net change in unrealized depreciation on:
Investments			(84,513)
Net change in unrealized depreciation			(84,513)
Net realized and unrealized gain			23,204
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$226,630

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

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BUILD BOND INNOVATION ETF

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended March 31, 2026 (Unaudited)	Year Ended September 30, 2025
OPERATIONS:
Net investment income	$203,426	$378,638
Net realized gain	107,717	426,834
Net change in unrealized depreciation	(84,513)	(63,676)
Net increase in net assets from operations	226,630	741,796
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From earnings	(208,104)	(375,083)
Total distributions to shareholders	(208,104)	(375,083)
CAPITAL TRANSACTIONS:
Shares sold	1,907,495	6,896,205
Shares redeemed	—	(4,382,668)
Net increase in net assets from capital transactions	1,907,495	2,513,537
NET INCREASE IN NET ASSETS	1,926,021	2,880,250
NET ASSETS:
Beginning of the period	10,731,589	7,851,339
End of the period	$12,657,610	$10,731,589
SHARES TRANSACTIONS:
Shares sold	75,000	275,000
Shares redeemed	—	(175,000)
Total increase in shares outstanding	75,000	100,000

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

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BUILD BOND INNOVATION ETF

FINANCIAL HIGHLIGHTS


	Period Ended March 31, 2026 (Unaudited)	Year Ended September 30,			Period Ended September 30, 2022^(a)
	Period Ended March 31, 2026 (Unaudited)	2025	2024	2023	Period Ended September 30, 2022^(a)
PER SHARE DATA:
Net asset value, beginning of period	$25.25	$24.16	$22.41	$22.82	$25.00
INVESTMENT OPERATIONS:
Net investment income^(b)	0.44	0.99	1.00	0.87	0.18
Net realized and unrealized gain (loss) on investments^(c)	0.08	1.09	1.81	(0.35)	(2.20)
Total from investment operations	0.52	2.08	2.81	0.52	(2.02)
LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(0.45)	(0.99)	(1.06)	(0.93)	(0.16)
Net realized capital gain	—	—	—	—	—
Total distributions	(0.45)	(0.99)	(1.06)	(0.93)	(0.16)
Net asset value, end of period	$25.32	$25.25	$24.16	$22.41	$22.82
TOTAL RETURN
Net Asset Value^(d)(e)	2.03%	8.76%	12.88%	2.24%	−8.08%
Market Value^(e)(f)	2.16%	8.83%	12.91%	2.17%	−8.00%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$12,658	$10,732	$7,851	$17,365	$30,241
Ratio of expenses to average net assets^(g)(h)	0.45%	0.45%	0.45%	0.45%	0.45%
Ratio of net investment income (loss) to average net assets^(g)(h)	3.50%	3.98%	4.35%	3.79%	1.19%
Portfolio turnover rate^(e)(i)	34%	426%	119%	130%	328%

(a)	Inception date of the Fund was February 9, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	The amounts reported for a share outstanding may not accord with the change in the aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.

(e)	Not annualized for periods less than one year.

(f)

Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is determined by the midpoint of the bid/ask spread at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market value returns may vary from net asset value returns.

(g)	The expenses and net investment income do not reflect expenses from underlying investments.

(h)	Annualized for periods less than one year.

(i)	Portfolio turnover rate excludes in-kind transactions.

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

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BUILD FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

1. ORGANIZATION

Build Funds Trust (the “Trust”) was organized as a Delaware statutory trust on July 6, 2021 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of one operational exchange-traded fund, Build Bond Innovation ETF (the “Fund”). The Fund is a non-diversified series of the Trust. The investment objective of the Fund is to seek capital appreciation and risk mitigation.

Build Asset Management, LLC (the "Adviser") is the investment adviser to the Fund.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”.

A)

Security Valuation. The Fund values its investments at fair value. The net asset value (“NAV”) of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4 p.m. Eastern Time. The Fund’s investments in securities are recorded at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

The Trust’s Board of Trustees (“Board”) designated the Adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The Adviser has established a Fair Valuation Committee (“Valuation Committee”) to administer, implement, and oversee the fair valuation process, and to make fair value decisions. The Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Valuation Committee also regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews. The Valuation Committee reports to the Board information regarding the fair valuation process and related matters.

The Fund’s securities, including exchange-traded funds, listed on an exchange or on the Nasdaq National Market System are valued at the last quoted sale price or the official closing price of the day. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If no sale occurred during the day, investments are valued at the mean between closing bid and asked prices and categorized as Level 2. Investments in other regulated investment companies, including money market funds, are generally priced at the ending NAV provided by the service agent of the Fund and categorized as Level 1.

Bonds, notes, and U.S. government obligations are valued at an evaluated mean price obtained from an independent pricing service that uses a matrix pricing method or other analytical models. These securities will generally be categorized in Level 2 of the fair value hierarchy.

Investments in U.S. mutual funds, including money market funds, are valued at NAV each business day.

Options traded on an exchange are generally valued at the last reported settlement price on the exchange or OTC market on which they principally trade are categorized as Level 1. If the settlement price is not available, then options shall be valued at the mean price and categorized as Level 2.

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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BUILD FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)(Continued)

Level 2 –

Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 –

Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Fund’s assets and liabilities measured at fair value as of March 31, 2026.


	Level 1	Level 2	Level 3	Total
Investments:
U.S. Treasury Securities	$—	$7,700,484	$—	$7,700,484
Corporate Bonds	—	4,719,509	—	4,719,509
Purchased Options	48,478	2,275	—	50,753
Money Market Funds	71,678	—	—	71,678
Total Investments	$120,156	$12,422,268	$—	$12,542,424

Refer to the Schedule of Investments for further disaggregation of investment categories.

The Fund did not hold any investments during the current fiscal period ended March 31, 2026, with significant unobservable inputs categorized as Level 3.

B)

Derivative Instruments. The Adviser used derivative instruments, such as purchased options, to gain exposure to underlying securities. The Trust has adopted disclosure standards in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivatives affect an entity’s results of operations and financial position.

In general an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”). When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a purchased call or put option is exercised, the cost of the security acquired is increased by the premium paid for the call, or in the case of a put, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

The risks of using the types of derivatives in which the Fund may engage include the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Adviser; the risk that the counterparty to a derivative contract may fail to comply with their obligations to the Fund; the risk that the derivative may not possess a liquid secondary market at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund. The measurement of risks associated with these instruments is meaningful only when all related offsetting transactions are considered. The use of options does not create leverage in the Fund. Cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately as Deposits for options contracts on the Statement of Assets and Liabilities.

The following disclosure identifies the location and fair value amounts of the Fund’s derivative instruments on the Statement of Assets and Liabilities and the effect on the Statement of Operations, each categorized by type of derivative contract and related risk exposure.

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NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)(Continued)

As of March 31, 2026, the Statement of Assets and Liabilities included the following financial derivative instrument fair values:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as hedging instruments Equity Contracts

Statement

of Assets and

Liabilities

Location

Value

Statement

of Assets and

Liabilities

Location

Value

Purchased Options

Investments in

securities, at value

$50,753

$—

Total

$50,753

$—

For the period ended March 31, 2026, financial derivative instruments had the following effect on the Statement of Operations:

The average monthly value of purchased options in the Fund during the period ended March 31, 2026 was $170,637.

C)

Federal Income Taxes. The Fund’s policy is to continue to comply with the requirements of the Internal Revenue Code of 1986, as amended, that are applicable to regulated investment companies (“RIC”) and to distribute all its taxable income to its shareholders. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no provision for federal income tax or excise is required.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows:


Tax cost of investments			$12,563,164
Unrealized appreciation			40,227
Unrealized depreciation			(60,967)
Net unrealized appreciation (depreciation)			(20,740)

Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) was attributable primarily to the tax deferral of losses on wash sales and the mark-to-market treatment of certain non-equity options contracts.

Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

During the period, the Fund did not incur any interest or penalties. Based on its analysis, management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statement as of March 31, 2026.

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March 31, 2026 (Unaudited)(Continued)

D)

Distributions to Shareholders. The Fund expects to declare and distribute all its net investment income, if any, to shareholders as dividends monthly. The Fund will distribute capital gains, if any, at least annually. Distributions to shareholders are determined in accordance with income tax regulations and recorded on the ex-dividend date.

E)

Use of Estimates. The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F)

Reclassification of Capital Accounts. U.S. 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 NAV per share. For the year ended September 30, 2025, distributable earnings were adjusted $70 and Paid-in Capital was adjusted $(70) due to redemptions in kind.

G)

Security Transactions and Income. Security transactions are recorded on trade date. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Net realized gains and losses from sales of securities are determined using the specific identification method.

H)

Segment Reporting.The Fund operates in one segment. The segment derives its revenues from the Fund’s investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund prospectus. The chief operating decision maker (“CODM”) monitors the operating results of the Fund. The Fund’s CODM is the President of the Trust.

The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Fund’s single segment is consistent with that presented within the Fund’s financial statements.

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Management

The Adviser acts as the Fund’s investment adviser pursuant to an investment advisory agreement with the Trust (the “Investment Advisory Agreement”).

Under the Investment Advisory Agreement, the Adviser bears all of the ordinary operating expenses of the Fund, except for (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Fund incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) Acquired Fund Fees and Expenses (as such term is defined in Form N-1A as promulgated by the Securities and Exchange Commission (“SEC”)) and expenses of other pooled investment vehicles and expenses relating to creation and redemption transactions; (iv) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (v) the advisory fee payable to the Adviser; and (vi) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the Independent Trustees).

Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a management fee at an annual rate of 0.45% based on the Fund’s average daily net assets. For the period ended March 31, 2026 the Fund incurred $26,173 in investment advisory fees.

Administrator, Custodian, Transfer Agent and Accounting Agent

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services (“Fund Services”), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Fund’s administrator and, in that capacity performs various administrative and accounting services for the Fund. Fund Services also serves as the Fund’s fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports

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March 31, 2026 (Unaudited)(Continued)

and materials to be supplied to the trustees; monitors the activities of the Fund’s custodian, transfer agent and accountants; reviews the Fund’s advisory fee expense accrual and coordinates the preparation and payment of the advisory fee. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as the Fund’s custodian (the “Custodian”). As of March 31, 2026, there were no fees incurred by the Fund for the services provided by the service providers described above as the Adviser bore all such costs.

4. DISTRIBUTION AND FUND OFFICERS

Foreside Fund Services, LLC (“Distributor”) serves as the distributor of Creation Units for the Fund. The Distributor serves as the principal underwriter for shares of the Fund, and acts as the Fund’s distributor in a continuous public offering of the Fund’s shares. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Foreside Fund Officer Services, LLC provides the Trust with a chief compliance officer and principal financial officer.

5. PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended March 31, 2026, were as follows:

During the current fiscal year, the values of the in-kind security transactions were as follows:

During the current fiscal year, there were no realized gains or losses of the in-kind security transactions.

6. RELATED PARTIES

As of March 31, 2026, certain officers and trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor. These officers and trustees do not receive compensation from the Trust for serving as officers and/or trustees.

7. SHARE TRANSACTIONS

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. The consideration for the purchase of Creation Units of a fund in the Fund generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee of $500 and a redemption transaction fee of $500 directly to the Custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the Fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. The Adviser, subject to the approval of the Board, may adjust or waive the transaction fee from time to time. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. The Fund will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 25,000 shares, called “Creation Units.” Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in

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NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)(Continued)

the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System (“Clearing Process”) of the National Securities Clearing Corporation or (ii) a participant in the Depository Trust Company (“DTC”) and, in each case, must have executed a Participant Agreement with the Distributor. Retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Fund. Rather, retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. The Fund does not have information concerning the beneficial ownership of shares held in the names of DTC participants.

9. GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust’s organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Fund’s maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Fund. The Adviser is of the view that the risk of loss to the Fund in connection with the Fund indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Fund.

10. PRINCIPAL RISKS

Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Options Risk. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases a call option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price. When the Fund purchases a put option, it may lose the total premium paid for it if the price of the underlying security or other assets increased, remained the same or failed to decrease to a level at or below the exercise price. If an option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

U.S. Government Obligations Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

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NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)(Continued)

Portfolio Turnover Risk. Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may negatively affect the Fund’s performance.

11. SUBSEQUENT EVENTS

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition of disclosure in the Fund’s financial statements, except for the following:

On April 30, 2026, the Fund paid a distribution from ordinary income of $37,261 to shareholders of record as of April 29, 2026.

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ADDITIONAL INFORMATION

AVAILABILITY OF PROXY VOTING RECORDS

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, (i) by calling (833) 852-8453; (ii) on or through the Fund’s website at https://getbuilding.com/etfs/bfix/; and (iii) on the SEC’s website at http://www.sec.gov.

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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

There were no changes in or disagreements with accountants during the period covered by this report.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies

The aggregate compensation paid to the Independent Trustees, as defined under the 1940 Act, for the period ended March 31, 2026 was $12,500.

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.

Item 11: Statement Regarding basis for Approval of Investment Advisory Contract

Not applicable as the investment advisory contract was not approved during the reporting period.

17


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Build Bond Innovation ETF	$23	0.45%


Net Assets	$12,657,610
Number of Holdings	126
Total Advisory Fee	$26,173
Portfolio Turnover	34%
30-Day SEC Yield	3.50%


Top Sectors	(% of net assets)
Public Administration	60.8%
Manufacturing	10.5%
Finance and Insurance	5.7%
Retail Trade	4.9%
Real Estate and Rental and Leasing	4.3%
Information	2.4%
Utilities	2.0%
Mining, Quarrying, and Oil and Gas Extraction	1.7%
Accommodation and Food Services	1.4%
Cash & Other	6.3%


	Build Bond Innovation ETF
	BFIX (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| March 31, 2026


Top 10 Issuers	(% of net assets)
United States Treasury Note/Bond	60.8%
Essex Portfolio LP	2.2%
Lowe’s Cos., Inc.	1.7%
AutoZone, Inc.	1.4%
Toyota Motor Credit Corp.	1.3%
AT&T, Inc.	1.2%
Huntington Ingalls Industries, Inc.	1.0%
Marriott International, Inc.	1.0%
AvalonBay Communities, Inc.	1.0%
Oracle Corp.	1.0%

	By (Signature and Title)*	/s/ John Ruth
		John Ruth, Principal Executive Officer

	By (Signature and Title)*	/s/ Clem Sell
		Clem Sell, Principal Financial Officer