# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-003535
**Filing Date:** 2025-10
**Character Count:** 84493
**Document Hash:** a4c33f588a6544be8f29593b1127d8a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-003535.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001592900-25-003535

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251434475

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

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

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

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

## Series and Classes Contracts Data

### Militia Long/Short Equity ETF (Series ID: S000089579)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000256190 | Militia Long/Short Equity ETF | ORR             |

## Nport-Ex

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 4.2%** | |  |
| **Alternative Carriers - 3.6%** |  |  |
| U-Next Holdings Co. Ltd.  | 301410 | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280512 |
|  |  | $– |
| **Interactive Home Entertainment - 0.2%** |  |  |
| Nihon Falcom Corp.  | 23364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213997 |
| **Interactive Media & Services - 0.4%** |  |  |
| ZIGExN Co. Ltd.  | 148792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537638 |
| **Total Communication Services** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5032147 |
| **<u>Consumer Discretionary</u> - 15.2%** |  |  |
| **Apparel Retail - 0.5%** |  |  |
| and ST HD Co. Ltd.  | 28252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581554 |
| **Apparel, Accessories & Luxury Goods - 1.2%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456681 |
|  |  | $– |
| **Automotive Parts & Equipment - 0.4%** |  |  |
| Shoei Co. Ltd.  | 36381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458739 |
| **Broadline Retail - 5.3%** |  |  |
| Amazon.com, Inc. <sup>(a)(b)</sup> | 27418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6278722 |
|  |  | $– |
| **Computer & Electronics Retail - 0.9%** |  |  |
| Nojima Corp.  | 46929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057024 |
| **Homebuilding - 5.3%** |  |  |
| Century Communities, Inc. <sup>(b)</sup> | 27275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796877 |
| FJ Next Holdings Co. Ltd.  | 33656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332312 |
| Open House Group Co. Ltd.  | 63856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3285463 |
| Sumitomo Forestry Co. Ltd.  | 70910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6228436 |
| **Leisure Facilities - 0.7%** |  |  |
| Nippon Ski Resort Development Co. Ltd.  | 31895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134999 |
| Tokyotokeiba Co. Ltd.  | 19722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847624 |
| **Other Specialty Retail - 0.7%** |  |  |
| Asahi Co. Ltd.  | 41674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389927 |
| Japan Eyewear Holdings Co. Ltd.  | 34101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874913 |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **Specialized Consumer Services - 0.1%** |  |  |
| Heian Ceremony Service Co. Ltd.  | 13000 | $87666 |
| **Tires & Rubber - 0.1%** |  |  |
| Tigers Polymer Corp.  | 23155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148427 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18019786 |
| **<u>Consumer Staples</u> - 10.4%** |  |  |
| **Consumer Staples Merchandise Retail - 1.4%** |  |  |
| Wal-Mart de Mexico SAB de CV  | 546921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1633921 |
| **Distillers & Vintners - 1.0%** |  |  |
| Diageo PLC - ADR <sup>(b)</sup> | 10539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178576 |
|  |  | $– |
| **Food Distributors - 0.3%** |  |  |
| OUG Holdings, Inc.  | 11185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306350 |
| **Food Retail - 2.1%** |  |  |
| Eco's Co. Ltd.  | 28080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520690 |
| Halows Co. Ltd.  | 24700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862244 |
| Life Corp.  | 65629 | 1099064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481998 |
| **Household Products - 0.2%** |  |  |
| Niitaka Co. Ltd.  | 20896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305431 |
| **Packaged Foods & Meats - 5.4%** |  |  |
| Bourbon Corp.  | 9440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162456 |
| Gruma SAB de CV - Class B  | 210299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3615234 |
| Ifuji Sangyo Co. Ltd.  | 23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391848 |
| Kikkoman Corp.  | 47900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414282 |
| Kotobuki Spirits Co. Ltd.  | 33864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420549 |
| Morinaga & Co. Ltd.  | 29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534564 |
| Nippn Corp.  | 35224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544102 |
| Starzen Co. Ltd.  | 49400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6484743 |
| **Total Consumer Staples** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12391019 |
| **<u>Energy</u> - 22.6%** |  |  |
| **Integrated Oil & Gas - 3.2%** |  |  |
| Ecopetrol SA - ADR <sup>(b)</sup> | 402522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3783707 |
| **Oil & Gas Equipment & Services - 0.2%** |  |  |
| Nagaoka International Corp.  | 22764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217796 |
|  |  | $– |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **Oil & Gas Exploration & Production - 2.6%** |  | |
| Geopark Ltd. <sup>(b)</sup> | 281231 | $1856125 |
| Inpex Corp.  | 74896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3139430 |
| **Oil & Gas Storage & Transportation - 16.6%** |  |  |
| Energy Transfer LP <sup>(b)</sup> | 521175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9235221 |
| MPLX LP <sup>(b)</sup> | 80837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4112178 |
| Western Midstream Partners LP <sup>(b)</sup> | 164118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6435067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19782466 |
| **Total Energy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26923399 |
| **<u>Financials</u> - 14.6%** |  |  |
| **Commercial & Residential Mortgage Finance - 2.7%** |  |  |
| Federal Agricultural Mortgage Corp. - Class C <sup>(b)</sup> | 15565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261957 |
| **Financial Exchanges & Data - 1.3%** |  |  |
| Japan Exchange Group, Inc.  | 146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538437 |
|  |  | $– |
| **Investment Banking & Brokerage - 4.6%** |  |  |
| Morgan Stanley <sup>(b)</sup> | 15879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2389472 |
| SBI Holdings, Inc.  | 54201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581421 |
| Traders Holdings Co. Ltd.  | 72360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5472152 |
| **Regional Banks - 5.8%** |  |  |
| Axos Financial, Inc. <sup>(a)(b)</sup> | 66296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6046858 |
| Parke Bancorp, Inc. <sup>(b)</sup> | 38436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6913590 |
| **Specialized Finance - 0.2%** |  |  |
| Entrust, Inc.  | 25732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180004 |
| **Total Financials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17366140 |
| **<u>Health Care</u> - 3.3%** |  |  |
| **Health Care Distributors - 0.3%** |  |  |
| Koa Shoji Holdings Co. Ltd.  | 71300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373105 |
| **Life Sciences Tools & Services - 3.0%** |  |  |
| Medpace Holdings, Inc. <sup>(a)(b)</sup> | 7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3562521 |
| **Total Health Care** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3935626 |
| **<u>Industrials</u> - 43.4%**<sup>(c)</sup> |  |  |
| **Agricultural & Farm Machinery - 0.5%** |  |  |
| YAMABIKO Corp.  | 35358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563976 |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **Air Freight & Logistics - 0.4%** |  | |
| Being Holdings Co. Ltd.  | 19448 | $524066 |
|  |  | $– |
| **Airport Services - 15.3%** |  |  |
| Aena SME SA <sup>(d)</sup> | 60736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757910 |
| Corp. America Airports SA <sup>(a)(b)</sup> | 169147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3638352 |
| Flughafen Zurich AG  | 2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888416 |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR <sup>(b)</sup> | 66819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6829570 |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR <sup>(b)</sup> | 20886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5033526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18147774 |
| **Building Products - 1.3%** |  |  |
| Nichias Corp.  | 24522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953647 |
| Sanyo Industries Ltd.  | 20324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520681 |
| **Construction & Engineering - 1.6%** |  |  |
| Kitano Construction Corp.  | 19340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592222 |
| Shinnihon Corp.  | 39749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510674 |
| Subaru Enterprise Co. Ltd.  | 12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304855 |
| Tanabe Engineering Corp.  | 21384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356364 |
| Ueki Corp.  | 10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937023 |
| **Construction Machinery & Heavy Transportation Equipment - 1.1%** |  |  |
| Takeuchi Manufacturing Co. Ltd.  | 35652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251841 |
| **Diversified Support Services - 0.2%** |  |  |
| VIS Co. Ltd.  | 19904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186911 |
|  |  | $– |
| **Environmental & Facilities Services - 0.6%** |  |  |
| Universal Engeisha KK  | 18328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735839 |
| **Human Resource & Employment Services - 0.7%** |  |  |
| HIRAYAMA Holdings Co. Ltd.  | 20996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158447 |
| Human Holdings Co. Ltd.  | 20280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259029 |
| Quick Co. Ltd.  | 29177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886436 |
| **Industrial Conglomerates - 8.1%** |  |  |
| Hikari Tsushin, Inc.  | 35827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9593362 |
| **Industrial Machinery & Supplies & Components - 2.3%** |  |  |
| Galilei Co. Ltd.  | 26004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649414 |
| Maruzen Co. Ltd.  | 21856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523515 |
| Musashi Co. Ltd.  | 14455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227711 |
| Okamoto Machine Tool Works Ltd.  | 21756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694333 |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **Industrial Machinery & Supplies & Components - 2.3% (Continued)** | | |
| Shibuya Corp.  | 27867 | $676977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2771950 |
| **Rail Transportation - 3.6%** |  |  |
| Central Japan Railway Co.  | 73520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962635 |
| Hankyu Hanshin Holdings, Inc.  | 25273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750339 |
| Jungfraubahn Holding AG  | 5814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4238863 |
| **Research & Consulting Services - 0.1%** |  |  |
| Draft, Inc.  | 24432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124026 |
| **Trading Companies & Distributors - 7.6%** |  |  |
| Daiichi Jitsugyo Co. Ltd.  | 27119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500840 |
| Hanwa Co. Ltd.  | 30851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337286 |
| ITOCHU Corp.  | 26039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1487867 |
| JK Holdings Co. Ltd.  | 23436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196795 |
| Mitani Corp.  | 20764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304349 |
| Mitsui & Co. Ltd.  | 41969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978434 |
| Sojitz Corp.  | 44500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183396 |
| Sumitomo Corp.  | 69926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973279 |
| Totech Corp.  | 30492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666050 |
| Tsubakimoto Kogyo Co. Ltd.  | 21270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9056721 |
| **Total Industrials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51539469 |
| **<u>Information Technology</u> - 15.0%** |  |  |
| **Application Software - 0.6%** |  |  |
| ISB Corp.  | 27620 | 319513 |
| NSW, Inc.  | 22488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721360 |
| **Communications Equipment - 0.7%** |  |  |
| SAXA, Inc.  | 23716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824666 |
| **Electronic Components - 0.6%** |  |  |
| Hosiden Corp.  | 21040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329298 |
| SEMITEC Corp.  | 21150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684497 |
| **Electronic Equipment & Instruments - 2.0%** |  |  |
| Azbil Corp.  | 102424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034660 |
| Jeol Ltd.  | 26294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838266 |
| Kyoritsu Electric Corp.  | 29496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2385952 |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **IT Consulting & Other Services - 0.9%** |  | |
| Asahi Intelligence Service Co. Ltd.  | 22196 | $150435 |
| Itfor, Inc.  | 37959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374024 |
| NCD Co. Ltd.  | 30096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062052 |
| **Semiconductor Materials & Equipment - 2.3%** |  |  |
| GLTechno Holdings, Inc.  | 24384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511059 |
| Inter Action Corp.  | 31710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308566 |
| Lasertec Corp.  | 14374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531251 |
| Rorze Corp.  | 33400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2769754 |
| **Semiconductors - 5.9%** |  |  |
| RS Technologies Co. Ltd.  | 25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621714 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | 27752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6407104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7028818 |
| **Technology Distributors - 1.1%** |  |  |
| Daitron Co. Ltd.  | 25091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705154 |
| Kaga Electronics Co. Ltd.  | 25695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311007 |
| **Technology Hardware, Storage & Peripherals - 0.9%** |  |  |
| Buffalo, Inc.  | 18095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452513 |
| MCJ Co. Ltd.  | 65019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084320 |
| **Total Information Technology** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17872426 |
| **<u>Materials</u> - 7.4%** |  |  |
| **Commodity Chemicals - 1.1%** |  |  |
| KEIWA, Inc.  | 71620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541944 |
| PILLAR Corp.  | 27335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297142 |
| **Construction Materials - 0.9%** |  |  |
| Maeda Kosen Co. Ltd.  | 33400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407514 |
| Shinagawa Refractories Co. Ltd.  | 31959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421466 |
| TYK Corp.  | 67064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072675 |
| **Specialty Chemicals - 2.4%** |  |  |
| C Uyemura & Co. Ltd.  | 18329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308368 |
| JCU Corp.  | 17130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500652 |
| SK Kaken Co. Ltd.  | 16067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2797388 |

---

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 138.8% (CONTINUED)** | **Shares** | **Value**  |
| **Steel - 3.0%** |  |  |
| Ternium SA - ADR <sup>(b)</sup> | 82189 | $2725387 |
| Yamato Kogyo Co. Ltd.  | 13219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3597299 |
| **Total Materials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8764504 |
| **<u>Real Estate</u> - 2.7%** |  |  |
| **Diversified Real Estate Activities - 2.3%** |  |  |
| Starts Corp., Inc.  | 25699 | 871760 |
| Sumitomo Realty & Development Co. Ltd.  | 30775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1276611 |
| Tokyo Tatemono Co. Ltd.  | 32890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772913 |
| **Real Estate Operating Companies - 0.4%** |  |  |
| Hulic Co. Ltd.  | 37834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407033 |
| **Total Real Estate** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3179946 |
| **TOTAL COMMON STOCKS** (Cost $147,531,950) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165024462 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.0%**<sup>(e)</sup> |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(f)</sup> | 1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,540) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| **TOTAL INVESTMENTS - 138.8% (**Cost $147,533,490**)** |  | $165026002 |
| Liabilities in Excess of Other Assets - (38.8)% <sup>(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46143836) |
| **TOTAL NET ASSETS - 100.0%** |  | $118882166 |

---

Percentages are stated as a percent of net assets.

---

| |
|:---|
| ADR - American Depositary Receipt |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of August 31, 2025 is $75,437,952.

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

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $1,757,910 or 1.5% of the Fund's net assets.

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

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

(g) Includes cash of $80,138 that is pledged as collateral for securities sold short.

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

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

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF SECURITIES SOLD SHORT** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - (47.5)%** | **Shares** | **Value** |
| AdvisorShares Pure US Cannabis ETF | (380996) | $(2122148) |
| ARK Innovation ETF | (97421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7302678) |
| Direxion Daily Small Cap Bull 3X Shares | (81365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3403498) |
| Global X Nasdaq 100 Covered Call ETF | (439372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7311150) |
| Global X SuperDividend ETF | (503059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12113661) |
| iShares Russell 2000 ETF | (87366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20545862) |
| YieldMax Universe Fund of Option Income ETF | (287458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3653591) |
| **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $52,481,949) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56452588) |
| **CLOSED-END FUNDS - (11.6)%** |  |  |
| Eagle Point Credit Co., Inc. | (122837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (927419) |
| Oxford Lane Capital Corp. | (1796691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6737591) |
| Prospect Capital Corp. | (709275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2113640) |
| TriplePoint Venture Growth BDC Corp. | (590150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4001217) |
| **TOTAL CLOSED-END FUNDS** (Proceeds $15,374,435) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13779867) |
| **COMMON STOCKS** - **(6.8)%** |  |  |
| **<u>Financials</u> - (6.8)%** |  |  |
| **Asset Management & Custody Banks - (6.8)%** |  |  |
| BlackRock TCP Capital Corp.  | (530336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3823723) |
| Runway Growth Finance Corp.  | (396336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4316099) |
| **TOTAL COMMON STOCKS** (Proceeds $8,335,117) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8139822) |
| **TOTAL SECURITIES SOLD SHORT - (65.9)%** (Proceeds $76,191,501) |  | $(78372277) |

---

Percentages are stated as a percent of net assets.

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

------

---

| |
|:---|
| **MILITIA LONG/SHORT EQUITY ETF** |
| **SCHEDULE OF FORWARD CURRENCY CONTRACTS** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| U.S. Bancorp Investments, Inc. | 09/30/2025 | USD | $39172550 | JPY | 5779361302  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295080) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295080) |

---

JPY - Japanese Yen <br> USD - United States Dollar

------

**MILITIA LONG/SHORT EQUITY ETF**

**Summary of Fair Value Disclosures as of August 31, 2025 (Unaudited)**

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

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Assets</u>** | | | | |
| &nbsp;&nbsp;Common Stocks | $165024462 | $— | $— | $165024462 |
| &nbsp;&nbsp;Money Market Funds | 1540 |  |  | 1540 |
| **Total Investments** | $165026002 | $— | $— | $165026002 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $(56452588) | $— | $— | $(56452588) |
| &nbsp;&nbsp;Closed-End Funds | (13779867) |  |  | (13779867) |
| &nbsp;&nbsp;Common Stocks | (8139822) |  |  | (8139822) |
| **Total Investments** | $(78372277) | $— | $— | $(78372277) |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;Forward Currency Contracts\* | $— | $(295080) | $— | $(295080) |
| **Total Investments** | $— | $(295080) | $— | $(295080) |

---

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

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

During the fiscal period ended August 31, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 3803 West Chester Pike

  - **City:** Newtown Square

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19073

  - **Telephone number:** 2158829983

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

- **a. Name of Series:** Militia Long/Short Equity ETF

- **b. EDGAR series identifier (if any):** S000089579

- **c. LEI of Series:** 529900F62REU8ZYU5R82

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $237095953.60

**Total Liabilities:** $118212754.22

**Net Assets:** $118883199.38

**Cash Not Reported:** $0.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256190 | 3.76%                | 3.06%                | 2.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-69735.41               | $3578999.70                                |
| Month 2  | $853485.05               | $1336920.66                                |
| Month 3  | $533927.18               | $3847922.49                                |

**Designated Index Information**

- **Index Name:** MSCI World Index

- **Index Identifier:** 990100

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NSW Inc/Japan                                  | NSW Inc/Japan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       22488 | NS      | $401847.42    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SAXA Inc                                       | SAXA Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       23716 | NS      | $824665.78    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eco's Co Ltd/Japan                             | Eco's Co Ltd/Japan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       28080 | NS      | $520690.01    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Musashi Co Ltd                                 | Musashi Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       14455 | NS      | $227711.37    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Japan Railway Co                       | Central Japan Railway Co                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       73520 | NS      | $1962634.55   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JCU Corp                                       | JCU Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       17130 | NS      | $500652.24    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Niitaka Co Ltd                                 | Niitaka Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       20896 | NS      | $305430.97    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruma SAB de CV                                | Gruma SAB de CV                                | CUSIP: P4948K121<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | EC               | CORP              | MX        |      210299 | NS      | $3615234.12   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Halows Co Ltd                                  | Halows Co Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       24700 | NS      | $862243.54    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeuchi Manufacturing Co Ltd                  | Takeuchi Manufacturing Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       35652 | NS      | $1251841.18   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Heian Ceremony Service Co Ltd                  | Heian Ceremony Service Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       13000 | NS      | $87666.29     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Maeda Kosen Co Ltd                             | Maeda Kosen Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       33400 | NS      | $407513.86    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Buffalo Inc /Japan                             | Buffalo Inc /Japan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       18095 | NS      | $452513.52    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Co Ltd                                   | Asahi Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       41674 | NS      | $389927.19    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Entrust Inc                                    | Entrust Inc                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25732 | NS      | $180004.06    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FJ Next Holdings Co Ltd                        | FJ Next Holdings Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       33656 | NS      | $332311.63    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMITEC Corp                                   | SEMITEC Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21150 | NS      | $355198.53    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaga Electronics Co Ltd                        | Kaga Electronics Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25695 | NS      | $605853.32    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Falcom Corp                              | Nihon Falcom Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       23364 | NS      | $213997.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KEIWA Inc                                      | KEIWA Inc                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       71620 | NS      | $541944.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Kaken Co Ltd                                | SK Kaken Co Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       16067 | NS      | $988368.41    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NCD Co Ltd/Shinagawa                           | NCD Co Ltd/Shinagawa                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       30096 | NS      | $537593.14    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Intelligence Service Co Ltd              | Asahi Intelligence Service Co Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       22196 | NS      | $150435.28    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Itfor Inc                                      | Itfor Inc                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       37959 | NS      | $374023.56    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sojitz Corp                                    | Sojitz Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       44500 | NS      | $1183396.28   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc                       | Japan Exchange Group Inc                       | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |      146000 | NS      | $1538436.94   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikari Tsushin Inc                             | Hikari Tsushin Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       35827 | NS      | $9593361.57   | 8.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Human Holdings Co Ltd                          | Human Holdings Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       20280 | NS      | $259028.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                                     | Inpex Corp                                     | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |       74896 | NS      | $1283305.28   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| and ST HD Co Ltd                               | and ST HD Co Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       28252 | NS      | $581554.22    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotobuki Spirits Co Ltd                        | Kotobuki Spirits Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       33864 | NS      | $420549.15    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nojima Corp                                    | Nojima Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       46929 | NS      | $1057024.19   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoei Co Ltd                                   | Shoei Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       36381 | NS      | $458739.02    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings Inc                               | SBI Holdings Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       54201 | NS      | $2581421.52   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter Action Corp                              | Inter Action Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       31710 | NS      | $308565.89    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                       | iShares Russell 2000 ETF                       | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |      -87366 | NS      | $-20545862.22 | -17.28%           |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                     | Ternium SA                                     | CUSIP: 880890108<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       82189 | NS      | $2725387.24   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV | CUSIP: 400501102<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |       66819 | NS      | $6829569.99   | 5.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV     | Grupo Aeroportuario del Pacifico SAB de CV     | CUSIP: 400506101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |       20886 | NS      | $5033526.00   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol SA                                   | Ecopetrol SA                                   | CUSIP: 279158109<br>LEI: N/A                  | Long             | EC               | CORP              | CO        |      402522 | NS      | $3783706.80   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp America Airports SA                       | Corp America Airports SA                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |      169147 | NS      | $3638351.97   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                             | Energy Transfer LP                             | CUSIP: 29273V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      521175 | NS      | $9235221.00   | 7.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                        | MPLX LP                                        | CUSIP: 55336V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       80837 | NS      | $4112178.19   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                  | Western Midstream Partners LP                  | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      164118 | NS      | $6435066.78   | 5.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Geopark Ltd                                    | Geopark Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      281231 | NS      | $1856124.60   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Small Cap Bull 3X Shares        | Direxion Daily Small Cap Bull 3X Shares        | CUSIP: 25459W847<br>LEI: N/A                  | Short            | EC               | RF                | US        |      -81365 | NS      | $-3403497.95  | -2.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X SuperDividend ETF                     | Global X SuperDividend ETF                     | CUSIP: 37960A669<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -503059 | NS      | $-12113660.72 | -10.19%           |  |  |  | No            |                  1 | On Loan: No      |
| ARK Innovation ETF                             | ARK Innovation ETF                             | CUSIP: 00214Q104<br>LEI: 254900636IK9WKHH6949 | Short            | EC               | RF                | US        |      -97421 | NS      | $-7302678.16  | -6.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X Nasdaq 100 Covered Call ETF           | Global X Nasdaq 100 Covered Call ETF           | CUSIP: 37954Y483<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -439372 | NS      | $-7311150.08  | -6.15%            |  |  |  | No            |                  1 | On Loan: No      |
| AdvisorShares Pure US Cannabis ETF             | AdvisorShares Pure US Cannabis ETF             | CUSIP: 00768Y453<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -380996 | NS      | $-2122147.72  | -1.79%            |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax Universe Fund of Option Income ETF    | YieldMax Universe Fund of Option Income ETF    | CUSIP: 88636J659<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -287458 | NS      | $-3653591.18  | -3.07%            |  |  |  | No            |                  1 | On Loan: No      |
| JPY/USD FWD 20250930                           | JPY/USD FWD 20250930                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        | -5779361302 | NC      | $-295079.85   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obligations Fund     | First American Government Obligations Fund     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |        1540 | PA      | $1539.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HIRAYAMA Holdings Co Ltd                       | HIRAYAMA Holdings Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       20996 | NS      | $158446.90    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Engeisha KK                          | Universal Engeisha KK                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       18328 | NS      | $735838.86    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VIS Co Ltd                                     | VIS Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       19904 | NS      | $186911.10    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nagaoka International Corp                     | Nagaoka International Corp                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       22764 | NS      | $217795.82    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Technologies Co Ltd                         | RS Technologies Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25100 | NS      | $621714.13    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                    | Aena SME SA                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ES        |       60736 | NS      | $1757909.89   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Ski Resort Development Co Ltd           | Nippon Ski Resort Development Co Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       31895 | NS      | $134998.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIGExN Co Ltd                                  | ZIGExN Co Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      148792 | NS      | $537637.73    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Next Holdings Co Ltd                         | U-Next Holdings Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      301410 | NS      | $4280512.20   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Open House Group Co Ltd                        | Open House Group Co Ltd                        | CUSIP: N/A<br>LEI: 529900WQOGPBIJEHW865       | Long             | EC               | CORP              | JP        |       63856 | NS      | $3285463.01   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Koa Shoji Holdings Co Ltd                      | Koa Shoji Holdings Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       71300 | NS      | $373105.37    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Draft Inc                                      | Draft Inc                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       24432 | NS      | $124026.21    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Being Holdings Co Ltd                          | Being Holdings Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       19448 | NS      | $524065.73    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Eyewear Holdings Co Ltd                  | Japan Eyewear Holdings Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       34101 | NS      | $484985.81    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GLTECHNO HOLDINGS INC                          | GLTECHNO HOLDINGS INC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       24384 | NS      | $511059.30    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd      | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       27752 | NS      | $6407104.24   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                     | Diageo PLC                                     | CUSIP: 25243Q205<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       10539 | NS      | $1178576.37   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Azbil Corp                                     | Azbil Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      102424 | NS      | $1034659.78   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwa Co Ltd                                   | Hanwa Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       30851 | NS      | $1337286.04   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JK Holdings Co Ltd                             | JK Holdings Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       23436 | NS      | $196795.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE            | LVMH Moet Hennessy Louis Vuitton SE            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |        2470 | NS      | $1456680.74   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Tatemono Co Ltd                          | Tokyo Tatemono Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       32890 | NS      | $624541.83    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyotokeiba Co Ltd                            | Tokyotokeiba Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       19722 | NS      | $712625.09    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ueki Corp                                      | Ueki Corp                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       10250 | NS      | $172908.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TYK Corp/Tokyo                                 | TYK Corp/Tokyo                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       67064 | NS      | $243694.85    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamato Kogyo Co Ltd                            | Yamato Kogyo Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       13219 | NS      | $871911.59    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitani Corp                                    | Mitani Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       20764 | NS      | $304349.33    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Starzen Co Ltd                                 | Starzen Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       49400 | NS      | $401708.01    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsubakimoto Kogyo Co Ltd                       | Tsubakimoto Kogyo Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21270 | NS      | $428425.03    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hosiden Corp                                   | Hosiden Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21040 | NS      | $329298.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jungfraubahn Holding AG                        | Jungfraubahn Holding AG                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |        5814 | NS      | $1525888.90   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Forestry Co Ltd                       | Sumitomo Forestry Co Ltd                       | CUSIP: N/A<br>LEI: 549300FIIRGO6D5FWR19       | Long             | EC               | CORP              | JP        |       70910 | NS      | $813784.59    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Daitron Co Ltd                                 | Daitron Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25091 | NS      | $705153.48    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd           | Sumitomo Realty & Development Co Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       30775 | NS      | $1276611.21   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankyu Hanshin Holdings Inc                    | Hankyu Hanshin Holdings Inc                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25273 | NS      | $750339.21    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                             | Axos Financial Inc                             | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |       66296 | NS      | $6046858.16   | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Prospect Capital Corp                          | Prospect Capital Corp                          | CUSIP: 74348T102<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -709275 | NS      | $-2113639.50  | -1.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Lane Capital Corp                       | Oxford Lane Capital Corp                       | CUSIP: 691543102<br>LEI: N/A                  | Short            | EC               | RF                | US        |    -1796691 | NS      | $-6737591.25  | -5.67%            |  |  |  | No            |                  1 | On Loan: No      |
| TriplePoint Venture Growth BDC Corp            | TriplePoint Venture Growth BDC Corp            | CUSIP: 89677Y100<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -590150 | NS      | $-4001217.00  | -3.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Point Credit Co Inc                      | Eagle Point Credit Co Inc                      | CUSIP: 269808101<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -122837 | NS      | $-927419.35   | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |       15879 | NS      | $2389471.92   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       27418 | NS      | $6278722.00   | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                              | Parke Bancorp Inc                              | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |       38436 | NS      | $866731.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp             | Federal Agricultural Mortgage Corp             | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |       15565 | NS      | $3261957.05   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| C Uyemura & Co Ltd                             | C Uyemura & Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       18329 | NS      | $1308367.94   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock TCP Capital Corp                     | BlackRock TCP Capital Corp                     | CUSIP: 09259E108<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -530336 | NS      | $-3823722.56  | -3.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                           | Medpace Holdings Inc                           | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |        7492 | NS      | $3562520.92   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                        | Century Communities Inc                        | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |       27275 | NS      | $1796877.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Runway Growth Finance Corp                     | Runway Growth Finance Corp                     | CUSIP: 78163D100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -396336 | NS      | $-4316099.04  | -3.63%            |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                    | ITOCHU Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       26039 | NS      | $1487866.92   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OUG Holdings Inc                               | OUG Holdings Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       11185 | NS      | $306349.73    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp                                  | Sumitomo Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       69926 | NS      | $1973278.36   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyoritsu Electric Corp                         | Kyoritsu Electric Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       29496 | NS      | $513026.27    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeol Ltd                                       | Jeol Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       26294 | NS      | $838266.07    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Galilei Co Ltd                                 | Galilei Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       26004 | NS      | $649414.31    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Jitsugyo Co Ltd                        | Daiichi Jitsugyo Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       27119 | NS      | $500840.16    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lasertec Corp                                  | Lasertec Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       14374 | NS      | $1531250.86   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Corp                                      | Life Corp                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       65629 | NS      | $1099064.13   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| YAMABIKO Corp                                  | YAMABIKO Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       35358 | NS      | $563976.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Enterprise Co Ltd                       | Subaru Enterprise Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       12800 | NS      | $304855.23    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Okamoto Machine Tool Works Ltd                 | Okamoto Machine Tool Works Ltd                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21756 | NS      | $694332.55    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga & Co Ltd/Japan                        | Morinaga & Co Ltd/Japan                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       29400 | NS      | $534563.64    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG                            | Flughafen Zurich AG                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |        2911 | NS      | $888416.17    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Traders Holdings Co Ltd                        | Traders Holdings Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       72360 | NS      | $501258.75    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PILLAR Corp /Japan                             | PILLAR Corp /Japan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       27335 | NS      | $755197.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                   | Wal-Mart de Mexico SAB de CV                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      546921 | NS      | $1633920.81   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                                | Mitsui & Co Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       41969 | NS      | $978434.17    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Rorze Corp                                     | Rorze Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       33400 | NS      | $418877.89    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MCJ Co Ltd                                     | MCJ Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       65019 | NS      | $631806.55    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippn Corp                                     | Nippn Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       35224 | NS      | $544101.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanyo Industries Ltd                           | Sanyo Industries Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       20324 | NS      | $567033.45    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ISB Corp                                       | ISB Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       27620 | NS      | $319512.78    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruzen Co Ltd/Taito ward                      | Maruzen Co Ltd/Taito ward                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21856 | NS      | $523514.82    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bourbon Corp/Japan                             | Bourbon Corp/Japan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |        9440 | NS      | $162456.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TANABE ENGINEERING CORP                        | TANABE ENGINEERING CORP                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       21384 | NS      | $356363.62    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kikkoman Corp                                  | Kikkoman Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       47900 | NS      | $414282.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Co Ltd                                   | Hulic Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       37834 | NS      | $407033.13    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinnihon Corp                                 | Shinnihon Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       39749 | NS      | $510674.10    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tigers Polymer Corp                            | Tigers Polymer Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       23155 | NS      | $148426.46    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ifuji Sangyo Co Ltd                            | Ifuji Sangyo Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       23600 | NS      | $391847.84    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Shibuya Corp                                   | Shibuya Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       27867 | NS      | $676977.24    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kitano Construction Corp                       | Kitano Construction Corp                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       19340 | NS      | $592222.11    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Starts Corp Inc                                | Starts Corp Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       25699 | NS      | $871760.16    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Totech Corp                                    | Totech Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       30492 | NS      | $666049.61    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinagawa Refractories Co Ltd                  | Shinagawa Refractories Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       31959 | NS      | $421466.04    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichias Corp                                   | Nichias Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       24522 | NS      | $953647.24    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Quick Co Ltd                                   | Quick Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       29177 | NS      | $468960.39    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** EA Series Trust

**Signature:** /s/ Sean Hegarty

**Name of Signer:** Sean Hegarty

**Title:** Treasurer