Alpha Architect ETF Trust

01/30/2026 | Press release | Distributed by Public on 01/30/2026 10:24

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 190733
(Name and address of agent for service)
(215) 330-4476
Registrant's telephone number, including area code
Date of fiscal year end: May 31, 2026
Date of reporting period: November 30, 2025
Item 1. Report to Stockholders.
(a)
Sparkline Intangible Value ETF
Ticker: ITAN
Listed on: NYSE Arca, Inc.
November 30, 2025
Semi-Annual Shareholder Report
https://etf.sparklinecapital.com/itan/
This semi-annual shareholder report contains important information about the Sparkline Intangible Value ETF (the "Fund") for the period of June 1, 2025 to November 30, 2025 (the "Period"). You can find additional information about the Fund at https://etf.sparklinecapital.com/itan/. You can also request this information by contacting us at (215) 330-4476.
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
$27 0.50%
KEY FUND STATISTICS (as of Period End)
Net Assets $64,070,429 Portfolio Turnover Rate* 18%
# of Portfolio Holdings 158 Advisory Fees Paid $124,169
*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)
Information Technology 26.7%
Health Care 16.8%
Industrials 16.7%
Communication Services 15.7%
Consumer Discretionary 11.8%
Financials 6.5%
Consumer Staples 2.9%
Materials 1.5%
Energy 0.4%
Real Estate 0.4%
Cash and Cash Equivalents 0.6%
TOP 10 HOLDINGS
(as a % of Net Assets)
Amazon.com, Inc. 4.1%
Alphabet, Inc. - Class A 2.6%
Alphabet, Inc. - Class C 2.6%
International Business Machines Corp. 2.1%
Intel Corp. 1.8%
AT&T, Inc. 1.7%
Merck & Co., Inc. 1.6%
Cisco Systems, Inc. 1.6%
QUALCOMM, Inc. 1.6%
Accenture PLC - Class A 1.5%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://etf.sparklinecapital.com/itan/. 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: November 30, 2025
Sparkline International Intangible Value ETF
Ticker: DTAN
Listed on: NYSE Arca, Inc.
November 30, 2025
Annual Shareholder Report
https://etf.sparklinecapital.com/dtan/
This semi-annual shareholder report contains important information about the Sparkline International Intangible Value ETF (the "Fund") for the period of June 1, 2025 to November 30, 2025 (the "Period). You can find additional information about the Fund at https://etf.sparklinecapital.com/dtan/. You can also request this information by contacting us at (215) 330-4476.
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
$29 0.55%
KEY FUND STATISTICS (as of Period End)
Net Assets $14,660,519 Portfolio Turnover Rate* 15%
# of Portfolio Holdings 120 Advisory Fees Paid $34,258
*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.
TOP 10 COUNTRY WEIGHTING (as a % of Net Assets)
Japan 19.1%
Germany 18.8%
France 14.7%
United Kingdom 14.3%
Switzerland 9.9%
Sweden 5.5%
Netherlands 5.0%
Canada 3.9%
Finland 1.4%
Australia 1.3%
TOP 10 HOLDINGS (as a % of Net Assets)
Roche Holding AG 3.8%
Novartis AG 3.2%
AstraZeneca PLC 3.0%
L'Oreal SA 2.8%
Sony Group Corp. 2.8%
Siemens AG 2.7%
Toyota Motor Corp. 2.6%
Shell PLC 2.4%
Sanofi SA 2.2%
Hitachi Ltd. 2.2%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://etf.sparklinecapital.com/dtan/. 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: November 30, 2025
(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)
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4%
Shares
Value
Communication Services- 15.7%
Alternative Carriers - 0.3%
Lumen Technologies, Inc. (a)
22,640
$ 183,611
Broadcasting - 0.4%
Paramount Skydance Corp.
17,149
274,727
Cable & Satellite - 1.6%
Charter Communications, Inc. - Class A (a)
1,715
343,206
Comcast Corp. - Class A
20,303
541,887
Sirius XM Holdings, Inc.
7,158
152,179
1,037,272
Integrated Telecommunication Services - 3.0%
AT&T, Inc.
40,729
1,059,768
Verizon Communications, Inc.
20,398
838,562
1,898,330
Interactive Home Entertainment - 0.5%
Electronic Arts, Inc.
1,642
331,733
Interactive Media & Services - 6.3%
Alphabet, Inc. - Class A
5,291
1,694,072
Alphabet, Inc. - Class C
5,282
1,690,874
Match Group, Inc.
5,059
168,515
Pinterest, Inc. - Class A (a)
7,081
184,956
Snap, Inc. - Class A (a)
36,391
279,483
4,017,900
Movies & Entertainment - 2.4%
Roku, Inc. (a)
2,343
226,779
Walt Disney Co.
7,411
774,227
Warner Bros Discovery, Inc. (a)
23,636
567,264
1,568,270
Wireless Telecommunication Services - 1.2%
T-Mobile US, Inc.
3,586
749,510
Total Communication Services
10,061,353
Consumer Discretionary- 11.8%
Apparel Retail - 0.5%
Abercrombie & Fitch Co. - Class A (a)
1,810
177,145
Urban Outfitters, Inc. (a)
2,113
156,510
333,655
Apparel, Accessories & Luxury Goods - 0.6%
Tapestry, Inc.
2,188
239,105
VF Corp.
7,925
138,687
377,792
The accompanying notes are an integral part of these financial statements.
1
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Automobile Manufacturers - 2.3%
Ford Motor Co.
42,644
$ 566,312
General Motors Co.
9,042
664,768
Rivian Automotive, Inc. - Class A (a)
15,339
258,616
1,489,696
Automotive Parts & Equipment - 0.8%
Aptiv PLC (a)
2,451
190,075
Autoliv, Inc.
1,159
136,750
BorgWarner, Inc.
3,932
169,312
496,137
Broadline Retail - 5.0%
Amazon.com, Inc. (a)
11,168
2,604,601
eBay, Inc.
5,177
428,604
Etsy, Inc. (a)
3,191
173,016
3,206,221
Casinos & Gaming - 0.2%
MGM Resorts International (a)
4,325
152,629
Computer & Electronics Retail - 0.5%
Best Buy Co., Inc.
3,915
310,381
Education Services - 0.2%
Stride, Inc. (a)
1,729
109,843
Homefurnishing Retail - 0.5%
Wayfair, Inc. - Class A (a)
2,722
301,598
Hotels, Resorts & Cruise Lines - 0.7%
Expedia Group, Inc.
1,812
463,310
Leisure Products - 0.3%
Hasbro, Inc.
2,735
225,911
Specialized Consumer Services - 0.2%
H&R Block, Inc.
2,341
98,603
Total Consumer Discretionary
7,565,776
Consumer Staples- 2.9%
Brewers - 0.3%
Molson Coors Beverage Co. - Class B
3,783
175,947
Consumer Staples Merchandise Retail - 0.8%
Target Corp.
5,421
491,251
The accompanying notes are an integral part of these financial statements.
2
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Food Retail - 0.9%
Albertsons Cos., Inc. - Class A
12,304
$ 225,532
Kroger Co.
5,727
385,313
610,845
Packaged Foods & Meats - 0.9%
General Mills, Inc.
5,052
239,212
Kraft Heinz Co.
5,228
133,366
Tyson Foods, Inc. - Class A
4,014
233,013
605,591
Total Consumer Staples
1,883,634
Energy- 0.4%
Oil & Gas Equipment & Services - 0.4%
Halliburton Co.
10,939
286,821
Financials- 6.5%
Commercial & Residential Mortgage Finance - 0.7%
Rocket Cos., Inc. - Class A
21,482
429,210
Consumer Finance - 1.7%
Ally Financial, Inc.
5,108
210,960
Capital One Financial Corp.
4,036
884,167
1,095,127
Diversified Banks - 1.3%
Wells Fargo & Co.
9,980
856,783
Life & Health Insurance - 0.5%
Prudential Financial, Inc.
2,700
292,275
Property & Casualty Insurance - 0.7%
Allstate Corp.
2,157
459,398
Transaction & Payment Processing Services - 1.6%
Block, Inc. (a)
7,030
469,604
PayPal Holdings, Inc.
8,840
554,180
1,023,784
Total Financials
4,156,577
Health Care- 16.8%
Biotechnology - 2.2%
Biogen, Inc. (a)
2,095
381,479
Exact Sciences Corp. (a)
3,594
364,036
Gilead Sciences, Inc.
5,092
640,777
1,386,292
The accompanying notes are an integral part of these financial statements.
3
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Health Care Distributors - 0.6%
Cardinal Health, Inc.
1,819
$ 386,101
Health Care Equipment - 3.2%
Baxter International, Inc.
12,899
241,727
Becton Dickinson & Co.
2,605
505,422
Hologic, Inc. (a)
2,618
196,272
Masimo Corp. (a)
840
119,641
Medtronic PLC
9,028
950,919
2,013,981
Health Care Services - 2.8%
CVS Health Corp.
9,525
765,429
DaVita, Inc. (a)
1,414
169,228
Guardant Health, Inc. (a)
2,496
270,616
Labcorp Holdings, Inc.
1,201
322,805
Quest Diagnostics, Inc.
1,484
280,743
1,808,821
Life Sciences Tools & Services - 1.5%
Bio-Rad Laboratories, Inc. - Class A (a)
626
203,362
Illumina, Inc. (a)
2,759
362,671
IQVIA Holdings, Inc. (a)
1,804
414,938
980,971
Managed Health Care - 1.2%
Centene Corp. (a)
8,361
328,922
Humana, Inc.
1,350
331,789
Molina Healthcare, Inc. (a)
854
126,614
787,325
Pharmaceuticals - 5.3%
Bristol-Myers Squibb Co.
12,739
626,759
Elanco Animal Health, Inc. (a)
11,016
256,342
Jazz Pharmaceuticals PLC (a)
1,448
255,616
Merck & Co., Inc.
10,073
1,055,953
Pfizer, Inc.
36,791
947,000
Viatris, Inc.
24,884
266,010
3,407,680
Total Health Care
10,771,171
Industrials- 16.7%
Aerospace & Defense - 6.0%
Boeing Co. (a)
3,581
676,809
General Dynamics Corp.
1,441
492,289
L3Harris Technologies, Inc.
1,779
495,789
Lockheed Martin Corp.
1,156
529,286
Northrop Grumman Corp.
1,031
589,990
The accompanying notes are an integral part of these financial statements.
4
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Industrials- 16.7% (Continued)
RTX Corp.
4,716
$ 824,875
Textron, Inc.
2,592
215,551
3,824,589
Agricultural & Farm Machinery - 0.3%
AGCO Corp.
1,613
170,913
Air Freight & Logistics - 1.0%
FedEx Corp.
2,243
618,350
Building Products - 0.2%
Johnson Controls International PLC
913
106,191
Construction & Engineering - 0.6%
AECOM
2,135
220,183
Fluor Corp. (a)
3,382
145,189
365,372
Construction Machinery & Heavy Transportation Equipment - 0.9%
Cummins, Inc.
1,211
603,054
Data Processing & Outsourced Services - 0.3%
Genpact Ltd.
3,911
172,319
Electrical Components & Equipment - 0.5%
Rockwell Automation, Inc.
426
168,637
Sunrun, Inc. (a)
8,665
175,466
344,103
Industrial Conglomerates - 1.9%
3M Co.
3,057
525,957
Honeywell International, Inc.
3,698
710,718
1,236,675
Industrial Machinery & Supplies & Components - 0.4%
Stanley Black & Decker, Inc.
3,332
238,305
Passenger Airlines - 2.4%
Alaska Air Group, Inc. (a)
3,359
143,967
American Airlines Group, Inc. (a)
17,635
247,772
Delta Air Lines, Inc.
6,635
425,304
Southwest Airlines Co.
7,756
269,986
United Airlines Holdings, Inc. (a)
4,566
465,549
1,552,578
Passenger Ground Transportation - 0.5%
Avis Budget Group, Inc. (a)
763
103,676
The accompanying notes are an integral part of these financial statements.
5
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Passenger Ground Transportation - 0.5% (Continued)
Lyft, Inc. - Class A (a)
11,016
$ 231,667
335,343
Research & Consulting Services - 1.7%
Booz Allen Hamilton Holding Corp.
2,862
238,862
CACI International, Inc. - Class A (a)
453
279,546
Jacobs Solutions, Inc.
1,875
252,769
Leidos Holdings, Inc.
1,766
337,483
1,108,660
Total Industrials
10,676,452
Information Technology- 26.7% (b)
Application Software - 4.8%
Adobe, Inc. (a)
1,142
365,588
Docusign, Inc. (a)
3,932
272,684
Dropbox, Inc. - Class A (a)
7,295
217,975
Nutanix, Inc. - Class A (a)
3,412
163,094
Pegasystems, Inc.
3,563
195,145
Salesforce, Inc.
3,927
905,331
Unity Software, Inc. (a)
6,215
264,262
Workday, Inc. - Class A (a)
1,783
384,450
Zoom Communications, Inc. - Class A (a)
3,525
299,484
3,068,013
Communications Equipment - 2.6%
Ciena Corp. (a)
1,999
408,216
Cisco Systems, Inc.
13,581
1,044,922
F5, Inc. (a)
921
220,266
1,673,404
Electronic Components - 0.7%
Corning, Inc.
4,998
420,832
Electronic Equipment & Instruments - 0.9%
Itron, Inc. (a)
1,154
114,292
Trimble, Inc. (a)
3,017
245,644
Zebra Technologies Corp. - Class A (a)
899
227,223
587,159
Electronic Manufacturing Services - 1.3%
Jabil, Inc.
1,446
304,687
TE Connectivity PLC
1,811
409,557
TTM Technologies, Inc. (a)
1,927
135,237
849,481
Internet Services & Infrastructure - 1.3%
Akamai Technologies, Inc. (a)
3,137
280,824
Okta, Inc. (a)
3,126
251,111
The accompanying notes are an integral part of these financial statements.
6
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Internet Services & Infrastructure - 1.3% (Continued)
Twilio, Inc. - Class A (a)
2,356
$ 305,550
837,485
IT Consulting & Other Services - 4.8%
Accenture PLC - Class A
3,833
958,250
Amdocs Ltd.
1,915
146,459
Cognizant Technology Solutions Corp. - Class A
6,127
476,129
International Business Machines Corp.
4,267
1,316,711
Kyndryl Holdings, Inc. (a)
7,055
182,231
3,079,780
Semiconductor Materials & Equipment - 0.5%
MKS, Inc.
1,030
161,082
Qnity Electronics, Inc.
1,790
145,151
306,233
Semiconductors - 5.8%
Intel Corp. (a)
27,878
1,130,732
Micron Technology, Inc.
3,455
817,038
NXP Semiconductors NV
2,079
405,280
Qorvo, Inc. (a)
2,182
187,412
QUALCOMM, Inc.
6,007
1,009,717
Skyworks Solutions, Inc.
2,740
180,703
3,730,882
Systems Software - 0.2%
UiPath, Inc. - Class A (a)
9,478
131,365
Technology Hardware, Storage & Peripherals - 3.8%
Dell Technologies, Inc. - Class C
4,681
624,211
Hewlett Packard Enterprise Co.
17,024
372,315
HP, Inc.
14,650
357,753
NetApp, Inc.
2,976
332,003
Pure Storage, Inc. - Class A (a)
1,380
122,765
Western Digital Corp.
3,570
583,088
2,392,135
Total Information Technology
17,076,769
Materials- 1.5%
Commodity Chemicals - 0.4%
Dow, Inc.
10,528
251,093
Specialty Chemicals - 1.1%
DuPont de Nemours, Inc.
7,710
306,627
Eastman Chemical Co.
2,554
158,552
The accompanying notes are an integral part of these financial statements.
7
SPARKLINE INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.4% (CONTINUED)
Shares
Value
Specialty Chemicals - 1.1% (Continued)
PPG Industries, Inc.
2,474
$ 247,499
712,678
Total Materials
963,771
Real Estate- 0.4%
Real Estate Services - 0.4%
Jones Lang LaSalle, Inc. (a)
832
270,974
TOTAL COMMON STOCKS(Cost $53,946,345)
63,713,298
RIGHTS - 0.0% (c)
SYCAMORE PARTNERS LLC -RIGHT, Expires 08/28/2026, Exercise Price $3.00 (a)(d)
14,719
0
TOTAL RIGHTS(Cost $0)
0
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.5%
First American Government Obligations Fund - Class X, 3.92% (e)
288,543
288,543
TOTAL MONEY MARKET FUNDS(Cost $288,543)
288,543
TOTAL INVESTMENTS - 99.9% (Cost $54,234,888)
$ 64,001,841
Other Assets in Excess of Liabilities - 0.1%
0.00107
68,588
TOTAL NET ASSETS - 100.0%
$ 64,070,429
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
(d)
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 November 30, 2025.
(e)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
The accompanying notes are an integral part of these financial statements.
8
SPARKLINE INTERNATIONAL INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.5%
Shares
Value
Australia - 1.3%
Atlassian Corp. - Class A (a)
969
$ 144,885
Worley Ltd.
5,021
43,882
188,767
Belgium - 0.4%
Solvay SA
1,793
57,214
Canada - 3.9%
Air Canada (a)
3,148
42,846
Bausch Health Cos., Inc. (a)
6,732
42,748
BlackBerry Ltd. (a)
8,412
34,311
Bombardier, Inc. - Class B (a)
664
110,278
BRP, Inc.
707
49,322
Canadian Tire Corp. Ltd. - Class A
489
59,494
CGI, Inc.
1,142
101,717
Empire Co. Ltd.
1,627
59,902
Open Text Corp.
2,121
71,351
571,969
China - 0.7%
Lenovo Group Ltd.
86,787
107,903
Denmark - 1.1%
Bavarian Nordic AS (a)
1,084
31,116
Genmab AS (a)
303
95,990
GN Store Nord AS (a)
2,208
35,524
162,630
Finland - 1.4%
Konecranes Oyj
567
58,061
Nokia Oyj
23,759
144,516
202,577
France - 14.7%
Airbus SE
1,305
309,590
Alstom SA (a)
4,157
108,723
Arkema SA
1,094
66,581
Capgemini SE
787
123,099
Cie Generale des Etablissements Michelin SCA
2,951
96,391
Criteo SA - ADR (a)
1,257
24,989
EssilorLuxottica SA
728
260,769
Forvia SE (a)
3,584
50,320
L'Oreal SA
936
407,934
The accompanying notes are an integral part of these financial statements.
9
SPARKLINE INTERNATIONAL INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.5% (CONTINUED)
Shares
Value
France - 14.7% (Continued)
Orange SA
10,489
$ 172,705
Renault SA
2,422
96,873
Sanofi SA
3,309
329,284
Teleperformance SE
628
43,168
Valeo SE
3,875
48,965
Worldline SA/France (a)(b)
7,422
13,177
2,152,568
Germany - 18.8%
adidas AG
746
138,845
BASF SE
4,093
213,244
Bayer AG
5,419
191,688
Bayerische Motoren Werke AG
2,384
243,542
Continental AG
1,469
110,012
Deutz AG
3,121
28,790
Evonik Industries AG
4,843
74,572
Fresenius Medical Care AG
1,599
76,535
HelloFresh SE (a)
3,749
26,927
HUGO BOSS AG
1,074
47,680
KION Group AG
1,231
92,203
LANXESS AG
1,839
37,279
Mercedes-Benz Group AG
3,640
245,649
Puma SE
2,526
58,474
SAP SE
607
146,888
Siemens AG
1,490
394,712
Siemens Energy AG (a)
2,372
317,346
Siemens Healthineers AG (b)
3,712
184,521
thyssenkrupp AG
6,936
75,733
Wacker Chemie AG
587
45,159
2,749,799
Ireland - 0.6%
Aptiv PLC (a)
1,199
92,982
Israel - 0.9%
Nice Ltd. (a)
633
65,990
Playtika Holding Corp.
6,660
26,973
SolarEdge Technologies, Inc. (a)
1,215
44,384
137,347
The accompanying notes are an integral part of these financial statements.
10
SPARKLINE INTERNATIONAL INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.5% (CONTINUED)
Shares
Value
Italy - 0.7%
Leonardo SpA
967
$ 52,636.00
Saipem SpA
18,960
51,634
104,270
Japan - 19.1%
Bridgestone Corp.
3,571
167,411
Brother Industries Ltd.
2,509
50,195
Eisai Co. Ltd.
2,363
74,080
FUJIFILM Holdings Corp.
6,784
145,925
Fujitsu Ltd.
7,843
208,220
Hitachi Ltd.
10,324
328,348
Honda Motor Co. Ltd.
18,074
181,891
Horiba Ltd.
396
36,645
Konica Minolta, Inc.
11,296
47,453
Mazda Motor Corp.
5,925
43,355
Mitsui Chemicals, Inc.
2,147
54,099
Nikon Corp.
4,356
50,377
Nissan Motor Co. Ltd. (a)
34,541
84,957
Omron Corp.
1,900
48,642
Panasonic Holdings Corp.
13,376
167,965
Sharp Corp./Japan (a)
7,235
36,058
Shiseido Co. Ltd.
3,300
46,921
Sony Group Corp.
13,772
403,360
Takeda Pharmaceutical Co. Ltd.
7,216
208,158
Toyota Motor Corp.
18,750
376,068
Yamaha Corp.
5,500
38,045
2,798,173
Jersey - 0.2%
Novocure Ltd. (a)
2,319
29,706
Netherlands - 5.0%
Akzo Nobel NV
1,159
75,365
Arcadis NV
1,162
51,398
Fugro NV
2,483
25,023
Koninklijke Philips NV
5,446
153,305
NXP Semiconductors NV
943
183,828
Randstad NV
1,763
68,572
Signify NV (b)
2,138
50,460
Stellantis NV
12,064
128,688
736,639
The accompanying notes are an integral part of these financial statements.
11
SPARKLINE INTERNATIONAL INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
COMMON STOCKS - 99.5% (CONTINUED)
Shares
Value
Norway - 0.5%
Yara International ASA
2,093
$ 76,434
Spain - 0.5%
Grifols SA
5,589
68,289
Sweden - 5.5%
Autoliv, Inc.
700
82,593
Electrolux AB - Class B (a)
4,243
26,947
H & M Hennes & Mauritz AB - Class B
6,501
117,954
Saab AB
2,040
102,765
Securitas AB - Class B
4,556
69,490
Telefonaktiebolaget LM Ericsson - Class B
17,258
166,490
Volvo AB - Class B
8,112
242,987
809,226
Switzerland - 9.9%
Adecco Group AG
2,261
63,232
Amcor PLC
11,667
99,403
Logitech International SA
744
83,655
Novartis AG
3,594
467,564
Roche Holding AG
1,445
553,098
STMicroelectronics NV
5,315
121,964
Transocean Ltd. (a)
12,368
54,543
1,443,459
United Kingdom - 14.3%
AstraZeneca PLC
2,356
435,797
Barclays PLC
33,674
191,780
BT Group PLC
44,070
105,558
Capri Holdings Ltd. (a)
1,472
37,345
Clarivate PLC (a)
10,896
40,969
GSK PLC
12,559
297,741
Johnson Matthey PLC
2,438
64,221
Marks & Spencer Group PLC
13,987
64,375
Pearson PLC
4,981
65,775
Serco Group PLC
13,662
46,224
Shell PLC
9,748
359,166
Smith & Nephew PLC
5,662
94,022
Standard Chartered PLC
8,134
180,185
Vodafone Group PLC
94,170
117,198
2,100,356
TOTAL COMMON STOCKS(Cost $12,920,617)
14,590,308
The accompanying notes are an integral part of these financial statements.
12
SPARKLINE INTERNATIONAL INTANGIBLE VALUE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025 (Unaudited)
SHORT-TERM INVESTMENTS
Shares
Value
MONEY MARKET FUNDS - 0.2%
First American Government Obligations Fund - Class X, 3.92% (c)
31,342
$ 31,342
TOTAL MONEY MARKET FUNDS(Cost $31,342)
31,342
TOTAL INVESTMENTS - 99.7% (Cost $12,951,959)
$ 14,621,650
Other Assets in Excess of Liabilities - 0.3%
38,869
TOTAL NET ASSETS - 100.0%
$ 14,660,519
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
ASA - Advanced Subscription Agreement
PLC - Public Limited Company
(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 November 30, 2025, the value of these securities total $248,158 or 1.7% of the Fund's net assets.
(c)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
(b) Not applicable
The accompanying notes are an integral part of these financial statements.
13
SPARKLINE CAPITAL ETFs
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment
Companies.
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 2025 (Unaudited)
Sparkline Intangible
Value ETF 		Sparkline International Intangible Value ETF
ASSETS:
Investments, at value (See Note 2) $ 64,001,841 $ 14,621,650
Dividends receivable 93,465 30,979
Dividend tax reclaims receivable 321 14,407
Receivable for investments sold - 15
Total assets 64,095,627 14,667,051
LIABILITIES:
Payable to adviser (See Note 3) 25,198 6,532
Total liabilities 25,198 6,532
NET ASSETS $ 64,070,429 $ 14,660,519
NET ASSETS CONSIST OF:
Paid-in capital $ 53,338,340 $ 12,724,059
Total distributable earnings 10,732,089 1,936,460
Total net assets $ 64,070,429 $ 14,660,519
Net Assets $ 64,070,429 $ 14,660,519
Shares issued and outstanding(a)
1,760,000 480,000
Net asset value per share $ 36.40 $ 30.54
COST:
Investments, at cost $ 54,234,888 $ 12,951,959
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
1
SPARKLINE CAPITAL ETFs
STATEMENTS OF OPERATIONS
For the Period Ended November 30, 2025 (Unaudited)
Sparkline Intangible
Value ETF 		Sparkline International Intangible Value ETF
INVESTMENT INCOME:
Dividend income $ 419,143 $ 134,362
Less: Issuance fees (10) -
Less: Dividend withholding taxes, net (917) (11,944)
Securities lending income (See Note 4) 5 -
Total investment income 418,221 122,418
EXPENSES:
Investment advisory fees (See Note 3) 124,169 34,258
Total expenses 124,169 34,258
NET INVESTMENT INCOME (LOSS) 294,052 88,160
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments (837,934) (105,264)
In-kind redemptions 2,695,078 333,199
Foreign currency translation - (2,931)
Net realized gain (loss) 1,857,144 225,004
Net change in unrealized appreciation (depreciation) on:
Investments 6,308,293 689,792
Foreign currency translation - (1,037)
Net change in unrealized appreciation (depreciation) 6,308,293 688,755
Net realized and unrealized gain (loss) 8,165,437 913,759
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 8,459,489 $ 1,001,919
The accompanying notes are an integral part of these financial statements.
2
SPARKLINE CAPITAL ETFs
STATEMENTS OF CHANGES IN NET ASSETS
Sparkline Intangible Value ETF Sparkline International Intangible Value ETF
Period ended November 30, 2025 (Unaudited) Year ended May 31, 2025 Period ended November 30, 2025 (Unaudited)
Period ended May 31, 2025(a)
OPERATIONS
Net investment income (loss) $ 294,052 $ 427,225 $ 88,160 $ 151,841
Net realized gain (loss) 1,857,144 3,502,970 225,004 23,165
Net change in unrealized appreciation (depreciation) 6,308,293 (36,475) 688,755 981,032
Net increase (decrease) in net assets from operations 8,459,489 3,893,720 1,001,919 1,156,038
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings (345,107) (335,499) (123,862) (34,291)
Total distributions to shareholders (345,107) (335,499) (123,862) (34,291)
CAPITAL TRANSACTIONS:
Shares sold 23,516,646 14,595,896 5,319,756 8,765,836
Shares redeemed (6,999,581) (14,209,053) (1,161,136) (267,251)
ETF transaction fees (See Note 1) - - 3,339 171
Net increase (decrease) in net assets from capital transactions 16,517,065 386,843 4,161,959 8,498,756
NET INCREASE (DECREASE) IN NET ASSETS 24,631,447 3,945,064 5,040,016 9,620,503
NET ASSETS:
Beginning of the period 39,438,982 35,493,918 9,620,503 -
End of the period $ 64,070,429 $ 39,438,982 $ 14,660,519 $ 9,620,503
SHARES TRANSACTIONS
Shares sold 690,000 490,000 180,000 350,000
Shares redeemed (210,000) (480,000) (40,000) (10,000)
Total increase (decrease) in shares outstanding 480,000 10,000 140,000 340,000
(a) Inception date of the Fund was September 9, 2024.
The accompanying notes are an integral part of these financial statements.
3
SPARKLINE CAPITAL ETFs
FINANCIAL HIGHLIGHTS
INVESTMENT OPERATIONS:
LESS DISTRIBUTIONS FROM: SUPPLEMENTAL DATA AND RATIOS:
For the Period Ended
Net asset value, beginning of period
Net investment income (loss)(a)
Net realized and unrealized gain (loss) on investments(b)
Total from investment operations
Net investment income
Total distributions
ETF transaction fees per share
Net asset value, end of period
Total return(c)
Net assets, end of period (in thousands)
Ratio of expenses to average net assets(d)
Ratio of net investment income (loss) to average net assets(d)
Portfolio turnover rate(c)(e)
Sparkline Intangible Value ETF
11/30/2025(f)
$30.81 0.20 5.62 5.82 (0.23) (0.23) - $36.40 18.96% $64,070 0.50% 1.18% 18%
5/31/2025 $27.95 0.35 2.79 3.14 (0.28) (0.28) - $30.81 11.28% $39,439 0.50% 1.16% 31%
5/31/2024 $22.74 0.33 5.18 5.51 (0.30) (0.30) - $27.95 24.37% $35,494 0.50% 1.30% 35%
5/31/2023 $22.51 0.28 0.12 0.40 (0.17) (0.17) - $22.74 1.85% $22,512 0.50% 1.28% 56%
5/31/2022(g)
$25.00 0.21 (2.58) (2.37) (0.12) (0.12) - $22.51 -9.55% $4,277 0.50% 0.93% 49%
Sparkline International Intangible Value ETF
11/30/2025(f)
$28.30 0.21 2.32 2.53 (0.30) (0.30) 0.01 $30.54 9.02% $14,661 0.55% 1.42% 15%
5/31/2025(h)
$24.91 0.68 2.92 3.60 (0.21) (0.21)
0.00(i)
$28.30 14.56% $9,621 0.55% 3.58% 32%
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
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.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
(f)
Unaudited.
(g)
Inception date of the Fund was June 28, 2021.
(h)
Inception date of the Fund was September 9, 2024.
(i)
Amount represents less than $0.005 per share.
The accompanying notes are an integral part of these financial statements.
4
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2025 (Unaudited)
NOTE 1 - ORGANIZATION
Sparkline Intangible Value ETF ("ITAN") and Sparkline International Intangible Value ETF ("DTAN") (individually, a "Fund", or collectively, the "Funds") are each a series of the EA Series Trust (the "Trust"), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund is considered diversified under the 1940 Act. Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies. See the Funds' Prospectus and Statement of Additional Information regarding the risks of investing in shares of each Fund.
Ticker
Commencement of Operations
Creation Unit Size Listing Exchange
ITAN June 28, 2021 10,000 NYSE Arca, Inc.
DTAN September 9, 2024 10,000 NYSE Arca, Inc.
The investment objective for each Fund is to:
Fund Investment Objective
ITAN seek long-term capital appreciation.
DTAN seek to achieve capital appreciation.
Market prices for the shares may be different from their net asset value ("NAV"). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. A Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by a Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.
The end of the reporting period for each Fund is November 30, 2025, and the period covered by these Notes to Financial Statements is from June 1, 2025 to November 30, 2025 (the "current fiscal period").
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
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
5
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
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 ("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 each 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 each Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of the current fiscal period end, each Fund did not hold any securities that required fair valuation due to unobservable inputs.
As described above, the Funds may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires
6
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the fair value classification of the Fund's investments as of the current fiscal period end:
DESCRIPTION LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
ITAN
Investments
Common Stocks $ 63,713,298 $ - $ - $ 63,713,298
Rights - -
0(a)(b)
0(a)(b)
Money Market Funds 288,543 - - 288,543
Total Investments $ 64,001,841 $ -
$ 0(a)(b)
$ 64,001,841
DTAN
Investments
Common Stocks $ 14,590,308 $ - $ - $ 14,590,308
Money Market Funds 31,342 - - 31,342
Total Investments $ 14,621,650 $ - $ - $ 14,621,650
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a) Represents less than $0.005 of Net Assets.
(b) Management has determined 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 respective fund.
During the current fiscal period, the Funds did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.
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 Funds isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates are included on the "Statement of Operations" under "Net realized gain (loss) - Foreign currency translation" and "Change in net unrealized appreciation (depreciation) - Foreign currency translation," respectively.
Each Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar
7
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.
C.Federal Income Taxes.The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.
D.Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations.
Distributions to shareholders from net investment income for each Fund are declared and paid on quarterly basis. Distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis for each Fund. Distributions are recorded on the ex-dividend date. Each Fund may distribute more frequently, if necessary, for tax purposes.
E.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.
F.Share Valuation.The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for regular trading. The offering and redemption price per share for each Fund is equal to the Fund's net asset value per share.
G.Guarantees and Indemnifications.In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust's organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. As of the date of this report, no claim has been made for indemnification pursuant to any such agreement of the Funds.
H.Segment Reporting:The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the current fiscal period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.
The Treasurer (principal financial officer) acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has
8
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.
I.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. In addition, the Funds realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings to paid-in capital. For the fiscal period ended May 31, 2025, the following table shows the reclassifications made:
Distributable
Earnings 		Paid-in
Capital
ITAN
$ (3,998,931) $ 3,998,931
DTAN
$ (63,344) $ 63,344
J.New Accounting Pronouncement: In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU has been adopted by the Fund as of the reporting period end. Management has evaluated the impact of the ASU and determined it does not materially impact the financial statements.
NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.
Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Funds. Pursuant to investment advisory agreements (the "Advisory Agreements") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreements, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. The table below represents the annual rate based on average daily net assets that each Fund pays the Adviser monthly:
ITAN
0.50%
DTAN
0.55%
Sparkline Capital LP (the "Sub-Adviser") serves as an investment sub-adviser to the Funds. Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.
U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds' Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and
9
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of the Administrator, serves as the Funds' Custodian.
The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Funds.
NOTE 4 - SECURITIES LENDING
Each Fund may lend up to 331/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.
The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.
During the current fiscal period, certain Funds had loaned securities and received cash collateral for the loans. The cash collateral was invested by the Securities Lending Agent in accordance with the Trust-approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent. As of the end of the current fiscal period, there were no securities of the Funds out to loan.
The interest income earned by the Funds on the investment of cash collateral received from borrowers for the securities loaned to them ("Securities Lending Income") is reflected in the Funds' Statements of Operations. Net securities lending income earned on collateral investments and recognized by the applicable fund during the current fiscal period was as follows:
ITAN $ 5
Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
10
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the current fiscal period, purchases and sales of securities for each Fund, excluding short-term securities and in-kind transactions for each Fund were as follows:
Purchases Sales
ITAN
$ 9,679,662 $ 9,232,014
DTAN
3,254,697 1,822,275
For the current fiscal period, in-kind transactions associated with creations and redemptions for each Fund were as follows:
Purchases Sales
ITAN
$ 22,767,688 $ 6,891,857
DTAN
3,893,594 1,135,054
There were no purchases or sales of U.S. Government securities during the current fiscal period for any of the respective Funds.
NOTE 6 - 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 May 31, 2025, for each Fund were as follows:
ITAN DTAN
Tax cost of Investments $ 36,897,135 $ 8,647,668
Gross tax unrealized appreciation 5,759,953 1,194,338
Gross tax unrealized depreciation (3,149,121) (261,838)
Net tax unrealized appreciation (depreciation) $ 2,610,832 $ 932,500
Undistributed ordinary income 171,835 124,770
Undistributed long-term gain - -
Total distributable earnings 171,835 124,770
Other accumulated gain (loss) (164,960) 1,133
Total accumulated gain (loss) $ 2,617,707 $ 1,058,403
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 each Fund's next taxable year.
For the fiscal period ended May 31, 2025, there were no post-October late year losses and post-October capital losses.
At the fiscal period ended May 31, 2025, each Fund had the following capital loss carryforwards that do not expire:
Unlimited
Short-Term 		Unlimited
Long-Term
ITAN $ 164,960 $ -
DTAN $ - $ -
11
SPARKLINE CAPITAL ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025 (Unaudited)
NOTE 7 - DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by each Fund during the current fiscal period and fiscal period ended May 31, 2025, were as follows:
Current Fiscal Period Fiscal Period Ended
May 31, 2025
Ordinary Income
ITAN $ 345,107 $ 335,499
DTAN(a)
$ 123,862 $ 34,291
(a) Inception date of the Fund was September 9, 2024.
NOTE 8 - SUBSEQUENT EVENTS
In preparing these financial statements, management of the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred during the period subsequent to the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.
12
SPARKLINE CAPITAL ETFs
FEDERAL TAX INFORMATION (UNAUDITED)
For the fiscal period ended May 31, 2025, certain dividends paid by the Funds 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 were as follows:
ITAN
100.00%
DTAN
100.00%
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended May 31, 2025 were as follows:
ITAN
100.00%
DTAN
100.00%
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 fiscal period ended May 31, 2025 were as follows:
ITAN
0.00%
DTAN
0.00%
13
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 out of the advisory fee. See Note 3 to the Financial Statements under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.
Not applicable.
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 to open-end investment companies.
(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: January 28, 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: January 28, 2026
By (Signature and Title) /s/ Sean R. Hegarty, CPA
Sean R. Hegarty, CPA, Treasurer (principal financial officer)
Date: January 28, 2026
Alpha Architect ETF Trust published this content on January 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 30, 2026 at 16:24 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]