Alpha Architect ETF Trust

01/30/2026 | Press release | Distributed by Public on 01/30/2026 09:39

Annual Report by Investment Company (Form N-CSR)

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: November 30, 2025
Date of reporting period: November 30, 2025
Item 1. Report to Stockholders.
(a)
Guru Favorite Stocks ETF
Ticker: GFGF
Listed on: The Nasdaq Stock Market LLC
November 30, 2025
Annual Shareholder Report
https://gurufocusetf.com/gfgf/
This annual shareholder report contains important information about the Guru Favorite Stocks ETF (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at https://gurufocusetf.com/gfgf/. 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
$68 0.65%
PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
PERFORMANCE
One Year
Since Inception
(12/15/2021)
Guru Favorite Stocks ETF - NAV 8.10% 8.98%
Solactive GBS United States 1000 Index 13.76% 10.51%
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit https://gurufocusetf.com/gfgf/ for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
The Fund invests in approximately 25-35 U.S.-listed equity securities favored by leading long-term investors, using a quantitative process to select high-quality companies trading at attractive valuations. For the fiscal year ended November 30, 2025, GFGF's performance benefited from gains in holdings such as Alphabet, ASML, Taiwan Semiconductor, and Monster Beverage, while returns were negatively impacted by positions in UnitedHealth Group and Copart, Inc.
The U.S. equity market overall delivered solid gains despite early volatility, supported by easing inflation and improving confidence in Federal Reserve policy. Strong momentum in artificial intelligence continued to push valuations in the technology sector to elevated levels. Guided by our guru investing strategy, we maintained a cautious and underweight position in technology. While this discipline weighed on near-term performance, we believe it remains the prudent approach given current valuations.
Annual Shareholder Report: November 30, 2025
Guru Favorite Stocks ETF
Ticker: GFGF
Listed on: The Nasdaq Stock Market LLC
November 30, 2025
Annual Shareholder Report
https://gurufocusetf.com/gfgf/
KEY FUND STATISTICS (as of Period End)
Net Assets $37,017,935 Portfolio Turnover Rate* 39%
# of Portfolio Holdings 29 Advisory Fees Paid $226,689
*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 31.9%
Information Technology 27.8%
Communication Services 16.8%
Health Care 7.3%
Industrials 4.4%
Consumer Discretionary 3.2%
Consumer Staples 2.5%
Cash and Cash Equivalents 6.1%
TOP 10 HOLDINGS
(as a % of Net Assets)
Alphabet, Inc. - Class A 9.7%
NVIDIA Corp. 7.1%
Alphabet, Inc. - Class C 5.0%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR 5.0%
Microsoft Corp. 4.6%
MSCI, Inc. 4.4%
Berkshire Hathaway, Inc. - Class B 4.0%
Apple, Inc. 3.8%
Visa, Inc. - Class A 3.8%
Eli Lilly & Co. 3.8%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://gurufocusetf.com/gfgf/. 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.
Annual Shareholder Report: November 30, 2025
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the year covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the year covered by this report.
A copy of the registrant's Code of Ethics is incorporated by reference.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Pagano is an "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant's tax returns and calculations of required income, capital gain and excise distributions. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE
11/30/2025
FYE
11/30/2024
(a) Audit Fees $8,750 $8,750
(b) Audit-Related Fees N/A N/A
(c) Tax Fees $2,250 $2,250
(d) All Other Fees N/A N/A
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.
(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund's investment adviser.
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction..
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.
(b) Not applicable.
Item 6. Investments.
(a)
GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS
November 30, 2025
COMMON STOCKS - 93.9%
Shares
Value
Communication Services- 16.8%
Interactive Media & Services - 16.8%
Alphabet, Inc. - Class A
11,180
$ 3,579,612
Alphabet, Inc. - Class C
5,760
1,843,891
Meta Platforms, Inc. - Class A
1,251
810,586
Total Communication Services
6,234,089
Consumer Discretionary- 3.2%
Broadline Retail - 3.2%
Amazon.com, Inc. (a)
5,042
1,175,895
Consumer Staples- 2.5%
Soft Drinks & Non-alcoholic Beverages - 2.5%
Monster Beverage Corp. (a)
12,190
914,128
Financials- 31.9%(b)
Consumer Finance - 1.7%
American Express Co.
1,704
622,420
Financial Exchanges & Data - 9.1%
Moody's Corp.
2,138
1,049,288
MSCI, Inc.
2,920
1,646,062
S&P Global, Inc.
1,365
680,903
3,376,253
Insurance Brokers - 5.9%
Arthur J Gallagher & Co.
3,904
966,709
Brown & Brown, Inc.
15,402
1,238,783
2,205,492
Investment Banking & Brokerage - 1.9%
Charles Schwab Corp.
7,436
689,540
Multi-Sector Holdings - 4.0%
Berkshire Hathaway, Inc. - Class B (a)
2,887
1,483,370
Transaction & Payment Processing Services - 9.3%
Jack Henry & Associates, Inc.
4,199
732,641
Mastercard, Inc. - Class A
2,364
1,301,453
Visa, Inc. - Class A
4,170
1,394,615
3,428,709
Total Financials
11,805,784
Health Care- 7.3%
Health Care Equipment - 2.0%
Intuitive Surgical, Inc. (a)
1,277
732,334
The accompanying notes are an integral part of these financial statements.
1
GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025
COMMON STOCKS - 93.9% (CONTINUED)
Shares
Value
Managed Health Care - 1.5%
UnitedHealth Group, Inc.
1,696
$ 559,290
Pharmaceuticals - 3.8%
Eli Lilly & Co.
1,296
1,393,809
Total Health Care
2,685,433
Industrials- 4.4%
Diversified Support Services - 2.6%
Copart, Inc. (a)
24,740
964,365
Human Resource & Employment Services - 1.8%
Paychex, Inc.
5,944
663,886
Total Industrials
1,628,251
Information Technology- 27.8%(b)
Application Software - 4.7%
Descartes Systems Group, Inc. (a)
10,333
851,646
Synopsys, Inc. (a)
2,146
897,049
1,748,695
Semiconductor Materials & Equipment - 2.6%
ASML Holding NV
920
975,200
Semiconductors - 12.1%
NVIDIA Corp.
14,832
2,625,264
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
6,311
1,839,720
4,464,984
Systems Software - 4.6%
Microsoft Corp.
3,494
1,719,083
Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc.
5,024
1,400,942
Total Information Technology
10,308,904
TOTAL COMMON STOCKS(Cost $25,018,251)
34,752,484
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 6.1%
First American Government Obligations Fund - Class X, 3.92% (c)
2,265,314
2,265,314
TOTAL MONEY MARKET FUNDS(Cost $2,265,314)
2,265,314
TOTAL INVESTMENTS - 100.0% (Cost $27,283,565)
$ 37,017,798
Other Assets in Excess of Liabilities - 0.0% (d)
137
TOTAL NET ASSETS - 100.0%
$ 37,017,935
The accompanying notes are an integral part of these financial statements.
2
GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
November 30, 2025
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(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)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
(d)
Represents less than 0.05% of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(b) Not applicable
The accompanying notes are an integral part of these financial statements.
3
GURU FAVORITE STOCKS ETF
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment
Companies.
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2025
ASSETS:
Investments, at value (See Note 2) $ 37,017,798
Dividends receivable 18,446
Dividend tax reclaims receivable 1,107
Total assets 37,037,351
LIABILITIES:
Payable to adviser (See Note 3) 19,416
Total liabilities 19,416
NET ASSETS $ 37,017,935
NET ASSETS CONSIST OF:
Paid-in capital $ 34,334,514
Total distributable earnings 2,683,421
Total net assets $ 37,017,935
Net Assets $ 37,017,935
Shares issued and outstanding(a)
1,060,000
Net asset value per share $ 34.92
COST:
Investments, at cost $ 27,283,565
(a) Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
1
GURU FAVORITE STOCKS ETF
STATEMENT OF OPERATIONS
For the Year Ended November 30, 2025
INVESTMENT INCOME:
Dividend income $ 318,050
Less: Issuance fees (121)
Less: Dividend withholding , net (7,046)
Total investment income (loss) 310,883
EXPENSES:
Investment advisory fees (See Note 3) 226,689
Total expenses 226,689
NET INVESTMENT INCOME (LOSS) 84,194
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (159,419)
In-kind redemptions 3,737,443
Net realized gain (loss) 3,578,024
Net change in unrealized appreciation (depreciation) on:
Investments (929,184)
Net change in unrealized appreciation (depreciation) (929,184)
Net realized and unrealized gain (loss) 2,648,840
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,733,034
The accompanying notes are an integral part of these financial statements.
2
GURU FAVORITE STOCKS ETF
STATEMENT OF CHANGES IN NET ASSETS
Year ended November 30, 2025 Year ended November 30, 2024
OPERATIONS:
Net investment income (loss) $ 84,194 $ 28,730
Net realized gain (loss) 3,578,024 3,627,322
Net change in unrealized appreciation (depreciation) (929,184) 6,791,316
Net increase (decrease) in net assets from operations 2,733,034 10,447,368
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings (36,495) (26,410)
Total distributions to shareholders (36,495) (26,410)
CAPITAL TRANSACTIONS:
Shares sold 8,390,931 12,807,849
Shares redeemed (10,290,039) (19,425,858)
ETF transaction fees (See Note 1) 2 5
Net increase (decrease) in net assets from capital transactions (1,899,106) (6,618,004)
NET INCREASE (DECREASE) IN NET ASSETS 797,433 3,802,954
NET ASSETS:
Beginning of the year 36,220,502 32,417,548
End of the year $ 37,017,935 $ 36,220,502
SHARES TRANSACTIONS
Shares sold 260,000 500,000
Shares redeemed (320,000) (750,000)
Total increase (decrease) in shares outstanding (60,000) (250,000)
The accompanying notes are an integral part of these financial statements.
3
GURU FAVORITE STOCKS ETF
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 expense to average net assets(d)
Ratio of net investment income (loss) to average net assets(d)
Portfolio turnover rate(c)(e)
Guru Favorite Stocks ETF
11/30/2025 $32.34 0.08 2.53 2.61 (0.03) (0.03)
0.00(f)
$34.92 8.10% $37,018 0.65% 0.24% 39%
11/30/2024 $23.66 0.02 8.68 8.70 (0.02) (0.02)
0.00(f)
$32.34 36.78% $36,221 0.65% 0.09% 33%
11/30/2023 $21.37 0.02 2.35 2.37 (0.08) (0.08)
0.00(f)
$23.66 11.17% $32,418 0.65% 0.11% 81%
11/30/2022(g)
$25.00 0.08 (3.71) (3.63)
(0.00)(f)
(0.00)(f)
0.00(f)
$21.37 -14.50% $30,135 0.65% 0.40% 28%
(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)
Amount represents less than $0.005 per share.
(g)
Inception date of the Fund was December 15, 2021.
The accompanying notes are an integral part of these financial statements.
4
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2025
NOTE 1 - ORGANIZATION
Guru Favorite Stocks 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 diversified under the 1940 Act. The Fund commenced operations on December 15, 2021. 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 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 a 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 the Fund is November 30, 2025, and the period covered by these Notes to Financial Statements is fromDecember 1, 2024 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 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
5
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025
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. For the the current fiscal period, the Fund did not hold any securities that required fair valuation due to unobservable inputs.
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
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025
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
Investments
Common Stocks
$ 34,752,484 $ - $ - $ 34,752,484
Money Market Funds
2,265,314 - - 2,265,314
Total Investments $ 37,017,798 $ - $ - $ 37,017,798
Refer to the Schedule of Investments for further disaggregation of investment categories.
During the current fiscal period, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.
B.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 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.
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.
C.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 to shareholders from net investment income are declared and paid on an annual basis. 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.
D.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.
E.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.
F.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
7
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025
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.
G.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, they have been reclassified from distributable earnings to paid-in capital. For the current fiscal period, the following table shows the reclassifications made:
Distributable
Earnings 		Paid-in
Capital
$ (3,728,847) $ 3,728,847
H.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 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 0.65% to the Adviser monthly based on average daily net assets.
GuruFocus Investments, LLC ("Sub-Adviser"), serves as an 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 "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; 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.
8
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025
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
$ 12,808,558 $ 14,242,075
For the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:
Purchases Sales
$ 7,749,934 $ 10,071,951
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 current fiscal period, were as follows:
Tax cost of Investments $ 27,395,122
Gross tax unrealized appreciation 10,658,676
Gross tax unrealized depreciation (1,036,000)
Net tax unrealized appreciation (depreciation) $ 9,622,676
Undistributed ordinary income 76,427
Undistributed long-term gain -
Total distributable earnings 76,427
Other accumulated gain (loss) (7,015,682)
Total accumulated gain (loss) $ 2,683,421
The difference between book and tax-basis cost is attributable to wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.
For the current fiscal period, the Fund did not defer any post-October capital or late-year losses.
At the end of the current fiscal period, the Fund had the following capital loss carryforwards that do not expire:
Unlimited
Short-Term 		Unlimited
Long-Term
$ (5,042,755) $ (1,972,927)
9
GURU FAVORITE STOCKS ETF
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2025
NOTE 6 - DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Fund during the current fiscal period and the year ended November 30, 2024, were as follows:
Ordinary Income
Year ended November 30, 2025 Year ended
November 30, 2024
$ 36,495 $ 26,410
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 during the period subsequent to the current fiscal period, that materially impacted the amounts or disclosures in the Fund's financial statements.
10
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of
Guru Favorite Stocks ETF and
The Board of Trustees of
EA Series Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Guru Favorite Stocks ETF (the "Fund"), a series of EA Series Trust (the "Trust"), including the schedule of investments, as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statements of changes in net assets for each of the two years ended November 30, 2025, the financial highlights for each of the three years ended November 30, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year ended November 30, 2025, and the changes in its net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.
The financial highlights for the period December 15, 2021 (commencement of operations) to November 30, 2022, were audited by other auditors, whose report dated January 27, 2023, expressed an unqualified opinion on the financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1999.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 29, 2026
11
GURU FAVORITE STOCKS ETF
FEDERAL TAX INFORMATION (UNAUDITED)
For the current fiscal period, 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 current fiscal period, for the Fund was 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 Fund was 0.00%.
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 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. Filed herewith.
(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 officer 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: January 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: January 29, 2026
By (Signature and Title) /s/ Sean R. Hegarty, CPA
Sean R. Hegarty, CPA, Treasurer (principal financial officer)
Date: January 30, 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 15:39 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]