0001592900-24-000723.txt : 20240524 0001592900-24-000723.hdr.sgml : 20240524 20240524161653 ACCESSION NUMBER: 0001592900-24-000723 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20240524 DATE AS OF CHANGE: 20240524 EFFECTIVENESS DATE: 20240524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EA Series Trust CENTRAL INDEX KEY: 0001592900 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-195493 FILM NUMBER: 24984583 BUSINESS ADDRESS: STREET 1: 19 E EAGLE ROAD CITY: HAVERTOWN STATE: PA ZIP: 19083 BUSINESS PHONE: 1.215.882.9983 MAIL ADDRESS: STREET 1: 19 E EAGLE ROAD CITY: HAVERTOWN STATE: PA ZIP: 19083 FORMER COMPANY: FORMER CONFORMED NAME: Alpha Architect ETF Trust DATE OF NAME CHANGE: 20140428 FORMER COMPANY: FORMER CONFORMED NAME: Empowered Funds ETF Trust DATE OF NAME CHANGE: 20131125 0001592900 S000082798 ARK 21Shares Active Bitcoin Futures Strategy ETF C000246120 ARK 21Shares Active Bitcoin Futures Strategy ETF ARKA 497 1 ck0001592900-20230930.htm SUPPLEMENT ck0001592900-20230930
4979/30/2023EA Series Trust0001592900falseN-1Axbrli:pureiso4217:USD0001592900ck0001592900:S000082798Member2024-05-242024-05-2400015929002024-05-242024-05-240001592900ck0001592900:C000246120Memberck0001592900:S000082798Member2024-05-242024-05-24
Filed Pursuant to Rule 497(e)
File Nos. 333-195493; 811-22961
ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA)
(the “Fund”)
a series of EA Series Trust (the “Trust”)
listed on Cboe BZX Exchange, Inc.
May 24, 2024
Supplement to the Summary Prospectus and Prospectus each dated October 31, 2023
Effective immediately, the “Annual Fund Operating Expenses” table included in the “Fees and Expenses” section is deleted in its entirety and replaced as provided herein. The table has been updated to clarify the description of the unitary fee and reflect that Empowered Funds, LLC dba EA Advisers (the “Adviser”) has contractually agreed to waive receipts of its management fees and/or assume expenses of the Fund to the extent necessary to offset the amount of net interest expenses incurred in connection with the Fund’s investments in reverse repurchase agreements. The Fund’s net expense ratio is unchanged.
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)1
Management Fee2
0.70%
Distribution and/or Service (12b-1) FeesNone
Other Expenses3
0.08%
Total Annual Fund Operating Expenses0.78%
Fee Waiver4
(0.08)%
Total Annual Fund Operating Expenses After Fee Waiver0.70%
1 The expense information in the table has been restated to reflect an estimate of the net interest expenses incurred in connection with investments in reverse repurchase agreements. Previously, the Fund disclosed estimated Other Expenses as 0.00%.
2 Empowered Funds, LLC dba EA Advisers (the “Adviser”) (or an affiliate of the Adviser) bears all of the Adviser’s own costs associated with providing advisory services and all expenses of the Fund, except for the fee payment under the investment advisory agreement, payments under the Fund’s Rule 12b-1 Distribution and Service Plan, brokerage expenses, acquired fund fees and expenses (including affiliated funds’ fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services), and other non-routine or extraordinary expenses.
3 Other Expenses are estimated for the current fiscal year. The Fund cannot accurately estimate anticipated current and deferred tax expenses prior to the commencement of investment operations.
4 The Adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of the Fund to the extent necessary to offset net interest expenses incurred in connection with investments in reverse repurchase agreements (“Fee Waiver”). This agreement shall remain in effect indefinitely and may only be terminated by the Board of Trustees of the Trust. The Fee Waiver is estimated and does not reflect interest income received related to reverse repurchase agreement transactions for the current fiscal year.
The “Example” section of the Fund’s Summary Prospectus and Prospectus is deleted in its entirety and replaced with the following:
EXAMPLE
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation agreements for the periods shown). You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 One Year:Three Years: 
 $72$224 
1


In addition, effective immediately, the third paragraph in the “Fund Management – Investment Adviser” section of the Prospectus is hereby deleted in its entirety and replaced with the following:
The Adviser (or an affiliate of the Adviser) bears all of the Adviser’s own costs associated with providing these advisory services and all expenses of the Fund, except for the fee payment under the Advisory Agreement, payments under the Fund’s Rule 12b-1 Distribution and Service Plan (the “Plan”), brokerage expenses, acquired fund fees and expenses (including affiliated funds’ fees and expenses), taxes (including tax-related services), interest (including borrowing costs,), litigation expense (including class action-related services), and other non-routine or extraordinary expenses.
If you have any questions, please call (215) 882-9983.
Please retain this Supplement for future reference.
2
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Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 24, 2024
Document Effective Date dei_DocumentEffectiveDate May 24, 2024
Prospectus Date rr_ProspectusDate Oct. 31, 2023
Entity Inv Company Type dei_EntityInvCompanyType N-1A
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Prospectus [Line Items] rr_ProspectusLineItems  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA)
(the “Fund”)
a series of EA Series Trust (the “Trust”)
listed on Cboe BZX Exchange, Inc.
May 24, 2024
Supplement to the Summary Prospectus and Prospectus each dated October 31, 2023
ARK 21Shares Active Bitcoin Futures Strategy ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading ARK 21Shares Active Bitcoin Futures Strategy ETF
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA)
(the “Fund”)
a series of EA Series Trust (the “Trust”)
listed on Cboe BZX Exchange, Inc.
May 24, 2024
Supplement to the Summary Prospectus and Prospectus each dated October 31, 2023
Expense [Heading] rr_ExpenseHeading Effective immediately, the “Annual Fund Operating Expenses” table included in the “Fees and Expenses” section is deleted in its entirety and replaced as provided herein. The table has been updated to clarify the description of the unitary fee and reflect that Empowered Funds, LLC dba EA Advisers (the “Adviser”) has contractually agreed to waive receipts of its management fees and/or assume expenses of the Fund to the extent necessary to offset the amount of net interest expenses incurred in connection with the Fund’s investments in reverse repurchase agreements. The Fund’s net expense ratio is unchanged.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)1
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are estimated for the current fiscal year. The Fund cannot accurately estimate anticipated current and deferred tax expenses prior to the commencement of investment operations.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The expense information in the table has been restated to reflect an estimate of the net interest expenses incurred in connection with investments in reverse repurchase agreements. Previously, the Fund disclosed estimated Other Expenses as 0.00%
Expense Example [Heading] rr_ExpenseExampleHeading The “Example” section of the Fund’s Summary Prospectus and Prospectus is deleted in its entirety and replaced with the following:EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation agreements for the periods shown). You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Supplement Closing [Text Block] ck0001592900_SupplementClosingTextBlock
Please retain this Supplement for future reference.
ARK 21Shares Active Bitcoin Futures Strategy ETF | ARK 21Shares Active Bitcoin Futures Strategy ETF Class  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol ARKA
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.70% [1],[2]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [2]
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.08% [2],[3]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.78% [2]
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.08%) [2],[4]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 0.70% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 224
[1] Empowered Funds, LLC dba EA Advisers (the “Adviser”) (or an affiliate of the Adviser) bears all of the Adviser’s own costs associated with providing advisory services and all expenses of the Fund, except for the fee payment under the investment advisory agreement, payments under the Fund’s Rule 12b-1 Distribution and Service Plan, brokerage expenses, acquired fund fees and expenses (including affiliated funds’ fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services), and other non-routine or extraordinary expenses.
[2] The expense information in the table has been restated to reflect an estimate of the net interest expenses incurred in connection with investments in reverse repurchase agreements. Previously, the Fund disclosed estimated Other Expenses as 0.00%.
[3] Other Expenses are estimated for the current fiscal year. The Fund cannot accurately estimate anticipated current and deferred tax expenses prior to the commencement of investment operations.
[4] The Adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of the Fund to the extent necessary to offset net interest expenses incurred in connection with investments in reverse repurchase agreements (“Fee Waiver”). This agreement shall remain in effect indefinitely and may only be terminated by the Board of Trustees of the Trust. The Fee Waiver is estimated and does not reflect interest income received related to reverse repurchase agreement transactions for the current fiscal year.
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(C) If the Fund is a Money Market Fund that is a government Money Market Fund, as defined in \u00a7 270.2a\u20137(a)(16), that is not subject to the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii) of this chapter pursuant to \u00a7 270.2a\u20137(c)(2)(iii) of this chapter, and that has not chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii), include the following statement: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Instruction. 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2024-05-24 2024-05-24 0001592900 ck0001592900:S000082798Member ck0001592900:C000246120Member 2024-05-24 2024-05-24 pure iso4217:USD 497 2023-09-30 EA Series Trust 0001592900 false N-1A <div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(the “Fund”)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a series of EA Series Trust (the “Trust”)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">listed on Cboe BZX Exchange, Inc.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">May 24, 2024</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplement to the Summary Prospectus and Prospectus each dated October 31, 2023</span></div> <div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(the “Fund”)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a series of EA Series Trust (the “Trust”)</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">listed on Cboe BZX Exchange, Inc.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">May 24, 2024</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplement to the Summary Prospectus and Prospectus each dated October 31, 2023</span></div> ARK 21Shares Active Bitcoin Futures Strategy ETF ARKA 2024-05-24 2024-05-24 2023-10-31 Effective immediately, the “Annual Fund Operating Expenses” table included in the “Fees and Expenses” section is deleted in its entirety and replaced as provided herein. The table has been updated to clarify the description of the unitary fee and reflect that Empowered Funds, LLC dba EA Advisers (the “Adviser”) has contractually agreed to waive receipts of its management fees and/or assume expenses of the Fund to the extent necessary to offset the amount of net interest expenses incurred in connection with the Fund’s investments in reverse repurchase agreements. The Fund’s net expense ratio is unchanged. ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)1 0.0070 0 0.0008 0.0078 -0.0008 0.0070 The expense information in the table has been restated to reflect an estimate of the net interest expenses incurred in connection with investments in reverse repurchase agreements. Previously, the Fund disclosed estimated Other Expenses as 0.00% Other Expenses are estimated for the current fiscal year. The Fund cannot accurately estimate anticipated current and deferred tax expenses prior to the commencement of investment operations. The “Example” section of the Fund’s Summary Prospectus and Prospectus is deleted in its entirety and replaced with the following:EXAMPLE The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation agreements for the periods shown). You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 72 224 <div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Please retain this Supplement for future reference.</span></div> The expense information in the table has been restated to reflect an estimate of the net interest expenses incurred in connection with investments in reverse repurchase agreements. Previously, the Fund disclosed estimated Other Expenses as 0.00%. Empowered Funds, LLC dba EA Advisers (the “Adviser”) (or an affiliate of the Adviser) bears all of the Adviser’s own costs associated with providing advisory services and all expenses of the Fund, except for the fee payment under the investment advisory agreement, payments under the Fund’s Rule 12b-1 Distribution and Service Plan, brokerage expenses, acquired fund fees and expenses (including affiliated funds’ fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services), and other non-routine or extraordinary expenses. Other Expenses are estimated for the current fiscal year. The Fund cannot accurately estimate anticipated current and deferred tax expenses prior to the commencement of investment operations. The Adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of the Fund to the extent necessary to offset net interest expenses incurred in connection with investments in reverse repurchase agreements (“Fee Waiver”). This agreement shall remain in effect indefinitely and may only be terminated by the Board of Trustees of the Trust. The Fee Waiver is estimated and does not reflect interest income received related to reverse repurchase agreement transactions for the current fiscal year.