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EA Bridgeway Blue Chip ETF (BBLU)

EA Bridgeway Omni Small-Cap Value ETF (BSVO)
bridgewayetfs.com
Annual Report
June 30, 2023


BRIDGEWAY ETF’S
TABLE OF CONTENTS
Page
1
Sector Allocations


BRIDGEWAY ETF’S
LETTER TO SHAREHOLDERS
Dear Bridgeway ETF Shareholders,

The information presented in this report relates to the operations of EA Bridgeway Omni Small-Cap Value ETF (“BSVO”) and EA Bridgeway Blue Chip ETF (“BBLU”), or collectively (“the Funds”).

The Funds are sub-advised by Bridgeway Capital Management, LLC (“Bridgeway”). At Bridgeway, we have a shared passion for applying logic, data, and evidence to develop investment solutions. The Funds are constructed based on fundamental academic research that relies on market efficiency. Bridgeway strives to capitalize on proven methods to better capture the risk premiums available in targeted asset classes. The Funds are constructed to ensure broad diversification within their unique part of the equity market and to provide specialized risk premium exposure.

BLUE CHIP FUND

SECOND QUARTER 2023
Fund return: 10.96%
Benchmark return: 8.74% (S&P 500 Index)1; 13.19% (Russell Top 50 Mega Cap Index)2

Explanation of quarterly performance

For the quarter, the Blue Chip Fund returned 10.96%, outperforming the S&P 500 Index. The Fund benefitted from its focus on mega-cap stocks during a quarter in which larger stocks were strongly in favor. The Fund’s lack of exposure to the benchmark’s smaller stocks boosted relative results.

From a sector perspective, the Fund’s allocation effect was positive. An underweighting in the Utilities sector and an overweighting in the Communication Services sectors added the most to relative results. The Fund’s stock selection effect was also strongly positive, largely driven by holdings in the Health Care sector. The Fund’s holdings in the Information Technology, Financials, and Consumer Discretionary sectors also added to relative returns.

FISCAL YEAR
Fund return: 24.50%
Benchmark return: 19.59% (S&P 500 Index); 24.63% (Russell Top 50 Mega Cap Index)

Explanation of fiscal year performance

For the 12-month period, the Blue Chip Fund returned 24.50%, outperforming the S&P 500 Index. The Fund’s focus on mega-cap stocks improved relative performance during the period, as the largest stocks generally outperformed smaller stocks within the benchmark. The Fund’s roughly equal weight design also improved relative results. Maintaining a roughly equal weight portfolio created overweightings in some strong-performing smaller stocks in the mega-cap category.

From a sector perspective, the Fund’s allocation effect was positive. Underweightings in the Utilities, Real Estate, and Consumer Discretionary sectors added the most to relative performance. The Fund’s stock selection effect was also strongly positive. Holdings in the Financials, Information Technology, and Consumer Discretionary sectors made the largest positive contributions to relative results.





1

OMNI SMALL-CAP VALUE ETF

FIRST QUARTER 2023
Fund return: 1.54%
Benchmark Return: 3.18% (Russell 2000 Value Index)3

Explanation of quarterly performance:

For the quarter, the EA Bridgeway Omni Small-Cap Value ETF returned 1.54%, underperforming the Russell 2000 Value Index. The Fund’s tilt toward deeper value stocks across multiple valuation metrics had a negative effect on relative returns during the quarter. The Fund’s tilt toward smaller stocks in the small-cap value universe also detracted from relative performance.

By design, the Fund does not hold Real Estate Investment Trusts (REITs) or Utilities stocks. The lack of exposure to both REITs and Utilities stocks benefited relative performance during the quarter. However, a greater-than-benchmark exposure to Financials stocks detracted from relative returns.

FISCAL YEAR :
Fund return: 4.41%
Benchmark Return: 6.01% (Russell 2000 Value Index)

Explanation of fiscal year performance :

For the 12-month period, the EA Bridgeway Omni Small-Cap Value ETF returned 4.41%, underperforming the Russell 2000 Value Index. The Fund’s tilt toward deeper value stocks across multiple valuation metrics positively contributed to relative performance during the period. The Fund’s tilt toward smaller stocks in the small-cap value hurt relative results.

By design, the Fund does not hold Real Estate Investment Trusts (REITs) or Utilities stocks. The lack of exposure to these stocks benefited relative returns as both sectors underperformed the benchmark. However, a greater-than-benchmark exposure to the Financials sector detracted from relative results as Financials stocks performed poorly during the period.

Past performance is no guarantee of future performance. Double-digit performance is attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. Recent market volatility may affect performance so that current performance may be lower.

1.S&P 500 Index: is an unmanaged index of 500 common stocks primarily traded on the New York Stock Exchange, weighted by market capitalization. Index performance includes the reinvestment of dividends and capital gains.
2.Russell Top 50 Mega Cap Index: It measures the performance of the largest companies in the Russell 3000 Index.
3.Russell 2000 Value Index: A small-cap U.S. stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index.
4.On or about October 17, 2022, the BBLU Fund acquired the assets and assumed the then-existing known liabilities of the Predecessor Fund, and the BBLU Fund is expected to be the performance successor of the reorganization. This means that the Predecessor Fund’s performance and financial history will be used by the Fund going forward from the date of the reorganization. In the reorganization, former shareholders of the Predecessor Fund received shares of the Fund.
5.On or about March 13, 2023, the BSVO Fund acquired the assets and assumed the then-existing known liabilities of the Predecessor Fund, and the BSVO Fund is expected to be the performance successor of the reorganization. This means that the Predecessor Fund’s performance and financial history will be used by the Fund going forward from the date of the reorganization. In the reorganization, former shareholders of the Predecessor Fund received shares of the Fund.

Must be preceded or accompanied by a prospectus.
2

EA BRIDGEWAY BLUE CHIP ETF

Growth of $10,000 (Unaudited)*

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Average Annual Return*
Since Conversion Since Inception
1 Year 5 Year 10 Year (October 17,2022) (July 31,1997)
EA Bridgway Blue Chip ETF - NAV 24.50% 13.68% 12.74% 29.09% 8.39%
EA Bridgway Blue Chip ETF - MKT 24.01% 13.59% 12.70% 28.56% 8.37%
S&P 500 Index 19.59% 12.31% 12.86% 21.00% 8.11%

See “Index Overview” section for a description of the Index.

*This chart assumes an initial gross investment of $10,000 made on July 31, 1997. Returns shown include the reinvestment of all dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. The Fund converted from a mutual fund to an ETF on October 17, 2022.
The Fund has adopted the mutual fund’s prior performance for the periods before the conversion.

**The EA Bridgeway Blue Chip ETF - NAV does not appear on the graph as it is aligned so closely to the EA Bridgeway Blue Chip market return.






3



EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF

Growth of $10,000 (Unaudited)*

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Average Annual Return*
Since Conversion Since Inception
1 Year 5 Year 10 Year (March 13, 2023) (December 31, 2010)
EA Bridgway Omni Small-Cap Value ETF - NAV 4.41% 3.77% 7.73% 8.11% 8.38%
EA Bridgway Omni Small-Cap Value ETF - MKT 4.53% 3.80% 7.75% 8.10% 8.39%
Russell 2000 Value Total Return 6.01% 3.54% 7.29% 19.94% 7.88%

See “Index Overview” section for a description of the Index.

*This chart assumes an initial gross investment of $10,000 made on December 31, 2010. Returns shown include the reinvestment of all dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. The Fund converted from a mutual fund to an ETF on March 13, 2023.
The Fund has adopted the mutual fund’s prior performance for the periods before the conversion.

**The EA Bridgeway Omni Small-Cap Value ETF - NAV does not appear on the graph as it is aligned very closely to the EA Bridgeway Omni Small-Cap Value market return.
4

INDEX OVERVIEW
June 30, 2023 (Unaudited)


S&P 500 Index

The S&P 500 Index is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the United States.


Russell 2000® Value Index

The Russell 2000® Value Index is a “small-cap” U.S. equity index and is predominantly comprised of value stocks, meaning stocks issued by companies thought to be undervalued by the market relative to comparable companies.
5

EA BRIDGEWAY BLUE CHIP ETF
Tabular Presentation of Schedule of Investments
As of June 30, 2023 (Unaudited)
Sector1
 % Net
Assets
Information Technology 24.2%
Financials 16.8%
Communication Services 13.6%
Health Care 12.6%
Consumer Discretionary 11.1%
Consumer Staples 10.7%
Industrials 5.8%
Energy 4.9%
Other3
 0.3%
Total
 100.0%

EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Tabular Presentation of Schedule of Investments
As of June 30, 2023 (Unaudited)
Sector1
 % Net
Assets
Financials 31.6%²
Industrials 16.3%
Consumer Discretionary 14.5%
Energy 11.4%
Materials 6.6%
Communication Services 5.3%
Consumer Staples 4.7%
Information Technology 4.6%
Health Care 3.3%
Real Estate 1.3%
Investment Companies
0.0%4
Preferred Stocks
0.0%4
Rights
0.0%4
Warrants
0.0%4
Other³ 0.4%
Total
 100.0%
1.Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2.For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3.Cash, cash equivalents, short-term investments, and other assets less liabilities.
4.Represents less than 0.05% of net assets.


6
EA BRIDGEWAY BLUE CHIP ETF
Schedule of Investments
June 30, 2023

Shares
Value
COMMON STOCKS - 99.7%
Aerospace & Defense - 2.5%
30,891
Raytheon Technologies Corp.
 $ 3,026,082 
Air Freight & Logistics - 3.3%
23,165
United Parcel Service, Inc. - Class B
4,152,326
Automobile Manufacturers - 3.9%
18,699
Tesla, Inc. (a)
4,894,837
Broadline Retail - 2.4%
23,247
Amazon.com, Inc. (a)
3,030,479
Cable & Satellite - 2.4%
70,990
Comcast Corp. - Class A
2,949,635
Communications Equipment - 2.4%
58,272
Cisco Systems, Inc.
3,014,993
Consumer Staples Merchandise Retail - 2.5%
19,357
Walmart, Inc.
3,042,533
Diversified Banks - 8.3%
103,959
Bank of America Corp.
2,982,584
29,496
JPMorgan Chase & Co.
4,289,898
70,452
Wells Fargo & Co.
3,006,891
10,279,373
Home Improvement Retail - 2.4%
9,695
Home Depot, Inc.
3,011,655
Household Products - 3.3%
26,915
Procter & Gamble Co.
4,084,082
Integrated Oil & Gas - 4.9%
19,170
Chevron Corp.
3,016,400
28,063
Exxon Mobil Corp.
3,009,757
6,026,157
Integrated Telecommunication Services - 2.4%
80,947
Verizon Communications, Inc.
3,010,419
Interactive Media & Services - 6.4%
12,489
Alphabet, Inc. - Class A (a)
1,494,933
12,396
Alphabet, Inc. - Class C (a)
1,499,544
The accompanying notes are an integral part of these financial statements.
7
EA BRIDGEWAY BLUE CHIP ETF
Schedule of Investments (Continued)
June 30, 2023



Shares
Value
17,293
Meta Platforms, Inc. - Class A (a)
 $ 4,962,745 
7,957,222
Managed Health Care - 2.4%
6,249
UnitedHealth Group, Inc.
3,003,519
Movies & Entertainment - 2.4%
33,917
Walt Disney Co. (a)
3,028,110
Multi-Sector Holdings - 2.4%
8,689
Berkshire Hathaway, Inc. - Class B (a)
2,962,949
Pharmaceuticals - 10.2%
7,707
Eli Lilly & Co.
3,614,429
18,170
Johnson & Johnson
3,007,498
26,262
Merck & Co., Inc.
3,030,372
82,594
Pfizer, Inc.
3,029,548
12,681,847
Restaurants - 2.4%
10,127
McDonald’s Corp.
3,021,998
Semiconductors - 11.3%
3,471
Broadcom, Inc.
3,010,850
90,374
Intel Corp.
3,022,107
11,844
NVIDIA Corp.
5,010,249
25,329
Qualcomm, Inc.
3,015,164
14,058,370
Soft Drinks & Non-alcoholic Beverages - 4.9%
50,205
Coca-Cola Co.
3,023,345
16,226
PepsiCo, Inc.
3,005,380
6,028,725
Systems Software - 6.5%
14,624
Microsoft Corp.
4,980,057
25,544
Oracle Corp.
3,042,035
8,022,092
Technology Hardware, Storage & Peripherals - 4.0%
25,804
Apple, Inc.
5,005,202
Transaction & Payment Processing Services - 6.1%
7,695
Mastercard, Inc. - Class A
3,026,444
19,107
Visa, Inc. - Class A
4,537,530
7,563,974
TOTAL COMMON STOCKS (Cost $57,641,032)
123,856,579
The accompanying notes are an integral part of these financial statements.
8
EA BRIDGEWAY BLUE CHIP ETF
Schedule of Investments (Continued)
June 30, 2023



Shares
Value
MONEY MARKET FUNDS - 0.3%
431,832
First American Government Obligations Fund - Class X, 5.01% (b)
 $ 431,832 
TOTAL MONEY MARKET FUNDS (Cost $431,832)
431,832
TOTAL INVESTMENTS (Cost $58,072,864) - 100.0
 124,288,411 
Other Liabilities in Excess of Assets - (0.0%)
 (23,688)
TOTAL NET ASSETS - 100.0%
 $ 124,264,723 

Percentages are stated as a percent of net assets.
(a) Non-income producing security.
(b)Rate shown is the 7-day effective yield.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
9
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
COMMON STOCKS - 99.5%
Advertising - 0.7%
723,111 Advantage Solutions, Inc. (a) $ 1,692,080 
122,723 comScore, Inc. (a) 99,406 
240,512 Fluent, Inc. (a) 150,657 
132,385 Thryv Holdings, Inc. (a) 3,256,671 
5,198,814 
 Aerospace & Defense - 0.2%
4,834 SIFCO Industries, Inc. (a) 11,892 
23,571 V2X, Inc. (a) 1,168,179 
1,180,071 
 Agricultural & Farm Machinery - 0.2%
143,916 Titan International, Inc. (a) 1,652,156 
 Agricultural Products & Services - 0.6%
10,763 Alico, Inc. 274,026 
169,716 Fresh Del Monte Produce, Inc. ADR (b) 4,363,398 
4,637,424 
 Air Freight & Logistics - 0.4%
157,502 Air Transport Services Group, Inc. (a) 2,972,063 
46,781 Radiant Logistics, Inc. (a) 314,368 
3,286,431 
 Alternative Carriers - 1.2%
178,539 EchoStar Corp. - Class A (a) 3,095,866 
98,185 Liberty Latin America Ltd. - Class A ADR (a)(b) 859,119 
605,404 Liberty Latin America Ltd. - Class C ADR (a)(b) 5,218,582 
9,173,567 
 Aluminum - 0.3%
246,880 Century Aluminum Co. (a) 2,152,794 
 Apparel Retail - 1.9%
144,215 Abercrombie & Fitch Co. - Class A (a) 5,434,021 
91,407 Caleres, Inc. 2,187,370 
30,741 Cato Corp. - Class A 246,850 
303,174 Chico's FAS, Inc. (a) 1,621,981 
153,828 Designer Brands, Inc. - Class A 1,553,663 
60,378 Duluth Holdings, Inc. - Class B (a) 379,174 
67,946 Shoe Carnival, Inc. 1,595,372 
109,854 Tilly's, Inc. - Class A (a) 770,077 
56,744 Zumiez, Inc. (a) 945,355 
14,733,863 
 Apparel, Accessories & Luxury Goods - 0.6%
27,505 Delta Apparel, Inc. (a) 288,252 
114,855 G-III Apparel Group Ltd. (a) 2,213,256 
700 Jerash Holdings US, Inc. 2,604 
The accompanying notes are an integral part of these financial statements.
10
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
8,773 Lakeland Industries, Inc. $ 126,243 
66,679 Movado Group, Inc. 1,788,998 
12,869 Superior Group of Cos., Inc. 120,196 
78,548 Vera Bradley, Inc. (a) 501,922 
4,223 Vince Holding Corp. (a) 12,289 
5,053,760 
 Application Software - 0.4%
76,462 Cleanspark, Inc. (a) 328,022 
93,284 Ebix, Inc. 2,350,757 
33,296 NetSol Technologies, Inc. (a) 78,579 
2,757,358 
 Asset Management & Custody Banks - 0.4%
5,901 Hennessy Advisors, Inc. 41,779 
36,840 US Global Investors, Inc. - Class A 112,730 
14,736 Virtus Investment Partners, Inc. 2,909,918 
17,556 Westwood Holdings Group, Inc. 217,694 
3,282,121 
 Automobile Manufacturers - 0.8%
93,072 Winnebago Industries, Inc. 6,206,972 
 Automotive Parts & Equipment - 1.5%
398,458 American Axle & Manufacturing Holdings, Inc. (a) 3,295,247 
93,109 China Automotive Systems, Inc. (a) 458,095 
63,812 Kandi Technologies Group, Inc. (a) 252,695 
49,060 Modine Manufacturing Co. (a) 1,619,960 
79,343 Patrick Industries, Inc. 6,347,440 
3,534 Strattec Security Corp. (a) 64,319 
12,037,756 
 Automotive Retail - 0.8%
21,212 Lazydays Holdings, Inc. (a) 245,211 
49,651 OneWater Marine, Inc. - Class A (a)(c) 1,799,352 
45,175 RumbleON, Inc. - Class B (a)(c) 558,363 
79,191 Sonic Automotive, Inc. - Class A 3,775,035 
6,377,961 
 Biotechnology - 0.7%
40,434 Carisma Therapeutics, Inc. (c) 354,606 
101,304 iTeos Therapeutics, Inc. (a) 1,341,265 
98,952 Ovid therapeutics, Inc. (a) 324,563 
155,375 Vanda Pharmaceuticals, Inc. (a) 1,023,921 
49,776 XBiotech, Inc. ADR (a)(b) 295,669 
228,373 Zymeworks, Inc. (a) $ 1,973,143 
5,313,167 
 Broadcasting - 0.9%
283,406 Entravision Communications Corp. - Class A 1,244,152 
The accompanying notes are an integral part of these financial statements.
11
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
117,842 E.W. Scripps Co. - Class A (a) $ 1,078,254 
14,836 Saga Communications, Inc. - Class A 316,897 
42,308 Salem Media Group, Inc. (a) 40,523 
201,687 Sinclair, Inc. 2,787,314 
49,688 Townsquare Media, Inc. - Class A 591,784 
103,086 Urban One, Inc. (a) 618,516 
6,677,440 
 Broadline Retail - 0.3%
7,489 Dillard's, Inc. - Class A 2,443,511 
 Building Products - 1.5%
57,944 American Woodmark Corp. (a) 4,425,183 
36,340 Apogee Enterprises, Inc. 1,725,060 
69,075 AZZ, Inc. 3,002,000 
97,636 Quanex Building Products Corp. 2,621,527 
11,773,770 
 Cargo Ground Transportation - 1.7%
62,665 ArcBest Corp. 6,191,302 
77,131 Covenant Logistics Group, Inc. 3,380,652 
101,519 Daseke, Inc. (a) 723,830 
39,274 P.A.M. Transportation Services, Inc. (a) 1,051,365 
63,834 Universal Logistics Holdings, Inc. 1,839,058 
13,186,207 
 Casinos & Gaming - 0.3%
50,028 Bally's Corp. (a) 778,436 
51,743 Century Casinos, Inc. (a) 367,375 
36,340 Golden Entertainment, Inc. (a) 1,519,012 
2,664,823 
 Coal & Consumable Fuels - 1.1%
98,385 CONSOL Energy, Inc. 6,671,487 
151,095 Hallador Energy Co. (a) 1,294,884 
23,821 NACCO Industries, Inc. - Class A 825,636 
8,792,007 
 Commercial & Residential Mortgage Finance - 2.1%
21,902 Federal Agricultural Mortgage Corp. - Class C 3,148,193 
183,568 Guild Holdings Co. - Class A (a) 2,085,332 
100,981 loanDepot, Inc. - Class A (a) 214,080 
109,176 Merchants Bancorp 2,792,722 
188,677 NMI Holdings, Inc. - Class A (a) 4,871,640 
29,292 Ocwen Financial Corp. (a) 877,881 
30,923 Security National Financial Corp. - Class A (a) 274,287 
The accompanying notes are an integral part of these financial statements.
12
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
94,601 Velocity Financial, Inc. (a) $ 1,090,750 
50,576 Waterstone Financial, Inc. 732,846 
16,087,731 
 Commercial Printing - 0.4%
128,424 Deluxe Corp. 2,244,852 
190,226 Quad/Graphics, Inc. (a) 715,250 
2,960,102 
 Commodity Chemicals - 2.1%
102,386 AdvanSix, Inc. 3,581,462 
24,913 Core Molding Technologies, Inc. (a) 566,771 
64,812 Koppers Holdings, Inc. 2,210,089 
310,510 Kronos Worldwide, Inc. 2,710,752 
152,472 Mativ Holdings, Inc. 2,305,377 
381,025 Tronox Holdings PLC ADR (b) 4,842,828 
16,217,279 
 Communications Equipment - 0.8%
59,055 Comtech Telecommunications Corp. 539,763 
166,786 NetScout Systems, Inc. (a) 5,162,027 
73,769 Network-1 Technologies, Inc. 170,406 
47,342 TESSCO Technologies, Inc. (a) 423,711 
6,295,907 
 Construction & Engineering - 1.2%
207,139 Concrete Pumping Holdings, Inc. (a) 1,663,326 
6,101 Limbach Holdings, Inc. (a) 150,878 
15,436 MYR Group, Inc. (a) 2,135,416 
29,999 Northwest Pipe Co. (a) 907,170 
170,054 Orion Group Holdings, Inc. (a) 477,852 
63,612 Sterling Infrastructure, Inc. (a) 3,549,550 
102,552 Tutor Perini Corp. (a) 733,247 
9,617,439 
 Construction Machinery & Heavy Transportation Equipment - 0.5%
114,575 Manitowoc Co., Inc. (a) 2,157,447 
125,157 REV Group, Inc. 1,659,582 
3,817,029 
 Consumer Electronics - 0.4%
441,250 GoPro, Inc. - Class A (a) 1,826,775 
4,545 Koss Corp. (a) 16,817 
29,556 Universal Electronics, Inc. (a) 284,329 
51,207 VOXX International Corp. (a) 639,063 
2,766,984 
 Consumer Finance - 3.4%
11,944 Atlanticus Holdings Corp. (a) 501,767 
92,346 Bread Financial Holdings, Inc. 2,898,741 
96,985 Consumer Portfolio Services, Inc. (a) 1,131,815 
The accompanying notes are an integral part of these financial statements.
13
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
57,964 Encore Capital Group, Inc. (a) $ 2,818,210 
85,098 Enova International, Inc. (a) 4,520,406 
220,875 EZCORP, Inc. - Class A (a)(c) 1,850,933 
98,185 Green Dot Corp. - Class A (a) 1,839,987 
271,918 Navient Corp. 5,052,236 
19,637 Nicholas Financial, Inc. ADR (a)(b) 98,480 
41,541 Oportun Financial Corp. (a) 248,000 
113,392 PROG Holdings, Inc. (a) 3,642,151 
28,572 Regional Management Corp. 871,446 
10,702 World Acceptance Corp. (a) 1,434,175 
26,908,347 
 Data Processing & Outsourced Services - 0.2%
357,254 Conduent, Inc. (a) 1,214,664 
87,883 StarTek, Inc. (a) 256,618 
1,471,282 
 Distributors - 0.1%
1,917 AMCON Distributing Co. 389,151 
22,104 Weyco Group, Inc. 589,956 
979,107 
 Diversified Banks - 0.1%
17,103 Bank of N.T. Butterfield & Son Ltd. ADR (b) 467,938 
 Diversified Support Services - 0.6%
65,416 Civeo Corp. ADR (a)(b) 1,274,304 
88,040 Matthews International Corp. - Class A 3,752,265 
   5,026,569 
 Education Services - 1.8%
76,581 Adtalem Global Education, Inc. (a) 2,629,792 
253,381 Chegg, Inc. (a) 2,250,023 
141,360 Lincoln Educational Services Corp. (a) 952,766 
244,146 Perdoceo Education Corp. (a) 2,995,671 
57,944 Strategic Education, Inc. 3,930,921 
145,894 Universal Technical Institute, Inc. (a) 1,008,128 
   13,767,301 
 Electrical Components & Equipment - 0.3%
211,073 CBAK Energy Technology, Inc. (a)(c) 257,509 
3,534 LSI Industries, Inc. 44,387 
10,435 Preformed Line Products Co. 1,628,904 
1,500 Servotronics, Inc. (a) 20,063 
24,571 Ultralife Corp. (a) 118,924 
   2,069,787 
 Electronic Components - 0.2%
28,744 Bel Fuse, Inc. - Class B 1,650,193 
The accompanying notes are an integral part of these financial statements.
14
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
 Electronic Equipment & Instruments - 0.1%
77,478 Daktronics, Inc. (a) $ 495,859 
 Electronic Manufacturing Services - 1.1%
88,450 Benchmark Electronics, Inc. 2,284,664 
56,077 Kimball Electronics, Inc. (a) 1,549,408 
370,554 TTM Technologies, Inc. (a) 5,150,701 
   8,984,773 
 Environmental & Facilities Services - 0.4%
183,368 BrightView Holdings, Inc. (a) 1,316,582 
222,383 Enviri Corp. (a) 2,194,920 
   3,511,502 
 Fertilizers & Agricultural Chemicals - 0.2%
101,119 American Vanguard Corp. 1,806,997 
 Food Distributors - 1.4%
113,626 Andersons, Inc. 5,243,840 
115,637 SpartanNash Co. 2,602,989 
170,432 United Natural Foods, Inc. (a) 3,331,946 
   11,178,775 
 Food Retail - 1.4%
61,323 Ingles Markets, Inc. - Class A 5,068,346 
51,143 Natural Grocers by Vitamin Cottage, Inc. - Class C 627,013 
38,933 Village Super Market, Inc. - Class A 888,451 
65,379 Weis Markets, Inc. 4,197,986 
   10,781,796 
 Footwear - 0.0% (d)
5,083 Rocky Brands, Inc. 106,743 
 Gold - 0.0% (d)
17,670 Caledonia Mining Corp. PLC ADR (b)(c) 205,325 
 Health Care Distributors - 1.2%
387,887 AdaptHealth Corp. (a) 4,720,585 
2,567 Great Elm Group, Inc. (a) 5,262 
229,672 Owens & Minor, Inc. (a) 4,372,955 
   9,098,802 
 Health Care Equipment - 0.0% (d)
10,235 FONAR Corp. (a) 175,019 
 Health Care Services - 0.4%
8,368 American Shared Hospital Services (a) 21,384 
84,492 Fulgent Genetics, Inc. (a) 3,128,739 
   3,150,123 
The accompanying notes are an integral part of these financial statements.
15
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
 Health Care Supplies - 0.4%
137,195 Avanos Medical, Inc. (a) $ 3,506,704 
 Health Care Technology - 0.1%
27,905 CareCloud, Inc. (a) 82,320 
395,498 Multiplan Corp. (a) 834,501 
   916,821 
 Home Furnishings - 0.8%
17,639 Bassett Furniture Industries, Inc. 265,291 
42,808 Ethan Allen Interiors, Inc. 1,210,610 
15,336 Flexsteel Industries, Inc. 302,273 
15,636 Hooker Furnishings Corp. 291,768 
128,024 La-Z-Boy, Inc. 3,666,607 
12,419 Live Ventures, Inc. (a) 330,966 
   6,067,515 
 Homebuilding - 2.0%
110,546 Beazer Homes USA, Inc. (a) 3,127,346 
19,977 Hovnanian Enterprises, Inc. - Class A (a) 1,981,918 
75,676 Landsea Homes Corp. (a) 706,814 
29,535 Legacy Housing Corp. (a) 684,917 
85,898 M/I Homes, Inc. (a) 7,489,447 
54,951 Tri Pointe Homes, Inc. (a) 1,805,690 
   15,796,132 
 Homefurnishing Retail - 0.4%
117,822 Aaron's Co., Inc. 1,666,003 
55,636 Haverty Furniture Cos., Inc. 1,681,320 
   3,347,323 
 Hotels, Resorts & Cruise Lines - 0.2%
49,404 Bluegreen Vacations Holding Corp. 1,761,253 
 Human Resource & Employment Services - 0.6%
51,943 Asure Software, Inc. (a) 631,627 
46,537 Heidrick & Struggles International, Inc. 1,231,834 
65,239 Kelly Services, Inc. - Class A 1,148,859 
87,633 TrueBlue, Inc. (a) 1,551,980 
   4,564,300 
 Industrial Machinery & Supplies & Components - 0.4%
12,206 Eastern Co. 220,807 
19,042 Hurco Cos., Inc. 412,259 
7,936 L.S. Starrett Co. - Class A (a) 82,931 
39,484 Mayville Engineering Co., Inc. (a) 491,971 
122,323 NN, Inc. (a) 292,352 
7,518 Park-Ohio Holdings Corp. 142,842 
The accompanying notes are an integral part of these financial statements.
16
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
36,727 Proto Labs, Inc. (a) $ 1,283,976 
   2,927,138 
 Insurance Brokers - 0.0% (d)
101 Crawford & Co. - Class B 948 
6,201 Crawford & Co. - Class A 68,769 
15,336 GoHealth, Inc. - Class A (a) 302,273 
   371,990 
 Integrated Telecommunication Services - 0.4%
52,759 ATN International, Inc. 1,930,979 
322,940 Consolidated Communications Holdings, Inc. (a) 1,236,860 
   3,167,839 
 Interactive Media & Services - 0.0% (d)
3,526 DHI Group, Inc. (a) 13,505 
 Investment Banking & Brokerage - 0.7%
34,373 Greenhill & Co., Inc. 503,564 
28,791 Oppenheimer Holdings, Inc. - Class A 1,156,822 
48,928 StoneX Group, Inc. (a) 4,064,938 
5,725,324 
 IT Consulting & Other Services - 0.0% (d)
20,787 Computer Task Group, Inc. (a) 158,189 
18,670 WidePoint Corp. (a) 34,726 
   192,915 
 Leisure Products - 0.9%
15,736 American Outdoor Brands, Inc. (a) 136,588 
87,583 AMMO, Inc. (a) 186,552 
37,307 JAKKS Pacific, Inc. (a) 745,021 
171,358 Smith & Wesson Brands, Inc. 2,234,508 
138,347 Vista Outdoor, Inc. (a) 3,828,061 
7,130,730 
 Life & Health Insurance - 0.4%
94,291 Citizens, Inc. (a) 227,241 
7,317 National Western Life Group, Inc. - Class A 3,040,653 
   3,267,894 
 Marine Transportation - 1.8%
236,661 Costamare, Inc. ADR (b) 2,288,512 
31,600 Eagle Bulk Shipping, Inc. ADR (b)(c) 1,518,064 
140,475 Eneti, Inc. ADR (b) 1,701,152 
174,066 Genco Shipping & Trading Ltd. ADR (b) 2,442,146 
433,466 Golden Ocean Group Ltd. ADR (b) 3,272,668 
230,510 Pangaea Logistics Solutions Ltd. ADR (b)(c) 1,560,553 
353,600 Safe Bulkers, Inc. ADR (b) 1,152,736 
   13,935,831 
The accompanying notes are an integral part of these financial statements.
17
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
 Movies & Entertainment - 0.5%
109,554 Marcus Corp. $ 1,624,686 
92,325 Sphere Entertainment Co. (a) 2,528,782 
   4,153,468 
 Multi-line Insurance - 0.3%
1,204 Atlantic American Corp. (a) 2,324 
89,432 Horace Mann Educators Corp. 2,652,553 
   2,654,877 
 Office Services & Supplies - 0.5%
229,510 ACCO Brands Corp. 1,195,747 
173,466 ARC Document Solutions, Inc. 562,030 
1,500 CompX International, Inc. 32,700 
105,820 NL Industries, Inc. 585,185 
203,353 Steelcase, Inc. - Class A 1,567,852 
   3,943,514 
 Oil & Gas Drilling - 0.1%
8,261 Nabors Industries Ltd. ADR (a)(b) 768,521 
 Oil & Gas Equipment & Services - 2.1%
292,255 Archrock, Inc. 2,995,614 
25,616 Bristow Group, Inc. (a) 735,948 
15,332 DMC Global, Inc. (a) 272,296 
6,001 Energy Services of America Corp. 17,403 
6,901 Forum Energy Technologies, Inc. (a) 176,597 
444,312 Helix Energy Solutions Group, Inc. (a) 3,279,023 
25,616 Mammoth Energy Services, Inc. (a) 123,725 
60,678 Natural Gas Services Group, Inc. (a) 600,712 
13,269 NCS Multistage Holdings, Inc. (a) 234,994 
260,149 Newpark Resources, Inc. (a) 1,360,579 
241,346 Oil States International, Inc. (a) 1,802,855 
38,619 Ranger Energy Services, Inc. (a) 395,459 
50,028 RPC, Inc. 357,700 
75,703 SEACOR Marine Holdings, Inc. (a) 865,285 
98,185 Smart Sand, Inc. (a) 161,023 
254,748 US Silica Holdings, Inc. (a) 3,090,093 
   16,469,306 
 Oil & Gas Exploration & Production - 2.1%
76,075 Amplify Energy Corp. (a) 515,028 
34,373 Barnwell Industries, Inc. 87,655 
993 Battalion Oil Corp. (a) 5,670 
263,925 Berry Corp. 1,815,804 
58,911 Epsilon Energy Ltd. ADR (b) 314,585 
41,041 PEDEVCO Corp. (a) 37,553 
87,733 PHX Minerals, Inc. 273,727 
The accompanying notes are an integral part of these financial statements.
18
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
1,767 PrimeEnergy Resources Corp. (a) $ 162,617 
20,337 Riley Exploration Permian, Inc. 726,438 
256,865 Ring Energy, Inc. (a) 439,239 
158,031 SandRidge Energy, Inc. 2,409,973 
63,776 SilverBow Resources, Inc. (a) 1,857,157 
368,241 Talos Energy, Inc. (a) 5,107,503 
14,736 US Energy Corp. 20,925 
208,606 VAALCO Energy, Inc. 784,359 
44,175 Vital Energy, Inc. (a) 1,994,501 
   16,552,734 
 Oil & Gas Refining & Marketing - 2.0%
12,669 Adams Resources & Energy, Inc. 445,315 
246,357 Delek US Holdings, Inc. 5,900,250 
126,247 Par Pacific Holdings, Inc. (a) 3,359,433 
49,268 REX American Resources Corp. (a) 1,715,019 
209,512 World Kinect Corp. 4,332,708 
   15,752,725 
 Oil & Gas Storage & Transportation - 4.0%
141,351 Ardmore Shipping Corp. ADR (b) 1,745,685 
473,953 DHT Holdings, Inc. ADR (b) 4,042,819 
145,323 Dorian LPG Ltd. ADR (b) 3,727,535 
134,928 Frontline PLC ADR (b) 1,960,504 
243,836 Golar LNG Ltd. ADR (b) 4,918,172 
32,899 International Seaways, Inc. ADR (b) 1,258,058 
285,570 Overseas Shipholding Group, Inc. - Class A (a) 1,190,827 
68,082 Scorpio Tankers, Inc. ADR (b) 3,215,513 
476,902 SFL Corp. Ltd. ADR (b) 4,449,496 
461,387 Teekay Corp. ADR (a)(b) 2,786,777 
50,028 Teekay Tankers Ltd. - Class A ADR (b) 1,912,570 
   31,207,956 
 Other Specialty Retail - 1.3%
78,548 Big 5 Sporting Goods Corp. (c) 719,500 
30,939 Hibbett, Inc. 1,122,776 
69,063 MarineMax, Inc. (a) 2,359,192 
126,335 ODP Corp. (a) 5,915,005 
   10,116,473 
 Packaged Foods & Meats - 0.8%
24,988 Seneca Foods Corp. - Class A (a) 816,608 
103,886 TreeHouse Foods, Inc. (a) 5,233,777 
19,637 Whole Earth Brands, Inc. (a) 78,941 
   6,129,326 
 Paper & Plastic Packaging Products & Materials - 0.3%
340,736 Pactiv Evergreen, Inc. 2,579,372 
The accompanying notes are an integral part of these financial statements.
19
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
 Paper Products - 0.5%
72,697 Clearwater Paper Corp. (a) $ 2,276,870 
73,647 Glatfelter Corp. (a) 222,414 
191,386 Mercer International, Inc. 1,544,485 
   4,043,769 
 Passenger Airlines - 1.6%
49,776 Allegiant Travel Co. (a) 6,285,713 
150,844 SkyWest, Inc. (a) 6,142,368 
   12,428,081 
 Personal Care Products - 0.5%
82,983 Edgewell Personal Care Co. 3,428,028 
58,911 Lifevantage Corp. 256,263 
4,434 Mannatech, Inc. 55,203 
16,503 Natural Alternatives International, Inc. (a) 122,452 
5,351 Nature's Sunshine Products, Inc. (a) 73,041 
   3,934,987 
 Pharmaceuticals - 0.5%
201,319 Assertio Holdings, Inc. (a) 1,091,149 
192,893 Innoviva, Inc. (a) 2,455,528 
2,967 ProPhase Labs, Inc. (a)(c) 21,540 
   3,568,217 
 Property & Casualty Insurance - 2.5%
117,822 Ambac Financial Group, Inc. (a) 1,677,785 
81,176 Argo Group International Holdings Ltd. ADR (b) 2,403,621 
86,016 Donegal Group, Inc. - Class A 1,241,211 
40,004 Employers Holdings, Inc. 1,496,550 
8,835 Hallmark Financial Services, Inc. (a) 49,476 
40,782 Heritage Insurance Holdings, Inc. (a) 157,011 
3,534 Investors Title Co. 515,964 
76,888 James River Group Holdings Ltd. ADR (b) 1,403,975 
97,685 Mercury General Corp. 2,956,925 
58,225 Stewart Information Services Corp. 2,395,377 
120,456 Tiptree, Inc. 1,808,045 
63,345 United Fire Group, Inc. 1,435,398 
126,814 Universal Insurance Holdings, Inc. 1,956,740 
   19,498,078 
 Publishing - 0.8%
602,937 Gannett Co., Inc. (a) 1,356,608 
118,889 Scholastic Corp. 4,623,593 
   5,980,201 
 Real Estate Development - 0.5%
29,372 AMREP Corp. (a) 526,834 
141,339 Forestar Group, Inc. (a) 3,187,194 
   3,714,028 
The accompanying notes are an integral part of these financial statements.
20
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
 Real Estate Services - 0.7%
265,768 Anywhere Real Estate, Inc. (a) $ 1,775,330 
506,558 Newmark Group, Inc. - Class A 3,150,791 
39,137 REX Holdings, Inc. - Class A 753,779 
   5,679,900 
 Regional Banks - 20.6%
57,744 1st Source Corp. 2,421,206 
32,306 ACNB Corp. 1,071,590 
84,846 Amalgamated Financial Corp. 1,365,172 
25,366 Amerant Bancorp, Inc. 436,042 
30,439 American National Bankshares, Inc. 882,122 
64,812 AmeriServ Financial, Inc. 164,622 
7,868 Ames National Corp. (c) 141,860 
20,357 Arrow Financial Corp. 409,990 
7,242 Auburn National BanCorp, Inc. 155,268 
7,968 Bank of Marin Bancorp 140,795 
13,769 Bank of the James Financial Group, Inc. 127,776 
22,704 Bank7 Corp. 556,929 
136,555 BankUnited, Inc. 2,942,760 
13,769 Bankwell Financial Group, Inc. 335,688 
25,872 Banner Corp. 1,129,830 
29,980 Bar Harbor Bankshares 738,707 
22,727 BayCom Corp. 379,086 
49,976 BCB Bancorp, Inc. 586,718 
93,930 Berkshire Hills Bancorp, Inc. 1,947,169 
41,537 Blue Ridge Bankshares, Inc. 367,602 
7,507 Bridgewater Bancshares, Inc. (a) 73,944 
141,963 Brookline Bancorp, Inc. 1,240,757 
34,373 Business First Bancshares, Inc. 518,001 
90,023 Byline Bancorp, Inc. 1,628,516 
9,337 C&F Financial Corp. (c) 501,397 
5,083 California BanCorp (a) 76,245 
15,354 Cambridge Bancorp 833,876 
17,191 Camden National Corp. 532,405 
63,462 Capital Bancorp, Inc. 1,148,662 
27,005 Capital City Bank Group, Inc. 827,433 
231,278 Capitol Federal Financial, Inc. 1,426,985 
60,633 Carter Bankshares, Inc. (a) 896,762 
22,504 CB Financial Services, Inc. 457,281 
58,911 Central Pacific Financial Corp. 925,492 
31,549 Central Valley Community Bancorp 487,432 
1,967 CF Bankshares, Inc. 29,898 
14,533 Chemung Financial Corp. (c) 558,213 
18,670 ChoiceOne Financial Services, Inc. (c) 429,410 
The accompanying notes are an integral part of these financial statements.
21
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
39,774 Citizens Community Bancorp, Inc. $ 352,000 
1,448 Citizens Financial Services, Inc. 107,828 
3,367 Citizens Holding Co. 41,077 
34,194 Civista Bancshares, Inc. 594,976 
47,142 CNB Financial Corp. 832,056 
37,278 Codorus Valley Bancorp, Inc. 731,022 
24,571 Colony Bankcorp, Inc. 231,459 
27,845 Community Financial Corp. (c) 754,321 
44,075 Community Trust Bancorp, Inc. 1,567,748 
28,293 Community West Bancshares 346,872 
124,890 CrossFirst Bankshares, Inc. (a) 1,248,900 
50,616 Dime Community Bancshares, Inc. 892,360 
15,736 Eagle Bancorp Montana, Inc. 208,187 
39,549 Enterprise Bancorp, Inc. 1,144,548 
200 Enterprise Financial Services Corp. 7,820 
58,211 Equity Bancshares, Inc. - Class A 1,326,047 
32,506 ESSA Bancorp, Inc. 485,965 
3,046 Evans Bancorp, Inc. (c) 75,937 
61,459 Farmers National Banc Corp. (c) 760,248 
106,469 FB Financial Corp. 2,986,455 
45,475 Financial Institutions, Inc. 715,777 
14,736 Finwise Bancorp (a) 131,887 
4,934 First Bancorp, Inc. 120,094 
63,472 First Bancshares, Inc. 1,640,116 
41,863 First Bank 434,538 
130,458 First Busey Corp. 2,622,206 
31,914 First Business Financial Services, Inc. 941,144 
9,835 First Capital, Inc. 304,098 
142,360 First Commonwealth Financial Corp. 1,800,854 
20,237 First Community Bankshares, Inc. 601,646 
25,338 First Community Corp. (c) 439,868 
147,261 First Financial Bancorp 3,010,015 
31,591 First Financial Corp. 1,025,760 
20,337 First Financial Northwest, Inc. 231,232 
35,880 First Foundation, Inc. 142,444 
29,185 First Guaranty Bancshares, Inc. 328,331 
102,655 First Merchants Corp. 2,897,951 
41,141 First Mid Bancshares, Inc. 993,144 
9,335 First National Corp. 155,054 
11,902 First Northwest Bancorp 135,445 
25,014 First of Long Island Corp. 300,668 
23,171 First Savings Financial Group, Inc. 305,857 
12,494 First United Corp. 178,164 
4,934 First US Bancshares, Inc. 42,087 
The accompanying notes are an integral part of these financial statements.
22
EA BRIDGEWAY OMNI SMALL-CAP VALUE ETF
Schedule of Investments (Continued)
June 30, 2023
Shares Value
20,465 First Western Financial, Inc. (a) $ 380,649 
90,917 FNCB Bancorp, Inc. 539,138 
21,604 Franklin Financial Services Corp. 599,295 
23,612 FS Bancorp, Inc. 710,013 
37,182 FVCBankcorp, Inc. (a) 400,450 
21,904 Great Southern Bancorp, Inc. 1,111,190 
16,908 Guaranty Bancshares, Inc. 457,869 
35,172 Hanmi Financial Corp. 525,118 
53,577 HarborOne Bancorp, Inc. 465,048 
18,779 Hawthorn Bancshares, Inc. 337,085 
102,667 Heritage Commerce Corp. 850,083 
77,051 Heritage Financial Corp. 1,245,915 
22,104 HMN Financial, Inc. 414,229 
20,734 Home Bancorp, Inc. 688,576 
15,636 HomeTrust Bancshares, Inc. 326,636 
101,938 Hope Bancorp, Inc. 858,318 
46,942 Horizon Bancorp, Inc. 488,666 
64,312 Independent Bank Corp.