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EA Series Trust
2026-05-31
Dakota Active Equity ETF
Dakota Active Equity ETF
DAK
NASDAQ
2026-05-31
https://dakotaetfs.com/
<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.453%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">This annual shareholder report contains important information about the Dakota Active Equity ETF (the “Fund”) for the period of July 29, 2025 to May 31, 2026 (the “Period”). You can find additional information about the Fund at https://dakotaetfs.com/. You can also request this information by contacting us at (215) 330-4476. For information regarding your Fund shares or account, including account balances, transactions, or distributions, please contact your financial intermediary.</span></div></td></tr></table></div>
annual shareholder report
https://dakotaetfs.com/
(215) 330-4476
<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.446%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.173%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.174%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">WHAT WERE THE FUND COSTS FOR THE PERIOD? <br/>(based on a hypothetical $10,000 investment)</span></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">COST OF $10,000 INVESTMENT</span></td><td colspan="6" style="border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT</span></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$37</span></td><td colspan="6" style="border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.40%</span></td></tr></table></div>
37
0.0040
<div style="text-align:center"><img alt="6" id="i-2" src="ck0001592900-20260531_g2.jpg" style="height:278px;margin-bottom:5pt;vertical-align:text-bottom;width:729px"/></div>
<div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.042%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.758%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">PERFORMANCE</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Since Inception (7/29/2025)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Dakota Active Equity ETF - NAV</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">18.50%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Solactive GBS United States 1000 Index (net total return)</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">19.48%</span></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Visit https://dakotaetfs.com/ for more recent performance information.</span></div></td></tr></table></div>
0.1850
0.1948
The Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
https://dakotaetfs.com/
<div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the fiscal Period from the Fund’s commencement of operations on July 29, 2025, through May 31, 2026, the Fund generated positive absolute performance. Performance was primarily driven by the Fund’s exposure to U.S. large-cap equities, with meaningful allocations to Information Technology, Communication Services, Financials, Consumer Discretionary and Materials sectors during the period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund benefited from generally positive returns across U.S. equities during the Period. The primary driver of returns was from Technology-related holdings which saw material appreciation and represented the largest sector exposure throughout the year. However, </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Fund did suffer from an underweight exposure to memory-chip stocks which detracted from relative results during the Period, as that area of the semi-conductor market performed strongly</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The negative impact from the memory-chip underweight was partially offset by strong stock selection in Consumer Discretionary, Financials and Materials. Contributions in these sectors reflected issuer-specific performance within the Fund’s actively selected portfolio holdings. Over the fiscal period, the Fund increased concentration in higher-conviction holdings. As a result, performance was more directly affected by individual security selection and sector-level positioning.</span></div>
2026-05-31
Dakota Active Equity ETF
Dakota Active Equity ETF
DAK
NASDAQ
2026-05-31
https://dakotaetfs.com/
<div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.140%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.263%"></td><td style="width:0.1%"></td></tr><tr><td colspan="21" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">KEY FUND STATISTICS (as of Period End)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Assets</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$43,168,286</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Fund Advisory Fees</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$129,978</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%"># of Portfolio Holdings</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">170</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Turnover Rate*</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">38%</span></td></tr><tr><td colspan="21" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">*Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions.</span></td></tr></table></div>
43168286
129978
170
0.38
<div style="display:inline-block;vertical-align:top;width:48.360%"><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.628%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.172%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">ASSET WEIGHTING<br/>(as a % of Net Assets)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Information Technology</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">27.7%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity ETFs</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">19.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financials </span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11.6%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Communication Services</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7.8%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Industrials</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7.5%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consumer Discretionary</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7.1%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Health Care</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.6%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consumer Staples</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">4.9%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Energy</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.6%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Materials</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.1%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Utilities</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1.2%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Real Estate</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.4%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Commodity ETFs</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.2%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash and Cash Equivalents</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.4%</span></td></tr></table></div></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.628%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.172%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">TOP 10 HOLDINGS<br/>(as a % of Net Assets)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Apple, Inc.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Alphabet, Inc.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3.8%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">iShares Core S&P 500 ETF</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3.7%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Vanguard S&P 500 ETF</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3.5%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Microsoft Corp.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3.0%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Advanced Micro Devices, Inc.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Analog Devices, Inc.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Invesco QQQ Trust Series 1</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.6%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cboe Global Markets, Inc.</span></td><td colspan="3" style="background-color:#ffffff;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.6%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Jpmorgan Chase & Co.</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #305eab;border-left:1pt solid #305eab;border-right:1pt solid #305eab;border-top:1pt solid #305eab;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.6%</span></td></tr></table></div>
0.277
0.199
0.116
0.078
0.075
0.075
0.071
0.066
0.049
0.026
0.021
0.021
0.012
0.004
0.002
0.004
0.059
0.038
0.037
0.035
0.030
0.029
0.029
0.026
0.026
0.026
<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Availability of Additional Information</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://dakotaetfs.com/. You can also request information by calling (215) 330-4476.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Householding</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
https://dakotaetfs.com/
(215) 330-4476
2026-05-31
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