StockSnips AI-Powered Sentiment US All Cap ETF

Ticker: NEWZ

Listed on: The Nasdaq Stock Market LLC

January 31, 2026

Annual Shareholder Report

https://stocksnipsetfs.ai/etf/


This annual shareholder report contains important information about the StockSnips AI-Powered Sentiment US All Cap ETF (the “Fund”) for the period of February 1, 2025 to January 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 .


WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
COST OF $10,000 INVESTMENT						COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT
$ 68						0.71 %


PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT


PERFORMANCE
	One Year	Since Inception (4/11/2024)
StockSnips AI Powered Sentiment US All Cap ETF - NAV	( 8.19 )%	5.23 %
Solactive GBS United States 1000 Index	15.11 %	18.13 %
Solactive GBS United States 500 Equal Weight Index	10.88 %	13.46 %
The Solactive GBS United States 1000 Index is provided as a broad measure of market performance. The Solactive GBS United States 500 Equal Weight Index is provided as a measure of the Fund’s investment strategy and universe.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit https://stocksnipsetfs.ai/etf/ for more recent performance information.


WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?

During the fiscal year ended January 31, 2026, NEWZ’s performance reflected the interaction between its equal-weighted, sentiment-driven investment process and a market environment marked by elevated concentration and periods where more volatile stocks led gains. The Fund systematically rotates into U.S. equities exhibiting improving investor sentiment and applies diversification guardrails, including limits on single-stock exposure, sector concentration, and overall portfolio beta to manage volatility and concentration risk. For portions of the year, equity returns of the market were heavily concentrated in a small group of mega-cap stocks, particularly within Information Technology. Because the Fund maintains equal weighting and structural constraints, it had lower relative exposure to the largest benchmark constituents during periods when those securities were the primary drivers of index performance.

Annual Shareholder Report: January 31, 2026

StockSnips AI-Powered Sentiment US All Cap ETF

Ticker: NEWZ

Listed on: The Nasdaq Stock Market LLC

January 31, 2026

Annual Shareholder Report

https://stocksnipsetfs.ai/etf/

Following the April 2025 tariff announcements, market leadership broadened into cyclical industries such as metals and mining, aerospace and defense, and other higher-beta segments, alongside continued strength in select mega-cap names. The Fund’s beta constraint and sector guardrails limited exposure to some of these higher-volatility areas during the rally, resulting in more muted participation relative to its benchmarks, which had greater concentration in high-beta leadership groups. We believe performance was therefore influenced not by a change in underlying sentiment signals, but by how the Fund’s risk controls interacted with a concentrated and higher-volatility market environment. While these guardrails can limit relative upside during narrow, high-beta rallies, we believe they are designed to promote disciplined risk management and more consistent participation across evolving market cycles.


KEY FUND STATISTICS (as of Period End)
Net Assets	$ 18,265,772	Advisory Fees	$ 165,414
Portfolio Turnover Rate*	614 %	Fees Waived and/or Expenses Reimbursed	$(8,285)
# of Portfolio Holdings	31	Net Advisory Fees Paid	$157,129
*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions.


SECTOR WEIGHTING (as a % of Net Assets)
Information Technology			21.7 %
Financials			20.7 %
Industrials			13.2 %
Health Care			13.1 %
Consumer Staples			10.7 %
Consumer Discretionary			10.1 %
Utilities			7.0 %
Communication Services			3.3 %
Cash and Cash Equivalents			0.2 %


TOP 10 HOLDINGS (as a % of Net Assets)
Johnson & Johnson			3.8 %
Coca-Cola Co.			3.8 %
Intercontinental Exchange, Inc.			3.6 %
Walmart, Inc.			3.6 %
Interactive Brokers Group, Inc. - Class A			3.5 %
Ameren Corp.			3.5 %
Fabrinet			3.5 %
Manulife Financial Corp.			3.5 %
Waste Management, Inc.			3.5 %
American States Water Co.			3.4 %

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.

Annual Shareholder Report: January 31, 2026

(b) Not Applicable.

Item 2. Code of Ethics .

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the year covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the year covered by this report.

A copy of the registrant’s Code of Ethics is incorporated by reference.

Item 3. Audit Committee Financial Expert .

The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Pagano is an “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant’s tax returns and calculations of required income, capital gain and excise distributions. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

FYE

1/31/2026

FYE

1/31/2025

(a) Audit Fees

$8,750

$7,250

(b) Audit-Related Fees

N/A

$2,250

$1,750

(d) All Other Fees

N/A

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund’s investment adviser.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence

and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants .

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.

(b) Not applicable.

Item 6. Investments.

(a)


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
January 31, 2026


	Shares	Value
COMMON STOCKS - 99.8%
Communication Services - 3.3%
Movies & Entertainment - 3.3%
Tencent Music Entertainment Group - ADR	35,563	$	596,747

Consumer Discretionary - 10.1%
Education Services - 3.4%
Laureate Education, Inc. (a)	17,970	616,371

Other Specialty Retail - 3.3%
Five Below, Inc. (a)	3,121	598,108

Restaurants - 3.4%
Darden Restaurants, Inc.	3,134	624,763
Total Consumer Discretionary		1,839,242

Consumer Staples - 10.7%
Consumer Staples Merchandise Retail - 7.0%
Dollar General Corp.	4,335	621,769
Walmart, Inc.	5,464	650,981
		1,272,750
Soft Drinks & Non-alcoholic Beverages - 3.7%
Coca-Cola Co.	9,199	688,177
Total Consumer Staples		1,960,927

Financials - 20.7%
Diversified Banks - 3.4%
NU Holdings Ltd. - Class A (a)	35,110	623,202

Financial Exchanges & Data - 6.9%
Intercontinental Exchange, Inc.	3,768	654,803
Nasdaq, Inc.	6,233	603,915
		1,258,718
Investment Banking & Brokerage - 6.9%
Charles Schwab Corp.	6,005	624,040
Interactive Brokers Group, Inc. - Class A	8,615	645,091
		1,269,131
Life & Health Insurance - 3.5%
Manulife Financial Corp.	16,787	639,753
Total Financials		3,790,804

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


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
January 31, 2026


	Shares	Value
Health Care - 13.1%
Health Care Equipment - 3.2%
Edwards Lifesciences Corp. (a)	7,249	$	589,779

Health Care Facilities - 2.7%
Universal Health Services, Inc. - Class B	2,442	491,477

Pharmaceuticals - 7.2%
Johnson & Johnson	3,050	693,112
Sanofi SA - ADR	13,015	612,226
		1,305,338
Total Health Care		2,386,594

Industrials - 13.2%
Aerospace & Defense - 3.2%
General Electric Co.	1,916	587,810

Construction Machinery & Heavy Transportation Equipment - 3.3%
REV Group, Inc.	9,510	607,689

Environmental & Facilities Services - 3.5%
Waste Management, Inc.	2,852	633,828

Human Resource & Employment Services - 3.2%
Automatic Data Processing, Inc.	2,396	591,381
Total Industrials		2,420,708

Information Technology - 21.7%
Application Software - 5.8%
Adobe, Inc. (a)	1,866	547,204
Salesforce, Inc.	2,378	504,826
		1,052,030
Electronic Manufacturing Services - 6.7%
Fabrinet (a)	1,310	641,166
TE Connectivity PLC	2,632	586,357
		1,227,523
IT Consulting & Other Services - 3.3%
Accenture PLC - Class A	2,293	604,527

Semiconductors - 2.8%
QUALCOMM, Inc.	3,438	521,166

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


STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF
SCHEDULE OF INVESTMENTS
January 31, 2026


	Shares		Value
Systems Software - 3.1%
Microsoft Corp.	1,312		$	564,541
Total Information Technology			3,969,787

Utilities - 7.0%
Multi-Utilities - 3.5%
Ameren Corp.	6,228		643,228

Water Utilities - 3.5%
American States Water Co.	8,631		629,718
Total Utilities			1,272,946
TOTAL COMMON STOCKS (Cost $18,679,040)			18,237,755

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
First American Government Obligations Fund - Class X, 3.61% (b)	29,758		29,758
TOTAL MONEY MARKET FUNDS (Cost $29,758)			29,758

TOTAL INVESTMENTS - 100.0% ( Cost $18,708,798 )			$	18,267,513
Liabilities in Excess of Other Assets - (0.0)% (c)		(0.00010)	(1,741)
TOTAL NET ASSETS - 100.0%			$	18,265,772

Percentages are stated as a percent of net assets.


ADR - American Depositary Receipt
PLC - Public Limited Company


(a)			Non-income producing security.
(b)			The rate shown represents the 7-day annualized yield as of January 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

January 31, 2026


ASSETS:
Investments, at value (See Note 2)	$	18,267,513
Dividends receivable	8,302
Dividend tax reclaims receivable	1,906
Total assets	18,277,721

LIABILITIES:
Payable to adviser (See Note 3)	11,949
Total liabilities	11,949
NET ASSETS	$	18,265,772

NET ASSETS CONSISTS OF:
Paid-in capital	$	24,260,762
Total accumulated losses	(5,994,990)
Total net assets	$	18,265,772

Net assets	$	18,265,772
Shares issued and outstanding (a)	670,000
Net asset value per share	$	27.26

COST:
Investments, at cost	$	18,708,798


(a) Unlimited shares authorized without par value.

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

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

STATEMENT OF OPERATIONS

For the Year Ended January 31, 2026


INVESTMENT INCOME:
Dividend income	$	194,053
Less: Issuance fees	(10)
Less: Dividend withholding taxes	(875)
Total investment income	193,168

EXPENSES:
Investment advisory fee (See Note 3)	165,414
Total expenses	165,414
Expense reimbursement by adviser (See Note 3)	(8,285)
Net expenses	157,129
NET INVESTMENT INCOME (LOSS)	36,039

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments	(4,605,168)
In-kind redemptions	3,929,312
Net realized gain (loss)	(675,856)

Net change in unrealized appreciation (depreciation) on:
Investments	(1,487,570)
Net change in unrealized appreciation (depreciation)	(1,487,570)
Net realized and unrealized gain (loss)	(2,163,426)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,127,387)

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


	Year ended January 31, 2026		Period ended January 31, 2025 (a)
OPERATIONS:
Net investment income (loss)	$	36,039	$	42,294
Net realized gain (loss)	(675,856)		1,602,805
Net change in unrealized appreciation (depreciation)	(1,487,570)		1,046,285
Net increase (decrease) in net assets from operations	(2,127,387)		2,691,384

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(62,266)		(27,224)
Total distributions to shareholders	(62,266)		(27,224)

CAPITAL TRANSACTIONS:
Shares sold	24,218,947		55,170,361
Shares redeemed	(32,944,542)		(28,653,544)
ETF transaction fees (See Note 1)	43		—
Net increase (decrease) in net assets from capital transactions	(8,725,552)		26,516,817

NET INCREASE (DECREASE) IN NET ASSETS	(10,915,205)		29,180,977

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

SHARES TRANSACTIONS
Shares sold	850,000		2,020,000
Shares redeemed	(1,160,000)		(1,040,000)
Total increase (decrease) in shares outstanding	(310,000)		980,000


(a) Inception date of the Fund was April 11, 2024.

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

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

FINANCIAL HIGHLIGHTS


	INVESTMENT OPERATIONS:				LESS DISTRIBUTIONS FROM:		SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss) (a)	Net realized and unrealized gain (loss) on investments (b)	Total from investment operations	Net investment income	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return (c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before expense waiver (d)	Ratio of expenses to average net assets after expense waiver (d)	Ratio of net investment income (loss) to average net assets (d)	Portfolio turnover rate (c)(e)
StockSnips AI-Powered Sentiment US All Cap ETF
1/31/2026	$29.78	0.05	(2.50)	(2.45)	(0.07)	(0.07)	0.00 (f)	$27.26	(8.19)%	$18,266	0.75%	0.71%	0.16%	614%
1/31/2025 (g)	$24.98	0.08	4.77	4.85	(0.05)	(0.05)	–	$29.78	19.43%	$29,181	0.75%	0.65%	0.35%	206%

(a)

Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Portfolio turnover rate excludes in-kind transactions.

(f)

Amount represents less than $0.005 per share.

(g)

Inception date of the Fund was April 11, 2024.

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

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS
January 31, 2026

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 a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

The end of the reporting period for the Fund is January 31, 2026, and the period covered by these Notes to Financial Statements is from February 1, 2025 to January 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)
January 31, 2026

(“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. For the current fiscal period, the Fund did not hold any securities that required fair valuation due to unobservable inputs.

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

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

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

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

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

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

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
January 31, 2026

The following is a summary of the fair value classification of the Fund’s investments as of current fiscal period:


DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments
Common Stocks	$	18,237,755	$	—	$	—	$	18,237,755
Money Market Funds	29,758		—		—		29,758
Total Investments	$	18,267,513	$	—	$	—	$	18,267,513

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

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

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

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

C. 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.

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)
January 31, 2026

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each 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 a quarterly 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)
January 31, 2026

and are not distributed to shareholders. As such, they have been reclassified from distributable earnings to paid-in capital. For the current fiscal period , the following table shows the reclassifications made:


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

K. New Accounting Pronouncement: In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU has been adopted by the Fund as of the reporting period end. Management has evaluated the impact of the ASU and determined it does not materially impact the financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

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

For the period February 1, 2025 to April 30, 2025, the Adviser contractually agreed to waive receipt of its management fees and/or assume expenses of the Fund so that the total annual operating expenses of the Fund (excluding payments under the Fund’s Rule 12b-1 distribution and service plan (if any), acquired fund fees and expenses, brokerage expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses) did not exceed 0.65% of the Fund’s average daily net assets. For the period February 1, 2025 to April 30, 2025, the Adviser waived $8,285 of its advisory fee.

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.

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
January 31, 2026

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
$	135,781,564	$	135,876,981

For the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:


Creations		Redemptions
$	23,908,680	$	32,451,482

There were no purchases or sales of U.S. Government securities during the current fiscal period.

NOTE 5 – TAX INFORMATION

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes for the current fiscal period 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 current fiscal period, the Fund had $1,964 in post-October late-year losses.

For the current fiscal period, the Fund had the following capital loss carryforwards that do not expire:


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

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
January 31, 2026

NOTE 6 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the current fiscal period and fiscal period ended January 31, 2025 were as follows:


Year Ended January 31, 2026		Period Ended January 31, 2025 (a)
Ordinary Income
$	62,266	$	27,224


(a) Inception date of the Fund was April 11, 2024.

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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of

StockSnips AI-Powered Sentiment US All Cap ETF and

The Board of Trustees of

EA Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of StockSnips AI-Powered Sentiment US All Cap ETF (the “Fund”), a series of EA Series Trust (the “Trust”), including the schedule of investments, as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets and the financial highlights for the year ended January 31, 2026 and for the period April 11, 2024 (commencement of operations) to January 31, 2025 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations, the changes in its net assets and the financial highlights for the period stated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1999.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

March 31, 2026

STOCKSNIPS AI-POWERED SENTIMENT US ALL CAP ETF

FEDERAL TAX INFORMATION (UNAUDITED)

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

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the current fiscal period, for the Fund was 100.00 % .

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