ck0001592900-20241130N-CSRSfalse0001592900N-1AThis semi-annual shareholder report contains important information about the Astoria US Equal Weight Quality Kings ETF (the “Fund”) for the period of June 1, 2024 to November 30, 2024 (the “Period).You can find additional information about the Fund at https://astoriaadvisorsetfs.com/roe/. You can also request this information by contacting us at (215) 330-4476.This semi-annual shareholder report contains important information about the Astoria US Quality Growth Kings ETF (the “Fund”) for the period of September 30, 2024 to November 30, 2024 (the “Period).You can find additional information about the Fund at https://astoriaadvisorsetfs.com/gqqq/. You can also request this information by contacting us at (215) 330-4476.iso4217:USDxbrli:pureck0001592900:holding00015929002024-06-012024-11-300001592900ck0001592900:C000243875Member2024-06-012024-11-300001592900ck0001592900:C000243875Member2024-11-300001592900ck0001592900:C000243875Memberoef:InformationTechnologySectorMember2024-11-300001592900ck0001592900:C000243875Memberus-gaap:FinancialServicesSectorMember2024-11-300001592900ck0001592900:C000243875Memberus-gaap:HealthCareMember2024-11-300001592900ck0001592900:C000243875Memberoef:ConsumerDiscretionarySectorMember2024-11-300001592900ck0001592900:C000243875Memberoef:CommunicationsSectorMember2024-11-300001592900ck0001592900:C000243875Memberoef:IndustrialSectorMember2024-11-300001592900ck0001592900:C000243875Memberoef:ConsumerStaplesSectorMember2024-11-300001592900ck0001592900:C000243875Memberus-gaap:EnergySectorMember2024-11-300001592900ck0001592900:C000243875Memberus-gaap:RealEstateSectorMember2024-11-300001592900ck0001592900:C000243875Memberoef:UtilitiesSectorMember2024-11-300001592900ck0001592900:C000243875Memberoef:MaterialsSectorMember2024-11-300001592900ck0001592900:C000243875Memberck0001592900:CashCashEquivalentsSectorMember2024-11-300001592900ck0001592900:C000254162Member2024-06-012024-11-300001592900ck0001592900:C000254162Member2024-11-300001592900ck0001592900:C000254162Memberoef:InformationTechnologySectorMember2024-11-300001592900ck0001592900:C000254162Memberoef:CommunicationsSectorMember2024-11-300001592900ck0001592900:C000254162Memberoef:ConsumerDiscretionarySectorMember2024-11-300001592900ck0001592900:C000254162Memberus-gaap:HealthCareMember2024-11-300001592900ck0001592900:C000254162Memberoef:ConsumerStaplesSectorMember2024-11-300001592900ck0001592900:C000254162Memberoef:IndustrialSectorMember2024-11-300001592900ck0001592900:C000254162Memberus-gaap:FinancialServicesSectorMember2024-11-300001592900ck0001592900:C000254162Memberoef:UtilitiesSectorMember2024-11-300001592900ck0001592900:C000254162Memberoef:MaterialsSectorMember2024-11-300001592900ck0001592900:C000254162Memberus-gaap:EnergySectorMember2024-11-300001592900ck0001592900:C000254162Memberus-gaap:RealEstateSectorMember2024-11-300001592900ck0001592900:C000254162Memberck0001592900:CashCashEquivalentsSectorMember2024-11-300001592900ck0001592900:C000254162Memberck0001592900:NVIDIACorp.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:AppleInc.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:MicrosoftCorp.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:OracleCorp.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:AlphabetInc.ClassAMember2024-11-300001592900ck0001592900:C000254162Memberck0001592900:Amazon.comInc.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:MetaPlatformsInc.ClassAMember2024-11-300001592900ck0001592900:C000254162Memberck0001592900:BroadcomInc.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:EliLillyCo.Member2024-11-300001592900ck0001592900:C000254162Memberck0001592900:TeslaInc.Member2024-11-30
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)
19 E. Eagle Road
Havertown, PA 19083
(Address of principal executive offices) (Zip code)
19 E. Eagle Road
Havertown, PA 19083
(Name and address of agent for service)
(215) 330-4476
Registrant’s telephone number, including area code
Date of fiscal year end: May 31, 2025
Date of reporting period: November 30, 2024
Item 1. Report to Stockholders.
| | | | | | | | |
| Astoria US Equal Weight Quality Kings ETF Ticker: ROE Listed on: The Nasdaq Stock Market LLC | November 30, 2024 Semi-Annual Shareholder Report https://astoriaadvisorsetfs.com/roe/ |
|
| | | | | | | | | | | |
This semi-annual shareholder report contains important information about the Astoria US Equal Weight Quality Kings ETF (the “Fund”) for the period of June 1, 2024 to November 30, 2024 (the “Period). You can find additional information about the Fund at https://astoriaadvisorsetfs.com/roe/. You can also request this information by contacting us at (215) 330-4476. |
| | | | | | | | | | | |
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment) |
| COST OF $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT |
| $26 | 0.49% |
| | | | | | | | | | | | | | | | | | | | |
| KEY FUND STATISTICS (as of Period End) |
| Net Assets | | $153,764,951 | | Portfolio Turnover Rate* | | 37% |
| # of Portfolio Holdings | | 101 | | Advisory Fees Paid | | $319,835 |
| *Excludes impact of in-kind transactions. |
| | | | | | |
| | | | | |
SECTOR WEIGHTING
(as a % of Net Assets) |
| Information Technology | 31.6% |
| Financials | 14.0% |
| Health Care | 11.0% |
| Consumer Discretionary | 11.0% |
| Communication Services | 9.0% |
| Industrials | 8.0% |
| Consumer Staples | 6.0% |
| Energy | 3.0% |
| Real Estate | 2.0% |
| Utilities | 2.0% |
| Materials | 2.0% |
| Cash & Cash Equivalents | 0.3% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://astoriaadvisorsetfs.com/roe/. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Semi-Annual Shareholder Report: November 30, 2024
| | | | | | | | |
| Astoria US Quality Growth Kings ETF Ticker: GQQQ Listed on: The Nasdaq Stock Market LLC | November 30, 2024 Semi-Annual Shareholder Report https://astoriaadvisorsetfs.com/gqqq/ |
|
| | | | | | | | | | | |
This semi-annual shareholder report contains important information about the Astoria US Quality Growth Kings ETF (the “Fund”) for the period of September 30, 2024 to November 30, 2024 (the “Period). You can find additional information about the Fund at https://astoriaadvisorsetfs.com/gqqq/. You can also request this information by contacting us at (215) 330-4476. |
| | | | | | | | | | | |
WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment) |
| COST OF $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT |
| $6 | 0.35% |
| | | | | | | | | | | | | | | | | | | | |
| KEY FUND STATISTICS (as of Period End) |
| Net Assets | | $23,291,443 | | Portfolio Turnover Rate* | | 41% |
| # of Portfolio Holdings | | 101 | | Advisory Fees Paid | | $8,846 |
| *Excludes impact of in-kind transactions. |
| | | | | | |
| | | | | |
SECTOR WEIGHTING
(as a % of Net Assets) |
| Information Technology | 44.5% |
| Communication Services | 14.2% |
| Consumer Discretionary | 13.6% |
| Health Care | 6.9% |
| Consumer Staples | 5.7% |
| Industrials | 5.7% |
| Financials | 4.0% |
| Utilities | 1.6% |
| Materials | 1.6% |
| Energy | 1.3% |
| Real Estate | 0.7% |
| Cash & Cash Equivalents | 0.5% |
| | | | | |
TOP 10 HOLDINGS
(as a % of Net Assets) |
| NVIDIA Corp. | 6.5% |
| Apple, Inc. | 5.6% |
| Microsoft Corp. | 5.5% |
| Oracle Corp. | 5.2% |
| Alphabet, Inc. - Class A | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Meta Platforms, Inc. - Class A | 4.5% |
| Broadcom, Inc. | 4.4% |
| Eli Lilly & Co. | 2.5% |
| Tesla, Inc. | 2.5% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit astoriaadvisorsetfs.com/gqqq/. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
Semi-Annual Shareholder Report: November 30, 2024
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a)
The accompanying notes are an integral part of these financial statements.
1
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% |
| Shares |
| Value |
Advertising - 1.0% | | | |
|
Omnicom Group, Inc. |
| 14,606 | |
| $ | 1,531,001 | |
|
|
|
|
|
Aerospace & Defense - 1.0% | | | |
|
Lockheed Martin Corp. |
| 2,917 | |
| 1,544,289 | |
|
|
|
|
|
Apparel Retail - 2.0% | | | |
|
Ross Stores, Inc. |
| 9,878 | |
| 1,529,806 | |
TJX Cos., Inc. |
| 12,189 | |
| 1,532,035 | |
|
|
|
| 3,061,841 | |
|
|
|
|
|
Application Software - 2.0% | | | |
|
Adobe, Inc. (a) |
| 2,932 | |
| 1,512,707 | |
AppLovin Corp. - Class A (a) |
| 4,585 | |
| 1,543,999 | |
|
|
|
| 3,056,706 | |
|
|
|
|
|
Asset Management & Custody Banks - 2.0% | | | |
|
Ameriprise Financial, Inc. |
| 2,685 | |
| 1,541,109 | |
T Rowe Price Group, Inc. |
| 12,346 | |
| 1,528,929 | |
|
|
|
| 3,070,038 | |
|
|
|
|
|
Automobile Manufacturers - 1.0% | | | |
|
Tesla, Inc. (a) |
| 4,418 | |
| 1,524,917 | |
|
|
|
|
|
Biotechnology - 1.0% | | | |
|
AbbVie, Inc. |
| 8,569 | |
| 1,567,527 | |
|
|
|
|
|
Broadline Retail - 1.0% | | | |
|
Amazon.com, Inc. (a) |
| 7,383 | |
| 1,534,852 | |
|
|
|
|
|
Building Products - 1.0% | | | |
|
Carlisle Cos., Inc. |
| 3,329 | |
| 1,520,354 | |
|
|
|
|
|
Cable & Satellite - 2.0% | | | |
|
Charter Communications, Inc. - Class A (a) |
| 3,880 | |
| 1,540,224 | |
Comcast Corp. - Class A |
| 35,699 | |
| 1,541,840 | |
|
|
|
| 3,082,064 | |
|
|
|
|
|
Communications Equipment - 2.9% | | | |
|
Arista Networks, Inc. (a) |
| 3,706 | |
| 1,503,969 | |
Cisco Systems, Inc. |
| 25,829 | |
| 1,529,335 | |
Motorola Solutions, Inc. |
| 3,080 | |
| 1,539,076 | |
|
|
|
| 4,572,380 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
2
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% (CONTINUED) |
| Shares |
| Value |
Construction & Engineering - 1.0% | | | |
|
EMCOR Group, Inc. |
| 2,970 | |
| $ | 1,515,056 | |
|
|
|
|
|
Construction Machinery & Heavy Transportation Equipment - 1.0% | | | |
|
Caterpillar, Inc. |
| 3,769 | |
| 1,530,629 | |
|
|
|
|
|
Consumer Finance - 1.0% | | | |
|
Synchrony Financial |
| 22,966 | |
| 1,550,664 | |
|
|
|
|
|
Consumer Staples Merchandise Retail - 3.0% | | | |
|
Costco Wholesale Corp. |
| 1,583 | |
| 1,538,486 | |
Target Corp. |
| 11,936 | |
| 1,579,252 | |
Walmart, Inc. |
| 16,819 | |
| 1,555,758 | |
|
|
|
| 4,673,496 | |
|
|
|
|
|
Diversified Banks - 1.0% | | | |
|
JPMorgan Chase & Co. |
| 6,122 | |
| 1,528,786 | |
|
|
|
|
|
Diversified Financial Services - 1.0% | | | |
|
Apollo Global Management, Inc. |
| 8,783 | |
| 1,537,288 | |
|
|
|
|
|
Electric Utilities - 1.0% | | | |
|
NRG Energy, Inc. |
| 15,469 | |
| 1,571,805 | |
|
|
|
|
|
Electronic Components - 1.0% | | | |
|
Amphenol Corp. - Class A |
| 20,811 | |
| 1,511,919 | |
|
|
|
|
|
Electronic Manufacturing Services - 2.0% | | | |
|
Jabil, Inc. |
| 11,437 | |
| 1,553,488 | |
TE Connectivity PLC |
| 10,093 | |
| 1,525,254 | |
|
|
|
| 3,078,742 | |
|
|
|
|
|
Health Care Distributors - 2.0% | | | |
|
Cencora, Inc. |
| 6,209 | |
| 1,561,874 | |
McKesson Corp. |
| 2,467 | |
| 1,550,509 | |
|
|
|
| 3,112,383 | |
|
|
|
|
|
Health Care Equipment - 2.0% | | | |
|
GE HealthCare Technologies, Inc. |
| 18,431 | |
| 1,533,828 | |
ResMed, Inc. |
| 6,136 | |
| 1,527,987 | |
|
|
|
| 3,061,815 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
3
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% (CONTINUED) |
| Shares |
| Value |
Health Care Facilities - 1.0% | | | |
|
Tenet Healthcare Corp. (a) |
| 10,617 | |
| $ | 1,514,834 | |
|
|
|
|
|
Home Improvement Retail - 2.0% | | | |
|
Home Depot, Inc. |
| 3,575 | |
| 1,534,140 | |
Lowe's Cos., Inc. |
| 5,617 | |
| 1,530,239 | |
|
|
|
| 3,064,379 | |
|
|
|
|
|
Homebuilding - 2.0% | | | |
|
DR Horton, Inc. |
| 9,027 | |
| 1,523,577 | |
PulteGroup, Inc. |
| 11,257 | |
| 1,522,734 | |
|
|
|
| 3,046,311 | |
|
|
|
|
|
Homefurnishing Retail - 1.0% | | | |
|
Williams-Sonoma, Inc. |
| 8,755 | |
| 1,506,035 | |
|
|
|
|
|
Household Products - 1.0% | | | |
|
Procter & Gamble Co. |
| 8,567 | |
| 1,535,720 | |
|
|
|
|
|
Independent Power Producers & Energy Traders - 1.0% | | | |
|
Vistra Corp. |
| 9,439 | |
| 1,508,730 | |
|
|
|
|
|
Industrial Machinery & Supplies & Components - 2.0% | | | |
|
Dover Corp. |
| 7,456 | |
| 1,535,190 | |
Illinois Tool Works, Inc. |
| 5,565 | |
| 1,544,399 | |
|
|
|
| 3,079,589 | |
|
|
|
|
|
Integrated Oil & Gas - 1.0% | | | |
|
Exxon Mobil Corp. |
| 12,811 | |
| 1,511,186 | |
|
|
|
|
|
Integrated Telecommunication Services - 1.0% | | | |
|
Verizon Communications, Inc. |
| 34,502 | |
| 1,529,819 | |
|
|
|
|
|
Interactive Media & Services - 2.0% | | | |
|
Alphabet, Inc. - Class A |
| 9,059 | |
| 1,530,518 | |
Meta Platforms, Inc. - Class A |
| 2,655 | |
| 1,524,820 | |
|
|
|
| 3,055,338 | |
|
|
|
|
|
IT Consulting & Other Services - 3.0% | | | |
|
Accenture PLC - Class A |
| 4,218 | |
| 1,528,477 | |
Cognizant Technology Solutions Corp. - Class A |
| 19,037 | |
| 1,532,288 | |
International Business Machines Corp. |
| 6,732 | |
| 1,530,924 | |
|
|
|
| 4,591,689 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
4
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% (CONTINUED) |
| Shares |
| Value |
Life Sciences Tools & Services - 1.0% | | | |
|
Agilent Technologies, Inc. |
| 11,492 | |
| $ | 1,585,551 | |
|
|
|
|
|
Managed Health Care - 1.0% | | | |
|
UnitedHealth Group, Inc. |
| 2,539 | |
| 1,549,298 | |
|
|
|
|
|
Movies & Entertainment - 2.0% | | | |
|
Live Nation Entertainment, Inc. (a) |
| 10,944 | |
| 1,513,008 | |
Netflix, Inc. (a) |
| 1,731 | |
| 1,535,068 | |
|
|
|
| 3,048,076 | |
|
|
|
|
|
Multi-Sector Holdings - 1.0% | | | |
|
Berkshire Hathaway, Inc. - Class B (a) |
| 3,217 | |
| 1,553,875 | |
|
|
|
|
|
Oil & Gas Exploration & Production - 2.0% | | | |
|
Devon Energy Corp. |
| 40,433 | |
| 1,534,433 | |
EOG Resources, Inc. |
| 11,559 | |
| 1,540,352 | |
|
|
|
| 3,074,785 | |
|
|
|
|
|
Pharmaceuticals - 3.0% | | | |
|
Eli Lilly & Co. |
| 1,933 | |
| 1,537,412 | |
Johnson & Johnson |
| 9,879 | |
| 1,531,344 | |
Merck & Co., Inc. |
| 15,246 | |
| 1,549,603 | |
|
|
|
| 4,618,359 | |
|
|
|
|
|
Property & Casualty Insurance - 5.0% | | | |
|
Allstate Corp. |
| 7,399 | |
| 1,534,479 | |
Hartford Financial Services Group, Inc. |
| 12,558 | |
| 1,548,527 | |
Progressive Corp. |
| 5,745 | |
| 1,544,715 | |
Travelers Cos., Inc. |
| 5,834 | |
| 1,552,077 | |
W R Berkley Corp. |
| 24,114 | |
| 1,556,559 | |
|
|
|
| 7,736,357 | |
|
|
|
|
|
Reinsurance - 1.0% | | | |
|
Everest Group Ltd. |
| 3,934 | |
| 1,524,661 | |
|
|
|
|
|
Restaurants - 2.0% | | | |
|
Domino's Pizza, Inc. |
| 3,265 | |
| 1,554,761 | |
Yum! Brands, Inc. |
| 11,061 | |
| 1,536,815 | |
|
|
|
| 3,091,576 | |
|
|
|
|
|
Semiconductor Materials & Equipment - 4.0% | | | |
|
Applied Materials, Inc. |
| 8,777 | |
| 1,533,430 | |
The accompanying notes are an integral part of these financial statements.
5
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% (CONTINUED) |
| Shares |
| Value |
Semiconductor Materials & Equipment - 4.0% (Continued) | | | | |
KLA Corp. |
| 2,396 | |
| $ | 1,550,284 | |
Lam Research Corp. |
| 20,762 | |
| 1,533,896 | |
Teradyne, Inc. |
| 13,793 | |
| 1,517,230 | |
|
|
|
| 6,134,840 | |
|
|
|
|
|
Semiconductors - 9.9% | | | |
|
Broadcom, Inc. |
| 9,210 | |
| 1,492,757 | |
First Solar, Inc. (a) |
| 7,965 | |
| 1,587,185 | |
Microchip Technology, Inc. |
| 22,051 | |
| 1,503,217 | |
Monolithic Power Systems, Inc. |
| 2,623 | |
| 1,488,920 | |
NVIDIA Corp. |
| 11,129 | |
| 1,538,584 | |
NXP Semiconductors NV |
| 6,513 | |
| 1,493,887 | |
ON Semiconductor Corp. (a) |
| 21,238 | |
| 1,510,447 | |
Qualcomm, Inc. |
| 9,539 | |
| 1,512,218 | |
Skyworks Solutions, Inc. |
| 17,621 | |
| 1,543,423 | |
Texas Instruments, Inc. |
| 7,546 | |
| 1,516,972 | |
|
|
|
| 15,187,610 | |
|
|
|
|
|
Specialty Chemicals - 2.0% | | | |
|
Celanese Corp. |
| 20,739 | |
| 1,518,302 | |
RPM International, Inc. |
| 11,024 | |
| 1,529,911 | |
|
|
|
| 3,048,213 | |
|
|
|
|
|
Systems Software - 3.9% | | | |
|
Gen Digital, Inc. |
| 49,702 | |
| 1,533,307 | |
Microsoft Corp. |
| 3,577 | |
| 1,514,716 | |
Oracle Corp. |
| 7,989 | |
| 1,476,687 | |
Palo Alto Networks, Inc. (a) |
| 3,884 | |
| 1,506,293 | |
|
|
|
| 6,031,003 | |
|
|
|
|
|
Technology Distributors - 1.0% | | | |
|
CDW Corp. |
| 8,516 | |
| 1,498,220 | |
|
|
|
|
|
Technology Hardware, Storage & Peripherals - 1.9% | | | |
|
Apple, Inc. |
| 6,489 | |
| 1,540,034 | |
NetApp, Inc. |
| 11,797 | |
| 1,446,784 | |
|
|
|
| 2,986,818 | |
|
|
|
|
|
Tobacco - 2.0% | | | |
|
Altria Group, Inc. |
| 26,602 | |
| 1,536,000 | |
Philip Morris International, Inc. |
| 11,553 | |
| 1,537,242 | |
|
|
|
| 3,073,242 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
6
| | |
| ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 97.6% (CONTINUED) |
| Shares |
| Value |
Trading Companies & Distributors - 2.0% | | | |
|
United Rentals, Inc. |
| 1,775 | |
| $ | 1,537,150 | |
WW Grainger, Inc. |
| 1,257 | |
| 1,515,112 | |
|
|
|
| 3,052,262 | |
|
|
|
|
|
Transaction & Payment Processing Services - 2.0% | | | |
|
Mastercard, Inc. - Class A |
| 2,896 | |
| 1,543,394 | |
Visa, Inc. - Class A |
| 4,874 | |
| 1,535,700 | |
|
|
|
| 3,079,094 | |
|
|
|
|
|
Wireless Telecommunication Services - 1.0% | | | |
|
T-Mobile US, Inc. |
| 6,262 | |
| 1,546,338 | |
TOTAL COMMON STOCKS (Cost $137,110,038) | | |
| 150,102,360 | |
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 2.0% |
| | | |
Simon Property Group, Inc. |
| 8,456 | |
| 1,552,522 | |
VICI Properties, Inc. |
| 46,974 | |
| 1,531,822 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,593,511) | | |
| 3,084,344 | |
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.3% | |
|
| |
Money Market Funds - 0.3% |
| |
| |
First American Government Obligations Fund - Class X, 4.56% (b) |
| 475,886 | |
| 475,886 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $475,886) | | |
| 475,886 | |
|
|
|
|
|
TOTAL INVESTMENTS - 99.9% (Cost $140,179,435) | | |
| $ | 153,662,590 | |
Other Assets in Excess of Liabilities - 0.1% | | |
| 102,361 | |
TOTAL NET ASSETS - 100.0% |
| |
| $ | 153,764,951 | |
Percentages are stated as a percent of net assets.
| | |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
| | | | | | | | |
(a) |
| Non-income producing security. |
(b) |
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
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.
7
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% |
| Shares |
| Value |
Advertising - 0.2% | | | |
|
Omnicom Group, Inc. |
| 465 |
| $ | 48,741 | |
|
|
|
|
|
Apparel Retail - 0.2% | | | |
|
Abercrombie & Fitch Co. - Class A (a) |
| 313 |
| 46,853 | |
|
|
|
|
|
Application Software - 5.2% | | | |
|
Adobe, Inc. (a) |
| 702 |
| 362,182 | |
AppLovin Corp. - Class A (a) |
| 294 |
| 99,005 | |
Autodesk, Inc. (a) |
| 204 |
| 59,548 | |
Cadence Design Systems, Inc. (a) |
| 280 |
| 85,907 | |
Intuit, Inc. |
| 436 |
| 279,794 | |
Palantir Technologies, Inc. - Class A (a) |
| 2,666 | |
| 178,835 | |
Synopsys, Inc. (a) |
| 147 |
| 82,098 | |
Workday, Inc. - Class A (a) |
| 216 |
| 53,998 | |
|
|
|
| 1,201,367 | |
|
|
|
|
|
Automobile Manufacturers - 2.5% | | | |
|
Tesla, Inc. (a) |
| 1,689 | |
| 582,975 | |
|
|
|
|
|
Biotechnology - 1.1% | | | |
|
Amgen, Inc. |
| 575 |
| 162,650 | |
Halozyme Therapeutics, Inc. (a) |
| 1,014 | |
| 48,875 | |
United Therapeutics Corp. (a) |
| 121 |
| 44,829 | |
|
|
|
| 256,354 | |
|
|
|
|
|
Broadline Retail - 5.3% | | | |
|
Amazon.com, Inc. (a) |
| 5,095 | |
| 1,059,200 | |
eBay, Inc. |
| 2,883 | |
| 182,465 | |
|
|
|
| 1,241,665 | |
|
|
|
|
|
Building Products - 1.0% | | | |
|
Allegion PLC |
| 323 |
| 45,491 | |
Carlisle Cos., Inc. |
| 102 |
| 46,583 | |
Trane Technologies PLC |
| 360 |
| 149,840 | |
|
|
|
| 241,914 | |
|
|
|
|
|
Cable & Satellite - 1.0% | | | |
|
Charter Communications, Inc. - Class A (a) |
| 139 |
| 55,178 | |
Comcast Corp. - Class A |
| 4,184 | |
| 180,707 | |
|
|
|
| 235,885 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
8
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% (CONTINUED) |
| Shares |
| Value |
Communications Equipment - 2.6% | | | |
|
Arista Networks, Inc. (a) |
| 363 |
| $ | 147,313 | |
Cisco Systems, Inc. |
| 6,488 | |
| 384,154 | |
Motorola Solutions, Inc. |
| 163 |
| 81,451 | |
|
|
|
| 612,918 | |
|
|
|
|
|
Construction & Engineering - 0.4% | | | |
|
Comfort Systems USA, Inc. |
| 96 |
| 47,354 | |
EMCOR Group, Inc. |
| 90 |
| 45,911 | |
|
|
|
| 93,265 | |
|
|
|
|
|
Construction Machinery & Heavy Transportation Equipment - 1.1% | | | |
|
Caterpillar, Inc. |
| 635 |
| 257,880 | |
|
|
|
|
|
Construction Materials - 0.9% | | | |
|
Eagle Materials, Inc. |
| 648 |
| 200,180 | |
|
|
|
|
|
Consumer Electronics - 1.3% | | | |
|
Garmin Ltd. |
| 1,425 | |
| 302,955 | |
|
|
|
|
|
Consumer Staples Merchandise Retail - 2.3% | | | |
|
Costco Wholesale Corp. |
| 464 |
| 450,953 | |
Target Corp. |
| 679 |
| 89,838 | |
|
|
|
| 540,791 | |
|
|
|
|
|
Diversified Banks - 0.6% | | | |
|
NU Holdings Ltd. - Class A (a) |
| 10,738 | |
| 134,547 | |
|
|
|
|
|
Diversified Financial Services - 1.2% | | | |
|
Apollo Global Management, Inc. |
| 1,636 | |
| 286,349 | |
|
|
|
|
|
Diversified Support Services - 0.6% | | | |
|
Cintas Corp. |
| 638 |
| 144,054 | |
|
|
|
|
|
Electric Utilities - 1.1% | | | |
|
Constellation Energy Corp. |
| 452 |
| 115,965 | |
NRG Energy, Inc. |
| 478 |
| 48,570 | |
Southern Co. |
| 1,026 | |
| 91,447 | |
|
|
|
| 255,982 | |
|
|
|
|
|
Electrical Components & Equipment - 0.3% | | | |
|
Vertiv Holdings Co. - Class A |
| 521 |
| 66,480 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
9
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% (CONTINUED) |
| Shares |
| Value |
Electronic Components - 0.4% | | | |
|
Amphenol Corp. - Class A |
| 1,239 | |
| $ | 90,013 | |
|
|
|
|
|
Electronic Manufacturing Services - 0.2% | | | |
|
TE Connectivity PLC |
| 360 |
| 54,403 | |
|
|
|
|
|
Forest Products - 0.7% | | | |
|
Louisiana-Pacific Corp. |
| 1,401 | |
| 165,598 | |
|
|
|
|
|
Health Care Distributors - 0.2% | | | |
|
Cencora, Inc. |
| 209 |
| 52,574 | |
|
|
|
|
|
Health Care Equipment - 1.1% | | | |
|
Intuitive Surgical, Inc. (a) |
| 378 |
| 204,876 | |
ResMed, Inc. |
| 190 |
| 47,314 | |
|
|
|
| 252,190 | |
|
|
|
|
|
Health Care Facilities - 0.4% | | | |
|
Tenet Healthcare Corp. (a) |
| 294 |
| 41,948 | |
Universal Health Services, Inc. - Class B |
| 224 |
| 45,920 | |
|
|
|
| 87,868 | |
|
|
|
|
|
Health Care Services - 0.2% | | | |
|
DaVita, Inc. (a) |
| 288 |
| 47,857 | |
|
|
|
|
|
Health Care Supplies - 0.2% | | | |
|
Lantheus Holdings, Inc. (a) |
| 571 |
| 50,973 | |
|
|
|
|
|
Homebuilding - 1.6% | | | |
|
NVR, Inc. (a) |
| 18 |
| 166,241 | |
PulteGroup, Inc. |
| 1,170 | |
| 158,266 | |
Toll Brothers, Inc. |
| 296 |
| 48,890 | |
|
|
|
| 373,397 | |
|
|
|
|
|
Hotels, Resorts & Cruise Lines - 2.1% | | | |
|
Booking Holdings, Inc. |
| 96 |
| 499,390 | |
|
|
|
|
|
Household Products - 0.6% | | | |
|
Colgate-Palmolive Co. |
| 949 |
| 91,702 | |
Kimberly-Clark Corp. |
| 383 |
| 53,371 | |
|
|
|
| 145,073 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
10
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% (CONTINUED) |
| Shares |
| Value |
Human Resource & Employment Services - 0.9% | | | |
|
Automatic Data Processing, Inc. |
| 649 |
| $ | 199,198 | |
|
|
|
|
|
Independent Power Producers & Energy Traders - 0.5% | | | |
|
AES Corp. |
| 3,314 | |
| 43,215 | |
Vistra Corp. |
| 473 |
| 75,604 | |
|
|
|
| 118,819 | |
|
|
|
|
|
Industrial Conglomerates - 1.0% | | | |
|
Honeywell International, Inc. |
| 1,000 | |
| 232,930 | |
|
|
|
|
|
Interactive Media & Services - 9.2% | | | |
|
Alphabet, Inc. - Class A |
| 6,393 | |
| 1,080,098 | |
Meta Platforms, Inc. - Class A |
| 1,839 | |
| 1,056,174 | |
|
|
|
| 2,136,272 | |
|
|
|
|
|
IT Consulting & Other Services - 2.9% | | | |
|
Accenture PLC - Class A |
| 974 |
| 352,948 | |
International Business Machines Corp. |
| 1,334 | |
| 303,365 | |
|
|
|
| 656,313 | |
|
|
|
|
|
Movies & Entertainment - 2.4% | | | |
|
Live Nation Entertainment, Inc. (a) |
| 334 |
| 46,176 | |
Netflix, Inc. (a) |
| 477 |
| 423,008 | |
Spotify Technology SA (a) |
| 202 |
| 96,346 | |
|
|
|
| 565,530 | |
|
|
|
|
|
Oil & Gas Exploration & Production - 1.3% | | | |
|
APA Corp. |
| 2,074 | |
| 46,976 | |
ConocoPhillips |
| 1,320 | |
| 143,009 | |
EOG Resources, Inc. |
| 786 |
| 104,742 | |
|
|
|
| 294,727 | |
|
|
|
|
|
Pharmaceuticals - 3.7% | | | |
|
Eli Lilly & Co. |
| 737 |
| 586,173 | |
Merck & Co., Inc. |
| 2,746 | |
| 279,103 | |
|
|
|
| 865,276 | |
|
|
|
|
|
Property & Casualty Insurance - 2.2% | | | |
|
Erie Indemnity Co. - Class A |
| 125 |
| 55,070 | |
Progressive Corp. |
| 1,676 | |
| 450,643 | |
|
|
|
| 505,713 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
11
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% (CONTINUED) |
| Shares |
| Value |
Real Estate Services - 0.2% | | | |
|
Jones Lang LaSalle, Inc. (a) |
| 180 |
| $ | 50,508 | |
|
|
|
|
|
Restaurants - 0.4% | | | |
|
Texas Roadhouse, Inc. |
| 228 |
| 46,802 | |
Wingstop, Inc. |
| 130 |
| 42,740 | |
|
|
|
| 89,542 | |
|
|
|
|
|
Semiconductor Materials & Equipment - 1.8% | | | |
|
Applied Materials, Inc. |
| 1,047 | |
| 182,921 | |
KLA Corp. |
| 133 |
| 86,055 | |
Lam Research Corp. |
| 1,387 | |
| 102,472 | |
Teradyne, Inc. |
| 450 |
| 49,500 | |
|
|
|
| 420,948 | |
|
|
|
|
|
Semiconductors - 14.2% | | | |
|
Broadcom, Inc. |
| 6,313 | |
| 1,023,211 | |
First Solar, Inc. (a) |
| 233 |
| 46,430 | |
Monolithic Power Systems, Inc. |
| 82 |
| 46,546 | |
NVIDIA Corp. |
| 10,983 | |
| 1,518,400 | |
NXP Semiconductors NV |
| 252 |
| 57,801 | |
ON Semiconductor Corp. (a) |
| 730 |
| 51,918 | |
Qualcomm, Inc. |
| 1,699 | |
| 269,342 | |
Texas Instruments, Inc. |
| 1,361 | |
| 273,602 | |
|
|
|
| 3,287,250 | |
|
|
|
|
|
Soft Drinks & Non-alcoholic Beverages - 1.3% | | | |
|
Celsius Holdings, Inc. (a) |
| 1,678 | |
| 47,739 | |
PepsiCo, Inc. |
| 1,597 | |
| 261,030 | |
|
|
|
| 308,769 | |
|
|
|
|
|
Specialized Consumer Services - 0.2% | | | |
|
H&R Block, Inc. |
| 822 |
| 48,728 | |
|
|
|
|
|
Systems Software - 11.4% | | | |
|
Microsoft Corp. |
| 3,049 | |
| 1,291,130 | |
Oracle Corp. |
| 6,570 | |
| 1,214,399 | |
Palo Alto Networks, Inc. (a) |
| 392 |
| 152,025 | |
|
|
|
| 2,657,554 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
12
| | |
| ASTORIA US QUALITY GROWTH KINGS ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| November 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.3% (CONTINUED) |
| Shares |
| Value |
Technology Hardware, Storage & Peripherals - 5.8% | | | |
|
Apple, Inc. |
| 5,493 | |
| $ | 1,303,653 | |
NetApp, Inc. |
| 373 |
| 45,745 | |
|
|
|
| 1,349,398 | |
|
|
|
|
|
Tobacco - 1.5% | | | |
|
Altria Group, Inc. |
| 1,957 | |
| 112,997 | |
Philip Morris International, Inc. |
| 1,817 | |
| 241,770 | |
|
|
|
| 354,767 | |
|
|
|
|
|
Trading Companies & Distributors - 0.4% | | | |
|
United Rentals, Inc. |
| 104 |
| 90,064 | |
|
|
|
|
|
Wireless Telecommunication Services - 1.4% | | | |
|
T-Mobile US, Inc. |
| 1,316 | |
| 324,973 | |
TOTAL COMMON STOCKS (Cost $22,471,528) | | |
| 23,127,770 | |
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 0.5% |
| | | |
Simon Property Group, Inc. |
| 611 |
| 112,180 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $104,444) | | |
| 112,180 | |
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.5% | |
|
| |
Money Market Funds - 0.5% |
| |
| |
First American Government Obligations Fund - Class X, 4.56% (b) |
| 116,318 | |
| 116,318 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $116,318) | | |
| 116,318 | |
|
|
|
|
|
TOTAL INVESTMENTS - 100.3% (Cost $22,692,290) | | |
| $ | 23,356,268 | |
Liabilities in Excess of Other Assets - (0.3)% | | |
| (64,825) | |
TOTAL NET ASSETS - 100.0% |
| |
| $ | 23,291,443 | |
Percentages are stated as a percent of net assets.
| | |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
SA - Sociedad Anónima |
| | | | | | | | |
(a) |
| Non-income producing security. |
(b) |
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
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.
(b) Not applicable
The accompanying notes are an integral part of these financial statements.
13
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment
Companies.
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 2024 (Unaudited)
| | | | | | | | | | | | | | |
| | Astoria US Equal Weight Quality Kings ETF | | Astoria US Quality Growth Kings ETF |
| Assets: | | | | |
| Investments in securities, at value (See Note 2) | | $ | 153,662,590 | | | $ | 23,356,268 | |
| Dividends and interest receivable | | 162,059 | | | 12,253 | |
| Total assets | | 153,824,649 | | | 23,368,521 | |
| | | | |
| Liabilities: | | | | |
| Accrued investment advisory fees (See Note 3) | | 59,698 | | | 5,631 | |
| Payable for investment securities purchased | | — | | | 71,447 | |
| Total liabilities | | 59,698 | | | 77,078 | |
| Net Assets | | $ | 153,764,951 | | | $ | 23,291,443 | |
| | | | |
| Net Assets Consist of: | | | | |
| Paid-in capital | | $ | 130,414,102 | | | $ | 22,786,387 | |
| Total distributable earnings (accumulated deficit) | | 23,350,849 | | | 505,056 | |
| Net Assets: | | $ | 153,764,951 | | | $ | 23,291,443 | |
| | | | |
| Calculation of Net Asset Value Per Share: | | | | |
| Net Assets | | $ | 153,764,951 | | | $ | 23,291,443 | |
| Shares Outstanding (unlimited shares of beneficial interest authorized, no par value) | | 4,770,000 | | | 900,000 | |
| Net Asset Value per Share | | $ | 32.24 | | | $ | 25.88 | |
| | | | |
| Cost of Investments in Securities | | $ | 140,179,435 | | | $ | 22,692,290 | |
The accompanying notes are an integral part of these financial statements.
1
STATEMENTS OF OPERATIONS
For the Period Ended November 30, 2024 (Unaudited)
| | | | | | | | | | | | | | |
| | Astoria US Equal Weight Quality Kings ETF | | Astoria US Quality Growth Kings ETF(1) |
| Investment Income: | | | | |
| Dividend income | | $ | 1,111,911 | | | $ | 23,469 | |
| Interest income | | 10,842 | | | 564 | |
| Total investment income | | 1,122,753 | | | 24,033 | |
| | | | |
| Expenses: | | | | |
Investment advisory fees (See Note 3) | | 319,835 | | | 8,846 | |
| Net expenses | | 319,835 | | | 8,846 | |
| | | | |
Net Investment Income (Loss) | | 802,918 | | | 15,187 | |
| | | | |
| Realized and Unrealized Gain (Loss) on Investments: | | | | |
| Net realized gain (loss) on: | | | | |
| Investments | | 11,412,726 | | | (174,109) | |
| | 11,412,726 | | | (174,109) | |
| Net change in unrealized appreciation (depreciation) on: | | | | |
| Investments | | 3,997,724 | | | 663,978 | |
| | 3,997,724 | | | 663,978 | |
| Net realized and unrealized gain (loss) on investments: | | 15,410,450 | | | 489,869 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 16,213,368 | | | $ | 505,056 | |
| | | | |
(1) The Fund commenced operations on September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
2
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | | | | | |
| | Astoria US Equal Weight Quality
Kings ETF | | Astoria US Equal Weight Quality Kings ETF(2) |
| | For the Period Ended
November, 2024 (Unaudited) | | For the Period Ended May 31, 2024(1) | | For the Period Ended
November, 2024 (Unaudited) |
| Increase (Decrease) in Net Assets from: | | | | | | |
| Operations: | | | | | | |
Net investment income (loss) | | $ | 802,918 | | | $ | 909,826 | | | $ | 15,187 | |
Net realized gain (loss) on investments | | 11,412,726 | | 1,464,016 | | (174,109) |
| Net change in unrealized appreciation (depreciation) on investments | | 3,997,724 | | 9,485,431 | | 663,978 |
| Net increase (decrease) in net assets resulting from operations | | 16,213,368 | | 11,859,273 | | 505,056 |
| | | | | | |
| Distributions to Shareholders: | | | | | | |
| Distributable earnings | | (727,218) | | (738,974) | | — |
| Total distributions to shareholders | | (727,218) | | (738,974) | | — |
| | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from shares sold | | 105,489,648 | | 86,818,923 | | 22,786,387 |
| Payments for shares redeemed | | (53,288,625) | | (11,861,444) | | — |
| Net increase (decrease) in net assets derived from net change in capital share transactions | | 52,201,023 | | 74,957,479 | | 22,786,387 |
| Net Increase (Decrease) in Net Assets | | 67,687,173 | | 86,077,778 | | 23,291,443 |
| | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | | 86,077,778 | | — | | — |
| End of period | | $ | 153,764,951 | | | $ | 86,077,778 | | | $ | 23,291,443 | |
| | | | | | |
| Changes in Shares Outstanding: | | | | | | |
| Shares outstanding, beginning of period | | 3,000,000 | | | — | | | — | |
| Shares sold | | 3,500,000 | | | 3,450,000 | | | 900,000 | |
| Shares repurchased | | (1,730,000) | | | (450,000) | | | — | |
| Shares outstanding, end of period | | 4,770,000 | | | 3,000,000 | | | 900,000 | |
(1) The Fund commenced operations on July 31, 2023.
(2) The Fund commenced operations on September 30, 2024.
The accompanying notes are an integral part of these financial statements.
3
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Net Asset Value, Beginning of Period | | Net Investment Income (Loss)(1) | | Net Realized and Unrealized Gain (Loss) on Investments | | Net Increase (Decrease) in Net Asset Value Resulting from Operations | | Distributions from Net Investment Income | | Total Distributions | | Net Asset Value, End of Period | | Total Return(2) | | Net Assets, End of Period (000's) | | Net Expenses(3)(4) | | Net Investment Income (Loss)(3) | | Portfolio Turnover Rate(5) |
| Astoria US Equal Weight Quality Kings ETF | | | | | | | | | | | | | | | | | | | | |
For the Period Ended
November 30, 2024 (Unaudited) | | $28.69 | | 0.19 | | 3.53 | | 3.72 | | (0.17) | | (0.17) | | $32.24 | | 12.97% | | $153,765 | | 0.49% | | 1.23% | | 37% |
For the Period July 31, 2023(6) to May 31, 2024 | | $25.11 | | 0.35 | | 3.51 | | 3.86 | | (0.28) | | (0.28) | | $28.69 | | 15.49% | | $86,078 | | 0.49% | | 1.61% | | 23% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Astoria US Quality Growth Kings ETF | | | | | | | | | | | | | | | | | | | | | | |
For the Period September 30, 2024(6) to November 30, 2024 (Unaudited) | | $25.24 | | 0.03 | | 0.61 | | 0.64 | | — | | — | | $25.88 | | 2.53% | | $23,291 | | 0.35% | | 0.60% | | 41% |
| | |
| (1) Net investment income per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout the period. |
| (2) All returns reflect reinvested dividends, if any, but do not reflect the impact of taxes. Total return for a period of less than one year is not annualized. |
| (3) For periods of less than one year, these ratios are annualized. |
| (4) Net expenses include effects of any reimbursement or recoupment. |
| (5) For periods of less than one year, portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes the impact of in-kind transactions. |
| (6) Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
4
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)
NOTE 1 – ORGANIZATION
Astoria US Equal Weight Quality Kings ETF (“ROE”) and Astoria US Quality Growth Kings ETF (“GQQQ”) (each, 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 is considered diversified under the 1940 Act. Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services-Investment Companies.
| | | | | | | | | | | |
| Ticker | Commencement
of Operations | Creation Unit Size | Listing Exchange |
| ROE | July 31, 2023 | 10,000 | The Nasdaq Stock Market LLC |
| GQQQ | September 30, 2024 | 10,000 | The Nasdaq Stock Market LLC |
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 Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is a participant of a clearing agency registered with the SEC, which has a written agreement with the Trust or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. Certain transactions consisting all or partially of cash may also be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the transaction fee. A Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders. Transaction fees received by a Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.
The end of the reporting period for each Fund is November 30, 2024, and the period covered by these Notes to Financial Statements is from June 1, 2024 to November 30, 2024 for ROE and September 30, 2024 to November 30, 2024 for GQQQ (the “current fiscal period”).
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
A.Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for long-term 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 the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of current fiscal period, the Funds did not hold any securities that required fair valuation due to unobservable inputs.
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.
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.
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
The following is a summary of the fair value classification of the Funds’ investments as of current fiscal period:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| DESCRIPTION | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL |
| ROE | | | | | | | | |
| Assets | | | | | | | | |
| Common Stocks | | $ | 150,102,360 | | | $ | — | | | $ | — | | | $ | 150,102,360 | |
Real Estate Investment Trusts | | 3,084,344 | | | — | | | — | | | 3,084,344 | |
| Money Market Funds | | 475,886 | | | — | | | — | | | 475,886 | |
| Total Investments in Securities | | $ | 153,662,590 | | | $ | — | | | $ | — | | | $ | 153,662,590 | |
| | | | | | | | |
| GQQQ | | | | | | | | |
| Assets | | | | | | | | |
| Common Stocks | | $ | 23,127,770 | | | $ | — | | | $ | — | | | $ | 23,127,770 | |
Real Estate Investment Trusts | | 112,180 | | | — | | | — | | | 112,180 | |
| Money Market Funds | | 116,318 | | | — | | | — | | | 116,318 | |
| Total Investments in Securities | | $ | 23,356,268 | | | $ | — | | | $ | — | | | $ | 23,356,268 | |
Refer to the Schedules of Investments for additional information.
During the current fiscal period, the Funds did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.
B.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The 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 are included on the “Statement of Operations” under “Net realized gain (loss) – Foreign currency.”
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 year-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
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
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.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 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 each Fund are declared and paid on a quarterly basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. Each Fund may distribute more frequently, if necessary, for tax purposes.
E.Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.
F.Share Valuation. The NAV per share of 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.
G.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.
H.Reclassification of Capital Accounts. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. In addition, the 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 fiscal period ended May 31, 2024, the following table shows the reclassifications made:
| | | | | | | | | | | | | | |
| | Distributable Earnings | | Paid-in Capital |
| ROE | | $ | (3,255,599) | | | $ | 3,255,599 | |
GQQQ commenced operations on September 30, 2024; therefore, no reclassifications have been made yet.
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
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 the 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:
Astoria Portfolio Advisors, LLC (the “Sub-Adviser”) serves as a non-discretionary investment sub-adviser to the Funds. Pursuant to an investment sub-advisory agreement (the “Sub-Advisory Agreement”) among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.
At a Board meeting held on September 5-6, 2024, the Board of Trustees of the Trust (the “Trustees”), including each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, approved the Advisory and Sub-Advisory Agreements for GQQQ.
U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Fund’s Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Fund’s Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the “Custodian”), an affiliate of the Administrator, serves as the Fund’s Custodian.
The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Fund.
NOTE 4 – SECURITIES LENDING
Each Fund may lend up to 331/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.
The securities lending agreement provides that, in the event of a borrower’s material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
securities at the Securities Lending Agent’s expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.
During the current fiscal period, the Funds had not loaned securities and received cash collateral for the loans. The cash collateral would have been invested by the Securities Lending Agent in accordance with the Trust approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.
As of the end of the current fiscal period, the Funds did not have any securities on loan.
The interest income earned by the Fund on the investment of cash collateral received from borrowers for the securities loaned
to them (“Securities Lending Income, Net”) would have been reflected in the Fund’s Statement of Operations. There were no
net securities lending income earned on collateral investments and recognized by the Funds during the current fiscal period.
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE 5 – PURCHASES AND SALES OF SECURITIES
For the current fiscal period, purchases and sales of securities for the Fund, excluding short-term securities and in-kind transactions, were as follows:
| | | | | | | | | | | | | | |
| | Purchases | | Sales |
| ROE | | $ | 78,507,718 | | | $ | 47,871,949 | |
| GQQQ | | $ | 5,172,852 | | | $ | 4,732,450 | |
For the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:
| | | | | | | | | | | | | | |
| | Purchases | | Sales |
| ROE | | $ | 74,272,689 | | | $ | 52,648,207 | |
| GQQQ | | $ | 22,309,679 | | | $ | — | |
For the current fiscal period, short-term and long-term gains on in-kind transactions were as follows:
| | | | | | | | | | | | | | |
| | Short-Term | | Long-Term |
| ROE | | $ | 7,605,219 | | | $ | 4,313,749 | |
| GQQQ | | $ | — | | | $ | — | |
There were no purchases or sales of U.S. Government securities during the fiscal period.
ASTORIA ETFs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
November 30, 2024 (Unaudited)
NOTE 6 – TAX INFORMATION
The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes at May 31, 2024, for ROE were as follows:
| | | | | | | | |
| Tax cost of Investments | | $ | 76,575,322 | |
| Gross tax unrealized appreciation | | 11,766,795 | |
| Gross tax unrealized depreciation | | (2,360,195) | |
| Net tax unrealized appreciation (depreciation) | | $ | 9,406,600 | |
| Undistributed ordinary income | | 170,852 | |
| Undistributed long-term gain | | — | |
| Total distributable earnings | | 170,852 | |
| Other accumulated gain (loss) | | (1,712,752) | |
| Total accumulated gain (loss) | | $ | 7,864,700 | |
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 ROE’s next taxable year.
For the fiscal period ended May 31, 2024, ROE did not defer any post-October capital or late-year losses.
At May 31, 2024, ROE had the following capital loss carryforwards that do not expire:
| | | | | | | | |
Unlimited
Short-Term | | Unlimited
Long-Term |
| $ | (1,712,752) | | | $ | — | |
As of May 31, 2024, GQQQ had not yet commenced operations.
NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by each Fund during the current fiscal period and the fiscal period ended May 31, 2024, were as follows:
| | | | | | | | | | | | | | |
| | Fiscal Period Ended
November 30, 2024 | | Fiscal Period Ended
May 31, 2024 |
| | Ordinary Income | | Ordinary Income |
| ROE | | $ | 727,218 | | | $ | 738,974 | |
| GQQQ | | $ | — | | | N/A |
NOTE 8 – 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. There were no transactions that occurred during the period subsequent to the current fiscal period that materially impacted the amounts or disclosures in the Funds’ financial statements.
FEDERAL TAX INFORMATION (UNAUDITED)
For the fiscal year ended May 31, 2024, certain dividends paid by a Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for ROE was 100.00%.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended May 31, 2024, for ROE was 100.00%.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for ROE was 0.00%.
As of May 31, 2024, GQQQ had not yet commenced operations.
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 out of the advisory fee. See Note 4 to the Financial Statements under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.
Astoria U.S. Quality Growth Kings ETF (GQQQ)
The Board (the members of which are referred to as “Trustees”) of the EA Series Trust (the “Trust”) met in-person on September 5-6, 2024 to consider the approval of the Advisory Agreement between the Trust, on behalf of the Astoria U.S. Quality Growth Kings ETF (the “Fund”), and Empowered Funds, LLC dba EA Advisers (the “Adviser”), as well as to consider the approval of the Sub-Advisory Agreement between the Adviser and Astoria Portfolio Advisors, LLC (the “Sub-Adviser”), each for an initial two-year term. In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board’s consideration of whether to approve the Advisory Agreement and Sub-Advisory Agreement. In connection with considering the approval of both the Advisory Agreement and Sub-Advisory 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, who provided assistance and advice. In reaching the decision to approve both the Advisory Agreement and Sub-Advisory Agreement, the Board considered and reviewed information provided by the Adviser and Sub-Adviser, including among other things information about their respective personnel, operations, financial condition, and compliance and risk management. The Board also reviewed the proposed Advisory Agreement and Sub-Advisory 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 expected to be provided by the Adviser to the Fund. In this connection, 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 oversight 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 expected to be provided by the Adviser in the oversight of the Trust’s administrator, transfer agent and custodian. In addition, the Board evaluated the integrity of each of the Adviser’s and the Sub-Adviser’s personnel, the experience of the portfolio manager in managing assets and the adequacy of each of the Adviser’s and the Sub-Adviser’s resources to perform the services provided under the Advisory Agreement and Sub-Advisory Agreement. The Board also considered the Adviser’s ongoing oversight responsibilities vis-à-vis the Sub-Adviser.
Performance. Performance information was not available for the Fund as it had not yet commenced investment operations.
Comparative Fees and Expenses. In considering the advisory fees and sub-advisory fees, the Board reviewed and considered the fees in light of the nature, quality and extent of the services expected to be provided by the Adviser and the Sub-Adviser, respectively. With respect to the advisory fees and expense ratio for the Fund, the Board also considered the fees and expense ratio versus the fees and expenses charged to other comparable ETFs. The Board also considered the allocation of fees between the Adviser and the Sub-Adviser.
The Board compared the Fund’s gross total expense ratio, net total expense ratio, and management fee to those of its respective peers, as shown in the third-party report.
Astoria US Quality Growth Kings ETF (GQQQ) – The Fund’s gross total expense ratio (0.35%) was lower than the peer group average (0.53%); the Fund’s net total expense ratio (0.35%) was lower than the peer group average (0.47%); and the Fund’s management fee (0.35%) was lower than the peer group average (0.40%).
The Board considered that 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 noted that the Fund’s peer group included both actively managed and passively managed funds. It was noted that the Fund is actively managed and, in general, the Fund’s net expense ratio compared favorably to its actively managed peers. They stated that such a comparison demonstrates the Fund’s overall cost structure is within the range of expense ratios of its respective peers.
The Board considered, among other information, the data provided in a third-party report comparing the Fund’s proposed fees to those of other ETFs that the third-party deemed to be comparable to the Fund. Fee information was provided in quartiles, ranging from quartile one (the least expensive) to quartile four (the most expensive). This data included a comparison of the Fund’s anticipated expense ratio against its peers. The Fund’s total expense ratio (for both gross and net) and management fee were in the following quartiles:
| | | | | | | | | | | |
| Fund | Total Expense Ratio | Net Expense Ratio | Management Fee Only |
| GQQQ | Quartile 2 | Quartile 2 | Quartile 2 |
With respect to the sub-advisory fee, the Board noted that it was payable solely out of the unitary management fee payable to the Adviser. The Board considered the representations from the Adviser and the Sub-Adviser that neither firm manages any other accounts that follow a similar strategy as the Fund. The Board was agreeable to the fee levels.
Costs and Profitability. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Sub-Adviser in connection with providing their respective services to the Fund. The Board reviewed estimated profit and loss information provided by each of the Adviser and the Sub-Adviser with respect to the Fund and estimated data regarding the proposed advisory and sub-advisory fees. 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 that 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, as well as the Sub-Adviser, who serves as the sponsor of the Fund. The Board also considered the Fund’s projected asset totals over the first year of operations, noting that based on the projected asset totals the Adviser and Sub-Adviser will not be profitable as it relates to the advisory fee arrangements. The Board discussed the financial condition of the Sub-Adviser, noting that the Sub-Adviser has sufficient capital to maintain its commitment to the Fund.
Other Benefits. The Board further considered the extent to which the Adviser or the Sub-Adviser might derive ancillary benefits from the Fund’s operations. For example, the Adviser may engage in soft dollar transactions in the future, although it did not currently plan to do so. 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.
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 proposed advisory and sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale given that the Fund is new.
Conclusion. No single factor was determinative of the Board’s decision to approve the Advisory Agreement and Sub-Advisory Agreement; 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 and Sub-Advisory Agreement, including the compensation payable under each Agreement, were fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of each of the Advisory Agreement and the Sub-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.
(a) Not applicable.
(b) Not applicable.
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. Not applicable. |
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: | February 5, 2025 | |
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: | February 5, 2025 | |
| | | |
| By (Signature and Title) | /s/ Sean R. Hegarty, CPA | |
| | Sean R. Hegarty, CPA, Treasurer (principal financial officer) | |
| | | |
| Date: | February 5, 2025 | |
