Empowered Funds LLC has revised the shutdown timetable for two Sophus Capital exchange-traded funds, extending the operating period of the emerging-markets strategies and assigning different October liquidation dates to each portfolio.

Under the amended schedule announced September 18, the Sophus Capital Emerging Market ETF, which trades on Nasdaq under the ticker EMEM, is now scheduled to liquidate on or about October 14, 2026. The fund is expected to cease trading on the Nasdaq Stock Market immediately after the close of regular trading on October 13 and will be closed to investor purchases after that session. Creation and redemption orders will no longer be accepted after October 13.

The Sophus Capital Emerging Market Small Cap ETF, ticker EMSC, will remain in operation longer. Empowered Funds said that fund is now scheduled to liquidate on or about October 28. Nasdaq trading is expected to stop after the close on October 27, at which point the fund will also close to further purchases. Creation and redemption orders will not be accepted after October 27.

The amendment materially changes the timeline outlined earlier in September. In a September 8 regulatory filing and accompanying liquidation announcement, both EMEM and EMSC had been scheduled to liquidate and dissolve on or about September 28. Under that original plan, the funds were expected to stop accepting orders for new creation units after September 25, with exchange trading halted after that day’s market close.

The September 18 announcement therefore extends EMEM’s planned existence by roughly two weeks and EMSC’s by approximately one month relative to the original liquidation date. Empowered Funds did not provide a detailed explanation for the change in timing in the amended announcement.

The distinction between an ETF’s last trading day and its formal liquidation date is particularly relevant for shareholders. Investors generally retain the ability to sell their ETF shares through the secondary market until the applicable exchange-trading cutoff. Those who sell before the cutoff receive the prevailing market price for their shares, which can differ from the fund’s underlying net asset value and may involve customary brokerage costs, bid-ask spreads and other trading expenses.

Shareholders who continue holding EMEM or EMSC after the respective final trading dates will instead remain invested through the liquidation process. Empowered Funds said that promptly after each fund’s applicable liquidation date, cash will be distributed pro rata to shareholders of record, subject to any required tax withholding. Once those distributions are completed, the respective funds will terminate.

The adviser also cautioned that a secondary market for the funds cannot be assured during the period leading to liquidation. According to the amended announcement, shareholders may in some circumstances only be able to transact through certain broker-dealers. That warning becomes increasingly relevant as a fund approaches closure because trading interest, market-making activity and the willingness of liquidity providers to commit capital can change as the remaining lifespan of a product shortens.

ETF investors typically rely on the creation-and-redemption mechanism involving authorized participants to help keep an ETF’s market price aligned with the value of its underlying assets. As the cutoff for creations and redemptions approaches, investors trading in the secondary market need to pay closer attention to quoted spreads, available depth and any premium or discount to net asset value.

Those considerations can be amplified in strategies investing in emerging markets, where underlying securities may trade on exchanges operating in different time zones from the United States. The EMEM prospectus specifically notes that foreign securities may continue to change in value while the fund’s U.S. listing venue is open or closed, and that emerging-market securities can be less liquid than comparable developed-market investments. The fund’s disclosure documents also caution that ETF market prices can deviate from net asset value during periods of limited trading activity.

The portfolios themselves may also look different from their normal mandates during the final weeks of operation. Empowered Funds said that, as liquidation approaches, all or part of either fund may cease to be invested consistently with its stated investment objective and strategies. The funds may increase cash holdings as portfolio positions are sold and assets are prepared for distribution.

That transition is a standard operational feature of many fund liquidations but can have a meaningful consequence for investors: performance during the wind-down period may no longer closely represent the strategy they originally purchased. A fund that ordinarily seeks equity exposure can progressively become more cash-heavy, reducing its participation in both gains and losses in the underlying market.

The September 8 SEC supplement similarly stated that Empowered Funds could manage the portfolios in a manner intended to facilitate orderly liquidation, including raising cash or investing in highly liquid assets. It warned that this process could prevent the funds from achieving their investment objectives during the liquidation period. Brokerage costs and other transaction expenses associated with selling portfolio securities can also be borne by the funds and, indirectly, their shareholders.

EMEM was established as an actively managed strategy seeking long-term capital appreciation through investments in emerging-market equities. Its March 2026 summary prospectus states that, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, are invested in equity securities of emerging-market companies. The portfolio can own common and preferred stocks, depositary receipts and ETFs providing exposure to emerging-market equities.

The strategy uses quantitative screening combined with fundamental analysis. Sophus Capital’s investment process emphasizes companies with improving earnings growth, attractive valuations and positive earnings revisions. According to the prospectus, its proprietary model ranks thousands of emerging-market companies before the investment team conducts additional company-specific analysis. EMEM carries a stated annual management fee of 0.65%.

EMSC applies the Sophus platform to the smaller-company segment of emerging markets. Both funds are part of EA Series Trust, with Empowered Funds LLC doing business as EA Advisers serving as investment adviser. Consilium Investment Management LLC, doing business as Sophus Capital, serves as sub-adviser, while Sophus Capital LLC is identified as the fund sponsor under a sponsorship agreement. PINE Distributors LLC acts as distributor.

The planned closures will therefore remove two specialized active emerging-markets products from Nasdaq only months after their 2026 registration and launch process. SEC documentation from March identified EMEM and EMSC as newly organized portfolios with no full-calendar-year operating record at the time their summary prospectuses were issued.

The funds’ relatively short operating histories are relevant because new ETFs face the challenge of accumulating sufficient assets, trading activity and distribution support to become economically durable products. The prospectus for EMEM explicitly identified “new fund risk,” noting that there could be no assurance the portfolio would grow to or maintain an economically viable size. Empowered Funds has not, however, publicly attributed the liquidation decision or the subsequent scheduling amendment to any particular level of assets, trading volume or fund economics.

For investors, the practical decision before liquidation is primarily procedural rather than a change in the underlying closure decision. Shareholders can choose to sell in the secondary market before the relevant trading deadline or remain invested until assets are liquidated and cash is distributed. Selling through the market provides control over transaction timing but exposes the investor to the bid-ask spread, available liquidity and possible commissions. Remaining through liquidation removes the need to execute a secondary-market sale but leaves the investor exposed to changes in net asset value and portfolio composition until the liquidation value is established.

Tax treatment is another consideration. Empowered Funds said liquidation proceeds generally should be treated as being received in exchange for the shareholder’s ETF shares, potentially producing a capital gain or capital loss depending on the investor’s tax basis. Final payments can also include distributions of accumulated dividends or realized capital gains. The precise impact varies according to an investor’s circumstances and account type.

Closing expenses can also affect the final net asset value. Empowered Funds said the NAV calculated on the applicable liquidation date will reflect the costs of closing the fund, if any. Investors holding shares until termination will consequently receive their proportionate interest in the fund after the applicable portfolio transactions, liabilities and closing costs have been reflected.

The staggered schedule means investors now face two separate sets of operational deadlines. For EMEM, October 13 is the key final trading and order date, followed by the anticipated October 14 liquidation. For EMSC, the corresponding dates are October 27 and approximately October 28. Those dates supersede the earlier plan under which both portfolios would have ended exchange trading after September 25 and liquidated around September 28.

Until the new deadlines arrive, both ETFs may continue trading on Nasdaq, but their investment characteristics may progressively differ from their normal strategies as the portfolios prepare to distribute assets. Investors evaluating a purchase or sale during that interval therefore need to account not only for emerging-market exposure but also for the mechanics of an announced liquidation.

The revision does not reverse the decision to close either fund. Rather, it changes the sequence and timing of the shutdown. EMEM and EMSC remain scheduled for termination, with EMEM now set to leave the market first in mid-October and the small-cap EMSC strategy expected to follow approximately two weeks later.