# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-26-001551
**Filing Date:** 2026-3
**Character Count:** 95950
**Document Hash:** 7d15b0bce90ffc125162f2b6db6699a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-26-001551.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001592900-26-001551

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 26821129

**BUSINESS ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125

## Series and Classes Contracts Data

### Keating Active ETF (Series ID: S000084024)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000248158 | Keating Active ETF | KEAT            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20260131

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number <u>811-22961</u>**

**<u>EA Series Trust</u>**

(Exact name of registrant as specified in charter)

**<u>3803 West Chester Pike, Suite 150</u>**

**<u>Newtown Square, PA 19073</u>**

(Address of principal executive offices) (Zip code)

**<u>3803 West Chester Pike, Suite 150</u>**

**<u>Newtown Square, PA 19073</u>**

(Name and address of agent for service)

**<u>(215) 330-4476</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>January 31, 2026</u>**

Date of reporting period: **<u>January 31, 2026</u>**

------

**<u>Item 1. Report to Stockholders</u>.**

(a) ------

---

| | | |
|:---|:---|:---|
| ![Logo.jpg](ck0001592900-20260131_g1.jpg) | Keating Active ETF<br>Ticker: KEAT<br>Listed on: The Nasdaq Stock Market, LLC | January 31, 2026<br>Annual Shareholder Report<br>https://etfkeatinginvestment.com |

---

**This annual shareholder report contains important information about the Keating Active ETF (the "Fund") for the period of February 1, 2025 to January 31, 2026 (the "Period"). You can find additional information about the Fund at https://etfkeatinginvestment.com. You can also request this information by contacting us at (215) 330-4476.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $95 | 0.83% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD?**

![7](ck0001592900-20260131_g2.jpg)

---

| | | |
|:---|:---|:---|
| **PERFORMANCE** | **PERFORMANCE** | **PERFORMANCE** |
| | **One Year** | **Since Inception (3/26/2024)** |
| Keating Active ETF - NAV | 28.40% | 17.92% |
| Solactive GBS United States 1000 Index | 15.11% | 17.58% |
| **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** | **The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** |
| Visit https://etfkeatinginvestment.com for more recent performance information. | Visit https://etfkeatinginvestment.com for more recent performance information. | Visit https://etfkeatinginvestment.com for more recent performance information. |

---

**WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?**

The Fund delivered very strong performance in 2025, and this continued into early 2026. It is notable that this was achieved despite roughly 30% of the Fund remaining in short-term Treasury bonds to reduce risk. Strong performance was driven by surging precious metal mining stocks as well as attractive gains from our international holdings. We have gravitated to these underrepresented areas because we believed they were trading at favorable prices in comparison to the broader market. In addition, we believed that growing political dysfunction in the U.S. would encourage international investors to accumulate precious metals and refocus investment within their own boarders.

Annual Shareholder Report: January 31, 2026

------

---

| | | |
|:---|:---|:---|
| ![Logo.jpg](ck0001592900-20260131_g1.jpg) | Keating Active ETF<br>Ticker: KEAT<br>Listed on: The Nasdaq Stock Market, LLC | January 31, 2026<br>Annual Shareholder Report<br>https://etfkeatinginvestment.com |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $110305256 | **Advisory Fees** | $788021 |
| **# of Portfolio Holdings** | 29 | **Fees Waived and/or Expenses Reimbursed** | $(15626) |
| **Portfolio Turnover Rate\*** | 14% | **Net Advisory Fees Paid** | $772395 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** | **INVESTMENT WEIGHTING<br>(as a % of Net Assets)** |
| Fixed Income ETFs | 27.8% |
| Materials | 18.7% |
| Energy | 16.9% |
| Consumer Staples | 16.4% |
| Communication Services | 10.2% |
| Health Care | 4.6% |
| Industrials | 3.7% |
| Financials | 0.8% |
| Real Estate | 0.5% |
| Investments Purchased with Proceeds from Securities Lending | 13.8% |
| Cash and Cash Equivalents | 0.2% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| iShares 0-5 Year TIPS Bond ETF | 27.8% |
| Barrick Mining Corp. | 8.1% |
| Agnico Eagle Mines Ltd. | 7.4% |
| Vodafone Group PLC - ADR | 4.2% |
| GSK PLC - ADR | 3.8% |
| J. Sainsbury PLC - ADR | 3.7% |
| Talos Energy, Inc. | 3.5% |
| Oceaneering International, Inc. | 3.4% |
| Molson Coors Beverage Co. - Class B | 3.3% |
| Verizon Communications, Inc. | 3.3% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://etfkeatinginvestment.com. You can also request information by calling (215) 330-4476.

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Annual Shareholder Report: January 31, 2026

------

(b) Not applicable.

**<u>Item 2. Code of Ethics</u>.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the year covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the year covered by this report.

A copy of the registrant's Code of Ethics is incorporated by reference.

**<u>Item 3. Audit Committee Financial Expert</u>.**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Pagano is an "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant's tax returns and calculations of required income, capital gain and excise distributions. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE<br>1/31/2026 | FYE<br>1/31/2025 |
| (a) Audit Fees | $8750 | $7250 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2250 | $1750 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund's investment adviser.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence

------

and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants</u>.**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.

(b) Not applicable.

------

**<u>Item 6. Investments.</u>**

(a) ------

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**  |
| **COMMON STOCKS - 71.3%**  | | |
| **<u>Communication Services</u> - 10.2%**  | |  |
| **Alternative Carriers - 2.7%** |  |  |
| Liberty Global Ltd. - Class C <sup>(a)</sup> | 272367 | $3017826 |
| **Integrated Telecommunication Services - 3.3%** |  |  |
| Verizon Communications, Inc.  | 81339 | 3621212 |
| **Wireless Telecommunication Services - 4.2%** |  |  |
| Vodafone Group PLC - ADR  | 316150 | 4631598 |
| **Total Communication Services** |  | 11270636 |
| **<u>Consumer Staples</u> - 16.4%**  |  |  |
| **Brewers - 3.3%** |  |  |
| Molson Coors Beverage Co. - Class B <sup>(b)</sup> | 76296 | 3665260 |
| **Consumer Staples Merchandise Retail - 3.0%** |  |  |
| Carrefour SA - ADR <sup>(b)</sup> | 984970 | 3289800 |
| **Food Retail - 3.7%** |  |  |
| J. Sainsbury PLC - ADR  | 226790 | 4096281 |
| **Packaged Foods & Meats - 2.9%** |  |  |
| Cal-Maine Foods, Inc. <sup>(b)</sup> | 16381 | 1368305 |
| Lamb Weston Holdings, Inc.  | 35083 | 1611362 |
| Magnum Ice Cream Co. NV <sup>(a)(b)</sup> | 9242 | 164046 |
|  |  | 3143713 |
| **Personal Care Products - 2.5%** |  |  |
| Unilever PLC - ADR  | 41077 | 2808024 |
| **Tobacco - 1.0%** |  |  |
| Philip Morris International, Inc.  | 6374 | 1143750 |
| **Total Consumer Staples** |  | 18146828 |
| **<u>Energy</u> - 16.9%**  |  |  |
| **Integrated Oil & Gas - 8.5%** |  |  |
| Equinor ASA - ADR <sup>(b)</sup> | 119585 | 3210857 |
| Suncor Energy, Inc.  | 58010 | 3072790 |
| TotalEnergies SE <sup>(b)</sup> | 41723 | 3020745 |
|  |  | 9304392 |
| **Oil & Gas Equipment & Services - 3.4%** |  |  |
| Oceaneering International, Inc. <sup>(a)</sup> | 125489 | 3777219 |
| **Oil & Gas Exploration & Production - 5.0%** |  |  |
| Harbour Energy PLC - ADR  | 512516 | 1675927 |

---

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

------

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**  |
| Talos Energy, Inc. <sup>(a)(b)</sup> | 322779 | $3847526 |
|  |  | 5523453 |
| **Total Energy** |  | 18605064 |
| **<u>Financials</u> - 0.8%**  |  |  |
| **Life & Health Insurance - 0.8%** |  |  |
| Aflac, Inc.  | 7725 | 857089 |
| **<u>Health Care</u> - 4.6%**  |  |  |
| **Pharmaceuticals - 4.6%** |  |  |
| GSK PLC - ADR <sup>(b)</sup> | 80942 | 4176607 |
| Johnson & Johnson  | 3909 | 888320 |
| **Total Health Care** |  | 5064927 |
| **<u>Industrials</u> - 3.7%**  |  |  |
| **Aerospace & Defense - 3.2%** |  |  |
| Lockheed Martin Corp.  | 5512 | 3495821 |
| **Air Freight & Logistics - 0.5%** |  |  |
| United Parcel Service, Inc. - Class B  | 5548 | 589308 |
| **Total Industrials** |  | 4085129 |
| **<u>Materials</u> - 18.7%**  |  |  |
| **Gold - 18.7%** |  |  |
| Agnico Eagle Mines Ltd. <sup>(b)</sup> | 42644 | 8123682 |
| Barrick Mining Corp. <sup>(b)</sup> | 194685 | 8914626 |
| Pan American Silver Corp.  | 65821 | 3593827 |
| **Total Materials** |  | 20632135 |
| **TOTAL COMMON STOCKS** (Cost $51,002,513) |  | 78661808 |
| **EXCHANGE TRADED FUNDS - 27.8%** |  |  |
| iShares 0-5 Year TIPS Bond ETF <sup>(c)</sup> | 297551 | 30632875 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $29,722,757) |  | 30632875 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%**  |  |  |
| **<u>Real Estate</u> - 0.5%**  |  |  |
| **Timber REITs - 0.5%** |  |  |
| Weyerhaeuser Co.  | 19733 | 508717 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $489,191) |  | 508717 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.8%**  | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.77% <sup>(d)</sup> | 15207614 | 15207614 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $15,207,614) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $15,207,614) | 15207614 |

---

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

------

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.3%**  | | |
| First American Government Obligations Fund - Class X, 3.61% <sup>(d)</sup> | 387997 | $387997 |
| **TOTAL MONEY MARKET FUNDS** (Cost $387,997) |  | 387997 |
| **TOTAL INVESTMENTS - 113.7% (**Cost $96,810,072**)** |  | $125399011 |
| Liabilities in Excess of Other Assets - (13.7)%  |  | (15093755) |
| **TOTAL NET ASSETS - 100.0%** |  | $110305256 |

---

Percentages are stated as a percent of net assets.

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $14,518,324.

(c) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

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

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(b) Not applicable.

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

------

**KEATING ACTIVE ETF**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment</u>**

**<u>Companies.</u>**

**STATEMENT OF ASSETS AND LIABILITIES**

**January 31, 2026**

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (See Note 2) | $125399011 |
| Dividends receivable | 167977 |
| Dividend tax reclaims receivable | 12791 |
| Security lending income receivable (See Note 4) | 10181 |
| Total assets | 125589960 |
| **LIABILITIES:** |  |
| Payable upon return of securities loaned (See Note 4) | 15207614 |
| Payable to adviser (See Note 3) | 77090 |
| Total liabilities | 15284704 |
| **NET ASSETS** | $110305256 |
| **NET ASSETS CONSISTS OF:** |  |
| Paid-in capital | $82530743 |
| Total distributable earnings | 27774513 |
| Total net assets | $110305256 |
| Net assets | $110305256 |
| Shares issued and outstanding <sup>(a)</sup> | 3400000 |
| Net asset value per share | $32.44 |
| **COST:** |  |
| Investments, at cost | $96810072 |
|  | 14518324 |
| **LOANED SECURITIES:** |  |
| at value (included in investments) | $14518324 |

---

(a) Unlimited shares authorized without par value.

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

------

**KEATING ACTIVE ETF**

**STATEMENT OF OPERATIONS**

**For the Year Ended January 31, 2026**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $3466125 |
| Less: Issuance fees | (46351) |
| Less: Dividend withholding taxes | (221408) |
| Securities lending income (See Note 4) | 60417 |
| Total investment income | 3258783 |
| **EXPENSES:** |  |
| Investment advisory fee (See Note 3) | 788021 |
| Total expenses | 788021 |
| Expense reimbursement by adviser (See Note 3) | (15626) |
| Net expenses | 772395 |
| **NET INVESTMENT INCOME (LOSS)** | 2486388 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **21560668** |
| Net realized gain (loss) from: |  |
| Investments | (823327) |
| In-kind redemptions | 7702805 |
| Net realized gain (loss) | 6879478 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | 14705388 |
| Net change in unrealized appreciation (depreciation) | 14705388 |
| Net realized and unrealized gain (loss) | 21584866 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $24071254 |

---

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

------

**KEATING ACTIVE ETF**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year ended <br>January 31, 2026** | **Period ended January 31, 2025**<sup>(a)</sup> |
| **OPERATIONS:** | | |
| Net investment income (loss) | $2486388 | $1354713 |
| Net realized gain (loss) | 6879478 | 14196859 |
| Net change in unrealized appreciation (depreciation) | 14705388 | (11291746) |
| Net increase (decrease) in net assets from operations | 24071254 | 4259826 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| From earnings | (2479369) | (1349008) |
| Total distributions to shareholders | (2479369) | (1349008) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Shares sold | 22069693 | 42311268 |
| Shares issued from reorganization (See Note 1) |  | 61438228 |
| Shares redeemed | (14305078) | (25711558) |
| Net increase (decrease) in net assets from capital transactions | 7764615 | 78037938 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 29356500 | 80948756 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 80948756 |  |
| End of the period | $110305256 | $80948756 |
| **SHARES TRANSACTIONS** |  |  |
| Shares sold | 790000 | 1670000 |
| Shares issued from reorganization (See Note 1) |  | 2460000 |
| Shares redeemed | (510000) | (1010000) |
| Total increase (decrease) in shares outstanding | 280000 | 3120000 |

---

(a) Inception date of the Fund was March 26, 2024.

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

------

**KEATING ACTIVE ETF**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)** <sup>(a)</sup> | **Net realized and unrealized gain (loss) on investments** <sup>(b)</sup> | **Total from investment operations** | **Net investment income** | **Total distributions** | **Net asset value, end of period** | **Total return** <sup>(c)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment** <sup>(d)(e)</sup> | **Ratio of expenses to average net assets after expense reimbursement / recoupment** <sup>(d)(e)</sup> | **Ratio of net investment income (loss) to average net assets** <sup>(d)(e)</sup> | **Portfolio turnover rate** <sup>(c)(f)</sup> |
| **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** | **Keating Active ETF** |
| 1/31/2026 | $25.95 | 0.76 | 6.49 | 7.25 | (0.76) | (0.76) | $32.44 | 28.40% | $110305 | 0.85% | 0.83% | 2.68% | 14% |
| 1/31/2025 <sup>(g)</sup> | $24.97 | 0.45 | 0.97 | 1.42 | (0.44) | (0.44) | $25.95 | 5.69% | $80949 | 0.85% | 0.85% | 2.03% | 4% |

---

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

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

(d) Annualized for periods less than one year.

(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

(g) Inception date of the Fund was March 26, 2024.

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

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS January 31, 2026**

**NOTE 1 – ORGANIZATION**

Keating Active ETF (the "Fund") is a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Fund is considered diversified under the 1940 Act. The Fund commenced operations on March 26, 2024. The Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services- Investment Companies. The Fund's investment objective is to seek total return which consists of income and capital appreciation. See the Fund's Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Fund.

As part of the Fund's commencement of operations on March 26, 2024, the Fund received an in-kind contribution from accounts managed by the Sub-Adviser, which consisted of $61,438,228 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of March 26, 2024, was $36,262,931, resulting in net unrealized appreciation on investments of $25,175,297 as of that date. As a result of the in-kind contribution, the Fund issued 2,460,000 shares at a $24.97 per share net asset value.

Shares of the Fund are listed and traded on the The Nasdaq Stock Market LLC. Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. 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 a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. A Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by a Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.

The end of the reporting period for the Fund is January 31, 2026, and the period covered by these Notes to Financial Statements is from February 1, 2025 to January 31, 2026 (the "current fiscal period").

**NOTE 2 – 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 ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.*Security Valuation.* Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities ("ABS"), collateralized loan obligations ("CLO"), collateralized mortgage obligations ("CMO"), corporate obligations, whole loans, and mortgage-backed securities ("MBS") are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price.

Subject to its oversight, the Trust's Board of Trustees (the "Board") has delegated primary responsibility for determining or causing to be determined the value of the Fund's investments to Empowered Funds, LLC dba EA Advisers (the "Adviser"), pursuant to the Trust's valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the "valuation designee" of the Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust's fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust's valuation policies during these periodic reports. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. For the current fiscal period, the Fund did not hold any securities that required fair valuation due to unobservable inputs.

As described above, the Fund may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the fair value classification of the Fund's investments as of the current fiscal period end:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **INVESTMENTS MEASURED AT NET ASSET VALUE** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Investments</u>** | | | | | |
| &nbsp;&nbsp;Common Stocks | $— | $78661808 | $— | $— | $78661808 |
| &nbsp;&nbsp;Exchange Traded Funds |  | 30632875 |  |  | 30632875 |
| &nbsp;&nbsp;Real Estate Investment Trusts |  | 508717 |  |  | 508717 |
| &nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | 15207614 |  |  |  | 15207614 |
| &nbsp;&nbsp;Money Market Funds |  | 387997 |  |  | 387997 |
| **Total Investments** | $15207614 | $110191397 | $— | $— | $125399011 |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $15,207,614 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

During the current fiscal period, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.*Federal Income Taxes.* The Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Fund did not incur any interest or penalties.

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.*Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates, if any, would appear on the "Statement of Operations" under "Net realized gain (loss) – Foreign currency translation" and "Change in net unrealized appreciation (depreciation) – Foreign currency translation," respectively, if applicable.

If applicable, the Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.*Foreign Taxes.* The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if there are any, are paid by the Fund and are reflected in its Statement of Operations. Foreign taxes payable or deferred as of the current period end, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.*Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

Distributions received from the Fund's investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after the end of each calendar year. As such, the Fund must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.

Distributions to shareholders from net investment income for the Fund are declared and paid on a quarterly basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. The Fund may distribute more frequently, if necessary, for tax purposes.

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.*Use of Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.*Share Valuation.* The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund's shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for regular trading. The offering and redemption price per share for the Fund is equal to the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.*Guarantees and Indemnifications.* In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust's organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. As of the date of this report, no claim has been made for indemnification pursuant to any such agreement of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.*Segment Reporting:* The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Treasurer (principal financial officer) acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.*Reclassification of Capital Accounts.* 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 net asset value per share. The Fund's realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash, are not taxable to the Fund and are not distributed to shareholders. As such, they have been reclassified from distributable earnings to paid-in capital. For the current fiscal period, the following table shows the reclassifications made:

---

| | |
|:---|:---|
| **Distributable <br>Earnings** | **Paid-in<br>Capital** |
| $(7624272) | $7624272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.*New Accounting pronouncement:* In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. The Fund did not pay any federal, state or local income taxes. The Fund did pay dividend withholding taxes in certain jurisdictions during the year ended as of the date of this report. Cash paid for dividend withholding taxes, net of reclaims, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Country** | **Dividend withholding taxes** | **Issuance fees** | **Total** |
| France | $99588 | $20077 | $119665 |
| Canada | 70105 |  | 70105 |
| Norway | 51715 | 2297 | 54012 |

---

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| Great Britain |  | 22417 | 22417 |
| Switzerland |  | 1560 | 1560 |
|  | $221408 | $46351 | $267759 |

---

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.**

Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Fund. Pursuant to an investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Fund except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses.

Effective November 1, 2025, the Adviser contractually agreed to reduce its management fee from 0.85% to 0.84% of the Fund's average daily net assets. This Fee Waiver Agreement will remain in place until May 31, 2026 unless terminated sooner by the Board. The Fee Waiver Agreement does not provide for the recoupment of any past fee waivers by the Adviser. Prior to November 1, 2025, the Adviser had contractually agreed to waive all or a portion of its management fee for the Fund under the Advisory Agreement, or pay to the Fund, on a monthly basis, as necessary to offset the Fund's acquired fund fees and expenses.

Keating Investment Counselors, Inc. (the "Sub-Adviser"), serves as an investment sub-adviser to the Fund. Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Fund, subject to the overall supervision and oversight of the Adviser and the Board.

U.S. Bancorp Fund Services, LLC ("Fund Services" or the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Fund's Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports, and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; and monitors the activities of the Fund's Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of the Administrator, serves as the Fund's Custodian.

The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Fund.

**NOTE 4 – SECURITIES LENDING**

The Fund may lend up to 33<sup>1/3</sup>% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Fund receives compensation in the form of fees and earns interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

During the current fiscal period, the Fund had loaned securities and received cash collateral for the loans. The cash collateral was invested by the Securities Lending Agent in accordance with the Trust approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.

For the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | |
|:---|:---|
| **Value of Securities <br>on Loan** | **Payable for <br>Collateral Received\*** |
| $14518324 | $15207614 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedule of Investments. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.

The interest income earned by the Fund on the investment of cash collateral received from borrowers for the securities loaned to them ("Securities Lending Income") would have been reflected in the Fund's Statement of Operations. Net securities lending income earned on collateral investments and recognized by the Fund during the current fiscal period was $60,417.

Due to the absence of a master netting agreement related to the Fund's participation in securities lending, no additional offsetting disclosures have been made on behalf of the Fund for the total borrowings listed above.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES**

For the current fiscal period, purchases and sales of securities for the Fund, excluding short-term securities and in-kind transactions, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $12611611 | $12703825 |

---

For the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **Creations** | **Redemptions** |
| $21898810 | $14207691 |

---

There were no purchases or sales of U.S. Government securities during the current fiscal period.

------

**KEATING ACTIVE ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) January 31, 2026**

**NOTE 6 – TAX INFORMATION**

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the current fiscal period, were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments | $97417015 |
| Gross tax unrealized appreciation | 29478800 |
| Gross tax unrealized depreciation | (1496804) |
| Net tax unrealized appreciation (depreciation) | $27981996 |
| Undistributed ordinary income | 12724 |
| Undistributed long-term gain |  |
| Total distributable earnings | 12724 |
| Other accumulated gain (loss) | (220207) |
| Total accumulated gain (loss) | $27774513 |

---

Under tax law, certain capital and foreign currency losses realized after October 31st and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

For the current fiscal period, the Fund did not defer any post-October capital losses.

For the current fiscal period, the Fund had the following capital loss carryforwards that do not expire:

---

| | |
|:---|:---|
| **Unlimited <br>Short-Term** | **Unlimited <br>Long-Term** |
| $(138123) | $(82084) |

---

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid by the Fund during the current fiscal period and fiscal period ended January 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fiscal Year ended January 31, 2026** | **Fiscal Period ended January 31, 2025**<sup>(a)</sup> |
| **Ordinary Income** | **Ordinary Income** |
| $2479369 | $1349008 |

---

(a) Inception date of the fund was March 26, 2024.

**NOTE 8 – SUBSEQUENT EVENTS**

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred subsequent to the current fiscal period that materially impacted the amounts or disclosures in the Fund's financial statements.

------

![Picture1.jpg](ck0001592900-20260131_g3.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of

Keating Active ETF and

**The Board of Trustees of**

**EA Series Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Keating Active ETF (the "Fund"), a series of EA Series Trust (the "Trust"), including the schedule of investments, as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets and the financial highlights for the year ended January 31, 2026 and for the period March 26, 2024 (commencement of operations) to January 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations, the changes in its net assets and the financial highlights for the period stated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1999.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

![Sign.jpg](ck0001592900-20260131_g4.jpg)

**TAIT, WELLER & BAKER LLP**

Philadelphia, Pennsylvania

**March 31, 2026**

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**KEATING ACTIVE ETF**

**FEDERAL TAX INFORMATION (UNAUDITED)**

For the current fiscal period, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for the Fund was 92.20%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the current fiscal period, for the Fund was 28.91%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for the Fund was 0.00%.

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**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment</u>**

**<u>Companies.</u>**

There were no matters concerning changes in and disagreements with Accountants on accounting and financial disclosures required by Item 304 of Regulation S-K.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

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

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management</u>**

**<u>Investment Companies</u>**

Not applicable. The Independent Trustees are paid by the Adviser out of the advisory fee. See Note 3 to the Financial Statements under Item 7.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.</u>**

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on August 29, 2025 and September 4-5, 2025 to consider the approval of the continuation of the Advisory Agreement between the Trust, on behalf of the Keating Active ETF (the "Fund"), and Empowered Funds, LLC dba EA Advisers (the "Adviser") (the "Agreement") for an additional annual term.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser relevant to the Board's consideration of whether to approve the continuation of the Agreement. In connection with considering the approval of the Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve the continuation of the Agreement, the Board considered and reviewed information provided by the Adviser at this meeting and throughout the year, including among other things information about their respective personnel, operations, financial condition, and compliance programs. The Board also reviewed the Agreement. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:

<u>Nature, Quality, and Extent of Services</u>. The Board was presented with and considered information concerning the nature, quality, and extent of the overall services provided by the Adviser to the Fund. In this context, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and the Fund, and arranging service providers for the Fund. In addition, the Board considered that the Adviser is responsible for providing investment advisory oversight services to the Fund, executing all Fund transactions, monitoring compliance with the Fund's objectives, policies, and restrictions, and carrying out directives of the Board. The Board also considered the services provided by the Adviser in the oversight of the Trust's administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of the Adviser's personnel, the experience of the portfolio management trading team, and the adequacy of the Adviser's resources to perform the services provided under the Agreement. The Board also considered the Adviser's ongoing oversight responsibilities.

<u>Performance.</u> The Board compared the Fund's performance for periods ended June 30, 2025 to that of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses. It was determined that the Adviser has consistently monitored the Fund's portfolio to ensure compliance with its stated investment objective and strategies. The Board noted that, for the one-year and since inception periods, the Fund was roughly in line with the average of its peer group. The Board also noted that the peer group reflected a small number of funds, which may make comparisons with the Fund less applicable.

<u>Comparative Fees and Expenses</u>. In considering the advisory fees, the Board reviewed and considered the fees in light of the nature, quality, and extent of the services being provided by the Adviser. The Board compared the Fund's management fee and net expense ratio to those of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses. The Board also considered the allocation of fees between the Adviser and the Fund's sub-adviser.

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The Board noted that the Fund's management fee and net expense ratio were above the average for the Fund's peer group, but within the range of figures in the peer group. The Board noted that the Adviser believes that the fees are supported by holding more concentrated exposure in fewer holdings than any of the funds in the peer group. The Board also noted that the peer group reflected a small number of funds, which may make comparisons with the Fund less applicable. The Board considered the Fund's fee arrangement in which the Adviser is responsible for paying most of the Fund's operating expenses out of its resources, noting that comparisons with the Fund's overall expense ratio may be more relevant than comparisons to management fees only.

The Board considered the representations from the Adviser that it does not manage any other accounts that follow a similar strategy.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by the Adviser in connection with providing its services to the Fund. The Board reviewed the profit and loss information provided by the Adviser with respect to the Fund and considered the Adviser's profitability with respect to providing investment advisory services as well as non-advisory services. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.

The Board also considered other expenses of the Fund the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by the Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser might derive ancillary benefits from the Fund's operations. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Fund and other series in the Trust. The Board noted that any ancillary benefits to the Adviser were not expected to be material.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by the Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that the advisory fee does not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given the Fund's current assets.

<u>Conclusion</u>. No single factor was determinative of the Board's decision to approve the continuation of the Agreement for an additional annual term; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the Agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>.**

Not applicable to open-end investment companies.

------

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

There have been no required recovery of erroneously awarded incentive based compensation to an executive officer from the registrant that required an accounting restatement.

**<u>Item 19. Exhibits</u>.**

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. *<u>[Filed herewith](exhibit99codeeth.htm)</u>* .

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. *Not Applicable.*

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *<u>[Filed herewith](exhibit99cert.htm)</u>*.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. *Not Applicable.*

(5) Change in the registrant's independent public accountant. *Not Applicable.*

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *<u>[Filed herewith.](exhibit99906cert.htm)</u>*

------

**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | EA Series Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | March 31, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | March 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Sean R. Hegarty, CPA |
|  | Sean R. Hegarty, CPA, Treasurer (principal financial officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | March 31, 2026 |

---

## Exhibit 99.906

**EX-99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the EA Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the EA Series Trust for the period ended January 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the EA Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Wesley R. Gray, PhD. | /s/ Sean R. Hegarty, CPA |
| Wesley R. Gray, PhD. | Sean R. Hegarty, CPA |
| President (principal executive officer) | Treasurer (principal financial officer) |
| EA Series Trust | EA Series Trust |
| Date: March 31, 2026 | Date: March 31, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the EA Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Wesley R. Gray, PhD., certify that:

1. I have reviewed this report on Form N-CSR of EA Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 31, 2026 | /s/ Wesley R. Gray, PhD. |
| | Wesley R. Gray, PhD. |
| | President (principal executive officer) |
| | EA Series Trust |

---

------

**<u>CERTIFICATIONS</u>**

I, Sean R. Hegarty, certify that:

1. I have reviewed this report on Form N-CSR of EA Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 31, 2026 | /s/ Sean R. Hegarty, CPA |
| | Sean R. Hegarty, CPA |
| | Treasurer (principal financial officer) |
| | EA Series Trust |

---

## Ex-99.Code

**EX-99.CODE ETH**

**XIX. FINANCIAL CODE OF ETHICS FOR SENIOR EXECUTIVES** 

**Applicable Law:**

**Overview**

The reputation and integrity of the Trust and Funds are valuable assets that are vital to the Funds' success. The Trust's senior officers are responsible for conducting the Funds' business in a manner that demonstrates a commitment to the highest standards of integrity. The Funds' senior officers include the principal executive officer, the principal financial officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "SOX Act") imposed corporate disclosure and financial reporting reform with respect to public companies, including investment companies, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies must either have a code of ethics for their senior officers or disclose why they do not. The SOX Act was intended to foster corporate environments that encourage employees to question and report unethical and potentially illegal business practices. The Trust has chosen to adopt this Code of Ethics for Senior Executives (the "Senior Executive Code") to encourage its senior officers to act in a manner consistent with the highest principles of ethical conduct.

**Purposes Of The Code**

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote honest and ethical conduct by the Trust's senior officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To encourage the prompt internal reporting to an appropriate person of violations of this Senior Executive Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To establish accountability for adherence to this Senior Executive Code.

**Questions Regarding This Code**

The Trust CCO is designated to oversee the Trust's Code of Ethics adopted pursuant to Rule 17j-1 and shall also serve as the compliance officer for the implementation and administration of this Senior Executive Code. Senior officers should direct their questions about this Code to the Trust CCO.

**Conduct Guidelines**

The Trust has adopted the following guidelines under which senior officers must perform their official duties and conduct the business affairs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Ethical and honest conduct is of paramount importance</u>. The Trust's senior officers must act with honesty and integrity and avoid violations of this Senior Executive Code, including the avoidance of actual or apparent conflicts of interest with the Funds in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior officers must disclose material transactions or relationships</u>. The Trust's senior officers must disclose to the Trust CCO any actual or apparent conflicts of interest the senior officers may have with the Fund(s) that

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reasonably could be expected to give rise to any violations of this Senior Executive Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which a senior officer may be a party. If it is not possible to disclose the matter to the Trust CCO, it should be disclosed to the Trust's general counsel or another designated person. In addition to disclosing any actual or apparent conflicts of interest in which a senior officer is personally involved, the Trust's senior officers have an obligation to report any other actual or apparent conflicts that they discover or of which they otherwise become aware. If a senior officer is unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," the senior officer should bring the matter to the attention of the Trust CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Standards for quality of information shared with service providers</u>. The Trust's senior officers must at all times seek to provide information to the Trust's service providers (adviser, sub-advisers, administrator, independent accountants, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Standards for quality of information included in periodic reports</u>. The Trust's senior officers must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Funds' periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance with laws</u>. The Fund's senior officers must comply with the federal securities laws and other laws and rules applicable to the Funds, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Standard of care</u>. The Trust's senior officers must at all times act in good faith and with due care, competence, and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated. The Trust's senior officers must conduct the affairs of the Funds in a responsible manner consistent with this Senior Executive Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality of information</u>. The Trust's senior officers must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. The Trust's senior officers may not use confidential information acquired in the course of their work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Sharing of information and educational standards</u>. The Trust's senior officers should share information with relevant parties to keep them informed of the business affairs of the Funds, as appropriate, and maintain skills important and relevant to the Funds' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Promote ethical conduct</u>. The Trust's senior officers should at all times proactively promote ethical behavior among peers in their work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Standards for recordkeeping</u>. The Trust's senior officers must at all times endeavor to ensure that the Funds' financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Senior Executive Code.

**Waivers Of This Senior Executive Code**

A senior officer may request a waiver of a provision of this Senior Executive Code by submitting his or her request in writing to the Trust CCO for appropriate review and consideration. For example, if a senior officer's family member works for a service provider that helps prepare the Funds' financial statements, the senior officer may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Senior Executive Code in order to review the work. The Trust CCO may consult, as necessary, with another appropriate party (such as an executive officer of the Trust, the Board, or a designated Board or Audit Committee member) in deciding whether to grant a waiver. All waivers of this Senior Executive Code must be disclosed to the Funds' shareholders to the extent required by SEC rules.

**Affirmation Of The Senior Executive Code**

Upon adoption of the Senior Executive Code, the Trust's senior officers must affirm in writing (see template form in Exhibit A to this policy) that they have received, read, and understand the Senior Executive Code, and annually thereafter must affirm that they have complied with the requirements of the Senior Executive Code. To the extent

------

necessary, the Trust CCO will provide guidance on the conduct required by this Senior Executive Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**Reporting Violations**

In the event that a senior officer discovers or in good faith suspects a violation of this Senior Executive Code, the senior officer must immediately report the violation or suspected violation to the Trust CCO. The Trust CCO may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Senior Executive Code violation may occur when a periodic report or financial statement omits a material fact, or is technically accurate, but, in the view of the senior officer, is written in a way that obscures its meaning. Senior officers who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**Violations Of The Senior Executive Code**

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Senior Executive Code, regardless of whether this Senior Executive Code specifically refers to such conduct. A violation of this Senior Executive Code may result in disciplinary action up to and including removal as a senior officer of the Trust. A variety of laws apply to the Trust and its operations, including the 1933 Act, the 1934 Act, the ICA, state laws relating to duties owed by Trust officers, and criminal laws. The Trust will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

**Duties Of The Trust CCO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust's CCO will implement policies and procedures as necessary to implement this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will advise all senior executives of their status, present this Senior Executive Code to the senior executives, and receive and maintain in accordance with the recordkeeping protocols of the Manual, all affirmations of senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will receive and respond to any questions concerning the application of this Senior Executive Code, and hold informational meetings with senior executives, as necessary, to communicate the standards and requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will receive, evaluate and address all actual or suspected violations of this Senior Executive Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will report to the Board, as necessary, any violations of the Senior Executive Code, and all remedial actions taken or recommended for the Board to take.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust CCO will review the Senior Executive Code periodically, but not less than annually, to determine the adequacy and effectiveness of this Code.

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