Alpha Architect ETF Trust

10/01/2026 | Press release | Distributed by Public on 10/01/2026 08:20

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22961
EA Series Trust
(Exact name of registrant as specified in charter)
3803 West Chester Pike, Suite 150
Newtown Square, PA 19073
(Address of principal executive offices) (Zip code)
3803 West Chester Pike, Suite 150
Newtown Square, PA 19073
(Name and address of agent for service)
(215) 330-4476
Registrant's telephone number, including area code
Date of fiscal year end: January 31, 2027
Date of reporting period: July 31, 2026
Item 1. Report to Stockholders.
(a)
RockCreek Global Equality ETF
Ticker: RCGE
Listed on: The Nasdaq Stock Market LLC
July 31, 2026
Semi-Annual Shareholder Report
https://rockcreeketfs.com/
This semi-annual shareholder report contains important information about the RockCreek Global Equality ETF (the "Fund") for the period of February 1, 2026 to July 31, 2026 (the "Period"). You can find additional information about the Fund at https://rockcreeketfs.com/. You can also request this information by contacting us at (215) 330-4476. For information regarding your Fund shares or account, including account balances, transactions, or distributions, please contact your financial intermediary.
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$49 0.95%
KEY FUND STATISTICS (as of Period End)
Net Assets $99,935,077 Fund Advisory Fees $443,159
# of Portfolio Holdings 203 Portfolio Turnover Rate* 15%
*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions.
SECTOR WEIGHTING
(as a % of Net Assets)
Financials 26.5%
Consumer Staples 11.0%
Industrials 10.0%
Health Care 10.2%
Consumer Discretionary 9.7%
Communication Services 7.3%
Real Estate 7.0%
Utilities 6.7%
Information Technology 6.3%
Materials 4.5%
Energy 0.4%
TOP 10 COUNTRY WEIGHTING (as a % of Net Assets)
United States 34.2%
Australia 9.8%
United Kingdom 9.6%
France 9.3%
Norway 4.5%
Germany 4.5%
Italy 2.8%
Spain 2.8%
Sweden 2.4%
Canada 2.0%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://rockcreeketfs.com/. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Semi-Annual Shareholder Report: July 31, 2026
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a)
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
COMMON STOCKS - 94.7%
Australia - 8.4%
ANZ Group Holdings Ltd.
19,122 $ 502,014
ASX Ltd.
13,287 513,095
Bank of Queensland Ltd.
107,334 501,490
CAR Group Ltd.
26,257 480,185
Challenger Ltd.
67,677 467,162
Coles Group Ltd.
28,934 490,459
Commonwealth Bank of Australia
4,125 515,291
Helia Group Ltd.
123,226 435,274
HUB24 Ltd.
9,180 550,415
National Australia Bank Ltd.
17,799 517,628
Qantas Airways Ltd.
66,805 467,723
QBE Insurance Group Ltd.
27,591 480,119
SmartGroup Corp. Ltd.
54,668 492,764
Super Retail Group Ltd.
51,612 483,377
Transurban Group
46,051 479,900
Westpac Banking Corp.
19,193 511,441
Woolworths Group Ltd.
17,392 486,701
8,375,038
Belgium - 1.0%
Syensqo SA
6,207 550,062
UCB SA
1,646 423,083
973,145
Bermuda - 0.5%
Hiscox Ltd.
19,660 479,325
Brazil - 0.5%
Banco do Brasil SA
121,439 508,836
Canada - 2.0%
Canadian Imperial Bank of Commerce
4,199 497,344
Element Fleet Management Corp.
23,477 526,865
National Bank of Canada
3,022 488,810
Royal Bank of Canada
2,340 489,767
2,002,786
Finland - 0.5%
Nordea Bank Abp
25,209 508,721
The accompanying notes are an integral part of these financial statements.
1
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
France - 8.3%
AXA SA
9,665 $ 500,865
BNP Paribas SA
4,042 511,129
Bureau Veritas SA
16,074 512,698
Cie de Saint-Gobain SA
5,393 505,475
Danone SA
6,125 476,897
Hermes International SCA
255 450,342
IPSOS SA
11,296 465,549
Kering SA
1,532 502,075
L'Oreal SA
1,090 486,370
Orange SA
24,718 472,304
Pernod Ricard SA
6,423 502,321
Publicis Groupe SA
4,675 499,312
Sanofi SA
5,637 484,078
Schneider Electric SE
1,482 494,917
Societe Generale SA
5,228 490,191
Sodexo SA
8,322 547,961
Vivendi SE
191,814 353,020
8,255,504
Germany - 4.5%
Allianz SE
1,015 506,218
BASF SE
8,442 490,639
Bayer AG
10,730 594,537
Covestro AG (a)(b)
6,903 483,184
Henkel AG & Co. KGaA
6,096 499,805
LANXESS AG
25,011 477,037
Merck KGaA
3,068 506,445
Puma SE (a)
15,676 497,111
Siemens Energy AG
2,551 433,722
4,488,698
Hong Kong - 0.5%
Swire Properties Ltd.
176,705 538,515
Indonesia - 0.5%
Unilever Indonesia Tbk PT
4,998,966 487,562
Ireland - 1.6%
Accenture PLC - Class A
3,790 628,837
Experian PLC
13,978 525,602
Trane Technologies PLC
1,001 455,405
1,609,844
The accompanying notes are an integral part of these financial statements.
2
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
Israel - 0.5%
Strauss Group Ltd.
12,082 $ 457,744
Italy - 2.8%
Enel SpA
41,243 466,034
FinecoBank Banca Fineco SpA
17,885 488,585
Hera SpA
111,448 487,334
Intesa Sanpaolo SpA
66,675 502,759
Italgas SpA
38,654 398,758
UniCredit SpA
5,162 485,788
2,829,258
Japan - 0.5%
Takeda Pharmaceutical Co. Ltd.
15,366 532,433
Luxembourg - 0.6%
Zabka Group SA
66,347 564,784
Mexico - 0.5%
Wal-Mart de Mexico SAB de CV
161,491 469,568
Netherlands - 1.6%
Euronext NV (b)
2,811 514,102
NN Group NV
5,439 511,794
Wolters Kluwer NV
7,179 561,942
1,587,838
New Zealand - 1.5%
Auckland International Airport Ltd.
99,446 510,220
Genesis Energy Ltd.
311,808 470,196
Xero Ltd. (a)
10,475 515,952
1,496,368
Norway - 4.5%
Aker Solutions ASA
97,946 434,466
Borregaard ASA
31,540 525,805
DNB Bank ASA
14,811 476,640
Orkla ASA
45,325 504,063
Protector Forsikring ASA
9,832 509,780
Sparebank 1 Oestlandet
23,941 491,779
Storebrand ASA
25,488 541,628
TOMRA Systems ASA
48,480 536,081
Yara International ASA
10,606 499,889
4,520,131
The accompanying notes are an integral part of these financial statements.
3
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
Poland - 0.5%
KRUK SA
4,435 $ 505,276
Portugal - 0.5%
EDP SA
92,907 478,897
Singapore - 0.5%
City Developments Ltd.
75,741 463,618
South Africa - 1.8%
MTN Group Ltd.
34,787 431,583
Nedbank Group Ltd.
28,321 479,364
Vodacom Group Ltd.
53,288 516,197
Woolworths Holdings Ltd.
146,567 416,779
1,843,923
Spain - 2.3%
Aena SME SA (b)
15,052 463,090
Enagas SA
23,282 454,262
Iberdrola SA
19,677 468,559
Redeia Corp. SA
27,319 482,625
Telefonica SA
112,243 463,888
2,332,424
Sweden - 2.4%
Avanza Bank Holding AB
11,655 479,066
Fastighets AB Balder (a)
90,495 495,707
Kinnevik AB (a)
86,396 476,520
Swedbank AB - Class A
12,551 502,188
Telia Co. AB
92,960 431,305
2,384,786
Switzerland - 1.9%
Cie Financiere Richemont SA
2,113 498,944
Novartis AG
3,093 484,351
Temenos AG
5,834 483,130
UBS Group AG
9,235 486,053
1,952,478
Taiwan - 1.4%
First Financial Holding Co. Ltd.
462,341 525,729
Oneness Biotech Co. Ltd. (a)
300,680 388,421
PharmaEssentia Corp.
15,128 496,180
1,410,330
The accompanying notes are an integral part of these financial statements.
4
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
Thailand - 0.5%
Thai Beverage PCL
1,375,273 $ 493,295
United Kingdom - 9.1%
Aberdeen Group PLC
149,633 485,211
AstraZeneca PLC
2,630 447,750
BT Group PLC
177,909 482,669
Diageo PLC
23,034 507,413
GSK PLC
18,256 475,235
Haleon PLC
107,197 524,875
HSBC Holdings PLC
24,520 520,816
Lloyds Banking Group PLC
326,840 505,250
MONY Group PLC
195,411 517,511
National Grid PLC
29,408 471,650
NatWest Group PLC
53,825 512,004
Pearson PLC
31,487 533,426
Sage Group PLC
44,047 577,732
Schroders PLC
60,928 483,249
Severn Trent PLC
12,445 506,200
Standard Chartered PLC
17,046 502,664
Unilever PLC
8,024 512,923
WPP PLC
135,831 546,817
9,113,395
United States - 33.0% (c)
AbbVie, Inc.
2,130 534,502
Affirm Holdings, Inc. (a)
6,463 462,169
American Water Works Co., Inc.
3,738 501,527
Autodesk, Inc. (a)
2,446 572,853
Automatic Data Processing, Inc.
2,136 569,159
Bank of America Corp.
8,209 508,548
Bank of New York Mellon Corp.
3,249 507,916
Baxter International, Inc.
23,531 615,571
Biogen, Inc. (a)
2,389 484,848
Boston Scientific Corp. (a)
10,501 490,712
Bristol-Myers Squibb Co.
8,536 557,486
Chemours Co.
22,682 376,748
Colgate-Palmolive Co.
5,165 471,565
Dow, Inc.
15,188 460,045
Edison International
6,479 475,364
Exelon Corp.
10,201 467,410
Expedia Group, Inc.
1,964 578,869
First Solar, Inc. (a)
1,805 380,909
The accompanying notes are an integral part of these financial statements.
5
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
Ford Motor Co.
33,703 $ 494,760
General Mills, Inc.
13,616 486,772
Goldman Sachs Group, Inc.
430 437,903
H&R Block, Inc.
13,405 590,222
Hasbro, Inc.
5,614 527,379
Hershey Co.
2,685 470,009
Hewlett Packard Enterprise Co.
10,198 488,484
Hilton Worldwide Holdings, Inc.
1,366 437,789
HubSpot, Inc. (a)
2,888 685,496
IDEX Corp.
2,088 481,180
International Flavors & Fragrances, Inc.
6,360 503,839
J M Smucker Co.
4,477 533,927
Keysight Technologies, Inc. (a)
1,332 425,015
Kimberly-Clark Corp.
4,598 502,607
Lyft, Inc. - Class A (a)
33,479 530,977
Marriott International, Inc. - Class A
1,214 452,616
Mastercard, Inc. - Class A
961 550,749
Merck & Co., Inc.
4,000 520,800
Microsoft Corp.
1,256 583,688
Mobility Global, Inc. (a)
1,154 23,519
Mondelez International, Inc. - Class A
7,606 473,930
New York Times Co. - Class A
6,859 513,671
Novanta, Inc. (a)
3,139 447,464
Owens Corning
3,704 514,486
PayPal Holdings, Inc.
11,012 629,997
PepsiCo, Inc.
3,316 462,781
Pinterest, Inc. - Class A (a)
23,649 567,812
Principal Financial Group, Inc.
4,236 481,633
Procter & Gamble Co.
3,048 440,406
Prudential Financial, Inc.
4,341 529,949
Ralph Lauren Corp.
1,142 434,348
S&P Global, Inc.
1,254 516,560
Science Applications International Corp.
4,564 534,581
Sempra
5,153 456,298
Service Corp. International
6,404 551,961
Thermo Fisher Scientific, Inc.
1,015 582,914
Vail Resorts, Inc.
3,505 523,577
Verizon Communications, Inc.
10,176 476,339
Vertex Pharmaceuticals, Inc. (a)
1,010 481,871
VF Corp.
27,705 396,736
Voya Financial, Inc.
5,202 517,235
Wells Fargo & Co.
5,676 490,690
Wendy's Co.
71,715 527,822
The accompanying notes are an integral part of these financial statements.
6
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
Workiva, Inc. (a)
10,608 $ 634,358
Xylem, Inc.
4,255 497,707
Yum! Brands, Inc.
3,087 473,175
Zillow Group, Inc. - Class A (a)
16,353 567,286
Zoetis, Inc.
6,141 474,638
32,944,157
TOTAL COMMON STOCKS (Cost $84,893,837)
94,608,677
REAL ESTATE INVESTMENT TRUSTS - 4.9%
Australia - 1.4%
GPT Group
133,741 483,709
Mirvac Group
385,177 485,144
Stockland
161,259 484,517
1,453,370
France - 1.0%
Covivio SA
7,774 474,227
Unibail-Rodamco-Westfield
4,011 487,042
961,269
Singapore - 0.5%
CapitaLand Integrated Commercial Trust
256,738 498,482
Spain - 0.5%
Colonial SFL Socimi SA
75,877 485,611
United Kingdom - 0.5%
Land Securities Group PLC
57,166 543,554
United States - 1.0%
NNN REIT, Inc.
10,287 488,838
VICI Properties, Inc.
17,921 472,219
961,057
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,429,260)
4,903,343
RIGHTS - 0.0% (d)
United States - 0.0% (d)
TPG, Inc., Expires 04/08/2027, Exercise Price $3.00 (a)(e)
5,815 -
TOTAL RIGHTS (Cost $0)
-
The accompanying notes are an integral part of these financial statements.
7
ROCKCREEK GLOBAL EQUALITY ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
Shares
Value
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
First American Government Obligations Fund - Class X, 3.58% (f)
194,070 $ 194,070
TOTAL MONEY MARKET FUNDS (Cost $194,070)
194,070
TOTAL INVESTMENTS - 99.8% (Cost $89,517,167)
$ 99,706,090
Other Assets in Excess of Liabilities - 0.2%
228,987
TOTAL NET ASSETS - 100.0%
$ 99,935,077
Percentages are stated as a percent of net assets.
PCL - Public Company Limited
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
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 July 31, 2026, the value of these securities total $1,460,376 or 1.5% of the Fund's net assets.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of July 31, 2026.
(f)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
(b) Not applicable.
The accompanying notes are an integral part of these financial statements.
8
ROCKCREEK GLOBAL EQUALITY ETF
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment
Companies.
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2026 (Unaudited)
ASSETS:
Investments, at value (See Note 2) $ 99,706,090
Dividends receivable 149,629
Dividend tax reclaims receivable 147,436
Foreign currency, at value 10,586
Total assets 100,013,741
LIABILITIES:
Payable to adviser (See Note 3) 78,664
Total liabilities 78,664
NET ASSETS $ 99,935,077
NET ASSETS CONSIST OF:
Paid-in capital $ 86,613,036
Total distributable earnings 13,322,041
Total net assets $ 99,935,077
Net assets $ 99,935,077
Shares issued and outstanding (unlimited shares authorized without par value) 3,240,000
Net asset value per share $ 30.84
COST:
Investments, at cost $ 89,517,167
Foreign currency, at cost $ 10,461
The accompanying notes are an integral part of these financial statements.
1
ROCKCREEK GLOBAL EQUALITY ETF
STATEMENT OF OPERATIONS
For the Period Ended July 31, 2026 (Unaudited)
INVESTMENT INCOME:
Dividend income $ 2,103,035
Less: Dividend withholding taxes (216,671)
Total investment income 1,886,364
EXPENSES:
Investment advisory fee (See Note 3) 443,159
Total expenses 443,159
NET INVESTMENT INCOME (LOSS) 1,443,205
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (402,746)
In-kind redemptions 3,034,780
Foreign currency transactions (36,720)
Net realized gain (loss) 2,595,314
Net change in unrealized appreciation (depreciation) on:
Investments 2,241,018
Foreign currency translation (3,449)
Net change in unrealized appreciation (depreciation) 2,237,569
Net realized and unrealized gain (loss) 4,832,883
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 6,276,088
The accompanying notes are an integral part of these financial statements.
2
ROCKCREEK GLOBAL EQUALITY ETF
STATEMENT OF CHANGES IN NET ASSETS
Period ended
July 31, 2026 (Unaudited)
Period ended
January 31, 2026 (a)
OPERATIONS:
Net investment income (loss) $ 1,443,205 $ 1,533,898
Net realized gain (loss) 2,595,314 4,908,825
Net change in unrealized appreciation (depreciation) 2,237,569 7,953,771
Net increase (decrease) in net assets from operations 6,276,088 14,396,494
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings - (1,571,075)
Total distributions to shareholders - (1,571,075)
CAPITAL TRANSACTIONS:
Shares sold 12,143,361 110,452,782
Shares redeemed (11,668,456) (30,095,278)
ETF transaction fees (See Note 1) 284 877
Net increase (decrease) in net assets from capital transactions 475,189 80,358,381
NET INCREASE (DECREASE) IN NET ASSETS 6,751,277 93,183,800
NET ASSETS:
Beginning of the period 93,183,800 -
End of the period $ 99,935,077 $ 93,183,800
SHARES TRANSACTIONS
Shares sold 430,000 4,320,000
Shares redeemed (410,000) (1,100,000)
Total increase (decrease) in shares outstanding 20,000 3,220,000
(a) Inception date of the Fund was February 26, 2025.
The accompanying notes are an integral part of these financial statements.
3
ROCKCREEK GLOBAL EQUALITY ETF
FINANCIAL HIGHLIGHTS
Period ended
July 31, 2026 (Unaudited)
Period ended
January 31, 2026 (a)
PER SHARE DATA:
Net asset value, beginning of period $ 28.94 $ 24.88
INVESTMENT OPERATIONS:
Net investment income (b)
0.45 0.53
Net realized and unrealized gain (loss) on investments (c)
1.45 4.04
Total from investment operations 1.90 4.57
LESS DISTRIBUTIONS FROM:
Net investment income - (0.51)
Total distributions - (0.51)
ETF transaction fees per share
0.00 (d)
0.00 (d)
Net asset value, end of period $ 30.84 $ 28.94
TOTAL RETURN (e)
6.58% 18.42%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands) $ 99,935 $ 93,184
Ratio of expenses to average net assets (f)
0.95% 0.95%
Ratio of net investment income (loss) to average net assets (f)
3.09% 2.11%
Portfolio turnover rate (e)(g)
15% 53%
(a) Inception date of the Fund was February 26, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the periods.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d) Amount represents less than $0.005 per share.
(e) Not annualized for periods less than one year.
(f) Annualized for periods less than one year.
(g) Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
4
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)
NOTE 1 - ORGANIZATION
RockCreek Global Equality ETF (the "Fund") is a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Fund is considered non-diversified under the 1940 Act. The Fund commenced operations on February 26, 2025. The Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services- Investment Companies. The Fund's investment objective is to seek to achieve long-term capital appreciation. See the Fund's Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Fund.
Shares of the Fund are listed and traded on The Nasdaq Stock Market LLC (the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. The Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by the Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.
The end of the reporting period for the Fund is July 31, 2026, and the period covered by these Notes to Financial Statements is from February 1, 2026 to July 31, 2026 (the "Current Fiscal Period").
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
A.Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities ("ABS"), collateralized loan obligations ("CLO"), collateralized mortgage obligations ("CMO"), corporate obligations, whole loans, and mortgage-backed securities
5
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
("MBS") are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price.
Subject to its oversight, the Trust's Board of Trustees (the "Board") has delegated primary responsibility for determining or causing to be determined the value of the Fund's investments to Empowered Funds, LLC dba EA Advisers (the "Adviser"), pursuant to the Trust's valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the "valuation designee" of the Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust's fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust's valuation policies during these periodic reports. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
As described above, the Fund may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
6
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
The following is a summary of the fair value classification of the Fund's investments as of the Current Fiscal Period end:
DESCRIPTION LEVEL 1 LEVEL 2
LEVEL 3(a)
TOTAL
Investments:
Common Stocks $ 94,608,677 $ - $ - $ 94,608,677
Real Estate Investment Trusts 4,903,343 - - 4,903,343
Rights - -
0(b)
0(b)
Money Market Funds 194,070 - - 194,070
Total Investments $ 99,706,090 $ -
$ 0(b)
$ 99,706,090
(a) Management has decided that the amount of Level 3 securities compared to total net assets is not material to the Fund; therefore, the roll forward of Level 3 securities and assumptions are not shown for the current fiscal period for the Fund.
(b) Amount is less than $0.50.
Refer to the Schedule of Investments for further disaggregation of investment categories.
During the Current Fiscal Period, the Fund recognized no transfers to or from Level 3. Transfers between levels are
recognized at the end of the reporting period.
B.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates, if any, would appear on the "Statement of Operations" under "Net realized gain (loss) - Foreign currency translation" and "Change in net unrealized appreciation (depreciation) - Foreign currency translation," respectively, if applicable.
If applicable, the Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at the Current Fiscal Period end, resulting from changes in exchange rates.
C.Federal Income Taxes. The Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and various state and local tax returns.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the Current Fiscal Period, the Fund did not incur any interest or penalties.
7
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
D.Foreign Taxes. The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if there are any, are paid by the Fund and are reflected in its Statement of Operations. Foreign taxes payable or deferred as of the current period end, if any, are disclosed in the Statement of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
E.Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.
Distributions received from the Fund's investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after the end of each calendar year. As such, the Fund must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by the Fund's shareholders may represent a Return of Capital.
Distributions to shareholders from net investment income for the Fund are declared and paid on an annual basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. The Fund may distribute more frequently, if necessary, for tax purposes.
F.Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.
G.Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund's shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for regular trading. The offering and redemption price per share for the Fund is equal to the Fund's net asset value per share.
H.Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust's organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Fund.
8
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
I.Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.
The Treasurer (principal financial officer) acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.
J.Reclassification of Capital Accounts. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The Fund's realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash, are not taxable to the Fund and are not distributed to shareholders. As such, these reclassifications result in adjustments to distributable earnings and paid-in capital accounts. As of the fiscal period ended January 31, 2026, the following table shows the reclassifications made:
Distributable Earnings Paid-in Capital
$ (5,779,466) $ 5,779,466

NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.
Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Fund. Pursuant to an investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Fund except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. Per the Advisory Agreement, the Fund pays an annual rate of 0.95% to the Adviser monthly based on average daily net assets.
The Rock Creek Group, LLC (formerly, The Rock Creek Group, LP) (the "Sub-Adviser") serves as the investment sub-adviser to the Fund. Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Fund, subject to the overall supervision and oversight of the Adviser and the Board.
U.S. Bancorp Fund Services, LLC ("Fund Services" or the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Fund's Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports, and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; and monitors the activities of the Fund's Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of the Administrator, serves as the Fund's Custodian.
9
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
NOTE 4 - PURCHASES AND SALES OF SECURITIES
For the Current Fiscal Period, purchases and sales of securities for the Fund, excluding short-term securities and in-kind transactions, were as follows:
Purchases Sales
$ 15,823,645 $ 13,696,296
For the Current Fiscal Period, in-kind transactions associated with creations and redemptions were as follows:
Creations Redemptions
$ 11,148,278 $ 11,388,704
There were no purchases or sales of U.S. Government securities during the Current Fiscal Period.
NOTE 5 - TAX INFORMATION
The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the fiscal period ended January 31, 2026, were as follows:
Tax cost of Investments $ 85,299,624
Gross tax unrealized appreciation 11,586,337
Gross tax unrealized depreciation (3,818,131)
Net tax unrealized appreciation (depreciation) $ 7,768,206
Undistributed ordinary income 112,718
Undistributed long-term gain -
Total distributable earnings 112,718
Other accumulated gain (loss) (834,971)
Total accumulated gain (loss) $ 7,045,953
Under tax law, certain capital and foreign currency losses realized after October 31st and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.
For the fiscal period ended January 31, 2026, the Fund did not defer any post-October capital or late-year losses.
For the fiscal period ended January 31, 2026, the Fund had the following capital loss carryforwards that do not expire:
Unlimited
Short-Term 		Unlimited
Long-Term
$ (834,971) $ -
For the Current Fiscal Period, the Fund paid $216,671 in foreign withholding taxes.
10
ROCKCREEK GLOBAL EQUALITY ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)
NOTE 6 - DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Fund during the Current Fiscal Period and the fiscal period ended January 31, 2026, were as follows:
Current Fiscal Period (Unaudited)
Fiscal Period Ended January 31, 2026 (a)
Ordinary Income
$ - $ 1,571,075
(a) Inception date of the fund was February 26, 2025.
NOTE 7 - SUBSEQUENT EVENTS
In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred subsequent to the Current Fiscal Period that materially impacted the amounts or disclosures in the Fund's financial statements.
11
ROCKCREEK GLOBAL EQUALITY ETF
FEDERAL TAX INFORMATION (UNAUDITED)
For the fiscal period ended January 31, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for the Fund was 100.00%.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended January 31, 2026, for the Fund was 26.71%.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for the Fund was 0.00%.
FOREIGN TAX CREDIT PASS THROUGH (UNAUDITED)
Pursuant to Section 853 of the Internal Revenue code, the Fund designates the following amounts as foreign taxes paid for the fiscal period ended January 31, 2026. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
Creditable Foreign Tax Credit Paid Per Share Amount Portion of Ordinary Income Distribution Derived From Foreign Sourced Income
$ 221,872 $ 0.068904447 $ 1,238,455
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.
12
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies.
There were no matters concerning changes in and disagreements with Accountants on accounting and financial disclosures required by Item 304 of Regulation S-K.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted during the period covered by the report to a vote of shareholders.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management
Investment Companies
Not applicable. The Independent Trustees are paid by the Adviser. See Note 3 to the Financial Statements under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.
The Board (the members of which are referred to as "Trustees") met in-person on April 17, 2026 to consider the approval of the new Sub-Advisory Agreement for an initial two-year term.
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board's consideration of whether to approve the Sub-Advisory Agreement. In connection with considering the approval of the Sub-Advisory Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information provided by the Adviser and Sub-Adviser at the meeting and throughout the year, including among other things information about the Sub-Adviser's personnel, operations, financial condition, and compliance program. The Board also reviewed the Sub-Advisory Agreement. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:
Nature, Quality, and Extent of Services. The Board was presented with and considered information concerning the nature, quality, and extent of the overall services provided by the Sub-Adviser to the Fund. In this context, the Board considered the responsibilities of the Sub-Adviser, including determining the investments for the Fund, subject to the overall supervision and oversight of the Adviser and the Board. In addition, the Board evaluated the integrity and experience of the Sub-Adviser's personnel in managing assets and the adequacy of the Sub-Adviser's resources to perform the services provided under the Sub-Advisory Agreement. The Board noted that these services, including the personnel performing such services, were not expected to change as a result of the Transaction.
Performance. The Board compared the Fund's performance for periods ended March 31, 2026 to that of the Solactive GBS Global Markets All Cap USD Index (the "Index"), a broad-based securities market index reflecting the global equity market. The Board noted that, while the Fund had outperformed the Index for the 6-month period and underperformed the Index for the 1-year period, the Fund had only been operating for less than two years, which was too short a period from which to draw meaningful conclusions about the Fund's performance.
Comparative Fees and Expenses. The Board noted that the sub-advisory fees paid to RockCreek for services provided to the Fund will be paid by the Adviser out of its advisory fee and not by the Fund. In considering the sub-advisory fees, the Board reviewed and considered the fees in light of the nature, quality, and extent of the services being provided by the Sub-Adviser. The Board considered a representation from the Sub-Adviser that it does not manage any other accounts that follow a strategy similar to that of the Fund.
Costs and Profitability. The Board further considered information regarding the potential profits, if any, that may be realized by the Sub-Adviser in connection with providing its services to the Fund. The Board reviewed the profit and loss information provided by the Sub-Adviser with respect to the Fund and considered the Sub-Adviser's profitability with respect to providing investment advisory services as well as non-advisory services. The Board considered the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to perform its obligations to the Fund under the Sub-Advisory Agreement. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage
the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies. The Board also considered the financial obligations of RockCreek, which serves as the sponsor of the Fund.
Other Benefits. The Board further considered the extent to which the Sub-Adviser might derive ancillary benefits from the Fund's operations.
Economies of Scale. The Board also considered whether economies of scale would be realized by the Sub-Adviser as the Fund's assets increase, including the extent to which this is reflected in the level of fees to be charged. The Board noted that the sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given the Fund's short period of operations and current level of assets.
Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under it, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
There have been no required recovery of erroneously awarded incentive based compensation to an executive officer from the registrant that required an accounting restatement.
Item 19. Exhibits.
(a)
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.
(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable.
(5) Change in the registrant's independent public accountant. Not Applicable.
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) EA Series Trust
By (Signature and Title) /s/ Wesley R. Gray, PhD.
Wesley R. Gray, PhD., President (principal executive officer)
Date: September 29, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Wesley R. Gray, PhD.
Wesley R. Gray, PhD., President (principal executive officer)
Date: September 29, 2026
By (Signature and Title) /s/ Sean R. Hegarty, CPA
Sean R. Hegarty, CPA, Treasurer (principal financial officer)
Date: September 29, 2026
Alpha Architect ETF Trust published this content on October 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 01, 2026 at 14:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]