# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-002595
**Filing Date:** 2025-9
**Character Count:** 157974
**Document Hash:** f67d575a3cf886f11c538e67a9fac67b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-002595.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001592900-25-002595

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** 251300243

**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

### EA Bridgeway Blue Chip ETF (Series ID: S000077095)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237259 | EA Bridgeway Blue Chip ETF | BBLU            |

### EA Bridgeway Omni Small-Cap Value ETF (Series ID: S000078089)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238839 | EA Bridgeway Omni Small-Cap Value ETF | BSVO            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20250630

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>June 30, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

------

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

(a) ------

---

| | | |
|:---|:---|:---|
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Blue Chip ETF<br>Ticker: BBLU<br>Listed on: NYSE Arca, Inc. | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bblu/ |
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Blue Chip ETF<br>Ticker: BBLU<br>Listed on: NYSE Arca, Inc. | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bblu/ |

---

**This annual shareholder report contains important information about the EA Bridgeway Blue Chip ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Period"). You can find additional information about the Fund at https://bridgewayetfs.com/bblu/. 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** |
| $16 | 0.15% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250630_g2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **One Year** | **Five Year** | **Ten Year** |
| EA Bridgeway Blue Chip ETF - NAV | 15.47% | 17.85% | 14.08% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| **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 converted from a mutual fund to an ETF on October 14, 2022. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bblu/ for more recent performance information. | **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 converted from a mutual fund to an ETF on October 14, 2022. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bblu/ for more recent performance information. | **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 converted from a mutual fund to an ETF on October 14, 2022. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bblu/ for more recent performance information. | **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 converted from a mutual fund to an ETF on October 14, 2022. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bblu/ for more recent performance information. |

---

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

The Fund returned 15.47% (NAV) for the Period vs 15.16% for the S&P 500 Index. During the Period, markets responded positively to strong corporate earnings and overcame tariff uncertainty.

The Fund's focus on mega-cap stocks contributed positively to returns, as the largest stocks in the benchmark generally outperformed its smaller constituents. The Fund's roughly equal weight portfolio design also helped by creating overweightings in some of the smaller stocks in the mega-cap category that performed well during the Period.

Annual Shareholder Report: June 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Blue Chip ETF<br>Ticker: BBLU<br>Listed on: NYSE Arca, Inc. | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bblu/ |
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Blue Chip ETF<br>Ticker: BBLU<br>Listed on: NYSE Arca, Inc. | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bblu/ |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $276626877 | **Portfolio Turnover Rate\*** | 28% |
| **# of Portfolio Holdings** | 38 | **Advisory Fees Paid** | $337779 |
| \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Information Technology | 28.1% |
| Financials | 18.2% |
| Communication Services | 13.8% |
| Health Care | 12.8% |
| Consumer Staples | 9.8% |
| Consumer Discretionary | 9.7% |
| Energy | 4.8% |
| Industrials | 2.4% |
| Cash and Cash Equivalents | 0.4% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Meta Platforms, Inc. - Class A | 4.7% |
| Broadcom, Inc. | 4.6% |
| NVIDIA Corp. | 4.4% |
| JPMorgan Chase & Co. | 4.4% |
| Microsoft Corp. | 3.9% |
| Visa, Inc. - Class A | 3.8% |
| Oracle Corp. | 3.6% |
| Wells Fargo & Co. | 3.2% |
| Eli Lilly & Co. | 3.1% |
| Apple, Inc. | 2.9% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://bridgewayetfs.com/bblu/. 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: June 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Omni Small-Cap Value ETF<br>Ticker: BSVO<br>Listed on: The Nasdaq Stock Market LLC | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bsvo/ |
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Omni Small-Cap Value ETF<br>Ticker: BSVO<br>Listed on: The Nasdaq Stock Market LLC | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bsvo/ |

---

**This annual shareholder report contains important information about the EA Bridgeway Omni Small-Cap Value ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Period"). You can find additional information about the Fund at https://bridgewayetfs.com/bsvo/. You can also request this information by contacting us at (215) 330-4476.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $45 | 0.45% |

---

**PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT**

![7](ck0001592900-20250630_g3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** | **AVERAGE ANNUAL TOTAL RETURNS** |
| | **One Year** | **Five Year** | **Ten Year** |
| EA Bridgeway Omni Small Cap Value ETF - NAV | 1.39% | 17.45% | 7.14% |
| Russell 2000 Value Benchmark Total Return | 5.54% | 12.47% | 6.72% |
| Russell 3000 Total Return | 15.30% | 15.96% | 12.96% |
| **The Russell 3000 Index is provided as a broad measure of market performance. The Russell 2000 Value Index is provided as a measure of the Fund's investment strategy and universe.** | **The Russell 3000 Index is provided as a broad measure of market performance. The Russell 2000 Value Index is provided as a measure of the Fund's investment strategy and universe.** | **The Russell 3000 Index is provided as a broad measure of market performance. The Russell 2000 Value Index is provided as a measure of the Fund's investment strategy and universe.** | **The Russell 3000 Index is provided as a broad measure of market performance. The Russell 2000 Value Index is provided as a measure of the Fund's investment strategy and universe.** |
| **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 sale of Fund shares.** The Fund converted from a mutual fund to an ETF on March 10, 2023. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bsvo/ for more recent performance information. | **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 sale of Fund shares.** The Fund converted from a mutual fund to an ETF on March 10, 2023. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bsvo/ for more recent performance information. | **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 sale of Fund shares.** The Fund converted from a mutual fund to an ETF on March 10, 2023. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bsvo/ for more recent performance information. | **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 sale of Fund shares.** The Fund converted from a mutual fund to an ETF on March 10, 2023. The Fund has adopted the mutual fund's prior performance for the periods before the conversion. Visit https://bridgewayetfs.com/bsvo/ for more recent performance information. |

---

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

The Fund returned 1.39% (NAV) for the Period vs 15.30% for the Russell 3000 Index and 5.54% for the Russell 2000 Value Index. During the Period, markets responded positively to strong corporate earnings and overcame tariff uncertainty.

The Fund's tilt towards smaller stocks contributed negatively to returns relative to the Russell 3000 Index. The Fund's tilt toward deeper value stocks across multiple valuation metrics contributed negatively to returns relative to the Russell 2000 Value Index during the Period.

Annual Shareholder Report: June 30, 2025

------

---

| | | |
|:---|:---|:---|
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Omni Small-Cap Value ETF<br>Ticker: BSVO<br>Listed on: The Nasdaq Stock Market LLC | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bsvo/ |
| ![Bridgeway_600 dpi600.jpg](ck0001592900-20250630_g1.jpg) | EA Bridgeway Omni Small-Cap Value ETF<br>Ticker: BSVO<br>Listed on: The Nasdaq Stock Market LLC | June 30, 2025<br>Annual Shareholder Report<br>https://bridgewayetfs.com/bsvo/ |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | $1464941079 | **Portfolio Turnover Rate\*** | 17% |
| **# of Portfolio Holdings** | 613 | **Advisory Fees Paid** | $6500069 |
| \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. | \*Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING (as a % of Net Assets)** | **SECTOR WEIGHTING (as a % of Net Assets)** |
| Financials | 33.3% |
| Industrials | 15.6% |
| Consumer Discretionary | 13.9% |
| Energy | 12.8% |
| Materials | 5.8% |
| Communication Services | 5.3% |
| Consumer Staples | 5.1% |
| Health Care | 4.2% |
| Information Technology | 3.3% |
| Real Estate | 0.4% |
| Cash and Cash Equivalents | 0.3% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS (as a % of Net Assets)** | **TOP 10 HOLDINGS (as a % of Net Assets)** |
| Dana, Inc. | 0.9% |
| Telephone and Data Systems, Inc. | 0.8% |
| Tutor Perini Corp. | 0.8% |
| Penn Entertainment, Inc. | 0.8% |
| SiriusPoint Ltd. | 0.8% |
| Visteon Corp. | 0.8% |
| Tegna, Inc. | 0.7% |
| Marriott Vacations Worldwide Corp. | 0.7% |
| Premier, Inc. - Class A | 0.7% |
| Warrior Met Coal, Inc. | 0.7% |

---

**Availability of Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://bridgewayetfs.com/bsvo/. 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: June 30, 2025

------

**<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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **BBLU** | **BBLU** | **BSVO** | **BSVO** |
| | **FYE**<br>**06/30/2025** | **FYE**<br>**06/30/2024** | **FYE**<br>**06/30/2025** | **FYE**<br>**06/30/2024** |
| (a) Audit Fees | $8750 | $8750 | $8750 | $8750 |
| (b) Audit-Related Fees | N/A | N/A | N/A | N/A |
| (c) Tax Fees | $2250 | $2250 | $2250 | $2250 |
| (d) All Other Fees | N/A | N/A | 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) ------

---

| |
|:---|
| **EA BRIDGEWAY BLUE CHIP ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 13.8%** | |  |
| **Integrated Telecommunication Services - 2.5%** |  |  |
| Verizon Communications, Inc.  | 157723 | $6824674 |
| **Interactive Media & Services - 6.4%** |  |  |
| Alphabet, Inc. - Class A  | 18990 | 3346608 |
| Alphabet, Inc. - Class C  | 18915 | 3355332 |
| Meta Platforms, Inc. - Class A  | 14827 | 10943660 |
|  |  | 17645600 |
| **Movies & Entertainment - 4.9%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 5064 | 6781354 |
| Walt Disney Co.  | 54498 | 6758297 |
|  |  | 13539651 |
| **Total Communication Services** |  | 38009925 |
| **<u>Consumer Discretionary</u> - 9.7%** |  |  |
| **Automobile Manufacturers - 2.4%** |  |  |
| Tesla, Inc. <sup>(a)</sup> | 20884 | 6634012 |
| **Broadline Retail - 2.4%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 30393 | 6667920 |
| **Home Improvement Retail - 2.5%** |  |  |
| Home Depot, Inc.  | 18414 | 6751309 |
| **Restaurants - 2.4%** |  |  |
| McDonald's Corp.  | 23094 | 6747374 |
| **Total Consumer Discretionary** |  | 26800615 |
| **<u>Consumer Staples</u> - 9.8%** |  |  |
| **Consumer Staples Merchandise Retail - 4.9%** |  |  |
| Costco Wholesale Corp.  | 6842 | 6773170 |
| Walmart, Inc.  | 69794 | 6824457 |
|  |  | 13597627 |
| **Household Products - 2.4%** |  |  |
| Procter & Gamble Co.  | 42333 | 6744494 |
| **Soft Drinks & Non-alcoholic Beverages - 2.5%** |  |  |
| Coca-Cola Co.  | 95659 | 6767874 |
| **Total Consumer Staples** |  | 27109995 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY BLUE CHIP ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6% (CONTINUED)** | **Shares** | **Value**  |
| **<u>Energy</u> - 4.8%** | |  |
| **Integrated Oil & Gas - 4.8%** |  |  |
| Chevron Corp.  | 46749 | $6693989 |
| Exxon Mobil Corp.  | 61914 | 6674329 |
| **Total Energy** |  | 13368318 |
| **<u>Financials</u> - 18.2%** |  |  |
| **Diversified Banks - 9.6%** |  |  |
| Bank of America Corp.  | 141524 | 6696916 |
| JPMorgan Chase & Co.  | 37803 | 10959468 |
| Wells Fargo & Co.  | 110613 | 8862313 |
|  |  | 26518697 |
| **Multi-Sector Holdings - 2.4%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 13850 | 6727914 |
| **Transaction & Payment Processing Services - 6.2%** |  |  |
| Mastercard, Inc. - Class A  | 12144 | 6824199 |
| Visa, Inc. - Class A  | 28951 | 10279053 |
|  |  | 17103252 |
| **Total Financials** |  | 50349863 |
| **<u>Health Care</u> - 12.8%** |  |  |
| **Biotechnology - 2.4%** |  |  |
| AbbVie, Inc.  | 36224 | 6723899 |
| **Managed Health Care - 2.5%** |  |  |
| UnitedHealth Group, Inc.  | 21805 | 6802506 |
| **Pharmaceuticals - 7.9%** |  |  |
| Eli Lilly & Co.  | 10844 | 8453223 |
| Johnson & Johnson  | 44271 | 6762395 |
| Merck & Co., Inc.  | 85311 | 6753219 |
|  |  | 21968837 |
| **Total Health Care** |  | 35495242 |
| **<u>Industrials</u> - 2.4%** |  |  |
| **Aerospace & Defense - 2.4%** |  |  |
| RTX Corp.  | 46140 | 6737363 |
| **<u>Information Technology</u> - 28.1%**<sup>(b)</sup> |  |  |
| **Application Software - 2.4%** |  |  |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 49002 | 6679953 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY BLUE CHIP ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.6% (CONTINUED)** | **Shares** | **Value**  |
| **Communications Equipment - 2.4%** |  |  |
| Cisco Systems, Inc.  | 97102 | $6736937 |
| **IT Consulting & Other Services - 2.5%** |  |  |
| International Business Machines Corp.  | 23035 | 6790257 |
| **Semiconductors - 10.4%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 47074 | 6679801 |
| Broadcom, Inc.  | 40053 | 11040609 |
| NVIDIA Corp.  | 69867 | 11038287 |
|  |  | 28758697 |
| **Systems Software - 7.4%** |  |  |
| Microsoft Corp.  | 21551 | 10719683 |
| Oracle Corp.  | 45132 | 9867209 |
|  |  | 20586892 |
| **Technology Hardware, Storage & Peripherals - 3.0%** |  |  |
| Apple, Inc.  | 39912 | 8188745 |
| **Total Information Technology** |  | 77741481 |
| **TOTAL COMMON STOCKS** (Cost $197,505,672) |  | 275612802 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  |  |
| **Money Market Funds - 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 420396 | 420396 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $420,396) |  | 420396 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $197,926,068**)** |  | $276033198 |
| Other Assets in Excess of Liabilities - 0.2%  |  | 593679 |
| **TOTAL NET ASSETS - 100.0%** |  | $276626877 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **<u>Communication Services</u> - 5.3%** | | |
| **Advertising - 0.2%** | | |
| Advantage Solutions, Inc. <sup>(a)</sup> | 1738264 | $2294508 |
| comScore, Inc. <sup>(a)</sup> | 8947 | 43125 |
| Entravision Communications Corp. - Class A | 479619 | 1112716 |
| Fluent, Inc. <sup>(a)</sup> | 52920 | 105840 |
| Thryv Holdings, Inc. <sup>(a)</sup> | 6199 | 75380 |
|  |  | 3631569 |
| **Alternative Carriers - 0.6%** |  |  |
| Bandwidth, Inc. - Class A <sup>(a)</sup> | 86201 | 1370596 |
| Liberty Latin America Ltd. - Class A <sup>(a)</sup> | 235381 | 1435824 |
| Liberty Latin America Ltd. - Class C <sup>(a)</sup> | 871800 | 5422596 |
|  |  | 8229016 |
| **Broadcasting - 1.2%** |  |  |
| AMC Networks, Inc. - Class A <sup>(a)</sup> | 212467 | 1332168 |
| Cumulus Media, Inc. - Class A <sup>(a)</sup> | 17280 | 2105 |
| EW Scripps Co. - Class A <sup>(a)</sup> | 340654 | 1001523 |
| Gray Media, Inc. | 484225 | 2193539 |
| Saga Communications, Inc. - Class A | 30857 | 401141 |
| Salem Media Group, Inc. <sup>(a)</sup> | 63452 | 53947 |
| Sinclair, Inc. | 63669 | 879906 |
| Tegna, Inc. | 642774 | 10772892 |
| Townsquare Media, Inc. - Class A | 23772 | 188036 |
| Urban One, Inc. <sup>(a)</sup> | 150604 | 95031 |
|  |  | 16920288 |
| **Cable & Satellite - 0.2%** |  |  |
| Cable One, Inc. | 20504 | 2784649 |
| WideOpenWest, Inc. <sup>(a)</sup> | 105470 | 428208 |
|  |  | 3212857 |
| **Integrated Telecommunication Services - 0.2%** |  |  |
| ATN International, Inc. | 89728 | 1458080 |
| Shenandoah Telecommunications Co. | 115222 | 1573933 |
|  |  | 3032013 |
| **Interactive Media & Services - 1.0%** |  |  |
| Angi, Inc. <sup>(a)</sup> | 101661 | 1551347 |
| Cars.com, Inc. <sup>(a)</sup> | 153629 | 1820503 |
| DHI Group, Inc. <sup>(a)</sup> | 49023 | 145598 |
| Taboola.com Ltd. <sup>(a)</sup> | 1253648 | 4588352 |
| Teads Holding Co. <sup>(a)</sup> | 241281 | 598377 |
| Ziff Davis, Inc. <sup>(a)</sup> | 178100 | 5391087 |
|  |  | 14095264 |
| **Movies & Entertainment - 0.7%** |  |  |
| Marcus Corp. | 180695 | 3046518 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Movies & Entertainment - 0.7% (Continued)** | | |
| Sphere Entertainment Co. <sup>(a)</sup> | 184324 | $7704743 |
|  |  | 10751261 |
| **Publishing - 0.3%** |  |  |
| Gannett Co., Inc. <sup>(a)</sup> | 210262 | 752738 |
| Scholastic Corp. | 168628 | 3537815 |
|  |  | 4290553 |
| **Wireless Telecommunication Services - 0.9%** |  |  |
| Telephone and Data Systems, Inc. | 333810 | 11876960 |
| United States Cellular Corp. <sup>(a)</sup> | 10356 | 662473 |
|  |  | 12539433 |
| **Total Communication Services** |  | 76702254 |
| **<u>Consumer Discretionary</u> - 13.9%** |  |  |
| **Apparel Retail - 1.0%** |  |  |
| Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 18774 | 1555426 |
| Caleres, Inc. | 169684 | 2073539 |
| Cato Corp. - Class A | 49755 | 139812 |
| Citi Trends, Inc. <sup>(a)</sup> | 20414 | 681623 |
| Designer Brands, Inc. - Class A <sup>(b)</sup> | 340492 | 810371 |
| Destination XL Group, Inc. <sup>(a)</sup> | 83201 | 92353 |
| Duluth Holdings, Inc. - Class B <sup>(a)</sup> | 105092 | 220693 |
| Genesco, Inc. <sup>(a)</sup> | 68682 | 1352349 |
| Guess?, Inc. <sup>(b)</sup> | 279293 | 3376652 |
| Lands' End, Inc. <sup>(a)</sup> | 77212 | 826941 |
| Shoe Carnival, Inc. | 143887 | 2692126 |
| Tilly's, Inc. - Class A <sup>(a)(b)</sup> | 44659 | 61629 |
| Zumiez, Inc. <sup>(a)</sup> | 65078 | 862934 |
|  |  | 14746448 |
| **Apparel, Accessories & Luxury Goods - 0.6%** |  |  |
| Delta Apparel, Inc. <sup>(a)(c)</sup> | 39670 | 4 |
| Fossil Group, Inc. <sup>(a)</sup> | 91082 | 134801 |
| G-III Apparel Group Ltd. <sup>(a)</sup> | 237277 | 5315005 |
| Jerash Holdings US, Inc. | 700 | 2289 |
| Lakeland Industries, Inc. | 6167 | 83933 |
| Movado Group, Inc. | 115104 | 1755336 |
| Superior Group of Cos., Inc. | 93512 | 963173 |
| Vera Bradley, Inc. <sup>(a)</sup> | 171238 | 378436 |
| Vince Holding Corp. <sup>(a)</sup> | 3993 | 5750 |
|  |  | 8638727 |
| **Automobile Manufacturers - 0.3%** |  |  |
| Winnebago Industries, Inc. | 135194 | 3920626 |
|  |  | $– |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Automotive Parts & Equipment - 3.9%** | | |
| Adient PLC <sup>(a)</sup> | 333856 | $6496838 |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> | 591866 | 2414813 |
| China Automotive Systems, Inc. | 164805 | 672404 |
| Dana, Inc. | 737345 | 12645467 |
| Holley, Inc. <sup>(a)</sup> | 311101 | 622202 |
| Kandi Technologies Group, Inc. <sup>(a)</sup> | 98730 | 109590 |
| LCI Industries | 102609 | 9356915 |
| Motorcar Parts of America, Inc. <sup>(a)</sup> | 40992 | 459111 |
| Phinia, Inc. | 182424 | 8116044 |
| Standard Motor Products, Inc. | 117938 | 3623055 |
| Strattec Security Corp. <sup>(a)</sup> | 18801 | 1169610 |
| Visteon Corp. <sup>(a)</sup> | 118939 | 11097009 |
|  |  | 56783058 |
| **Automotive Retail - 0.9%** |  |  |
| Advance Auto Parts, Inc. | 201518 | 9368572 |
| Arko Corp. | 371398 | 1571013 |
| CarParts.com, Inc. <sup>(a)</sup> | 64456 | 47704 |
| Monro, Inc. | 152196 | 2269242 |
| OneWater Marine, Inc. - Class A <sup>(a)</sup> | 25758 | 344900 |
|  |  | 13601431 |
| **Broadline Retail - 0.3%** |  |  |
| Kohl's Corp. <sup>(b)</sup> | 446425 | 3785684 |
| QVC Group, Inc. <sup>(a)</sup> | 11081 | 30473 |
|  |  | 3816157 |
| **Casinos & Gaming - 0.8%** |  |  |
| Century Casinos, Inc. <sup>(a)</sup> | 43649 | 92318 |
| Penn Entertainment, Inc. <sup>(a)</sup> | 625080 | 11170179 |
|  |  | 11262497 |
| **Consumer Electronics - 0.0%**<sup>(d)</sup> |  |  |
| Koss Corp. <sup>(a)</sup> | 6323 | 32247 |
| Universal Electronics, Inc. <sup>(a)</sup> | 52959 | 350589 |
|  |  | 382836 |
| **Distributors - 0.6%** |  |  |
| Alliance Entertainment Holding Corp. <sup>(a)</sup> | 99875 | 376529 |
| A-Mark Precious Metals, Inc. | 104732 | 2322956 |
| AMCON Distributing Co. | 2811 | 309491 |
| GigaCloud Technology, Inc. - Class A <sup>(a)</sup> | 201956 | 3994689 |
| Weyco Group, Inc. | 47361 | 1570491 |
|  |  | 8574156 |
| **Education Services - 0.2%** |  |  |
| American Public Education, Inc. <sup>(a)</sup> | 101720 | 3098391 |
| Chegg, Inc. <sup>(a)</sup> | 461548 | 558473 |
|  |  | 3656864 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Footwear - 0.1%** | | |
| Rocky Brands, Inc. | 36633 | $812886 |
|  |  | $– |
| **Home Furnishings - 0.2%** |  |  |
| Bassett Furniture Industries, Inc. | 31392 | 477158 |
| Flexsteel Industries, Inc. | 27047 | 974504 |
| Hooker Furnishings Corp. | 58562 | 619586 |
| Live Ventures, Inc. <sup>(a)</sup> | 19130 | 332479 |
| Lovesac Co. <sup>(a)</sup> | 61276 | 1115223 |
|  |  | 3518950 |
| **Home Improvement Retail - 0.0%**<sup>(d)</sup> |  |  |
| GrowGeneration Corp. <sup>(a)</sup> | 18497 | 17297 |
|  |  | $– |
| **Homebuilding - 0.7%** |  |  |
| Beazer Homes USA, Inc. <sup>(a)</sup> | 21477 | 480440 |
| Century Communities, Inc. | 110458 | 6220995 |
| Hovnanian Enterprises, Inc. - Class A <sup>(a)</sup> | 32254 | 3372156 |
| Legacy Housing Corp. <sup>(a)</sup> | 6022 | 136458 |
|  |  | 10210049 |
| **Homefurnishing Retail - 0.1%** |  |  |
| Haverty Furniture Cos., Inc. | 101002 | 2055391 |
| **Hotels, Resorts & Cruise Lines - 0.8%** |  |  |
| Marriott Vacations Worldwide Corp. | 142598 | 10311261 |
| Target Hospitality Corp. <sup>(a)</sup> | 110179 | 784475 |
|  |  | 11095736 |
| **Household Appliances - 0.1%** |  |  |
| Hamilton Beach Brands Holding Co. - Class A | 51800 | 926702 |
| Traeger, Inc. <sup>(a)</sup> | 184447 | 315404 |
|  |  | 1242106 |
| **Housewares & Specialties - 0.5%** |  |  |
| Lifetime Brands, Inc. | 115308 | 588071 |
| Newell Brands, Inc. | 1368017 | 7387292 |
|  |  | 7975363 |
| **Leisure Products - 0.9%** |  |  |
| American Outdoor Brands, Inc. <sup>(a)</sup> | 27579 | 288200 |
| Clarus Corp. | 27117 | 94096 |
| Funko, Inc. - Class A <sup>(a)</sup> | 162584 | 773900 |
| JAKKS Pacific, Inc. | 67112 | 1394587 |
| Johnson Outdoors, Inc. - Class A | 22723 | 687825 |
| Latham Group, Inc. <sup>(a)</sup> | 445196 | 2840350 |
| MasterCraft Boat Holdings, Inc. <sup>(a)</sup> | 95982 | 1783346 |
| Outdoor Holding Co. <sup>(a)</sup> | 697424 | 892703 |
| Smith & Wesson Brands, Inc. | 25516 | 221479 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Leisure Products - 0.9% (Continued)** | | |
| Solo Brands, Inc. - Class A <sup>(a)</sup> | 351926 | $105578 |
| Topgolf Callaway Brands Corp. <sup>(a)</sup> | 487162 | 3921654 |
|  |  | 13003718 |
| **Other Specialty Retail - 1.5%** |  |  |
| 1-800-Flowers.com, Inc. - Class A <sup>(a)(b)</sup> | 401979 | 1977737 |
| Big 5 Sporting Goods Corp. <sup>(a)</sup> | 84551 | 120063 |
| MarineMax, Inc. <sup>(a)</sup> | 75231 | 1891307 |
| ODP Corp. <sup>(a)</sup> | 208841 | 3786287 |
| Petco Health & Wellness Co., Inc. <sup>(a)</sup> | 1443871 | 4086155 |
| PetMed Express, Inc. <sup>(a)</sup> | 20000 | 66400 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 373981 | 3463064 |
| Signet Jewelers Ltd. | 79203 | 6300599 |
| Sportsman's Warehouse Holdings, Inc. <sup>(a)</sup> | 151647 | 523182 |
|  |  | 22214794 |
| **Restaurants - 0.4%** |  |  |
| Ark Restaurants Corp. <sup>(a)</sup> | 22293 | 203424 |
| Biglari Holdings, Inc. - Class B <sup>(a)</sup> | 10078 | 2944892 |
| El Pollo Loco Holdings, Inc. <sup>(a)</sup> | 206949 | 2278508 |
| Flanigan's Enterprises, Inc. | 14955 | 519238 |
| Good Times Restaurants, Inc. <sup>(a)</sup> | 47813 | 85585 |
|  |  | 6031647 |
| **Textiles - 0.0%**<sup>(d)</sup> |  |  |
| Crown Crafts, Inc. | 48582 | 139431 |
| Unifi, Inc. <sup>(a)</sup> | 38415 | 200526 |
|  |  | 339957 |
| **Total Consumer Discretionary** |  | 203900694 |
| **<u>Consumer Staples</u> - 5.1%** |  |  |
| **Agricultural Products & Services - 0.6%** |  |  |
| Alico, Inc. | 16610 | 542815 |
| Fresh Del Monte Produce, Inc. | 272845 | 8845635 |
|  |  | 9388450 |
| **Food Distributors - 0.9%** |  |  |
| Andersons, Inc. | 146879 | 5397803 |
| HF Foods Group, Inc. <sup>(a)</sup> | 66992 | 213035 |
| United Natural Foods, Inc. <sup>(a)</sup> | 303248 | 7068711 |
|  |  | 12679549 |
| **Food Retail - 0.9%** |  |  |
| Ingles Markets, Inc. - Class A | 62160 | 3939700 |
| Village Super Market, Inc. - Class A | 69232 | 2665432 |
| Weis Markets, Inc. | 96812 | 7017902 |
|  |  | 13623034 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Household Products - 1.0%** | | |
| Central Garden & Pet Co. <sup>(a)</sup> | 56561 | $1989816 |
| Central Garden & Pet Co. - Class A <sup>(a)</sup> | 264108 | 8263939 |
| Spectrum Brands Holdings, Inc. | 81452 | 4316956 |
|  |  | 14570711 |
| **Packaged Foods & Meats - 1.0%** |  |  |
| B&G Foods, Inc. | 383278 | 1621266 |
| Coffee Holding Co., Inc. <sup>(a)</sup> | 25758 | 111532 |
| Dole PLC | 507620 | 7101604 |
| Hain Celestial Group, Inc. <sup>(a)</sup> | 115922 | 176201 |
| Seneca Foods Corp. - Class A <sup>(a)</sup> | 24504 | 2485441 |
| TreeHouse Foods, Inc. <sup>(a)</sup> | 195715 | 3800785 |
|  |  | 15296829 |
| **Personal Care Products - 0.7%** |  |  |
| Edgewell Personal Care Co. | 217067 | 5081538 |
| Lifevantage Corp. | 23428 | 306438 |
| Mannatech, Inc. <sup>(a)</sup> | 5566 | 52042 |
| Medifast, Inc. <sup>(a)</sup> | 36044 | 506418 |
| Natural Alternatives International, Inc. <sup>(a)</sup> | 23868 | 78287 |
| Nature's Sunshine Products, Inc. <sup>(a)</sup> | 7486 | 110718 |
| Nu Skin Enterprises, Inc. - Class A | 100124 | 799991 |
| Olaplex Holdings, Inc. <sup>(a)</sup> | 1200139 | 1680195 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 27867 | 850780 |
|  |  | 9466407 |
| **Total Consumer Staples** |  | 75024980 |
| **<u>Energy</u> - 12.8%** |  |  |
| **Coal & Consumable Fuels - 0.7%** |  |  |
| Core Natural Resources, Inc. | 1449 | 101053 |
| Hallador Energy Co. <sup>(a)</sup> | 251010 | 3973489 |
| NACCO Industries, Inc. - Class A | 41075 | 1820033 |
| Peabody Energy Corp. | 315481 | 4233755 |
|  |  | 10128330 |
| **Oil & Gas Drilling - 0.8%** |  |  |
| Helmerich & Payne, Inc. | 347246 | 5264249 |
| Seadrill Ltd. <sup>(a)</sup> | 251695 | 6606994 |
|  |  | 11871243 |
| **Oil & Gas Equipment & Services - 3.3%** |  |  |
| Bristow Group, Inc. <sup>(a)</sup> | 127942 | 4218248 |
| DMC Global, Inc. <sup>(a)</sup> | 109118 | 879491 |
| Energy Services of America Corp. | 31533 | 313438 |
| Forum Energy Technologies, Inc. <sup>(a)</sup> | 25383 | 494207 |
| Geospace Technologies Corp. <sup>(a)</sup> | 57062 | 813704 |
| Gulf Island Fabrication, Inc. <sup>(a)</sup> | 30401 | 202167 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Oil & Gas Equipment & Services - 3.3% (Continued)** | | |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 654043 | $4081228 |
| Innovex International, Inc. <sup>(a)</sup> | 229378 | 3582884 |
| Liberty Energy, Inc. | 466150 | 5351402 |
| Mammoth Energy Services, Inc. <sup>(a)</sup> | 174454 | 488471 |
| National Energy Services Reunited Corp. <sup>(a)(b)</sup> | 169194 | 1018548 |
| Natural Gas Services Group, Inc. <sup>(a)</sup> | 101809 | 2627690 |
| NCS Multistage Holdings, Inc. <sup>(a)</sup> | 21725 | 641539 |
| Oil States International, Inc. <sup>(a)</sup> | 431925 | 2315118 |
| ProFrac Holding Corp. - Class A <sup>(a)(b)</sup> | 627062 | 4866001 |
| ProPetro Holding Corp. <sup>(a)</sup> | 581018 | 3468678 |
| Ranger Energy Services, Inc. - Class A | 151015 | 1803119 |
| RPC, Inc. | 967058 | 4574184 |
| SEACOR Marine Holdings, Inc. <sup>(a)</sup> | 42540 | 216954 |
| Select Water Solutions, Inc. | 666767 | 5760867 |
| Smart Sand, Inc. | 175870 | 353499 |
| TETRA Technologies, Inc. <sup>(a)</sup> | 153349 | 515253 |
|  |  | 48586690 |
| **Oil & Gas Exploration & Production - 2.5%** |  |  |
| Amplify Energy Corp. <sup>(a)</sup> | 182903 | 585290 |
| Barnwell Industries, Inc. <sup>(a)</sup> | 49944 | 56437 |
| Berry Corp. | 464963 | 1287948 |
| Crescent Energy Co. - Class A | 1047649 | 9009781 |
| Diversified Energy Co. PLC | 287236 | 4213752 |
| Epsilon Energy Ltd. | 107725 | 795010 |
| Gran Tierra Energy, Inc. <sup>(a)</sup> | 247354 | 1179879 |
| HighPeak Energy, Inc. <sup>(b)</sup> | 183035 | 1793743 |
| Kolibri Global Energy, Inc. <sup>(a)(b)</sup> | 26771 | 183381 |
| PEDEVCO Corp. <sup>(a)</sup> | 61091 | 39972 |
| PrimeEnergy Resources Corp. <sup>(a)</sup> | 9409 | 1377289 |
| Riley Exploration Permian, Inc. | 31053 | 814520 |
| Ring Energy, Inc. <sup>(a)</sup> | 851065 | 675746 |
| SandRidge Energy, Inc. | 123724 | 1338694 |
| Talos Energy, Inc. <sup>(a)</sup> | 907451 | 7695184 |
| US Energy Corp. <sup>(a)(b)</sup> | 21848 | 30587 |
| VAALCO Energy, Inc. | 618352 | 2232251 |
| Vital Energy, Inc. <sup>(a)</sup> | 209046 | 3363550 |
|  |  | 36673014 |
| **Oil & Gas Refining & Marketing - 2.1%** |  |  |
| Clean Energy Fuels Corp. <sup>(a)</sup> | 566587 | 1104845 |
| Delek US Holdings, Inc. | 347780 | 7365980 |
| FutureFuel Corp. | 265797 | 1031292 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 325394 | 8632703 |
| REX American Resources Corp. <sup>(a)</sup> | 80264 | 3909660 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing - 2.1% (Continued)** | | |
| World Kinect Corp. | 321385 | $9111265 |
|  |  | 31155745 |
| **Oil & Gas Storage & Transportation - 3.4%** |  |  |
| Ardmore Shipping Corp. | 244701 | 2349129 |
| DHT Holdings, Inc. | 595452 | 6436836 |
| Dorian LPG Ltd. | 243049 | 5925535 |
| Golar LNG Ltd. | 3083 | 126989 |
| International Seaways, Inc. | 222033 | 8099764 |
| Nordic American Tankers Ltd. | 643265 | 1691787 |
| Scorpio Tankers, Inc. | 173852 | 6802829 |
| SFL Corp. Ltd. | 643453 | 5359963 |
| Summit Midstream Corp. <sup>(a)</sup> | 65314 | 1602152 |
| Teekay Corp. Ltd. | 568987 | 4694143 |
| Teekay Tankers Ltd. | 143519 | 5987613 |
|  |  | 49076740 |
| **Total Energy** |  | 187491762 |
| **<u>Financials</u> - 33.3%**<sup>(e)</sup> |  |  |
| **Asset Management & Custody Banks - 0.1%** |  |  |
| Great Elm Group, Inc. <sup>(a)</sup> | 2448 | 5165 |
| Hennessy Advisors, Inc. | 10060 | 126756 |
| US Global Investors, Inc. - Class A | 33656 | 86833 |
| Westwood Holdings Group, Inc. | 31168 | 486221 |
|  |  | 704975 |
| **Commercial & Residential Mortgage Finance - 1.1%** |  |  |
| Federal Agricultural Mortgage Corp. - Class C | 34958 | 6791640 |
| Guild Holdings Co. - Class A | 246717 | 4877595 |
| loanDepot, Inc. - Class A <sup>(a)</sup> | 64518 | 81938 |
| Onity Group, Inc. <sup>(a)</sup> | 52652 | 2009727 |
| Security National Financial Corp. - Class A <sup>(a)</sup> | 61856 | 609282 |
| Velocity Financial, Inc. <sup>(a)</sup> | 51052 | 946504 |
| Waterstone Financial, Inc. | 91790 | 1267620 |
|  |  | 16584306 |
| **Consumer Finance - 3.4%** |  |  |
| Atlanticus Holdings Corp. <sup>(a)</sup> | 54940 | 3007965 |
| Bread Financial Holdings, Inc. | 151631 | 8661163 |
| Consumer Portfolio Services, Inc. <sup>(a)</sup> | 151098 | 1485293 |
| Encore Capital Group, Inc. <sup>(a)</sup> | 92703 | 3588533 |
| Enova International, Inc. <sup>(a)</sup> | 88948 | 9919481 |
| EZCORP, Inc. - Class A <sup>(a)</sup> | 344076 | 4775775 |
| Green Dot Corp. - Class A <sup>(a)</sup> | 207152 | 2233099 |
| LendingClub Corp. <sup>(a)</sup> | 14648 | 176215 |
| LendingTree, Inc. <sup>(a)</sup> | 11398 | 422524 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Consumer Finance - 3.4% (Continued)** | | |
| Medallion Financial Corp. | 30534 | $290989 |
| Navient Corp. | 423090 | 5965569 |
| Old Market Capital Corp. <sup>(a)</sup> | 24894 | 136419 |
| Oportun Financial Corp. <sup>(a)</sup> | 136711 | 978851 |
| PROG Holdings, Inc. | 111277 | 3265980 |
| Regional Management Corp. | 51161 | 1494413 |
| World Acceptance Corp. <sup>(a)</sup> | 23878 | 3942735 |
|  |  | 50345004 |
| **Diversified Banks - 0.5%** |  |  |
| Bank of NT Butterfield & Son Ltd. | 162219 | 7183057 |
| **Insurance Brokers - 0.0%**<sup>(d)</sup> |  |  |
| Crawford & Co. - Class A | 8684 | 91877 |
| Crawford & Co. - Class B | 101 | 1055 |
| GoHealth, Inc. <sup>(a)</sup> | 27066 | 150216 |
|  |  | 243148 |
| **Investment Banking & Brokerage - 0.1%** |  |  |
| Oppenheimer Holdings, Inc. - Class A | 16483 | 1084087 |
| **Life & Health Insurance - 0.0%**<sup>(d)</sup> |  |  |
| Citizens, Inc. <sup>(a)(b)</sup> | 172602 | 602381 |
|  |  | $– |
| **Multi-line Insurance - 0.5%** |  |  |
| Atlantic American Corp. | 1204 | 2565 |
| Horace Mann Educators Corp. | 178431 | 7667180 |
|  |  | 7669745 |
| **Property & Casualty Insurance - 2.2%** |  |  |
| Ambac Financial Group, Inc. <sup>(a)</sup> | 207249 | 1471468 |
| Donegal Group, Inc. - Class A | 90216 | 1806576 |
| Fidelis Insurance Holdings Ltd. | 443779 | 7357856 |
| Hamilton Insurance Group Ltd. - Class B <sup>(a)</sup> | 401549 | 8681489 |
| Heritage Insurance Holdings, Inc. <sup>(a)</sup> | 130957 | 3266068 |
| Mercury General Corp. | 9962 | 670841 |
| NI Holdings, Inc. <sup>(a)</sup> | 23753 | 302613 |
| Tiptree, Inc. | 118512 | 2794513 |
| United Fire Group, Inc. | 95009 | 2726758 |
| Universal Insurance Holdings, Inc. | 103674 | 2874880 |
|  |  | 31953062 |
| **Regional Banks - 23.6%** |  |  |
| 1st Source Corp. | 80808 | 5015753 |
| ACNB Corp. | 49111 | 2103915 |
| Amalgamated Financial Corp. | 104505 | 3260556 |
| Amerant Bancorp, Inc. | 90146 | 1643362 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Regional Banks - 23.6% (Continued)** | | |
| AmeriServ Financial, Inc. | 102806 | $312530 |
| Ames National Corp. | 9265 | 165010 |
| Auburn National BanCorp, Inc. | 12693 | 328749 |
| Bank of Marin Bancorp | 28096 | 641713 |
| Bank of the James Financial Group, Inc. | 22370 | 314746 |
| BankUnited, Inc. | 249147 | 8867142 |
| Bankwell Financial Group, Inc. | 22077 | 795434 |
| Banner Corp. | 103296 | 6626438 |
| Bar Harbor Bankshares | 54262 | 1625689 |
| BayCom Corp. | 40758 | 1129404 |
| BCB Bancorp, Inc. | 55392 | 466401 |
| Berkshire Hills Bancorp, Inc. | 154845 | 3877319 |
| Blue Ridge Bankshares, Inc. <sup>(a)</sup> | 38639 | 138714 |
| Bridgewater Bancshares, Inc. <sup>(a)</sup> | 20740 | 329973 |
| Brookline Bancorp, Inc. | 255468 | 2695187 |
| Business First Bancshares, Inc. | 93781 | 2311702 |
| Byline Bancorp, Inc. | 167496 | 4477168 |
| C&F Financial Corp. | 16562 | 1022372 |
| California BanCorp <sup>(a)</sup> | 12410 | 195582 |
| Camden National Corp. | 47190 | 1914970 |
| Capital Bancorp, Inc. | 85777 | 2880392 |
| Capital City Bank Group, Inc. | 30719 | 1208793 |
| Carter Bankshares, Inc. <sup>(a)</sup> | 99628 | 1727549 |
| CB Financial Services, Inc. <sup>(b)</sup> | 34537 | 984304 |
| Central Pacific Financial Corp. | 100203 | 2808690 |
| CF Bankshares, Inc. | 3297 | 79029 |
| Chemung Financial Corp. | 24244 | 1175107 |
| ChoiceOne Financial Services, Inc. | 33721 | 967793 |
| Citizens & Northern Corp. | 12998 | 246182 |
| Citizens Community Bancorp, Inc. | 61071 | 842780 |
| Citizens Financial Services, Inc. | 1476 | 86648 |
| Citizens Holding Co. | 4256 | 35963 |
| Civista Bancshares, Inc. | 70751 | 1641423 |
| CNB Financial Corp. | 85306 | 1950095 |
| Coastal Financial Corp. <sup>(a)</sup> | 13511 | 1308811 |
| Colony Bankcorp, Inc. | 52797 | 869567 |
| Community Trust Bancorp, Inc. | 64636 | 3420537 |
| ConnectOne Bancorp, Inc. | 181946 | 4213869 |
| Customers Bancorp, Inc. <sup>(a)</sup> | 90662 | 5325486 |
| Dime Community Bancshares, Inc. | 135054 | 3638355 |
| Eagle Bancorp Montana, Inc. | 27317 | 455374 |
| Eagle Bancorp, Inc. | 99932 | 1946675 |
| Enterprise Bancorp, Inc. | 54090 | 2144128 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Regional Banks - 23.6% (Continued)** | | |
| Enterprise Financial Services Corp. | 125814 | $6932351 |
| Equity Bancshares, Inc. - Class A | 65564 | 2675011 |
| ESSA Bancorp, Inc. | 49495 | 960203 |
| Farmers & Merchants Bancorp, Inc./Archbold OH | 4527 | 114443 |
| Farmers National Banc Corp. | 41856 | 577194 |
| Financial Institutions, Inc. | 74892 | 1923227 |
| Finwise Bancorp <sup>(a)</sup> | 26506 | 397855 |
| First Bancorp, Inc. | 7381 | 187551 |
| First Bank | 100292 | 1551517 |
| First Busey Corp. | 293514 | 6717068 |
| First Business Financial Services, Inc. | 36505 | 1849343 |
| First Capital, Inc. | 17142 | 707793 |
| First Community Corp. | 11079 | 270106 |
| First Financial Bancorp | 318626 | 7729867 |
| First Financial Corp. | 42928 | 2326268 |
| First Guaranty Bancshares, Inc. | 47326 | 389020 |
| First Internet Bancorp | 13733 | 369418 |
| First Merchants Corp. | 221523 | 8484331 |
| First Mid Bancshares, Inc. | 79130 | 2966584 |
| First National Corp. <sup>(b)</sup> | 16238 | 316154 |
| First Northwest Bancorp | 18104 | 139401 |
| First Savings Financial Group, Inc. | 32948 | 825018 |
| First United Corp. | 29010 | 899600 |
| First US Bancshares, Inc. | 7572 | 97679 |
| First Western Financial, Inc. <sup>(a)</sup> | 27051 | 610271 |
| Firstsun Capital Bancorp <sup>(a)</sup> | 79466 | 2761443 |
| Flushing Financial Corp. | 113024 | 1342725 |
| Franklin Financial Services Corp. <sup>(b)</sup> | 34015 | 1177769 |
| FS Bancorp, Inc. | 40910 | 1611036 |
| FVCBankcorp, Inc. <sup>(a)</sup> | 67300 | 794140 |
| Great Southern Bancorp, Inc. | 14951 | 878820 |
| Guaranty Bancshares, Inc. | 17758 | 753649 |
| Hanmi Financial Corp. | 119743 | 2955257 |
| Hawthorn Bancshares, Inc. | 30968 | 902407 |
| Heritage Commerce Corp. | 188467 | 1871477 |
| Heritage Financial Corp. | 127629 | 3042675 |
| Hilltop Holdings, Inc. | 213246 | 6472016 |
| Home Bancorp, Inc. | 36938 | 1912650 |
| HomeTrust Bancshares, Inc. | 7508 | 280874 |
| Hope Bancorp, Inc. | 449306 | 4821053 |
| Horizon Bancorp, Inc. | 159605 | 2454725 |
| Independent Bank Corp. | 129289 | 8130339 |
| Investar Holding Corp. | 58791 | 1135842 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Regional Banks - 23.6% (Continued)** | | |
| Kearny Financial Corp. | 198496 | $1282284 |
| Landmark Bancorp, Inc. <sup>(b)</sup> | 16303 | 431051 |
| LCNB Corp. | 57602 | 836957 |
| Live Oak Bancshares, Inc. | 65697 | 1957771 |
| MainStreet Bancshares, Inc. <sup>(b)</sup> | 34219 | 646739 |
| Mercantile Bank Corp. | 60342 | 2800472 |
| Metropolitan Bank Holding Corp. <sup>(a)</sup> | 42969 | 3007830 |
| Mid Penn Bancorp, Inc. | 63017 | 1777079 |
| Middlefield Banc Corp. | 18603 | 560136 |
| Midland States Bancorp, Inc. | 58227 | 1008492 |
| MidWestOne Financial Group, Inc. | 75078 | 2159994 |
| MVB Financial Corp. | 15366 | 346196 |
| National Bank Holdings Corp. - Class A | 134364 | 5053430 |
| Northeast Community Bancorp, Inc. | 75710 | 1759879 |
| Northfield Bancorp, Inc. | 147145 | 1689225 |
| Northwest Bancshares, Inc. | 383341 | 4899098 |
| Oak Valley Bancorp | 25524 | 695274 |
| OceanFirst Financial Corp. | 176479 | 3107795 |
| OFG Bancorp | 143066 | 6123225 |
| Ohio Valley Banc Corp. | 10112 | 325910 |
| Old Point Financial Corp. | 19752 | 775266 |
| Old Second Bancorp, Inc. | 178125 | 3159937 |
| OP Bancorp | 54576 | 708942 |
| Origin Bancorp, Inc. | 118900 | 4249486 |
| Orrstown Financial Services, Inc. | 43771 | 1393231 |
| Pacific Premier Bancorp, Inc. | 131987 | 2783606 |
| Parke Bancorp, Inc. | 51992 | 1059077 |
| PCB Bancorp | 64259 | 1348154 |
| Peapack-Gladstone Financial Corp. | 60836 | 1718617 |
| Penns Woods Bancorp, Inc. | 28624 | 869025 |
| Peoples Bancorp of North Carolina, Inc. | 34082 | 983266 |
| Peoples Bancorp, Inc. | 134020 | 4092971 |
| Peoples Financial Services Corp. | 40790 | 2013802 |
| Pioneer Bancorp, Inc. <sup>(a)</sup> | 71782 | 863537 |
| Plumas Bancorp | 2810 | 124933 |
| Primis Financial Corp. | 29236 | 317211 |
| Princeton Bancorp, Inc. | 33833 | 1033260 |
| Provident Financial Holdings, Inc. | 29498 | 457219 |
| Provident Financial Services, Inc. | 442035 | 7748874 |
| QCR Holdings, Inc. | 70003 | 4753204 |
| RBB Bancorp | 65973 | 1135395 |
| Red River Bancshares, Inc. | 2500 | 146750 |
| Renasant Corp. | 247965 | 8909382 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Regional Banks - 23.6% (Continued)** | | |
| Republic Bancorp, Inc. - Class A | 63513 | $4643435 |
| Rhinebeck Bancorp, Inc. <sup>(a)</sup> | 53858 | 631754 |
| Riverview Bancorp, Inc. | 111261 | 611935 |
| S&T Bancorp, Inc. | 142430 | 5386703 |
| SB Financial Group, Inc. <sup>(b)</sup> | 43058 | 822408 |
| Shore Bancshares, Inc. | 99276 | 1560619 |
| Sierra Bancorp | 76720 | 2277817 |
| Simmons First National Corp. - Class A | 374312 | 7096955 |
| SmartFinancial, Inc. | 71033 | 2399495 |
| Sound Financial Bancorp, Inc. | 6424 | 295504 |
| South Plains Financial, Inc. | 88079 | 3174367 |
| Southern First Bancshares, Inc. <sup>(a)</sup> | 20173 | 767179 |
| Southern Missouri Bancorp, Inc. | 24617 | 1348519 |
| Southern States Bancshares, Inc. | 7807 | 283941 |
| Southside Bancshares, Inc. | 34499 | 1015306 |
| Stellar Bancorp, Inc. | 185545 | 5191549 |
| Third Coast Bancshares, Inc. <sup>(a)</sup> | 46562 | 1521180 |
| Timberland Bancorp, Inc. | 53574 | 1671509 |
| TrustCo Bank Corp. NY | 69773 | 2331814 |
| Union Bankshares, Inc. | 400 | 10648 |
| United Bancorp, Inc. | 1509 | 22635 |
| United Security Bancshares | 57541 | 497730 |
| Unity Bancorp, Inc. | 41064 | 1933293 |
| Univest Financial Corp. | 105674 | 3174447 |
| Veritex Holdings, Inc. | 228515 | 5964241 |
| Virginia National Bankshares Corp. | 687 | 25419 |
| WaFd, Inc. | 263524 | 7715983 |
| WesBanco, Inc. | 260366 | 8235377 |
| Western New England Bancorp, Inc. | 97809 | 902777 |
|  |  | 346162070 |
| **Reinsurance - 0.9%** |  |  |
| Greenlight Capital Re Ltd. - Class A <sup>(a)</sup> | 129469 | 1860470 |
| SiriusPoint Ltd. <sup>(a)</sup> | 546770 | 11148640 |
|  |  | 13009110 |
| **Specialized Finance - 0.5%** |  |  |
| Acacia Research Corp. <sup>(a)</sup> | 194882 | 697678 |
| Banco Latinoamericano de Comercio Exterior SA | 123848 | 4991074 |
| SWK Holdings Corp. | 57072 | 841241 |
|  |  | 6529993 |
| **Transaction & Payment Processing Services - 0.4%** |  |  |
| Paysafe Ltd. <sup>(a)</sup> | 260934 | 3292987 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Transaction & Payment Processing Services - 0.4% (Continued)** | | |
| Repay Holdings Corp. <sup>(a)</sup> | 536092 | $2583963 |
|  |  | 5876950 |
| **Total Financials** |  | 487947888 |
| **<u>Health Care</u> - 4.2%** |  |  |
| **Biotechnology - 0.0%**<sup>(d)</sup> |  |  |
| Carisma Therapeutics, Inc. <sup>(a)</sup> | 30988 | 12135 |
| Opus Genetics, Inc. <sup>(a)</sup> | 42065 | 39629 |
| Ovid therapeutics, Inc. <sup>(a)</sup> | 91234 | 30098 |
| Puma Biotechnology, Inc. <sup>(a)</sup> | 38292 | 131342 |
| XBiotech, Inc. <sup>(a)(b)</sup> | 59326 | 176198 |
|  |  | 389402 |
| **Health Care Distributors - 0.7%** |  |  |
| AdaptHealth Corp. <sup>(a)</sup> | 718977 | 6779953 |
| Owens & Minor, Inc. <sup>(a)</sup> | 375508 | 3417123 |
|  |  | 10197076 |
| **Health Care Equipment - 0.4%** |  |  |
| FONAR Corp. <sup>(a)</sup> | 22982 | 343811 |
| QuidelOrtho Corp. <sup>(a)</sup> | 150204 | 4328879 |
| Varex Imaging Corp. <sup>(a)</sup> | 192650 | 1670276 |
|  |  | 6342966 |
| **Health Care Facilities - 0.6%** |  |  |
| Select Medical Holdings Corp. | 536291 | 8140897 |
|  |  | $– |
| **Health Care Services - 1.2%** |  |  |
| American Shared Hospital Services <sup>(a)</sup> | 11924 | 28737 |
| Castle Biosciences, Inc. <sup>(a)</sup> | 40750 | 832115 |
| DocGo, Inc. <sup>(a)</sup> | 107757 | 169179 |
| Enhabit, Inc. <sup>(a)</sup> | 209180 | 2016495 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 309885 | 4446850 |
| Premier, Inc. - Class A | 460467 | 10098041 |
|  |  | 17591417 |
| **Health Care Supplies - 0.2%** |  |  |
| Avanos Medical, Inc. <sup>(a)</sup> | 171188 | 2095341 |
| OraSure Technologies, Inc. <sup>(a)</sup> | 431101 | 1293303 |
|  |  | 3388644 |
| **Health Care Technology - 0.5%** |  |  |
| CareCloud, Inc. <sup>(a)</sup> | 69076 | 163019 |
| Claritev Corp. <sup>(a)</sup> | 52638 | 2375553 |
| Teladoc Health, Inc. <sup>(a)</sup> | 578689 | 5040381 |
|  |  | 7578953 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Pharmaceuticals - 0.6%** | | |
| ALT5 Sigma Corp. <sup>(a)(b)</sup> | 19339 | $140111 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 85112 | 1954171 |
| Assertio Holdings, Inc. <sup>(a)</sup> | 223401 | 143245 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 238973 | 5711455 |
| SCYNEXIS, Inc. <sup>(a)</sup> | 121940 | 82285 |
|  |  | 8031267 |
| **Total Health Care** |  | 61660622 |
| **<u>Industrials</u> - 15.6%** |  |  |
| **Aerospace & Defense - 0.4%** |  |  |
| Air Industries Group <sup>(a)</sup> | 17142 | 57597 |
| SIFCO Industries, Inc. <sup>(a)</sup> | 6050 | 22567 |
| V2X, Inc. <sup>(a)</sup> | 116371 | 5649812 |
|  |  | 5729976 |
| **Agricultural & Farm Machinery - 0.2%** |  |  |
| Titan International, Inc. <sup>(a)</sup> | 340270 | 3494573 |
|  |  | $– |
| **Air Freight & Logistics - 0.1%** |  |  |
| Radiant Logistics, Inc. <sup>(a)</sup> | 220647 | 1341534 |
| **Building Products - 1.1%** |  |  |
| American Woodmark Corp. <sup>(a)</sup> | 75785 | 4044645 |
| AZZ, Inc. | 2349 | 221934 |
| Caesarstone Ltd. <sup>(a)</sup> | 46823 | 92241 |
| JELD-WEN Holding, Inc. <sup>(a)</sup> | 470322 | 1843662 |
| Masterbrand, Inc. <sup>(a)</sup> | 554420 | 6059811 |
| Quanex Building Products Corp. | 197908 | 3740461 |
|  |  | 16002754 |
| **Cargo Ground Transportation - 1.7%** |  |  |
| ArcBest Corp. | 80239 | 6179205 |
| Covenant Logistics Group, Inc. | 173532 | 4183857 |
| Heartland Express, Inc. | 364645 | 3150533 |
| PAMT CORP <sup>(a)</sup> | 76911 | 989845 |
| Universal Logistics Holdings, Inc. | 99369 | 2521985 |
| Werner Enterprises, Inc. | 268645 | 7350127 |
|  |  | 24375552 |
| **Commercial Printing - 0.3%** |  |  |
| Deluxe Corp. | 241047 | 3835058 |
| Ennis, Inc. | 17193 | 311881 |
| Quad/Graphics, Inc. | 136744 | 772603 |
|  |  | 4919542 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Construction & Engineering - 1.5%** | | |
| Ameresco, Inc. - Class A <sup>(a)</sup> | 108057 | $1641386 |
| Concrete Pumping Holdings, Inc. | 326961 | 2010810 |
| Great Lakes Dredge & Dock Corp. <sup>(a)</sup> | 217820 | 2655226 |
| Limbach Holdings, Inc. <sup>(a)</sup> | 4812 | 674161 |
| NWPX Infrastructure, Inc. <sup>(a)</sup> | 52946 | 2171315 |
| Orion Group Holdings, Inc. <sup>(a)</sup> | 117585 | 1066496 |
| Tutor Perini Corp. <sup>(a)</sup> | 239214 | 11190431 |
|  |  | 21409825 |
| **Construction Machinery & Heavy Transportation Equipment - 0.9%** |  |  |
| Commercial Vehicle Group, Inc. <sup>(a)</sup> | 53821 | 89343 |
| Greenbrier Cos., Inc. | 167978 | 7735387 |
| Manitowoc Co., Inc. <sup>(a)</sup> | 197860 | 2378277 |
| Twin Disc, Inc. | 19989 | 176503 |
| Wabash National Corp. | 214775 | 2283058 |
|  |  | 12662568 |
| **Data Processing & Outsourced Services - 0.2%** |  |  |
| Conduent, Inc. <sup>(a)</sup> | 950751 | 2509983 |
|  |  | $– |
| **Diversified Support Services - 0.2%** |  |  |
| Civeo Corp. | 112597 | 2599865 |
| **Electrical Components & Equipment - 0.2%** |  |  |
| Allient, Inc. | 50474 | 1832711 |
| CBAK Energy Technology, Inc. <sup>(a)(b)</sup> | 389190 | 459244 |
| LSI Industries, Inc. | 4574 | 77804 |
| Servotronics, Inc. <sup>(a)</sup> | 1500 | 70410 |
| Ultralife Corp. <sup>(a)</sup> | 7679 | 68957 |
|  |  | 2509126 |
| **Environmental & Facilities Services - 0.8%** |  |  |
| BrightView Holdings, Inc. <sup>(a)</sup> | 459088 | 7643815 |
| Enviri Corp. <sup>(a)</sup> | 410148 | 3560085 |
|  |  | 11203900 |
| **Heavy Electrical Equipment - 0.0%**<sup>(d)</sup> |  |  |
| Broadwind, Inc. <sup>(a)</sup> | 97221 | 175970 |
| **Human Resource & Employment Services - 0.8%** |  |  |
| Heidrick & Struggles International, Inc. | 90434 | 4138260 |
| Kelly Services, Inc. - Class A | 227053 | 2658791 |
| ManpowerGroup, Inc. | 128288 | 5182835 |
|  |  | 11979886 |
| **Industrial Machinery & Supplies & Components - 1.2%** |  |  |
| Eastern Co. | 32375 | 738797 |
| Hurco Cos., Inc. <sup>(a)</sup> | 8838 | 167038 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components - 1.2% (Continued)** | | |
| Hyster-Yale, Inc. | 53389 | $2123814 |
| Kennametal, Inc. | 335335 | 7699292 |
| L B Foster Co. - Class A <sup>(a)</sup> | 12685 | 277421 |
| Luxfer Holdings PLC | 40984 | 499185 |
| Mayville Engineering Co., Inc. <sup>(a)</sup> | 107986 | 1723457 |
| NN, Inc. <sup>(a)</sup> | 144129 | 302671 |
| Park-Ohio Holdings Corp. | 11357 | 202836 |
| Perma-Pipe International Holdings, Inc. <sup>(a)</sup> | 22012 | 503414 |
| Proto Labs, Inc. <sup>(a)</sup> | 103267 | 4134811 |
|  |  | 18372736 |
| **Marine Transportation - 1.5%** |  |  |
| Costamare Bulkers Holdings Ltd. <sup>(a)</sup> | 125604 | 1088987 |
| Costamare, Inc. | 568615 | 5180083 |
| Genco Shipping & Trading Ltd. | 270969 | 3541565 |
| Golden Ocean Group Ltd. <sup>(b)</sup> | 1002029 | 7334852 |
| Pangaea Logistics Solutions Ltd. | 411179 | 1932541 |
| Safe Bulkers, Inc. | 633238 | 2285989 |
|  |  | 21364017 |
| **Office Services & Supplies - 1.0%** |  |  |
| ACCO Brands Corp. | 505852 | 1810950 |
| Acme United Corp. | 4221 | 174961 |
| MillerKnoll, Inc. | 330351 | 6415416 |
| NL Industries, Inc. | 184970 | 1183808 |
| Steelcase, Inc. - Class A | 510275 | 5322168 |
| Virco Mfg. Corp. | 30121 | 240366 |
|  |  | 15147669 |
| **Passenger Airlines - 1.5%** |  |  |
| Allegiant Travel Co. <sup>(a)</sup> | 88180 | 4845491 |
| JetBlue Airways Corp. <sup>(a)</sup> | 1442264 | 6100777 |
| SkyWest, Inc. <sup>(a)</sup> | 86167 | 8872616 |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 243194 | 2857529 |
|  |  | 22676413 |
| **Research & Consulting Services - 0.2%** |  |  |
| Mistras Group, Inc. <sup>(a)</sup> | 229687 | 1839793 |
| Resources Connection, Inc. | 189846 | 1019473 |
|  |  | 2859266 |
| **Trading Companies & Distributors - 1.8%** |  |  |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 47593 | 3539967 |
| Custom Truck One Source, Inc. <sup>(a)</sup> | 133214 | 658077 |
| DNOW, Inc. <sup>(a)</sup> | 474694 | 7039712 |
| Hudson Technologies, Inc. <sup>(a)</sup> | 75270 | 611192 |
| MRC Global, Inc. <sup>(a)</sup> | 391376 | 5365765 |
| NPK International, Inc. <sup>(a)</sup> | 418207 | 3558942 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Trading Companies & Distributors - 1.8% (Continued)** | | |
| Titan Machinery, Inc. <sup>(a)</sup> | 111185 | $2202575 |
| Willis Lease Finance Corp. | 27564 | 3935588 |
|  |  | 26911818 |
| **Total Industrials** |  | 228246973 |
| **<u>Information Technology</u> - 3.3%** |  |  |
| **Application Software - 0.2%** |  |  |
| NetSol Technologies, Inc. <sup>(a)</sup> | 51208 | 159257 |
| Verint Systems, Inc. <sup>(a)</sup> | 162141 | 3189313 |
|  |  | 3348570 |
| **Communications Equipment - 0.7%** |  |  |
| ClearOne, Inc. <sup>(a)</sup> | 1881 | 11079 |
| KVH Industries, Inc. <sup>(a)</sup> | 27715 | 147721 |
| NETGEAR, Inc. <sup>(a)</sup> | 155332 | 4515501 |
| NetScout Systems, Inc. <sup>(a)</sup> | 7706 | 191186 |
| Network-1 Technologies, Inc. | 97112 | 118477 |
| Viasat, Inc. <sup>(a)</sup> | 322182 | 4703857 |
|  |  | 9687821 |
| **Electronic Equipment & Instruments - 0.1%** |  |  |
| Daktronics, Inc. <sup>(a)</sup> | 58416 | 883250 |
| **Electronic Manufacturing Services - 1.3%** |  |  |
| Benchmark Electronics, Inc. | 167972 | 6522353 |
| Key Tronic Corp. <sup>(a)</sup> | 4000 | 11440 |
| Kimball Electronics, Inc. <sup>(a)</sup> | 97197 | 1869098 |
| Methode Electronics, Inc. | 139456 | 1326227 |
| TTM Technologies, Inc. <sup>(a)</sup> | 226217 | 9234178 |
|  |  | 18963296 |
| **Internet Services & Infrastructure - 0.0%**<sup>(d)</sup> |  |  |
| Data Storage Corp. <sup>(a)</sup> | 7000 | 24290 |
| **IT Consulting & Other Services - 0.0%**<sup>(d)</sup> |  |  |
| WidePoint Corp. <sup>(a)</sup> | 28269 | 96680 |
|  |  | $– |
| **Semiconductor Materials & Equipment - 0.3%** |  |  |
| AXT, Inc. <sup>(a)</sup> | 76464 | 159810 |
| Photronics, Inc. <sup>(a)</sup> | 211931 | 3990661 |
| Trio-Tech International <sup>(a)</sup> | 37324 | 202296 |
|  |  | 4352767 |
| **Semiconductors - 0.0%**<sup>(d)</sup> |  |  |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> | 5185 | 133047 |
| Magnachip Semiconductor Corp. <sup>(a)</sup> | 24141 | 96081 |
|  |  | 229128 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Systems Software - 0.0%**<sup>(d)</sup> | | |
| Adeia, Inc. | 39217 | $554528 |
| **Technology Distributors - 0.3%** |  |  |
| Richardson Electronics Ltd./United States | 15725 | 151746 |
| ScanSource, Inc. <sup>(a)</sup> | 108382 | 4531452 |
|  |  | 4683198 |
| **Technology Hardware, Storage & Peripherals - 0.4%** |  |  |
| AstroNova, Inc. <sup>(a)</sup> | 2000 | 23180 |
| Eastman Kodak Co. <sup>(a)</sup> | 462108 | 2610910 |
| Xerox Holdings Corp. | 626678 | 3302593 |
|  |  | 5936683 |
| **Total Information Technology** |  | 48760211 |
| **<u>Materials</u> - 5.8%** |  |  |
| **Aluminum - 0.9%** |  |  |
| Constellium SE <sup>(a)</sup> | 610041 | 8113546 |
| Kaiser Aluminum Corp. | 60788 | 4856961 |
|  |  | 12970507 |
| **Commodity Chemicals - 1.0%** |  |  |
| AdvanSix, Inc. | 163733 | 3888659 |
| Core Molding Technologies, Inc. <sup>(a)</sup> | 44874 | 744460 |
| Koppers Holdings, Inc. | 113317 | 3643141 |
| Kronos Worldwide, Inc. | 9531 | 59092 |
| Mativ Holdings, Inc. | 339198 | 2313330 |
| Tronox Holdings PLC | 751113 | 3808143 |
|  |  | 14456825 |
| **Diversified Chemicals - 0.1%** |  |  |
| LSB Industries, Inc. <sup>(a)</sup> | 216713 | 1690361 |
|  |  | $– |
| **Fertilizers & Agricultural Chemicals - 0.2%** |  |  |
| American Vanguard Corp. | 22753 | 89192 |
| Intrepid Potash, Inc. <sup>(a)</sup> | 65229 | 2330632 |
|  |  | 2419824 |
| **Gold - 0.3%** |  |  |
| Caledonia Mining Corp. PLC | 104838 | 2025470 |
| McEwen Mining, Inc. <sup>(a)</sup> | 228088 | 2191926 |
|  |  | 4217396 |
| **Paper & Plastic Packaging Products & Materials - 0.1%** |  |  |
| Ranpak Holdings Corp. <sup>(a)</sup> | 416159 | 1485688 |
| **Paper Products - 0.3%** |  |  |
| Clearwater Paper Corp. <sup>(a)</sup> | 115440 | 3144586 |
| Magnera Corp. <sup>(a)</sup> | 58316 | 704457 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (CONTINUED)** | **Shares** | **Value** |
| **Paper Products - 0.3% (Continued)** | | |
| Mercer International, Inc. | 114922 | $402227 |
|  |  | 4251270 |
| **Specialty Chemicals - 0.7%** |  |  |
| Alto Ingredients, Inc. <sup>(a)</sup> | 302559 | 347943 |
| Ecovyst, Inc. <sup>(a)</sup> | 378395 | 3114191 |
| Rayonier Advanced Materials, Inc. <sup>(a)</sup> | 409562 | 1576814 |
| Stepan Co. | 62105 | 3389691 |
| Valhi, Inc. | 142447 | 2301943 |
|  |  | 10730582 |
| **Steel - 2.2%** |  |  |
| Ascent Industries Co. <sup>(a)</sup> | 51966 | 655291 |
| Friedman Industries, Inc. | 41195 | 682189 |
| Metallus, Inc. <sup>(a)</sup> | 263064 | 4053816 |
| Olympic Steel, Inc. | 66786 | 2176556 |
| Ramaco Resources, Inc. | 121062 | 1590755 |
| Ramaco Resources, Inc. - Class B | 4656 | 38088 |
| Ryerson Holding Corp. | 185871 | 4009237 |
| SunCoke Energy, Inc. | 505770 | 4344564 |
| Warrior Met Coal, Inc. | 216543 | 9924166 |
| Worthington Steel, Inc. | 186752 | 5570812 |
|  |  | 33045474 |
| **Total Materials** |  | 85267927 |
| **<u>Real Estate</u> - 0.4%** |  |  |
| **Real Estate Development - 0.1%** |  |  |
| AMREP Corp. <sup>(a)</sup> | 48365 | 1012279 |
| Forestar Group, Inc. <sup>(a)</sup> | 20579 | 411580 |
|  |  | 1423859 |
| **Real Estate Services - 0.3%** |  |  |
| Anywhere Real Estate, Inc. <sup>(a)</sup> | 633303 | 2292557 |
| RE/MAX Holdings, Inc. - Class A <sup>(a)</sup> | 136756 | 1118664 |
|  |  | 3411221 |
| **Total Real Estate** |  | 4835080 |
| **TOTAL COMMON STOCK**S (Cost $1,448,321,886) |  | 1459838391 |
| **CONTINGENT VALUE RIGHTS - 0.0%**<sup>(d)</sup> |  |  |
| Communication Systems/Pineapple Holdings <sup>(a)(c)</sup> | 3750 | 225 |
| Resolute Forest Products <sup>(a)(c)</sup> | 236000 | 68440 |
| **TOTAL CONTINGENT VALUE RIGHT**S (Cost $0) |  | 68665 |

---

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - 0.0%**<sup>(d)</sup> | **Shares** | **Value** |
| **<u>Real Estate</u> - 0.0%**<sup>(d)</sup> | | |
| **Real Estate Operating Companies - 0.0%**<sup>(d)</sup> | | |
| Transcontinental Realty Investors, Inc. <sup>(a)</sup> | 1400 | $59654 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $62,286) |  | 59654 |
| **PREFERRED STOCKS - 0.0%**<sup>(d)</sup> |  |  |
| **<u>Industrials</u> - 0.0%**<sup>(d)</sup> |  |  |
| **Air Freight & Logistics - 0.0%**<sup>(d)</sup> |  |  |
| Air T Funding, 8.00%, 06/07/2049 | 529 | 9056 |
| **TOTAL PREFERRED STOCK**S (Cost $11,003) |  | 9056 |
| **WARRANTS - 0.0%**<sup>(d)</sup> | **Contracts** |  |
| **<u>Energy</u> *-* 0.0%**<sup>(d)</sup> |  |  |
| **Oil & Gas Drilling — 0.0%**<sup>(d)</sup> |  |  |
| Nabors Industries Ltd., Expires 06/11/2026, Exercise Price $166.67 <sup>(a)</sup> | 5200 | 3432 |
| **TOTAL WARRANT**S (Cost $0) |  | 3432 |
| **SHORT-TERM INVESTMENTS - 2.0%** | **Shares** |  |
| **Investments Purchased with Proceeds from Securities Lending - 1.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 25541856 | 25541856 |
| **Money Market Funds - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 3745581 | 3745581 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $29,287,437) |  | 29287437 |
| **TOTAL INVESTMENTS - 101.7%** (Cost $1,477,682,612) |  | $1489266635 |
| Liabilities in Excess of Other Assets - (1.7)% |  | (24325556) |
| **TOTAL NET ASSETS - 100.0%** |  | $1464941079 |

---

Percentages are stated as a percent of net assets.

AMBAC - American Municipal Bond Assurance Corporation <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $24,095,202.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $68,669 or 0.0% of net assets as of June 30, 2025.

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

(e) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(f) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

------

---

| |
|:---|
| **EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **June 30, 2025** |

---

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.

------

**BRIDGEWAY ETFs**

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

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

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
| | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Omni Small Cap Value ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;Investments, at value (See Note 2) | $276033198 | $1489266635 |
| &nbsp;&nbsp;Receivable for investments sold | 66723282 |  |
| &nbsp;&nbsp;Receivable for fund shares sold | 20491050 | 2036270 |
| &nbsp;&nbsp;Dividends receivable | 139083 | 1109449 |
| &nbsp;&nbsp;Dividend tax reclaims receivable |  | 11332 |
| &nbsp;&nbsp;Security lending income receivable (See Note 4) |  | 94233 |
| &nbsp;&nbsp;Cash |  | 4928 |
| Total assets | 363386613 | 1492522847 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;Payable for investments purchased | 65427428 | 1507584 |
| &nbsp;&nbsp;Payable for capital shares redeemed | 21299480 |  |
| &nbsp;&nbsp;Payable to adviser (See Note 3) | 32828 | 532328 |
| &nbsp;&nbsp;Payable upon return of securities loaned (See Note 4) |  | 25541856 |
| Total liabilities | 86759736 | 27581768 |
| **NET ASSETS** | $276626877 | $1464941079 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;Paid-in capital | $202781442 | $1515628318 |
| &nbsp;&nbsp;Total distributable earnings (accumulated losses) | 73845435 | (50687239) |
| Total net assets | $276626877 | $1464941079 |
| Net assets | $276626877 | $1464941079 |
| Shares issued and outstanding<sup>(a)</sup> | 20131288 | 71941561 |
| Net asset value per share | $13.74 | $20.36 |
| **COST:** |  |  |
| &nbsp;&nbsp;Investments, at cost | $197926068 | $1477682612 |
| **LOANED SECURITIES:** |  |  |
| &nbsp;&nbsp;at value (included in investments) | $— | $24095202 |

---

(a) Unlimited shares authorized without par value.

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

------

**BRIDGEWAY ETFs**

**STATEMENTS OF OPERATIONS**

**For the Year Ended June 30, 2025**

---

| | | |
|:---|:---|:---|
| | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Omni Small Cap Value ETF** |
| **INVESTMENT INCOME:** | | |
| &nbsp;&nbsp;Dividend income | $4318544 | $32315180 |
| &nbsp;&nbsp;Less: Dividend withholding taxes |  | (41079) |
| &nbsp;&nbsp;Less: Issuance fees |  | (4663) |
| &nbsp;&nbsp;Securities lending income (See Note 4) |  | 345328 |
| Total investment income | 4318544 | 32614766 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;Investment advisory fee (See Note 3) | 337779 | 6500069 |
| Total expenses | 337779 | 6500069 |
| **NET INVESTMENT INCOME (LOSS)** | 3980765 | 26114697 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;Investments | (6033293) | (57911956) |
| &nbsp;&nbsp;In-kind redemptions | 27654155 | 165986001 |
| &nbsp;&nbsp;Payment from affiliates |  | 4265 |
| Net realized gain (loss) | 21620862 | 108078310 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;Investments | 8154615 | (132006559) |
| Net change in unrealized appreciation (depreciation) | 8154615 | (132006559) |
| Net realized and unrealized gain (loss) | 29775477 | (23928249) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33756242 | $2186448 |

---

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

------

**BRIDGEWAY ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Omni Small Cap <br>Value ETF** | **EA Bridgeway Omni Small Cap <br>Value ETF** |
| | **Year ended June 30, 2025** | **Year ended <br>June 30, 2024** | **Year ended June 30, 2025** | **Year ended <br>June 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;Net investment income (loss) | $3980765 | $2392675 | $26114697 | $18783515 |
| &nbsp;&nbsp;Net realized gain (loss) | 21620862 | 25102160 | 108078310 | 114546157 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8154615 | 3736968 | (132006559) | 11727221 |
| Net increase (decrease) in net assets from operations | 33756242 | 31231803 | 2186448 | 145056893 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;From earnings | (3101274) | (2206508) | (23752300) | (15734014) |
| Total distributions to shareholders | (3101274) | (2206508) | (23752300) | (15734014) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 110341878 | 68428906 | 663531585 | 627965070 |
| &nbsp;&nbsp;Shares redeemed | (45739985) | (40348930) | (449983243) | (269441835) |
| &nbsp;&nbsp;ETF transaction fees <br>(See Note 1) | 9 | 13 | 729 | 522 |
| Net increase in net assets from capital transactions | 64601902 | 28079989 | 213549071 | 358523757 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 95256870 | 57105284 | 191983219 | 487846636 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 181370007 | 124264723 | 1272957860 | 785111224 |
| End of the year | $276626877 | $181370007 | $1464941079 | $1272957860 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Shares sold | 8550000 | 6200000 | 31600000 | 32150000 |
| &nbsp;&nbsp;Shares redeemed | (3450000) | (3800000) | (22025000) | (13850000) |
| Total increase (decrease) in shares outstanding | 5100000 | 2400000 | 9575000 | 18300000 |

---

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

------

**BRIDGEWAY ETFs**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **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 year ended** | **Net asset value, beginning of year** | **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** | **Net realized gains** | **Total distributions** | **ETF transaction fees per share** | **Net asset value, end of year** | **Total return** | **Net assets, end of year (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment** | **Ratio of expenses to average net assets after expense reimbursement / recoupment** | **Ratio of net investment income (loss) to average net assets** | **Portfolio turnover rate**<sup>(c)</sup> |
| **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** | **EA Bridgeway Blue Chip ETF** |
| 6/30/2025 | $12.07 | 0.23 | 1.62 | 1.85 | (0.18) |  | (0.18) | 0.00<sup>(d)</sup> | $13.74 | 15.47% | $276627 | 0.15% | 0.15% | 1.77% | 28% |
| 6/30/2024 | $9.84 | 0.19 | 2.21 | 2.40 | (0.17) |  | (0.17) | 0.00<sup>(d)</sup> | $12.07 | 24.75% | $181370 | 0.15% | 0.15% | 1.75% | 6% |
| 6/30/2023<sup>(e)</sup> | $12.15 | 0.20 | 1.84 | 2.04 | (0.26) | (4.09) | (4.35) |  | $9.84 | 24.50% | $124265 | 0.22% | 0.15% | 1.90% | 12% |
| 6/30/2022 | $15.84 | 0.27 | (1.34) | (1.07) | (0.30) | (2.32) | (2.62) |  | $12.15 | -9.32% | $326240 | 0.23% | 0.15% | 1.81% | 24% |
| 6/30/2021 | $13.96 | 0.31 | 4.73 | 5.04 | (0.35) | (2.81) | (3.16) |  | $15.84 | 39.75% | $432186 | 0.24% | 0.15% | 2.07% | 7% |
| **EA Bridgeway Omni Small Cap Value ETF** | **EA Bridgeway Omni Small Cap Value ETF** | **EA Bridgeway Omni Small Cap Value ETF** | **EA Bridgeway Omni Small Cap Value ETF** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025 | $20.41 | 0.38 | (0.08) | 0.30 | (0.35) |  | (0.35) | 0.00<sup>(d)</sup> | $20.36 | 1.39% | $1464941 | 0.45% | 0.45% | 1.83% | 17% |
| 6/30/2024 | $17.82 | 0.36 | 2.53 | 2.89 | (0.30) |  | (0.30) | 0.00<sup>(d)</sup> | $20.41 | 16.27% | $1272958 | 0.47% | 0.47% | 1.82% | 6% |
| 6/30/2023<sup>(f)</sup> | $19.42 | 0.37 | 0.53 | 0.90 | (0.45) | (2.05) | (2.50) |  | $17.82 | 4.41% | $785111 | 0.62% | 0.47% | 1.93% | 45% |
| 6/30/2022 | $20.89 | 0.27 | (1.54) | (1.27) | (0.20) |  | (0.20) |  | $19.42 | -6.17% | $814555 | 0.67% | 0.47% | 1.26% | 30% |
| 6/30/2021 | $10.92 | 0.19 | 9.95 | 10.14 | (0.17) |  | (0.17) |  | $20.89 | 93.49% | $853248 | 0.69% | 0.47% | 1.18% | 26% |

---

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

(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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

(d) Amount represents less than $0.005 per share.

(e) EA Bridgeway Blue Chip ETF acquired all of the assets and liabilities of the Bridgeway Blue Chip Fund in a reorganization on October 14, 2022.

(f) EA Bridgeway Omni Small-Cap Value ETF acquired all of the assets and liabilities of the Bridgeway Omni Tax Managed Small-Cap Value Fund in a reorganization on March 10, 2023.

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

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS June 30, 2025** 

**NOTE 1 – ORGANIZATION**

EA Bridgeway Blue Chip ETF ("BBLU") and EA Bridgeway Omni Small-Cap Value ETF ("BSVO") (individually, a "Fund", or collectively, the "Funds") are each 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 Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund is considered diversified under the 1940 Act. Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies. See the Funds' Prospectus and Statement of Additional Information regarding the risks of investing in shares of each Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Ticker** | **ETF Listing Date** | **Creation Unit Size** | **Listing Exchange** |
| BBLU | October 14, 2022 | 25,000 | NYSE Arca, Inc. |
| BSVO | March 10, 2023 | 25,000 | The Nasdaq Stock Market LLC |

---

The investment objective for each Fund is to:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| BBLU | seeks to provide long-term total return on capital, primarily through capital appreciation, but also some income. |
| BSVO | seeks to provide long-term total return on capital, primarily through capital appreciation. |

---

The primary purpose of the reorganizations into the Trust were to provide shareholders the continued benefit of stable and highly regulated investment vehicles in addition to the benefits of tax efficiency.

The reorganizations were accomplished by a tax-free exchange of shares. Fees and expenses incurred to effect the reorganizations were borne by the Sub-Adviser. The Funds are expected to experience the same or lower overall expenses as compared to their respective Predecessor Fund because the Funds have a unitary fee structure under which both operating expenses and management fees are paid.

The reorganizations did not result in a material change to either Predecessor Fund's investment portfolio as compared to that of the corresponding Fund. There are no material differences in accounting policies of either Predecessor Fund as compared to that of the corresponding Fund. Neither Fund purchased or sold securities following the reorganization for purposes of realigning their investment portfolio.

Market prices for the shares may be different from their net asset value ("NAV"). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 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 the 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.

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

The end of the reporting period for each Fund is June 30, 2025, and the period covered by these Notes to Financial Statements is from July 1, 2024 to June 30, 2025 (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 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.

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 each 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 each 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. As of the current fiscal period, only BSVO held securities that required fair valuation due to unobservable inputs.

As described above, the Funds 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 Funds have 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 Funds' 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

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

models or inputs that are less observable or unobservable in the market, the determination of fair value requires 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 Funds' investments as of the current fiscal period end:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>BBLU</u>** | | | | |
| **<u>Assets</u>** | | | | |
| &nbsp;&nbsp;Common Stocks | $275612802 | $— | $— | $275612802 |
| &nbsp;&nbsp;Money Market Funds | 420396 |  |  | 420396 |
| **Total Investments** | $276033198 | $— | $— | $276033198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3\*** | **TOTAL** |
| **<u>BSVO</u>** | | | | |
| **<u>Assets</u>** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1459838387 | $— | $4 | $1459838391 |
| &nbsp;&nbsp;&nbsp;Contingent Value Rights |  |  | 68665 | 68665 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 59654 |  |  | 59654 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 9056 |  |  | 9056 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 3432 |  | 3432 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 25541856 |  |  | 25541856 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3745581 |  |  | 3745581 |
| **Total Investments** | $**1489194534** | $**3432** | $**68669** | $**1489266635** |

---

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

\* Management has determined that the amount of Level 3 securities compared to total net assets is not material to BSVO; therefore, the roll forward of Level 3 securities and assumptions are not shown for the current fiscal period.

During current fiscal period, BBLU did not invest in Level 3 investments nor recognized transfers to/from Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.*Federal Income Taxes.* The Funds' 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.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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 Funds recognize interest and penalties, if any,

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.*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 Funds' understanding of the applicable tax rules and regulations.

Distributions received from a Funds' 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 Funds 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 each 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 each Fund's shareholders may represent a return of capital.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.*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;E.*Share Valuation.* The NAV per share of each 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 Funds' 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 each Fund is equal to the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.*Guarantees and Indemnifications.* In the normal course of business, the Funds enter 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. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds 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 Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.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. In addition, the Funds realized net capital gains resulting from in-kind redemptions, in

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings to paid-in capital. For the current fiscal period end, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| | **Distributable <br>Earnings** | **Paid-in<br>Capital** |
| BBLU | $(26507687) | $26507687 |
| BSVO | (163103910) | 163103910 |

---

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

Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Funds. Pursuant to an investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, 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 Funds to operate. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Funds 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, interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. Per the Advisory Agreement, BBLU and BSVO each pays an annual rate with breakpoints as noted below to the Adviser monthly based on average daily net assets.

---

| | | |
|:---|:---|:---|
| **Fund** | **AUM Level** | **Fee** |
| BBLU | < 3 billion | 15 bps |
|  | 3 billion to 10 billion | 13 bps |
|  | 10 billion to 20 billion | 12 bps |
|  | > 20 billion | 11 bps |
| BSVO | < 1 billion | 47 bps |
|  | 1 billion to 2 billion | 42 bps |
|  | > 2 billion | 40 bps |

---

Bridgeway Capital Management, LLC, serves as a discretionary investment sub-adviser to the Funds. 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 Funds, subject to the overall supervision and oversight of the Adviser and the Board.

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

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

**NOTE 4 – SECURITIES LENDING**

BSVO 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.

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

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. BSVO receives compensation in the form of fees and earn 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. BSVO 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 BSVO. BSVO has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

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, BSVO 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. BSVO could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although BSVO are indemnified from this risk by contract with the Securities Lending Agent.

As of the end of the current fiscal period, the values of the securities on loan and payable for collateral due to broker for BSVO was as follows:

---

| | |
|:---|:---|
| **Values of Securities on Loan** | **Payment for Collateral <br>received\*** |
| $24095202 | $25541856 |

---

\* The cash collateral received was invested in the First American Money Market Government Obligations Fund 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") is reflected in the BSVO's Statements of Operations. Securities lending income earned on collateral investments and recognized by BSVO during the current fiscal period was $345,328.

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds 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 applicable Funds, excluding short-term securities and in-kind transactions for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| BBLU | $66062695 | $63797670 |
| BSVO | 465939357 | 237715922 |

---

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

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

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| BBLU | $107655312 | $44916327 |
| BSVO | 430034959 | 437024881 |

---

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

**NOTE 6 – TAX INFORMATION**

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

---

| | | |
|:---|:---|:---|
| | **BBLU** | **BSVO** |
| Tax cost of Investments | $199223132 | $1503871125 |
| Gross tax unrealized appreciation | 82590713 | 204625423 |
| Gross tax unrealized depreciation | (5780647) | (219229913) |
| Net tax unrealized appreciation (depreciation) | $76810066 | $(14604490) |
| Undistributed ordinary income | 1884024 | 10178567 |
| Undistributed long-term gain |  |  |
| Total distributable earnings | $1884024 | $10178567 |
| Other accumulated gain (loss) | (4848655) | (46261316) |
| Total accumulated gain (loss) | $73845435 | $(50687239) |

---

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 Funds did not defer any post-October capital or late-year losses.

At the current fiscal period, each fund had the following capital loss carryforwards that do not expire:

---

| | | |
|:---|:---|:---|
| | **Unlimited<br>Short-Term** | **Unlimited<br>Long-Term** |
| BBLU | $(1248831) | $(3599824) |
| BSVO | (20450998) | (25810318) |

---

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid by each Fund during the current fiscal period and fiscal year ended June 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Ordinary Income** |
| | **Year ended June 30, 2025** | **Year ended June 30, 2024** |
| BBLU | $3101274 | $2206508 |
| BSVO | 23752300 | 15734014 |

---

------

**BRIDGEWAY ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) June 30, 2025** 

**NOTE 8 – SUBSEQUENT EVENTS**

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

------

![Tait.jpg](ck0001592900-20250630_g4.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**EA Bridgeway Blue Chip ETF,** 

**EA Bridgeway Omni Small-Cap Value ETF and** 

**The Board of Trustees of**

**EA Series Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of EA Bridgeway Blue Chip ETF and EA Bridgeway Omni Small-Cap Value ETF (the "Funds"), each a series of EA Series Trust (the "Trust"), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years ended June 30, 2025 and the financial highlights for each of the three years ended June 30, 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 Funds as of June 30, 2025, and the results of their operations, the changes in their net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the two years in the period ended June 30, 2022 have been audited by other auditors, whose report dated August 25, 2022 expressed an unqualified opinion on such financial statement and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' 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 June 30, 2025 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provides a reasonable basis for our opinion.

![Sign.jpg](ck0001592900-20250630_g5.jpg)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**August 28, 2025**

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**BRIDGEWAY ETFs**

**FEDERAL TAX INFORMATION** 

For the current fiscal period, certain dividends paid by the Funds 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 was as follows:

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| | |
|:---|:---|
| BBLU | 100.00% |
| BSVO | 96.50% |

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For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the current fiscal period was as follows:

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| | |
|:---|:---|
| BBLU | 100.00% |
| BSVO | 94.37% |

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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 each of the Funds was as follows:

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| | |
|:---|:---|
| BBLU | 0.00% |
| BSVO | 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 June 5-6, 2025 to consider the approval of the continuation of the Advisory Agreement between the Trust, on behalf of the EA Bridgeway Blue Chip ETF and EA Bridgeway Omni Small-Cap Value ETF (each, a "Fund," and together, the "Funds"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"), as well as to consider the approval of the continuation of the Sub-Advisory Agreement (together with the Advisory Agreement, the "Agreements") among the Trust, the Adviser, and Bridgeway Capital Management, LLC (the "Sub-Adviser"), each 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 and Sub-Adviser relevant to the Board's consideration of whether to approve the continuation of the Agreements. In connection with considering the approval of the Agreements, 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 each of the Agreements, the Board considered and reviewed information provided by the Adviser and Sub-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 Agreements. 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 each 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 each Fund, and arranging service providers for each Fund. In addition, the Board considered that the Adviser is responsible for providing investment advisory oversight services to each Fund, executing all Fund transactions, monitoring compliance with each 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 each of the Adviser's and Sub-Adviser's personnel, the experience of the portfolio managers in managing assets, and the adequacy of each of the Adviser's and the Sub-Adviser's resources to perform the services provided under the Agreements. The Board also considered the Adviser's ongoing oversight responsibilities vis-à-vis the Sub-Adviser.

<u>Performance</u>. The Board compared each Fund's performance 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. The Board noted that the Adviser and the Sub-Adviser have consistently managed each Fund's portfolio in accordance with the applicable Fund's stated investment objective and strategies.

*EA Bridgeway Blue Chip ETF* - The Board noted that for the one-year period ended March 31, 2025, the Fund outperformed the average of its peer group, and for the 2-year period underperformed the average of its peer group.

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The Board also considered the Fund's performance for the period including its predecessor mutual fund. The Board noted that, for the 10-year and since inception periods, the Fund outperformed the S&P 500 Index.

*EA Bridgeway Omni Small-Cap Value ETF* - For the two-year period, the Fund returned below-average results relative to the average of its peer group, but its results were within the range of the peer group. For the Fund's one-year period, the Fund underperformed the funds in its peer group. The Board also considered the Fund's performance for the period including its predecessor mutual fund. The Board noted that, for the 5-year period, the Fund outperformed both the Russell 2000 Value Index and Russell 3000 Index, though the Fund underperformed such benchmarks for the 10-year and since inception periods. The Board also considered how the Fund's performance compared with a mutual fund managed by the Sub-Adviser that follows a similar strategy as the Fund.

<u>Comparative Fees and Expenses</u>. In considering the advisory fees and sub-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 and the Sub-Adviser, respectively. The Board also considered the allocation of fees between the Adviser and the Sub-Adviser.

The Board compared each 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.

*EA Bridgeway Blue Chip ETF* – The Board noted that the Fund's management fee and net expense ratio were significantly below the average for the Fund's peer group.

*EA Bridgeway Omni Small-Cap Value ETF* – The Board noted that the Fund's management fee and net expense ratio are above those of the funds in its peer group. The Board considered that the Sub-Adviser manages a mutual fund with a substantially similar strategy and which has the same expense ratio. The Board also considered that the peer group included some of the largest small cap value index funds in the industry which benefit from unusual economies of scale and some of these funds leverage an ETF share class structure unlike the Fund, which may skew the peer group's results.

The Board considered each Fund's fee arrangement in which the Adviser is responsible for paying most of a Fund's operating expenses out of its resources, noting that comparisons with a Fund's overall expense ratio may be more relevant than comparisons to management fees only.

With respect to the sub-advisory fee, the Board noted that it was payable solely by the Adviser. The Board considered the representations from the Adviser that it does not manage any other accounts that follow a similar strategy. As it relates to the Sub-Adviser, the Board noted that the Sub-Adviser charges its mutual fund a slightly lower management fee for a strategy similar to that of BSVO but that arrangement is not a unitary fee arrangement like the Fund so shareholders incur other operating expenses.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to each Fund. The Board reviewed the profit and loss information provided by the Adviser with respect to each 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 same type of information provided by the Sub-Adviser. The Board discussed the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to maintain its commitment to each Fund for an additional annual period. The Board also reviewed the costs associated with the personnel, systems, and equipment necessary to manage each Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.

The Board also considered other expenses of each 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 a 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 each 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, as well as the Sub-Adviser, who serves as the sponsor of the Funds.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from each 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 each Fund and other series in the Trust.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by each Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board noted that the EA Bridgeway Blue Chip ETF's current economies of scale are already reflected in its low management fee, and the Board further noted that shareholders will further benefit from fee breakpoints as the Fund grows beyond $3 billion in assets. The Board noted that the EA Bridgeway Omni Small-Cap Value ETF's advisory fee already contains breakpoints reflective of the Fund's current economies of scale, and the Board will monitor the Fund for additional growth to determine whether further breakpoints may be appropriate to share additional economies of scale with shareholders.

<u>Conclusion</u>. No single factor was determinative of the Board's decision to approve the continuation of the Advisory Agreement and Sub-Advisory 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 and Sub-Advisory Agreement, including the compensation payable under each Agreement, were fair and reasonable to the Funds. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of each of the Advisory Agreement and the Sub-Advisory Agreement was in the best interests of each 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.* Filed herewith.

(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)).* Filed herewith.

(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.](exhibit99906cert.htm)* <u>[F](exhibit99906cert.htm) [iled](exhibit99906cert.htm) [herewith.](exhibit99906cert.htm)</u>

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**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.

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| | |
|:---|:---|
| &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: | August 29, 2025 |

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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.

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| | |
|:---|:---|
| &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: | August 29, 2025 |
| &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: | August 29, 2025 |

---

## 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 June 30, 2025 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 |
| Wesley R. Gray, PhD. | Sean R. Hegarty, CPA |
| President (principal executive officer) | Treasurer (principal financial officer) |
| EA Series Trust | EA Series Trust |
| Dated: August 29, 2025 | Dated: August 29, 2025 |

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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: August 29, 2025 | /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: August 29, 2025 | /s/ Sean R. Hegarty |
| | 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

------

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

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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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