ck0001592900-20260731

StockSnips AI-Powered Sentiment US All Cap ETF

Ticker: NEWZ

Listed on: The Nasdaq Stock Market LLC

July 31, 2026

Semi-Annual Shareholder Report

https://stocksnipsetfs.ai/etf/


This semi-annual shareholder report contains important information about the StockSnips AI-Powered Sentiment US All Cap ETF (the “Fund”) for the period of February 1, 2026 to July 31, 2026 (the “Period”). You can find additional information about the Fund at https://stocksnipsetfs.ai/etf/. You can also request this information by contacting us at (215) 330-4476. For information regarding your Fund shares or account, including account balances, transactions, or distributions, please contact your financial intermediary.


WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT						COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$38						0.75%


KEY FUND STATISTICS (as of Period End)
Net Assets	$19,521,856	Portfolio Turnover Rate*	666%
# of Portfolio Holdings	31	Fund Advisory Fees	$71,517
*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions.


SECTOR WEIGHTING (as a % of Net Assets)
Utilities			16.4%
Industrials			15.6%
Financials			13.9%
Information Technology			12.1%
Health Care			10.8%
Consumer Staples			10.4%
Communication Services			9.6%
Materials			4.1%
Energy			3.2%
Consumer Discretionary			3.2%


TOP 10 HOLDINGS (as a % of Net Assets)
NewMarket Corp.			4.1%
Corpay, Inc.			3.8%
Solventum Corp.			3.7%
Medpace Holdings, Inc.			3.7%
Capital One Financial Corp.			3.6%
Maplebear, Inc.			3.5%
Kroger Co.			3.5%
Arista Networks, Inc.			3.5%
Electronic Arts, Inc.			3.5%
Howmet Aerospace, Inc.			3.5%

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://stocksnipsetfs.ai/etf/. You can also request information by calling (215) 330-4476.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Semi-Annual Shareholder Report: July 31, 2026

ck0001592900-20260731


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)


	Shares	Value
COMMON STOCKS - 99.3%
Communication Services - 9.6%
Interactive Home Entertainment - 3.4%
Electronic Arts, Inc.	3,230	$	677,848

Interactive Media & Services - 2.8%
Reddit, Inc. - Class A (a)	3,863	543,408

Movies & Entertainment - 3.4%
Warner Bros Discovery, Inc. (a)	25,239	663,786
Total Communication Services		1,885,042

Consumer Discretionary - 3.2%
Education Services - 3.2%
Stride, Inc. (a)	7,751	622,328

Consumer Staples - 10.4%
Food Retail - 10.4%
Casey's General Stores, Inc.	758	660,218
Kroger Co.	11,818	682,371
Maplebear, Inc. (a)	15,524	692,371
Total Consumer Staples		2,034,960

Energy - 3.2%
Oil & Gas Storage & Transportation - 3.2%
Antero Midstream Corp.	28,462	625,310

Financials - 13.9%
Consumer Finance - 3.5%
Capital One Financial Corp.	3,327	695,376

Diversified Banks - 3.4%
NU Holdings Ltd. - Class A (a)	46,277	663,150

Investment Banking & Brokerage - 3.2%
Marex Group Ltd.	9,559	620,570

Transaction & Payment Processing Services - 3.8%
Corpay, Inc. (a)	1,926	735,944
Total Financials		2,715,040

The accompanying notes are an integral part of these financial statements.


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)


	Shares	Value
Health Care - 10.8%
Health Care Equipment - 3.4%
Penumbra, Inc. (a)	2,085	$	669,681

Health Care Supplies - 3.7%
Solventum Corp. (a)	8,519	727,863

Life Sciences Tools & Services - 3.7%
Medpace Holdings, Inc. (a)	1,241	716,194
Total Health Care		2,113,738

Industrials - 15.6%
Aerospace & Defense - 6.6%
Curtiss-Wright Corp.	839	607,436
Howmet Aerospace, Inc.	2,398	676,860
		1,284,296
Electrical Components & Equipment - 2.7%
Vertiv Holdings Co. - Class A	2,178	526,139

Heavy Electrical Equipment - 3.1%
GE Vernova, Inc.	613	607,048

Marine Transportation - 3.2%
Matson, Inc.	3,077	623,369
Total Industrials		3,040,852

Information Technology - 12.1%
Communications Equipment - 6.4%
Arista Networks, Inc. (a)	3,770	679,920
Lumentum Holdings, Inc. (a)	795	567,582
		1,247,502
Electronic Components - 2.3%
Coherent Corp. (a)	1,712	450,067

Semiconductors - 3.4%
NVIDIA Corp.	3,292	660,869
Total Information Technology		2,358,438

Materials - 4.1%
Specialty Chemicals - 4.1%
NewMarket Corp.	944	802,551

The accompanying notes are an integral part of these financial statements.


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)


	Shares	Value
Utilities - 16.4%
Electric Utilities - 6.6%
Evergy, Inc.	7,742	$	642,664
Pampa Energia SA - ADR (a)	7,423	655,599
		1,298,263
Gas Utilities - 3.4%
New Jersey Resources Corp.	11,458	663,304

Independent Power Producers & Energy Traders - 3.1%
Vistra Corp.	4,027	596,761

Multi-Utilities - 3.3%
CenterPoint Energy, Inc.	15,114	635,392
Total Utilities		3,193,720
TOTAL COMMON STOCKS (Cost $19,580,818)		19,391,979

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.7%
First American Government Obligations Fund - Class X, 3.58% (b)	132,040	132,040
TOTAL MONEY MARKET FUNDS (Cost $132,040)		132,040

TOTAL INVESTMENTS - 100.0% (Cost $19,712,858)		$	19,524,019
Liabilities in Excess of Other Assets - (0.0)% (c)		(2,163)
TOTAL NET ASSETS - 100.0%		$	19,521,856

Percentages are stated as a percent of net assets.


ADR - American Depositary Receipt


(a)			Non-income producing security.
(b)			The rate shown represents the 7-day annualized yield as of July 31, 2026.
(c)			Represents less than 0.05% of net assets.

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(b) Not applicable.

The accompanying notes are an integral part of these financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment

Companies.

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2026 (Unaudited)


ASSETS:
Investments, at value (See Note 2)	$	19,524,019
Dividends receivable	9,405
Dividend tax reclaims receivable	1,721
Total assets	19,535,145

LIABILITIES:
Payable to adviser (See Note 3)	13,289
Total liabilities	13,289
NET ASSETS	$	19,521,856

NET ASSETS CONSIST OF:
Paid-in capital	$	24,171,776
Total accumulated losses	(4,649,920)
Total net assets	$	19,521,856

Net assets	$	19,521,856
Shares issued and outstanding (unlimited shares authorized without par value)	670,000
Net asset value per share	$	29.14

COST:
Investments, at cost	$	19,712,858

The accompanying notes are an integral part of these financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

STATEMENT OF OPERATIONS

For the Period Ended July 31, 2026 (Unaudited)


INVESTMENT INCOME:
Dividend income	$	187,350
Less: Issuance fees	(371)
Less: Dividend withholding taxes	(4,393)
Total investment income	182,586

EXPENSES:
Investment advisory fee (See Note 3)	71,517
Total expenses	71,517
NET INVESTMENT INCOME (LOSS)	111,069

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments	(2,222,923)
In-kind redemptions	3,204,478
Net realized gain (loss)	981,555

Net change in unrealized appreciation (depreciation) on:
Investments	252,446
Net change in unrealized appreciation (depreciation)	252,446
Net realized and unrealized gain (loss)	1,234,001
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,345,070

The accompanying notes are an integral part of these financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

STATEMENT OF CHANGES IN NET ASSETS


	Period ended July 31, 2026 (Unaudited)		Year ended January 31, 2026
OPERATIONS:
Net investment income (loss)	$	111,069	$	36,039
Net realized gain (loss)	981,555		(675,856)
Net change in unrealized appreciation (depreciation)	252,446		(1,487,570)
Net increase (decrease) in net assets from operations	1,345,070		(2,127,387)

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	—		(62,266)
Total distributions to shareholders	—		(62,266)

CAPITAL TRANSACTIONS:
Shares sold	34,063,850		24,218,947
Shares redeemed	(34,152,836)		(32,944,542)
ETF transaction fees (See Note 1)	—		43
Net increase (decrease) in net assets from capital transactions	(88,986)		(8,725,552)

NET INCREASE (DECREASE) IN NET ASSETS	1,256,084		(10,915,205)

NET ASSETS:
Beginning of the period	18,265,772		29,180,977
End of the period	$	19,521,856	$	18,265,772

SHARES TRANSACTIONS
Shares sold	1,160,000		850,000
Shares redeemed	(1,160,000)		(1,160,000)
Total increase (decrease) in shares outstanding	—		(310,000)

The accompanying notes are an integral part of these financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

FINANCIAL HIGHLIGHTS



	Period ended July 31, 2026 (Unaudited)			Year ended January 31, 2026			Period ended January 31, 2025(a)
PER SHARE DATA:

Net asset value, beginning of period	$	27.26		$	29.78		$	24.98

INVESTMENT OPERATIONS:
Net investment income (b)	0.17			0.05			0.08
Net realized and unrealized gain (loss) on investments (c)	1.71			(2.50)			4.77
Total from investment operations	1.88			(2.45)			4.85

LESS DISTRIBUTIONS FROM:
Net investment income	—			(0.07)			(0.05)
Total distributions	—			(0.07)			(0.05)

ETF transaction fees per share	—			0.00 (d)			—
Net asset value, end of period	$	29.14		$	27.26		$	29.78

TOTAL RETURN (e)	6.88		%	-8.19		%	19.43		%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	19,522		$	18,266		$	29,181
Ratio of expenses to average net assets:
Before expense waiver/recoupment (f)	0.75		%	0.75		%	0.75		%
After expense waiver/recoupment (f)	0.75		%	0.71		%	0.65		%
Ratio of net investment income (loss) to average net assets(f)	1.16		%	0.16		%	0.35		%
Portfolio turnover rate (e)(g)	666%			614%			206%


(a)			Inception date of the Fund was April 11, 2024.
(b)			Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)			Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)			Amount represents less than $0.005 per share.
(e)			Not annualized for periods less than one year.
(f)			Annualized for periods less than one year.
(g)			Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)

NOTE 1 – ORGANIZATION

StockSnips AI-Powered Sentiment US All Cap 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 April 11, 2024. The Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services- Investment Companies. The Fund’s investment objective is to seek long-term capital appreciation. See the Fund’s Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Fund.

Shares of the Fund are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”). Market prices for the shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. The Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by the Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.

The end of the reporting period for the Fund is July 31, 2026, and the period covered by these Notes to Financial Statements is from February 1, 2026 to July 31, 2026 (the “Current Fiscal Period”).

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

A.Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities (“ABS”), collateralized loan obligations (“CLO”), collateralized mortgage obligations (“CMO”), corporate obligations, whole loans, and mortgage-backed securities

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)

(“MBS”) are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange’s closing (settlement) price.

Subject to its oversight, the Trust’s Board of Trustees (the “Board”) has delegated primary responsibility for determining or causing to be determined the value of the Fund’s investments to Empowered Funds, LLC dba EA Advisers (the “Adviser”), pursuant to the Trust’s valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the “valuation designee” of the Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust’s fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust’s valuation policies during these periodic reports. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

As described above, the Fund may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)

The following is a summary of the fair value classification of the Fund’s investments as of Current Fiscal Period end:


DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments
Common Stocks	$	19,391,979	$	—	$	—	$	19,391,979
Money Market Funds	132,040		—		—		132,040
Total Investments	$	19,524,019	$	—	$	—	$	19,524,019

Refer to the Schedule of Investments for further disaggregation of investment categories.

During the Current Fiscal Period, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

B.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates, if any, would appear on the “Statement of Operations” under “Net realized gain (loss) – Foreign currency translation” and “Change in net unrealized appreciation (depreciation) – Foreign currency translation,” respectively, if applicable.

If applicable, the Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C.Federal Income Taxes. The Fund’s policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and various state and local tax returns.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the Current Fiscal Period, the Fund did not incur any interest or penalties.

D.Foreign Taxes. The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if there are any, are paid by the Fund and are reflected in its Statement of Operations. Foreign taxes payable or deferred as of the current period end, if any, are disclosed in the Statement of Assets and Liabilities.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

E.Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations.

Distributions to shareholders from net investment income for the Fund are declared and paid on an annual basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. The Fund may distribute more frequently, if necessary, for tax purposes.

F.Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.

G.Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for regular trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

H.Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust’s organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Fund.

I.Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations.

The Treasurer (principal financial officer) acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

J.Reclassification of Capital Accounts. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The Fund’s realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash, are not taxable to the Fund

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)

and are not distributed to shareholders. As such, these reclassifications result in adjustments to distributable earnings and paid-in capital accounts. For the fiscal year ended January 31, 2026, the following table shows the reclassifications made:


Distributable Earnings		Paid-in Capital
$	(3,791,579)	$	3,791,579

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

Empowered Funds, LLC dba EA Advisers (the “Adviser”) serves as the investment adviser to the Fund. Pursuant to an investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund’s business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Fund except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. Per the Advisory Agreement, the Fund pays an annual rate of 0.75% to the Adviser monthly based on average daily net assets.

StockSnips, Inc. (the “Sub-Adviser”) serves as the investment sub-adviser to the Fund. Pursuant to an investment sub-advisory agreement (the “Sub-Advisory Agreement”) among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Fund, subject to the overall supervision and oversight of the Adviser and the Board.

U.S. Bancorp Fund Services, LLC (“Fund Services” or the “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Fund’s Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports, and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; and monitors the activities of the Fund’s Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the “Custodian”), an affiliate of the Administrator, serves as the Fund’s Custodian.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

For the Current Fiscal Period, purchases and sales of securities for the Fund, excluding short-term securities and in-kind transactions, were as follows:


Purchases		Sales
$	124,754,367	$	124,651,240

For the Current Fiscal Period, in-kind transactions associated with creations and redemptions were as follows:


Creations		Redemptions
$	33,477,474	$	33,575,240

There were no purchases or sales of U.S. Government securities during the Current Fiscal Period.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
July 31, 2026 (Unaudited)

NOTE 5 – TAX INFORMATION

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the fiscal year ended January 31, 2026, were as follows:


Tax cost of Investments	$	18,753,969
Gross tax unrealized appreciation	300,096
Gross tax unrealized depreciation	(786,552)
Net tax unrealized appreciation (depreciation)	$	(486,456)
Undistributed ordinary income	—
Undistributed long-term gain	—
Total distributable earnings	—
Other accumulated gain (loss)	(5,508,534)
Total accumulated gain (loss)	$	(5,994,990)

Under tax law, certain capital and foreign currency losses realized after October 31st and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

For the fiscal year ended January 31, 2026, the Fund had $1,964 in post-October late-year losses.

For the fiscal year ended January 31, 2026, the Fund had the following capital loss carryforwards that do not expire:


Unlimited Short-Term		Unlimited Long-Term
$	(5,506,570)	$	—

For the Current Fiscal Period, the Fund paid $4,393 in foreign withholding taxes.

NOTE 6 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the Current Fiscal Period and the fiscal year ended January 31, 2026, were as follows:


Current Fiscal Period (Unaudited)		Fiscal Year Ended January 31, 2026
Ordinary Income
$	—	$	62,266

NOTE 7 – SUBSEQUENT EVENTS

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred subsequent to the Current Fiscal Period that materially impacted the amounts or disclosures in the Fund's financial statements.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended January 31, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for the Fund was 100.00%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended January 31, 2026, for the Fund was 100.00%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for the Fund was 0.00%.