EA Series Trust Seeks Shareholder Nod for New Sub-Advisory Deals

TL;DR

**EA Series Trust is shuffling its sub-advisers for the Strive ETFs, so pay attention to how this impacts your bond fund's future performance.**

AI Summary

EA Series Trust, formerly Alpha Architect ETF Trust and Empowered Funds ETF Trust, filed a DEF 14A on June 23, 2025, to seek shareholder approval for two key proposals affecting its Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF. The primary proposal involves approving a new sub-advisory agreement between Empowered Funds, LLC dba EA Advisers and Strive Asset Management, LLC, which will impact the management of both funds. The filing indicates a special meeting of shareholders scheduled for August 25, 2025, at 10:00 a.m. Central time, to vote on these proposals. The trust's business address is 19 E Eagle Road, Havertown, PA 19083, and its phone number is 1.215.882.9983. The filing does not contain specific revenue or net income figures, but focuses on governance and operational changes related to fund management. The strategic outlook involves maintaining the operational structure of the ETFs under new sub-advisory terms, with no immediate indication of significant business changes beyond the advisory relationship. Risks are primarily related to shareholder dissent on the proposed sub-advisory agreement.

Why It Matters

This DEF 14A filing is crucial for investors in the Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF, as it directly impacts the management structure and potentially the investment strategies of their holdings. A change in sub-adviser, from Strive Asset Management, LLC to a new agreement, could alter fund performance and risk profiles, affecting investor returns. For employees of Empowered Funds, LLC dba EA Advisers and Strive Asset Management, LLC, this signifies a formalization or modification of their operational relationship. In the competitive ETF market, such advisory changes can signal strategic shifts, potentially influencing how these funds are positioned against competitors like Vanguard or BlackRock offerings.

Risk Assessment

Risk Level: low — The risk level is low because this DEF 14A primarily concerns a routine shareholder vote on a sub-advisory agreement for the Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF. There are no indications of financial distress, significant operational disruptions, or regulatory non-compliance. The filing is a definitive proxy statement, not a preliminary one, suggesting the proposals are well-defined.

Analyst Insight

Investors in the Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF should review the full proxy statement to understand the terms of the new sub-advisory agreement. Vote on the proposals by August 25, 2025, and consider how the change in advisory structure might affect the funds' future performance and fees.

Financial Highlights

total Assets

N/A

total Debt

N/A

Key Numbers

• 2 — Number of proposals (Shareholders will vote on two proposals at the Special Meeting.)
• 2 — Number of funds affected (The proposals affect the Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF.)
• 2025-06-23 — Filing Date (The DEF 14A was filed on June 23, 2025.)
• 2024-07-31 — Conformed Period of Report (The period of report for the filing.)

Key Players & Entities

• EA Series Trust (company) — Registrant filing the DEF 14A
• Empowered Funds, LLC dba EA Advisers (company) — Adviser to the Funds
• Strive Asset Management, LLC (company) — Current sub-adviser and party to new sub-advisory agreement
• Strive Enhanced Income Short Maturity ETF (company) — One of the funds affected by the proposals
• Strive Total Return Bond ETF (company) — One of the funds affected by the proposals
• U.S. Bancorp Fund Services, LLC (company) — Administrator and location of the Special Meeting
• August 25, 2025 (date) — Date of the Special Meeting of Shareholders
• 10:00 a.m. Central time (time) — Time of the Special Meeting
• 19 E Eagle Road, Havertown, PA 19083 (address) — Business address of EA Series Trust
• 1.215.882.9983 (phone_number) — Business phone number of EA Series Trust

FAQ

Risk Factors

• Shareholder Approval of Sub-Advisory Agreement [medium — operational]: The primary risk is that shareholders may not approve the new sub-advisory agreement between Empowered Funds, LLC dba EA Advisers and Strive Asset Management, LLC. Failure to obtain approval could disrupt the management of the Strive Enhanced Income Short Maturity ETF and Strive Total Return Bond ETF.
• Compliance with Proxy Solicitation Rules [low — regulatory]: The filing is a DEF 14A, requiring adherence to specific SEC rules for proxy statements. Non-compliance could lead to regulatory scrutiny or delays in the shareholder meeting and voting process.

Industry Context

The ETF industry continues to see consolidation and strategic partnerships as firms seek to optimize management structures and operational efficiencies. Changes in sub-advisory agreements are common as fund families adapt to market conditions and evolving business strategies. This filing reflects a move to integrate or redefine management responsibilities within the EA Series Trust structure.

Regulatory Implications

The filing must comply with all SEC regulations regarding proxy solicitations, ensuring full disclosure to shareholders. Any failure to meet these requirements could result in regulatory action or delays. The approval process itself is a key regulatory step for significant fund governance changes.

What Investors Should Do

1. Review the Proxy Statement carefully.
2. Vote on Proposal 1.
3. Attend the Special Meeting or vote by proxy.

Key Dates

• 2025-06-23: Filing of DEF 14A — Initiates the formal process for seeking shareholder approval for proposed changes to fund management.
• 2025-08-25: Special Meeting of Shareholders — Shareholders will vote on the proposed sub-advisory agreement, which will determine the future management structure of the affected ETFs.
• 2024-07-31: Conformed Period of Report — Indicates the period for which financial and operational information is relevant for this filing.

Glossary

DEF 14A

A Definitive Proxy Statement filed with the SEC by public companies to solicit shareholder votes on important corporate matters. (This filing is the core document for shareholders to understand the proposed changes and cast their votes.)

Sub-advisory agreement

An agreement where one investment adviser hires another investment adviser to manage a portion or all of the assets of a fund. (This is the central agreement that shareholders are being asked to approve, impacting how the ETFs are managed.)

Registrant

The entity that is filing the document with the SEC, in this case, EA Series Trust. (Identifies the legal entity responsible for the filing and the funds within it.)

Series Trust

An investment company structure where a single trust can offer multiple distinct portfolios or 'series' of shares, each with its own investment objective and assets. (Explains the legal structure of EA Series Trust, which houses multiple ETFs.)

Year-Over-Year Comparison

This filing is a DEF 14A related to a special meeting for shareholder approval of a sub-advisory agreement. As such, it does not contain comparative financial metrics like revenue or net income from a prior period's annual report. The focus is on governance and management changes rather than ongoing financial performance reporting.

Filing Details

This Form DEF 14A (Form DEF 14A) was filed with the SEC on June 23, 2025 regarding EA Series Trust.

View full filing on EDGAR

View Full Filing

View this DEF 14A filing on SEC EDGAR