EA Series Trust – Bushido Capital US SMID Cap Equity ETF is a U.S.-domiciled, actively managed exchange-traded fund that seeks long-term capital appreciation through investments in U.S.-listed common stocks of small- and mid-capitalization companies. The fund, which trades on Nasdaq under the ticker RNIN and commenced trading on May 14, 2025, normally invests at least 80% of net assets, plus borrowings for investment purposes, in U.S.-listed SMID-cap equity securities. It employs a fundamental value-oriented investment process incorporating quantitative and qualitative analysis to identify approximately 100 companies considered undervalued and financially attractive; may invest in common stocks, depositary receipts and other equity-related securities; and is classified as non-diversified. The fund targets investors seeking exposure to the U.S. small- and mid-cap equity market and distributes its shares through U.S. securities exchanges and broker-dealers. EA Series Trust is a Delaware statutory trust headquartered in Newtown Square, Pennsylvania. Empowered Funds, LLC, doing business as EA Advisers, serves as investment adviser, while Sepio Capital, L.P. serves as investment sub-adviser. A principal recent development was the launch of RNIN in May 2025 as part of the Bushido Capital ETF lineup; the fund’s operating structure also reflects the March 2025 investment sub-advisory arrangement with Sepio Capital for RNIN and the affiliated Bushido Capital US Equity ETF.