|
Sector Weightings
|
||||
|
Cambria Emerging Shareholder Yield ETF
|
||||
|
Information Technology
|
23.3
|
%
|
||
|
Energy
|
17.7
|
%
|
||
|
Financials
|
16.2
|
%
|
||
|
Materials
|
12.0
|
%
|
||
|
Consumer Discretionary
|
10.4
|
%
|
||
|
Industrials
|
9.4
|
%
|
||
|
Utilities
|
4.3
|
%
|
||
|
Consumer Staples
|
3.4
|
%
|
||
|
Health Care
|
2.2
|
%
|
||
|
Real Estate
|
1.1
|
%
|
||
|
100.0
|
%
|
|||
|
Cambria Emerging Shareholder Yield ETF
|
|
Schedule of Investments
|
|
January 31, 2024 (Unaudited)
|
|
Shares
|
Value
|
|||||
|
Common Stocks - 98.8%
Brazil - 5.3%
|
||||||
|
Cia de Saneamento de Minas Gerais Copasa MG
|
584,800
|
$ |
2,515,358
|
|||
|
Cielo SA
|
2,735,600
|
2,722,127
|
||||
|
Petroleo Brasileiro SA
|
361,200
|
3,099,187
|
||||
|
Telefonica Brasil SA
|
235,000
|
2,433,292
|
||||
|
Ultrapar Participacoes SA
|
619,200
|
3,521,931
|
||||
|
14,291,895
|
||||||
|
China - 17.6%
|
||||||
|
Anhui Conch Cement Co. Ltd. - Class H
|
602,000
|
1,207,396
|
||||
|
Bank of Communications Co. Ltd. - Class H
|
4,300,000
|
2,541,075
|
||||
|
China Coal Energy Co. Ltd. - Class H
|
2,924,000
|
3,201,535
|
||||
|
China Petroleum & Chemical Corp. - Class H
|
5,598,000
|
2,907,141
|
||||
|
China Shenhua Energy Co. Ltd. - Class H
|
1,204,000
|
4,550,834
|
||||
|
Dongfeng Motor Group Co. Ltd. - Class H
|
5,588,000
|
2,158,591
|
||||
|
E-Commodities Holdings Ltd.
|
12,384,000
|
2,344,390
|
||||
|
Fufeng Group Ltd.
|
4,816,000
|
2,611,917
|
||||
|
Huadian Power International Corp. Ltd. - Class H
|
7,750,000
|
3,717,407
|
||||
|
JNBY Design Ltd.
|
1,634,000
|
2,090,062
|
||||
|
Lonking Holdings Ltd.
|
7,396,000
|
1,191,995
|
||||
|
People's Insurance Co. Group of China Ltd. - Class H
|
8,231,000
|
2,558,386
|
||||
|
PetroChina Co. Ltd. - Class H
|
5,046,000
|
3,646,723
|
||||
|
SciClone Pharmaceuticals Holdings Ltd. (a)
|
1,474,000
|
2,092,799
|
||||
|
Shenzhen Expressway Corp. Ltd. - Class H
|
2,408,000
|
1,931,217
|
||||
|
Tianli International Holdings Ltd.
|
9,460,000
|
3,654,308
|
||||
|
Yankuang Energy Group Co. Ltd. - Class H
|
2,064,000
|
4,234,685
|
||||
|
46,640,461
|
||||||
|
Czech Republic - 0.9%
|
||||||
|
CEZ AS
|
62,753
|
2,377,416
|
||||
|
Hong Kong - 0.9%
|
||||||
|
China Medical System Holdings Ltd.
|
1,720,000
|
2,464,073
|
||||
|
India - 8.3%
|
||||||
|
Bank of Baroda
|
771,696
|
2,300,859
|
||||
|
Coal India Ltd.
|
829,518
|
4,057,003
|
||||
|
Indian Bank
|
833,031
|
5,004,080
|
||||
|
Oil & Natural Gas Corp. Ltd.
|
1,216,332
|
3,694,676
|
||||
|
Oil India Ltd.
|
823,446
|
4,229,093
|
||||
|
Vedanta Ltd.
|
878,370
|
2,896,565
|
||||
|
22,182,276
|
||||||
|
Indonesia - 1.4%
|
||||||
|
Indo Tambangraya Megah Tbk PT
|
1,066,400
|
1,828,018
|
||||
|
United Tractors Tbk PT
|
1,204,000
|
1,751,065
|
||||
|
3,579,083
|
||||||
|
Mexico - 4.0%
|
||||||
|
Arca Continental SAB de CV
|
344,000
|
3,910,986
|
||||
|
Banco del Bajio SA (a)
|
997,600
|
3,807,474
|
||||
|
GCC SAB de CV
|
292,400
|
3,395,350
|
||||
|
11,113,810
|
||||||
|
Poland - 2.6%
|
||||||
|
Powszechna Kasa Oszczednosci Bank Polski SA
|
276,112
|
3,516,779
|
||||
|
Powszechny Zaklad Ubezpieczen SA
|
290,936
|
3,513,771
|
||||
|
7,030,550
|
||||||
|
Russia - 0.0%(c)
|
||||||
|
Alrosa PJSC(d)
|
538,800
|
0
|
||||
|
Federal Grid Co. Unified Energy System(b)(d)
|
328,200,000
|
4
|
||||
|
Gazprom Neft PJSC(d)
|
223,200
|
0
|
||||
|
Gazprom PJSC(d)
|
423,000
|
0
|
||||
|
Inter RAO UES PJSC(d)
|
11,040,000
|
0
|
||||
|
LUKOIL PJSC(d)
|
17,160
|
0
|
||||
|
Magnitogorsk Iron & Steel Works PJSC(c)(d)
|
1,560,000
|
0
|
||||
|
NovaBev Group PJSC(d)
|
20,340
|
0
|
||||
|
Novolipetsk Steel PJSC(b)(d)
|
458,400
|
0
|
||||
|
OGK-2 PJSC(d)
|
94,200,000
|
1
|
||||
|
Sberbank of Russia PJSC(d)
|
276,600
|
0
|
||||
|
Severstal PAO(b)(d)
|
85,200
|
0
|
||||
|
Unipro PJSC(b)(d)
|
21,240,000
|
0
|
||||
|
5
|
||||||
|
South Africa - 15.0%
|
||||||
|
AECI Ltd.
|
474,688
|
2,567,841
|
||||
|
African Rainbow Minerals Ltd.
|
226,100
|
2,239,927
|
||||
|
Exxaro Resources Ltd.
|
208,508
|
2,085,581
|
||||
|
Investec Ltd.
|
553,308
|
3,661,630
|
||||
|
Investec PLC
|
563,036
|
3,725,405
|
||||
|
Kumba Iron Ore Ltd.
|
85,004
|
2,510,779
|
||||
|
Motus Holdings Ltd.
|
545,916
|
3,055,205
|
||||
|
Nedbank Group Ltd.
|
199,428
|
2,316,763
|
||||
|
Reunert Ltd.
|
987,482
|
3,173,023
|
||||
|
Sanlam Ltd.
|
636,164
|
2,427,090
|
||||
|
Sasol Ltd.
|
149,166
|
1,308,295
|
||||
|
Sibanye Stillwater Ltd.
|
1,022,936
|
1,250,088
|
||||
|
Thungela Resources Ltd.
|
195,176
|
1,250,127
|
||||
|
Tiger Brands Ltd.
|
228,738
|
2,564,162
|
||||
|
Truworths International Ltd.
|
1,313,082
|
5,475,355
|
||||
|
39,611,271
|
||||||
|
South Korea – 12.2%
|
||||||
|
Aekyung Chemical Co. Ltd.
|
185,789
|
1,759,542
|
||||
|
DB Insurance Co. Ltd.
|
43,344
|
2,854,634
|
||||
|
Doosan Bobcat, Inc.
|
56,459
|
2,153,196
|
||||
|
GS Holdings Corp.(b)
|
81,190
|
2,816,541
|
||||
|
Hanmi Semiconductor Co. Ltd.
|
174,332
|
7,667,394
|
||||
|
HD Hyundai Construction Equipment Co. Ltd.(b)
|
56,608
|
2,163,120
|
||||
|
Kia Corp.
|
45,337
|
3,495,431
|
||||
|
KT&G Corp.
|
39,406
|
2,674,996
|
||||
|
LX Semicon Co. Ltd.
|
37,692
|
2,162,070
|
||||
|
S-Oil Corp.
|
42,249
|
2,205,631
|
||||
|
SSANGYONG C&E Co. Ltd.
|
482,601
|
2,180,410
|
||||
|
32,132,965
|
||||||
|
Taiwan - 27.7%(e)
|
||||||
|
Asustek Computer, Inc.
|
344,000
|
4,896,308
|
||||
|
Catcher Technology Co. Ltd.
|
516,000
|
3,206,505
|
||||
|
Chicony Electronics Co. Ltd.
|
860,000
|
4,519,881
|
||||
|
China Motor Corp.
|
733,000
|
2,681,465
|
||||
|
Dimerco Express Corp.
|
1,440,054
|
4,025,774
|
||||
|
Evergreen Marine Corp. Taiwan Ltd.
|
623,000
|
2,995,623
|
||||
|
Generalplus Technology, Inc.
|
1,548,000
|
2,561,907
|
||||
|
Global Mixed Mode Technology, Inc.
|
277,000
|
2,177,095
|
||||
|
Holy Stone Enterprise Co. Ltd.
|
900,000
|
2,702,919
|
||||
|
Huaku Development Co. Ltd.
|
860,000
|
2,613,013
|
||||
|
IEI Integration Corp.
|
1,376,000
|
3,429,064
|
||||
|
ITE Technology, Inc.
|
1,032,000
|
5,011,709
|
||||
|
L&K Engineering Co. Ltd.
|
522,000
|
2,851,867
|
||||
|
Nantex Industry Co. Ltd.
|
2,064,000
|
2,383,859
|
||||
|
Novatek Microelectronics Corp.
|
174,000
|
2,840,748
|
||||
|
O-TA Precision Industry Co. Ltd.
|
860,000
|
2,439,911
|
||||
|
Radiant Opto-Electronics Corp.
|
688,000
|
3,044,394
|
||||
|
Systex Corp.
|
860,000
|
3,173,533
|
||||
|
TaiDoc Technology Corp.
|
516,000
|
2,637,742
|
||||
|
Taiwan Semiconductor Co. Ltd.
|
813,000
|
2,090,976
|
||||
|
Transcend Information, Inc.
|
860,000
|
2,165,146
|
||||
|
Tripod Technology Corp.
|
688,000
|
4,121,472
|
||||
|
Utechzone Co. Ltd.
|
948,000
|
2,271,602
|
||||
|
Winstek Semiconductor Co. Ltd.
|
733,000
|
2,857,106
|
||||
|
73,699,619
|
||||||
|
Turkey - 2.9%
|
||||||
|
Enerjisa Enerji AS (a)
|
2,765,652
|
5,071,957
|
||||
|
Turkiye Petrol Rafinerileri AS
|
514,321
|
2,542,368
|
||||
|
7,614,325
|
||||||
|
Total Common Stocks (Cost $250,256,061)
|
262,737,749
|
|||||
|
Rights - 0.0%(d)
|
Contracts
|
|||||
|
Taiwan - 0.0%(c)
|
||||||
|
L&K Engineering Co. Ltd., Expires 03/07/2024, Exercise Price $115.00(b)(d)
|
12,946
|
23,162
|
||||
|
TOTAL RIGHTS (Cost $17,609)
|
23,162
|
|||||
|
Short-Term Investments - 1.0%
|
Shares
|
|||||
|
Money Market Funds - 1.0%
|
|
|||||
|
First American Treasury Obligations Fund - Class X, 5.25%(f)
|
2,782,372
|
2,782,372
|
||||
|
Total Short Term Investments (Cost $2,782,372)
|
2,782,372
|
|||||
|
Total Investments - 99.8% (Cost $253,056,042)
|
265,543,283
|
|||||
|
Other Assets in Excess of Liabilities - 0.2%
|
650,344
|
|||||
|
Total Net Assets - 100.0%
|
|
$ |
266,193,627
|
|||
|
Percentages are stated as a percent of net assets.
|
||||||
|
AS – Turkish Joint Stock Company
|
||||||
|
PAO – Russian Public Stock Company
|
||||||
|
PJSC – Private Joint Stock Company
|
||||||
|
PLC - Public Limited Company
|
|
SA - Sociedad Anónima
|
|
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
|
|
(a)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of January 31, 2024, the value of these securities total $10,972,230 or 4.1% of the Fund’s net assets.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
|
(d)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
represented $23,167 or 0.0% of net assets as of January 31, 2024.
|
|
(e)
|
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
affecting the country or region.
|
|
(f)
|
The rate shown represents the 7-day effective yield as of January 31, 2024.
|
|
Cambria Emerging Shareholder Yield ETF
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3 (a)
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
||||||||||||||||
|
Brazil
|
$
|
14,291,895
|
$
|
–
|
$
|
–
|
$
|
14,291,895
|
||||||||
|
China
|
46,640,461
|
–
|
–
|
46,640,461
|
||||||||||||
|
Czech Republic
|
2,377,416
|
–
|
–
|
2,377,416
|
||||||||||||
|
Hong Kong
|
2,464,073
|
–
|
–
|
2,464,073
|
||||||||||||
|
India
|
22,182,276
|
–
|
–
|
22,182,276
|
||||||||||||
|
Indonesia
|
3,579,083
|
–
|
–
|
3,579,083
|
||||||||||||
|
Mexico
|
11,113,810
|
–
|
–
|
11,113,810
|
||||||||||||
|
Poland
|
7,030,550
|
–
|
–
|
7,030,550
|
||||||||||||
|
Russia
|
–
|
–
|
5
|
5
|
||||||||||||
|
South Africa
|
39,611,271
|
–
|
–
|
39,611,271
|
||||||||||||
|
South Korea
|
32,132,965
|
–
|
–
|
32,132,965
|
||||||||||||
|
Taiwan
|
73,699,619
|
–
|
–
|
73,699,619
|
||||||||||||
|
Turkey
|
7,614,325
|
–
|
–
|
7,614,325
|
||||||||||||
|
Common Stocks - Total
|
$
|
262,737,744
|
$
|
–
|
$
|
5
|
$
|
262,737,749
|
||||||||
|
Rights
|
–
|
–
|
23,162
|
23,162
|
||||||||||||
|
Short-Term Investments
|
2,782,372
|
–
|
–
|
2,782,372
|
||||||||||||
|
Total Investments
|
$
|
265,520,116
|
$
|
–
|
$
|
23,167
|
$
|
265,543,283
|
||||||||
|
(a)
|
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded
that Level 3 investments are not material in relation to net assets.
|