# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-003526
**Filing Date:** 2025-10
**Character Count:** 24963
**Document Hash:** 535b449d86d0f142de896a88a9d71ea0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-003526.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001592900-25-003526

**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:** 251434406

**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

### Sarmaya Thematic ETF (Series ID: S000089845)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000256664 | Sarmaya Thematic ETF | LENS            |

## Nport-Ex

---

| |
|:---|
| **SARMAYA THEMATIC ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 63.4%** | **Shares** | **Value**  |
| **<u>Energy</u> - 19.4%** | |  |
| **Coal & Consumable Fuels - 1.0%** |  |  |
| Cameco Corp.  | 834 | $64543 |
| **Integrated Oil & Gas - 9.6%** |  |  |
| Chevron Corp.  | 1056 | 169594 |
| Exxon Mobil Corp.  | 2185 | 249724 |
| Petroleo Brasileiro SA - Petrobras - ADR  | 7920 | 98208 |
| TotalEnergies SE - ADR  | 1870 | 117342 |
|  |  | 634868 |
| **Oil & Gas Drilling - 1.3%** |  |  |
| Transocean Ltd. <sup>(a)</sup> | 28710 | 86991 |
| **Oil & Gas Equipment & Services - 1.2%** |  |  |
| Forum Energy Technologies, Inc. <sup>(a)</sup> | 3080 | 81466 |
| **Oil & Gas Exploration & Production - 3.7%** |  |  |
| EQT Corp.  | 1144 | 59305 |
| Gran Tierra Energy, Inc. <sup>(a)</sup> | 12217 | 50212 |
| Range Resources Corp.  | 3966 | 135915 |
|  |  | 245432 |
| **Oil & Gas Storage & Transportation - 2.6%** |  |  |
| Cheniere Energy, Inc.  | 726 | 175561 |
| **Total Energy** |  | 1288861 |
| **<u>Industrials</u> - 2.6%** |  |  |
| **Industrial Conglomerates - 0.9%** |  |  |
| Siemens AG - ADR  | 450 | 62496 |
| **Marine Transportation - 1.7%** |  |  |
| Navios Maritime Partners LP  | 2379 | 111314 |
| **Total Industrials** |  | 173810 |
| **<u>Materials</u> - 40.1%**<sup>(b)</sup> |  |  |
| **Copper - 2.0%** |  |  |
| Freeport-McMoRan, Inc.  | 1534 | 68109 |
| Southern Copper Corp.  | 675 | 64837 |
|  |  | 132946 |
| **Diversified Metals & Mining - 2.8%** |  |  |
| BHP Group Ltd. - ADR  | 2200 | 122694 |
| Northern Dynasty Minerals Ltd. <sup>(a)</sup> | 72032 | 64829 |
|  |  | 187523 |
| **Gold - 26.9%** |  |  |
| Agnico Eagle Mines Ltd.  | 2446 | 352640 |

---

------

---

| |
|:---|
| **SARMAYA THEMATIC ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 63.4% (CONTINUED)** | **Shares** | **Value**  |
| **Gold - 26.9% (Continued)** | | |
| Alamos Gold, Inc. - Class A  | 3899 | $118725 |
| Equinox Gold Corp. <sup>(a)</sup> | 16636 | 145731 |
| Franco-Nevada Corp.  | 511 | 96247 |
| Gold Fields Ltd. - ADR  | 6776 | 226861 |
| Harmony Gold Mining Co. Ltd. - ADR  | 6625 | 87980 |
| Kinross Gold Corp.  | 19956 | 417080 |
| Novagold Resources, Inc. <sup>(a)</sup> | 11754 | 80397 |
| Pan American Silver Corp.  | 3161 | 107221 |
| Wheaton Precious Metals Corp.  | 1551 | 155751 |
|  |  | 1788633 |
| **Precious Metals & Minerals - 2.9%** |  |  |
| Impala Platinum Holdings Ltd. - ADR <sup>(a)</sup> | 6556 | 59430 |
| Sibanye Stillwater Ltd. - ADR <sup>(a)</sup> | 17783 | 134618 |
|  |  | 194048 |
| **Silver - 3.6%** |  |  |
| First Majestic Silver Corp.  | 7261 | 66366 |
| Hecla Mining Co.  | 20241 | 172251 |
|  |  | 238617 |
| **Steel - 1.9%** |  |  |
| Vale SA - ADR  | 12012 | 123483 |
| **Total Materials** |  | 2665250 |
| **<u>Utilities</u> - 1.3%** |  |  |
| **Electric Utilities - 1.3%** |  |  |
| Korea Electric Power Corp. - ADR  | 6452 | 85231 |
| **TOTAL COMMON STOCKS** (Cost $3,481,373) |  | 4213152 |
| **EXCHANGE TRADED FUNDS - 31.2%** |  |  |
| Alpha Architect 1-3 Month Box ETF<sup>(a)(c)</sup> | 2093 | 237556 |
| iShares Gold Trust<sup>(a)</sup> | 8004 | 521060 |
| iShares Silver Trust<sup>(a)</sup> | 9467 | 342611 |
| ProShares Short QQQ | 9759 | 321266 |
| SPDR Gold MiniShares Trust<sup>(a)</sup> | 9530 | 651852 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,909,778) |  | 2074345 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 5.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(d)</sup> | 354476 | 354476 |
| **TOTAL MONEY MARKET FUNDS** (Cost $354,476) |  | 354476 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $5,745,627**)** |  | $6641973 |
| Other Assets in Excess of Liabilities - 0.1%  |  | 9009 |
| **TOTAL NET ASSETS - 100.0%** |  | $6650982 |

---

------

---

| |
|:---|
| **SARMAYA THEMATIC ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **August 31, 2025 (Unaudited)** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt <br> LP - Limited Partnership

(a) Non-income producing security.

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

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

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

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

------

**SARMAYA THEMATIC ETF**

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

Sarmaya Thematic ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 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>** | | | | |
| Common Stocks | $4213152 | $— | $— | $4213152 |
| Exchange Traded Funds | 2074345 |  |  | 2074345 |
| Money Market Funds | 354476 |  |  | 354476 |
| **Total Investments** | $6641973 | $— | $— | $6641973 |

---

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.

**TRANSACTIONS WITH AFFILIATES**

The Fund's transactions with affiliates represent holdings for which it and the underlying exchange-traded funds have the same investment adviser. The Fund had the following transactions with such affiliated funds during the fiscal period ended August 31, 2025:

---

| | |
|:---|:---|
| | **Alpha Architect 1-3 Month Box ETF** |
| Value, Beginning of Period | $— |
| Purchases | 233388 |
| Proceeds from Sales |  |
| Net Realized Gains (Losses) |  |
| Change in Unrealized Appreciation (Depreciation) | 4168 |
| Value, End of Period | $237556 |
| Dividend Income | $— |
| Shares, Beginning of Period |  |
| Number of Shares Purchased | 2093 |
| Number of Shares Sold |  |
| Shares, End of Period | 2093 |

---

## 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:** Sarmaya Thematic ETF

- **b. EDGAR series identifier (if any):** S000089845

- **c. LEI of Series:** 52990059JU15RUJ6SN97

**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:** $6656025.39

**Total Liabilities:** $5043.04

**Net Assets:** $6650982.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256664 | 4.10%                | -0.68%               | 9.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31921.62                | $150270.58                                 |
| Month 2  | $-22963.80               | $-36908.60                                 |
| Month 3  | $30255.80                | $535373.14                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alamos Gold Inc                            | Alamos Gold Inc                            | CUSIP: 011532108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3899 | NS      | $118724.55    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp                 | First Majestic Silver Corp                 | CUSIP: 32076V103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      7261 | NS      | $66365.54     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      1870 | NS      | $117342.50    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources Inc                     | Novagold Resources Inc                     | CUSIP: 66987E206<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     11754 | NS      | $80397.36     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2446 | NS      | $352639.82    | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       834 | NS      | $64543.26     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                            | Gold Fields Ltd                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      6776 | NS      | $226860.48    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp               | CUSIP: 962879102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1551 | NS      | $155751.42    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                         | Franco-Nevada Corp                         | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       511 | NS      | $96246.85     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                          | Equinox Gold Corp                          | CUSIP: 29446Y502<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     16636 | NS      | $145731.36    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                       | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      1534 | NS      | $68109.60     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd                     | Sibanye Stillwater Ltd                     | CUSIP: 82575P107<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     17783 | NS      | $134617.31    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Navios Maritime Partners LP                | Navios Maritime Partners LP                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MH        |      2379 | NS      | $111313.41    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Silver Trust                       | iShares Silver Trust                       | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |      9467 | NS      | $342610.73    | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Short QQQ                        | ProShares Short QQQ                        | CUSIP: 74349Y837<br>LEI: Q95Y09OLRIOMH8CB3M62 | Long             | EC               | RF                | US        |      9759 | NS      | $321266.28    | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust                         | iShares Gold Trust                         | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |      8004 | NS      | $521060.40    | 7.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold MiniShares Trust                 | SPDR Gold MiniShares Trust                 | CUSIP: 98149E303<br>LEI: N/A                  | Long             | EC               | RF                | US        |      9530 | NS      | $651852.00    | 9.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Architect 1-3 Month Box ETF          | Alpha Architect 1-3 Month Box ETF          | CUSIP: 02072L565<br>LEI: 549300AINK03GE0FNT25 | Long             | EC               | RF                | US        |      2093 | NS      | $237555.50    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    354192 | PA      | $354191.86    | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                   | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1144 | NS      | $59304.96     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                 | Harmony Gold Mining Co Ltd                 | CUSIP: 413216300<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      6625 | NS      | $87980.00     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                            | Hecla Mining Co                            | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     20241 | NS      | $172250.91    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                       | Southern Copper Corp                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       675 | NS      | $64836.61     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Gran Tierra Energy Inc                     | Gran Tierra Energy Inc                     | CUSIP: 38500T200<br>LEI: 549300IH2S17MAIUCM32 | Long             | EC               | CORP              | US        |     12217 | NS      | $50211.87     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                        | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       726 | NS      | $175561.32    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                       | Range Resources Corp                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      3966 | NS      | $135914.82    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2185 | NS      | $249723.65    | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1056 | NS      | $169593.60    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Forum Energy Technologies Inc              | Forum Energy Technologies Inc              | CUSIP: 34984V209<br>LEI: 549300SF93HLCR1REE27 | Long             | EC               | CORP              | US        |      3080 | NS      | $81466.00     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     19956 | NS      | $417080.40    | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                              | BHP Group Ltd                              | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      2200 | NS      | $122694.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                             | Transocean Ltd                             | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | CH        |     28710 | NS      | $86991.30     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                    | CUSIP: 91912E105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     12012 | NS      | $123483.36    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras         | Petroleo Brasileiro SA - Petrobras         | CUSIP: 71654V408<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      7920 | NS      | $98208.00     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd               | Impala Platinum Holdings Ltd               | CUSIP: 452553308<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      6556 | NS      | $59430.14     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                 | Siemens AG                                 | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |       450 | NS      | $62496.00     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd              | Northern Dynasty Minerals Ltd              | CUSIP: 66510M204<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     72032 | NS      | $64828.80     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                   | Pan American Silver Corp                   | CUSIP: 697900108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3161 | NS      | $107221.12    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp                  | Korea Electric Power Corp                  | CUSIP: 500631106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6452 | NS      | $85230.92     | 1.28%             |  |  |  | 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