Alpha Architect ETF Trust

08/28/2026 | Press release | Distributed by Public on 08/28/2026 10:58

Annual Report by Investment Company (Form N-CSR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22961
EA Series Trust
(Exact name of registrant as specified in charter)
3803 West Chester Pike, Suite 150
Newtown Square, PA 19073
(Address of principal executive offices) (Zip code)
3803 West Chester Pike, Suite 150
Newtown Square, PA 19073
(Name and address of agent for service)
(215) 330-4476
Registrant's telephone number, including area code
Date of fiscal year end: June 30, 2026
Date of reporting period: June 30, 2026
Item 1. Report to Stockholders.
(a)
RACWI US ETF
Ticker: RAUS
Listed on: The Nasdaq Stock Market, LLC
June 30, 2026
Annual Shareholder Report
https://rafietfs.com/raus-etf/
This annual shareholder report contains important information about the RACWI US ETF (the "Fund") for the period of September 11, 2025 to June 30, 2026 (the "Period"). You can find additional information about the Fund at https://rafietfs.com/raus-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
$0 0.00%
* The Fund's investment adviser has contractually agreed to reduce its management fee from 0.15% to 0.00% of the Fund's average daily net assets until October 31, 2026 unless terminated sooner by the Fund's Board of Trustees.
PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
PERFORMANCE
Since Inception (9/11/2025)
RACWI US ETF - NAV 16.37%
Research Affiliates Cap Weighted U.S. Index 16.38%
Solactive GBS United States Large & Mid Cap USD Index 14.52%
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://rafietfs.com/raus-etf/ for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the reporting period ended June 30, 2026, the Fund generated a positive absolute return as markets appreciated, outperforming its benchmark, the Solactive GBS United States Large & Mid Cap Index. During the Period, U.S. equity market leadership broadened beyond a narrow group of large-cap growth stocks, particularly those trading at elevated valuations. The Fund benefited from this shift, as its fundamentals-driven constituent selection process resulted in lower exposure to many of these highly valued companies.
Annual Shareholder Report: June 30, 2026
RACWI US ETF
Ticker: RAUS
Listed on: The Nasdaq Stock Market, LLC
June 30, 2026
Annual Shareholder Report
https://rafietfs.com/raus-etf/
Outperformance was driven primarily by the Fund's fundamentals-driven selection methodology, particularly within the Technology sector. Additional contributions came from several other sectors, including Communications, Consumer Cyclical, Healthcare, and Financials. As investors became more selective toward companies with elevated valuations, market performance broadened, benefiting companies with stronger underlying fundamentals and more reasonable valuations. The Fund's methodology was well positioned for this shift in market leadership. Modest underperformance arose from holdings within the Industrials, Consumer Non-Cyclical, and Utilities sectors.
KEY FUND STATISTICS (as of Period End)
Net Assets $55,105,085 Fund Advisory Fees $39,293
# of Portfolio Holdings 518 Fees Waived and/or Expenses Reimbursed $(39,293)
Portfolio Turnover Rate* 2% Net Fund Advisory Fees Paid $0
*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 37.0%
Financials 11.9%
Communication Services 9.8%
Consumer Discretionary 9.6%
Health Care 8.9%
Industrials 8.6%
Consumer Staples 4.7%
Energy 3.2%
Utilities 2.2%
Materials 2.0%
Real Estate 1.7%
Cash and Cash Equivalents 0.4%
TOP 10 HOLDINGS
(as a % of Net Assets)
NVIDIA Corp. 7.5%
Apple, Inc. 6.7%
Alphabet, Inc. - Class A 6.0%
Microsoft Corp. 4.4%
Amazon.com, Inc. 3.7%
Broadcom, Inc. 2.8%
Tesla, Inc. 2.2%
Micron Technology, Inc. 2.1%
Meta Platforms, Inc. - Class A 2.0%
Eli Lilly & Co. 1.6%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://rafietfs.com/raus-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: June 30, 2026
Research Affiliates Deletions ETF
Ticker: NIXT
Listed on: The Nasdaq Stock Market LLC
June 30, 2026
Annual Shareholder Report
https://rafietfs.com/nixt-etf/
This annual shareholder report contains important information about the Research Affiliates Deletions ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026 (the "Period"). You can find additional information about the Fund at https://rafietfs.com/nixt-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
$19 0.16%
PERFORMANCE OF A HYPOTHETICAL $10,000 INVESTMENT
PERFORMANCE
One Year
Since Inception (9/9/2024)
Research Affiliates Deletions ETF - NAV 34.81% 18.11%
Research Affiliates Deletions Index 34.93% 18.15%
Solactive GBS United States All Cap Index 23.05% 21.02%
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://rafietfs.com/nixt-etf/ for more recent performance information.
WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period ended June 30, 2026, the Fund generated a positive absolute return as markets appreciated, outperforming its benchmark, the Solactive GBS United States All Cap Index. During the reporting period, U.S. equity market leadership broadened beyond a narrow group of large-cap growth stocks, resulting in stronger performance from value-oriented and smaller-cap companies. This shift benefited the NIXT strategy, which systematically targets companies recently deleted from traditional large- and mid-cap indices. These deleted companies are typically smaller-cap value stocks, a segment that outperformed over the period.
The Fund's outperformance was driven primarily by its exposure to smaller-cap value stocks, which benefited as investors broadened their focus beyond the narrow group of mega-cap technology companies that had led the market in prior years. As investor interest expanded to a wider range of companies, many smaller-cap stocks, particularly those trading at attractive valuations following extended periods of underperformance, experienced strong gains. Relative detractors to performance arose from the Fund's holdings within the Industrials sector, as well as a collection of large technology names held within the benchmark and excluded from the Fund.
Semi-Annual Shareholder Report: June 30, 2026
Research Affiliates Deletions ETF
Ticker: NIXT
Listed on: The Nasdaq Stock Market LLC
June 30, 2026
Annual Shareholder Report
https://rafietfs.com/nixt-etf/
KEY FUND STATISTICS (as of Period End)
Net Assets $39,177,612 Fund Advisory Fees $137,412
# of Portfolio Holdings 209 Fees Waived and/or Expenses Reimbursed $(82,192)
Portfolio Turnover Rate* 59% Net Fund Advisory Fees Paid $55,220
*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)
Consumer Discretionary 20.6%
Information Technology 19.1%
Health Care 18.4%
Industrials 9.4%
Consumer Staples 7.7%
Communication Services 6.8%
Financials 6.1%
Real Estate 5.3%
Materials 4.9%
Energy 1.2%
Utilities 0.4%
Cash and Cash Equivalents 0.1%
TOP 10 HOLDINGS
(as a % of Net Assets)
Okta, Inc. 0.9%
Tenable Holdings, Inc. 0.8%
Maravai LifeSciences Holdings, Inc. - Class A 0.8%
Integra LifeSciences Holdings Corp. 0.8%
Insight Enterprises, Inc. 0.8%
Qualys, Inc. 0.7%
Moderna, Inc. 0.7%
Newell Brands, Inc. 0.7%
Enphase Energy, Inc. 0.7%
Iridium Communications, Inc. 0.7%
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://rafietfs.com/nixt-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: June 30, 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.
RAUS NIXT
FYE
06/30/2026
FYE
06/30/2026
FYE
06/30/2025
(a) Audit Fees $7,250 $8,750 $7,250
(b) Audit-Related Fees N/A N/A N/A
(c) Tax Fees $1,750 $2,250 $1,750
(d) All Other Fees N/A N/A N/A
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) None of the fees billed by any Fund's principal accountant were applicable to non-audit services pursuant to a waiver of the pre-approval requirement.
(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) None of the fees billed by any Fund's principal accountant were applicable to non-audit services billed or expected to be billed to any Fund's investment adviser.
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Daniel Dorn, Chukwuemeka (Emeka) Oguh, and Michael Pagano.
(b) Not applicable.
Item 6. Investments.
(a)
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
COMMON STOCKS - 98.0%
Communication Services - 9.8%
Advertising - 0.0% (a)
Omnicom Group, Inc.
283 $ 20,611
Alternative Carriers - 0.0% (a)
Liberty Global Ltd. - Class A (b)
291 3,309
Lumen Technologies, Inc. (b)
846 6,497
9,806
Broadcasting - 0.0% (a)
Fox Corp. - Class A
282 14,709
Nexstar Media Group, Inc.
20 3,572
Paramount Skydance Corp.
470 4,634
22,915
Cable & Satellite - 0.1%
Charter Communications, Inc. - Class A (b)
58 8,248
EchoStar Corp. - Class A (b)
94 9,541
Sirius XM Holdings, Inc.
188 5,554
23,343
Integrated Telecommunication Services - 0.6%
AT&T, Inc.
6,298 130,369
Comcast Corp. - Class A
3,135 76,964
Verizon Communications, Inc.
3,384 143,278
350,611
Interactive Home Entertainment - 0.1%
Electronic Arts, Inc.
227 46,544
Interactive Media & Services - 8.0%
Alphabet, Inc. - Class A
9,258 3,308,531
Meta Platforms, Inc. - Class A
1,920 1,081,517
4,390,048
Movies & Entertainment - 0.9%
Netflix, Inc. (b)
3,691 263,537
Walt Disney Co.
1,598 153,808
Warner Bros Discovery, Inc. (b)
1,974 52,627
469,972
Publishing - 0.0% (a)
News Corp. - Class A
470 11,670
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc.
400 67,092
Total Communication Services
5,412,612
The accompanying notes are an integral part of these financial statements.
1
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Consumer Discretionary - 9.6%
Apparel Retail - 0.4%
Gap, Inc.
188 $ 3,512
Ross Stores, Inc.
282 60,024
TJX Cos., Inc.
969 146,803
210,339
Apparel, Accessories & Luxury Goods - 0.1%
PVH Corp.
94 6,980
Ralph Lauren Corp.
28 11,240
Tapestry, Inc.
188 27,519
VF Corp.
376 6,272
52,011
Automobile Manufacturers - 2.5%
Ford Motor Co.
3,384 47,038
General Motors Co.
846 65,210
Rivian Automotive, Inc. - Class A (b)
658 11,416
Tesla, Inc. (b)
2,936 1,234,881
Thor Industries, Inc.
17 1,278
1,359,823
Automotive Parts & Equipment - 0.0% (a)
Aptiv PLC (b)
168 10,312
BorgWarner, Inc.
188 12,483
Lear Corp.
19 2,547
Versigent PLC (b)
51 2,143
27,485
Automotive Retail - 0.2%
Advance Auto Parts, Inc.
94 5,849
AutoNation, Inc. (b)
12 2,229
CarMax, Inc. (b)
94 4,972
Group 1 Automotive, Inc.
8 2,329
Lithia Motors, Inc.
9 2,614
O'Reilly Automotive, Inc. (b)
752 69,252
Penske Automotive Group, Inc.
7 1,253
88,498
Broadline Retail - 3.8%
Amazon.com, Inc. (b)
8,610 2,052,107
Dillard's, Inc. - Class A
2 1,057
eBay, Inc.
376 42,018
Kohl's Corp.
94 1,666
Macy's, Inc.
188 4,427
2,101,275
Casinos & Gaming - 0.1%
Flutter Entertainment PLC (b)
139 14,202
Las Vegas Sands Corp.
282 13,025
The accompanying notes are an integral part of these financial statements.
2
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
MGM Resorts International (b)
188 $ 8,988
36,215
Computer & Electronics Retail - 0.0% (a)
Best Buy Co., Inc.
188 14,265
Distributors - 0.0% (a)
Genuine Parts Co.
94 11,090
LKQ Corp.
188 4,950
16,040
Footwear - 0.1%
NIKE, Inc. - Class B
1,034 42,446
Home Furnishings - 0.0% (a)
Mohawk Industries, Inc. (b)
19 2,305
Home Improvement Retail - 0.7%
Home Depot, Inc.
875 308,595
Lowe's Cos., Inc.
486 107,158
415,753
Homebuilding - 0.2%
DR Horton, Inc.
212 34,531
Lennar Corp. - Class A
188 17,012
NVR, Inc. (b)
2 13,627
PulteGroup, Inc.
188 25,795
Taylor Morrison Home Corp. (b)
68 4,878
Toll Brothers, Inc.
94 15,487
111,330
Hotels, Resorts & Cruise Lines - 0.6%
Airbnb, Inc. - Class A (b)
318 45,506
Booking Holdings, Inc.
680 121,203
Expedia Group, Inc.
94 24,053
Hilton Worldwide Holdings, Inc.
200 66,092
Marriott International, Inc. - Class A
188 69,671
326,525
Household Appliances - 0.0% (a)
Whirlpool Corp.
94 3,705
Housewares & Specialties - 0.0% (a)
Newell Brands, Inc.
376 2,309
The accompanying notes are an integral part of these financial statements.
3
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Other Specialty Retail - 0.1%
Dick's Sporting Goods, Inc.
73 $ 16,557
Tractor Supply Co.
470 14,857
31,414
Restaurants - 0.8%
Chipotle Mexican Grill, Inc. (b)
1,222 41,548
Darden Restaurants, Inc.
94 19,365
DoorDash, Inc. - Class A (b)
306 56,466
McDonald's Corp.
615 166,241
Starbucks Corp.
984 100,555
Yum! Brands, Inc.
237 37,887
422,062
Tires & Rubber - 0.0% (a)
Goodyear Tire & Rubber Co. (b)
188 1,241
Total Consumer Discretionary
5,265,041
Consumer Staples - 4.7%
Agricultural Products & Services - 0.1%
Archer-Daniels-Midland Co.
376 28,727
Bunge Global SA
203 21,666
50,393
Brewers - 0.0% (a)
Molson Coors Beverage Co. - Class B
188 7,324
Consumer Staples Merchandise Retail - 1.6%
Costco Wholesale Corp.
396 370,446
Dollar General Corp.
188 21,641
Dollar Tree, Inc. (b)
188 22,738
Target Corp.
416 54,334
Walmart, Inc.
3,803 430,728
899,887
Distillers & Vintners - 0.0% (a)
Constellation Brands, Inc. - Class A
122 16,969
Food Distributors - 0.1%
Performance Food Group Co. (b)
94 10,508
Sysco Corp.
470 39,283
US Foods Holding Corp. (b)
188 19,223
69,014
Food Retail - 0.1%
Albertsons Cos., Inc. - Class A
282 3,815
Casey's General Stores, Inc.
26 20,665
Kroger Co.
564 31,319
55,799
The accompanying notes are an integral part of these financial statements.
4
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Household Products - 0.8%
Church & Dwight Co., Inc.
188 $ 18,213
Colgate-Palmolive Co.
752 68,943
Kimberly-Clark Corp.
282 30,955
Procter & Gamble Co.
2,068 303,252
421,363
Packaged Foods & Meats - 0.3%
Campbell's Co.
188 4,187
Conagra Brands, Inc.
376 5,061
General Mills, Inc.
470 16,356
Hershey Co.
122 21,405
Hormel Foods Corp.
282 6,999
J M Smucker Co.
94 10,575
Kraft Heinz Co.
752 17,762
McCormick & Co., Inc.
188 9,479
Mondelez International, Inc. - Class A
1,128 65,244
Pilgrim's Pride Corp.
30 843
Smithfield Foods, Inc.
32 776
Tyson Foods, Inc. - Class A
282 16,145
174,832
Personal Care Products - 0.1%
Estee Lauder Cos., Inc. - Class A
188 14,843
Kenvue, Inc.
1,692 32,334
47,177
Soft Drinks & Non-alcoholic Beverages - 0.9%
Coca-Cola Co.
3,102 252,099
Keurig Dr Pepper, Inc.
1,034 33,843
Monster Beverage Corp. (b)
564 54,212
PepsiCo, Inc.
1,222 165,459
505,613
Tobacco - 0.7%
Altria Group, Inc.
1,504 108,213
Philip Morris International, Inc.
1,363 246,580
354,793
Total Consumer Staples
2,603,164
Energy - 3.2%
Integrated Oil & Gas - 1.5%
Chevron Corp.
1,648 273,173
Exxon Mobil Corp.
3,697 505,454
Occidental Petroleum Corp.
564 27,393
806,020
Oil & Gas Equipment & Services - 0.2%
Baker Hughes Co.
846 46,953
The accompanying notes are an integral part of these financial statements.
5
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Halliburton Co.
658 $ 22,339
SLB Ltd.
1,222 56,811
126,103
Oil & Gas Exploration & Production - 0.6%
Antero Resources Corp. (b)
282 9,909
APA Corp.
282 9,185
Chord Energy Corp.
40 4,572
ConocoPhillips
1,070 111,237
Devon Energy Corp.
1,016 41,981
Diamondback Energy, Inc.
188 33,047
EOG Resources, Inc.
470 60,973
EQT Corp.
564 29,988
Expand Energy Corp.
188 17,144
Ovintiv, Inc.
188 9,898
327,934
Oil & Gas Refining & Marketing - 0.4%
HF Sinclair Corp.
94 6,547
Marathon Petroleum Corp.
282 72,099
PBF Energy, Inc. - Class A
94 4,279
Phillips 66
376 63,563
Valero Energy Corp.
282 73,444
World Kinect Corp.
94 3,096
223,028
Oil & Gas Storage & Transportation - 0.5%
Cheniere Energy, Inc.
188 44,934
Kinder Morgan, Inc.
1,692 54,093
ONEOK, Inc.
564 49,034
Targa Resources Corp.
188 50,410
Williams Cos., Inc.
1,034 76,868
275,339
Total Energy
1,758,424
Financials - 11.9%
Asset Management & Custody Banks - 0.9%
Ameriprise Financial, Inc.
65 29,819
Bank of New York Mellon Corp.
594 85,898
Blackrock, Inc.
120 115,387
Blackstone, Inc.
622 73,191
Carlyle Group, Inc.
188 7,917
Franklin Resources, Inc.
282 9,382
Invesco Ltd.
376 9,922
KKR & Co., Inc.
606 55,619
Northern Trust Corp.
188 32,682
State Street Corp.
220 37,312
The accompanying notes are an integral part of these financial statements.
6
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
T Rowe Price Group, Inc.
188 $ 21,374
478,503
Commercial & Residential Mortgage Finance - 0.0% (a)
Rocket Cos., Inc. - Class A (b)
815 12,836
Consumer Finance - 0.5%
Ally Financial, Inc.
282 12,958
American Express Co.
417 141,050
Capital One Financial Corp.
527 105,727
OneMain Holdings, Inc.
94 5,731
Synchrony Financial
299 22,739
288,205
Diversified Banks - 3.2%
Bank of America Corp.
5,902 336,296
Citigroup, Inc.
1,598 223,656
Fifth Third Bancorp
854 48,140
First Citizens BancShares, Inc. - Class A
6 12,485
JPMorgan Chase & Co.
2,330 762,679
KeyCorp
940 21,667
PNC Financial Services Group, Inc.
332 81,745
US Bancorp
1,316 79,486
Wells Fargo & Co.
2,753 227,508
1,793,662
Diversified Financial Services - 0.1%
Apollo Global Management, Inc.
376 44,485
Corebridge Financial, Inc.
188 5,382
49,867
Financial Exchanges & Data - 0.6%
CME Group, Inc.
313 69,120
Coinbase Global, Inc. - Class A (b)
190 27,776
Intercontinental Exchange, Inc.
501 61,678
Moody's Corp.
124 56,162
Nasdaq, Inc.
532 41,932
S&P Global, Inc.
244 99,372
356,040
Insurance Brokers - 0.4%
Aon PLC - Class A
188 62,358
Arthur J Gallagher & Co.
203 46,602
Marsh & McLennan Cos., Inc.
422 70,335
Willis Towers Watson PLC
94 24,569
203,864
Investment Banking & Brokerage - 1.2%
Charles Schwab Corp.
1,458 134,530
Goldman Sachs Group, Inc.
266 269,025
The accompanying notes are an integral part of these financial statements.
7
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Jefferies Financial Group, Inc.
94 $ 4,698
Morgan Stanley
1,059 221,373
Raymond James Financial, Inc.
143 21,740
651,366
Life & Health Insurance - 0.3%
Aflac, Inc.
402 47,134
Lincoln National Corp.
188 6,646
MetLife, Inc.
470 39,767
Principal Financial Group, Inc.
188 20,263
Prudential Financial, Inc.
282 30,436
Unum Group
188 16,807
161,053
Multi-Sector Holdings - 1.5%
Berkshire Hathaway, Inc. - Class B (b)
1,628 814,635
Property & Casualty Insurance - 1.0%
Allstate Corp.
207 49,254
American Financial Group, Inc.
94 13,154
American International Group, Inc.
471 35,104
Arch Capital Group Ltd. (b)
300 29,118
Chubb Ltd.
316 107,674
Cincinnati Financial Corp.
115 21,291
CNA Financial Corp.
8 389
Fidelity National Financial, Inc.
188 8,866
First American Financial Corp.
94 6,447
Hartford Insurance Group, Inc.
234 31,010
Loews Corp.
188 21,283
Markel Group, Inc. (b)
12 23,436
Old Republic International Corp.
188 7,693
Progressive Corp.
510 111,410
Travelers Cos., Inc.
188 62,063
W R Berkley Corp.
282 19,889
548,081
Regional Banks - 0.3%
Citizens Financial Group, Inc.
376 26,346
Huntington Bancshares, Inc.
1,758 31,169
M&T Bank Corp.
136 32,369
Regions Financial Corp.
752 22,711
Truist Financial Corp.
1,128 56,197
Zions Bancorp NA
94 6,504
175,296
Reinsurance - 0.0% (a)
Everest Group Ltd.
29 10,360
The accompanying notes are an integral part of these financial statements.
8
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Reinsurance Group of America, Inc.
40 $ 8,506
18,866
Transaction & Payment Processing Services - 1.9%
Block, Inc. (b)
470 35,720
Corpay, Inc. (b)
76 25,329
Fidelity National Information Services, Inc.
470 18,274
Fiserv, Inc. (b)
470 23,053
Global Payments, Inc.
188 13,641
Mastercard, Inc. - Class A
725 372,360
PayPal Holdings, Inc.
846 36,530
Visa, Inc. - Class A
1,462 501,598
1,026,505
Total Financials
6,578,779
Health Care - 8.9%
Biotechnology - 1.7%
AbbVie, Inc.
1,544 388,532
Amgen, Inc.
470 170,196
Biogen, Inc. (b)
112 24,199
Gilead Sciences, Inc.
1,081 136,574
Incyte Corp. (b)
94 10,656
Moderna, Inc. (b)
282 19,748
Regeneron Pharmaceuticals, Inc.
94 58,613
Vertex Pharmaceuticals, Inc. (b)
221 109,777
918,295
Health Care Distributors - 0.4%
Cardinal Health, Inc.
213 50,600
Cencora, Inc.
190 53,766
Henry Schein, Inc. (b)
94 7,851
McKesson Corp.
116 87,650
199,867
Health Care Equipment - 1.2%
Abbott Laboratories
1,504 136,473
Baxter International, Inc.
470 10,020
Becton Dickinson & Co.
230 34,806
Boston Scientific Corp. (b)
1,316 56,167
Edwards Lifesciences Corp. (b)
470 42,516
GE HealthCare Technologies, Inc.
376 24,068
Intuitive Surgical, Inc. (b)
302 120,099
Medtronic PLC
1,129 88,322
STERIS PLC
94 19,793
Stryker Corp.
326 102,638
Zimmer Biomet Holdings, Inc.
188 16,185
651,087
The accompanying notes are an integral part of these financial statements.
9
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Health Care Facilities - 0.1%
HCA Healthcare, Inc.
126 $ 49,126
Tenet Healthcare Corp. (b)
62 11,599
Universal Health Services, Inc. - Class B
42 6,245
66,970
Health Care Services - 0.4%
Cigna Group
225 62,028
CVS Health Corp.
1,128 116,692
DaVita, Inc. (b)
14 3,115
Labcorp Holdings, Inc.
59 16,520
Quest Diagnostics, Inc.
94 19,923
218,278
Health Care Supplies - 0.0% (a)
Align Technology, Inc. (b)
49 8,264
Solventum Corp. (b)
94 7,252
15,516
Life Sciences Tools & Services - 0.7%
Agilent Technologies, Inc.
282 37,458
Danaher Corp.
581 110,669
ICON PLC (b)
54 9,380
Illumina, Inc. (b)
122 21,451
IQVIA Holdings, Inc. (b)
133 25,698
Thermo Fisher Scientific, Inc.
324 162,441
367,097
Managed Health Care - 0.8%
Centene Corp. (b)
470 30,169
Elevance Health, Inc.
197 76,186
Humana, Inc.
94 37,339
Molina Healthcare, Inc. (b)
22 5,031
UnitedHealth Group, Inc.
785 326,270
474,995
Pharmaceuticals - 3.6%
Bristol-Myers Squibb Co.
1,786 102,909
Eli Lilly & Co.
752 901,971
Johnson & Johnson
2,116 537,401
Merck & Co., Inc.
2,182 280,387
Pfizer, Inc.
4,982 119,967
Viatris, Inc.
1,034 16,420
Zoetis, Inc.
329 23,642
1,982,697
Total Health Care
4,894,802
The accompanying notes are an integral part of these financial statements.
10
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Industrials - 8.6%
Aerospace & Defense - 2.3%
Boeing Co. (b)
711 $ 153,910
General Dynamics Corp.
199 70,494
General Electric Co.
881 329,256
Honeywell Aerospace, Inc. (b)
282 62,345
Howmet Aerospace, Inc.
337 90,606
Huntington Ingalls Industries, Inc.
29 8,117
L3Harris Technologies, Inc.
179 52,016
Lockheed Martin Corp.
205 104,439
Northrop Grumman Corp.
129 65,701
RTX Corp.
1,155 219,138
Textron, Inc.
188 17,245
TransDigm Group, Inc.
53 70,598
1,243,865
Agricultural & Farm Machinery - 0.3%
AGCO Corp.
42 5,027
CNH Industrial NV
752 8,445
Deere & Co.
211 133,844
147,316
Air Freight & Logistics - 0.3%
CH Robinson Worldwide, Inc.
94 17,704
Expeditors International of Washington, Inc.
94 15,320
FedEx Corp.
188 58,868
United Parcel Service, Inc. - Class B
658 70,735
162,627
Building Products - 0.5%
Builders FirstSource, Inc. (b)
94 8,411
Carlisle Cos., Inc.
24 8,706
Carrier Global Corp.
752 55,159
Johnson Controls International PLC
564 82,406
Masco Corp.
188 15,298
Owens Corning
94 14,942
Trane Technologies PLC
193 94,794
279,716
Cargo Ground Transportation - 0.1%
Fedex Freight Holding Co., Inc. (b)
94 14,194
JB Hunt Transport Services, Inc.
54 15,629
Knight-Swift Transportation Holdings, Inc.
94 7,320
Old Dominion Freight Line, Inc.
188 40,721
Ryder System, Inc.
14 3,692
81,556
Construction & Engineering - 0.2%
AECOM
94 6,561
The accompanying notes are an integral part of these financial statements.
11
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
EMCOR Group, Inc.
31 $ 25,726
Quanta Services, Inc.
135 97,206
129,493
Construction Machinery & Heavy Transportation Equipment - 1.1%
Caterpillar, Inc.
407 433,414
Cummins, Inc.
128 91,291
PACCAR, Inc.
470 56,457
Westinghouse Air Brake Technologies Corp.
135 36,396
617,558
Data Processing & Outsourced Services - 0.0% (a)
SS&C Technologies Holdings, Inc.
188 11,665
Diversified Support Services - 0.1%
Cintas Corp.
304 51,704
Electrical Components & Equipment - 0.6%
AMETEK, Inc.
188 45,485
Eaton Corp. PLC
330 140,620
Emerson Electric Co.
497 71,145
Rockwell Automation, Inc.
94 46,537
303,787
Environmental & Facilities Services - 0.2%
Republic Services, Inc.
188 40,059
Waste Management, Inc.
387 86,255
126,314
Heavy Electrical Equipment - 0.5%
GE Vernova, Inc.
242 284,316
Human Resource & Employment Services - 0.2%
Automatic Data Processing, Inc.
340 76,143
ManpowerGroup, Inc.
18 608
Paychex, Inc.
282 27,729
Robert Half, Inc.
94 2,886
107,366
Industrial Conglomerates - 0.3%
3M Co.
470 76,097
Honeywell International, Inc.
282 63,140
139,237
Industrial Machinery & Supplies & Components - 0.6%
Dover Corp.
116 26,017
Fortive Corp.
282 17,227
Illinois Tool Works, Inc.
232 62,749
Ingersoll Rand, Inc.
376 30,828
Otis Worldwide Corp.
376 26,922
The accompanying notes are an integral part of these financial statements.
12
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Parker-Hannifin Corp.
106 $ 103,681
Snap-on, Inc.
56 22,534
Stanley Black & Decker, Inc.
94 8,847
Xylem, Inc.
188 22,224
321,029
Passenger Airlines - 0.1%
Delta Air Lines, Inc.
188 17,608
Southwest Airlines Co.
94 4,834
United Airlines Holdings, Inc. (b)
94 12,783
35,225
Passenger Ground Transportation - 0.2%
Avis Budget Group, Inc. (b)
6 887
Hertz Global Holdings, Inc. (b)
94 213
Uber Technologies, Inc. (b)
1,786 128,878
129,978
Rail Transportation - 0.5%
CSX Corp.
1,692 80,421
Norfolk Southern Corp.
188 59,143
Union Pacific Corp.
506 137,632
277,196
Research & Consulting Services - 0.0% (a)
Jacobs Solutions, Inc.
94 11,844
Leidos Holdings, Inc.
94 9,679
21,523
Trading Companies & Distributors - 0.5%
AerCap Holdings NV
133 19,389
Fastenal Co.
1,034 49,663
Ferguson Enterprises, Inc.
188 44,618
United Rentals, Inc.
57 64,574
WESCO International, Inc.
39 13,472
WW Grainger, Inc.
43 58,497
250,213
Total Industrials
4,721,684
Information Technology - 37.0% (c)
Application Software - 1.0%
Adobe, Inc. (b)
376 77,087
Autodesk, Inc. (b)
188 36,551
Cadence Design Systems, Inc. (b)
254 95,331
Intuit, Inc.
226 58,986
Roper Technologies, Inc.
94 31,809
Salesforce, Inc.
792 124,075
Synopsys, Inc. (b)
182 81,185
Workday, Inc. - Class A (b)
188 23,015
The accompanying notes are an integral part of these financial statements.
13
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Zoom Communications, Inc. - Class A (b)
188 $ 16,226
544,265
Communications Equipment - 1.1%
Arista Networks, Inc. (b)
905 153,742
Cisco Systems, Inc.
3,196 375,402
Motorola Solutions, Inc.
127 52,742
581,886
Electronic Components - 0.7%
Amphenol Corp. - Class A
1,068 188,310
Corning, Inc.
694 177,268
365,578
Electronic Equipment & Instruments - 0.1%
Keysight Technologies, Inc. (b)
136 47,609
Teledyne Technologies, Inc. (b)
52 34,679
82,288
Electronic Manufacturing Services - 0.3%
Flex Ltd. (b)
376 60,938
Jabil, Inc.
94 36,235
TE Connectivity PLC
245 49,395
146,568
Internet Services & Infrastructure - 0.1%
Akamai Technologies, Inc. (b)
94 11,112
GoDaddy, Inc. - Class A (b)
114 9,676
Twilio, Inc. - Class A (b)
124 25,585
46,373
IT Consulting & Other Services - 0.6%
Accenture PLC - Class A
564 70,184
Amdocs Ltd.
94 4,751
Cognizant Technology Solutions Corp. - Class A
470 18,203
DXC Technology Co. (b)
188 1,664
International Business Machines Corp.
855 240,435
335,237
Semiconductor Materials & Equipment - 2.6%
Applied Materials, Inc.
698 504,654
KLA Corp.
1,196 360,845
Lam Research Corp.
1,085 470,163
Qnity Electronics, Inc.
154 25,150
Teradyne, Inc.
138 66,770
1,427,582
Semiconductors - 16.5%
Advanced Micro Devices, Inc. (b)
1,443 838,253
Analog Devices, Inc.
419 166,414
Broadcom, Inc.
4,125 1,558,219
GLOBALFOUNDRIES, Inc.
94 7,747
The accompanying notes are an integral part of these financial statements.
14
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Intel Corp. (b)
3,716 $ 518,865
Marvell Technology, Inc.
752 224,013
Microchip Technology, Inc.
470 42,864
Micron Technology, Inc.
999 1,153,136
NVIDIA Corp.
20,659 4,133,659
ON Semiconductor Corp. (b)
376 35,547
Qorvo, Inc. (b)
94 8,767
QUALCOMM, Inc.
963 177,953
Skyworks Solutions, Inc.
188 12,746
Texas Instruments, Inc.
795 236,966
9,115,149
Systems Software - 5.6%
Fortinet, Inc. (b)
564 86,642
Gen Digital, Inc.
470 11,698
Microsoft Corp.
6,560 2,447,011
Oracle Corp.
1,505 220,558
Palo Alto Networks, Inc. (b)
698 238,032
ServiceNow, Inc. (b)
940 93,323
3,097,264
Technology Distributors - 0.1%
Arrow Electronics, Inc. (b)
18 3,841
Avnet, Inc.
94 8,349
CDW Corp.
94 13,220
Ingram Micro Holding Corp.
8 220
TD SYNNEX Corp.
100 26,734
52,364
Technology Hardware, Storage & Peripherals - 8.3%
Apple, Inc.
12,756 3,691,076
Dell Technologies, Inc. - Class C
282 121,672
Hewlett Packard Enterprise Co.
1,128 50,884
HP, Inc.
846 18,561
NetApp, Inc.
188 29,095
Sandisk Corp. (b)
125 284,216
Seagate Technology Holdings PLC
188 181,420
Western Digital Corp.
301 192,255
4,569,179
Total Information Technology
20,363,733
Materials - 2.0%
Aluminum - 0.0% (a)
Alcoa Corp.
188 9,802
Commodity Chemicals - 0.1%
Dow, Inc.
658 18,003
The accompanying notes are an integral part of these financial statements.
15
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
LyondellBasell Industries NV - Class A
188 $ 9,898
Olin Corp.
94 1,863
Westlake Corp.
14 1,022
30,786
Construction Materials - 0.2%
CRH PLC
600 64,200
Martin Marietta Materials, Inc.
43 24,798
Vulcan Materials Co.
112 33,041
122,039
Copper - 0.2%
Freeport-McMoRan, Inc.
1,222 76,852
Southern Copper Corp.
95 16,528
93,380
Diversified Chemicals - 0.0% (a)
Huntsman Corp.
188 1,996
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings, Inc.
128 13,857
Corteva, Inc.
620 52,508
FMC Corp.
94 1,081
Mosaic Co.
282 5,976
73,422
Gold Mining - 0.2%
Newmont Corp.
957 89,384
Industrial Gases - 0.5%
Air Products and Chemicals, Inc.
188 55,118
Linde PLC
402 208,614
263,732
Metal, Glass & Plastic Containers - 0.0% (a)
Ball Corp.
282 17,597
Paper & Plastic Packaging Products & Materials - 0.1%
Amcor PLC
539 23,366
International Paper Co.
470 17,907
Packaging Corp. of America
94 22,398
Smurfit Westrock PLC
443 20,493
84,164
Specialty Chemicals - 0.4%
Albemarle Corp.
94 12,693
Celanese Corp.
94 4,324
DuPont de Nemours, Inc.
94 12,750
Eastman Chemical Co.
94 6,296
Ecolab, Inc.
243 67,702
The accompanying notes are an integral part of these financial statements.
16
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
International Flavors & Fragrances, Inc.
188 $ 14,893
PPG Industries, Inc.
188 22,803
Sherwin-Williams Co.
199 68,520
209,981
Steel - 0.2%
Cleveland-Cliffs, Inc. (b)
470 4,413
Nucor Corp.
188 41,877
Reliance, Inc.
63 23,537
Steel Dynamics, Inc.
121 27,765
97,592
Total Materials
1,093,875
Real Estate - 0.1%
Real Estate Services - 0.1%
CBRE Group, Inc. - Class A (b)
282 37,983
Jones Lang LaSalle, Inc. (b)
34 10,538
Total Real Estate
48,521
Utilities - 2.2%
Electric Utilities - 1.4%
Alliant Energy Corp.
188 14,343
American Electric Power Co., Inc.
470 64,301
Constellation Energy Corp.
282 70,040
Duke Energy Corp.
658 83,290
Edison International
376 27,993
Entergy Corp.
376 43,187
Evergy, Inc.
188 16,249
Eversource Energy
282 20,380
Exelon Corp.
846 39,441
FirstEnergy Corp.
470 22,344
NextEra Energy, Inc.
1,841 161,585
NRG Energy, Inc.
188 27,459
PG&E Corp.
1,923 32,345
Pinnacle West Capital Corp.
94 10,058
PPL Corp.
658 23,918
Southern Co.
940 89,967
Xcel Energy, Inc.
564 45,289
792,189
Gas Utilities - 0.1%
Atmos Energy Corp.
119 20,500
UGI Corp.
188 6,493
26,993
Independent Power Producers & Energy Traders - 0.1%
AES Corp.
658 9,646
The accompanying notes are an integral part of these financial statements.
17
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Vistra Corp.
282 $ 44,734
54,380
Multi-Utilities - 0.6%
Ameren Corp.
229 25,886
CenterPoint Energy, Inc.
564 24,839
CMS Energy Corp.
282 21,573
Consolidated Edison, Inc.
392 43,367
Dominion Energy, Inc.
752 51,354
DTE Energy Co.
188 28,646
NiSource, Inc.
376 17,879
Public Service Enterprise Group, Inc.
470 38,145
Sempra
564 52,288
WEC Energy Group, Inc.
282 32,929
336,906
Water Utilities - 0.0% (a)
American Water Works Co., Inc.
188 24,737
Total Utilities
1,235,205
TOTAL COMMON STOCKS (Cost $48,627,565)
53,975,840
REAL ESTATE INVESTMENT TRUSTS - 1.6%
Financials - 0.0% (a)
Mortgage REITs - 0.0% (a)
Annaly Capital Management, Inc.
470 10,509
Real Estate - 1.6%
Data Center REITs - 0.3%
Digital Realty Trust, Inc.
282 50,642
Equinix, Inc.
83 86,518
137,160
Health Care REITs - 0.4%
Alexandria Real Estate Equities, Inc.
188 9,936
Healthpeak Properties, Inc.
658 14,081
Ventas, Inc.
376 33,389
Welltower, Inc.
605 137,317
194,723
Hotel & Resort REITs - 0.0% (a)
Host Hotels & Resorts, Inc.
564 13,372
Industrial REITs - 0.2%
Prologis, Inc.
846 114,608
Multi-Family Residential REITs - 0.1%
AvalonBay Communities, Inc.
114 21,511
Equity Residential
282 19,156
The accompanying notes are an integral part of these financial statements.
18
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Mid-America Apartment Communities, Inc.
94 $ 13,060
53,727
Office REITs - 0.0% (a)
BXP, Inc.
94 6,233
Other Specialized REITs - 0.1%
Iron Mountain, Inc.
282 35,619
VICI Properties, Inc.
940 24,957
60,576
Retail REITs - 0.2%
Kimco Realty Corp.
564 14,298
Realty Income Corp.
752 46,594
Simon Property Group, Inc.
282 63,069
123,961
Self-Storage REITs - 0.1%
Extra Space Storage, Inc.
188 27,317
Public Storage
127 40,425
67,742
Single-Family Residential REITs - 0.0% (a)
Invitation Homes, Inc.
470 14,199
Telecom Tower REITs - 0.2%
American Tower Corp.
393 64,283
Crown Castle, Inc.
376 28,474
92,757
Timber REITs - 0.0% (a)
Weyerhaeuser Co.
658 15,753
Total Real Estate
894,811
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $833,498)
905,320
RIGHTS - 0.0% (a)
Financials - 0.0% (a)
TPG, Inc., Expires 04/08/2027, Exercise Price $3.00 (b)(d)
158 -
TOTAL RIGHTS (Cost $0)
-
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.4%
First American Government Obligations Fund - Class X, 3.57% (e)
199,134 199,134
TOTAL MONEY MARKET FUNDS (Cost $199,134)
199,134
TOTAL INVESTMENTS - 100.0% (Cost $49,660,197)
$ 55,080,294
Other Assets in Excess of Liabilities - 0.0% (a)
24,791
TOTAL NET ASSETS - 100.0%
$ 55,105,085
The accompanying notes are an integral part of these financial statements.
19
RACWI US ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
(a)
Represents less than 0.05% of net assets.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of June 30, 2026.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
The accompanying notes are an integral part of these financial statements.
20
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
COMMON STOCKS - 95.0%
Communication Services - 6.8%
Advertising - 0.4%
Trade Desk, Inc. - Class A (a)
7,647 $ 138,258
Alternative Carriers - 1.5%
Iridium Communications, Inc.
4,725 259,166
Liberty Global Ltd. - Class A (a)
15,579 177,133
Lumen Technologies, Inc. (a)
20,408 156,734
593,033
Cable & Satellite - 1.2%
Cable One, Inc. (a)
1,972 104,733
Liberty Broadband Corp. - Class C (a)
4,820 160,313
Sirius XM Holdings, Inc.
6,696 197,800
462,846
Interactive Media & Services - 3.4%
Bumble, Inc. - Class A (a)
43,471 139,107
Match Group, Inc.
4,964 188,880
Pinterest, Inc. - Class A (a)
9,176 192,971
Snap, Inc. - Class A (a)
30,503 135,433
TripAdvisor, Inc. (a)
16,623 227,901
Trump Media & Technology Group Corp. (a)
19,716 152,602
Ziff Davis, Inc. (a)
4,050 212,099
ZoomInfo Technologies, Inc. (a)
28,864 84,572
1,333,565
Wireless Telecommunication Services - 0.3%
Array Digital Infrastructure, Inc.
3,631 131,660
Total Communication Services
2,659,362
Consumer Discretionary - 20.6%
Apparel Retail - 0.5%
Abercrombie & Fitch Co. - Class A (a)
2,114 190,281
Apparel, Accessories & Luxury Goods - 2.7%
Capri Holdings Ltd. (a)
9,247 171,717
Carter's, Inc.
4,995 205,594
Columbia Sportswear Co.
2,961 183,049
PVH Corp.
1,973 146,515
Under Armour, Inc. - Class A (a)
28,681 183,272
VF Corp.
9,530 158,960
1,049,107
Automobile Manufacturers - 0.9%
Lucid Group, Inc. (a)
29,099 194,672
The accompanying notes are an integral part of these financial statements.
1
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Thor Industries, Inc.
2,282 $ 171,515
366,187
Automotive Retail - 1.7%
Advance Auto Parts, Inc.
3,031 188,589
CarMax, Inc. (a)
4,709 249,059
Valvoline, Inc. (a)
5,429 214,663
652,311
Broadline Retail - 1.7%
Etsy, Inc. (a)
2,804 211,225
Kohl's Corp.
12,731 225,594
Macy's, Inc.
9,467 222,948
659,767
Casinos & Gaming - 0.6%
MGM Resorts International (a)
4,633 221,504
Computer & Electronics Retail - 0.6%
Best Buy Co., Inc.
2,982 226,274
Distributors - 0.8%
LKQ Corp.
5,894 155,189
Pool Corp.
846 181,805
336,994
Education Services - 1.2%
Bright Horizons Family Solutions, Inc. (a)
2,295 162,670
Grand Canyon Education, Inc. (a)
1,067 152,698
Stride, Inc. (a)
1,857 160,148
475,516
Home Furnishings - 0.5%
Leggett & Platt, Inc.
16,596 194,339
Homefurnishing Retail - 0.6%
RH (a)
1,367 225,186
Hotels, Resorts & Cruise Lines - 0.6%
Marriott Vacations Worldwide Corp.
2,505 255,209
Household Appliances - 0.9%
Helen of Troy Ltd. (a)
7,793 226,543
Whirlpool Corp.
3,332 131,347
357,890
Housewares & Specialties - 0.7%
Newell Brands, Inc.
45,658 280,340
The accompanying notes are an integral part of these financial statements.
2
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Leisure Products - 2.3%
Brunswick Corp.
2,271 $ 191,309
Hasbro, Inc.
1,882 155,434
Mattel, Inc. (a)
11,963 166,047
Polaris, Inc.
2,722 186,294
YETI Holdings, Inc. (a)
4,572 226,588
925,672
Motorcycle Manufacturers - 0.5%
Harley-Davidson, Inc.
7,551 184,697
Other Specialty Retail - 1.3%
Academy Sports & Outdoors, Inc.
3,379 159,252
Bath & Body Works, Inc.
9,280 214,647
Chewy, Inc. - Class A (a)
7,097 139,456
513,355
Restaurants - 1.4%
Domino's Pizza, Inc.
532 157,493
Wendy's Co.
25,920 214,877
Wingstop, Inc.
1,100 190,751
563,121
Specialized Consumer Services - 1.1%
Frontdoor, Inc. (a)
2,629 203,984
H&R Block, Inc.
5,686 216,523
420,507
Total Consumer Discretionary
8,098,257
Consumer Staples - 7.7%
Brewers - 0.4%
Boston Beer Co., Inc. - Class A (a)
783 138,614
Distillers & Vintners - 0.5%
Brown-Forman Corp. - Class B
7,001 186,577
Food Retail - 0.5%
Sprouts Farmers Market, Inc. (a)
2,204 186,414
Household Products - 1.0%
Clorox Co.
1,871 178,568
Reynolds Consumer Products, Inc.
8,603 230,991
409,559
Packaged Foods & Meats - 4.6%
Campbell's Co.
8,677 193,237
Conagra Brands, Inc.
12,572 169,219
The accompanying notes are an integral part of these financial statements.
3
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Flowers Foods, Inc.
19,912 $ 157,305
Freshpet, Inc. (a)
2,677 158,264
Hormel Foods Corp.
8,403 208,562
J M Smucker Co.
1,840 207,000
Lamb Weston Holdings, Inc.
4,142 178,852
Marzetti Co.
1,429 163,135
McCormick & Co., Inc.
3,548 178,890
Nomad Foods Ltd.
18,560 203,232
1,817,696
Personal Care Products - 0.7%
BellRing Brands, Inc. (a)
10,135 131,147
Coty, Inc. - Class A (a)
73,335 158,403
289,550
Total Consumer Staples
3,028,410
Energy - 1.2%
Oil & Gas Drilling - 0.3%
Patterson-UTI Energy, Inc.
14,763 135,524
Oil & Gas Exploration & Production - 0.4%
Murphy Oil Corp.
4,320 140,659
Oil & Gas Refining & Marketing - 0.5%
PBF Energy, Inc. - Class A
4,161 189,409
Total Energy
465,592
Financials - 6.1%
Asset Management & Custody Banks - 0.5%
Franklin Resources, Inc.
6,019 200,252
Consumer Finance - 1.6%
Ally Financial, Inc.
4,181 192,117
Bread Financial Holdings, Inc.
2,182 236,420
SLM Corp.
7,816 202,747
631,284
Diversified Financial Services - 1.0%
Corebridge Financial, Inc.
6,551 187,555
Equitable Holdings, Inc.
4,275 187,587
375,142
Financial Exchanges & Data - 0.8%
FactSet Research Systems, Inc.
789 181,533
MarketAxess Holdings, Inc.
1,148 130,286
311,819
The accompanying notes are an integral part of these financial statements.
4
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Property & Casualty Insurance - 0.9%
Erie Indemnity Co. - Class A
824 $ 197,554
Fidelity National Financial, Inc.
3,449 162,655
360,209
Transaction & Payment Processing Services - 1.3%
Euronet Worldwide, Inc. (a)
2,492 182,390
Marqeta, Inc. - Class A (a)
41,568 168,766
Western Union Co.
19,846 152,814
503,970
Total Financials
2,382,676
Health Care - 18.4%
Biotechnology - 4.9%
ADMA Biologics, Inc. (a)
17,600 147,312
BioMarin Pharmaceutical, Inc. (a)
3,346 191,458
Denali Therapeutics, Inc. (a)
9,637 247,864
Immunovant, Inc. (a)
6,646 256,070
Intellia Therapeutics, Inc. (a)
13,383 226,440
Moderna, Inc. (a)
4,028 282,081
Sarepta Therapeutics, Inc. (a)
8,888 159,717
Viking Therapeutics, Inc. (a)
5,947 231,993
Vir Biotechnology, Inc. (a)
17,661 179,966
1,922,901
Health Care Equipment - 3.5%
Baxter International, Inc.
10,257 218,679
Envista Holdings Corp. (a)
6,955 183,264
Inspire Medical Systems, Inc. (a)
3,213 143,332
Insulet Corp. (a)
1,048 159,558
Integra LifeSciences Holdings Corp. (a)
17,116 307,403
Omnicell, Inc. (a)
4,355 180,820
Teleflex, Inc.
1,456 184,563
1,377,619
Health Care Facilities - 1.1%
Acadia Healthcare Co., Inc. (a)
6,967 205,736
Surgery Partners, Inc. (a)
12,858 216,014
421,750
Health Care Services - 1.0%
Agilon Health, Inc. (a)
1 85
CorVel Corp. (a)
3,140 196,313
Option Care Health, Inc. (a)
9,104 190,911
387,309
Health Care Supplies - 1.9%
Align Technology, Inc. (a)
1,025 172,877
Cooper Cos., Inc. (a)
2,868 205,664
The accompanying notes are an integral part of these financial statements.
5
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Dentsply Sirona, Inc.
15,353 $ 162,895
Merit Medical Systems, Inc. (a)
2,646 183,474
724,910
Health Care Technology - 0.4%
Waystar Holding Corp. (a)
8,440 173,273
Life Sciences Tools & Services - 4.1%
Avantor, Inc. (a)
22,272 220,493
Azenta, Inc. (a)
7,342 187,368
Bio-Rad Laboratories, Inc. - Class A (a)
644 189,085
Charles River Laboratories International, Inc. (a)
1,080 244,933
Maravai LifeSciences Holdings, Inc. - Class A (a)
50,167 313,042
Revvity, Inc.
2,083 231,755
Sotera Health Co. (a)
11,898 211,189
1,597,865
Managed Health Care - 0.5%
Molina Healthcare, Inc. (a)
927 212,005
Pharmaceuticals - 1.0%
Organon & Co.
13,993 189,465
Viatris, Inc.
12,075 191,751
381,216
Total Health Care
7,198,848
Industrials - 9.4%
Building Products - 1.6%
Builders FirstSource, Inc. (a)
2,346 209,920
Carlisle Cos., Inc.
508 184,277
Trex Co., Inc. (a)
4,602 230,284
624,481
Construction & Engineering - 0.6%
WillScot Holdings Corp.
7,968 229,957
Data Processing & Outsourced Services - 0.8%
Concentrix Corp.
7,574 169,695
Maximus, Inc.
2,830 152,141
321,836
Electrical Components & Equipment - 1.4%
Atkore, Inc.
2,308 175,500
Plug Power, Inc. (a)
59,023 159,953
Sensata Technologies Holding PLC
4,332 206,810
542,263
Human Resource & Employment Services - 2.3%
Alight, Inc. - Class A
218,036 122,100
The accompanying notes are an integral part of these financial statements.
6
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
ManpowerGroup, Inc.
5,960 $ 201,269
Paycom Software, Inc.
1,423 178,843
Robert Half, Inc.
6,780 208,146
TriNet Group, Inc.
3,941 195,040
905,398
Industrial Machinery & Supplies & Components - 0.5%
Stanley Black & Decker, Inc.
2,308 217,229
Passenger Ground Transportation - 0.4%
Avis Budget Group, Inc. (a)
999 147,682
Research & Consulting Services - 1.8%
Booz Allen Hamilton Holding Corp.
2,320 140,754
Exponent, Inc.
2,697 158,476
Science Applications International Corp.
1,864 205,804
TransUnion
2,614 188,574
693,608
Total Industrials
3,682,454
Information Technology - 19.1%
Application Software - 6.3%
ACI Worldwide, Inc. (a)
4,174 209,910
Bentley Systems, Inc. - Class B
5,530 165,292
BILL Holdings, Inc. (a)
4,747 171,652
BlackLine, Inc. (a)
5,930 166,455
CCC Intelligent Solutions Holdings, Inc. (a)
34,428 177,648
Docusign, Inc. (a)
3,923 174,260
Guidewire Software, Inc. (a)
1,304 160,457
HubSpot, Inc. (a)
814 148,563
NCR Voyix Corp. (a)
26,183 213,915
Nutanix, Inc. - Class A (a)
4,412 224,836
RingCentral, Inc. - Class A
4,485 174,825
SPS Commerce, Inc. (a)
3,215 183,802
Tyler Technologies, Inc. (a)
529 154,711
Workiva, Inc. (a)
3,373 163,624
2,489,950
Electronic Equipment & Instruments - 1.1%
Badger Meter, Inc.
1,492 221,383
Zebra Technologies Corp. - Class A (a)
797 209,818
431,201
Electronic Manufacturing Services - 0.5%
IPG Photonics Corp. (a)
1,559 182,902
The accompanying notes are an integral part of these financial statements.
7
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Internet Services & Infrastructure - 1.8%
Akamai Technologies, Inc. (a)
1,752 $ 207,104
GoDaddy, Inc. - Class A (a)
2,079 176,466
Okta, Inc. (a)
2,449 334,166
717,736
IT Consulting & Other Services - 1.9%
DXC Technology Co. (a)
15,937 141,042
EPAM Systems, Inc. (a)
1,633 129,579
Everforth, Inc. (a)
8,550 152,789
Gartner, Inc. (a)
1,247 161,636
Kyndryl Holdings, Inc. (a)
13,054 147,641
732,687
Semiconductor Materials & Equipment - 1.3%
Axcelis Technologies, Inc. (a)
1,297 245,717
Enphase Energy, Inc. (a)
5,473 269,490
515,207
Semiconductors - 2.0%
Qorvo, Inc. (a)
1,915 178,612
Skyworks Solutions, Inc.
2,571 174,314
Synaptics, Inc. (a)
1,928 239,515
Universal Display Corp.
2,071 179,328
771,769
Systems Software - 2.8%
Commvault Systems, Inc. (a)
1,824 258,515
Qualys, Inc. (a)
2,075 285,292
Tenable Holdings, Inc. (a)
8,636 318,496
Teradata Corp. (a)
6,846 237,214
1,099,517
Technology Distributors - 0.8%
Insight Enterprises, Inc. (a)
2,475 301,455
Technology Hardware, Storage & Peripherals - 0.6%
Xerox Holdings Corp.
80,179 250,960
Total Information Technology
7,493,384
Materials - 4.9%
Commodity Chemicals - 0.6%
Olin Corp.
6,334 125,540
Westlake Corp.
1,622 118,406
243,946
Diversified Chemicals - 0.7%
Chemours Co.
6,694 137,361
Huntsman Corp.
12,554 133,324
270,685
The accompanying notes are an integral part of these financial statements.
8
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Fertilizers & Agricultural Chemicals - 1.3%
FMC Corp.
11,730 $ 134,895
Mosaic Co.
7,959 168,651
Scotts Miracle-Gro Co.
2,955 201,265
504,811
Paper & Plastic Packaging Products & Materials - 1.0%
Avery Dennison Corp.
1,100 178,585
Graphic Packaging Holding Co.
18,930 200,090
378,675
Specialty Chemicals - 1.3%
Ashland, Inc.
3,387 223,169
Celanese Corp.
2,662 122,452
Eastman Chemical Co.
2,468 165,307
510,928
Total Materials
1,909,045
Real Estate - 0.4%
Real Estate Services - 0.4%
CoStar Group, Inc. (a)
5,212 147,604
Utilities - 0.4%
Electric Utilities - 0.4%
Hawaiian Electric Industries, Inc. (a)
11,971 161,968
TOTAL COMMON STOCKS (Cost $36,191,113)
37,227,600
REAL ESTATE INVESTMENT TRUSTS - 4.9%
Real Estate - 4.9%
Health Care REITs - 0.6%
Alexandria Real Estate Equities, Inc.
4,453 235,341
Industrial REITs - 0.6%
Americold Realty Trust, Inc.
15,099 237,356
Multi-Family Residential REITs - 1.0%
Independence Realty Trust, Inc.
11,061 184,608
UDR, Inc.
4,964 198,163
382,771
Office REITs - 2.7%
BXP, Inc.
3,166 209,938
Douglas Emmett, Inc.
16,689 196,930
Highwoods Properties, Inc.
7,421 223,817
The accompanying notes are an integral part of these financial statements.
9
RESEARCH AFFILIATES DELETIONS ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
Shares Value
Kilroy Realty Corp.
5,424 $ 203,237
SL Green Realty Corp.
4,368 226,132
1,060,054
Total Real Estate
1,915,522
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,945,187)
1,915,522
RIGHTS - 0.0% (b)
Financials - 0.0%(b)
Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00 (a)(c)
18,042 -
HealthCare - 0.0%(b)
Biotechnology - 0.0%(b)
Biogen, Inc., Expires 05/17/2027, Exercise Price $1.00 (a)(c)
9,383 -
TOTAL RIGHTS (Cost $0)
-
TOTAL INVESTMENTS - 99.9% (Cost $38,136,300)
$ 39,143,122
Other Assets in Excess of Liabilities - 0.1%
34,490
TOTAL NET ASSETS - 100.0%
$ 39,177,612
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2026.
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.
10
RAFI INDICES
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment
Companies.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2026
RACWI US ETF Research Affiliates Deletions ETF
ASSETS:
Investments, at value (See Note 2) $ 55,080,294 $ 39,143,122
Dividends receivable 24,465 40,551
Dividend tax reclaims receivable 326 -
Total assets 55,105,085 39,183,673
LIABILITIES:
Payable to adviser (See Note 3) - 6,020
Payable to custodian - 41
Total liabilities - 6,061
NET ASSETS $ 55,105,085 $ 39,177,612
NET ASSETS CONSIST OF:
Paid-in capital $ 49,495,202 $ 40,298,547
Total distributable earnings (accumulated losses) 5,609,883 (1,120,935)
Total net assets $ 55,105,085 $ 39,177,612
Net assets $ 55,105,085 $ 39,177,612
Shares issued and outstanding (unlimited shares authorized without par value) 1,880,000 1,210,000
Net asset value per share $ 29.31 $ 32.38
COST:
Investments, at cost $ 49,660,197 $ 38,136,300
The accompanying notes are an integral part of these financial statements.
1
RAFI INDICES
STATEMENT OF OPERATIONS
For the Period Ended June 30, 2026
RACWI US ETF (a)
Research Affiliates Deletions ETF
INVESTMENT INCOME:
Dividend income $ 326,152 $ 580,104
Less: Issuance fees (1) (21)
Total investment income 326,151 580,083
EXPENSES:
Investment advisory fee (See Note 3) 39,293 137,412
Total expenses 39,293 137,412
Fee waiver from adviser (See Note 3) (39,293) (82,192)
Net expenses - 55,220
NET INVESTMENT INCOME (LOSS) 326,151 524,863
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (69,190) (1,317,253)
In-kind redemptions - 8,745,327
Net realized gain (loss) (69,190) 7,428,074
Net change in unrealized appreciation (depreciation) on:
Investments 5,420,097 2,499,214
Net change in unrealized appreciation (depreciation) 5,420,097 2,499,214
Net realized and unrealized gain (loss) 5,350,907 9,927,288
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 5,677,058 $ 10,452,151
(a) Inception date of the Fund was September 11, 2025.
The accompanying notes are an integral part of these financial statements.
2
RAFI INDICES
STATEMENT OF CHANGES IN NET ASSETS
RACWI US ETF Research Affiliates Deletions ETF
Period ended June 30, 2026(a)
Year ended June 30, 2026
Period ended June 30, 2025(b)
OPERATIONS:
Net investment income (loss) $ 326,151 $ 524,863 $ 520,190
Net realized gain (loss) (69,190) 7,428,074 (794,716)
Net change in unrealized appreciation (depreciation) 5,420,097 2,499,214 (1,492,394)
Net increase (decrease) in net assets from operations 5,677,058 10,452,151 (1,766,920)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings (67,175) (524,861) (520,190)
From return of capital - (19,374) (271,857)
Total distributions to shareholders (67,175) (544,235) (792,047)
CAPITAL TRANSACTIONS:
Shares sold 49,495,202 19,551,107 42,567,363
Shares redeemed - (21,985,186) (8,304,862)
ETF transaction fees (See Note 1) - - 241
Net increase (decrease) in net assets from capital transactions 49,495,202 (2,434,079) 34,262,742
NET INCREASE (DECREASE) IN NET ASSETS 55,105,085 7,473,837 31,703,775
NET ASSETS:
Beginning of the period - 31,703,775 -
End of the period $ 55,105,085 $ 39,177,612 $ 31,703,775
SHARES TRANSACTIONS
Shares sold 1,880,000 640,000 1,660,000
Shares redeemed - (730,000) (360,000)
Total increase (decrease) in shares outstanding 1,880,000 (90,000) 1,300,000
(a) Inception date of the Fund was September 11, 2025.
(b) Inception date of the Fund was September 9, 2024.
The accompanying notes are an integral part of these financial statements.
3
RAFI INDICES
FINANCIAL HIGHLIGHTS
RACWI US ETF
Period ended June 30, 2026(a)
PER SHARE DATA:
Net asset value, beginning of period $ 25.25
INVESTMENT OPERATIONS:
Net investment income (b)
0.27
Net realized and unrealized gain (loss) on investments (c)
3.86
Total from investment operations 4.13
LESS DISTRIBUTIONS FROM:
Net investment income (0.07)
Total distributions (0.07)
Net asset value, end of period $ 29.31
TOTAL RETURN (d)
16.37 %
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands) $ 55,105
Ratio of expenses to average net assets:
Before expense waiver/recoupment (e)
0.15 %
After expense waiver/recoupment (e)
- %
Ratio of net investment income (loss) to average net assets (e)
1.24 %
Portfolio turnover rate (d)(f)
2 %
(a) Inception date of the Fund was September 11, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the period.
(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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
4
RAFI INDICES
FINANCIAL HIGHLIGHTS (CONTINUED)
Research Affiliates Deletions ETF
Year ended
June 30, 2026
Period ended
June 30, 2025(a)
PER SHARE DATA:
Net asset value, beginning of period $ 24.39 $ 24.90
INVESTMENT OPERATIONS:
Net investment income (b)
0.41 0.38
Net realized and unrealized gain (loss) on investments (c)
8.01 (0.32)
Total from investment operations 8.42 0.06
LESS DISTRIBUTIONS FROM:
Net investment income (0.41) (0.37)
Return of capital (0.02) (0.20)
Total distributions (0.43) (0.57)
ETF transaction fees per share -
0.00 (d)
Net asset value, end of period $ 32.38 $ 24.39
TOTAL RETURN (e)
34.81 % 0.18 %
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands) $ 39,178 $ 31,704
Ratio of expenses to average net assets:
Before expense waiver/recoupment (f)
0.39 % 0.39 %
After expense waiver/recoupment (f)
0.16 % 0.09 %
Ratio of net investment income (loss) to average net assets (f)
1.49 % 1.90 %
Portfolio turnover rate (e)(g)
59 % 48 %
(a) Inception date of the Fund was September 9, 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.
5
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026
NOTE 1 - ORGANIZATION
RACWI US ETF ("RAUS") and Research Affiliates Deletions ETF ("NIXT") (individually, a "Fund", or collectively, the "Funds") are each 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 Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies. See the Funds' Prospectus and Statement of Additional Information regarding the risks of investing in shares of each Fund.
Ticker ETF Listing Date Creation Unit Size Listing Exchange Diversification classification
RAUS September 11, 2025 20,000 The Nasdaq Stock Market LLC Non-diversified
NIXT September 9, 2024 10,000 The Nasdaq Stock Market LLC Diversified
The investment objective for each Fund is to:
Fund Investment Objective
RAUS seeks to track the total return performance, before fees and expenses, of the RACWI US Index.
NIXT seeks to track the total return performance, before fees and expenses, of the Research Affiliates Deletions Index.
Market prices for the shares may be different from their net asset value ("NAV"). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 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 Funds. Shares of the Funds 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 Funds may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Funds' shareholders. Transaction fees received by a particular 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 Funds is June 30, 2026, and the period covered by these Notes to Financial Statements is from July 1, 2025 to June 30, 2026 for NIXT and September 11, 2025 to June 30, 2026 for RAUS (the "Current Fiscal Period").
6
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
A.Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for debt securities, including asset-backed securities ("ABS"), collateralized loan obligations ("CLO"), collateralized mortgage obligations ("CMO"), corporate obligations, whole loans, and mortgage-backed securities ("MBS") are normally determined on the basis of valuations provided by independent pricing services. Vendors 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 each 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 each 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 Funds 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 Funds have 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.
7
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' 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.
The following is a summary of the fair value classification of the Funds' investments as of the Current Fiscal Period end:
DESCRIPTION LEVEL 1 LEVEL 2
LEVEL 3(a)
TOTAL
RAUS
Investments:
Common Stocks $ 53,975,840 $ - $ - $ 53,975,840
Real Estate Investment Trusts 905,320 - - 905,320
Rights - -
0(b)
0(b)
Money Market Funds 199,134 - - 199,134
Total Investments $ 55,080,294 $ -
$ 0(b)
$ 55,080,294
NIXT
Investments:
Common Stocks
$ 37,227,600 $ - $ - $ 37,227,600
Real Estate Investment Trusts 1,915,522 - - 1,915,522
Rights - -
0(b)
0(b)
Total Investments $ 39,143,122 $ -
$ 0(b)
$ 39,143,122
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Management has decided that the amount of Level 3 securities compared to total net assets is not material to the Fund; therefore, the roll forward of Level 3 securities and assumptions are not shown for the Current Fiscal Period for the Fund.
(b)
Amount is less than $0.50.
During the Current Fiscal Period, the Funds recognized no transfers to or 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.
8
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
The Funds isolate 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, each 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 Funds' 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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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 Funds recognize 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 Funds did not incur any interest or penalties.
D.Foreign Taxes. The Funds 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 Funds invest. These foreign taxes, if there are any, are paid by each Fund and are reflected in their 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.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Funds determine that it is more likely than not that the Funds will sustain its position that it is due the reclaim.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds 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 Funds' understanding of the applicable tax rules and regulations.
Distributions received from a Funds' investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after
9
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by each Fund's shareholders may represent a return of capital.
Distributions to shareholders from net investment income for RAUS are declared and paid on an annual basis, whereas distributions to shareholders from net investment income for NIXT 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 Funds 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 each 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 Funds' 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 each Fund is equal to the Fund's net asset value per share.
H.Guarantees and Indemnifications. In the normal course of business, the Funds enter 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. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds 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 Funds.
I.Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.
The Treasurer (principal financial officer) acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' 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. In addition, the Funds 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 Funds, and are not distributed to shareholders, 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
RAUS $ - $ -
NIXT (8,722,697) 8,722,697
10
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
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 Funds 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 Funds. Pursuant to investment advisory agreements (the "Advisory Agreements") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to each Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreements, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Funds 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, interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses. The table below represents the annual rate based on average daily net assets that each Fund pays the Adviser monthly:
RAUS
0.15 %
NIXT 0.39 %
As of November 1, 2025, the Adviser has contractually agreed to reduce its management fee from 0.39% to 0.19% of NIXT's average daily net assets (the "NIXT Fee Waiver Agreement"). The NIXT Fee Waiver Agreement does not provide for recoupment of waived management fees and it will remain in place until October 31, 2026 unless terminated sooner by the Trustees. For the fiscal period ended June 30, 2026, the Adviser waived $82,192 of its advisory fee. Prior to November 1, 2025, the contractually agreed management fee waiver reduced the management fee from 0.39% to 0.09%.
The Adviser has contractually agreed to reduce its management fee from 0.15% to 0.00% of the RAUS's average daily net assets (the "RAUS" Fee Waiver Agreement"). The RAUS Fee Waiver Agreement does not provide for recoupment of waived management fees and it will remain in place until October 31, 2026 unless terminated sooner by the Trustees. For the fiscal period ended June 30, 2026, the Adviser waived $39,293 of its advisory fee.
Research Affiliates, LLC ("Research Affiliates, LLC" or the "Sub-Adviser"), serves as an investment sub-adviser to RAUS. 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 RAUS, 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 Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports, and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; and monitors the activities of the Funds' Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of the Administrator, serves as the Funds' Custodian.
11
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
NOTE 4 - PURCHASES AND SALES OF SECURITIES
For the Current Fiscal Period, purchases and sales of securities for the applicable Funds, excluding short-term securities and in-kind transactions for each Fund were as follows:
Purchases Sales
RAUS $ 2,789,385 $ 548,382
NIXT 20,583,000 20,587,753
For the Current Fiscal Period, in-kind transactions associated with creations and redemptions for each Fund were as follows:
Creations Redemptions
RAUS $ 47,293,164 $ -
NIXT 19,214,570 21,549,663
There were no purchases or sales of U.S. Government securities during the Current Fiscal Period for any of the respective Funds.
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, for each Fund were as follows:
RAUS NIXT
Tax cost of Investments $ 49,662,087 $ 38,192,424
Gross tax unrealized appreciation 7,728,122 4,710,271
Gross tax unrealized depreciation (2,309,915) (3,759,573)
Net tax unrealized appreciation (depreciation) $ 5,418,207 $ 950,698
Undistributed ordinary income 258,976 -
Undistributed long-term gain - -
Total distributable earnings 258,976 -
Other accumulated gain (loss) (67,300) (2,071,633)
Total accumulated gain (loss) $ 5,609,883 $ (1,120,935)
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 Funds did not defer any post-October capital or late-year losses.
For the Current Fiscal Period, each fund had the following capital loss carryforwards that do not expire:
Unlimited
Short-Term 		Unlimited
Long-Term
RAUS $ (67,300) $ -
NIXT (824,976) (1,246,657)
12
RAFI INDICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
June 30, 2026
NOTE 6 - DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by each Fund during the Current Fiscal Period and fiscal period ended June 30, 2025, were as follows:
Current Fiscal Period Fiscal Period Ended
June 30, 2025
Ordinary Income Return of Capital Ordinary Income Return of Capital
RAUS(a)
$ 67,175 $ - N/A N/A
NIXT(b)
$ 524,861 $ 19,374 $ 520,190 $ 271,857
(a) Inception date of the Fund was September 11, 2025.
(b) Inception date of the Fund was September 9, 2024.
NOTE 7 - SUBSEQUENT EVENTS
In preparing these financial statements, management of the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Subsequent to the Current Fiscal Period, Research Affiliates, LLC, a sub-adviser to RAUS, changed its name to Syzygy Asset Management.
13
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of
RACWI US ETF,
Research Affiliates Deletions 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 RACWI US ETF and Research Affiliates Deletions ETF (the "Funds"), each a series of EA Series Trust (the "Trust"), including the schedules of investments, as of June 30, 2026, and with respect to RACWI US ETF, the related statement of operations, the statement of changes in net assets and the financial highlights for the period of September 11, 2025 (commencement of operations) to June 30, 2026, and with respect to Research Affiliates Deletions ETF, the related statement of operations for the year ended June 30, 2026, the statement of changes in net assets and the financial highlights for the year ended June 30, 2026 and the period September 9, 2024 (commencement of operations) to June 30, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations, the changes in their net assets and the financial highlights for the periods 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 Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1999.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are 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 Funds' 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 June 30, 2026 by correspondence with the custodian. We believe that our audit provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 27, 2026
14
RAFI INDICES
FEDERAL TAX INFORMATION (UNAUDITED)
For the Current Fiscal Period, certain dividends paid by the Funds 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 was as follows:
RAUS 93.80%
NIXT 98.03%
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the Current Fiscal Period, were as follows:
RAUS 90.89%
NIXT 96.46%
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 each of the Funds was as follows:
RAUS 0.00%
NIXT 0.00%
15
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies.
There were no matters concerning changes in and disagreements with Accountants on accounting and financial disclosures required by Item 304 of Regulation S-K.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted during the period covered by the report to a vote of shareholders.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management
Investment Companies
Not applicable. The Independent Trustees are paid by the Adviser. See Note 3 to the Financial Statements under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.
Research Affiliates Deletions ETF
The Board (the members of which are referred to as "Trustees") of the EA Series Trust (the "Trust") met in-person on June 5, 2026 to consider the approval of the continuation of the Advisory Agreement between the Trust, on behalf of the Research Affiliates Deletions ETF (the "Fund"), and Empowered Funds, LLC dba EA Advisers (the "Adviser") (the "Agreement") for an additional annual term.
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by the Adviser relevant to the Board's consideration of whether to approve the continuation of the Agreement. In connection with considering the approval of the Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. In reaching the decision to approve the continuation of the Agreement, the Board considered and reviewed information provided by the Adviser and the index provider at this meeting and throughout the year, including among other things information about their respective personnel, operations, financial condition, and compliance programs. The Board also reviewed the Agreement. During its review and consideration, the Board focused on and reviewed the factors it deemed relevant, including:
Nature, Quality, and Extent of Services. The Board was presented with and considered information concerning the nature, quality, and extent of the overall services provided by the Adviser to the Fund. In this context, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and the Fund, and arranging service providers for the Fund. In addition, the Board considered that the Adviser is responsible for providing investment advisory services to the Fund, executing all Fund transactions, monitoring compliance with the Fund's objectives, policies, and restrictions, and carrying out directives of the Board. The Board also considered the services provided by the Adviser in the oversight of the Trust's administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of the Adviser's personnel, the experience of the portfolio management trading team, and the adequacy of the Adviser's resources to perform the services provided under the Agreement. The Board also considered the Adviser's ongoing oversight responsibilities.
Performance. The Board compared the Fund's performance for periods ended March 31, 2026 to that of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses. It was noted that the Adviser has consistently managed the Fund's portfolio in accordance with its stated investment objective and strategies. The Board noted that, for the one-year and since inception periods, the Fund outperformed the average of its highly suitable peer group.
Comparative Fees and Expenses. In considering the advisory fees, the Board reviewed and considered the fees in light of the nature, quality, and extent of the services being provided by the Adviser. The Board compared the Fund's management fee and net expense ratio to those of a peer group of ETFs determined by an independent consultant to the Trust to be highly suitable peers based on factors such as a fund's strategy, geographic focus, portfolio concentration, and factor analyses.
The Board noted that the Fund's management fee and net expense ratio were below the average for the Fund's highly suitable peer group. The Board considered the Fund's fee arrangement in which the Adviser is responsible for paying most of the
Fund's operating expenses out of its resources, noting that comparisons with the Fund's overall expense ratio may be more relevant than comparisons to management fees only.
The Board considered the representations from the Adviser that it does not manage any other accounts that follow a similar strategy.
Costs and Profitability. The Board further considered information regarding the potential profits, if any, that may be realized by the Adviser in connection with providing its services to the Fund. The Board reviewed the profit and loss information provided by the Adviser with respect to the Fund and considered the Adviser's profitability with respect to providing investment advisory services as well as non-advisory services. The Board also reviewed the costs associated with the personnel, systems and equipment necessary to manage the Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies.
The Board also considered other expenses of the Fund the Adviser would pay in accordance with the Advisory Agreement. The Board took into consideration that, pursuant to the Advisory Agreement, the Adviser agreed to pay all expenses incurred by the Fund except for the fees 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, interest (including borrowing costs), the fees and expenses associated with the Fund's securities lending program, litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser.
Other Benefits. The Board further considered the extent to which the Adviser might derive ancillary benefits from the Fund's operations. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Fund and other series in the Trust. The Board noted that any ancillary benefits to the Adviser were not expected to be material.
Economies of Scale. The Board also considered whether economies of scale would be realized by the Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that the advisory fee does not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given the Fund's current assets.
Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Agreement for an additional annual term; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the Agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
There have been no required recovery of erroneously awarded incentive based compensation to an executive officer from the registrant that required an accounting restatement.
Item 19. Exhibits.
(a)
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
(2)
Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.
(3)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4)
Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable.
(5)
Change in the registrant's independent public accountant. Not Applicable.
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) EA Series Trust
By (Signature and Title) /s/ Wesley R. Gray, PhD.
Wesley R. Gray, PhD., President (principal executive officer)
Date: August 28, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Wesley R. Gray, PhD.
Wesley R. Gray, PhD., President (principal executive officer)
Date: August 28, 2026
By (Signature and Title) /s/ Sean R. Hegarty, CPA
Sean R. Hegarty, CPA, Treasurer (principal financial officer)
Date: August 28, 2026
Alpha Architect ETF Trust published this content on August 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 28, 2026 at 16:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]