# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-002025
**Filing Date:** 2025-7
**Character Count:** 143724
**Document Hash:** 57748a91604f2477fd2b07f84d34addd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-002025.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001592900-25-002025

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251171058

**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

### Cambria Tax Aware ETF (Series ID: S000088134)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000254187 | Cambria Tax Aware ETF | TAX             |

### Cambria Endowment Style ETF (Series ID: S000088135)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000254188 | Cambria Endowment Style ETF | ENDW            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20250531

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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

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

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

(Exact name of registrant as specified in charter)

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

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

(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) 330-4476</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>November 30, 2025</u>**

Date of reporting period: **<u>May 31, 2025</u>**

------

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

------

---

| | | |
|:---|:---|:---|
| ![cambria-logo400_Jpeg.jpg](ck0001592900-20250531_g1.jpg) | Cambria Endowment Style ETF<br>Ticker: ENDW<br>Listed on: The Nasdaq Stock Market LLC | May 31, 2025<br>Semi-Annual Shareholder Report<br>https://cambriafunds.com/endw |
| ![cambria-logo400_Jpeg.jpg](ck0001592900-20250531_g1.jpg) | Cambria Endowment Style ETF<br>Ticker: ENDW<br>Listed on: The Nasdaq Stock Market LLC | May 31, 2025<br>Semi-Annual Shareholder Report<br>https://cambriafunds.com/endw |

---

**This semi-annual shareholder report contains important information about the Cambria Endowment Style ETF (the "Fund") for the period of April 9, 2025 to May 31, 2025 (the "Period"). You can find additional information about the Fund at https://cambriafunds.com/endw. You can also request this information by contacting us at (215) 330-4476.** <br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $0 | 0.03% |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $106857247 | **Portfolio Turnover Rate\*** | 16% |
| **# of Portfolio Holdings** | 782 | **Advisory Fees Paid** | $0 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **INVESTMENT WEIGHTING**<br>**(as a % of Net Assets)** | **INVESTMENT WEIGHTING**<br>**(as a % of Net Assets)** |
| Exchange Traded Funds | 24.8% |
| Common Stocks | 65.7% |
| Real Estate Investment Trusts | 0.0%\* |
| Cash and Cash Equivalents | 9.5% |

---

\* Represents less than 0.05%

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| NVIDIA Corp. | 5.6% |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF | 4.6% |
| Broadcom, Inc. | 3.7% |
| JPMorgan Chase & Co. | 3.1% |
| AutoZone, Inc. | 2.8% |
| Apple, Inc. | 2.7% |
| Tesla, Inc. | 2.5% |
| iMGP DBi Managed Futures Strategy ETF | 2.2% |
| Simplify Managed Futures Strategy ETF | 2.2% |
| Amazon.com, Inc. | 2.1% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: May 31, 2025

Distributed by ALPS Distributor's Inc.

------

---

| | | |
|:---|:---|:---|
| ![cambria-logo400_Jpeg.jpg](ck0001592900-20250531_g1.jpg) | Cambria Tax Aware ETF<br>Ticker: TAX<br>Listed on: The Nasdaq Stock Market LLC | May 31, 2025<br>Semi-Annual Shareholder Report<br>https://cambriafunds.com/tax |
| ![cambria-logo400_Jpeg.jpg](ck0001592900-20250531_g1.jpg) | Cambria Tax Aware ETF<br>Ticker: TAX<br>Listed on: The Nasdaq Stock Market LLC | May 31, 2025<br>Semi-Annual Shareholder Report<br>https://cambriafunds.com/tax |

---

**This semi-annual shareholder report contains important information about the Cambria Tax Aware ETF (the "Fund") for the period of December 17, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at https://cambriafunds.com/tax. You can also request this information by contacting us at (215) 330-4476.**<br>

---

| | |
|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** | **WHAT WERE THE FUND COSTS FOR THE PERIOD? <br>(based on a hypothetical $10,000 investment)** |
| **COST OF $10,000 INVESTMENT** | **COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT** |
| $22 | 0.49% |

---

---

| | | | |
|:---|:---|:---|:---|
| **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** | **KEY FUND STATISTICS (as of Period End)** |
| **Net Assets** | $27430690 | **Portfolio Turnover Rate\*** | 66% |
| **# of Portfolio Holdings** | 118 | **Advisory Fees Paid** | $62294 |
| \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | \*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. |

---

---

| | |
|:---|:---|
| **SECTOR WEIGHTING<br>(as a % of Net Assets)** | **SECTOR WEIGHTING<br>(as a % of Net Assets)** |
| Industrials | 19.1% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.1% |
| Health Care | 8.9% |
| Financials | 7.1% |
| Communication Services | 5.6% |
| Consumer Staples | 4.1% |
| Energy | 2.2% |
| Utilities | 1.3% |
| Materials | 1.2% |
| Real Estate | 0.8% |
| Cash and Cash Equivalents | 24.9% |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br>(as a % of Net Assets)** | **TOP 10 HOLDINGS<br>(as a % of Net Assets)** |
| Vanguard Total Stock Market ETF | 12.6% |
| iShares Core S&P 500 ETF | 2.8% |
| Invesco S&P 500 Equal Weight ETF | 2.8% |
| Advanced Micro Devices, Inc. | 2.1% |
| Calamos S&P 500 Structured Alt Protection ETF-December | 2.0% |
| Alpha Architect 1-3 Month Box ETF | 1.9% |
| Sterling Infrastructure, Inc. | 1.7% |
| Urban Outfitters, Inc. | 1.3% |
| Comfort Systems USA, Inc. | 1.3% |
| Tenet Healthcare Corp. | 1.3% |

---

**Availability of Additional Information**

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

**Householding**

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

Semi-Annual Shareholder Report: May 31, 2025

Distributed by ALPS Distributor's Inc.

------

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

------

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

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7%** | **Shares** | **Value**  |
| **Advertising - 0.0%**<sup>(a)</sup> | |  |
| Dentsu Group, Inc. - ADR  | 4 | $86 |
| Publicis Groupe SA - ADR  | 11 | 300 |
| WPP PLC - ADR  | 6 | 243 |
|  |  | 629 |
| **Aerospace & Defense - 0.2%** |  |  |
| Airbus SE - ADR  | 30 | 1373 |
| BAE Systems PLC - ADR  | 615 | 63222 |
| Elbit Systems Ltd.  | 1 | 410 |
| General Electric Co.  | 58 | 14263 |
| Howmet Aerospace, Inc.  | 43 | 7305 |
| Huntington Ingalls Industries, Inc.  | 7 | 1561 |
| L3Harris Technologies, Inc.  | 2 | 489 |
| Leonardo SpA - ADR  | 11 | 340 |
| Lockheed Martin Corp.  | 76 | 36661 |
| MTU Aero Engines AG - ADR  | 1 | 200 |
| Northrop Grumman Corp.  | 5 | 2424 |
| Rheinmetall AG - ADR  | 3 | 1278 |
| Rolls-Royce Holdings PLC - ADR  | 110 | 1277 |
| RTX Corp.  | 268 | 36577 |
| Safran SA - ADR  | 210 | 15443 |
| Thales SA - ADR  | 6 | 366 |
| TransDigm Group, Inc.  | 4 | 5874 |
|  |  | 189063 |
| **Agricultural & Farm Machinery - 0.0%**<sup>(a)</sup> |  |  |
| Kubota Corp. - ADR  | 7 | 401 |
| **Air Freight & Logistics - 0.1%** |  |  |
| Deutsche Post AG - ADR  | 278 | 12454 |
| DSV AS - ADR  | 5 | 591 |
| FedEx Corp.  | 180 | 39258 |
| United Parcel Service, Inc. - Class B  | 390 | 38041 |
|  |  | 90344 |
| **Airport Services - 0.0%**<sup>(a)</sup> |  |  |
| Aena SME SA - ADR  | 5 | 135 |
| **Aluminum - 0.0%**<sup>(a)</sup> |  |  |
| Norsk Hydro ASA - ADR  | 41 | 226 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Apparel Retail - 0.0%**<sup>(a)</sup> | |  |
| Fast Retailing Co. Ltd. - ADR  | 23 | $764 |
| H & M Hennes & Mauritz AB - ADR  | 131 | 371 |
| Industria de Diseno Textil SA - ADR  | 22 | 596 |
| TJX Cos., Inc.  | 25 | 3173 |
| Zalando SE - ADR <sup>(b)</sup> | 10 | 178 |
|  |  | 5082 |
| **Apparel, Accessories & Luxury Goods - 0.1%** |  |  |
| adidas AG - ADR  | 6 | 747 |
| Cie Financiere Richemont SA - ADR  | 75 | 1412 |
| Hermes International SCA - ADR  | 4 | 1102 |
| Kering SA - ADR  | 4 | 79 |
| Kontoor Brands, Inc.  | 28 | 1921 |
| LVMH Moet Hennessy Louis Vuitton SE - ADR  | 517 | 56270 |
| Moncler SpA - ADR  | 7 | 439 |
| Pandora AS - ADR  | 14 | 318 |
|  |  | 62288 |
| **Application Software - 4.5%** |  |  |
| Adobe, Inc. <sup>(b)</sup> | 433 | 179734 |
| ANSYS, Inc. <sup>(b)</sup> | 48 | 15879 |
| AppLovin Corp. - Class A <sup>(b)</sup> | 1361 | 534873 |
| Atlassian Corp. - Class A <sup>(b)</sup> | 45 | 9343 |
| Autodesk, Inc. <sup>(b)</sup> | 10 | 2961 |
| Cadence Design Systems, Inc. <sup>(b)</sup> | 31 | 8899 |
| Dassault Systemes SE - ADR  | 315 | 11765 |
| Intuit, Inc.  | 140 | 105486 |
| Nice Ltd. - ADR <sup>(b)</sup> | 1 | 166 |
| Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 10243 | 1349823 |
| Sage Group PLC - ADR  | 5 | 326 |
| Salesforce, Inc.  | 1378 | 365680 |
| SAP SE - ADR  | 182 | 55120 |
| Synopsys, Inc. <sup>(b)</sup> | 18 | 8352 |
| Temenos AG - ADR  | 1 | 75 |
| Unity Software, Inc. <sup>(b)</sup> | 80518 | 2099909 |
| Workday, Inc. - Class A <sup>(b)</sup> | 60 | 14863 |
|  |  | 4763254 |
| **Asset Management & Custody Banks - 0.3%** |  |  |
| 3i Group PLC - ADR  | 446 | 12466 |
| Ameriprise Financial, Inc.  | 10 | 5092 |
| Blackrock, Inc.  | 191 | 187159 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Asset Management & Custody Banks - 0.3% (Continued)** | | |
| Julius Baer Group Ltd. - ADR  | 18 | $236 |
| KKR & Co., Inc.  | 528 | 64131 |
|  |  | 269084 |
| **Automobile Manufacturers - 2.6%** |  |  |
| Bayerische Motoren Werke AG - ADR  | 17 | 501 |
| Dr Ing hc F Porsche AG - ADR  | 8 | 38 |
| Ferrari NV  | 74 | 35428 |
| Honda Motor Co. Ltd. - ADR  | 926 | 28262 |
| Isuzu Motors Ltd. - ADR  | 21 | 283 |
| Mercedes-Benz Group AG - ADR  | 23 | 342 |
| Nissan Motor Co. Ltd. - ADR <sup>(b)</sup> | 16 | 80 |
| Renault SA - ADR  | 27 | 277 |
| Stellantis NV  | 18 | 183 |
| Subaru Corp. - ADR  | 10 | 92 |
| Suzuki Motor Corp. - ADR  | 6 | 305 |
| Tesla, Inc. <sup>(b)</sup> | 7683 | 2661852 |
| Toyota Motor Corp. - ADR  | 12 | 2287 |
| Volkswagen AG - ADR  | 12 | 131 |
|  |  | 2730061 |
| **Automotive Parts & Equipment - 0.0%**<sup>(a)</sup> |  |  |
| Continental AG - ADR  | 20 | 177 |
| Garrett Motion, Inc.  | 9 | 95 |
| Sumitomo Electric Industries Ltd. - ADR  | 15 | 313 |
|  |  | 585 |
| **Automotive Retail - 2.8%** |  |  |
| AutoZone, Inc. <sup>(b)</sup> | 795 | 2967767 |
| O'Reilly Automotive, Inc. <sup>(b)</sup> | 5 | 6837 |
|  |  | 2974604 |
| **Biotechnology - 3.1%** |  |  |
| AbbVie, Inc.  | 928 | 172710 |
| Amgen, Inc.  | 77 | 22190 |
| Argenx SE - ADR <sup>(b)</sup> | 1 | 573 |
| Genmab AS - ADR <sup>(b)</sup> | 20 | 419 |
| Gilead Sciences, Inc.  | 658 | 72433 |
| Grifols SA - ADR <sup>(b)</sup> | 1 | 8 |
| Krystal Biotech, Inc. <sup>(b)</sup> | 250 | 31490 |
| Regeneron Pharmaceuticals, Inc.  | 2536 | 1243350 |
| Vertex Pharmaceuticals, Inc. <sup>(b)</sup> | 3910 | 1728416 |
|  |  | 3271589 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Brewers - 0.0%**<sup>(a)</sup> | |  |
| Anheuser-Busch InBev SA/NV - ADR  | 199 | $14028 |
| Carlsberg AS - ADR  | 6 | 172 |
| Heineken Holding NV - ADR  | 20 | 780 |
| Heineken NV - ADR  | 8 | 357 |
| Kirin Holdings Co. Ltd. - ADR  | 13 | 188 |
|  |  | 15525 |
| **Broadline Retail - 2.2%** |  |  |
| Amazon.com, Inc. <sup>(b)</sup> | 10876 | 2229689 |
| Global-e Online Ltd. <sup>(b)</sup> | 1 | 32 |
| MercadoLibre, Inc. <sup>(b)</sup> | 15 | 38449 |
| Naspers Ltd. - ADR  | 502 | 28935 |
| Pan Pacific International Holdings Corp. - ADR  | 11 | 361 |
| Prosus NV - ADR  | 68 | 690 |
| Rakuten Group, Inc. - ADR <sup>(b)</sup> | 25 | 137 |
| Wesfarmers Ltd. - ADR  | 30 | 802 |
|  |  | 2299095 |
| **Building Products - 2.0%** |  |  |
| Assa Abloy AB - ADR  | 7 | 111 |
| Carrier Global Corp.  | 749 | 53329 |
| Cie de Saint-Gobain SA - ADR  | 515 | 11613 |
| Daikin Industries Ltd. - ADR  | 15 | 171 |
| Geberit AG - ADR  | 2 | 149 |
| Kingspan Group PLC - ADR  | 4 | 342 |
| Trane Technologies PLC  | 4841 | 2082937 |
|  |  | 2148652 |
| **Casinos & Gaming - 0.0%**<sup>(a)</sup> |  |  |
| Evolution AB - ADR  | 2 | 137 |
| Galaxy Entertainment Group Ltd. - ADR  | 11 | 232 |
| Sands China Ltd. - ADR  | 9 | 175 |
|  |  | 544 |
| **Commodity Chemicals - 0.0%**<sup>(a)</sup> |  |  |
| Asahi Kasei Corp. - ADR  | 7 | 98 |
| Toray Industries, Inc. - ADR  | 13 | 179 |
|  |  | 277 |
| **Communications Equipment - 0.1%** |  |  |
| Arista Networks, Inc. <sup>(b)</sup> | 440 | 38122 |
| Cisco Systems, Inc.  | 1588 | 100107 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Communications Equipment - 0.1% (Continued)** | | |
| Motorola Solutions, Inc.  | 42 | $17446 |
| Nokia Oyj - ADR  | 58 | 303 |
| Telefonaktiebolaget LM Ericsson - ADR  | 51 | 431 |
|  |  | 156409 |
| **Construction & Engineering - 1.8%** |  |  |
| AECOM  | 17664 | 1940391 |
| Bouygues SA - ADR  | 79 | 687 |
| Comfort Systems USA, Inc.  | 19 | 9086 |
| Construction Partners, Inc. - Class A <sup>(b)</sup> | 79 | 8271 |
| Ferrovial SE  | 2 | 103 |
| Skanska AB - ADR  | 29 | 689 |
| Vinci SA - ADR  | 4 | 143 |
|  |  | 1959370 |
| **Construction Machinery & Heavy Transportation Equipment - 0.1%** |  |  |
| Alstom SA - ADR  | 27 | 60 |
| Caterpillar, Inc.  | 222 | 77263 |
| Daimler Truck Holding AG - ADR  | 18 | 394 |
| Komatsu Ltd. - ADR  | 23 | 699 |
| PACCAR, Inc.  | 203 | 19052 |
| Toyota Industries Corp. - ADR  | 3 | 368 |
| Volvo AB - ADR  | 41 | 1139 |
| Westinghouse Air Brake Technologies Corp.  | 23 | 4653 |
|  |  | 103628 |
| **Construction Materials - 0.0%**<sup>(a)</sup> |  |  |
| Eagle Materials, Inc.  | 30 | 6066 |
| Heidelberg Materials AG - ADR  | 14 | 549 |
| Holcim AG <sup>(b)</sup> | 40 | 885 |
| James Hardie Industries PLC - ADR <sup>(b)</sup> | 5 | 117 |
| Vulcan Materials Co.  | 25 | 6627 |
|  |  | 14244 |
| **Consumer Electronics - 0.0%**<sup>(a)</sup> |  |  |
| Panasonic Holdings Corp. - ADR  | 841 | 9644 |
| Sony Group Corp. - ADR  | 180 | 4748 |
|  |  | 14392 |
| **Consumer Finance - 0.2%** |  |  |
| American Express Co.  | 613 | 180253 |
| Capital One Financial Corp.  | 60 | 11349 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Consumer Finance - 0.2% (Continued)** | | |
| Synchrony Financial  | 77 | $4439 |
|  |  | 196041 |
| **Consumer Staples Merchandise Retail - 0.5%** |  |  |
| Aeon Co. Ltd. - ADR  | 7 | 215 |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | 165 | 18680 |
| Costco Wholesale Corp.  | 228 | 237161 |
| Dollar General Corp.  | 1 | 97 |
| Walmart, Inc.  | 2963 | 292507 |
|  |  | 548660 |
| **Copper - 0.0%**<sup>(a)</sup> |  |  |
| Freeport-McMoRan, Inc.  | 1267 | 48754 |
| **Data Processing & Outsourced Services - 0.0%**<sup>(a)</sup> |  |  |
| Computershare Ltd. - ADR  | 24 | 623 |
| Teleperformance SE - ADR  | 3 | 151 |
|  |  | 774 |
| **Distillers & Vintners - 0.0%**<sup>(a)</sup> |  |  |
| Pernod Ricard SA - ADR  | 15 | 311 |
| Treasury Wine Estates Ltd. - ADR  | 46 | 249 |
|  |  | 560 |
| **Diversified Banks - 3.4%** |  |  |
| AIB Group PLC - ADR  | 17 | 270 |
| ANZ Group Holdings Ltd. - ADR  | 90 | 1694 |
| Banco Bilbao Vizcaya Argentaria SA - ADR  | 1156 | 17386 |
| Banco Santander SA - ADR  | 139 | 1108 |
| Bank of America Corp.  | 2710 | 119592 |
| Bank of Ireland Group PLC - ADR  | 18 | 245 |
| Barclays PLC - ADR  | 59 | 1052 |
| BNP Paribas SA - ADR  | 745 | 32758 |
| BOC Hong Kong Holdings Ltd. - ADR  | 3 | 253 |
| CaixaBank SA - ADR  | 80 | 225 |
| Citigroup, Inc.  | 81 | 6101 |
| Commerzbank AG - ADR  | 12 | 366 |
| Commonwealth Bank of Australia - ADR  | 27 | 3079 |
| Credit Agricole SA - ADR  | 2685 | 24460 |
| Danske Bank AS - ADR  | 7 | 134 |
| DBS Group Holdings Ltd. - ADR  | 356 | 49128 |
| DNB Bank ASA - ADR  | 14 | 380 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Diversified Banks - 3.4% (Continued)** | | |
| Erste Group Bank AG - ADR  | 18 | $725 |
| HSBC Holdings PLC - ADR  | 47 | 2786 |
| ING Groep NV - ADR  | 40 | 850 |
| Intesa Sanpaolo SpA - ADR  | 14 | 469 |
| JPMorgan Chase & Co.  | 12401 | 3273864 |
| KBC Group NV - ADR  | 7 | 346 |
| KeyCorp  | 484 | 7676 |
| Lloyds Banking Group PLC - ADR  | 249 | 1048 |
| Mitsubishi UFJ Financial Group, Inc. - ADR  | 159 | 2245 |
| Mizuho Financial Group, Inc. - ADR  | 164 | 912 |
| National Australia Bank Ltd. - ADR  | 51 | 629 |
| NatWest Group PLC - ADR <sup>(b)</sup> | 63 | 901 |
| Nordea Bank Abp - ADR  | 35 | 510 |
| Oversea-Chinese Banking Corp. Ltd. - ADR  | 26 | 650 |
| Societe Generale SA - ADR  | 48 | 525 |
| Standard Chartered PLC - ADR  | 12 | 376 |
| Sumitomo Mitsui Financial Group, Inc. - ADR  | 82 | 1264 |
| Sumitomo Mitsui Trust Group, Inc. - ADR  | 99 | 541 |
| Svenska Handelsbanken AB - ADR  | 96 | 637 |
| Swedbank AB - ADR  | 10 | 271 |
| UniCredit SpA - ADR  | 45 | 1446 |
| United Overseas Bank Ltd. - ADR  | 311 | 17164 |
| US Bancorp  | 302 | 13164 |
| Wells Fargo & Co.  | 819 | 61245 |
|  |  | 3648475 |
| **Diversified Capital Markets - 0.0%**<sup>(a)</sup> |  |  |
| Deutsche Bank AG  | 1280 | 35558 |
| Macquarie Group Ltd. - ADR  | 5 | 691 |
| UBS Group AG  | 39 | 1244 |
|  |  | 37493 |
| **Diversified Chemicals - 0.0%**<sup>(a)</sup> |  |  |
| BASF SE - ADR  | 33 | 397 |
| **Diversified Financial Services - 0.0%**<sup>(a)</sup> |  |  |
| ORIX Corp. - ADR  | 10 | 213 |
| **Diversified Metals & Mining - 0.0%**<sup>(a)</sup> |  |  |
| Anglo American PLC <sup>(b)</sup> | 30 | 393 |
| BHP Group Ltd. - ADR  | 404 | 19792 |
| Boliden AB - ADR <sup>(b)</sup> | 7 | 438 |
| Glencore PLC - ADR  | 51 | 388 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Diversified Metals & Mining - 0.0%**<sup>(a)</sup> **(Continued)** | | |
| Rio Tinto PLC - ADR  | 363 | $21573 |
| South32 Ltd. - ADR  | 36 | 352 |
|  |  | 42936 |
| **Diversified Real Estate Activities - 0.0%**<sup>(a)</sup> |  |  |
| Daiwa House Industry Co. Ltd. - ADR  | 11 | 372 |
| Mitsubishi Estate Co. Ltd. - ADR  | 25 | 454 |
| Mitsui Fudosan Co. Ltd. - ADR  | 42 | 1206 |
| Sun Hung Kai Properties Ltd. - ADR  | 48 | 521 |
|  |  | 2553 |
| **Diversified Support Services - 0.0%**<sup>(a)</sup> |  |  |
| Brambles Ltd. - ADR  | 9 | 270 |
| Cintas Corp.  | 12 | 2718 |
|  |  | 2988 |
| **Education Services - 0.0%**<sup>(a)</sup> |  |  |
| Pearson PLC - ADR  | 13 | 207 |
| **Electric Utilities - 1.6%** |  |  |
| American Electric Power Co., Inc.  | 15784 | 1633486 |
| CLP Holdings Ltd. - ADR  | 30 | 255 |
| Constellation Energy Corp.  | 12 | 3674 |
| Duke Energy Corp.  | 219 | 25781 |
| EDP SA - ADR  | 10 | 401 |
| Endesa SA - ADR  | 49 | 758 |
| Enel SpA - ADR  | 82 | 751 |
| Entergy Corp.  | 214 | 17822 |
| Exelon Corp.  | 23 | 1008 |
| Iberdrola SA - ADR  | 17 | 1246 |
| NextEra Energy, Inc.  | 199 | 14057 |
| NRG Energy, Inc.  | 42 | 6548 |
| Southern Co.  | 426 | 38340 |
| SSE PLC - ADR  | 9 | 218 |
| Xcel Energy, Inc.  | 29 | 2033 |
|  |  | 1746378 |
| **Electrical Components & Equipment - 0.1%** |  |  |
| ABB Ltd. - ADR  | 17 | 963 |
| Emerson Electric Co.  | 152 | 18146 |
| Fuji Electric Co. Ltd. - ADR  | 11 | 121 |
| Legrand SA - ADR  | 22 | 536 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Electrical Components & Equipment - 0.1% (Continued)** | | |
| Prysmian SpA - ADR  | 8 | $257 |
| Schneider Electric SE - ADR  | 1763 | 88414 |
|  |  | 108437 |
| **Electronic Components - 0.0%**<sup>(a)</sup> |  |  |
| Amphenol Corp. - Class A  | 32 | 2878 |
| Kyocera Corp. - ADR  | 23 | 282 |
| Murata Manufacturing Co. Ltd. - ADR  | 79 | 574 |
| TDK Corp. - ADR  | 24 | 263 |
|  |  | 3997 |
| **Electronic Equipment & Instruments - 0.0%**<sup>(a)</sup> |  |  |
| Halma PLC - ADR  | 1 | 79 |
| Hexagon AB - ADR  | 61 | 612 |
|  |  | 691 |
| **Environmental & Facilities Services - 0.1%** |  |  |
| Rentokil Initial PLC - ADR  | 4 | 95 |
| Republic Services, Inc.  | 153 | 39365 |
| Veralto Corp.  | 41 | 4142 |
| Waste Connections, Inc.  | 19 | 3745 |
| Waste Management, Inc.  | 41 | 9880 |
|  |  | 57227 |
| **Fertilizers & Agricultural Chemicals - 0.0%**<sup>(a)</sup> |  |  |
| CF Industries Holdings, Inc.  | 4 | 363 |
| FMC Corp.  | 25 | 1014 |
| ICL Group Ltd.  | 16 | 106 |
| Mosaic Co.  | 50 | 1807 |
| Yara International ASA - ADR  | 14 | 253 |
|  |  | 3543 |
| **Financial Exchanges & Data - 0.1%** |  |  |
| ASX Ltd. - ADR  | 3 | 137 |
| CME Group, Inc.  | 60 | 17340 |
| Deutsche Boerse AG - ADR  | 36 | 1160 |
| Hong Kong Exchanges & Clearing Ltd. - ADR  | 14 | 701 |
| Japan Exchange Group, Inc. - ADR  | 20 | 220 |
| London Stock Exchange Group PLC - ADR  | 30 | 1150 |
| Moody's Corp.  | 59 | 28280 |
| Nasdaq, Inc.  | 187 | 15622 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Financial Exchanges & Data - 0.1% (Continued)** | | |
| S&P Global, Inc.  | 8 | $4103 |
| Singapore Exchange Ltd. - ADR  | 9 | 196 |
|  |  | 68909 |
| **Food Retail - 0.0%**<sup>(a)</sup> |  |  |
| J. Sainsbury PLC - ADR  | 28 | 439 |
| Jeronimo Martins SGPS SA - ADR  | 6 | 302 |
| Koninklijke Ahold Delhaize NV - ADR  | 9 | 380 |
| Kroger Co.  | 2 | 136 |
| Seven & i Holdings Co. Ltd. - ADR  | 21 | 316 |
|  |  | 1573 |
| **Footwear - 2.1%** |  |  |
| Asics Corp. - ADR  | 7 | 168 |
| NIKE, Inc. - Class B  | 1415 | 85735 |
| On Holding AG - Class A <sup>(b)</sup> | 35518 | 2109414 |
|  |  | 2195317 |
| **Gas Utilities - 0.0%**<sup>(a)</sup> |  |  |
| Snam SpA - ADR  | 32 | 382 |
| **Gold - 0.0%**<sup>(a)</sup> |  |  |
| Newmont Corp.  | 31 | 1634 |
| **Health Care Distributors - 0.1%** |  |  |
| Cardinal Health, Inc.  | 722 | 111506 |
| Cencora, Inc.  | 6 | 1747 |
| McKesson Corp.  | 3 | 2159 |
|  |  | 115412 |
| **Health Care Equipment - 0.3%** |  |  |
| Abbott Laboratories  | 305 | 40742 |
| Baxter International, Inc.  | 11 | 335 |
| Boston Scientific Corp. <sup>(b)</sup> | 192 | 20210 |
| Cochlear Ltd. - ADR  | 2 | 174 |
| Intuitive Surgical, Inc. <sup>(b)</sup> | 220 | 121515 |
| Koninklijke Philips NV  | 7 | 161 |
| Olympus Corp. - ADR <sup>(b)</sup> | 20 | 255 |
| Siemens Healthineers AG - ADR  | 6 | 159 |
| Smith & Nephew PLC - ADR  | 4 | 116 |
| Sonova Holding AG - ADR  | 3 | 188 |
| STERIS PLC  | 251 | 61548 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Health Care Equipment - 0.3% (Continued)** | | |
| Straumann Holding AG - ADR  | 19 | $245 |
| Stryker Corp.  | 312 | 119384 |
| Sysmex Corp. - ADR  | 10 | 168 |
| Terumo Corp. - ADR  | 21 | 385 |
|  |  | 365585 |
| **Health Care Facilities - 0.1%** |  |  |
| HCA Healthcare, Inc.  | 343 | 130817 |
| **Health Care Services - 0.0%**<sup>(a)</sup> |  |  |
| agilon health, Inc. <sup>(b)</sup> | 9044 | 20078 |
| Cigna Group  | 11 | 3483 |
| CVS Health Corp.  | 30 | 1921 |
| DaVita, Inc. <sup>(b)</sup> | 17 | 2317 |
| Fresenius Medical Care AG - ADR  | 8 | 227 |
| Fresenius SE & Co. KGaA - ADR  | 20 | 246 |
| Sonic Healthcare Ltd. - ADR  | 13 | 225 |
|  |  | 28497 |
| **Health Care Supplies - 0.0%**<sup>(a)</sup> |  |  |
| Alcon AG  | 6 | 516 |
| Coloplast AS - ADR  | 27 | 260 |
| Cooper Cos., Inc. <sup>(b)</sup> | 1 | 68 |
| EssilorLuxottica SA - ADR  | 11 | 1534 |
| Hoya Corp. - ADR  | 2 | 235 |
|  |  | 2613 |
| **Health Care Technology - 0.0%**<sup>(a)</sup> |  |  |
| Doximity, Inc. - Class A <sup>(b)</sup> | 46 | 2396 |
| M3, Inc. - ADR <sup>(b)</sup> | 16 | 112 |
|  |  | 2508 |
| **Heavy Electrical Equipment - 0.0%**<sup>(a)</sup> |  |  |
| GE Vernova, Inc.  | 13 | 6149 |
| Mitsubishi Electric Corp. - ADR  | 10 | 398 |
| Siemens Energy AG - ADR <sup>(b)</sup> | 8 | 780 |
| Vestas Wind Systems AS - ADR  | 33 | 173 |
|  |  | 7500 |
| **Home Improvement Retail - 0.5%** |  |  |
| Home Depot, Inc.  | 343 | 126323 |
| Kingfisher PLC - ADR  | 30 | 224 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Home Improvement Retail - 0.5% (Continued)** | | |
| Lowe's Cos., Inc.  | 1601 | $361394 |
|  |  | 487941 |
| **Homebuilding - 0.1%** |  |  |
| Barratt Redrow PLC - ADR  | 30 | 372 |
| Cavco Industries, Inc. <sup>(b)</sup> | 32 | 13875 |
| DR Horton, Inc.  | 9 | 1062 |
| Lennar Corp. - Class A  | 345 | 36598 |
| PulteGroup, Inc.  | 642 | 62935 |
|  |  | 114842 |
| **Homefurnishing Retail - 0.0%**<sup>(a)</sup> |  |  |
| Nitori Holdings Co. Ltd. - ADR  | 24 | 239 |
| **Hotels, Resorts & Cruise Lines - 0.1%** |  |  |
| Accor SA - ADR  | 17 | 182 |
| Amadeus IT Group SA - ADR  | 5 | 416 |
| Booking Holdings, Inc.  | 17 | 93822 |
| Hilton Worldwide Holdings, Inc.  | 30 | 7453 |
| InterContinental Hotels Group PLC - ADR  | 2 | 232 |
| Royal Caribbean Cruises Ltd.  | 10 | 2570 |
|  |  | 104675 |
| **Household Products - 0.2%** |  |  |
| Church & Dwight Co., Inc.  | 173 | 17008 |
| Colgate-Palmolive Co.  | 50 | 4647 |
| Henkel AG & Co. KGaA - ADR  | 12 | 220 |
| Procter & Gamble Co.  | 882 | 149843 |
| Reckitt Benckiser Group PLC - ADR  | 65 | 889 |
| Unicharm Corp. - ADR  | 43 | 172 |
|  |  | 172779 |
| **Human Resource & Employment Services - 0.2%** |  |  |
| Automatic Data Processing, Inc.  | 366 | 119144 |
| Recruit Holdings Co. Ltd. - ADR  | 100 | 1190 |
| TriNet Group, Inc.  | 1546 | 128643 |
|  |  | 248977 |
| **Independent Power Producers & Energy Traders - 0.0%**<sup>(a)</sup> |  |  |
| RWE AG - ADR  | 8 | 302 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Industrial Conglomerates - 0.1%** | |  |
| Hitachi Ltd. - ADR  | 52 | $1446 |
| Honeywell International, Inc.  | 154 | 34907 |
| Jardine Matheson Holdings Ltd. - ADR  | 2 | 89 |
| Siemens AG - ADR  | 794 | 96042 |
| Smiths Group PLC - ADR  | 17 | 507 |
|  |  | 132991 |
| **Industrial Gases - 0.0%**<sup>(a)</sup> |  |  |
| Air Liquide SA - ADR  | 20 | 828 |
| Linde PLC  | 22 | 10287 |
| Nippon Sanso Holdings Corp. - ADR  | 27 | 482 |
|  |  | 11597 |
| **Industrial Machinery & Supplies & Components - 1.3%** |  |  |
| Alfa Laval AB - ADR  | 4 | 170 |
| Atlas Copco AB - ADR  | 495 | 7984 |
| Daifuku Co. Ltd. - ADR  | 15 | 199 |
| Dover Corp.  | 56 | 9954 |
| FANUC Corp. - ADR  | 47 | 628 |
| Ingersoll Rand, Inc.  | 488 | 39840 |
| Mitsubishi Heavy Industries Ltd. - ADR  | 17 | 784 |
| Otis Worldwide Corp.  | 48 | 4577 |
| Pentair PLC  | 26 | 2579 |
| RBC Bearings, Inc. <sup>(b)</sup> | 35 | 12805 |
| Sandvik AB - ADR  | 5 | 110 |
| SKF AB - ADR  | 27 | 607 |
| SMC Corp. - ADR  | 1205 | 22642 |
| Snap-on, Inc.  | 36 | 11547 |
| Spirax Group PLC - ADR  | 10 | 389 |
| Techtronic Industries Co. Ltd. - ADR  | 3 | 167 |
| VAT Group AG - ADR  | 3 | 114 |
| Xylem, Inc.  | 9916 | 1249813 |
| Yaskawa Electric Corp. - ADR  | 5 | 234 |
|  |  | 1365143 |
| **Insurance Brokers - 0.0%**<sup>(a)</sup> |  |  |
| Aon PLC - Class A  | 20 | 7441 |
| Arthur J Gallagher & Co.  | 31 | 10771 |
| Brown & Brown, Inc.  | 27 | 3048 |
|  |  | 21260 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Integrated Oil & Gas - 0.5%** | |  |
| BP PLC - ADR  | 372 | $10825 |
| Chevron Corp.  | 787 | 107583 |
| Eni SpA - ADR  | 7 | 207 |
| Equinor ASA - ADR  | 11 | 258 |
| Exxon Mobil Corp.  | 2865 | 293090 |
| Galp Energia SGPS SA - ADR  | 18 | 146 |
| Occidental Petroleum Corp.  | 38 | 1550 |
| Repsol SA - ADR  | 9 | 121 |
| Shell PLC - ADR  | 538 | 35626 |
| TotalEnergies SE - ADR  | 767 | 45008 |
|  |  | 494414 |
| **Integrated Telecommunication Services - 0.0%**<sup>(a)</sup> |  |  |
| AT&T, Inc.  | 575 | 15985 |
| Cellnex Telecom SA - ADR  | 18 | 345 |
| Deutsche Telekom AG - ADR  | 423 | 16011 |
| Nippon Telegraph & Telephone Corp. - ADR  | 14 | 390 |
| Orange SA - ADR  | 50 | 749 |
| Singapore Telecommunications Ltd. - ADR  | 10 | 297 |
| Swisscom AG - ADR  | 5 | 344 |
| Telenor ASA - ADR  | 21 | 323 |
| Telia Co. AB - ADR  | 96 | 739 |
| Telstra Group Ltd. - ADR  | 26 | 403 |
| Verizon Communications, Inc.  | 94 | 4132 |
|  |  | 39718 |
| **Interactive Home Entertainment - 0.0%**<sup>(a)</sup> |  |  |
| Nexon Co. Ltd. - ADR  | 2 | 37 |
| Nintendo Co. Ltd. - ADR  | 73 | 1492 |
| Sea Ltd. - ADR <sup>(b)</sup> | 5 | 802 |
|  |  | 2331 |
| **Interactive Media & Services - 2.4%** |  |  |
| Alphabet, Inc. - Class A  | 5182 | 889957 |
| Alphabet, Inc. - Class C  | 8255 | 1426877 |
| LY Corp. - ADR <sup>(b)</sup> | 11 | 79 |
| Meta Platforms, Inc. - Class A  | 397 | 257053 |
|  |  | 2573966 |
| **Internet Services & Infrastructure - 2.9%** |  |  |
| GoDaddy, Inc. - Class A <sup>(b)</sup> | 869 | 158288 |
| MongoDB, Inc. <sup>(b)</sup> | 6948 | 1311991 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Internet Services & Infrastructure - 2.9% (Continued)** | | |
| Okta, Inc. <sup>(b)</sup> | 15399 | $1588715 |
| Wix.com Ltd. <sup>(b)</sup> | 1 | 149 |
|  |  | 3059143 |
| **Investment Banking & Brokerage - 0.7%** |  |  |
| Charles Schwab Corp.  | 148 | 13074 |
| Evercore, Inc. - Class A  | 315 | 72919 |
| Futu Holdings Ltd. - ADR  | 1 | 102 |
| Goldman Sachs Group, Inc.  | 697 | 418514 |
| Houlihan Lokey, Inc.  | 43 | 7511 |
| Morgan Stanley  | 1581 | 202416 |
| Nomura Holdings, Inc. - ADR  | 72 | 439 |
| Piper Sandler Cos.  | 27 | 6789 |
|  |  | 721764 |
| **IT Consulting & Other Services - 0.2%** |  |  |
| Accenture PLC - Class A  | 45 | 14257 |
| Capgemini SE - ADR  | 23 | 767 |
| Fujitsu Ltd. - ADR  | 15 | 343 |
| International Business Machines Corp.  | 790 | 204657 |
| NTT Data Group Corp. - ADR  | 7 | 192 |
|  |  | 220216 |
| **Leisure Facilities - 0.0%**<sup>(a)</sup> |  |  |
| Oriental Land Co. Ltd. - ADR  | 17 | 378 |
| **Leisure Products - 0.0%**<sup>(a)</sup> |  |  |
| Bandai Namco Holdings, Inc. - ADR  | 20 | 316 |
| YETI Holdings, Inc. <sup>(b)</sup> | 723 | 22095 |
|  |  | 22411 |
| **Life & Health Insurance - 0.0%**<sup>(a)</sup> |  |  |
| Aegon Ltd.  | 16 | 115 |
| AIA Group Ltd. - ADR  | 26 | 865 |
| Dai-ichi Life Holdings, Inc. - ADR  | 18 | 274 |
| Globe Life, Inc.  | 8 | 975 |
| Manulife Financial Corp.  | 461 | 14678 |
| MetLife, Inc.  | 31 | 2436 |
| NN Group NV - ADR  | 18 | 566 |
| Primerica, Inc.  | 18 | 4871 |
| Principal Financial Group, Inc.  | 1 | 78 |
| Prudential Financial, Inc.  | 2 | 208 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Life & Health Insurance - 0.0%**<sup>(a)</sup> **(Continued)** | | |
| Prudential PLC - ADR  | 6 | $137 |
| Swiss Life Holding AG - ADR  | 12 | 600 |
| T&D Holdings, Inc. - ADR  | 9 | 105 |
|  |  | 25908 |
| **Life & Health Insurance - 0.0%**<sup>(a)</sup> |  |  |
| Agilent Technologies, Inc.  | 75 | 8394 |
| Danaher Corp.  | 173 | 32853 |
| Lonza Group AG - ADR  | 12 | 831 |
| Medpace Holdings, Inc. <sup>(b)</sup> | 62 | 18284 |
| Sartorius AG - ADR  | 3 | 144 |
| Thermo Fisher Scientific, Inc.  | 148 | 59617 |
| Waters Corp. <sup>(b)</sup> | 12 | 4191 |
| Wuxi Biologics Cayman, Inc. - ADR <sup>(b)</sup> | 144 | 907 |
|  |  | 125221 |
| **Managed Health Care - 0.3%** |  |  |
| Humana, Inc.  | 8 | 1865 |
| Molina Healthcare, Inc. <sup>(b)</sup> | 7 | 2135 |
| UnitedHealth Group, Inc.  | 909 | 274436 |
|  |  | 278436 |
| **Marine Transportation - 0.0%**<sup>(a)</sup> |  |  |
| AP Moller - Maersk AS - ADR  | 34 | 306 |
| Kuehne + Nagel International AG - ADR  | 2 | 90 |
| Mitsui OSK Lines Ltd. - ADR  | 11 | 194 |
| Nippon Yusen KK - ADR  | 40 | 292 |
|  |  | 882 |
| **Movies & Entertainment - 0.3%** |  |  |
| Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | 437 | 42183 |
| Netflix, Inc. <sup>(b)</sup> | 155 | 187121 |
| Spotify Technology SA <sup>(b)</sup> | 83 | 55207 |
| Universal Music Group NV - ADR  | 13 | 207 |
| Walt Disney Co.  | 287 | 32442 |
|  |  | 317160 |
| **Multi-line Insurance - 0.1%** |  |  |
| Ageas SA/NV - ADR  | 9 | 585 |
| Allianz SE - ADR  | 1404 | 55584 |
| Aviva PLC - ADR  | 31 | 525 |
| AXA SA - ADR  | 35 | 1655 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Multi-line Insurance - 0.1% (Continued)** | | |
| Generali - ADR  | 28 | $509 |
| Zurich Insurance Group AG - ADR  | 972 | 34185 |
|  |  | 93043 |
| **Multi-Sector Holdings - 0.7%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 1416 | 713607 |
| **Multi-Utilities - 0.0%**<sup>(a)</sup> |  |  |
| Ameren Corp.  | 5 | 485 |
| Dominion Energy, Inc.  | 11 | 623 |
| E.ON SE - ADR  | 27 | 477 |
| Engie SA - ADR  | 30 | 650 |
| National Grid PLC - ADR  | 47 | 3355 |
| Veolia Environnement SA - ADR  | 7 | 121 |
| WEC Energy Group, Inc.  | 1 | 108 |
|  |  | 5819 |
| **Oil & Gas Equipment & Services - 0.1%** |  |  |
| Baker Hughes Co.  | 418 | 15487 |
| Halliburton Co.  | 70 | 1371 |
| Schlumberger NV  | 1142 | 37743 |
| Tenaris SA - ADR  | 4 | 134 |
|  |  | 54735 |
| **Oil & Gas Exploration & Production - 0.2%** |  |  |
| ConocoPhillips  | 379 | 32348 |
| Devon Energy Corp.  | 92 | 2784 |
| Diamondback Energy, Inc.  | 504 | 67813 |
| EOG Resources, Inc.  | 34 | 3691 |
| Hess Corp.  | 6 | 793 |
| Inpex Corp. - ADR  | 9 | 121 |
| Permian Resources Corp.  | 2512 | 31676 |
| Range Resources Corp.  | 1596 | 60712 |
| Santos Ltd. - ADR  | 71 | 298 |
| Texas Pacific Land Corp.  | 2 | 2228 |
| Woodside Energy Group Ltd. - ADR  | 34 | 487 |
|  |  | 202951 |
| **Oil & Gas Refining & Marketing - 0.1%** |  |  |
| Marathon Petroleum Corp.  | 492 | 79084 |
| Neste Oyj - ADR  | 22 | 118 |
|  |  | 79202 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Oil & Gas Storage & Transportation - 0.2%** | |  |
| Cheniere Energy, Inc.  | 383 | $90767 |
| DT Midstream, Inc.  | 2 | 209 |
| Enbridge, Inc.  | 83 | 3858 |
| Enterprise Products Partners LP  | 100 | 3082 |
| Kinder Morgan, Inc.  | 118 | 3309 |
| ONEOK, Inc.  | 12 | 970 |
| Williams Cos., Inc.  | 1064 | 64383 |
|  |  | 166578 |
| **Other Specialty Retail - 0.1%** |  |  |
| Avolta AG - ADR  | 50 | 267 |
| Tractor Supply Co.  | 15 | 726 |
| Ulta Beauty, Inc. <sup>(b)</sup> | 198 | 93349 |
|  |  | 94342 |
| **Packaged Foods & Meats - 0.3%** |  |  |
| Associated British Foods PLC - ADR  | 5 | 141 |
| Chocoladefabriken Lindt & Spruengli AG - ADR  | 26 | 416 |
| Conagra Brands, Inc.  | 62 | 1419 |
| Danone SA - ADR  | 23 | 393 |
| General Mills, Inc.  | 829 | 44981 |
| Hershey Co.  | 13 | 2089 |
| Kellanova  | 25 | 2066 |
| Kerry Group PLC - ADR  | 3 | 334 |
| Kraft Heinz Co.  | 70 | 1871 |
| McCormick & Co., Inc.  | 1 | 73 |
| Mondelez International, Inc. - Class A  | 401 | 27063 |
| Mowi ASA - ADR  | 12 | 224 |
| Nestle SA - ADR  | 2537 | 270216 |
| The Campbell's Co.  | 44 | 1498 |
| Tyson Foods, Inc. - Class A  | 34 | 1909 |
| WH Group Ltd. - ADR  | 10 | 184 |
|  |  | 354877 |
| **Paper Products - 0.0%**<sup>(a)</sup> |  |  |
| Stora Enso Oyj - ADR  | 10 | 101 |
| Sylvamo Corp.  | 4 | 212 |
| UPM-Kymmene Oyj - ADR  | 15 | 416 |
|  |  | 729 |
| **Passenger Airlines - 0.0%**<sup>(a)</sup> |  |  |
| Qantas Airways Ltd. - ADR  | 7 | 240 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Passenger Ground Transportation - 0.0%**<sup>(a)</sup> | |  |
| Grab Holdings Ltd. - Class A <sup>(b)</sup> | 38 | $185 |
| **Personal Care Products - 0.0%**<sup>(a)</sup> |  |  |
| Beiersdorf AG - ADR  | 12 | 329 |
| Estee Lauder Cos., Inc. - Class A  | 29 | 1941 |
| Kao Corp. - ADR  | 44 | 402 |
| L'Oreal SA - ADR  | 470 | 39706 |
| Shiseido Co. Ltd. - ADR  | 8 | 129 |
| Unilever PLC - ADR  | 25 | 1596 |
|  |  | 44103 |
| **Pharmaceuticals - 0.5%** |  |  |
| Astellas Pharma, Inc. - ADR  | 53 | 521 |
| AstraZeneca PLC - ADR  | 35 | 2549 |
| Bayer AG - ADR  | 58 | 410 |
| Bristol-Myers Squibb Co.  | 506 | 24430 |
| Chugai Pharmaceutical Co. Ltd. - ADR  | 575 | 14996 |
| Daiichi Sankyo Co. Ltd. - ADR  | 23 | 614 |
| Eisai Co. Ltd. - ADR  | 47 | 336 |
| Eli Lilly & Co.  | 216 | 159337 |
| GSK PLC - ADR  | 24 | 985 |
| Haleon PLC - ADR  | 76 | 863 |
| Johnson & Johnson  | 1078 | 167316 |
| Merck & Co., Inc.  | 722 | 55478 |
| Novartis AG - ADR  | 100 | 11576 |
| Novo Nordisk AS - ADR  | 1029 | 73573 |
| Ono Pharmaceutical Co. Ltd. - ADR  | 44 | 158 |
| Otsuka Holdings Co. Ltd. - ADR  | 13 | 330 |
| Pfizer, Inc.  | 792 | 18604 |
| Roche Holding AG - ADR  | 129 | 5199 |
| Sandoz Group AG - ADR  | 8 | 405 |
| Sanofi SA - ADR  | 31 | 1530 |
| Shionogi & Co. Ltd. - ADR  | 57 | 470 |
| Takeda Pharmaceutical Co. Ltd. - ADR  | 51 | 767 |
| Teva Pharmaceutical Industries Ltd. - ADR <sup>(b)</sup> | 13 | 218 |
| UCB SA - ADR  | 4 | 363 |
|  |  | 541028 |
| **Precious Metals & Minerals - 0.0%**<sup>(a)</sup> |  |  |
| Valterra Platinum Ltd. - ADR  | 9 | 61 |
| **Property & Casualty Insurance - 1.9%** |  |  |
| Allstate Corp.  | 385 | 80800 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Property & Casualty Insurance - 1.9% (Continued)** | | |
| American International Group, Inc.  | 250 | $21160 |
| Fairfax Financial Holdings Ltd.  | 22 | 37235 |
| Hartford Insurance Group, Inc.  | 1 | 130 |
| Kinsale Capital Group, Inc.  | 13 | 6136 |
| Markel Group, Inc. <sup>(b)</sup> | 2 | 3883 |
| MS&AD Insurance Group Holdings, Inc. - ADR  | 8 | 190 |
| Progressive Corp.  | 6579 | 1874554 |
| QBE Insurance Group Ltd. - ADR  | 68 | 1038 |
| Sampo Oyj - ADR  | 6 | 128 |
| Sompo Holdings, Inc. - ADR  | 24 | 362 |
| Tokio Marine Holdings, Inc. - ADR  | 437 | 18503 |
| Travelers Cos., Inc.  | 4 | 1103 |
|  |  | 2045222 |
| **Rail Transportation - 3.0%** |  |  |
| Canadian Pacific Kansas City Ltd.  | 137 | 11186 |
| Central Japan Railway Co. - ADR  | 14 | 153 |
| CSX Corp.  | 69453 | 2194020 |
| East Japan Railway Co. - ADR  | 18 | 189 |
| Norfolk Southern Corp.  | 2572 | 635593 |
| Union Pacific Corp.  | 1691 | 374827 |
| West Japan Railway Co. - ADR  | 28 | 604 |
|  |  | 3216572 |
| **Real Estate Development - 0.0%**<sup>(a)</sup> |  |  |
| Henderson Land Development Co. Ltd. - ADR  | 96 | 296 |
| **Real Estate Operating Companies - 0.0%**<sup>(a)</sup> |  |  |
| Vonovia SE - ADR  | 25 | 409 |
| **Real Estate Services - 0.0%**<sup>(a)</sup> |  |  |
| CBRE Group, Inc. - Class A <sup>(b)</sup> | 7 | 875 |
| **Regional Banks - 0.0%**<sup>(a)</sup> |  |  |
| Citizens Financial Group, Inc.  | 984 | 39704 |
| **Reinsurance - 0.0%**<sup>(a)</sup> |  |  |
| Hannover Rueck SE - ADR  | 6 | 318 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR  | 888 | 11526 |
| Swiss Re AG - ADR  | 22 | 978 |
|  |  | 12822 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Renewable Electricity - 0.0%**<sup>(a)</sup> | |  |
| Orsted AS - ADR <sup>(b)</sup> | 10 | $137 |
| **Research & Consulting Services - 0.0%**<sup>(a)</sup> |  |  |
| Experian PLC - ADR  | 181 | 9028 |
| RELX PLC - ADR  | 18 | 971 |
| SGS SA - ADR  | 20 | 208 |
| Wolters Kluwer NV - ADR  | 3 | 533 |
|  |  | 10740 |
| **Restaurants - 0.4%** |  |  |
| Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 100 | 5008 |
| Compass Group PLC - ADR  | 23 | 814 |
| Darden Restaurants, Inc.  | 17 | 3642 |
| Delivery Hero SE - ADR <sup>(b)</sup> | 17 | 46 |
| Dutch Bros, Inc. - Class A <sup>(b)</sup> | 200 | 14440 |
| McDonald's Corp.  | 1139 | 357475 |
| Texas Roadhouse, Inc.  | 87 | 16983 |
|  |  | 398408 |
| **Security & Alarm Services - 0.0%**<sup>(a)</sup> |  |  |
| Secom Co. Ltd. - ADR  | 12 | 109 |
| **Semiconductor Materials & Equipment - 0.2%** |  |  |
| Advantest Corp. - ADR  | 9 | 453 |
| Applied Materials, Inc.  | 460 | 72105 |
| ASM International NV  | 16 | 8707 |
| ASML Holding NV  | 170 | 125251 |
| BE Semiconductor Industries NV  | 1 | 121 |
| Disco Corp. - ADR  | 13 | 291 |
| KLA Corp.  | 42 | 31789 |
| Lam Research Corp.  | 55 | 4443 |
| Lasertec Corp. - ADR  | 7 | 140 |
| Tokyo Electron Ltd. - ADR  | 12 | 948 |
|  |  | 244248 |
| **Semiconductors - 10.0%** |  |  |
| Advanced Micro Devices, Inc. <sup>(b)</sup> | 604 | 66881 |
| Analog Devices, Inc.  | 1781 | 381098 |
| Broadcom, Inc.  | 16344 | 3956392 |
| Infineon Technologies AG - ADR  | 418 | 16302 |
| NVIDIA Corp.  | 44024 | 5948963 |
| QUALCOMM, Inc.  | 373 | 54160 |
| Renesas Electronics Corp. - ADR  | 37 | 224 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Semiconductors - 10.0% (Continued)** | | |
| STMicroelectronics NV  | 9 | $225 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 1023 | 197766 |
| Texas Instruments, Inc.  | 50 | 9143 |
|  |  | 10631154 |
| **Soft Drinks & Non-alcoholic Beverages - 0.1%** |  |  |
| Coca-Cola Co.  | 32 | 2307 |
| Coca-Cola Europacific Partners PLC  | 219 | 20102 |
| Keurig Dr Pepper, Inc.  | 6 | 202 |
| PepsiCo, Inc.  | 877 | 115282 |
| Suntory Beverage & Food Ltd. - ADR  | 14 | 227 |
|  |  | 138120 |
| **Specialty Chemicals - 0.0%**<sup>(a)</sup> |  |  |
| Akzo Nobel NV - ADR  | 7 | 160 |
| Arkema SA - ADR  | 7 | 502 |
| Croda International PLC - ADR  | 4 | 83 |
| DSM-Firmenich AG - ADR  | 21 | 235 |
| DuPont de Nemours, Inc.  | 213 | 14228 |
| Givaudan SA - ADR  | 3 | 302 |
| Nitto Denko Corp. - ADR  | 21 | 382 |
| Novonesis Novozymes B - ADR  | 6 | 424 |
| Shin-Etsu Chemical Co. Ltd. - ADR  | 50 | 798 |
| Sika AG - ADR  | 17 | 454 |
| Symrise AG - ADR  | 5 | 149 |
|  |  | 17717 |
| **Steel - 0.0%**<sup>(a)</sup> |  |  |
| ArcelorMittal SA  | 17 | 520 |
| Fortescue Ltd. - ADR  | 25 | 497 |
| Nucor Corp.  | 59 | 6452 |
| Reliance, Inc.  | 100 | 29282 |
|  |  | 36751 |
| **Systems Software - 3.8%** |  |  |
| Check Point Software Technologies Ltd. <sup>(b)</sup> | 7645 | 1749788 |
| Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | 249 | 117371 |
| CyberArk Software Ltd. <sup>(b)</sup> | 124 | 47465 |
| Fortinet, Inc. <sup>(b)</sup> | 327 | 33282 |
| Microsoft Corp.  | 4221 | 1943179 |
| Oracle Corp.  | 977 | 161723 |
| ServiceNow, Inc. <sup>(b)</sup> | 55 | 55610 |
|  |  | 4108418 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Technology Distributors - 0.0%**<sup>(a)</sup> | |  |
| CDW Corp.  | 60 | $10822 |
| **Technology Hardware, Storage & Peripherals - 2.8%** |  |  |
| Apple, Inc.  | 14612 | 2934820 |
| Canon, Inc. - ADR  | 9 | 275 |
| FUJIFILM Holdings Corp. - ADR  | 25 | 282 |
| Logitech International SA  | 5 | 414 |
| Pure Storage, Inc. - Class A <sup>(b)</sup> | 702 | 37620 |
| Super Micro Computer, Inc. <sup>(b)</sup> | 315 | 12606 |
|  |  | 2986017 |
| **Tires & Rubber - 0.0%**<sup>(a)</sup> |  |  |
| Bridgestone Corp. - ADR  | 23 | 492 |
| **Tobacco - 0.2%** |  |  |
| Altria Group, Inc.  | 377 | 22850 |
| British American Tobacco PLC - ADR  | 108 | 4882 |
| Imperial Brands PLC - ADR  | 18 | 683 |
| Japan Tobacco, Inc. - ADR  | 19 | 291 |
| Philip Morris International, Inc.  | 712 | 128580 |
|  |  | 157286 |
| **Trading Companies & Distributors - 0.0%**<sup>(a)</sup> |  |  |
| AerCap Holdings NV  | 4 | 463 |
| Ashtead Group PLC - ADR  | 1 | 236 |
| IMCD NV - ADR  | 4 | 269 |
| ITOCHU Corp. - ADR  | 7 | 745 |
| Marubeni Corp. - ADR  | 1 | 203 |
| Mitsubishi Corp. - ADR  | 39 | 789 |
| MonotaRO Co. Ltd. - ADR  | 2 | 41 |
| Rexel SA - ADR  | 11 | 309 |
| Sumitomo Corp. - ADR  | 7 | 179 |
| United Rentals, Inc.  | 5 | 3542 |
| Watsco, Inc.  | 13 | 5767 |
| WW Grainger, Inc.  | 2 | 2175 |
|  |  | 14718 |
| **Transaction & Payment Processing Services - 2.6%** |  |  |
| Adyen NV - ADR <sup>(b)</sup> | 38 | 728 |
| Fiserv, Inc. <sup>(b)</sup> | 22 | 3581 |
| Jack Henry & Associates, Inc.  | 1 | 181 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 65.7% (CONTINUED)** | **Shares** | **Value**  |
| **Transaction & Payment Processing Services - 2.6% (Continued)** | | |
| Mastercard, Inc. - Class A  | 3771 | $2208298 |
| Visa, Inc. - Class A  | 1412 | 515648 |
|  |  | 2728436 |
| **Water Utilities - 0.0%**<sup>(a)</sup> |  |  |
| United Utilities Group PLC - ADR  | 16 | 506 |
| **Wireless Telecommunication Services - 0.0%**<sup>(a)</sup> |  |  |
| KDDI Corp. - ADR  | 30 | 519 |
| SoftBank Corp. - ADR  | 21 | 323 |
| SoftBank Group Corp. - ADR  | 24 | 626 |
| T-Mobile US, Inc.  | 14 | 3391 |
|  |  | 4859 |
| **TOTAL COMMON STOCKS** (Cost $34,013,787) |  | 70139584 |
| **EXCHANGE TRADED FUNDS - 24.8%** |  |  |
| Alerian MLP ETF  | 9 | 430 |
| ARK Next Generation Internet ETF <sup>(b)</sup> | 18 | 2173 |
| Cambria Emerging Shareholder Yield ETF  | 301 | 10345 |
| Cambria Foreign Shareholder Yield ETF  | 1506 | 42785 |
| Cambria Shareholder Yield ETF  | 1130 | 71359 |
| Cambria Tax Aware ETF <sup>(c)</sup> | 11333 | 279905 |
| Cambria Trinity ETF  | 6483 | 167650 |
| Communication Services Select Sector SPDR Fund  | 946 | 95924 |
| Consumer Discretionary Select Sector SPDR Fund  | 313 | 66919 |
| Consumer Staples Select Sector SPDR Fund  | 34 | 2816 |
| Defiance Quantum ETF  | 188 | 15925 |
| Dimensional International Core Equity Market ETF  | 3015 | 102600 |
| Dimensional US Equity Market ETF  | 23454 | 1499180 |
| Dimensional US Marketwide Value ETF  | 22635 | 918528 |
| Dimensional US Small Cap ETF  | 2417 | 148114 |
| Dimensional US Small Cap Value ETF  | 2291 | 64583 |
| Dimensional US Targeted Value ETF  | 5844 | 302895 |
| Distillate US Fundamental Stability & Value ETF  | 2164 | 115861 |
| Energy Select Sector SPDR Fund  | 673 | 54870 |
| Fidelity MSCI Utilities Index ETF  | 65 | 3432 |
| Financial Select Sector SPDR Fund  | 1400 | 71344 |
| First Trust Cloud Computing ETF <sup>(b)</sup> | 123 | 14117 |
| First Trust Dow Jones Internet Index Fund <sup>(b)</sup> | 175 | 43960 |
| First Trust NASDAQ Cybersecurity ETF  | 101 | 7254 |
| First Trust RBA American Industrial Renaissance ETF  | 100 | 7657 |
| FT Vest US Equity Buffer ETF - May <sup>(b)</sup> | 250 | 12125 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 24.8% (CONTINUED)** | **Shares** | **Value** |
| Global X Defense Tech ETF  | 21 | $1198 |
| Global X MSCI Argentina ETF  | 318 | 28693 |
| Global X US Infrastructure Development ETF  | 245 | 10170 |
| Hartford Multifactor Developed Markets ex-US ETF  | 4491 | 151437 |
| Hartford Schroders Tax-Aware Bond ETF  | 10302 | 192132 |
| Health Care Select Sector SPDR Fund  | 4531 | 600992 |
| Horizon Kinetics Inflation Beneficiaries ETF  | 1643 | 68645 |
| iMGP DBi Managed Futures Strategy ETF  | 94873 | 2392697 |
| Industrial Select Sector SPDR Fund  | 154 | 21994 |
| Invesco Aerospace & Defense ETF  | 52 | 6938 |
| Invesco China Technology ETF  | 9 | 366 |
| Invesco KBW Bank ETF  | 57 | 3740 |
| Invesco Nasdaq 100 ETF  | 1972 | 421515 |
| Invesco S&P 500 Equal Weight ETF  | 582 | 102682 |
| Invesco S&P MidCap Momentum ET  | 956 | 118831 |
| iShares Biotechnology ETF  | 75 | 9129 |
| iShares Broad USD High Yield Corporate Bond ETF  | 3055 | 113127 |
| iShares Core MSCI EAFE ETF  | 12 | 991 |
| iShares Core MSCI Emerging Markets ETF  | 1306 | 74037 |
| iShares Core S&P 500 ETF  | 390 | 230938 |
| iShares Core S&P Mid-Cap ETF  | 819 | 49173 |
| iShares Core S&P Small-Cap ETF  | 1318 | 138878 |
| iShares Core S&P Total U.S. Stock Market ETF  | 77 | 9910 |
| iShares Expanded Tech-Software Sector ETF <sup>(b)</sup> | 516 | 53483 |
| iShares Global Healthcare ETF  | 151 | 12944 |
| iShares MBS ETF  | 27 | 2502 |
| iShares Micro-Cap ETF  | 449 | 53722 |
| iShares MSCI Europe Financials ETF  | 894 | 28411 |
| iShares MSCI United Kingdom ETF  | 648 | 25868 |
| iShares MSCI USA Min Vol Factor ETF  | 524 | 48999 |
| iShares Russell 1000 Value ETF  | 92 | 17353 |
| iShares Russell 2000 ETF  | 262 | 53728 |
| iShares Russell 3000 ETF  | 5341 | 1788594 |
| iShares Russell Mid-Cap Growth ETF  | 3144 | 417963 |
| iShares Russell Mid-Cap Value ETF  | 533 | 68293 |
| iShares S&P 500 Growth ETF  | 2827 | 292821 |
| iShares Semiconductor ETF  | 240 | 49186 |
| iShares U.S. Home Construction ETF  | 63 | 5637 |
| iShares U.S. Infrastructure ETF  | 70 | 3344 |
| iShares U.S. Technology ETF  | 38 | 6013 |
| JPMorgan BetaBuilders Canada ETF  | 421 | 33154 |
| JPMorgan BetaBuilders Europe ETF  | 471 | 31590 |
| JPMorgan BetaBuilders Japan ETF  | 719 | 43650 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 24.8% (CONTINUED)** | **Shares** | **Value** |
| JPMorgan Equity Premium Income ETF  | 1492 | $83686 |
| JPMorgan Nasdaq Equity Premium Income ETF  | 332 | 17473 |
| JPMorgan US Tech Leaders ETF <sup>(b)</sup> | 1667 | 128359 |
| Pacer Data & Infrastructure Real Estate ETF  | 25 | 784 |
| Procure Space ETF  | 88 | 2146 |
| Range Nuclear Renaissance Index ETF  | 227 | 11500 |
| Real Estate Select Sector SPDR Fund  | 227 | 9473 |
| Roundhill Magnificent Seven ETF  | 379 | 19841 |
| RPAR Risk Parity ETF  | 11061 | 215780 |
| Schwab Crypto Thematic ETF  | 162 | 6704 |
| Schwab US Dividend Equity ETF  | 10414 | 272534 |
| Schwab US Large-Cap ETF  | 2370 | 55221 |
| Simplify Managed Futures Strategy ETF  | 85291 | 2312239 |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF  | 185068 | 4882094 |
| SPDR Portfolio S&P 400 Mid Cap ETF  | 1 | 53 |
| SPDR S&P 500 ETF Trust  | 3196 | 1883690 |
| SPDR S&P Capital Markets ETF  | 17 | 2296 |
| SPDR S&P Homebuilders ETF  | 129 | 12160 |
| SPDR S&P Insurance ETF  | 1084 | 64108 |
| SPDR S&P MidCap 400 ETF Trust  | 100 | 54872 |
| Technology Select Sector SPDR Fund  | 2622 | 605446 |
| US Global Jets ETF <sup>(b)</sup> | 158 | 3590 |
| VanEck Gold Miners ETF/USA  | 181 | 9168 |
| VanEck Morningstar Wide Moat ETF  | 1524 | 136596 |
| VanEck Semiconductor ETF <sup>(b)</sup> | 595 | 142651 |
| Vanguard Communication Services ETF  | 955 | 152189 |
| Vanguard Consumer Staples ETF  | 104 | 23354 |
| Vanguard Emerging Markets Government Bond ETF  | 44 | 2820 |
| Vanguard FTSE All-World ex-US ETF  | 5024 | 327716 |
| Vanguard FTSE Europe ETF  | 558 | 42832 |
| Vanguard High Dividend Yield ETF  | 402 | 51866 |
| Vanguard Industrials ETF  | 79 | 21282 |
| Vanguard Information Technology ETF  | 844 | 511776 |
| Vanguard Intermediate-Term Corporate Bond ETF  | 217 | 17733 |
| Vanguard International High Dividend Yield ETF  | 2210 | 174833 |
| Vanguard Materials ETF  | 23 | 4384 |
| Vanguard Mid-Cap ETF  | 210 | 56734 |
| Vanguard Russell 1000 Growth ETF  | 678 | 69705 |
| Vanguard S&P 500 ETF  | 2798 | 1515844 |
| Vanguard Short-Term Corporate Bond ETF  | 475 | 37568 |
| Vanguard Small-Cap ETF  | 24 | 5477 |
| Vanguard Total International Stock ETF  | 370 | 24768 |
| Vanguard Total Stock Market ETF  | 1163 | 337130 |
| Wisdomtree Efficient Gold Plus Equity Strategy Fund  | 99 | 4462 |

---

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 24.8% (CONTINUED)** | **Shares** | **Value** |
| Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund  | 1429 | $46442 |
| WisdomTree US Efficient Core F  | 5107 | 243349 |
| WisdomTree US MidCap Dividend Fund  | 107 | 5244 |
| WisdomTree US SmallCap Dividend Fund  | 108 | 3361 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $18,204,690) |  | 26521552 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.0%**<sup>(a)</sup> |  |  |
| **Health Care REITs - 0.0%**<sup>(a)</sup> |  |  |
| American Healthcare REIT, Inc.  | 468 | 16352 |
| **Office REITs - 0.0%**<sup>(a)</sup> |  |  |
| BXP, Inc.  | 3 | 202 |
| **Other Specialized REITs - 0.0%**<sup>(a)</sup> |  |  |
| Iron Mountain, Inc.  | 24 | 2369 |
| **Telecom Tower REITs - 0.0%**<sup>(a)</sup> |  |  |
| American Tower Corp.  | 86 | 18460 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $30,547) |  | 37383 |
| **SHORT-TERM INVESTMENTS - 9.4%** |  |  |
| **Money Market Funds - 9.4%** |  |  |
| First American Government Obligations Fund - Class X, 4.23% <sup>(d)</sup> | 10063685 | 10063685 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $10,063,685) |  | 10063685 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $62,312,709**)** |  | $106762204 |
| Other Assets in Excess of Liabilities - 0.1%  |  | 95043 |
| **TOTAL NET ASSETS - 100.0%** |  | $106857247 |

---

Percentages are stated as a percent of net assets.

---

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

---

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

(b) Non-income producing security.

(c) Affiliated security as defined by the Investment Company Act of 1940.

(d) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

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

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

------

---

| |
|:---|
| **CAMBRIA ENDOWMENT STYLE ETF** |
| **SCHEDULE OF FUTURES CONTRACTS** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| U.S. Treasury 10 Year Notes | 291 | 09/19/2025 | $3222825 | $145072 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $145072 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 5.6%** | |  |
| **Entertainment - 1.0%** |  |  |
| Walt Disney Co.  | 2491 | $281583 |
| **Interactive Media & Services - 0.5%** |  |  |
| Alphabet, Inc. - Class A  | 371 | 63716 |
| Meta Platforms, Inc. - Class A  | 60 | 38849 |
| Tencent Holdings Ltd. - ADR  | 340 | 21345 |
|  |  | 123910 |
| **Media - 4.1%** |  |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | 667 | 264312 |
| Liberty Broadband Corp. - Class A <sup>(a)</sup> | 3454 | 320877 |
| News Corp. - Class A  | 9448 | 266811 |
| News Corp. - Class B  | 8523 | 278873 |
|  |  | 1130873 |
| **Total Communication Services** |  | 1536366 |
| **<u>Consumer Discretionary</u> - 12.1%** |  |  |
| **Broadline Retail - 1.7%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 770 | 157858 |
| MercadoLibre, Inc. <sup>(a)</sup> | 2 | 5126 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 2807 | 312840 |
|  |  | 475824 |
| **Diversified Consumer Services - 1.1%** |  |  |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 1558 | 308243 |
| **Hotels, Restaurants & Leisure - 2.0%** |  |  |
| Carnival Corp. <sup>(a)</sup> | 11553 | 268260 |
| Expedia Group, Inc.  | 1601 | 266967 |
|  |  | 535227 |
| **Household Durables - 0.2%** |  |  |
| Meritage Homes Corp.  | 884 | 56231 |
| **Leisure Products - 1.1%** |  |  |
| Mattel, Inc. <sup>(a)</sup> | 16079 | 304536 |
| **Specialty Retail - 5.0%** |  |  |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 999 | 227682 |
| AutoNation, Inc. <sup>(a)</sup> | 1507 | 277062 |
| Group 1 Automotive, Inc.  | 597 | 253080 |
| Lithia Motors, Inc.  | 796 | 252261 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 5248 | 366835 |
|  |  | 1376920 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1% (CONTINUED)** | **Shares** | **Value**  |
| **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| Skechers USA, Inc. - Class A <sup>(a)</sup> | 4438 | $275334 |
| **Total Consumer Discretionary** |  | 3332315 |
| **<u>Consumer Staples</u> - 4.1%** |  |  |
| **Consumer Staples Distribution & Retail - 3.2%** |  |  |
| Maplebear, Inc. <sup>(a)</sup> | 5656 | 258310 |
| Performance Food Group Co. <sup>(a)</sup> | 3370 | 301817 |
| US Foods Holding Corp. <sup>(a)</sup> | 3941 | 311812 |
|  |  | 871939 |
| **Food Products - 0.9%** |  |  |
| Pilgrim's Pride Corp.  | 5122 | 251797 |
| **Total Consumer Staples** |  | 1123736 |
| **<u>Energy</u> - 2.2%** |  |  |
| **Energy Equipment & Services - 1.2%** |  |  |
| Schlumberger NV  | 1135 | 37512 |
| TechnipFMC PLC  | 8891 | 276954 |
|  |  | 314466 |
| **Oil, Gas & Consumable Fuels - 1.0%** |  |  |
| Range Resources Corp.  | 7293 | 277426 |
| **Total Energy** |  | 591892 |
| **<u>Financials</u> - 7.1%** |  |  |
| **Banks - 0.9%** |  |  |
| First Citizens BancShares Inc. - Class A  | 139 | 256994 |
| **Capital Markets - 0.3%** |  |  |
| Blackrock, Inc.  | 64 | 62713 |
| LPL Financial Holdings, Inc.  | 33 | 12776 |
|  |  | 75489 |
| **Financial Services - 3.0%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 559 | 281714 |
| Mr Cooper Group, Inc. <sup>(a)</sup> | 2134 | 276417 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 3726 | 261863 |
|  |  | 819994 |
| **Insurance - 2.9%** |  |  |
| Aflac, Inc.  | 2234 | 231308 |
| Globe Life, Inc.  | 2227 | 271405 |
| Markel Group, Inc. <sup>(a)</sup> | 148 | 287372 |
|  |  | 790085 |
| **Total Financials** |  | 1942562 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1% (CONTINUED)** | **Shares** | **Value**  |
| **<u>Health Care</u> - 8.9%** | |  |
| **Biotechnology - 2.4%** |  |  |
| Exelixis, Inc. <sup>(a)</sup> | 7483 | $322068 |
| Gilead Sciences, Inc.  | 905 | 99623 |
| United Therapeutics Corp. <sup>(a)</sup> | 772 | 246152 |
|  |  | 667843 |
| **Health Care Equipment & Supplies - 0.8%** |  |  |
| Globus Medical, Inc. - Class A <sup>(a)</sup> | 3434 | 203224 |
| Stryker Corp.  | 44 | 16836 |
|  |  | 220060 |
| **Health Care Providers & Services - 3.8%** |  |  |
| Cencora, Inc.  | 878 | 255709 |
| Hims & Hers Health, Inc. <sup>(a)</sup> | 1919 | 108539 |
| McKesson Corp.  | 359 | 258304 |
| Tenet Healthcare Corp. <sup>(a)</sup> | 2069 | 349185 |
| UnitedHealth Group, Inc.  | 221 | 66722 |
|  |  | 1038459 |
| **Health Care Technology - 0.1%** |  |  |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 67 | 18740 |
| **Life Sciences Tools & Services - 0.4%** |  |  |
| ICON PLC <sup>(a)</sup> | 11 | 1433 |
| Thermo Fisher Scientific, Inc.  | 265 | 106748 |
|  |  | 108181 |
| **Pharmaceuticals - 1.4%** |  |  |
| Eli Lilly & Co.  | 186 | 137206 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 2209 | 238727 |
|  |  | 375933 |
| **Total Health Care** |  | 2429216 |
| **<u>Industrials</u> - 19.1%** |  |  |
| **Aerospace & Defense - 1.2%** |  |  |
| Boeing Co. <sup>(a)</sup> | 62 | 12854 |
| General Electric Co.  | 37 | 9099 |
| TransDigm Group, Inc.  | 20 | 29368 |
| Woodward, Inc.  | 1334 | 288584 |
|  |  | 339905 |
| **Building Products - 1.2%** |  |  |
| Builders FirstSource, Inc. <sup>(a)</sup> | 445 | 47918 |
| Zurn Elkay Water Solutions Corp.  | 7763 | 280943 |
|  |  | 328861 |
| **Commercial Services & Supplies - 0.1%** |  |  |
| Waste Management, Inc.  | 175 | 42170 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1% (CONTINUED)** | **Shares** | **Value**  |
| **Construction & Engineering - 6.2%** |  |  |
| AECOM  | 2827 | $310546 |
| Comfort Systems USA, Inc.  | 740 | 353890 |
| EMCOR Group, Inc.  | 695 | 327943 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 2428 | 456488 |
| Valmont Industries, Inc.  | 797 | 253478 |
|  |  | 1702345 |
| **Electrical Equipment - 1.0%** |  |  |
| AMETEK, Inc.  | 1472 | 263105 |
| Generac Holdings, Inc. <sup>(a)</sup> | 54 | 6595 |
|  |  | 269700 |
| **Machinery - 3.2%** |  |  |
| Allison Transmission Holdings, Inc.  | 4 | 414 |
| Gates Industrial Corp. PLC <sup>(a)</sup> | 12814 | 271016 |
| ITT, Inc.  | 1952 | 293854 |
| RBC Bearings, Inc. <sup>(a)</sup> | 14 | 5122 |
| Westinghouse Air Brake Technologies Corp.  | 1514 | 306313 |
|  |  | 876719 |
| **Passenger Airlines - 0.7%** |  |  |
| Alaska Air Group, Inc. <sup>(a)</sup> | 3861 | 196641 |
| **Professional Services - 2.6%** |  |  |
| Amentum Holdings, Inc. <sup>(a)</sup> | 132 | 2731 |
| FTI Consulting, Inc. <sup>(a)</sup> | 592 | 97183 |
| Jacobs Solutions, Inc.  | 2173 | 274450 |
| Paycom Software, Inc.  | 1259 | 326194 |
|  |  | 700558 |
| **Trading Companies & Distributors - 2.9%** |  |  |
| AerCap Holdings NV  | 2411 | 279025 |
| Applied Industrial Technologies, Inc.  | 1109 | 251210 |
| WESCO International, Inc.  | 1565 | 262748 |
|  |  | 792983 |
| **Total Industrials** |  | 5249882 |
| **<u>Information Technology</u> - 12.7%** |  |  |
| **Communications Equipment - 1.0%** |  |  |
| F5, Inc. <sup>(a)</sup> | 944 | 269399 |
| **Electronic Equipment, Instruments & Components - 4.2%** |  |  |
| Fabrinet <sup>(a)</sup> | 1204 | 280375 |
| Flex Ltd. <sup>(a)</sup> | 7109 | 300711 |
| Jabil, Inc.  | 1749 | 293850 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 557 | 277865 |
|  |  | 1152801 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1% (CONTINUED)** | **Shares** | **Value**  |
| **IT Services - 1.9%** |  |  |
| EPAM Systems, Inc. <sup>(a)</sup> | 1295 | $225965 |
| Gartner, Inc. <sup>(a)</sup> | 6 | 2618 |
| Twilio, Inc. - Class A <sup>(a)</sup> | 2372 | 279184 |
|  |  | 507767 |
| **Semiconductors & Semiconductor Equipment - 2.2%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 5242 | 580446 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 184 | 35571 |
|  |  | 616017 |
| **Software - 3.4%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | 5421 | 250775 |
| Adobe, Inc. <sup>(a)</sup> | 271 | 112489 |
| Autodesk, Inc. <sup>(a)</sup> | 25 | 7403 |
| BILL Holdings, Inc. <sup>(a)</sup> | 5127 | 223947 |
| Docusign, Inc. <sup>(a)</sup> | 3373 | 298882 |
| Fair Isaac Corp. <sup>(a)</sup> | 9 | 15537 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 215 | 28333 |
|  |  | 937366 |
| **Total Information Technology** |  | 3483350 |
| **<u>Materials</u> - 1.2%** |  |  |
| **Chemicals - 0.0%**<sup>(b)</sup> |  |  |
| Balchem Corp.  | 23 | 3834 |
| **Construction Materials - 1.1%** |  |  |
| Knife River Corp. <sup>(a)</sup> | 2944 | 277031 |
| Vulcan Materials Co.  | 75 | 19880 |
|  |  | 296911 |
| **Metals & Mining - 0.1%** |  |  |
| Steel Dynamics, Inc.  | 215 | 26460 |
| **Total Materials** |  | 327205 |
| **<u>Real Estate</u> - 0.8%** |  |  |
| **Real Estate Management & Development - 0.8%** |  |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | 1040 | 231608 |
| **<u>Utilities</u> - 1.3%** |  |  |
| **Electric Utilities - 1.2%** |  |  |
| Constellation Energy Corp.  | 1060 | 324519 |
| Duke Energy Corp.  | 100 | 11772 |
|  |  | 336291 |

---

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

------

---

| |
|:---|
| **CAMBRIA TAX AWARE ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.1% (CONTINUED)** | **Shares** | **Value**  |
| **Multi-Utilities - 0.1%** |  |  |
| Dominion Energy, Inc.  | 157 | $8897 |
| **Total Utilities** |  | 345188 |
| **TOTAL COMMON STOCKS** (Cost $18,894,295) |  | 20593320 |
| **EXCHANGE TRADED FUNDS - 24.1%** |  |  |
| Alpha Architect 1-3 Month Box ETF  | 4637 | 520828 |
| Calamos S&P 500 Structured Alt Protection ETF-December <sup>(a)</sup> | 22685 | 553060 |
| Invesco S&P 500 Equal Weight ETF  | 4307 | 759884 |
| iShares Core S&P 500 ETF  | 1294 | 766242 |
| iShares Core S&P Total U.S. Stock Market ETF  | 1066 | 137194 |
| iShares MSCI EAFE ETF  | 952 | 84547 |
| iShares S&P 500 Value ETF  | 638 | 120576 |
| Pacer Trendpilot US Large Cap ETF  | 1642 | 79309 |
| Simplify US Equity PLUS Convexity ETF  | 1474 | 57806 |
| VanEck Morningstar Wide Moat ETF  | 629 | 56377 |
| VanEck Semiconductor ETF <sup>(a)</sup> | 81 | 19420 |
| Vanguard Total Stock Market ETF  | 11907 | 3451601 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,948,368) |  | 6606844 |
| **SHORT-TERM INVESTMENTS - 0.8%** |  |  |
| **Money Market Funds - 0.8%** |  |  |
| First American Government Obligations Fund - Class X, 4.23% <sup>(c)</sup> | 222474 | 222474 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $222,474) |  | 222474 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $24,065,137**)** |  | $27422638 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> |  | 8052 |
| **TOTAL NET ASSETS - 100.0%** |  | $27430690 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ADR - American Depositary Receipt | ADR - American Depositary Receipt |
| PLC - Public Limited Company | PLC - Public Limited Company |
| (a) | Non-income producing security.  |
| (b) | Represents less than 0.05% of net assets. |
| (c) | Affiliated security as defined by the Investment Company Act of 1940.  |
| (d) | The rate shown represents the 7-day annualized effective yield as of May 31, 2025. |

---

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

(b) Not applicable

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

------

**CAMBRIA ETFs**

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

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

**STATEMENTS OF ASSETS AND LIABILITIES**

**May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Cambria Endowment Style ETF** | **Cambria Tax Aware ETF** |
| **ASSETS:** | | |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (See Note 2) | $106482299 | $26901810 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (See Note 6) | 279905 | 520828 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts (See Note 2) | 145072 |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 54763 | 7793 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 36008 | 1042 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable | 1341 | 8 |
| &nbsp;&nbsp;&nbsp;Cash | 1040 |  |
| &nbsp;&nbsp;&nbsp;Security lending income receivable (See Note 4) |  | 19 |
| Total assets | 107000428 | 27431500 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker | 139292 |  |
| &nbsp;&nbsp;&nbsp;Interest payable | 3889 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (See Note 3) |  | 810 |
| Total liabilities | 143181 | 810 |
| **NET ASSETS** | $106857247 | $27430690 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 47016879 | 15132157 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 59840368 | 12298533 |
| Total net assets | $106857247 | $27430690 |
| Net assets | $106857247 | $27430690 |
| Shares issued and outstanding<sup>(a)</sup> | 3950000 | 1111000 |
| Net asset value per share | $27.05 | $24.69 |
| **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $62271147 | $23575099 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $41562 | $490038 |

---

(a) Unlimited shares authorized without par value.

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

------

**CAMBRIA ETFs**

**STATEMENTS OF OPERATIONS**

**For the Period Ended May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Cambria Endowment Style ETF**<sup>(a)</sup> | **Cambria Tax Aware ETF**<sup>(b)</sup> |
| **INVESTMENT INCOME:** | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $101765 | $159426 |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (3701) | (190) |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees | (467) | (120) |
| &nbsp;&nbsp;&nbsp;Interest income | 61969 | 27953 |
| &nbsp;&nbsp;&nbsp;Securities lending income (See Note 4) |  | 836 |
| Total investment income | 159566 | 187905 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 4836 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (See Note 3) |  | 62294 |
| Total expenses | 4836 | 62294 |
| **NET INVESTMENT INCOME (LOSS)** | 154730 | 125611 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | (731995) | (172310) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities | 205 | 5 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions in unaffiliated securities | 15961216 | 9047846 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions in affiliated securities |  | 1557 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (138355) |  |
| &nbsp;&nbsp;&nbsp;Payment from affiliates |  | 2895 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from other investment companies |  | 358 |
| Net realized gain (loss) | 15091071 | 8880351 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 44211152 | 3326711 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities | 238343 | 30790 |
| &nbsp;&nbsp;&nbsp;Future contracts | 145072 |  |
| Net change in unrealized appreciation (depreciation) | 44594567 | 3357501 |
| Net realized and unrealized gain (loss) | 59685638 | 12237852 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $59840368 | $12363463 |

---

(a) Inception date of the Fund was April 9, 2025.

(b) Inception date of the Fund was December 17, 2024.

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

------

**CAMBRIA ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Cambria Endowment <br>Style ETF** | **Cambria Tax <br>Aware ETF** |
| | **Period ended** <br>**May 31, 2025**<sup>(a)</sup>  | **Period ended** <br>**May 31, 2025**<sup>(b)</sup> |
| **OPERATIONS:** | | |
| Net investment income (loss) | $154730 | $125611 |
| Net realized gain (loss) | 15091071 | 8880351 |
| Net change in unrealized appreciation (depreciation) | 44594567 | 3357501 |
| Net increase (decrease) in net assets from operations | 59840368 | 12363463 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings |  | (64930) |
| Total distributions to shareholders |  | (64930) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Subscriptions | 64313039 | 36285862 |
| Redemptions | (17296160) | (21153705) |
| Net increase (decrease) in net assets from capital transactions | 47016879 | 15132157 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 106857247 | 27430690 |
| **NET ASSETS:** |  |  |
| Beginning of the period |  |  |
| End of the period | $106857247 | $27430690 |
| **SHARES TRANSACTIONS** |  |  |
| Subscriptions | 4650000 | 1981000 |
| Redemptions | (700000) | (870000) |
| Total increase (decrease) in shares outstanding | 3950000 | 1111000 |

---

(a) Inception date of the Fund was April 9, 2025.

(b) Inception date of the Fund was December 17, 2024.

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

------

**CAMBRIA ETFs**

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | **Net asset value, beginning of period** | **Net investment income (loss)**<sup>(a)(b)</sup> | **Net realized and unrealized gain (loss) on investments**<sup>(c)</sup> | **Total from investment operations** | **Net investment income** | **Total distributions** | **Net asset value, end of period** | **Total return**<sup>(d)</sup> | **Net assets, end of period (in thousands)** | **Ratio of expense to average net assets**<sup>(e)(f)</sup> | **Ratio of dividends, interest and borrowing expenses on securities sold short to average net assets**<sup>(e)(f)</sup> | **Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short**<sup>(e)(f)</sup> | **Ratio of net investment income (loss) to average net assets**<sup>(e)(f)</sup> | **Portfolio turnover rate**<sup>(d)(g)</sup> |
| **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** | **Cambria Endowment Style ETF** |
| 5/31/2025<sup>(h)(i)</sup> | $24.98 | 0.04 | 2.03 | 2.07 | – | – | $27.05 | 8.29% | $106857 | 0.03% | 0.03% | 0.00% | 1.09% | 16% |
| **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** | **Cambria Tax Aware ETF** |
| 5/31/2025<sup>(h)(j)</sup> | $25.00 | 0.11 | (0.36) | (0.25) | (0.06) | (0.06) | $24.69 | -1.02% | $27431 | 0.49% | 0.00% | 0.49% | 0.99% | 66% |

---

(a) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

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

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

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

(e) These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(f) Annualized for periods less than one year.

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

(h) Unaudited.

(i) Inception date of the Fund was April 9, 2025.

(j) Inception date of the Fund was December 17, 2024.

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

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS May 31, 2025 (Unaudited)**

**NOTE 1 – ORGANIZATION**

Cambria Endowment Style ETF ("ENDW") and Cambria Tax Aware ETF ("TAX") (individually, a "Fund", or collectively, the "Funds") are each a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund is considered diversified under the 1940 Act. Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies. See the Funds' Prospectus and Statement of Additional Information regarding the risks of investing in shares of each Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Ticker** | **Commencement <br>of Operations** | **Creation Unit Size** | **Listing Exchange** |
| ENDW | April 9, 2025 | 10,000 | The Nasdaq Stock Market LLC |
| TAX | December 17, 2024 | 10,000 | The Nasdaq Stock Market LLC |

---

The investment objective for each Fund is to:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| ENDW | seek income and capital appreciation. |
| TAX | seek to provide a tax-efficient investment return consisting of capital appreciation. |

---

As part of ENDW's commencement of operations on April 9, 2025, ENDW received an in-kind contribution from separately managed accounts of various investment advisory firms, which consisted of $98,178,992 of securities which were recorded at their current value to align ENDW's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, ENDW elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of April 9, 2025, was $36,262,931, resulting in net unrealized appreciation on investments of $51,563,693 as of that date. As a result of the in-kind contribution, ENDW issued 3,930,000 shares at a $24.98 per share net asset value.

As part of TAX's commencement of operations on December 17, 2024, TAX received an in-kind contribution from accounts of various investment advisory firms, which consisted of $27,027,829 of securities which were recorded at their current value to align TAX's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, TAX elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of December 17, 2024, was $14,286,180, resulting in net unrealized appreciation on investments of $12,741,649 as of that date. As a result of the in-kind contribution, TAX issued 1,081,000 shares at a $25.00 per share net asset value.

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

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

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

The end of the reporting period for each Fund is May 31, 2025, and the period covered by these Notes to Financial Statements is from each Fund's Date of Commencement to May 31, 2025 (the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.*Security Valuation.* Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities.

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

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

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

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

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>ENDW</u>** | | | | |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $70139584 | $— | $— | $70139584 |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 26521552 |  |  | 26521552 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 37383 |  |  | 37383 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 10063685 |  |  | 10063685 |
| **Total Investments in Securities** | $**106762204** | $— | $— | $**106762204** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* | $145072 | $— | $— | $145072 |
| **Total Other Financial Instruments** | $**145072** | $**—** | $**—** | $**145072** |
| **<u>TAX</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $20593320 | $— | $— | $20593320 |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 6606844 |  |  | 6606844 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 222474 |  |  | 222474 |
| **Total Investments in Securities** | $**27422638** | $**—** | $**—** | $**27422638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.*Derivative Transactions* The values of derivative instruments on the Statements of Assets and Liabilities for ENDW as of the current fiscal period, is as follows:

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives** | | **Due to Broker for Futures Contracts** | **Value of Unrealized Appreciation (Depreciation)\*** |
|<br>**Derivatives Instrument** |<br>**Risk Exposure** | **Statement of Assets and Liabilities Location** | | **ENDW** | **ENDW** |
| Futures contracts | Treasury risk | Due to Broker for Futures Contracts | $ | $(139292) | $145072 |

---

\* Includes cumulative appreciation and depreciation on futures contracts as reported on the Schedule of Open Futures Contracts. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The effect of derivative instruments on each Fund's Statement of Operations for the current fiscal period is as follows:

---

| | |
|:---|:---|
| **Statement of Operations Location** | **ENDW** |
| **Treasury Risk Exposure** | |
| Net realized gain (loss) on futures contracts | $(138355) |
| Net change in unrealized appreciation (depreciation) on futures contracts | $145072 |

---

During the current fiscal period, the average notional value of futures contracts of the ENDW was $27,784,283.

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

The Funds isolate 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."

Each 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.

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

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

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**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

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

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

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

Distributions to shareholders from net investment income for each Fund are declared and paid on a annual 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 Funds may distribute more frequently, if necessary, for tax purposes.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.*Reclassification of Capital Accounts.* GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

net asset value per share. In addition, the Funds 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 Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings to paid-in capital. There were no reclassifications made during the current fiscal period as both the Funds commenced operations during the period.

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

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

---

| | |
|:---|:---|
| ENDW | 0.00% |
| TAX | 0.49% |

---

Cambria Investment Management, L.P. ("Cambria" or the "Sub-Adviser"), serves as a discretionary investment sub-adviser to the Funds. Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.

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

**NOTE 4 – SECURITIES LENDING**

Each Fund may lend up to 33<sup>1/3</sup>% of the value of the securities in their portfolios 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 Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue 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 Funds. The Funds have 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

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

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

The interest income earned by the funds on the investment of cash collateral received from borrowers for the securities loaned to them ("Securities Lending Income") is reflected in the Funds' Statements of Operations.Net securities lending income earned on collateral investments and recognized by the applicable funds during the current fiscal period was as follows:

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| | |
|:---|:---|
| TAX | $836.0 |

---

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

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

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

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| ENDW | $9754575 | $18023704 |
| TAX | 17589820 | 15502362 |

---

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

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| ENDW | $16108532 | $17372179 |
| TAX | 19252342 | 20655688 |

---

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

**NOTE 6 – TRANSACTIONS WITH AFFILIATES**

ENDW's (the "Fund") transactions with affiliates represent holdings for which the Fund and the underlying fund have the same investment adviser. ENDW had the following transactions with such affiliated funds during the current fiscal period:

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| | |
|:---|:---|
| | **TAX** |
| Value, Beginning of Period | $— |
| Purchases | 84937 |
| Proceeds from Sales | (43580) |
| Net Realized Gains (Losses) | 205 |
| Change in Unrealized Appreciation (Depreciation) | 238343 |
| Value, End of Period | $279905 |
| Dividend Income | $— |

---

------

**CAMBRIA ETFs**

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) May 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| | **TAX** |
| Shares, Beginning of Period |  |
| Number of Shares Purchased | 13293 |
| Number of Shares Sold | (1960) |
| Shares, End of Period | 11333 |

---

TAX's (the "Fund") transactions with affiliates represent holdings for which the Fund and the underlying fund have the same investment adviser. TAX had the following transactions with such affiliated funds during the current fiscal period:

---

| | |
|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** |
| Value, Beginning of Period | $— |
| Purchases | 813054 |
| Proceeds from Sales | (324578) |
| Net Realized Gains (Losses) | 1562 |
| Change in Unrealized Appreciation (Depreciation) | 30790 |
| Value, End of Period | $520828 |
| Dividend Income | $— |
| Shares, Beginning of Period |  |
| Number of Shares Purchased | 7562 |
| Number of Shares Sold | (2925) |
| Shares, End of Period | 4637 |

---

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid by each Fund during the current fiscal period were as follows:

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| | |
|:---|:---|
| | **Ordinary Income** |
| | **Current Fiscal Period** |
| ENDW<sup>(a)</sup> | $— |
| TAX<sup>(b)</sup> | 64930 |

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(a) Inception date of the Fund was April 9, 2025.

(b) Inception date of the Fund was December 17, 2024.

**NOTE 8 – SUBSEQUENT EVENTS**

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

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

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

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

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

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

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

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

Not applicable. The Independent Trustees are paid by the Adviser out of the advisory fee. See Note 4 to the Financial Statements under Item 7.

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

The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on September 5-6, 2024 to consider the approval of the Advisory Agreement between the Trust, on behalf of the Cambria Endowment Style ETF and Cambria Tax Aware ETF (each, a "Fund," and together, the "Funds"), and Empowered Funds, LLC dba EA Advisers (the "Adviser"), as well as to consider the approval of the Sub-Advisory Agreement between the Adviser and Cambria Investment Management, LP (the "Sub-Adviser"), each for an initial two-year term. In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board's consideration of whether to approve the Advisory Agreement and Sub-Advisory Agreement. Subsequent to the September 5-6 meeting, the Board reduced the Cambria Tax Aware ETF's management fee to 0.49%. In connection with considering the approval of both the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. In reaching the decision to approve both the Advisory Agreement and Sub-Advisory Agreement, the Board considered and reviewed information provided by the Adviser and Sub-Adviser, including among other things information about their respective personnel, operations, financial condition, and compliance and risk management. The Board also reviewed the proposed Advisory Agreement and Sub-Advisory Agreement. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:

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

<u>Performance.</u> Performance information was not available for the Funds as they had not yet commenced investment operations. The Board considered the Sub-Adviser's experience in providing advisory services to ETFs in another registered investment company. In addition, the Board noted that the Sub-Adviser has been providing advisory services to individuals, institutional clients, and other registered funds since 2006.

<u>Comparative Fees and Expenses</u>. In considering the advisory fees and sub-advisory fees, the Board reviewed and considered the fees in light of the nature, quality and extent of the services expected to be provided by the Adviser and the Sub-Adviser, respectively. With respect to the advisory fees and expense ratio for the Funds, the Board also considered the fees and expense ratio versus the fees and expenses charged to other comparable ETFs. The Board also considered the allocation of fees between the Adviser and the Sub-Adviser.

------

The Board compared each Fund's gross total expense ratio, net total expense ratio, and management fee to those of its respective peers, as shown in the third-party report.

*<u>Cambria Endowment Style ETF (ENDW)</u>* – The Fund's gross total expense ratio (0.64%) was lower than the peer group average (1.23%); the Fund's net total expense ratio (0.64%) was lower than the peer group average (0.91%); and the Fund's management fee (0.00%) was lower than the peer group average (0.71%). The Board noted that while the Fund was not incurring a management fee, the acquired fund fees and expenses incurred by the Fund owning other ETFs were being passed through the Fund's shareholders. The estimated acquired fund fees and expenses for the first year of operations is 64 basis points which is lower than the average management fee for its peers.

*<u>Cambria Tax Aware ETF (TAX)</u>* – The Fund's gross total expense ratio (0.59%) was lower than the peer group average (0.61%); the Fund's net total expense ratio (0.59%) was higher than the peer group average (0.53%); and the Fund's management fee (0.59%) was higher than the peer group average (0.54%).

The Board considered that each Fund's fee arrangement in which the Adviser is responsible for paying most of the Fund's operating expenses out of its resources, noting that comparisons with a Fund's overall expense ratio may be more relevant than comparisons to management fees only. They stated that such a comparison demonstrates a Fund's overall cost structure is within the range of expense ratios of its respective peers.

The Board considered, among other information, the data provided in a third-party report comparing the Fund's proposed fees to those of other ETFs that the third-party deemed to be comparable to the Fund. Fee information was provided in quartiles, ranging from quartile one (the least expensive) to quartile four (the most expensive). This data included a comparison of the Fund's anticipated expense ratio against its peers. The Fund's total expense ratio (for both gross and net) and management fee were in the following quartiles:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Total Expense Ratio** | **Net Expense Ratio** | **Management Fee Only** |
| **ENDW** | Quartile 2 | Quartile 2 | Quartile 1 |
| **TAX** | Quartile 3 | Quartile 3 | Quartile 3 |

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With respect to the sub-advisory fee, the Board noted that it was payable solely out of the unitary management fee payable to the Adviser. The Board considered the representations from the Adviser and the Sub-Adviser that neither firm manages any other accounts that follow a similar strategy as the Funds. The Board was agreeable to the fee levels.

<u>Costs and Profitability</u>. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to the Funds. The Board reviewed estimated profit and loss information provided by each of the Adviser and the Sub-Adviser with respect to the Funds and estimated data regarding the proposed advisory and sub-advisory fees. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage the Funds and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies. The Board also considered other expenses of the Funds that the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by each Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser, as well as the Sub-Adviser, who serves as the sponsor of the Funds. The Board also considered each Fund's projected asset totals over the first year of operations, noting that based on the projected asset totals the Adviser and Sub-Adviser will not be profitable as it relates to their respective advisory fee arrangements. The Board discussed the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to maintain its commitment to the Funds.

<u>Other Benefits</u>. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from each Fund's operations. For example, the Adviser may engage in soft dollar transactions in the future, although it did not currently plan to do so. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Funds and other series in the Trust.

<u>Economies of Scale</u>. The Board also considered whether economies of scale would be realized by the Funds as each Fund's assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that

------

the proposed advisory and sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given that the Funds are new.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

------

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

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

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

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* <u>Not Applicable.</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* <u>Not Applicable to open-end investment companies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. <u>Not Applicable.</u>

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

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**SIGNATURES**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | EA Series Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | July 30, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Wesley R. Gray, PhD. |
|  | Wesley R. Gray, PhD., President (principal executive officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | July 30, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Sean R. Hegarty, CPA |
|  | Sean R. Hegarty, CPA, Treasurer (principal financial officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | July 30, 2025 |

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## 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 May 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the EA Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Wesley R. Gray, PhD. | /s/ Sean R. Hegarty |
| Wesley R. Gray, PhD. | Sean R. Hegarty, CPA |
| President (principal executive officer) | Treasurer (principal financial officer) |
| EA Series Trust | EA Series Trust |
| Dated: July 28, 2025 | Dated: July 28, 2025 |

---

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

## Ex-99.Cert

**EX-99.CERT**

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

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

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

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

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

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

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

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

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

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

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

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

------

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

---

| | |
|:---|:---|
| Date: July 28, 2025 | /s/ Wesley R. Gray, PhD. |
| | Wesley R. Gray, PhD. |
| | President (principal executive officer) |
| | EA Series Trust |

---

------

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

I, Sean R. Hegarty, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: July 28, 2025 | /s/ Sean R. Hegarty |
| | Sean R. Hegarty, CPA |
| | Treasurer (principal financial officer) |
| | EA Series Trust |

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<br>