# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-001667
**Filing Date:** 2025-6
**Character Count:** 21878
**Document Hash:** cbf7784adb176691323c55c1022fd492
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-001667.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001592900-25-001667

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251084699

**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

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

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

## Nport-Ex

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 67.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.8%** | |  |
| Lockheed Martin Corp.  | 5115 | $2443691 |
| **Air Freight & Logistics - 0.6%** |  |  |
| United Parcel Service, Inc. - Class B  | 5324 | 507377 |
| **Alternative Carriers - 2.1%** |  |  |
| Liberty Global Ltd. - Class C <sup>(a)</sup> | 158432 | 1796619 |
| **Brewers - 3.1%** |  |  |
| Molson Coors Beverage Co. - Class B  | 46030 | 2648106 |
| **Consumer Staples Merchandise Retail - 3.7%** |  |  |
| Carrefour SA - ADR <sup>(b)</sup> | 944309 | 2917915 |
| Target Corp.  | 3131 | 302767 |
|  |  | 3220682 |
| **Food Retail - 3.6%** |  |  |
| J. Sainsbury PLC - ADR <sup>(b)</sup> | 217426 | 3115715 |
| **Gold - 9.7%** |  |  |
| Agnico Eagle Mines Ltd.  | 40894 | 4808317 |
| Barrick Gold Corp.  | 186651 | 3553835 |
|  |  | 8362152 |
| **Industrial Machinery & Supplies & Components - 0.7%** |  |  |
| Dover Corp.  | 3456 | 589766 |
| **Integrated Oil & Gas - 9.0%** |  |  |
| Equinor ASA - ADR  | 114658 | 2555727 |
| Exxon Mobil Corp.  | 9175 | 969155 |
| Suncor Energy, Inc.  | 55617 | 1962724 |
| TotalEnergies SE - ADR  | 40002 | 2274114 |
|  |  | 7761720 |
| **Integrated Telecommunication Services - 5.3%** |  |  |
| Sunrise Communications AG - ADR <sup>(a)</sup> | 31682 | 1708293 |
| Verizon Communications, Inc.  | 66442 | 2927435 |
|  |  | 4635728 |

---

------

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 67.0% (CONTINUED)** | **Shares** | **Value**  |
| **Life & Health Insurance - 1.5%** | |  |
| Aflac, Inc.  | 11838 | $1286554 |
| **Multi-Sector Holdings - 0.9%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 1429 | 762014 |
| **Oil & Gas Equipment & Services - 2.5%** |  |  |
| Oceaneering International, Inc. <sup>(a)</sup> | 120310 | 2135502 |
| **Oil & Gas Exploration & Production - 2.5%** |  |  |
| Talos Energy, Inc. <sup>(a)</sup> | 309454 | 2129044 |
| **Packaged Foods & Meats - 3.3%** |  |  |
| Cal-Maine Foods, Inc.  | 15709 | 1466750 |
| Lamb Weston Holdings, Inc.  | 27104 | 1431362 |
|  |  | 2898112 |
| **Personal Care Products - 3.2%** |  |  |
| Unilever PLC - ADR  | 44309 | 2815837 |
| <br>**Pharmaceuticals - 5.2%** |  |  |
| GSK PLC - ADR  | 77610 | 3092758 |
| Johnson & Johnson  | 8867 | 1386001 |
|  |  | 4478759 |
| **Silver - 1.5%** |  |  |
| Pan American Silver Corp.  | 50324 | 1267158 |
| **Tobacco - 2.4%** |  |  |
| Philip Morris International, Inc.  | 12124 | 2077569 |
| **Wireless Telecommunication Services - 3.4%** |  |  |
| Vodafone Group PLC - ADR  | 303105 | 2958305 |
| **TOTAL COMMON STOCKS** (Cost $45,743,755) |  | 57890410 |
| **EXCHANGE TRADED FUNDS - 31.9%** |  |  |
| iShares 0-5 Year TIPS Bond ETF <sup>(c)</sup> | 266673 | 27600656 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $26,485,870) |  | 27600656 |

---

------

---

| |
|:---|
| **KEATING ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **Shares** | **Value**  |
| **Timber REITs - 1.0%** | |  |
| Weyerhaeuser Co.  | 32062 | $830726 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS -** (Cost $869,489) |  | 830726 |
| **SHORT-TERM INVESTMENTS - 1.2%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 1.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 979017 | 979017 |
| **Money Market Funds - 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 93220 | 93220 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,072,237) |  | 1072237 |
| **TOTAL INVESTMENTS - 101.1% (**Cost $74,171,351**)** |  | $87394029 |
| Liabilities in Excess of Other Assets - (1.1)%  |  | (916187) |
| **TOTAL NET ASSETS - 100.0%** |  | $86477842 |

---

Percentages are stated as a percent of net assets.

---

| |
|:---|
| ADR - American Depositary Receipt |
| ASA - Advanced Subscription Agreement |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(a) <br> Non-income producing security.

(b) <br> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $947,461, which represented 1.1% of net assets.

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

(d) <br> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

------

**KEATING ACTIVE ETF**

**Summary of Fair Value Disclosures as of April 30, 2025 (Unaudited)**

Keating Active ETF (the "Fund") has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Assets</u>** | | | | |
| Common Stocks | $57890410 | $— | $— | $57890410 |
| Exchange Traded Funds | 27600656 |  |  | 27600656 |
| Real Estate Investment Trusts | 830726 |  |  | 830726 |
| Investment Purchased with Proceeds from Securities Lending | 979017 |  |  | 979017 |
| Money Market Funds | 93220 |  |  | 93220 |
| **Total Investments** | $87394029 | $— | $— | $87394029 |

---

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

During the fiscal period ended April 30, 2025, 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** EA Series Trust

- **b. Investment Company Act file number:** 811-22961

- **c. CIK number of Registrant:** 0001592900

- **d. LEI of Registrant:** 5493004OW9VWINAYRX18

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 19 E Eagle Road

  - **City:** Havertown

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** PA

  - **Telephone number:** 2158829983

**Item A.2. Information about the Series.**

- **a. Name of Series:** Keating Active ETF

- **b. EDGAR series identifier (if any):** S000084024

- **c. LEI of Series:** 5299006FHULXPYU1XN80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $85918507.06

**Total Liabilities:** $1037532.49

**Net Assets:** $84880974.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248158 | 1.57%                | 2.46%                | -1.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14178719.39            | $1135836.05                                |
| Month 2  | $2531139.42              | $-512288.59                                |
| Month 3  | $0.00                    | $-1284420.11                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| J Sainsbury PLC                            | J Sainsbury PLC                            | CUSIP: 466249208<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    213412 | NS      | $3058193.96   | 3.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Suncor Energy Inc                          | Suncor Energy Inc                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     54591 | NS      | $1926516.39   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                               | Unilever PLC                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     43493 | NS      | $2763980.15   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                   | Pan American Silver Corp                   | CUSIP: 697900108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     49400 | NS      | $1243892.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                         | Vodafone Group PLC                         | CUSIP: 92857W308<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    297513 | NS      | $2903726.88   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     39264 | NS      | $2232158.40   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     40144 | NS      | $4720131.52   | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                | Equinor ASA                                | CUSIP: 29446M102<br>LEI: N/A                  | Long             | EC               | CORP              | NO        |    112546 | NS      | $2508650.34   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                               | Carrefour SA                               | CUSIP: 144430204<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    926879 | NS      | $2864056.11   | 3.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Global Ltd                         | Liberty Global Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |    155510 | NS      | $1763483.40   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrise Communications AG                  | Sunrise Communications AG                  | CUSIP: 867975104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     31100 | NS      | $1676912.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF             | iShares 0-5 Year TIPS Bond ETF             | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             | EC               | RF                | US        |    261753 | NS      | $27091435.50  | 31.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                            | Weyerhaeuser Co                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | RE               | RF                | US        |     31474 | NS      | $815491.34    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1072237 | PA      | $1072237.10   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                    | GSK PLC                                    | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     76182 | NS      | $3035852.70   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                           | Talos Energy Inc                           | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    303742 | NS      | $2089744.96   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                  | Aflac Inc                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     11622 | NS      | $1263078.96   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                 | Dover Corp                                 | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      3396 | NS      | $579527.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      8705 | NS      | $1360678.55   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                   | Molson Coors Beverage Co                   | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     45184 | NS      | $2599435.52   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                       | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5025 | NS      | $2400693.75   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                        | Cal-Maine Foods Inc                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     15421 | NS      | $1439858.77   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc              | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |    118090 | NS      | $2096097.50   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1405 | NS      | $749216.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      9007 | NS      | $951409.41    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      3077 | NS      | $297545.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                 | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     65218 | NS      | $2873505.08   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc            | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     11902 | NS      | $2039526.72   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                  | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      5228 | NS      | $498228.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                   | Lamb Weston Holdings Inc                   | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     26606 | NS      | $1405062.86   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                          | Barrick Gold Corp                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    183207 | NS      | $3488261.28   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

**Name of Applicant:** EA Series Trust

**Signature:** /s/ Jessica Leighty

**Name of Signer:** Jessica Leighty

**Title:** Chief Compliance Officer