# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001829126-23-000608
**Filing Date:** 2023-1
**Character Count:** 100183
**Document Hash:** fefb15fd677a95fec4c7cc7c30a278fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-000608.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001829126-23-000608

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 23518272

**BUSINESS ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083

**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

### Freedom Day Dividend ETF (Series ID: S000071574)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000226900 | Freedom Day Dividend ETF | MBOX            |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

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

**<u>EA Series Trust</u>**<br> (Exact name of registrant as specified in charter)

**<u>19 E. Eagle Road</u>**

**<u>Havertown, PA 19083</u>**<br> (Address of principal executive offices) (Zip code)

**<u>19 E. Eagle Road</u>**

**<u>Havertown, PA 19083</u>**

(Name and address of agent for service)

**<u>215-882-9983</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2022</u>**

Date of reporting period: **<u>September 30, 2022</u>**

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

![](mbox_001.jpg)

Freedom Day Dividend ETF

Annual Report

September 30, 2022

**FREEDOM DAY DIVIDEND ETF** 

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Letter to Shareholders](#a_001) | 1 – 3 |
| [Performance Summary and Portfolio Allocation](#a_002) | 4 – 5 |
| [Index Overview](#a_003) | 6 |
| [Schedule of Investments](#a_004) | 7 – 9 |
| [Statements of Assets and Liabilities](#a_005) | 10 |
| [Statements of Operations](#a_006) | 11 |
| [Statements of Changes in Net Assets](#a_007) | 12 |
| [Financial Highlights](#a_008) | 13 |
| [Notes to Financial Statements](#a_009) | 14 – 21 |
| [Report of Independent Registered Public Accounting Firm](#a_010) | 22 – 23 |
| [Expense Example](#a_011) | 24 |
| [Liquidity Risk Management Program](#a_012) | 25 |
| [Federal Tax Information](#a_013) | 26 |
| [Management of the Fund](#a_014) | 27 – 28 |
| [Information About Portfolio Holdings](#a_015) | 29 |
| [Information About Proxy Voting](#a_016) | 29 |
| [Privacy Policy](#a_017) | 29 |

---

i

**FREEDOM DAY DIVIDEND ETF** 

**LETTER TO SHAREHOLDERS<br> SEPTEMBER 30, 2022**

![](mbox_002.jpg)

Dear Freedom Day Dividend ETF Shareholders,

Thank you for your investment in the Freedom Day Dividend ETF ("MBOX or the "Fund"). The information presented in this letter relates to the operations of the Fund for its fiscal year beginning October 1, 2021, through September 30, 2022 ("FY 2022").

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in equity securities that the Sub-Adviser (Freedom Day Solutions, LLC) believes have the potential to provide rising dividend income streams to the Fund over time.

We are very pleased, but never satisfied, with our portfolio's performance thanks to its disciplined selection process. Through a historically unusual period of challenges for stock and bond markets, our focus on dividend growth's consistency has proven to be valuable. Our portfolio companies, balanced across all sectors, are delivering annual dividend pay raises in excess of the inflation rates the crowds are now fearing.

The best and worst performing securities listed below are based on their contribution to the Fund's return over the past twelve months, taking into consideration the weighting of each security.

The best performing security in the Fund's portfolio during the period was EOG Resources, Inc., which was up 44.67%. The second best performing security was Eli Lilly and Company, which was up 42.82% during the period. The third best performing security for the period was UnitedHealth Group, Inc., which was up 30.38% during the period.

The worst performing security in the Fund's portfolio during the period was T. Rowe Price Group, Inc., which was down 45.18%. The second worst performing security was BlackRock, Inc., which was down 32.90% for the period. The third worst performing security was Target Corp., which was down 31.01% for the period.

MBOX distributed income to shareholders on a quarterly basis.

Please note, returns of the best/worst performers cited above reflect the returns of the stocks during the time period held by the Fund, which was not necessarily for the entire fiscal period.

We appreciate your continued investment in the Fund.

Sincerely,

/s/ Ryan Krueger

Ryan Krueger

Chief Investment Officer

Freedom Day Solutions, LLC

**P:** (855) 731-7526

**A:** 8401 Westview Dr. \| Houston, Texas 77055

**E:** connect@freedomdaysolutions.com

**FREEDOM DAY DIVIDEND ETF**

**LETTER TO SHAREHOLDERS (CONTINUED)**

**SEPTEMBER 30, 2022**

![](mbox_002.jpg)

**The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.**

Shares are bought and sold at market price (not at net asset value ("NAV")), and are not individually redeemed from the Fund. Market price returns are based upon the midpoint of the bid/ask spread at the close of the exchange and does not represent the returns an investor would receive if shares were traded at other times. Brokerage commissions will reduce returns. NAVs are calculated using prices as of the close of regular trading on the exchange, normally 4:00 p.m. Eastern Time.

Any offering must be preceded or accompanied by a prospectus.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice. Current and future portfolio holdings are subject to change and risk. Please refer to the Schedule of Investments contained in this report for a full listing of Fund holdings.

An investment in the Fund is subject to numerous risks, including possible loss of principal. The Fund is actively managed and does not seek to replicate a specified index. The Fund is subject to the following principal risks, among others:

**Investment Risk.** When you sell your Shares of the Fund, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. You may lose money by investing in the Fund.

**Equity Investing Risk.** An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments.

**High Dividend Style Risk.** While the Fund may hold securities of companies that have historically paid a high dividend yield or the Sub-Adviser determines appears likely to pay a high dividend in the future, those companies may reduce or discontinue their dividends. Past dividend payments are not a guarantee of future dividend payments

**Mid-Capitalization Companies Risk.** Investing in securities of medium- capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies.

**Management Risk.** The Fund is actively managed and may not meet its investment objective.

**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. The Sub-Adviser uses quantitative models, and its processes could be adversely affected if erroneous or outdated data is utilized.

**Concentration Risk.** The Fund may be susceptible to an increased risk of loss to the extent that the Fund may, from time to time, concentrate its investments in the securities of a particular issuer or issuers, industry, group of industries, sector, or asset class.

**P:** (855) 731-7526

**A:** 8401 Westview Dr. \| Houston, Texas 77055

**E:** connect@freedomdaysolutions.com

**FREEDOM DAY DIVIDEND ETF**

**LETTER TO SHAREHOLDERS (CONTINUED)**

**SEPTEMBER 30, 2022**

![](mbox_002.jpg)

Please refer to the prospectus for additional risk information.

The Solactive GBS United States 1000 Index intends to track the performance of the largest 1000 companies from the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalization and weighted by free float market capitalization. The index is calculated as a net total return index in USD and is reconstituted quarterly.

The Fund is distributed by Quasar Distributors, LLC.

**P:** (855) 731-7526

**A:** 8401 Westview Dr. \| Houston, Texas 77055

**E:** connect@freedomdaysolutions.com

**FREEDOM DAY DIVIDEND ETF** 

**Growth of $10,000 (Unaudited)**

![](mbox_003.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Return\*** | **Average Annual Return\*** |
|  |  | **Since Inception** |
|  | **1 Year** | **(May 5,<br> 2021)** |
| **Freedom Day Dividend ETF** | (5.53%) | (4.43%) |
| **Solactive GBS United States 1000 NTR Index** | (18.10%) | (10.80%) |

---

See "Index Overview" section for a description of the Index.

\* This chart assumes an initial gross investment of $10,000 made on May 5, 2021. Returns shown include the dividends. **Past performance does not guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

**FREEDOM DAY DIVIDEND ETF**

**Tabular Presentation of Schedule of Investments<br> As of September 30, 2022 (Unaudited)<br> Freedom Day Dividend ETF**

---

| | |
|:---|:---|
| **Sector<sup>1</sup>** | **% Net<br> Assets** |
| Health Care | 20.8% |
| Consumer Discretionary | 15.2% |
| Energy | 14.1% |
| Financials | 12.8% |
| Information Technology | 11.3% |
| Consumer Staples | 9.9% |
| Industrials | 5.8% |
| Communication Services | 4.2% |
| Materials | 3.4% |
| Real Estate | 2.2% |
| Other<sup>2</sup> | 0.3% |
| Total | 100.0% |

---

1. Sector
 designations may be different than the sector designations presented in other Fund materials.
 The sector designations may represent the investment adviser's internal sector classifications.

2. Cash,
 cash equivalents, short-term investments and other assets less liabilities.

**FREEDOM DAY DIVIDEND ETF**

**INDEX OVERVIEW<br> SEPTEMBER 30, 2022 (UNAUDITED)**

**Solactive GBS United States 1000 NTR Index**

The Solactive GBS United States 1000 Index intends to track the performance of the largest 1000 companies from the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalization and weighted by free float market capitalization. The index is calculated as a net total return index in USD and is reconstituted quarterly.

---

| |
|:---|
| **Freedom Day Dividend ETF** |
| **Schedule of Investments** |
| **September 30, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** | |
| **Aerospace & Defense - 4.3%** | **Aerospace & Defense - 4.3%** |  |
| 4467 | L3Harris Technologies, Inc. | $928377 |
| 2306 | Lockheed Martin Corp. | 890785 |
|  |  | 1819162 |
| **Asset Management & Custody Banks - 2.9%** | **Asset Management & Custody Banks - 2.9%** |  |
| 1130 | BlackRock, Inc. | 621816 |
| 5940 | T. Rowe Price Group, Inc. | 623759 |
|  |  | 1245575 |
| **Automotive Retail - 1.7%** | **Automotive Retail - 1.7%** |  |
| 4746 | Advance Auto Parts, Inc. | 741990 |
| **Biotechnology - 4.1%** | **Biotechnology - 4.1%** |  |
| 6597 | AbbVie, Inc. | 885383 |
| 3857 | Amgen, Inc. | 869368 |
|  |  | 1754751 |
| **Broadcasting - 2.1%** | **Broadcasting - 2.1%** |  |
| 5350 | Nexstar Media Group, Inc. | 892647 |
| **Building Products - 1.5%** | **Building Products - 1.5%** |  |
| 17800 | Carrier Global Corp. | 632968 |
| **Commodity Chemicals - 1.6%** | **Commodity Chemicals - 1.6%** |  |
| 9311 | LyondellBasell Industries N.V. ADR (a) | 700932 |
| **Copper - 1.8%** | **Copper - 1.8%** |  |
| 29014 | Freeport-McMoRan, Inc. | 792953 |
| **Data Processing & Outsourced Services - 2.0%** | **Data Processing & Outsourced Services - 2.0%** |  |
| 3883 | Automatic Data Processing, Inc. | 878296 |
| **Diversified Banks - 2.0%** | **Diversified Banks - 2.0%** |  |
| 13989 | Toronto-Dominion Bank ADR (a) | 857945 |
| **Food Retail - 1.7%** | **Food Retail - 1.7%** |  |
| 16657 | Kroger Co. | 728744 |
| **General Merchandise Stores - 1.4%** | **General Merchandise Stores - 1.4%** |  |
| 4101 | Target Corp. | 608547 |
| **Health Care Services - 4.1%** | **Health Care Services - 4.1%** |  |
| 3354 | Cigna Corp. | 930634 |
| 6624 | Quest Diagnostics, Inc. | 812699 |
|  |  | 1743333 |
| **Home Improvement Retail - 4.2%** | **Home Improvement Retail - 4.2%** |  |
| 3667 | Home Depot, Inc. | 1011872 |
| 4168 | Lowe's Cos., Inc. | 782792 |
|  |  | 1794664 |
| **Homefurnishing Retail - 1.8%** | **Homefurnishing Retail - 1.8%** |  |
| 6395 | Williams-Sonoma, Inc. | 753651 |

---

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

---

| |
|:---|
| **Freedom Day Dividend ETF** |
| **Schedule of Investments (Continued)** |
| **September 30, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Household Appliances - 1.5%** | **Household Appliances - 1.5%** |  |
| 4781 | Whirlpool Corp. | $644527 |
| **Household Products - 1.9%** | **Household Products - 1.9%** |  |
| 6408 | Procter & Gamble Co. | 809010 |
| **Interactive Home Entertainment - 2.1%** | **Interactive Home Entertainment - 2.1%** |  |
| 17378 | Nintendo Co., Ltd. ADR (a) | 885757 |
| **Investment Banking & Brokerage - 1.9%** | **Investment Banking & Brokerage - 1.9%** |  |
| 10070 | Morgan Stanley | 795631 |
| **IT Consulting & Other Services - 1.7%** | **IT Consulting & Other Services - 1.7%** |  |
| 2895 | Accenture PLC ADR (a) | 744883 |
| **Leisure Products - 1.3%** | **Leisure Products - 1.3%** |  |
| 10571 | Sturm Ruger & Co., Inc. | 536901 |
| **Managed Health Care - 2.4%** | **Managed Health Care - 2.4%** |  |
| 2011 | UnitedHealth Group, Inc. | 1015635 |
| **Oil & Gas Exploration & Production - 9.9%** | **Oil & Gas Exploration & Production - 9.9%** |  |
| 16856 | Canadian Natural Resources Ltd. ADR (a) | 784984 |
| 8838 | ConocoPhillips | 904481 |
| 13471 | EOG Resources, Inc. | 1505115 |
| 4783 | Pioneer Natural Resources Co. | 1035663 |
|  |  | 4230243 |
| **Oil & Gas Storage & Transportation - 4.2%** | **Oil & Gas Storage & Transportation - 4.2%** |  |
| 54529 | Kinder Morgan, Inc. | 907363 |
| 31040 | Williams Cos., Inc. | 888675 |
|  |  | 1796038 |
| **Packaged Foods & Meats - 1.9%** | **Packaged Foods & Meats - 1.9%** |  |
| 15228 | Mondelez International, Inc. | 834951 |
| **Pharmaceuticals - 10.2%** | **Pharmaceuticals - 10.2%** |  |
| 13126 | Bristol-Myers Squibb Co. | 933127 |
| 5272 | Eli Lilly & Co. | 1704701 |
| 5577 | Johnson & Johnson | 911059 |
| 18127 | Pfizer, Inc. | 793238 |
|  |  | 4342125 |
| **Property & Casualty Insurance - 4.1%** | **Property & Casualty Insurance - 4.1%** |  |
| 16824 | Fidelity National Financial, Inc. | 609029 |
| 9717 | Progressive Corp. | 1129213 |
|  |  | 1738242 |
| **Semiconductors - 5.9%** | **Semiconductors - 5.9%** |  |
| 1840 | Broadcom, Inc. | 816978 |
| 7052 | Qualcomm, Inc. | 796735 |
| 5772 | Texas Instruments, Inc. | 893390 |
|  |  | 2507103 |
| **Soft Drinks - 2.6%** | **Soft Drinks - 2.6%** |  |
| 6829 | PepsiCo, Inc. | 1114903 |

---

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

---

| |
|:---|
| **Freedom Day Dividend ETF** |
| **Schedule of Investments (Continued)** |
| **September 30, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Specialty Stores - 3.3%** | **Specialty Stores - 3.3%** |  |
| 6149 | Dick's Sporting Goods, Inc. | $643431 |
| 4191 | Tractor Supply Co. | 779023 |
|  |  | 1422454 |
| **Technology Hardware, Storage & Peripherals - 1.7%** | **Technology Hardware, Storage & Peripherals - 1.7%** |  |
| 29100 | HP, Inc. | 725172 |
| **Thrifts & Mortgage Finance - 1.9%** | **Thrifts & Mortgage Finance - 1.9%** |  |
| 8317 | Federal Agricultural Mortgage Corp. | 824547 |
| **Tobacco - 1.8%** | **Tobacco - 1.8%** |  |
| 9448 | Philip Morris International, Inc. | 784278 |
|  | TOTAL COMMON STOCKS (Cost $44,689,645) | 41698558 |
| **REAL ESTATE INVESMENT TRUSTS - 2.2%** | **REAL ESTATE INVESMENT TRUSTS - 2.2%** |  |
| 23153 | National Retail Properties, Inc. | 922879 |
|  | TOTAL REAL ESTATE INVESMENT TRUSTS (Cost $1,019,386) | 922879 |
| **MONEY MARKET FUNDS - 0.4%** | **MONEY MARKET FUNDS - 0.4%** |  |
| 184442 | First American Government Obligations Fund - Class X, 2.77% (b) | 184442 |
|  | TOTAL MONEY MARKET FUNDS (Cost $184,442) | 184442 |
|  | TOTAL INVESTMENTS (Cost $45,893,473) - 100.1% | 42805879 |
|  | Other Liabilities in Excess of Assets - (0.1%) | (56385) |
|  | TOTAL NET ASSETS - 100.0% | $42749494 |

---

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

PLC - Public Limited Company

(a) Foreign issued security.

(b) Rate shown is the 7-day effective yield.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

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

**FREEDOM DAY DIVIDEND ETF** 

**STATEMENT OF ASSETS AND LIABILITIES**

**September 30, 2022**

---

| | |
|:---|:---|
|  | **Freedom Day<br> Dividend ETF** |
| **Assets:** |  |
| Investments in securities, at value | $42805879 |
| Receivable for investments sold | 539187 |
| Dividends and interest receivable | 52494 |
| &nbsp;&nbsp;&nbsp;Total assets | 43397560 |
| **Liabilities:** |  |
| Payable for investment securities purchased | 634214 |
| Accrued investment advisory fees | 13852 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 648066 |
| **Net Assets** | $42749494 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $48365241 |
| Total distributable earnings (accumulated deficit) | (5615747) |
| &nbsp;&nbsp;&nbsp;Net Assets: | $42749494 |
| **Calculation of Net Asset Value Per Share:** |  |
| Net Assets | $42749494 |
| Shares Outstanding (unlimited shares of beneficial interest authorized, no par value) | 1880000 |
| Net Asset Value per Share | $22.74 |
| Cost of Investments in Securities | $45893473 |

---

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

**FREEDOM DAY DIVIDEND ETF**

**STATEMENT OF OPERATIONS**

**For the Year Ended September 30, 2022**

---

| | |
|:---|:---|
|  | **Freedom Day<br> Dividend ETF** |
| **Investment Income:** |  |
| Dividend income (net of foreign withholding tax of $11,627) | $1211235 |
| Interest income | 836 |
| Securities lending income | 386 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1212457 |
| **Expenses:** |  |
| Investment advisory fees | 147516 |
| &nbsp;&nbsp;&nbsp;Total expenses | 147516 |
| **Net Investment Income** | 1064941 |
| **Realized and Unrealized Loss on Investments:** |  |
| Net realized loss on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (1857321) |
| &nbsp;&nbsp;&nbsp;Foreign currency | (52) |
|  | (1857373) |
| Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (2517035) |
|  | (2517035) |
| Net realized and unrealized loss on investments: | (4374408) |
| **Net Decrease in Net Assets Resulting from Operations** | $(3309467) |

---

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

**FREEDOM DAY DIVIDEND ETF**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Freedom Day<br> Dividend ETF** | **Freedom Day<br> Dividend ETF** |
|  | **Year Ended**<br> **September 30,**<br> **2022** | **Period Ended<br> September 30,<br> 2021⁽¹⁾** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1064941 | $161027 |
| Net realized loss on investments | (1857373) | (203899) |
| Net change in unrealized depreciation on investments | (2517035) | (570559) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (3309467) | (613431) |
| **Distributions to Shareholders:** |  |  |
| Net investment income | (1019538) | (115500) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1019538) | (115500) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 23851458 | 28149579 |
| Payments for shares redeemed | (4193607) |  |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from net change in capital share transactions | 19657851 | 28149579 |
| **Net Increase in Net Assets** | 15328846 | 27420648 |
| **Net Assets:** |  |  |
| Beginning of year | 27420648 |  |
| End of year | $42749494 | $27420648 |
| **Changes in Shares Outstanding** |  |  |
| Shares outstanding, beginning of year | 1110000 |  |
| Shares sold | 930000 | 1110000 |
| Shares repurchased | (160000) |  |
| Shares outstanding, end of year | 1880000 | 1110000 |

---

(1) The
 Fund commenced operations on May 5, 2021.

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

**FREEDOM DAY DIVIDEND ETF**

**FINANCIAL HIGHLIGHTS** 

**For the Year Ended September 30, 2022**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br> Beginning of<br> Period** | **Net Investment<br> Income <sup>(1)</sup>** | **Net Realized<br> and Unrealized<br> Loss on<br> Investments** | **Net Decrease in<br> Net Asset Value<br> Resulting from<br> Operations** | **Distributions**<br>**from Net Investment<br> Income**<br>| **Total<br> Distributions** | **Net<br> Asset**<br>**Value,<br> End of<br> Period**<br>| **Total<br> Return<sup>(2)</sup>** | **Net<br> Assets,**<br>**End of<br> Period<br> (000's)**<br>| **Net<br> Expenses<sup>(3)(4)</sup>** | **Net<br> Investment<br> Income<sup>(3)</sup>** | **Portfolio<br> Turnover<br> Rate<sup>(5)</sup>** |
| **Freedom Day Dividend ETF** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended September 30, 2022 | $24.70 | 0.73 | (2.02) | (1.29) | (0.67) | (0.67) | $22.74 | (5.53%) | $42749 | 0.39% | 2.82% | 42% |
| May 5, 2021<sup>(6)</sup> to September 30, 2021 | $25.00 | 0.23 | (0.40) | (0.17) | (0.13) | (0.13) | $24.70 | (0.69%) | $27421 | 0.39% | 2.22% | 15% |

---

(1) Net
investment income per share represents net investment income divided by the daily average shares of beneficial interest outstanding
throughout the period.

(2) All
returns reflect reinvested dividends, if any, but do not reflect the impact of taxes. Total return for a period of less than one
year is not annualized.

(3) For
periods of less than one year, these ratios are annualized.

(4) Net
expenses include effects of any reimbursement or recoupment.

(5) Portfolio
turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year.

(6) Commencement
of operations.

The accompanying Notes to the Financial Statements are an integral part of these Financial Statements.

**FREEDOM DAY DIVIDEND ETF** 

**NOTES TO THE FINANCIAL STATEMENTS<br> SEPTEMBER 30, 2022**

**NOTE 1 – ORGANIZATION**

Freedom Day Dividend ETF (the "Fund") is a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Fund is considered diversified under the 1940 Act. The Fund commenced operations on May 5, 2021. The Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services - Investment Companies. The Fund's investment objective is to seek dividend growth.

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in equity securities that the Sub-Adviser (Freedom Day Solutions, LLC) believes have the potential to provide rising dividend income streams to the Fund over time.

Shares of the Freedom Day Dividend ETF are listed and traded on the NYSE ARCA Exchange, Inc. ("NYSE"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. 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. The standard transaction fee, which is payable to the Trust's custodian, typically applies to in-kind purchases of the Fund effected through the clearing process on any business day, regardless of the number of Creation Units purchased or redeemed that day ("Standard Transaction Fees"). Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions fees. Certain fund deposits consisting of cash-in-lieu or cash value may be subject to a variable charge ("Variable Transaction Fees"), which is payable to the Fund, of up to 2.00% of the value of the order in addition to the Standard Transaction Fees. Variable Transaction Fees received by the Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.

Because, among other things, the Fund imposes transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting trades, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Fund's Shares.

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

**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").

A. *Security Valuation*. Equity securities that are traded on a national securities exchange, except
 those listed on the NASDAQ Global Market<sup>®</sup> ("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.

Securities for which quotations are not readily available are valued by a committee established by the Trust's Board of Trustees (the "Board") in accordance with procedures established by the Board. This "fair valuation" process is designed to value the subject security at the price the Trust would reasonably expect to receive upon its current sale. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of "fair value" pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of September 30, 2022, the Fund did not hold any securities valued by an investment committee.

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

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

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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 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.

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

The following is a summary of the fair value classification of the Fund's investments as of September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Freedom Day Dividend ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $41698558 | $- | $- | $41698558 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 922879 |  |  | 922879 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 184442 |  |  | 184442 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**42805879** | $**-** | $**-** | $**42805879** |

---

\* For further detail on each asset class, see the Schedule of Investments

During the fiscal year ended September 30, 2022, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

B. *Risks.* Markets may perform poorly and the returns from the securities in which the Fund
 invests may underperform returns from the general securities markets. Securities markets
 may experience periods of high volatility and reduced liquidity in response to governmental
 actions or intervention, economic or market developments, or other external factors.
 The value of a company's securities may rise or fall in response to company, market,
 economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

The risks of foreign securities typically are greater in emerging and less developed markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

See the Fund's Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Fund.

C. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign
 currencies are translated into U.S. dollar amounts using the spot rate of exchange at
 the date of valuation. Purchases and sales of investment securities and income and expense
 items denominated in foreign currencies are translated into U.S. dollar amounts on the
 respective dates of such transactions.

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates are included on the "Statement of Operations" under "Net realized gain (loss) – Foreign currency" and "Change in Net Unrealized Appreciation (Depreciation) – Foreign Currency," respectively.

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

D. *Federal Income Taxes.* The Fund intends to continue to comply with the requirements of subchapter
 M of the Internal Revenue Code of 1986, as amended, as necessary to qualify as a regulated
 investment company and distribute substantially all net taxable investment income and
 net realized gains to shareholders in a manner which results in no tax cost to the Fund.
 Therefore, no federal income tax provision is required. As of and during the fiscal year
 ended September 30, 2022, the Fund did not have any tax positions that did not meet the
 "more-likely-than-not" threshold of being sustained by the applicable tax
 authority. As of and during the fiscal year ended September 30, 2022, the Fund did not
 have liabilities for any unrecognized tax benefits. The Fund would/will recognize interest
 and penalties, if any, related to unrecognized tax benefits on uncertain tax positions
 as income tax expense in the Statement of Operations. During the fiscal year ended September
 30, 2022, the Fund did not incur any interest or penalties. The Fund is subject to examination
 by U.S. taxing authorities for the tax periods since the Fund's commencement of
 operations.

The Fund may be subject to taxes imposed on realized and unrealized gains on securities of certain foreign countries in which the Fund invests. The foreign tax expense, if any, was recorded on an accrual basis and is included in "Net realized gain (loss) on investments" and "Net increase (decrease) in unrealized appreciation or depreciation on investments" on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in "Payable for foreign taxes" on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

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

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

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

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

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

H. *Guarantees and Indemnifications.* In the normal course of business, the Fund 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. The
 Fund's maximum exposure under these arrangements is unknown as this would involve
 future claims that may be against the Fund that have not yet occurred. As of the date
 of this Report, no claim has been made for indemnification pursuant to any such agreement
 of the Fund.

I. *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 Fund's
 realized net capital gains resulting from in-kind redemptions, in which shareholders
 exchanged Fund shares for securities held by the Funds rather than for cash. Because
 such gains are not taxable to the Fund, and are not distributed to shareholders, they
 have been reclassified from accumulated net realized losses to paid-in capital. For the
 fiscal year ended September 30, 2022 the following table shows the reclassifications
 made:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net<br> Investment<br> Gain (Loss)** | **Accumulated Net<br> Realized<br> Gain (Loss)** | **Paid in<br> Capital** |
| Freedom Day Dividend ETF | $67 | $(557878) | $557811 |

---

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

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

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

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

Freedom Day Solutions, LLC, serves as a non-discretionary investment sub-adviser to the Fund. Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Fund, subject to the overall supervision and oversight of the Adviser and the Board.

At a Board meeting held on October 1, 2021, the Board of Trustees of the Trust (the "Trustees") including each Trustee who is not an "interested person" of the Trust, as defined in the 1940 Act, approved the Advisory Agreement. Per the Advisory Agreement, the Fund pays an annual rate of 0.39% to the Adviser monthly based on average daily net assets.

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

**NOTE 4 – SECURITIES LENDING**

On October 1, 2021, the Board approved the use of securities lending. The Fund may lend up to 33⅓% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Fund receives compensation in the form of fees and earns interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

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.

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

As of the end of the current fiscal year, the Fund did not have any securities on loan.

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, Net") is reflected in the Fund's Statement of Operations. Net securities lending income earned on collateral investments and recognized by the Fund during the current fiscal year, was as follows:

---

| | |
|:---|:---|
| Freedom Day Dividend ETF | $386 |

---

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

For the fiscal year ended September 30, 2022, purchases and sales of securities for the Fund, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Freedom Day Dividend ETF | $20397133 | $15720944 |

---

For the fiscal year ended September 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Freedom Day Dividend ETF | $19364914 | $4178902 |

---

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

For the fiscal year ended September 30, 2022, short term and long-term gains on in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Short Term** | **Long Term** |
| Freedom Day Dividend ETF | $557811 | $- |

---

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

**NOTE 6 – TAX INFORMATION**

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes at September 30, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Freedom Day<br> Dividend ETF** |
| Tax cost of Investments | $45996968 |
| Gross tax unrealized appreciation | 1639463 |
| Gross tax unrealized depreciation | (4830552) |
| Net tax unrealized appreciation (depreciation) | (3191089) |
| Undistributed ordinary income | 90941 |
| Undistributed long-term gain | - |
| Total distributable earnings | $90941 |
| Other accumulated gain (loss) | $(2515599) |
| Total accumulated gain (loss) | $(5615747) |

---

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in REITs, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

For the fiscal year ended September 30, 2022, the Fund did not defer any qualified late year losses.

At September 30, 2022, the Fund had the following capital loss carryforwards

---

| | | |
|:---|:---|:---|
|  | **Unlimited<br> Short-<br> Term** | **Unlimited<br> Long-<br> Term** |
| Freedom Day Dividend ETF | $(2169887) | $(345712) |

---

**FREEDOM DAY DIVIDEND ETF**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**

**SEPTEMBER 30, 2022**

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid by the Fund during the fiscal period ended September 30, 2021 and fiscal year ended September 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Period Ended<br> September 30,<br> 2022** | **Fiscal Period Ended September 30,<br> 2021** |
|  | **Ordinary<br> Income** | **Ordinary<br> Income** |
| Freedom Day Dividend ETF | $1019538 | $115500 |

---

**NOTE 8 – SUBSEQUENT EVENTS**

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through date the financial statements were issued. There were no transactions that occurred during the period subsequent to September 30, 2022, that materially impacted the amounts or disclosures in the Fund's financial statements.

**FREEDOM DAY DIVIDEND ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

---

| | |
|:---|:---|
| ![](mbox_004.jpg)<br>| **SPICER JEFFRIES LLP** |

---

Certified Public Accountants

4601 DTC BOULEVARD ● SUITE 700

DENVER, COLORADO 80237

TELEPHONE: (303) 753-1959

FAX: (303) 753-0338

<u>www.spicerjeffries.com</u>

To the Shareholders and

Board of Trustees of

EA Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Freedom Day Dividend ETF (the "Fund", a series of EA Series Trust, the "Trust") as of September 30, 2022, the related statement of operations, changes in net assets, and financial highlights for the periods indicated in the table below, including 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 as of September 30, 2022 and the results of operations, changes in net assets, and financial highlights, in all material respects, for the period indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statement of Operations** | **Changes in Net Assets** | **Financial Highlights** |
| Freedom Day Dividend ETF | Year ended September 30, 2022 | For the year ended September 30, 2022 and period from commencement of operations (May 5, 2021) through September 30, 2021. | For the year ended September 30, 2022 and period from commencement of operations (May 5, 2021) through September 30, 2021. |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB) and are required to be independent with respect to the Trust 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 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 Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, 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 Trust's internal control over financial reporting. Accordingly, we express no such opinion.

**FREEDOM DAY DIVIDEND ETF**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

![](mbox_005.jpg)

We have served as the auditor of one or more of the investment companies within the EA Series Trust since 2016.

Denver, Colorado

November 29, 2022

![](mbox_006.jpg)

**FREEDOM DAY DIVIDEND ETF** 

**EXPENSE EXAMPLE<br> SEPTEMBER 30, 2022 (UNAUDITED)**

As a shareholder of the Freedom Day Dividend ETF, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held the entire period (April 1, 2022 to September 30, 2022).

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period April 1, 2022 to September 30, 2022" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund's and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. The information assumes the reinvestment of all dividends and distributions.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expenses Paid**<br> **During Period** |
|  | **Annualized** | **Account Value** | **Account Value** | **April 1, 2022 to** |
|  | **Expense<br> Ratio** | **April 1,<br> 2022** | **September 30,<br> 2022** | **September 30,<br> 2022** |
| **Freedom Day Dividend ETF<sup>1</sup>** |  |  |  |  |
| Actual | 0.39% | $1000.00 | $852.60 | $1.81 |
| Hypothetical (5% annual return before expenses) | 0.39% | 1000.00 | 1023.11 | 1.98 |

---

1. The
dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the
average account value during the period, multiplied by 183/365, to reflect the one-half year period.

**FREEDOM DAY DIVIDEND ETF**

**REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)**

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the "Fund"), has adopted a liquidity risk management program ("the Program") to govern the Trust's approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that the Fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect the Fund's particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Fund.

The Trust's Board of Trustees has designated the Chief Executive Officer of Empowered Funds LLC (the "Adviser") as the Program Administrator, responsible for administering the Program and its policies and procedures.

At the July 26, 2022, meeting of the Board of Trustees of the Trust, the Program Administrator provided the Trustees with a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended June 30, 2022. The report concluded that the Program appeared effectively tailored to identify potential illiquid scenarios and to enable the Fund to deliver appropriate reporting. In addition, the report concluded that the Program is adequately operating, and its implementation has been effective. The report reflected that there were no liquidity events that impacted the Fund's ability to timely meet redemptions without dilution to existing shareholders. The report further described material changes that were made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**FREEDOM DAY DIVIDEND ETF** 

**FEDERAL TAX INFORMATION (UNAUDITED)**

For the fiscal year ended September 30, 2022, 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:

---

| | |
|:---|:---|
| Freedom Day Dividend ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2022 was as follows:

---

| | |
|:---|:---|
| Freedom Day Dividend ETF | 100.00% |

---

**SHORT TERM CAPITAL GAIN** 

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

**FREEDOM DAY DIVIDEND ETF** 

**MANAGEMENT OF THE FUND**

The table below sets forth certain information about each of the Trust's executive officers as well as its affiliated and independent Trustees.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,<br> and Year of Birth** | **Position(s)<br> Held with Trust** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation During<br> Past 5 Years** | **Number of<br> Funds in<br> Fund<br> Complex<br> Overseen<br> by Trustee** | **Other<br> Directorships<br> Held by**<br> **Trustee<br> During Past 5<br> Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Daniel Dorn<br> Born: 1975 | Trustee | Since 2014 | Associate Professor of Finance, Drexel University, LeBow College of Business (2003 – present). | 33 |  |
| Michael S. Pagano,<br> Ph.D., CFA<br> Born: 1962 | Trustee | Since 2014 | The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova University (1999 – present); Founder, Michael S. Pagano, LLC (business consulting firm) (2008 – present). | 33 | Citadel Federal Credit Union (pro bono service for non- profit) |
| Chukwuemeka (Emeka)<br> O. Oguh<br> Born: 1983 | Trustee | Since 2018 | Co-founder and CEO, PeopleJoy (2016 – present). | 33 |  |
| **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** |
| Wesley R. Gray,<br> Ph.D.<br> Born: 1980 | Trustee and President | Since 2014 | Founder and Executive Managing Member, EA Advisers (2013 – present); Founder and Executive Managing Member, Empirical Finance, LLC d/b/a Alpha Architect (2010 – present). | 33 |  |

---

\* Dr. Gray is an "interested person," as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

Additional information about the Affiliated Trustee and Independent Trustees is available in the Statement of Additional Information (SAI).

**FREEDOM DAY DIVIDEND ETF** 

**MANAGEMENT OF THE FUND (CONTINUED)**

**Officers**

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position(s)**<br> **Held with Trust** | **Term of<br> Office and<br> Length of<br> Time Served** | **Principal Occupation During<br> Past 5 Years** |
| John Vogel, Ph.D.<br> Born: 1983 | Treasurer and Chief Financial Officer | Since 2014 | Managing Member, EA Advisers (2013 – present); Managing Member, Empirical Finance, LLC d/b/a Alpha Architect (2012 – present). |
| Jessica D. Leighty<br> Born: 1981 | Chief Compliance Officer | Since 2022 | Chief Compliance Officer, Alpha Architect (2021 – present); Chief Compliance Officer, Snow Capital (2015 – 2021). |
| Patrick R. Cleary<br> Born: 1982 | Secretary | Since 2015 | Managing Member, Alpha Architect, LLC (2014 – present); Chief Executive Officer of EA Advisers (2021 – present). |
| Sean Hegarty<br> Born: 1993 | Assistant Treasurer | Since 2022 | Chief Operating Officer, EA Advisers (2022 – present); Assistant Vice President – Fund Administration, U.S. Bank Global Fund Services (2018 – 2022); Staff Accountant, Cohen & Company (2015 – 2018). |

---

**FREEDOM DAY DIVIDEND ETF** 

**INFORMATION ABOUT PORTFOLIO HOLDINGS (UNAUDITED)**

The Fund files its complete schedule of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Fund's Form N-PORT is available without charge, upon request, by calling (215) 882-9983. Furthermore, you may obtain the Form N-PORT on the SEC's website at www.sec.gov. The Fund's portfolio holdings are posted on its website at https://freedomdaydividend.com/ daily.

**INFORMATION ABOUT PROXY VOTING (UNAUDITED)**

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge upon request by calling (215) 882-9983, by accessing the SEC's website at www.sec.gov, or by accessing the Fund's website at https://freedomdaydividend.com/.

When available, information regarding how the Fund's voted proxies relating to portfolio securities during the twelve months ending June 30 is (1) available by calling (215) 882-9983 and (2) the SEC's website at www.sec.gov.

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (UNAUDITED)**

Information regarding how often shares of the Fund trades on an exchange at a price above (i.e., at premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Fund's website at https://freedomdaydividend.com/.

**PRIVACY POLICY (UNAUDITED)**

EA Series Trust (the "Trust") is strongly committed to preserving and safeguarding the personal financial information of any customers of the Trust. Confidentiality is extremely important to us.

Regulation S-P requires, among others, each investment company to "adopt written policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information." However, Pursuant to Regulation S-P's definition of "customer," the Trust currently does not have, nor does it anticipate having in the future, any customers. In addition, the Trust does not collect any non-public personal information from any consumers.

Nonetheless, the Trust has instituted certain technical, administrative and physical safeguards through which the Trust would seek to protect personal financial information about any customers from unauthorized use and access. First, technical procedures are used in order to limit the accessibility and exposure of Trust-maintained information contained in electronic form. If customer information were obtained by the Trust, such technical procedures would cover such information.

Second, administrative procedures that are in place, would be used to control the number and type of employees, affiliated and nonaffiliated persons, to whom customer information (if the Trust were to obtain any) would be accessible.

Third, physical safeguards have been established, which if customer information were obtained by the Trust, to prevent access to such information contained in hard-copy form.

As these procedures illustrate, the Trust realizes the importance of information confidentiality and security and emphasizes practices which are aimed at achieving those goals.

***Adviser***

Empowered Funds, LLC d/b/a EA Advisers

19 East Eagle Road

Havertown, Pennsylvania 19083

***Sub-Adviser***

Freedom Day Solutions, LLC

8401 Westview Drive

Houston, Texas 77055

***Distributor***

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

***Custodian and Securities Lending Agent***

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

***Transfer Agent***

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

***Independent Registered Public Accounting Firm***

Spicer Jeffries LLP

4601 DTC Boulevard, Suite 700

Denver, Colorado 80237

***Legal Counsel***

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

 ****

**Freedom Day Dividend ETF**

Symbol – MBOX<br> CUSIP – 02072L847

**<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 period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period 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. Mr. 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.

**Freedom Day Dividend ETF**

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2022 | FYE 9/30/2021 |
| Audit Fees | $8750 | $8750 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2250 | $2250 |
| All Other Fees | N/A | N/A |

---

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.

The percentage of fees billed by Spicer Jeffries LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

**Freedom Day Dividend ETF**

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2022 | FYE 9/30/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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. *(If more than 50 percent of the accountant's hours were spent to audit the registrant's financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.)* 

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the past year. 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.

**Freedom Day Dividend ETF**

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2022</u> <u>FYE 9/30/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

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

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.

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

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>.**

Not applicable to open-end investment companies.

**<u>Item 10. 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 11. Controls and Procedures</u>.**

(a) The
 Registrant's Principal Executive Officer and Treasurer 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 has materially affected, or is reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 13. 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.](easeries-mbox_ex99coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*. Filed herewith.](easeries-mbox_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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 to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](easeries-mbox_ex99906cert.htm)

 **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | EA Series Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley Gray |
|  | Wesley Gray, President, Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2022 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley Gray |
|  | Wesley Gray, President, Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ John R. Vogel |
|  | John R. Vogel, Principal Financial Officer and Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | December 2, 2022 |

---

## 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:

● 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;

● 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;

● To promote compliance with applicable laws, rules and regulations;

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

● 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 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**

● The Trust's CCO will implement policies and procedures as necessary to implement this Code.

● 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.

● 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.

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

● 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.

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

## Ex-99.Cert

**EX-99.CERT**

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

I, Wesley Gray, 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;(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;(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;(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;(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;(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;(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: December 2, 2022 | /s/ Wesley Gray |
|  | Wesley Gray |
|  | President, Principal Executive Officer |
|  | EA Series Trust |

---

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

I, John R. Vogel, 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;(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;(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;(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;(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;(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;(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: December 2, 2022 | /s/ John R. Vogel |
|  | John R. Vogel |
|  | Principal Financial Officer and Treasurer |
|  | EA Series Trust |

---

## 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 September 30, 2022 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 Gray | /s/ John R. Vogel |
| Wesley Gray | John R. Vogel |
| President, Principal Executive Officer | Principal Financial Officer and Treasurer |
| EA Series Trust | EA Series Trust |
| Date: December 2, 2022 | Date: December 2, 2022 |

---

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.