AOT
Growth and Innovation ETF
Semi-Annual
Report
November 30,
2023
AOT
GROWTH AND INNOVATION ETF
TABLE
OF CONTENTS
AOT
GROWTH AND INNOVATION ETF
Tabular
Presentation of Schedule of Investments
As
of November 30, 2023 (Unaudited)
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Sector
1
|
|
%
Net Assets |
Information
Technology |
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49.7%²
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Financials
|
|
20.5%
|
Consumer
Discretionary |
|
12.2%
|
Communication
Services |
|
12.1
|
%
|
Industrials
|
|
3.3
|
%
|
Health
Care |
|
1.7
|
%
|
Real
Estate |
|
0.3
|
%
|
Other³
|
|
0.2
|
%
|
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. |
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|
AOT
Growth and Innovation ETF |
Schedule
of Investments |
November
30, 2023 (Unaudited) |
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Shares
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Value
|
COMMON
STOCKS - 99.8% |
|
|
Advertising
- 3.8% |
|
|
39,201
|
|
Magnite,
Inc. (a) |
|
$
|
316,744
|
|
17,974
|
|
PubMatic,
Inc. - Class A (a) |
|
300,346
|
|
6,194
|
|
Trade
Desk, Inc. - Class A (a) |
|
436,429
|
|
|
|
|
|
1,053,519
|
|
Application
Software - 12.1% |
|
|
834
|
|
Adobe,
Inc. (a) |
|
509,582
|
|
608
|
|
Autodesk,
Inc. (a) |
|
132,805
|
|
1,655
|
|
BILL
Holdings, Inc. (a) |
|
108,353
|
|
9,647
|
|
CS
Disco, Inc. (a) |
|
57,400
|
|
2,911
|
|
Datadog,
Inc. - Class A (a) |
|
339,335
|
|
4,633
|
|
DocuSign,
Inc. (a) |
|
199,682
|
|
491
|
|
HubSpot,
Inc. (a) |
|
242,520
|
|
3,912
|
|
Salesforce,
Inc. (a) |
|
985,433
|
|
2,004
|
|
Samsara,
Inc. - Class A (a) |
|
55,190
|
|
1,233
|
|
Tyler
Technologies, Inc. (a) |
|
504,100
|
|
1,645
|
|
Unity
Software, Inc. (a) |
|
48,544
|
|
2,614
|
|
Zoom
Video Communications, Inc. - Class A (a) |
|
177,308
|
|
|
|
|
|
3,360,252
|
|
Automobile
Manufacturers - 2.7% |
|
|
3,139
|
|
Tesla,
Inc. (a) |
|
753,611
|
|
Biotechnology
- 0.2% |
|
|
1,800
|
|
Intellia
Therapeutics, Inc. (a) |
|
53,334
|
|
Broadline
Retail - 9.5% |
|
|
9,311
|
|
Amazon.com,
Inc. (a) |
|
1,360,244
|
|
6,832
|
|
Etsy,
Inc. (a) |
|
517,934
|
|
467
|
|
MercadoLibre,
Inc. (a) |
|
756,755
|
|
|
|
|
|
2,634,933
|
|
Diversified
Banks - 4.1% |
|
|
138,818
|
|
NU
Holdings Ltd. - Class A ADR (a)(b) |
|
1,129,979
|
|
Health
Care Technology - 1.0% |
|
|
5,975
|
|
Doximity,
Inc. - Class A (a) |
|
138,919
|
|
792
|
|
Veeva
Systems, Inc. - Class A (a) |
|
138,054
|
|
|
|
|
|
276,973
|
|
Human
Resource & Employment Services - 3.3% |
|
|
3,710
|
|
Paylocity
Holding Corp. (a) |
|
581,246
|
|
26,975
|
|
Sterling
Check Corp. (a) |
|
341,504
|
|
|
|
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922,750
|
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Interactive
Media & Services - 4.8% |
|
|
9,972
|
|
Alphabet,
Inc. - Class A (a) |
|
1,321,589
|
|
The
accompanying notes are an integral part of these financial statements.
2
|
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AOT
Growth and Innovation ETF |
Schedule
of Investments (Continued) |
November
30, 2023 (Unaudited) |
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Shares
|
|
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Value
|
Internet
Services & Infrastructure - 5.5% |
|
|
6,114
|
|
DigitalOcean
Holdings, Inc. (a) |
|
$
|
181,097
|
|
4,333
|
|
Fastly,
Inc. - Class A (a) |
|
71,971
|
|
1,022
|
|
Okta,
Inc. (a) |
|
68,525
|
|
9,805
|
|
Shopify,
Inc. - Class A ADR (a)(b) |
|
714,000
|
|
1,090
|
|
Snowflake,
Inc. - Class A (a) |
|
204,571
|
|
4,283
|
|
Twilio,
Inc. - Class A (a) |
|
277,024
|
|
|
|
|
|
1,517,188
|
|
Movies
& Entertainment - 3.5% |
|
|
871
|
|
Netflix,
Inc. (a) |
|
412,828
|
|
2,484
|
|
Roku,
Inc. (a) |
|
258,833
|
|
1,557
|
|
Spotify
Technology S.A. ADR (a)(b) |
|
288,216
|
|
|
|
|
|
959,877
|
|
Pharmaceuticals
- 0.5% |
|
|
229
|
|
Eli
Lilly & Co. |
|
135,348
|
|
Real
Estate Services - 0.3% |
|
|
1,998
|
|
Zillow
Group, Inc. - Class C (a) |
|
81,798
|
|
Semiconductors
- 21.2% |
|
|
21,833
|
|
Advanced
Micro Devices, Inc. (a) |
|
2,645,286
|
|
1,927
|
|
Analog
Devices, Inc. |
|
353,373
|
|
3,047
|
|
NVIDIA
Corp. |
|
1,425,082
|
|
1,065
|
|
Qualcomm,
Inc. |
|
137,438
|
|
13,556
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. ADR (b) |
|
1,319,134
|
|
|
|
|
|
5,880,313
|
|
Specialized
Finance - 0.8% |
|
|
30,831
|
|
SoFi
Technologies, Inc. (a)(c) |
|
224,758
|
|
Systems
Software - 10.9% |
|
|
7,163
|
|
Microsoft
Corp. |
|
2,714,132
|
|
176
|
|
ServiceNow,
Inc. (a) |
|
120,690
|
|
9,320
|
|
UiPath,
Inc. - Class A (a) |
|
184,163
|
|
|
|
|
|
3,018,985
|
|
Transaction
& Payment Processing Services - 15.6% |
|
|
19,877
|
|
Adyen
N.V. ADR (a)(b) |
|
231,368
|
|
4,565
|
|
Block,
Inc. (a) |
|
289,558
|
|
37,586
|
|
Dlocal
Ltd. ADR (a)(b)(c) |
|
648,359
|
|
11,386
|
|
PayPal
Holdings, Inc. (a) |
|
655,947
|
|
44,374
|
|
Remitly
Global, Inc. (a) |
|
955,816
|
|
64,177
|
|
Toast,
Inc. - Class A (a) |
|
954,312
|
|
2,279
|
|
Visa,
Inc. - Class A |
|
584,974
|
|
|
|
|
|
4,320,334
|
|
|
|
TOTAL
COMMON STOCKS (Cost $22,305,016) |
|
27,645,541
|
|
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|
|
The
accompanying notes are an integral part of these financial statements.
3
|
|
|
AOT
Growth and Innovation ETF |
Schedule
of Investments (Continued) |
November
30, 2023 (Unaudited) |
|
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Shares
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Value
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.1% |
|
|
862,376
|
|
First
American Government Obligations Fund - Class X, 5.29% (d) |
|
$
|
862,376
|
|
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost
$862,376) |
|
862,376
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 0.2% |
|
|
56,484
|
|
First
American Government Obligations Fund - Class X, 5.29% (d) |
|
56,484
|
|
|
|
TOTAL
MONEY MARKET FUNDS (Cost $56,484) |
|
56,484
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS (Cost $23,223,876) - 103.1% |
|
28,564,401
|
|
|
|
Other
Liabilities in Excess of Assets - (3.1%) |
|
(871,917)
|
|
|
|
TOTAL
NET ASSETS - 100.0% |
|
$
|
27,692,484
|
|
|
|
|
Percentages
are stated as a percent of net assets. |
|
ADR
- American Depositary Receipt |
|
(a)
Non-income producing security. |
(b)
Foreign issued security. |
(c)
This security or a portion of this security was out on loan as of November
30, 2023. Total loaned securities had a market value of $829,445 as of
November 30, 2023. |
(d)
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.
4
AOT
GROWTH AND INNOVATION ETF
STATEMENT
OF ASSETS AND LIABILITIES
November 30,
2023 (Unaudited)
|
|
|
|
|
|
Assets:
|
|
Investments
in securities, at value (1)
|
$
|
28,564,401
|
|
Dividends
and interest receivable |
6,731
|
|
Securities
lending income receivable (Note 5) |
10
|
|
Total
assets |
28,571,142
|
|
|
|
Liabilities:
|
|
Due
to securities lending agent (Note 5) |
862,376
|
|
Accrued
investment advisory fees |
16,282
|
|
Total
liabilities |
878,658
|
|
Net
Assets |
$
|
27,692,484
|
|
|
|
Net
Assets Consist of: |
|
Paid-in
capital |
$
|
22,631,498
|
|
Total
distributable earnings (accumulated deficit) |
5,060,986
|
|
Net
Assets: |
$
|
27,692,484
|
|
|
|
Calculation
of Net Asset Value Per Share: |
|
Net
Assets |
$
|
27,692,484
|
|
Shares
Outstanding (unlimited shares of beneficial interest authorized, no par
value) |
880,000
|
|
Net
Asset Value per Share |
$
|
31.47
|
|
|
|
Cost
of Investments in Securities |
$
|
23,223,876
|
|
(1)
Includes
loaned securities with a value of |
$
|
829,445
|
|
The
accompanying notes are an integral part of these financial statements.
5
AOT
GROWTH AND INNOVATION ETF
STATEMENT
OF OPERATIONS
For
the Period Ended November 30, 2023 (Unaudited)
|
|
|
|
|
|
Investment
Income: |
|
Dividend
income (Net of witholding tax of $2,211) |
$
|
26,094
|
|
Interest
income |
1,372
|
|
Securities
lending income, net |
1,132
|
|
Total
investment income |
28,598
|
|
|
|
Expenses:
|
|
Investment
advisory fees |
95,282
|
|
Less:
Reimbursement of expenses from Advisor (Note 4) |
(106)
|
|
Net
expenses |
95,176
|
|
|
|
Net
Investment Income (Loss) |
(66,578)
|
|
|
|
Realized
and Unrealized Gain (Loss) on Investments: |
|
Net
realized gain (loss) on: |
|
Investments
|
198,432
|
|
|
198,432
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
Investments
|
1,647,566
|
|
|
1,647,566
|
|
Net
realized and unrealized gain (loss) on investments: |
1,845,998
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
$
|
1,779,420
|
|
The
accompanying notes are an integral part of these financial statements.
6
AOT
GROWTH AND INNOVATION ETF
STATEMENT
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Period Ended November 30, 2023 (Unaudited) |
|
For
the Period Ended May 31, 2023⁽¹⁾ |
Increase
(Decrease) in Net Assets from: |
|
|
|
Operations:
|
|
|
|
Net
investment income (loss) |
$
|
(66,578)
|
|
|
$
|
(90,159)
|
|
Net
realized gain (loss) on investments |
198,432
|
|
|
338,966
|
|
Net
change in unrealized appreciation (depreciation) on investments |
1,647,566
|
|
|
3,692,959
|
|
Net
increase (decrease) in net assets resulting from operations |
1,779,420
|
|
|
3,941,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Share Transactions: |
|
|
|
Proceeds
from shares sold |
3,249,127
|
|
|
23,677,498
|
|
Payments
for shares redeemed |
(1,525,966)
|
|
|
(3,429,361)
|
|
Net
increase (decrease) in net assets derived from net change in capital share
transactions |
1,723,161
|
|
|
20,248,137
|
|
Net
Increase (Decrease) in Net Assets |
3,502,581
|
|
|
24,189,903
|
|
|
|
|
|
Net
Assets: |
|
|
|
Beginning
of period |
24,189,903
|
|
|
—
|
|
End
of period |
$
|
27,692,484
|
|
|
$
|
24,189,903
|
|
|
|
|
|
Changes
in Shares Outstanding: |
|
|
|
Shares
outstanding, beginning of period |
820,000
|
|
|
—
|
|
Shares
sold |
110,000
|
|
|
950,000
|
|
Shares
repurchased |
(50,000)
|
|
|
(130,000)
|
|
Shares
outstanding, end of period |
880,000
|
|
|
820,000
|
|
(1)
The Fund commenced operations on June 29, 2022.
The
accompanying notes are an integral part of these financial statements.
7
AOT
GROWTH AND INNOVATION ETF
FINANCIAL
HIGHLIGHTS
For
the Period Ended November 30, 2023
|
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|
|
|
|
|
|
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|
|
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|
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|
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|
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|
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|
|
|
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|
|
Net
Asset Value, Beginning of Period |
|
Net
Investment Income (1)
|
|
Net
Realized and Unrealized Gain on Investments |
|
Net
Increase in Net Asset Value Resulting from Operations |
|
|
|
|
|
Net
Asset Value, End of Period |
|
Total
Return (2)
|
|
Net
Assets, End of Period (000's) |
|
Net
Expenses (3)(4)
|
|
Net
Investment Income (3)
|
|
Portfolio
Turnover Rate (5)
|
For
the Period Ended November 30, 2023 (Unaudited) |
|
$
|
29.50
|
|
|
(0.08)
|
|
|
2.05
|
|
|
1.97
|
|
|
|
|
|
|
$
|
31.47
|
|
|
6.67%
|
|
$
|
27,692
|
|
|
0.75%
|
|
(0.52)
|
%
|
|
5%
|
June
29, 2022 (6)
to
May
31, 2023 |
|
$
|
25.00
|
|
|
(0.11)
|
|
|
4.61
|
|
|
4.50
|
|
|
|
|
|
|
$
|
29.50
|
|
|
18.00%
|
|
$
|
24,190
|
|
|
0.75%
|
|
(0.48)
|
%
|
|
9%
|
|
|
|
(1) Net investment income per share represents net investment
income divided by the daily average shares of beneficial interest
outstanding throughout the period. |
(2)
All returns reflect reinvested dividends, if any, but do not reflect the
impact of taxes. Total return for a period of less than one year is not
annualized. |
(3)
For periods of less than one year, these ratios are annualized.
|
(4)
Net expenses include effects of any reimbursement or recoupment.
|
(5)
Portfolio turnover is not annualized and is calculated without regard to
short-term securities having a maturity of less than one year. Excludes
the impact of in-kind transactions. |
(6)
Commencement of operations. |
The
accompanying notes are an integral part of these financial statements.
8
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2023 (Unaudited)
NOTE
1 – ORGANIZATION
AOT
Growth and Inn ovation
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 June 29, 2022. 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.
Shares
of the Fund are listed and traded on the Nasdaq Stock Market. 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 either (i) a
broker-dealer or other participant in the clearing process through the
Continuous Net Settlement System of the National Securities Clearing Corporation
or (ii) a DTC participant and, in each case, must have executed a Participant
Agreement with the Distributor. 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. The standard transaction fee, which is payable to the Trust’s
custodian, typically applies to in-kind purchases of the Fund effected through
the clearing process on any business day, regardless of the number of Creation
Units purchased or redeemed that day (“Standard Transaction Fees”). Variable
fees are imposed to compensate the Fund for the transaction costs associated
with the cash transactions fees. Certain fund deposits consisting of
cash-in-lieu or cash value may be subject to a variable charge (“Variable
Transaction Fees”), which is payable to the Fund, of up to 2.00% of the value of
the order in addition to the Standard Transaction Fees. Variable Transaction
Fees received by the Fund, if any, are displayed in the Capital Share
Transactions sections of the Statements of Changes in Net Assets.
Because,
among other things, the Fund imposes transaction fees on purchases and
redemptions of Shares to cover the custodial and other costs incurred by the
Fund in effecting trades, the Board determined that it is not necessary to adopt
policies and procedures to detect and deter market timing of the Fund’s Shares.
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
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 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.
Subject
to its oversight, the Trust’s Board of Trustees (the “Board”) has delegated
primary responsibility for determining or causing to be determined the value of
the Fund’s investments to Empowered Funds, LLC dba EA Advisers (the “Adviser”),
pursuant to the Trust’s valuation policy and procedures, which have been adopted
by the Trust and approved by the Board. In accordance with Rule 2a-5 under the
1940 Act, the Board designated the Adviser as the “valuation designee” of the
Fund. If the Adviser, as valuation designee, determines that reliable market
quotations are not readily available for an investment, the investment is valued
at fair value as determined in good faith by the Adviser in accordance with the
Trust’s fair valuation policy and procedures. The Adviser will provide the Board
with periodic reports, no less frequently than quarterly, that discuss the
functioning of the valuation process, if applicable, and that identify issues
and valuation problems that have arisen, if any. As appropriate, the Adviser and
the Board will review any securities valued by the Adviser in accordance with
the Trust’s valuation policies during these periodic reports. The use of fair
value pricing by the Fund may cause the net asset value of its shares to differ
significantly from the net asset value that would be calculated without regard
to such considerations. As of November 30, 2023, 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
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (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 November 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DESCRIPTION
|
|
LEVEL
1 |
|
LEVEL
2 |
|
LEVEL
3 |
|
TOTAL
|
Assets*
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$
|
27,645,541
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,645,541
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
862,376
|
|
|
—
|
|
|
—
|
|
|
862,376
|
|
Short
Term Investments |
|
56,484
|
|
|
—
|
|
|
—
|
|
|
56,484
|
|
Total
Investments in Securities |
|
$
|
28,564,401
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,564,401
|
|
|
|
|
|
|
|
|
|
|
|
*
|
For
further detail on each asset class, see the Schedule of Investments.
|
During
the fiscal period ended November 30, 2023, 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.
|
Foreign
Currency. Investment
securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts using the spot rate of
exchange at the date of valuation. Purchases and sales of investment
securities and income and expense items denominated in foreign currencies
are translated into U.S. dollar amounts on the respective dates of such
transactions. |
The
Fund isolates the portion of the results of operations resulting from changes in
foreign exchange rates on investments from the fluctuations arising from changes
in market prices of securities held. That portion of gains (losses) attributable
to the changes in market prices and the portion of gains (losses) attributable
to changes in foreign exchange rates are included on the “Statement of
Operations” under “Net realized gain (loss) – Foreign currency” and “Change in
Net Unrealized Appreciation (Depreciation) – Foreign Currency,” respectively.
The
Fund reports net realized foreign exchange gains or losses that arise from sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund’s books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
fair values of assets and liabilities, other than investments in securities at
fiscal period end, resulting from changes in exchange rates.
|
|
|
|
|
|
|
|
C.
|
Federal
Income Taxes. The
Fund intends to continue to comply with the requirements of subchapter M
of the Internal Revenue Code of 1986, as amended, as necessary to qualify
as a regulated investment company and distribute substantially all net
taxable investment income and net realized gains to shareholders in a
manner which results in no tax cost to the Fund. Therefore, no federal
income tax provision is required. As of and during the fiscal period ended
November 30, 2023, the Fund did not have any tax positions that did not
meet the “more-likely-than-not” threshold of being sustained by the
applicable tax authority. As of and during the fiscal period ended
November 30, 2023, the Fund did not have liabilities for any unrecognized
tax benefits. The Fund will recognize interest and penalties, if any,
related to unrecognized tax benefits on uncertain tax positions as income
tax expense in the Statement of Operations. During the fiscal period ended
November 30, 2023, the Fund did not incur any interest or penalties. The
Fund is subject to examination by U.S. taxing authorities for the tax
periods since the Fund’s commencement of operations.
|
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
The
Fund may be subject to taxes imposed on realized and unrealized gains on
securities of certain foreign countries in which the Fund invests. The foreign
tax expense, if any, was recorded on an accrual basis and is included in “Net
realized gain (loss) on investments” and “Net increase (decrease) in unrealized
appreciation or depreciation on investments” on the accompanying Statements of
Operations. The amount of foreign tax owed, if any, is included in “Payable for
foreign taxes” on the accompanying Statements of Assets and Liabilities and is
comprised of withholding taxes on foreign dividends and taxes on unrealized
gains.
|
|
|
|
|
|
|
|
D.
|
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 for the Fund and distributions to
shareholders from net realized gains on securities normally are declared and
paid on an annual basis. Distributions are recorded on the ex-dividend date. The
Fund may distribute more frequently, if necessary, for tax purposes.
|
|
|
|
|
|
|
|
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 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.
|
|
|
|
|
|
|
|
|
G.
|
Guarantees
and Indemnifications. In
the normal course of business, the Fund enters into contracts with service
providers that contain general indemnification clauses. Additionally, as
is customary, the Trust’s organizational documents permit the Trust to
indemnify its officers and trustees against certain liabilities under
certain circumstances. The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be
against the Fund that have not yet occurred. As of the date of this
Report, no claim has been made for indemnification pursuant to any such
agreement of the Fund. |
|
|
|
|
|
|
|
|
H.
|
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 Fund’s 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 Fund, and are not distributed to shareholders, they
have been reclassified from accumulated net realized losses to paid-in
capital. For the fiscal period ended May 31, 2023 the following table
shows the reclassifications made: |
|
|
|
|
|
|
|
|
|
Distributable
Earnings |
|
Paid
in Capital |
$
|
(660,200)
|
|
|
$
|
(660,200)
|
|
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
NOTE
3 – RISKS
Markets
may perform poorly and the returns from the securities in which the Fund invests
may underperform returns from the general securities markets. Securities markets
may experience periods of high volatility and reduced liquidity in response to
governmental actions or intervention, economic or market developments, or other
external factors. The value of a company’s securities may rise or fall in
response to company, market, economic or other news.
Equity
Investing Risk. The
Fund invests in equity securities, which involves risks such as market
fluctuations, changes in interest rates and perceived trends in stock prices.
The values of equity securities could decline generally or could underperform
other investments. In addition, securities may decline in value due to factors
affecting a specific issuer, market or securities markets generally.
Investment
Risk. When
you sell your Shares of the Fund, they could be worth less than what you paid
for them. The Fund could lose money due to short-term market movements and over
longer periods during market downturns. Securities may decline in value due to
factors affecting securities markets generally or particular asset classes or
industries represented in the markets. The value of a security may decline due
to general market conditions, economic trends or events that are not
specifically related to the issuer of the security or to factors that affect a
particular industry or group of industries. During a general downturn in the
securities markets, multiple asset classes may be negatively affected.
Therefore, you may lose money by investing in the Fund.
Growth
Stock Investment Risk. Growth-oriented
common stocks may involve larger price swings and greater potential for loss
than other types of investments. Growth stocks tend to trade at a premium when
analyzed using tradition valuation metrics such as price-to-earnings ratio and
price-to-book ratio. Due to this premium valuation, growth stocks tend to be
more susceptible to big price swings. In bull markets, they tend to rise at a
much faster pace than the overall market, and they tend to decline at a more
rapid rate in bear markets.
Management
Risk. The
Fund is actively managed and may not meet its investment objective based on the
Adviser’s or Sub-Adviser’s success or failure to implement investment strategies
for the Fund. In addition, there is the risk that Sub-Adviser’s investment
process, techniques and analyses will not produce the desired investment results
and the Fund may lose value as a result.
Foreign
Investment Risk. The
Fund may invest in Global Depositary Receipts (“GDRs”), which are subject to
foreign investment risk. Foreign securities can be more volatile than domestic
(U.S.) securities. Securities markets of other countries are generally smaller
than U.S. securities markets. Many foreign securities may also be less liquid
than U.S. securities, which could prevent the Fund from selling a foreign
security at an advantageous time or price.
Depositary
Receipt Risk. American
Depositary Receipts (“ADRs”) and GDRs are receipts, issued by depository banks
in the United States or elsewhere, for shares of a foreign-based corporation
that entitle the holder to dividends and capital gains on the underlying
security. ADRs and GDRs may be sponsored or unsponsored. In addition to the
risks of investing in foreign securities, there is no guarantee that an ADR or
GDR issuer will continue to offer a particular ADR or GDR. As a result, the Fund
may have difficulty selling the ADRs or GDRs, or selling them quickly and
efficiently at the prices at which they have been valued. The issuers of
unsponsored ADRs or GDRs are not obligated to disclose information that is
considered material in the U.S. and voting rights with respect to the deposited
securities are not passed through. ADRs or GDRs may not track the prices of the
underlying foreign securities on which they are based, and their values may
change materially at times when U.S. markets are not open for trading.
Technology
Sector Risk. The
Fund will have exposure to companies operating in the technology sector.
Technology companies, including information technology companies, may have
limited product lines, financial resources and/or personnel. Technology
companies typically face intense competition and potentially rapid product
obsolescence. They are also heavily dependent on intellectual property rights
and may be adversely affected by the loss or impairment of those rights.
Consumer
Discretionary Sector Risk. The
Fund’s investments are exposed to issuers conducting business in the Consumer
Discretionary Sector. The manufacturing segment of the Consumer Discretionary
Sector includes automotive, household durable goods, leisure equipment and
textiles and apparel. The services segment includes hotels, restaurants and
other leisure facilities, media production and services, and consumer retailing
and services. The Fund is subject to the risk that the securities of such
issuers will underperform the market as a whole due to legislative or regulatory
changes, adverse market conditions and/or increased competition affecting the
Consumer Discretionary Sector. The performance of companies operating in the
Consumer Discretionary Sector has historically been closely tied to the
performance of the overall economy, and also is affected by economic growth,
consumer confidence, attitudes and spending. Changes in demographics and
consumer tastes also can affect the demand for, and success of, consumer
products and services in the marketplace.
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
Moreover,
the Consumer Discretionary Sector encompasses those businesses that tend to be
the most sensitive to economic cycles.
Focused
Investing Risk. The
Fund may be susceptible to an increased risk of loss, including losses due to
adverse occurrences affecting the Fund more than the market as a whole, to the
extent that the Fund may, from time to time, concentrate its investments in the
securities of a particular issuer or issuers, industry, group of industries,
sector, or asset class.
See
the Fund’s Prospectus and Statement of Additional Information regarding the
risks of investing in shares of the Fund.
NOTE
4 – 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.
AOT
Invest, LLC (the “Sub-Adviser”), serves as a non-discretionary 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.
At
a Board meeting held on June 17, 2022, the Board of Trustees of the Trust (the
“Trustees”) including each Trustee who is not an “interested person” of the
Trust, as defined in the 1940 Act, approved the Advisory and Sub-Advisory
Agreements. Per the Advisory Agreement, the Fund pays an annual rate of 0.75% to
the Adviser monthly based on average daily net assets. A description of the
Board’s consideration is included in the semi-annual report dated November 30,
2022.
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.
The
Custodian acts as the securities lending agent (the “Securities Lending Agent”)
for the Fund.
NOTE
5 – SECURITIES LENDING
The
Fund may lend up to 33⅓% of the value of the securities in its portfolio 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 Fund
receives compensation in the form of fees and earns 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 Fund continues 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 Fund.
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
The
Fund has 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.
As
of the end of the current fiscal period, the value of the securities on loan and
payable for collateral due to broker were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Value
of Securities on Loan |
|
Payable
for Collateral Received* |
|
$
|
829,445
|
|
|
$
|
862,376
|
|
|
*
The cash collateral received was invested in the First American Money Market
Government Obligations Fund as shown on the Schedule of Investments. The
investment objective is to seek maximum current income to the extent consistent
with the preservation of capital and maintenance of liquidity.
The
interest income earned by the Fund on the investment of cash collateral received
from borrowers for the securities loaned to them (“Securities Lending Income,
Net”) is reflected in the Fund’s Statement of Operations. Net securities lending
income earned on collateral investments and recognized by the Fund during the
current fiscal period, was $1,132.
NOTE
6 – PURCHASES AND SALES OF SECURITIES
For
the fiscal period ended November 30, 2023, purchases and sales of
securities for the Fund, excluding short-term securities and in-kind
transactions, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
Sales
|
|
$
|
2,650,418
|
|
|
$
|
1,214,553
|
|
For
the fiscal period ended November 30, 2023, in-kind transactions associated
with creations and redemptions were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
Sales
|
|
$
|
1,698,368
|
|
|
$
|
1,469,570
|
|
For
the fiscal period ended November 30, 2023, short-term and long-term gains
on in-kind transactions were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
Term |
|
Long
Term |
|
$
|
375,200
|
|
|
$
|
187,051
|
|
There
were no purchases or sales of U.S. Government securities during the fiscal
period.
NOTE
7 – DISTRIBUTIONS TO SHAREHOLDERS
The
Fund did not pay any distributions to shareholders during the fiscal periods
ended November 30, 2023 or May 31, 2023.
AOT
GROWTH AND INNOVATION ETF
NOTES
TO THE FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30,
2023 (Unaudited)
NOTE
8 – 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 November 30, 2023, that materially impacted
the amounts or disclosures in the Fund’s financial statements.
AOT
GROWTH AND INNOVATION ETF
EXPENSE
EXAMPLE
NOVEMBER
30, 2023 (UNAUDITED)
As
a shareholder of the Fund you incur two types of costs: (1) transaction costs,
including brokerage commissions on purchases and sales of Fund shares, and (2)
ongoing costs, including management fees and other Fund expenses. This example
is intended to help you understand your ongoing costs (in dollars) of investing
in the Fund and to compare these costs with the ongoing costs of investing in
other mutual funds.
The
example is based on an investment of $1,000 invested at the beginning of the
most recent six-month period and held the entire period as indicated below.
Actual
Expenses
The
first line of the table below provides information about actual account values
and actual expenses. You may use the information in this line, together with the
amount you invested, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
line under the heading entitled “Expenses Paid During the Period” to estimate
the expenses you paid on your account during this period.
Hypothetical
Example for Comparison Purposes
The
second line of the table below provides information about hypothetical account
values and hypothetical expenses based on the Fund’s actual expense ratio and an
assumed rate of return of 5% per year before expenses, which is not the Fund’s
actual return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund’s and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds. Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
brokerage commissions paid on purchases and sales of Fund shares. Therefore, the
second line of the table is useful in comparing ongoing costs only and will not
help you determine the relative total costs of owning different funds. If these
transactional costs were included, your costs would have been higher. The
information assumes the reinvestment of all dividends and distributions.
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Annualized
Expense Ratio |
|
Beginning
Account Value June 1, 2023 |
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Ending
Account Value November 30, 2023 |
|
Expenses
Paid
During
Period
|
AOT
Growth and Innovation ETF¹ |
|
|
|
|
|
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Actual
|
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0.75%
|
|
$
|
1,000.00
|
|
|
$
|
1,066.70
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$
|
3.87
|
Hypothetical
(5% annual return before expenses) |
|
0.75%
|
|
1,000.00
|
|
1,021.25
|
|
3.79
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|
|
|
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|
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1
|
|
The
dollar amounts shown as expenses paid during the period are equal to the
annualized six-month expense ratio multiplied by the average account value
during the period, multiplied by 183/366, to reflect the one-half year
period. |
AOT
GROWTH AND INNOVATION ETF
REVIEW
OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)
Pursuant
to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of
the series of the Trust covered by this shareholder report (the “Fund”), has
adopted a liquidity risk management program (“the Program”) to govern the
Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote
effective liquidity risk management, thereby reducing the risk that the Fund
will be unable to meet its redemption obligations and mitigating dilution of the
interests of fund shareholders. The Trust’s liquidity risk management program is
tailored to reflect the Fund’s particular risks, but not to eliminate all
adverse impacts of liquidity risk, which would be incompatible with the nature
of the Fund.
The
Trust’s Board of Trustees has designated the Chief Operating Officer of the
Adviser as the Program Administrator, responsible for administering the Program
and its policies and procedures.
At
the June 9, 2023, meeting of the Board of Trustees of the Trust, the Program
Administrator provided the Trustees with a report pertaining to the operation,
adequacy, and effectiveness of implementation of the Program for the period
ended March 31, 2023. The report concluded that the Program appeared effectively
tailored to identify potential illiquid scenarios and to enable the Fund to
deliver appropriate reporting. In addition, the report concluded that the
Program is adequately operating, and its implementation has been effective. The
report reflected that there were no liquidity events that impacted the Fund’s
ability to timely meet redemptions without dilution to existing shareholders.
The report further described material changes that were made to the Program
since its implementation.
There
can be no assurance that the Program will achieve its objectives in the future.
Please refer to the prospectus for more information regarding the Fund’s
exposure to liquidity risk and other principal risks to which an investment in
the Fund may be subject.
AOT
GROWTH AND INNOVATION ETF
MANAGEMENT
OF THE FUND
Trustees
and Officers
The
business and affairs of the Trust are managed by its officers under the
oversight of its Board. The Board sets broad policies for the Trust and may
appoint Trust officers. The Board oversees the performance of the Adviser, the
Sub-Adviser, and the Trust’s other service providers. Each Trustee serves until
his or her successor is duly elected or appointed and qualified.
The
Board is comprised of four Trustees. One Trustee and certain of the officers of
the Trust are directors, officers or employees of the Adviser. The other
Trustees (the “Independent Trustees”) are not “interested persons” (as defined
in Section 2(a)(19) of the Investment Company Act) of the Trust. The fund
complex includes all funds advised by the Adviser (“Fund Complex”).
The
Trustees, their age, term of office and length of time served, their principal
business occupations during the past five years, the number of portfolios in the
Fund Complex overseen and other directorships, if any, held by each Trustee, are
shown below. The officers, their age, term of office and length of time served
and their principal business occupations during the past five years are shown
below.
The
address of each Trustee and each Officer is: c/o EA Series Trust, 19 East Eagle
Road, Havertown, PA 19083.
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Name
and Year of Birth |
Position(s)
Held with Trust |
Term
of Office and Length of Time Served |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee |
Other
Directorships Held by Trustee During Past 5 Years |
Independent
Trustees |
Daniel
Dorn Born: 1975 |
Trustee
|
Indefinite
term; Since 2014 |
Associate
Professor of Finance, Drexel University, LeBow College of Business
(2003–present). |
49
|
None
|
Michael
S. Pagano, Ph.D., CFA® Born: 1962 |
Trustee
and Audit Committee Chairman |
Indefinite
term; Since 2014 |
The
Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova
University (1999–present); Founder, Michael S. Pagano, LLC (business
consulting firm) (2008–present). |
49
|
Citadel
Federal Credit Union (pro bono service for non-profit) |
Chukwuemeka
(Emeka) O. Oguh Born: 1983 |
Trustee
|
Indefinite
term; Since 2018 |
Co-founder
and CEO, PeopleJoy (2016–present). |
49
|
None
|
Interested
Trustee* |
Wesley
R. Gray, Ph.D. Born: 1980 |
Trustee
and Chairman |
Indefinite
term; Since 2014; President (2014 – 2023) |
Founder
and Executive Managing Member, EA Advisers (2013–present); Founder and
Executive Managing Member, Empirical Finance, LLC d/b/a Alpha Architect
(2010–present). |
49
|
None
|
*
Dr. Gray is an “interested person,” as defined by the Investment Company Act,
because of his employment with and ownership interest in the Adviser.
Additional
information about the Affiliated Trustee and Independent Trustees is available
in the Statement of Additional Information (SAI).
AOT
GROWTH AND INNOVATION ETF
MANAGEMENT
OF THE FUND (Continued)
Officers
|
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|
Name,
Address, and Year of Birth |
Position(s)
Held with Trust |
Term
of Office and Length of Time Served |
Principal
Occupation During Past 5 Years |
Patrick
R. Cleary Born: 1982 |
President
and Chief Executive Officer |
Since
2023; Chief Compliance Officer (2015 – 2022); Secretary (2015
– 2023) |
Chief
Operating Officer and Managing Member, Alpha Architect (2014 – present);
Chief Executive Officer of EA Advisers (2021 – present). |
Alyssa
M. Bernard Born: 1988 |
Secretary
|
Since
2023 |
General
Counsel, EA Advisers (October 2023–present); Vice President—Regulatory
Administration, U.S. Bank Global Fund Services (2021–2023); Assistant Vice
President—Regulatory Administration, U.S. Bank Global Fund Services
(2018–2021). |
Sean
Hegarty Born: 1993 |
Treasurer,
Chief Financial Officer and Comptroller |
Since
2023; Assistant Treasurer (2022 – 2023) |
Chief
Operating Officer, EA Advisers (2022–present); Assistant Vice
President—Fund Administration, U.S. Bank Global Fund Services (2018–2022);
Staff Accountant, Cohen & Company (2015–2018). |
Jessica
Leighty Born: 1981 |
Chief
Compliance Officer |
Since
2022 |
Chief
Compliance Officer, EA Advisers (2021–present); Chief Compliance Officer,
Alpha Architect (2021 – present); Chief Compliance Officer, Snow Capital
(2015–2021). |
Brian
P. Massaro Born: 1997 |
Assistant
Treasurer |
Since
2023 |
Chief
Technology Officer, EA Advisers (2023 – present); Assistant Operating
Officer, EA Advisers (2022 – present); Mutual Funds Administrator, U.S.
Bank Global Fund Services (2019–2022). |
AOT
GROWTH AND INNOVATION ETF
|
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INFORMATION
ABOUT PORTFOLIO HOLDINGS (UNAUDITED)
|
The
Fund files its complete schedule of portfolio holdings for its first and third
fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of
Form N-PORT. The Fund’s Form N-PORT is available without charge, upon request,
by calling (215) 882-9983. Furthermore, you may obtain the Form N-PORT on the
SEC’s website at www.sec.gov. The Fund’s portfolio holdings are posted on its
website at https://aotetf.com/.
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INFORMATION
ABOUT PROXY VOTING (UNAUDITED) |
A
description of the policies and procedures the Fund uses to determine how to
vote proxies relating to portfolio securities is provided in the Statement of
Additional Information (“SAI”). The SAI is available without charge upon request
by calling (215) 882-9983, by accessing the SEC’s website at www.sec.gov, or by
accessing the Fund’s website at https://aotetf.com/.
When
available, information regarding how the Fund’s voted proxies relating to
portfolio securities during the twelve months ending June 30 is (1) available by
calling (215) 882-9983 and (2) the SEC’s website at www.sec.gov.
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FREQUENCY
DISTRIBUTION OF PREMIUMS AND DISCOUNTS (UNAUDITED)
|
Information
regarding how often shares of the Fund trades on an exchange at a price above
(i.e., at premium) or below (i.e., at a discount) the NAV of the Fund is
available, without charge, on the Fund’s website at https://aotetf.com/.
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PRIVACY
POLICY (UNAUDITED) |
EA
Series Trust (the “Trust”) is strongly committed to preserving and safeguarding
the personal financial information of any customers of the Trust.
Confidentiality is extremely important to us.
Regulation
S-P requires, among others, each investment company to “adopt written policies
and procedures that address administrative, technical, and physical safeguards
for the protection of customer records and information.” However, Pursuant to
Regulation S-P’s definition of “customer,” the Trust currently does not have,
nor does it anticipate having in the future, any customers. In addition, the
Trust does not collect any non-public personal information from any consumers.
Nonetheless,
the Trust has instituted certain technical, administrative and physical
safeguards through which the Trust would seek to protect personal financial
information about any customers from unauthorized use and access. First,
technical procedures are used in order to limit the accessibility and exposure
of Trust-maintained information contained in electronic form. If customer
information were obtained by the Trust, such technical procedures would cover
such information.
Second,
administrative procedures that are in place, would be used to control the number
and type of employees, affiliated and nonaffiliated persons, to whom customer
information (if the Trust were to obtain any) would be accessible.
Third,
physical safeguards have been established, which if customer information were
obtained by the Trust, to prevent access to such information contained in
hard-copy form.
As
these procedures illustrate, the Trust realizes the importance of information
confidentiality and security and emphasizes practices which are aimed at
achieving those goals.
Adviser
Empowered
Funds, LLC dba EA Advisers
19
East Eagle Road
Havertown,
Pennsylvania 19083
Sub-Adviser
AOT
Invest, LLC
3541
East Kimberly Road
Davenport,
Iowa 52807
Distributor
Quasar
Distributors, LLC
111
East Kilbourn Avenue, Suite 2200
Milwaukee,
Wisconsin 53202
Custodian
and Securities Lending Agent
U.S.
Bank National Association
Custody
Operations
1555
North River Center Drive, Suite 302
Milwaukee,
Wisconsin 53212
Transfer
Agent
U.S.
Bank Global Fund Services, LLC
615
East Michigan Street
Milwaukee,
Wisconsin 53202
Independent
Registered Public Accounting Firm
Tait,
Weller & Baker LLP
Two
Liberty Place
50
South 16th Street, Suite 2900
Philadelphia,
Pennsylvania 19102
Legal
Counsel
Practus,
LLP
11300
Tomahawk Creek Parkway, Suite 310
Leawood,
Kansas 66211
AOT
Growth and Innovation ETF
Symbol
– AOTG
CUSIP
– 02072L730
This
material must be preceded or accompanied by a prospectus.