EA Series Trust files to register Avos Global ETF, ticker and fee still blank

On Friday, October 9, EA Series Trust filed to register Avos Global ETF. The ticker, the exchange, and the fee table are blank.

The filing gives no reason for a second fund on the same strategy. The Avos Global Equities ETF, BAVOS, already trades on Nasdaq, run by Gavin Walsh, Josh Blanchfield, and Martin Hutter of Avos Capital Management. The draft names the same three for the new fund.

The new fund's prospectus is marked subject to completion, and the trust may not sell its shares until the registration is effective. The filing asks to become effective 75 days after it was filed, which falls on Wednesday, December 23, if that timetable holds. The cover says the shares would be offered "as soon as practical after the effective date of this Registration Statement."

What the draft describes

The new fund would be actively managed. Under normal market conditions, it would generally invest in at least three countries, typically significantly more, including the United States. At least 30% of its assets would be in foreign securities outside the United States, including depositary receipts.

In a fund called global, that floor leaves room for most of the money to sit in U.S. stocks.

Avos Capital Management would screen out countries it considers too expensive or too hard to trade, then set country weights using valuation and a qualitative read of geopolitics and the economy. It would buy stocks in those countries, or a U.S.-listed fund when that is the more efficient or less costly way to get the exposure.

The draft classifies the portfolio as non-diversified, meaning it may put more of the fund into fewer issuers.

BAVOS began on Thursday, March 5, and held $116 million as of Monday, October 12. Its prospectus already sets the same country screens, the same 30% floor, and the same option to use a U.S.-listed fund.

In the latest reported holdings, two Vanguard funds, one for developed markets and one for emerging markets, together made up about 31% of BAVOS, with individual stocks around them.

Who gets paid, and how it would start

Empowered Funds, LLC, doing business as EA Advisers, would be the adviser the trust hires. It would pay Avos Capital Management to pick the stocks, and both that fee and the adviser's own fee are written as empty percentages.

A buyer cannot tell whether the new fund would cost more or less than the 0.64% in the prospectus dated Wednesday, January 28, 2026, for BAVOS.

"At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code."

In plain words, the new fund expects to take in securities and issue its own shares in return, in a deal meant to defer tax for the contributor under Section 351 of the Internal Revenue Code. The filing does not name the contributor or the amount.

The filing warns that if a contribution fails to qualify, the new fund would not inherit the contributor's tax basis, the cost those securities carried for tax purposes. It also says the new fund could then report the wrong gain or loss to shareholders.

Shareholders of BAVOS are not being asked to merge, to take a new fee, or to swap into the new fund. The document that would matter next is one that fills in the ticker, the exchange, and the fee.