| Sector Weightings | ||||
| Cambria Shareholder Yield ETF | ||||
| Energy | 21.15 | % | ||
| Materials | 19.70 | % | ||
| Financials | 19.38 | % | ||
| Consumer Discretionary | 17.48 | % | ||
| Industrials | 9.45 | % | ||
| Health Care | 5.80 | % | ||
| Information Technology | 5.42 | % | ||
| Communication Services | 0.88 | % | ||
| Consumer Staples | 0.74 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Shareholder Yield ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (99.66%) | ||||||||
| Communication Services (0.88%) | ||||||||
| Fox Corp., Class A | 217,600 | $ | 7,278,720 | |||||
| Consumer Discretionary (17.42%) | ||||||||
| Adtalem Global Education, Inc.(a) | 185,600 | 8,025,344 | ||||||
| Advance Auto Parts, Inc. | 43,520 | 3,237,453 | ||||||
| AutoNation, Inc.(a) | 82,688 | 13,311,114 | ||||||
| Big 5 Sporting Goods Corp.(b) | 450,048 | 4,306,959 | ||||||
| Big Lots, Inc.(b) | 311,296 | 3,190,784 | ||||||
| Dillard's, Inc., Class A | 38,400 | 13,172,736 | ||||||
| Ethan Allen Interiors, Inc. | 272,384 | 8,571,925 | ||||||
| Foot Locker, Inc. | 187,904 | 5,048,980 | ||||||
| Haverty Furniture Cos., Inc. | 211,200 | 7,518,720 | ||||||
| LKQ Corp. | 138,496 | 7,588,196 | ||||||
| ODP Corp.(a) | 156,416 | 7,802,030 | ||||||
| Oxford Industries, Inc. | 72,448 | 7,813,517 | ||||||
| Penske Automotive Group, Inc. | 75,405 | 12,171,875 | ||||||
| PulteGroup, Inc. | 161,536 | 13,632,023 | ||||||
| Tapestry, Inc. | 196,096 | 8,461,542 | ||||||
| Toll Brothers, Inc. | 172,211 | 13,833,710 | ||||||
| Whirlpool Corp. | 45,056 | 6,499,779 | ||||||
| 144,186,687 | ||||||||
| Consumer Staples (0.74%) | ||||||||
| Cal-Maine Foods, Inc. | 131,937 | 6,094,170 | ||||||
| Energy (21.08%) | ||||||||
| APA Corp. | 173,824 | 7,038,134 | ||||||
| Shares | Value | |||||||
| Energy (continued) | ||||||||
| California Resources Corp. | 159,744 | $ | 8,522,342 | |||||
| Chevron Corp. | 46,592 | 7,625,247 | ||||||
| Civitas Resources, Inc. | 111,150 | 8,320,689 | ||||||
| CNX Resources Corp.(a) | 448,512 | 9,149,645 | ||||||
| ConocoPhillips | 69,888 | 8,227,215 | ||||||
| CONSOL Energy, Inc. | 133,880 | 9,976,738 | ||||||
| Coterra Energy, Inc. | 298,240 | 8,213,530 | ||||||
| CVR Energy, Inc. | 371,968 | 13,666,104 | ||||||
| Devon Energy Corp. | 128,256 | 6,925,824 | ||||||
| EOG Resources, Inc. | 65,536 | 8,685,486 | ||||||
| Exxon Mobil Corp. | 86,272 | 9,251,809 | ||||||
| Marathon Oil Corp. | 283,904 | 7,458,158 | ||||||
| Marathon Petroleum Corp. | 70,656 | 9,398,661 | ||||||
| Occidental Petroleum Corp. | 125,952 | 7,951,350 | ||||||
| PDC Energy, Inc. | 125,440 | 9,519,642 | ||||||
| Pioneer Natural Resources Co. | 31,232 | 7,048,125 | ||||||
| Plains GP Holdings LP, Class A | 641,792 | 10,069,716 | ||||||
| Range Resources Corp. | 252,160 | 7,925,389 | ||||||
| Valero Energy Corp. | 73,571 | 9,484,038 | ||||||
| 174,457,842 | ||||||||
| Financials (19.31%) | ||||||||
| Affiliated Managers Group, Inc. | 51,963 | 7,204,150 | ||||||
| Aflac, Inc. | 124,928 | 9,037,291 | ||||||
| Allstate Corp. | 57,856 | 6,519,214 | ||||||
| Ally Financial, Inc. | 190,208 | 5,808,952 | ||||||
| American Financial Group, Inc. | 55,296 | 6,724,547 | ||||||
| Ameriprise Financial, Inc. | 30,976 | 10,793,587 | ||||||
| Assured Guaranty, Ltd. | 153,856 | 9,197,512 | ||||||
| Cathay General Bancorp | 188,416 | 7,167,345 | ||||||
| Discover Financial Services | 64,256 | 6,782,221 | ||||||
| Federated Hermes, Inc. | 224,768 | 7,603,901 | ||||||
| Hilltop Holdings, Inc. | 228,608 | 7,070,845 | ||||||
| Jefferies Financial Group, Inc. | 229,916 | 8,458,610 | ||||||
| Lincoln National Corp. | 107,520 | 3,014,861 | ||||||
| Loews Corp. | 126,208 | 7,906,931 | ||||||
| MetLife, Inc. | 107,008 | 6,738,294 | ||||||
| Mr Cooper Group, Inc.(a) | 150,272 | 8,711,268 | ||||||
| PennyMac Financial Services, Inc. | 105,984 | 7,973,176 | ||||||
| Principal Financial Group, Inc. | 112,896 | 9,017,004 | ||||||
| SLM Corp. | 407,040 | 6,585,907 | ||||||
| Synchrony Financial | 158,464 | 5,473,347 | ||||||
| Voya Financial, Inc. | 103,680 | 7,699,277 | ||||||
| Western Union Co. | 355,840 | 4,334,131 | ||||||
| 159,822,371 | ||||||||
| Health Care (5.78%) | ||||||||
| AMN Healthcare Services, Inc.(a) | 64,256 | 6,885,030 | ||||||
| Cigna Group | 29,184 | 8,612,198 | ||||||
| McKesson Corp. | 34,304 | 13,803,930 | ||||||
| Shares | Value | |||||||
| Health Care (continued) | ||||||||
| Quest Diagnostics, Inc. | 46,592 | $ | 6,299,704 | |||||
| Universal Health Services, Inc., Class B | 57,088 | 7,932,949 | ||||||
| Veradigm, Inc. | 320,256 | 4,329,861 | ||||||
| 47,863,672 | ||||||||
| Industrials (9.41%) | ||||||||
| Atkore, Inc.(a) | 63,744 | 10,114,260 | ||||||
| Builders FirstSource, Inc.(a) | 56,064 | 8,097,324 | ||||||
| Crane Co. | 65,532 | 6,139,693 | ||||||
| Encore Wire Corp. | 40,037 | 6,833,916 | ||||||
| ManpowerGroup, Inc. | 84,224 | 6,643,589 | ||||||
| Matson, Inc. | 99,840 | 9,331,046 | ||||||
| Owens Corning | 77,619 | 10,865,884 | ||||||
| Ryder System, Inc. | 83,246 | 8,503,579 | ||||||
| Veritiv Corp. | 81,152 | 11,371,830 | ||||||
| 77,901,121 | ||||||||
| Information Technology (5.40%) | ||||||||
| Arrow Electronics, Inc.(a) | 60,160 | 8,575,206 | ||||||
| DXC Technology Co.(a) | 215,552 | 5,960,013 | ||||||
| HP, Inc. | 247,296 | 8,118,728 | ||||||
| Kulicke & Soffa Industries, Inc. | 137,519 | 8,234,638 | ||||||
| Sanmina Corp.(a) | 144,384 | 8,873,840 | ||||||
| Xerox Holdings Corp. | 308,992 | 4,937,692 | ||||||
| 44,700,117 | ||||||||
| Materials (19.64%) | ||||||||
| Alpha Metallurgical Resources, Inc. | 53,248 | 9,223,618 | ||||||
| CF Industries Holdings, Inc. | 67,840 | 5,568,307 | ||||||
| Dow, Inc. | 142,080 | 8,023,258 | ||||||
| DuPont de Nemours, Inc. | 107,008 | 8,307,031 | ||||||
| Greif, Inc., Class A | 114,176 | 8,445,599 | ||||||
| Huntsman Corp. | 241,152 | 7,179,095 | ||||||
| International Paper Co. | 165,120 | 5,954,227 | ||||||
| Louisiana-Pacific Corp. | 182,528 | 13,895,857 | ||||||
| LyondellBasell Industries NV, Class A | 72,960 | 7,212,826 | ||||||
| Mosaic Co. | 230,144 | 9,380,669 | ||||||
| Nucor Corp. | 71,280 | 12,266,575 | ||||||
| Olin Corp. | 133,632 | 7,707,894 | ||||||
| Reliance Steel & Aluminum Co. | 45,312 | 13,270,072 | ||||||
| Ryerson Holding Corp. | 344,832 | 14,651,912 | ||||||
| Steel Dynamics, Inc. | 77,824 | 8,294,482 | ||||||
| Sylvamo Corp. | 152,994 | 7,507,416 | ||||||
| United States Steel Corp. | 278,291 | 7,096,420 | ||||||
| Warrior Met Coal, Inc. | 192,768 | 8,529,984 | ||||||
| 162,515,242 | ||||||||
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| Total Common Stocks | ||||||||
| (Cost $768,698,443) | $ | 824,819,942 | ||||||
| Shares | Value | |||||||
| Short-Term Investment (0.44%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(c)(d) | 3,669,620 | $ | 3,669,620 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $3,669,620) | 3,669,620 | |||||||
| Total Investments (100.10%) | ||||||||
| (Cost $772,368,063) | $ | 828,489,562 | ||||||
| Liabilities Less Other Assets (-0.10%) | (873,501 | ) | ||||||
| Net Assets (100.00%) | $ | 827,616,061 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $3,598,131. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $3,669,620. |
| (d) | Rate shown is the 7-day effective yield as of July 31, 2023. |
As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
| Sector Weightings | ||||
| Cambria Foreign Shareholder Yield ETF | ||||
| Financials | 21.96 | % | ||
| Energy | 20.51 | % | ||
| Materials | 19.32 | % | ||
| Industrials | 16.45 | % | ||
| Consumer Discretionary | 7.11 | % | ||
| Communication Services | 4.99 | % | ||
| Information Technology | 4.05 | % | ||
| Consumer Staples | 3.13 | % | ||
| Real Estate | 1.39 | % | ||
| Other | 1.09 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Foreign Shareholder Yield ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (97.88%) | ||||||||
| Australia (7.77%) | ||||||||
| CSR, Ltd. | 575,218 | $ | 2,210,059 | |||||
| Fortescue Metals Group, Ltd. | 214,666 | 3,126,064 | ||||||
| New Hope Corp., Ltd. | 640,740 | 2,285,344 | ||||||
| Santos, Ltd. | 408,698 | 2,185,199 | ||||||
| Super Retail Group, Ltd. | 284,351 | 2,351,192 | ||||||
| Whitehaven Coal, Ltd. | 321,094 | 1,492,497 | ||||||
| Woodside Energy Group, Ltd. | 89,595 | 2,286,275 | ||||||
| Yancoal Australia, Ltd.(a) | 505,352 | 1,731,169 | ||||||
| 17,667,799 | ||||||||
| Austria (1.12%) | ||||||||
| Wienerberger AG | 78,011 | 2,557,766 | ||||||
| Canada (16.89%) | ||||||||
| Canadian Natural Resources, Ltd. | 36,200 | 2,201,401 | ||||||
| Corus Entertainment, Inc., Class B(a) | 1,194,600 | 1,313,594 | ||||||
| Crescent Point Energy Corp. | 307,700 | 2,494,455 | ||||||
| Home Capital Group, Inc. | 90,500 | 2,938,771 | ||||||
| Imperial Oil, Ltd. | 72,400 | 3,900,425 | ||||||
| Interfor Corp. | 108,600 | 1,943,624 | ||||||
| International Petroleum Corp.(b) | 191,136 | 1,800,888 | ||||||
| Labrador Iron Ore Royalty Corp.(a) | 105,716 | 2,538,178 | ||||||
| MEG Energy Corp.(b) | 162,900 | 2,904,318 | ||||||
| Mullen Group, Ltd. | 235,300 | 2,830,060 | ||||||
| Parex Resources, Inc. | 108,600 | 2,405,647 | ||||||
| Shares | Value | |||||||
| Canada (continued) | ||||||||
| Peyto Exploration & Development Corp.(a) | 199,100 | $ | 1,718,241 | |||||
| Stelco Holdings, Inc. | 90,500 | 3,299,769 | ||||||
| Suncor Energy, Inc. | 72,400 | 2,265,365 | ||||||
| West Fraser Timber Co., Ltd. | 18,100 | 1,524,976 | ||||||
| Whitecap Resources, Inc. | 289,600 | 2,312,583 | ||||||
| 38,392,295 | ||||||||
| Denmark (2.15%) | ||||||||
| D/S Norden A/S | 43,440 | 2,177,961 | ||||||
| Scandinavian Tobacco Group A/S, Class A(c) | 156,565 | 2,721,303 | ||||||
| 4,899,264 | ||||||||
| Finland (0.94%) | ||||||||
| Sampo Oyj(b) | 48,508 | 2,138,192 | ||||||
| France (6.99%) | ||||||||
| Amundi SA(c) | 35,838 | 2,198,747 | ||||||
| AXA SA | 89,595 | 2,755,329 | ||||||
| Coface SA | 169,416 | 2,481,167 | ||||||
| Metropole Television SA | 106,790 | 1,508,798 | ||||||
| Nexity SA | 78,192 | 1,324,836 | ||||||
| SCOR SE | 101,179 | 3,022,577 | ||||||
| TotalEnergies SE | 42,897 | 2,606,364 | ||||||
| 15,897,818 | ||||||||
| Germany (3.73%) | ||||||||
| Bayerische Motoren Werke AG | 17,376 | 2,117,981 | ||||||
| DWS Group GmbH & Co. KGaA(c) | 48,689 | 1,709,870 | ||||||
| Freenet AG | 102,084 | 2,527,687 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 5,611 | 2,113,610 | ||||||
| 8,469,148 | ||||||||
| Great Britain (12.42%) | ||||||||
| abrdn PLC | 998,758 | 2,972,395 | ||||||
| Anglo American PLC | 44,345 | 1,362,430 | ||||||
| Aviva PLC | 348,974 | 1,739,473 | ||||||
| Balfour Beatty PLC | 541,371 | 2,427,523 | ||||||
| Barratt Developments PLC | 401,458 | 2,352,971 | ||||||
| BP PLC | 531,959 | 3,297,393 | ||||||
| British American Tobacco PLC | 67,151 | 2,253,994 | ||||||
| Legal & General Group PLC | 549,886 | 1,647,096 | ||||||
| Man Group PLC | 622,278 | 1,907,060 | ||||||
| Persimmon PLC | 100,636 | 1,496,864 | ||||||
| Quilter PLC(c) | 1,433,353 | 1,436,646 | ||||||
| Rio Tinto PLC | 49,238 | 3,254,267 | ||||||
| WPP PLC | 190,412 | 2,081,016 | ||||||
| 28,229,128 | ||||||||
| Shares | Value | |||||||
| Hong Kong (6.82%) | ||||||||
| China Resources Cement Holdings, Ltd. | 2,896,000 | $ | 1,255,110 | |||||
| CK Hutchison Holdings, Ltd. | 362,000 | 2,232,648 | ||||||
| New World Development Co., Ltd. | 724,000 | 1,780,549 | ||||||
| Orient Overseas International, Ltd. | 90,500 | 1,507,386 | ||||||
| Pacific Basin Shipping, Ltd. | 5,792,000 | 1,878,952 | ||||||
| PC Partner Group, Ltd. | 2,534,000 | 1,260,680 | ||||||
| Shougang Fushan Resources Group, Ltd. | 6,516,000 | 1,871,526 | ||||||
| Skyworth Group, Ltd.(b) | 4,706,000 | 2,136,101 | ||||||
| VTech Holdings, Ltd. | 253,400 | 1,577,475 | ||||||
| 15,500,427 | ||||||||
| Italy (3.73%) | ||||||||
| Anima Holding SpA(c) | 452,681 | 1,745,024 | ||||||
| Eni SpA | 171,588 | 2,619,382 | ||||||
| Unipol Gruppo SpA | 418,472 | 2,330,928 | ||||||
| UnipolSai Assicurazioni SpA | 694,497 | 1,785,304 | ||||||
| 8,480,638 | ||||||||
| Japan (20.15%) | ||||||||
| Aozora Bank, Ltd.(a) | 90,500 | 1,858,474 | ||||||
| Citizen Watch Co., Ltd. | 524,900 | 3,423,943 | ||||||
| Dai-ichi Life Holdings, Inc. | 126,700 | 2,587,614 | ||||||
| Hakuto Co., Ltd. | 69,600 | 2,739,676 | ||||||
| Iyogin Holdings, Inc. | 434,400 | 3,064,144 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 72,400 | 2,483,478 | ||||||
| Japan Post Holdings Co., Ltd. | 271,500 | 1,982,838 | ||||||
| Japan Tobacco, Inc. | 90,500 | 2,005,739 | ||||||
| Kamigumi Co., Ltd. | 108,600 | 2,517,575 | ||||||
| Mitsubishi Logistics Corp. | 72,400 | 1,816,298 | ||||||
| Mitsuboshi Belting, Ltd. | 90,500 | 2,862,615 | ||||||
| Mitsui & Co., Ltd. | 69,600 | 2,710,811 | ||||||
| Niterra Co., Ltd. | 108,600 | 2,291,619 | ||||||
| Nitto Kogyo Corp. | 126,700 | 3,237,300 | ||||||
| Press Kogyo Co., Ltd. | 687,800 | 3,074,831 | ||||||
| Sumitomo Warehouse Co., Ltd. | 144,800 | 2,487,549 | ||||||
| Tokio Marine Holdings, Inc. | 90,500 | 2,073,170 | ||||||
| Yamato Kogyo Co., Ltd. | 54,300 | 2,591,240 | ||||||
| 45,808,914 | ||||||||
| Luxembourg (1.61%) | ||||||||
| APERAM SA | 62,445 | 1,971,875 | ||||||
| RTL Group SA | 39,096 | 1,690,220 | ||||||
| 3,662,095 | ||||||||
| Netherlands (2.10%) | ||||||||
| NN Group NV | 61,178 | 2,346,221 | ||||||
| Shares | Value | |||||||
| Netherlands (continued) | ||||||||
| Stellantis NV(b) | 118,555 | $ | 2,430,280 | |||||
| 4,776,501 | ||||||||
| New Zealand (0.76%) | ||||||||
| Fletcher Building, Ltd. | 496,483 | 1,720,676 | ||||||
| Norway (3.94%) | ||||||||
| Elkem ASA(c) | 632,595 | 1,500,494 | ||||||
| Golden Ocean Group, Ltd. | 235,481 | 1,842,946 | ||||||
| Hoegh Autoliners ASA | 359,285 | 2,079,128 | ||||||
| Telenor ASA | 182,994 | 1,959,028 | ||||||
| Yara International ASA | 38,553 | 1,576,348 | ||||||
| 8,957,944 | ||||||||
| Spain (2.15%) | ||||||||
| ACS Actividades de Construccion y Servicios SA | 64,436 | 2,252,249 | ||||||
| Repsol SA | 171,950 | 2,627,933 | ||||||
| 4,880,182 | ||||||||
| Sweden (2.22%) | ||||||||
| SSAB AB | 812,147 | 5,037,007 | ||||||
| Switzerland (2.39%) | ||||||||
| Ferrexpo PLC(b) | 922,014 | 1,086,240 | ||||||
| Glencore PLC | 341,366 | 2,074,586 | ||||||
| Holcim, Ltd.(b) | 32,580 | 2,264,031 | ||||||
| 5,424,857 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $220,641,063) | 222,500,651 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (2.54%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(d)(e) | 5,768,004 | $ | 5,768,004 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $5,768,004) | 5,768,004 | |||||||
| Total Investments (100.42%) | ||||||||
| (Cost $226,409,067) | $ | 228,268,655 | ||||||
| Liabilities Less Other Assets (-0.42%) | (939,483 | ) | ||||||
| Net Assets (100.00%) | $ | 227,329,172 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $5,411,724. |
| (b) | Non-income producing security. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $11,312,084, representing 4.98% of net assets. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $5,768,004. |
| (e) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| GmbH - German Company with limited liability |
| KGaA - German Master Limited Partnership |
| Oyj - Finnish public stock company |
| PLC - Public Limited Company |
| SpA - Italian Public Limited Company |
As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
| Sector Weightings | ||||
| Cambria Global Value ETF | ||||
| Financials | 32.63 | % | ||
| Utilities | 16.37 | % | ||
| Materials | 10.05 | % | ||
| Energy | 9.47 | % | ||
| Industrials | 9.27 | % | ||
| Real Estate | 7.45 | % | ||
| Consumer Staples | 5.63 | % | ||
| Consumer Discretionary | 3.72 | % | ||
| Information Technology | 1.91 | % | ||
| Health Care | 1.48 | % | ||
| Communication Services | 1.33 | % | ||
| Other | 0.69 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Global Value ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (96.20%) | ||||||||
| Austria (9.52%) | ||||||||
| ANDRITZ AG | 18,354 | $ | 969,866 | |||||
| AT&S Austria Technologie & Systemtechnik AG(a) | 41,363 | 1,562,653 | ||||||
| BAWAG Group AG(b) | 25,270 | 1,230,853 | ||||||
| Erste Group Bank AG(c) | 59,452 | 2,259,114 | ||||||
| EVN AG(c) | 53,599 | 1,269,993 | ||||||
| OMV AG | 26,866 | 1,211,111 | ||||||
| Raiffeisen Bank International AG(c) | 79,268 | 1,282,930 | ||||||
| Verbund AG | 14,098 | 1,167,987 | ||||||
| Voestalpine AG | 37,107 | 1,228,060 | ||||||
| Wienerberger AG | 41,895 | 1,373,622 | ||||||
| 13,556,189 | ||||||||
| Brazil (9.03%) | ||||||||
| Atacadao SA | 505,400 | 1,443,924 | ||||||
| Banco Santander Brasil SA | 186,200 | 1,130,883 | ||||||
| Centrais Eletricas Brasileiras SA | 159,600 | 1,303,463 | ||||||
| Cia Siderurgica Nacional SA | 399,000 | 1,165,253 | ||||||
| Gerdau SA | 237,405 | 1,469,991 | ||||||
| Itau Unibanco Holding SA | 266,000 | 1,609,922 | ||||||
| JBS S/A | 319,200 | 1,267,012 | ||||||
| Petroleo Brasileiro SA | 186,200 | 1,225,386 | ||||||
| Telefonica Brasil SA | 119,700 | 1,070,497 | ||||||
| Vale SA | 79,800 | 1,170,316 | ||||||
| 12,856,647 | ||||||||
| Shares | Value | |||||||
| Chile (9.51%) | ||||||||
| Banco Santander Chile | 24,307,612 | $ | 1,297,746 | |||||
| CAP SA | 100,681 | 768,058 | ||||||
| Cencosud SA | 751,716 | 1,615,534 | ||||||
| Cia Sud Americana de Vapores SA | 10,570,175 | 800,060 | ||||||
| Colbun SA | 11,978,512 | 1,891,130 | ||||||
| Empresas CMPC SA | 807,310 | 1,593,555 | ||||||
| Empresas COPEC SA | 167,314 | 1,283,356 | ||||||
| Enel Americas SA | 11,385,332 | 1,538,953 | ||||||
| Falabella SA | 444,752 | 1,229,907 | ||||||
| Quinenco SA | 435,442 | 1,515,583 | ||||||
| 13,533,882 | ||||||||
| Czech Republic (7.67%) | ||||||||
| CEZ AS | 51,870 | 2,295,423 | ||||||
| Komercni Banka AS | 92,036 | 3,018,143 | ||||||
| Moneta Money Bank AS(b) | 817,817 | 3,218,248 | ||||||
| Philip Morris CR AS | 3,059 | 2,385,010 | ||||||
| 10,916,824 | ||||||||
| Great Britain (7.62%) | ||||||||
| Anglo American PLC | 27,531 | 845,847 | ||||||
| Aviva PLC | 168,982 | 842,297 | ||||||
| Barclays PLC | 646,912 | 1,286,501 | ||||||
| BP PLC | 231,287 | 1,433,652 | ||||||
| Legal & General Group PLC | 387,562 | 1,160,880 | ||||||
| Lloyds Banking Group PLC | 2,201,283 | 1,269,422 | ||||||
| Rio Tinto PLC | 17,689 | 1,169,112 | ||||||
| Segro PLC | 81,662 | 799,632 | ||||||
| Shell PLC | 42,294 | 1,284,219 | ||||||
| Vodafone Group PLC | 784,966 | 749,798 | ||||||
| 10,841,360 | ||||||||
| Greece (–%)(d) | ||||||||
| FF Group(c)(e) | 25,407 | – | ||||||
| Hong Kong (7.64%) | ||||||||
| BOC Hong Kong Holdings, Ltd. | 399,000 | 1,212,517 | ||||||
| China Overseas Land & Investment, Ltd. | 465,500 | 1,095,870 | ||||||
| China Resources Land, Ltd. | 266,000 | 1,231,276 | ||||||
| CK Asset Holdings, Ltd. | 199,500 | 1,151,124 | ||||||
| CK Hutchison Holdings, Ltd. | 199,500 | 1,230,423 | ||||||
| Geely Automobile Holdings, Ltd. | 931,000 | 1,344,172 | ||||||
| Orient Overseas International, Ltd. | 66,500 | 1,107,637 | ||||||
| Sino Land Co., Ltd. | 1,064,000 | 1,302,902 | ||||||
| Swire Properties, Ltd. | 478,800 | 1,197,169 | ||||||
| 10,873,090 | ||||||||
| Italy (9.33%) | ||||||||
| A2A SpA | 727,377 | 1,387,975 | ||||||
| Shares | Value | |||||||
| Italy (continued) | ||||||||
| Assicurazioni Generali SpA | 59,850 | $ | 1,275,308 | |||||
| Banco BPM SpA | 278,236 | 1,391,333 | ||||||
| Enel SpA | 196,574 | 1,355,593 | ||||||
| Eni SpA | 82,992 | 1,266,917 | ||||||
| Intesa Sanpaolo SpA | 456,988 | 1,320,969 | ||||||
| Leonardo SpA | 99,883 | 1,352,457 | ||||||
| Pirelli & C SpA(b) | 238,735 | 1,273,078 | ||||||
| UniCredit SpA | 57,722 | 1,459,710 | ||||||
| UnipolSai Assicurazioni SpA | 468,426 | 1,204,156 | ||||||
| 13,287,496 | ||||||||
| Malaysia (7.57%) | ||||||||
| CIMB Group Holdings Bhd | 1,024,100 | 1,260,536 | ||||||
| Hartalega Holdings Bhd | 2,261,000 | 1,103,171 | ||||||
| Hong Leong Bank Bhd | 252,700 | 1,097,331 | ||||||
| Malayan Banking Bhd | 585,200 | 1,170,660 | ||||||
| Petronas Chemicals Group Bhd | 665,000 | 1,025,006 | ||||||
| Public Bank Bhd | 1,130,500 | 1,045,506 | ||||||
| RHB Bank Bhd | 864,500 | 1,090,930 | ||||||
| Sime Darby Bhd | 2,221,100 | 1,073,852 | ||||||
| Sime Darby Plantation Bhd | 984,200 | 993,149 | ||||||
| Top Glove Corp. Bhd(c) | 4,522,000 | 922,652 | ||||||
| 10,782,793 | ||||||||
| Netherlands (1.09%) | ||||||||
| Ferrovial SE(a) | 46,683 | 1,547,032 | ||||||
| Poland (9.78%) | ||||||||
| Alior Bank SA(c) | 155,078 | 2,247,008 | ||||||
| Jastrzebska Spolka Weglowa SA(a) | 76,874 | 784,928 | ||||||
| KGHM Polska Miedz SA | 38,437 | 1,190,346 | ||||||
| Lubelski Wegiel Bogdanka SA(a) | 100,548 | 980,968 | ||||||
| ORLEN SA | 239,457 | 4,273,664 | ||||||
| PGE Polska Grupa Energetyczna SA(c) | 553,546 | 1,177,666 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 179,018 | 1,811,342 | ||||||
| Tauron Polska Energia SA(c) | 1,573,390 | 1,462,367 | ||||||
| 13,928,289 | ||||||||
| Russia (–%)(d) | ||||||||
| Alrosa PJSC(e) | 1,262,976 | – | ||||||
| Gazprom Neft PJSC(e) | 334,880 | – | ||||||
| Gazprom PJSC(e) | 373,048 | – | ||||||
| Rosneft Oil Co. PJSC(e) | 198,016 | – | ||||||
| Sberbank of Russia PJSC(e) | 287,609 | – | ||||||
| Severstal PAO(c)(e) | 82,992 | – | ||||||
| Unipro PJSC(c)(e) | 22,421,984 | – | ||||||
| 0 | ||||||||
| Shares | Value | |||||||
| Singapore (9.36%) | ||||||||
| CapitaLand Ascott Trust | 22,748 | $ | 19,160 | |||||
| CapitaLand Investment, Ltd./Singapore | 399,000 | 1,020,192 | ||||||
| CDL Hospitality Trusts | 23,850 | 21,343 | ||||||
| City Developments, Ltd. | 212,800 | 1,182,622 | ||||||
| Genting Singapore, Ltd. | 1,755,600 | 1,241,033 | ||||||
| Jardine Cycle & Carriage, Ltd. | 53,200 | 1,371,458 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 133,000 | 1,330,250 | ||||||
| Sembcorp Industries, Ltd. | 478,800 | 1,962,369 | ||||||
| Singapore Airlines, Ltd. | 305,900 | 1,732,226 | ||||||
| United Overseas Bank, Ltd. | 53,200 | 1,204,226 | ||||||
| UOL Group, Ltd. | 226,100 | 1,195,325 | ||||||
| Venture Corp., Ltd. | 93,100 | 1,048,797 | ||||||
| 13,329,001 | ||||||||
| Spain (8.08%) | ||||||||
| Acciona SA | 6,118 | 917,195 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 167,846 | 1,330,588 | ||||||
| Banco Santander SA | 412,566 | 1,670,904 | ||||||
| CaixaBank SA | 374,262 | 1,509,805 | ||||||
| Enagas SA | 54,663 | 969,750 | ||||||
| Endesa SA | 56,924 | 1,219,532 | ||||||
| Iberdrola SA(a) | 103,873 | 1,296,842 | ||||||
| Mapfre SA | 663,404 | 1,379,326 | ||||||
| Naturgy Energy Group SA | 39,501 | 1,204,791 | ||||||
| 11,498,733 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $141,771,765) | 136,951,336 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (0.52%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(f)(g) | 734,735 | $ | 734,735 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $734,735) | 734,735 | |||||||
| Total Investments (96.72%) | ||||||||
| (Cost $142,506,500) | $ | 137,686,071 | ||||||
| Other Assets Less Liabilities (3.28%) | 4,674,072 | |||||||
| Net Assets (100.00%) | $ | 142,360,143 | ||||||
| Shares | Value | |||||||
| Short-Term Investment (continued) | ||||||||
| Percentages based on Net Assets. | ||||||||
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $3,790,322. |
| (b) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $5,722,179, representing 4.02% of net assets. |
| (c) | Non-income producing security. |
| (d) | Less than 0.005%. |
| (e) | Level 3 security in accordance with fair value hierarchy. |
| (f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $734,735. |
| (g) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| PJSC - Private Joint Stock Company |
| PLC - Public Limited Company |
| Cambria Global Value ETF |
| Investments in Securities at Value | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs(1) | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Austria | $ | 13,556,189 | – | $ | – | 13,556,189 | ||||||||||
| Brazil | 12,856,647 | – | – | 12,856,647 | ||||||||||||
| Chile | 13,533,882 | – | – | 13,533,882 | ||||||||||||
| Czech Republic | 10,916,824 | – | – | 10,916,824 | ||||||||||||
| Great Britain | 10,841,360 | – | – | 10,841,360 | ||||||||||||
| Hong Kong | 10,873,090 | – | – | 10,873,090 | ||||||||||||
| Italy | 13,287,496 | – | – | 13,287,496 | ||||||||||||
| Malaysia | 10,782,793 | – | – | 10,782,793 | ||||||||||||
| Netherlands | 1,547,032 | – | – | 1,547,032 | ||||||||||||
| Poland | 13,928,289 | – | – | 13,928,289 | ||||||||||||
| Singapore | 13,329,001 | – | – | 13,329,001 | ||||||||||||
| Spain | 11,498,733 | – | – | 11,498,733 | ||||||||||||
| Short-Term Investment | 734,735 | – | – | 734,735 | ||||||||||||
| Total | $ | 137,686,071 | $ | – | $ | – | $ | 137,686,071 | ||||||||
| (1) | The Fund considers transfers to Level 3 at the ending of the reporting period, which is $0 at the end of the reporting period. Change in unrealized appreciation/depreciation on Level 3 holding as of July 31, 2023 is $(10,075,918). |
| Sector Weightings | ||||
| Cambria Global Momentum ETF | ||||
| Exchange Traded Funds | 100.00 | % | ||
| 100.00 | % | |||
| Percentages based on total investments, excluding investments purchased with collateral from securities loaned. |
| Cambria Global Momentum ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Exchange Traded Funds (99.44%) | ||||||||
| Global (38.50%) | ||||||||
| Equity ETF (38.50%) | ||||||||
| iShares® Global Consumer Discretionary ETF(a) | 63,903 | $ | 10,310,327 | |||||
| iShares® Global Consumer Staples ETF | 175,644 | 10,919,788 | ||||||
| iShares® Global Industrials ETF | 92,344 | 11,378,628 | ||||||
| iShares® Global Tech ETF | 186,235 | 11,792,400 | ||||||
| Cambria Global Value ETF* | 1,011,262 | 21,570,016 | ||||||
| 65,971,159 | ||||||||
| International (36.24%) | ||||||||
| Equity ETF (24.37%) | ||||||||
| Cambria Emerging Shareholder Yield ETF*(a) | 710,430 | 21,305,796 | ||||||
| Cambria Foreign Shareholder Yield ETF* | 807,772 | 20,448,748 | ||||||
| 41,754,544 | ||||||||
| Fixed Income ETF (11.87%) | ||||||||
| VanEck Emerging Markets High Yield Bond ETF | 551,922 | 10,089,134 | ||||||
| WisdomTree Emerging Markets Local Debt Fund*(a) | 361,879 | 10,285,578 | ||||||
| 20,374,712 | ||||||||
| North America (18.22%) | ||||||||
| Commodity ETF (12.07%) | ||||||||
| Invesco DB Precious Metals Fund | 215,509 | 11,007,144 | ||||||
| VanEck Gold Miners ETF/USA | 308,091 | 9,677,138 | ||||||
| 20,684,282 | ||||||||
| Equity ETF (6.15%) | ||||||||
| Vanguard® Total Stock Market ETF | 45,934 | 10,489,029 | ||||||
| Shares | Value | |||||||
| United States (6.48%) | ||||||||
| Commodity ETF (6.48%) | ||||||||
| Graniteshares Gold Trust(b) | 571,676 | $ | 11,107,665 | |||||
| Total Exchange Traded Funds | ||||||||
| (Cost $159,246,425) | 170,381,391 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (0.92%) | ||||||||
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(c)(d) | 1,578,190 | $ | 1,578,190 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,578,190) | 1,578,190 | |||||||
| Total Investments (100.36%) | ||||||||
| (Cost $160,824,615) | $ | 171,959,581 | ||||||
| Liabilities Less Other Assets (-0.36%) | (622,623 | ) | ||||||
| Net Assets (100.00%) | $ | 171,336,958 | ||||||
| Percentages based on Net Assets. | ||||||||
| * | Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor. |
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $1,548,019. |
| (b) | Non-income producing security. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $1,578,190. |
| (d) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| ETF - Exchange Traded Fund |
Transactions with affiliated companies during the period ended July 31, 2023 are as follows:
| Security Name | Market
Value as of April 30, 2023 | Purchases | Purchases In-Kind | Sales | Sales
In-Kind | Market Value as
of | Share Balance
2023 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | 21,819,192 | $ | - | $ | - | $ | - | $ | (1,373,657 | ) | $ | 21,305,796 | $ | 710,430 | $ | 726,512 | $ | 830,847 | $ | 29,414 | |||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 21,697,862 | 10,245,293 | - | (10,226,994 | ) | (915,701 | ) | 20,448,748 | 807,772 | 310,718 | 436,310 | (870,465 | ) | |||||||||||||||||||||||||||
| Cambria Global Value ETF | 22,308,015 | - | - | - | (1,401,607 | ) | 21,570,016 | 1,011,262 | 694,341 | 579,531 | 84,078 | |||||||||||||||||||||||||||||
| WisdomTree Emerging Markets Local Debt Fund | 10,435,429 | - | - | - | (672,122 | ) | 10,285,578 | 361,879 | 123,434 | 493,527 | 28,744 | |||||||||||||||||||||||||||||
| Invesco DB Precious Metals Fund | 11,918,973 | - | - | - | (737,139 | ) | 11,007,144 | 215,509 | - | (208,934 | ) | 34,244 | ||||||||||||||||||||||||||||
| $ | 88,179,471 | $ | 10,245,293 | $ | - | $ | (10,226,994 | ) | $ | (5,100,226 | ) | $ | 84,617,282 | $ | 3,106,852 | $ | 1,855,005 | $ | 2,131,281 | $ | (693,985 | ) | ||||||||||||||||||
| As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |
| Sector Weightings | ||||
| Cambria Global Asset Allocation ETF | ||||
| Exchange Traded Funds | 100.00 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Global Asset Allocation ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Exchange Traded Funds (99.27%) | ||||||||
| Global (13.80%) | ||||||||
| Equity ETF (13.80%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 21,386 | $ | 501,833 | |||||
| Cambria Global Real Estate ETF*(a) | 138,750 | 3,474,522 | ||||||
| Cambria Global Value ETF* | 143,486 | 3,060,528 | ||||||
| 7,036,883 | ||||||||
| International (36.07%) | ||||||||
| Equity ETF (16.11%) | ||||||||
| Alpha Architect International Quantitative Momentum ETF | 38,480 | 1,014,694 | ||||||
| Cambria Emerging Shareholder Yield ETF*(a) | 161,764 | 4,851,302 | ||||||
| Cambria Foreign Shareholder Yield ETF*(a) | 92,907 | 2,351,941 | ||||||
| 8,217,937 | ||||||||
| Fixed Income ETF (19.96%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 31,857 | 1,347,233 | ||||||
| VanEck Emerging Markets High Yield Bond ETF(a) | 109,668 | 2,004,731 | ||||||
| VanEck International High Yield Bond ETF | 50,986 | 1,032,976 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 125,726 | 3,256,304 | ||||||
| Vanguard® Total International Bond ETF(a) | 52,022 | 2,535,552 | ||||||
| 10,176,796 | ||||||||
| North America (0.95%) | ||||||||
| Commodity ETF (0.95%) | ||||||||
| VanEck Gold Miners ETF/USA | 15,318 | 481,138 | ||||||
| Shares | Value | |||||||
| United States (48.45%) | ||||||||
| Commodity ETF (9.89%) | ||||||||
| Graniteshares Gold Trust(b) | 85,359 | $ | 1,658,526 | |||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(a) | 228,956 | 3,386,259 | ||||||
| 5,044,785 | ||||||||
| Equity ETF (16.70%) | ||||||||
| Alpha Architect US Quantitative Momentum ETF(a) | 45,325 | 2,131,032 | ||||||
| Cambria Shareholder Yield ETF*(a) | 65,305 | 4,225,234 | ||||||
| Cambria Value and Momentum ETF* | 81,215 | 2,157,062 | ||||||
| 8,513,328 | ||||||||
| Fixed Income ETF (21.86%) | ||||||||
| Schwab US TIPS Bond ETF(a) | 26,899 | 1,404,935 | ||||||
| Vanguard® Intermediate-Term Corporate Bond ETF | 19,425 | 1,536,517 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF | 34,521 | 2,018,788 | ||||||
| Vanguard® Long-Term Treasury Bond ETF | 28,897 | 1,790,169 | ||||||
| Vanguard® Short-Term Corporate Bond ETF | 13,801 | 1,047,910 | ||||||
| Vanguard® Total Bond Market ETF | 46,250 | 3,349,425 | ||||||
| 11,147,744 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $52,006,743) | 50,618,611 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (8.47%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(c)(d) | 4,317,910 | $ | 4,317,910 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $4,317,910) | 4,317,910 | |||||||
| Total Investments (107.74%) | ||||||||
| (Cost $56,324,653) | $ | 54,936,521 | ||||||
| Liabilities Less Other Assets (-7.74%) | (3,943,713 | ) | ||||||
| Net Assets (100.00%) | $ | 50,992,808 | ||||||
| Shares | Value | |||||||
| Short-Term Investment (continued) | ||||||||
| Percentages based on Net Assets. | ||||||||
| * | Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor. |
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,204,231. |
| (b) | Non-income producing security. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $4,317,910. |
| (d) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| ETF - Exchange Traded Funds |
| FTSE - Financial Times Stock Exchange |
| SPDR - Standard & Poor's Depository Receipt |
| TIPS - Treasury Inflation Protected Security |
Transactions with affiliated companies during the period ended July 31, 2023 are as follows:
| Security Name | Market
Value as of April 30, 2023 | Purchases | Purchases In-Kind | Sales | Sales
In-Kind | Market Value as
of | Share Balance
31, 2023 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | 4,781,062 | $ | - | $ | 121,619 | $ | - | $ | (245,619 | ) | $ | 4,851,302 | $ | 161,764 | $ | 160,046 | $ | 198,701 | $ | (4,459 | ) | ||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 2,422,663 | - | 61,293 | - | (122,286 | ) | 2,351,941 | 92,907 | 69,768 | (10,011 | ) | 280 | ||||||||||||||||||||||||||||
| Cambria Global Real Estate ETF | 3,079,046 | 400,349 | 92,545 | - | (169,523 | ) | 3,474,522 | 138,750 | 86,233 | 42,688 | (2,619 | ) | ||||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 2,051,536 | - | 57,008 | - | (109,897 | ) | 2,157,062 | 81,215 | 7,898 | 117,378 | 41,038 | |||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 3,896,096 | - | 109,819 | - | (207,264 | ) | 4,225,234 | 65,305 | 19,205 | 324,676 | 101,908 | |||||||||||||||||||||||||||||
| Cambria Global Value ETF | 3,046,014 | - | 78,064 | - | (157,350 | ) | 3,060,528 | 143,486 | 95,315 | 87,891 | 5,909 | |||||||||||||||||||||||||||||
| Grand Total | $ | 19,276,417 | $ | 400,349 | $ | 520,348 | $ | - | $ | (1,011,939 | ) | $ | 20,120,589 | $ | 683,427 | $ | 438,465 | $ | 761,323 | $ | 142,057 | |||||||||||||||||||
| As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |
| Sector Weightings | ||||
| Cambria Value and Momentum ETF | ||||
| Consumer Discretionary | 25.21 | % | ||
| Financials | 18.30 | % | ||
| Industrials | 17.14 | % | ||
| Energy | 12.90 | % | ||
| Materials | 12.55 | % | ||
| Information Technology | 7.13 | % | ||
| Health Care | 4.00 | % | ||
| Communication Services | 1.99 | % | ||
| Consumer Staples | 0.60 | % | ||
| Other | 0.18 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Value and Momentum ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (94.52%) | ||||||||
| Communication Services (1.89%) | ||||||||
| Scholastic Corp. | 12,474 | $ | 538,752 | |||||
| Sciplay Corp.(a) | 26,379 | 517,028 | ||||||
| 1,055,780 | ||||||||
| Consumer Discretionary (23.87%) | ||||||||
| Academy Sports & Outdoors, Inc. | 6,835 | 408,665 | ||||||
| Adtalem Global Education, Inc.(a) | 10,500 | 454,020 | ||||||
| Asbury Automotive Group, Inc.(a) | 2,137 | 482,107 | ||||||
| AutoNation, Inc.(a) | 3,864 | 622,027 | ||||||
| Century Communities, Inc. | 7,336 | 566,486 | ||||||
| DR Horton, Inc. | 4,542 | 576,925 | ||||||
| Green Brick Partners, Inc.(a) | 13,296 | 751,490 | ||||||
| Group 1 Automotive, Inc. | 2,394 | 618,921 | ||||||
| KB Home | 7,350 | 396,679 | ||||||
| Lennar Corp., Class A | 4,242 | 538,013 | ||||||
| M/I Homes, Inc.(a) | 7,293 | 729,300 | ||||||
| MasterCraft Boat Holdings, Inc. | 13,756 | 421,621 | ||||||
| MDC Holdings, Inc. | 8,442 | 432,906 | ||||||
| Meritage Homes Corp. | 3,954 | 588,948 | ||||||
| ODP Corp.(a) | 10,477 | 522,593 | ||||||
| Patrick Industries, Inc. | 6,377 | 551,929 | ||||||
| Penske Automotive Group, Inc. | 4,368 | 705,083 | ||||||
| Perdoceo Education Corp.(a) | 35,486 | 473,738 | ||||||
| PulteGroup, Inc. | 7,809 | 659,001 | ||||||
| PVH Corp. | 4,620 | 414,137 | ||||||
| Taylor Morrison Home Corp.(a) | 11,979 | 580,023 | ||||||
| Shares | Value | |||||||
| Consumer Discretionary (continued) | ||||||||
| Toll Brothers, Inc. | 7,522 | $ | 604,242 | |||||
| Tri Pointe Homes, Inc.(a) | 11,928 | 380,265 | ||||||
| Upbound Group, Inc., Class A(a) | 12,390 | 429,066 | ||||||
| Urban Outfitters, Inc.(a) | 12,054 | 438,404 | ||||||
| 13,346,589 | ||||||||
| Consumer Staples (0.57%) | ||||||||
| Cal-Maine Foods, Inc. | 6,888 | 318,157 | ||||||
| Energy (12.21%) | ||||||||
| Chevron Corp. | 2,436 | 398,676 | ||||||
| Chord Energy Corp. | 4,126 | 647,122 | ||||||
| Civitas Resources, Inc. | 7,392 | 553,365 | ||||||
| CONSOL Energy, Inc. | 7,980 | 594,670 | ||||||
| Exxon Mobil Corp. | 4,872 | 522,473 | ||||||
| Gulfport Energy Corp.(a) | 3,906 | 400,170 | ||||||
| Helix Energy Solutions Group, Inc.(a) | 68,809 | 660,566 | ||||||
| Marathon Petroleum Corp. | 4,200 | 558,684 | ||||||
| PBF Energy, Inc. | 13,711 | 650,450 | ||||||
| PDC Energy, Inc. | 8,568 | 650,225 | ||||||
| Permian Resources Corp. | 55,177 | 645,019 | ||||||
| Plains GP Holdings LP, Class A | 34,818 | 546,294 | ||||||
| Vitesse Energy, Inc.(a) | 8 | 202 | ||||||
| 6,827,916 | ||||||||
| Financials (17.33%) | ||||||||
| American Equity Investment Life Holding Co. | 10,248 | 550,010 | ||||||
| Bancorp, Inc.(a) | 14,692 | 556,827 | ||||||
| eHealth, Inc.(a) | 53,937 | 407,764 | ||||||
| Enova International, Inc.(a) | 10,060 | 554,205 | ||||||
| First Citizens BancShares, Inc., Class A | 294 | 420,802 | ||||||
| Genworth Financial, Inc., Class A(a) | 96,485 | 565,402 | ||||||
| Loews Corp. | 9,818 | 615,098 | ||||||
| MGIC Investment Corp. | 24,948 | 417,629 | ||||||
| Mr Cooper Group, Inc.(a) | 11,046 | 640,337 | ||||||
| Old Republic International Corp. | 18,480 | 509,494 | ||||||
| Oscar Health, Inc.(a) | 45,150 | 339,528 | ||||||
| Pathward Financial, Inc. | 9,947 | 516,846 | ||||||
| Primerica, Inc. | 1,974 | 419,870 | ||||||
| PROG Holdings, Inc.(a) | 12,096 | 490,856 | ||||||
| Radian Group, Inc. | 15,204 | 409,444 | ||||||
| Remitly Global, Inc.(a) | 20,916 | 403,260 | ||||||
| Travelers Cos., Inc. | 3,486 | 601,718 | ||||||
| Unum Group | 15,456 | 751,316 | ||||||
| Voya Financial, Inc. | 6,972 | 517,741 | ||||||
| 9,688,147 | ||||||||
| Shares | Value | |||||||
| Health Care (3.79%) | ||||||||
| Arcturus Therapeutics Holdings, Inc.(a) | 15,330 | $ | 535,937 | |||||
| Cardinal Health, Inc. | 6,163 | 563,729 | ||||||
| Cross Country Healthcare, Inc.(a) | 19,130 | 493,554 | ||||||
| McKesson Corp. | 1,302 | 523,925 | ||||||
| 2,117,145 | ||||||||
| Industrials (16.23%) | ||||||||
| ArcBest Corp. | 4,801 | 558,452 | ||||||
| Atkore, Inc.(a) | 3,138 | 497,906 | ||||||
| Boise Cascade Co. | 8,736 | 904,089 | ||||||
| Builders FirstSource, Inc.(a) | 5,216 | 753,347 | ||||||
| Crane NXT Co. | 6,846 | 404,941 | ||||||
| EMCOR Group, Inc. | 2,723 | 585,554 | ||||||
| Encore Wire Corp. | 3,444 | 587,856 | ||||||
| Fluence Energy, Inc.(a) | 16,254 | 475,267 | ||||||
| GMS, Inc.(a) | 5,544 | 408,537 | ||||||
| Insteel Industries, Inc. | 14,490 | 467,303 | ||||||
| Mueller Industries, Inc. | 7,896 | 640,050 | ||||||
| MYR Group, Inc.(a) | 2,772 | 395,176 | ||||||
| Owens Corning | 3,024 | 423,330 | ||||||
| SkyWest, Inc.(a) | 9,702 | 426,791 | ||||||
| Sterling Infrastructure, Inc.(a) | 7,224 | 433,368 | ||||||
| Terex Corp. | 6,636 | 389,069 | ||||||
| Univar Solutions, Inc.(a) | 10,542 | 380,988 | ||||||
| Wabash National Corp. | 14,574 | 345,112 | ||||||
| 9,077,136 | ||||||||
| Information Technology (6.75%) | ||||||||
| Arrow Electronics, Inc.(a) | 2,772 | 395,121 | ||||||
| Avnet, Inc. | 14,070 | 682,395 | ||||||
| Insight Enterprises, Inc.(a) | 2,646 | 388,142 | ||||||
| InterDigital, Inc. | 4,158 | 385,405 | ||||||
| Jabil, Inc. | 3,696 | 409,036 | ||||||
| Photronics, Inc.(a) | 23,016 | 608,773 | ||||||
| Sanmina Corp.(a) | 8,561 | 526,159 | ||||||
| Vishay Intertechnology, Inc. | 13,440 | 378,336 | ||||||
| 3,773,367 | ||||||||
| Materials (11.88%) | ||||||||
| Alpha Metallurgical Resources, Inc. | 3,990 | 691,148 | ||||||
| Commercial Metals Co. | 10,548 | 603,556 | ||||||
| Nucor Corp. | 4,074 | 701,095 | ||||||
| O-I Glass, Inc.(a) | 18,480 | 424,301 | ||||||
| Olympic Steel, Inc. | 8,771 | 489,334 | ||||||
| Reliance Steel & Aluminum Co. | 2,058 | 602,706 | ||||||
| Ryerson Holding Corp. | 15,750 | 669,217 | ||||||
| Steel Dynamics, Inc. | 4,503 | 479,930 | ||||||
| TimkenSteel Corp.(a) | 36,372 | 847,468 | ||||||
| Warrior Met Coal, Inc. | 12,684 | 561,267 | ||||||
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| Westlake Corp. | 4,179 | $ | 574,612 | |||||
| 6,644,634 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $44,333,541) | 52,848,871 | |||||||
| Shares | Value | |||||||
| Rights (0.17%) | ||||||||
| Resolute Forest Prod Cvr, Expires 12/31/2049, Strike Price $0(b) | 66,033 | 93,767 | ||||||
| Total Investments (94.69%) | ||||||||
| (Cost $44,333,541) | $ | 52,942,638 | ||||||
| Other Assets Less Liabilities (5.31%) | 2,969,015 | |||||||
| Net Assets (100.00%) | $ | 55,911,653 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | Level 3 security in accordance with fair value hierarchy. |
| The open futures contracts held by the Fund as of July 31, 2023 are as follows: |
Type of Contract | Number of Contracts Short | Expiration Date | Notional Amount | Notional Value | Unrealized Appreciation | |||||||||||||
| S&P® 500 Mini Future | 126 | Sep-2023 | $ | 29,071,350 | $ | 28,215,377 | $ | (855,973 | ) | |||||||||
| For the period ended July 31, 2023, the monthly average notional value of the short equity futures contracts held was $30,714,087 and the ending notional value of the futures contacts was $29,071,350. |
| Cambria Value and Momentum ETF | ||||||||||||||||
| Investments in Securities at Value | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 52,848,871 | $ | – | $ | – | $ | 52,848,871 | ||||||||
| Rights and Warrants | – | – | 93,767 | 93,767 | ||||||||||||
| Total | $ | 52,848,871 | $ | – | $ | 93,767 | $ | 52,942,638 | ||||||||
| Sector Weightings | ||||
| Cambria Global Tail Risk ETF | ||||
| Exchange Traded Funds | 88.79 | % | ||
| Sovereign Debt | 5.70 | % | ||
| Purchased Options | 5.51 | % | ||
| 100.00 | % | |||
| Percentages based on total investments, excluding investments purchased with collateral from securities loaned. |
| Cambria Global Tail Risk ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Exchange Traded Funds (81.19%) | ||||||||
| International (38.76%) | ||||||||
| Fixed Income ETF (38.76%) | ||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 29,150 | $ | 754,985 | |||||
| Vanguard® Total International Bond ETF(a) | 14,221 | 693,132 | ||||||
| 1,448,117 | ||||||||
| United States (42.43%) | ||||||||
| Fixed Income ETF (42.43%) | ||||||||
| iShares® 7-10 Year Treasury Bond ETF | 8,435 | 807,567 | ||||||
| iShares® TIPS Bond ETF | 7,254 | 777,338 | ||||||
| 1,584,905 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $3,037,515) | 3,033,022 | |||||||
| Currency | Face Amount | Value | ||||||||
| Sovereign Debt (5.21%) | ||||||||||
| Colombian TES, 7.500%, 8/26/2026 | COP | 812,500,000 | 194,576 | |||||||
| Total Sovereign Debt | ||||||||||
| (Cost $285,250) | 194,576 | |||||||||
| Contracts | Notional Amount | Value | ||||||||||
| Purchased Options (5.04%) | ||||||||||||
| Put Options | ||||||||||||
| MSCI EAFE Index-MXEA US 03/15/24 P2000 | ||||||||||||
| Expires 03/15/24, Strike Price $2,000 | 12 | $ | 2,639,237 | $ | 42,000 | |||||||
| MSCI EAFE Index-MXEA US 06/21/24 P2000 | ||||||||||||
| Expires 06/21/24, Strike Price $2,000 | 12 | 2,639,237 | 60,360 | |||||||||
| MSCI EAFE Index-MXEA US 09/15/23 P1700 | ||||||||||||
| Expires 09/15/23, Strike Price $1,700 | 8 | 1,759,491 | 40 | |||||||||
| MSCI EAFE Index-MXEA US 12/15/23 P1900 | ||||||||||||
| Expires 12/15/23, Strike Price $1,900 | 8 | 1,759,491 | 10,720 | |||||||||
| MSCI Emerging Markets Index-MXEF US 03/15/24 P950 | ||||||||||||
| Expires 03/14/24, Strike Price $950 | 16 | 1,675,059 | 28,480 | |||||||||
| MSCI Emerging Markets Index-MXEF US 06/21/24 P950 | ||||||||||||
| Expires 06/20/24, Strike Price $950 | 12 | 1,256,294 | 32,040 | |||||||||
| MSCI Emerging Markets Index-MXEF US 09/15/23 P900 | ||||||||||||
| Expires 09/14/23, Strike Price $900 | 8 | 837,530 | 720 | |||||||||
| MSCI Emerging Markets Index-MXEF US 12/15/23 P950 | ||||||||||||
| Expires 12/14/23, Strike Price $950 | 12 | 1,256,295 | 13,920 | |||||||||
| Total Purchased Options | ||||||||||||
| (Cost $573,715) | 188,280 | |||||||||||
| Shares | Value | |||||||
| Short-Term Investment (14.12%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(b)(c) | 527,456 | $ | 527,456 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $527,456) | 527,456 | |||||||
| Total Investments (105.56%) | ||||||||
| (Cost $4,423,936) | $ | 3,943,334 | ||||||
| Liabilities Less Other Assets (-5.56%) | (207,768 | ) | ||||||
| Net Assets (100.00%) | $ | 3,735,566 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $516,644. |
| (b) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $527,456. |
| (c) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Currency Abbreviations: |
| COP — Colombian Peso |
| Investment Abbreviations: |
| EAFE - Europe, Australasia and Far East |
| ETF - Exchange Traded Funds |
| MSCI- Morgan Stanley Capital International |
| MXEA- Ticker for MSCI EAFE Index |
| MXEF- Ticker for MSCI Emerging Markets Index |
| TIPS - Treasury Inflation Protected Security |
| Cambria Global Tail Risk ETF | ||||||||||||||||
| Investments in Securities at Value | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Exchange Traded Funds | $ | 3,033,022 | $ | – | $ | – | $ | 3,033,022 | ||||||||
| Sovereign Debt | – | 194,576 | – | 194,576 | ||||||||||||
| Short-Term Investment | 527,456 | – | – | 527,456 | ||||||||||||
| Total | $ | 3,560,478 | $ | 194,576 | $ | – | $ | 3,755,054 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Purchased Options | $ | 188,280 | $ | – | $ | – | $ | 188,280 | ||||||||
| Total | $ | 188,280 | $ | – | $ | – | $ | 188,280 | ||||||||
As of July 31, 2023, all of the Fund's investments in securities were considered Level 1 or Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
| Sector Weightings | ||||
| Cambria Emerging Shareholder Yield ETF | ||||
| Information Technology | 22.46 | % | ||
| Financials | 16.83 | % | ||
| Energy | 16.07 | % | ||
| Materials | 13.68 | % | ||
| Consumer Discretionary | 10.36 | % | ||
| Industrials | 9.62 | % | ||
| Utilities | 4.51 | % | ||
| Consumer Staples | 3.07 | % | ||
| Health Care | 2.40 | % | ||
| Real Estate | 1.00 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Emerging Shareholder Yield ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (96.59%) | ||||||||
| Brazil (4.05%) | ||||||||
| Cia de Saneamento de Minas Gerais Copasa MG(a) | 452,200 | $ | 1,931,682 | |||||
| Cielo SA | 2,114,700 | 2,115,259 | ||||||
| Petroleo Brasileiro SA | 279,300 | 2,056,026 | ||||||
| Ultrapar Participacoes SA | 478,800 | 1,912,668 | ||||||
| 8,015,635 | ||||||||
| China (17.35%) | ||||||||
| Anhui Conch Cement Co., Ltd., Class H | 465,500 | 1,399,681 | ||||||
| Bank of Communications Co., Ltd., Class H | 3,325,000 | 2,003,808 | ||||||
| China Coal Energy Co., Ltd., Class H | 2,261,000 | 1,632,208 | ||||||
| China Hongqiao Group, Ltd. | 1,862,000 | 1,788,250 | ||||||
| China Petroleum & Chemical Corp. | 4,350,000 | 2,426,304 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 931,000 | 2,781,456 | ||||||
| E-Commodities Holdings, Ltd. | 9,576,000 | 1,534,832 | ||||||
| Fufeng Group, Ltd. | 3,724,000 | 2,024,614 | ||||||
| Huadian Power International Corp., Ltd., Class H(b) | 5,980,000 | 2,645,373 | ||||||
| JNBY Design, Ltd. | 1,263,500 | 1,482,392 | ||||||
| Lonking Holdings, Ltd. | 5,719,000 | 1,019,299 | ||||||
| People's Insurance Co. Group of China, Ltd. | 6,367,000 | 2,441,027 | ||||||
| PetroChina Co., Ltd., Class H | 3,900,000 | 2,845,401 | ||||||
| Shares | Value | |||||||
| China (continued) | ||||||||
| Shenzhen Expressway Corp., Ltd., Class H | 1,862,000 | $ | 1,606,798 | |||||
| Tianli International Holdings, Ltd. | 7,315,000 | 2,645,027 | ||||||
| Tianneng Power International, Ltd.(b) | 130,000 | 145,187 | ||||||
| Yankuang Energy Group Co., Ltd., Class H | 1,596,000 | 2,394,338 | ||||||
| Zhejiang Expressway Co., Ltd., Class H | 1,862,000 | 1,492,198 | ||||||
| 34,308,193 | ||||||||
| Hong Kong (1.13%) | ||||||||
| China Medical System Holdings, Ltd. | 1,330,000 | 2,234,033 | ||||||
| India (7.82%) | ||||||||
| Bank of Baroda | 743,736 | 1,828,398 | ||||||
| Coal India, Ltd. | 799,463 | 2,228,325 | ||||||
| Indian Bank | 802,741 | 3,385,715 | ||||||
| Oil & Natural Gas Corp., Ltd. | 1,172,262 | 2,523,430 | ||||||
| Oil India, Ltd. | 793,611 | 2,660,205 | ||||||
| Vedanta, Ltd. | 846,545 | 2,840,729 | ||||||
| 15,466,802 | ||||||||
| Indonesia (1.61%) | ||||||||
| Indo Tambangraya Megah Tbk PT | 824,600 | 1,487,342 | ||||||
| United Tractors Tbk PT | 931,000 | 1,699,322 | ||||||
| 3,186,664 | ||||||||
| Mexico (3.64%) | ||||||||
| Arca Continental SAB de CV | 266,000 | 2,668,896 | ||||||
| Banco del Bajio SA(c) | 771,400 | 2,339,768 | ||||||
| GCC SAB de CV | 226,100 | 2,188,356 | ||||||
| 7,197,020 | ||||||||
| Poland (2.25%) | ||||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 213,465 | 2,166,811 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 224,903 | 2,275,615 | ||||||
| 4,442,426 | ||||||||
| Russia (–%)(d) | ||||||||
| Alrosa PJSC(e) | 538,800 | – | ||||||
| Beluga Group PJSC(e) | 20,340 | – | ||||||
| Federal Grid Co. - Rosseti PJSC(a)(e) | 328,200,000 | 4 | ||||||
| Gazprom Neft PJSC(e) | 223,200 | – | ||||||
| Gazprom PJSC(e) | 423,000 | – | ||||||
| Inter RAO UES PJSC(e) | 11,040,000 | – | ||||||
| LUKOIL PJSC(e) | 17,160 | – | ||||||
| Magnitogorsk Iron & Steel Works PJSC(a)(e) | 1,560,000 | – | ||||||
| Shares | Value | |||||||
| Russia (continued) | ||||||||
| Novolipetsk Steel PJSC(a)(e) | 458,400 | $ | – | |||||
| OGK-2 PJSC(e) | 94,200,000 | 1 | ||||||
| Sberbank of Russia PJSC(e) | 276,600 | – | ||||||
| Severstal PAO(a)(e) | 85,200 | – | ||||||
| Unipro PJSC(a)(e) | 21,240,000 | – | ||||||
| 5 | ||||||||
| South Africa (15.51%) | ||||||||
| Absa Group, Ltd. | 188,666 | 1,998,617 | ||||||
| AECI, Ltd. | 366,947 | 1,934,891 | ||||||
| African Rainbow Minerals, Ltd. | 174,762 | 1,961,751 | ||||||
| Exxaro Resources, Ltd. | 131,537 | 1,191,675 | ||||||
| Investec PLC | 435,176 | 2,725,363 | ||||||
| Investec, Ltd. | 427,728 | 2,669,869 | ||||||
| Kumba Iron Ore, Ltd. | 65,702 | 1,795,037 | ||||||
| Motus Holdings, Ltd. | 422,009 | 2,489,284 | ||||||
| Nedbank Group, Ltd. | 154,147 | 2,025,557 | ||||||
| Reunert, Ltd. | 763,277 | 2,565,917 | ||||||
| Sasol, Ltd. | 115,636 | 1,606,667 | ||||||
| Sibanye Stillwater, Ltd. | 790,818 | 1,495,518 | ||||||
| Thungela Resources, Ltd. | 122,892 | 916,893 | ||||||
| Tiger Brands, Ltd. | 136,857 | 1,217,833 | ||||||
| Truworths International, Ltd. | 1,014,933 | 4,074,204 | ||||||
| 30,669,076 | ||||||||
| South Korea (15.39%) | ||||||||
| Aekyung Chemical Co., Ltd. | 122,759 | 1,906,898 | ||||||
| DB Insurance Co., Ltd. | 33,516 | 1,985,218 | ||||||
| GS Holdings Corp. | 62,901 | 1,860,407 | ||||||
| Hanmi Semiconductor Co., Ltd. | 134,596 | 5,121,332 | ||||||
| HD Hyundai Construction Equipment Co., Ltd. | 43,757 | 2,804,650 | ||||||
| HD Hyundai Infracore Co., Ltd. | 298,319 | 2,883,372 | ||||||
| Kia Corp. | 35,133 | 2,279,449 | ||||||
| KT&G Corp. | 30,432 | 1,972,058 | ||||||
| LX Semicon Co., Ltd. | 29,127 | 2,337,655 | ||||||
| Poongsan Corp. | 60,249 | 1,772,516 | ||||||
| PSK, Inc. | 115,178 | 2,033,111 | ||||||
| S-Oil Corp. | 32,689 | 1,920,846 | ||||||
| SSANGYONG C&E Co., Ltd. | 373,199 | 1,548,835 | ||||||
| 30,426,347 | ||||||||
| Taiwan (22.30%) | ||||||||
| Asustek Computer, Inc. | 266,000 | 3,080,967 | ||||||
| Catcher Technology Co., Ltd. | 399,000 | 2,202,806 | ||||||
| Chicony Electronics Co., Ltd. | 665,000 | 2,211,271 | ||||||
| Dimerco Express Corp. | 1,117,255 | 2,641,466 | ||||||
| Generalplus Technology, Inc. | 1,197,000 | 1,891,113 | ||||||
| Holy Stone Enterprise Co., Ltd. | 698,250 | 2,166,305 | ||||||
| Huaku Development Co., Ltd. | 665,000 | 1,917,140 | ||||||
| Shares | Value | |||||||
| Taiwan (continued) | ||||||||
| IEI Integration Corp. | 1,064,000 | $ | 2,783,027 | |||||
| ITE Technology, Inc. | 798,000 | 3,923,154 | ||||||
| Nantex Industry Co., Ltd. | 1,596,000 | 1,846,041 | ||||||
| O-TA Precision Industry Co., Ltd. | 665,000 | 1,938,300 | ||||||
| Radiant Opto-Electronics Corp. | 532,000 | 2,039,871 | ||||||
| Systex Corp. | 665,000 | 2,486,357 | ||||||
| TaiDoc Technology Corp.(a) | 399,000 | 2,348,814 | ||||||
| Taiwan Semiconductor Co., Ltd. | 532,000 | 1,494,777 | ||||||
| Topco Scientific Co., Ltd. | 532,000 | 3,038,646 | ||||||
| Transcend Information, Inc. | 665,000 | 1,506,626 | ||||||
| Tripod Technology Corp. | 532,000 | 2,860,898 | ||||||
| Utechzone Co., Ltd. | 665,000 | 1,720,347 | ||||||
| 44,097,926 | ||||||||
| Thailand (1.11%) | ||||||||
| Tisco Financial Group PLC | 744,800 | 2,186,828 | ||||||
| Turkey (4.43%) | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 492,765 | 1,584,771 | ||||||
| Dogus Otomotiv Servis ve Ticaret AS | 343,672 | 3,157,021 | ||||||
| Enerjisa Enerji AS(c) | 2,137,709 | 4,026,639 | ||||||
| 8,768,431 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $191,957,033) | 190,999,386 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (1.12%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(f)(g) | 2,207,660 | $ | 2,207,660 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $2,207,660) | 2,207,660 | |||||||
| Total Investments (97.71%) | ||||||||
| (Cost $194,164,693) | $ | 193,207,046 | ||||||
| Other Assets Less Liabilities (2.29%) | 4,528,020 | |||||||
| Net Assets (100.00%) | $ | 197,735,066 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $2,078,401. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $6,366,407, representing 3.22% of net assets. |
| (d) | Less than 0.005%. |
| (e) | Level 3 security in accordance with fair value hierarchy. |
| (f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $2,207,660. |
| (g) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| ADR - American Depository Receipt |
| AS- Turkish Joint Stock Companies |
| PAO- Russian Public Stock Companies |
| PJSC - Private Joint Stock Company |
| PLC - Public Limited Company |
| SA- Brazilian Limited Liability Corporation |
| TAS- Turkish Joint Stock Companies |
| Cambria Emerging Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities at Value | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs(1) | Level 3 - Significant Unobservable Inputs(2) | Total | ||||||||||||
| Common Stocks | $ | 190,999,381 | $ | – | $ | 5 | $ | 190,999,386 | ||||||||
| Short-Term Investment | 2,207,660 | – | – | 2,207,660 | ||||||||||||
| Total | $ | 193,207,041 | $ | – | $ | 5 | $ | 193,207,046 | ||||||||
| (1) | Included in Level 2 is one Rights holdings with total value of $0. |
| (2) | 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. |
| Sector Weightings | ||||
| Cambria Tail Risk ETF | ||||
| U.S. Treasury Obligations | 96.27 | % | ||
| Purchased Options | 3.73 | % | ||
| 100.00 | % | |||
| Percentages based on total investments, excluding investments purchased with collateral from securities loaned. |
| Cambria Tail Risk ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Face Amount | Value | |||||||
| U.S. Treasury Obligations (94.79%) | ||||||||
| U.S. Treasury Bond 4.125%, 11/15/2032 | $ | 150,738,000 | $ | 152,480,908 | ||||
| United States Treasury Inflation Indexed Bonds 0.125%, 7/15/2030 | 13,209,484 | 11,861,833 | ||||||
| 164,342,741 | ||||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $166,657,712) | 164,342,741 | |||||||
| Contracts | Notional Amount | Value | ||||||||||
| Purchased Options (3.67%) | ||||||||||||
| Put Options | ||||||||||||
| S&P 500® Index | ||||||||||||
| Expires 09/14/23, Strike Price $3,500 | 113 | $ | 51,855,248 | $ | 21,188 | |||||||
| Expires 12/14/23, Strike Price $3,600 | 247 | 113,347,312 | 384,085 | |||||||||
| Expires 03/14/24, Strike Price $3,600 | 257 | 117,936,272 | 815,975 | |||||||||
| Expires 03/14/24, Strike Price $3,800 | 66 | 30,287,136 | 280,500 | |||||||||
| Expires 06/20/24, Strike Price $3,500 | 89 | 40,841,744 | 387,150 | |||||||||
| Expires 06/20/24, Strike Price $3,800 | 231 | 106,004,976 | 1,499,190 | |||||||||
| Expires 09/19/24, Strike Price $4,000 | 126 | 57,820,896 | 1,358,280 |
| Contracts | Notional Amount | Value | ||||||||||
| Purchased Options (continued) | ||||||||||||
| Expires 09/19/24, Strike Price $4,200 | 118 | $ | 54,149,728 | $ | 1,623,090 | |||||||
| Total Purchased Options | ||||||||||||
| (Cost $19,602,617) | 6,369,458 | |||||||||||
| Total Investments (98.46%) | ||||||||||||
| (Cost $186,260,329) | $ | 170,712,199 | ||||||||||
| Other Assets Less Liabilities (1.54%) | 2,669,735 | |||||||||||
| Net Assets (100.00%) | $ | 173,381,934 | ||||||||||
| Percentages based on Net Assets. | ||||||||||||
| Cambria Tail Risk ETF | ||||||||||||||||
| Investments in Securities at Value | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Treasury Obligations | $ | – | $ | 164,342,741 | $ | – | $ | 164,342,741 | ||||||||
| Total | $ | – | $ | 164,342,741 | $ | – | $ | 164,342,741 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Purchased Options | $ | 6,369,458 | $ | – | $ | – | $ | 6,369,458 | ||||||||
| Total | $ | 6,369,458 | $ | – | $ | – | $ | 6,369,458 | ||||||||
| Sector Weightings | ||||
| Cambria Trinity ETF | ||||
| Exchange Traded Funds | 100.00 | % | ||
| 100.00 | % | |||
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Trinity ETF | ||
| Schedule of Investments | ||
| July 31, 2023 (Unaudited) | ||
| Shares | Value | |||||||
| Exchange Traded Funds (97.84%) | ||||||||
| Global (18.71%) | ||||||||
| Alternative ETF (3.38%) | ||||||||
| iMGP DBi Managed Futures Strategy ETF | 151,817 | $ | 4,179,522 | |||||
| Equity ETF (15.33%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 23,765 | 557,658 | ||||||
| iShares® Global Consumer Discretionary ETF | 16,393 | 2,644,902 | ||||||
| iShares® Global Materials ETF | 240 | 20,611 | ||||||
| Cambria Global Real Estate ETF* | 185,755 | 4,651,603 | ||||||
| Cambria Global Value ETF* | 519,058 | 11,071,403 | ||||||
| 18,946,177 | ||||||||
| International (27.35%) | ||||||||
| Equity ETF (16.84%) | ||||||||
| Cambria Emerging Shareholder Yield ETF* | 347,066 | 10,408,509 | ||||||
| Cambria Foreign Shareholder Yield ETF* | 411,554 | 10,418,490 | ||||||
| 20,826,999 | ||||||||
| Fixed Income ETF (10.51%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 58,103 | 2,457,175 | ||||||
| VanEck Emerging Markets High Yield Bond ETF(a) | 138,807 | 2,537,392 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 308,751 | 7,996,651 | ||||||
| 12,991,218 | ||||||||
| North America (14.84%) | ||||||||
| Commodity ETF (4.00%) | ||||||||
| Invesco DB Precious Metals Fund | 50,731 | 2,591,091 | ||||||
| Shares | Value | |||||||
| Commodity ETF (continued) | ||||||||
| VanEck Gold Miners ETF/USA | 74,981 | $ | 2,355,153 | |||||
| 4,946,244 | ||||||||
| Equity ETF (10.84%) | ||||||||
| iShares® Global Consumer Staples ETF | 41,322 | 2,568,989 | ||||||
| iShares® Global Industrials ETF | 22,698 | 2,796,847 | ||||||
| iShares® Global Tech ETF | 45,299 | 2,868,333 | ||||||
| Vanguard® Total Stock Market ETF | 11,640 | 2,657,994 | ||||||
| WisdomTree Emerging Markets Local Debt Fund | 88,076 | 2,503,358 | ||||||
| 13,395,521 | ||||||||
| United States (36.94%) | ||||||||
| Alternative ETF (3.89%) | ||||||||
| First Trust Managed Futures Strategy Fund | 98,230 | 4,808,359 | ||||||
| Commodity ETF (5.56%) | ||||||||
| Graniteshares Gold Trust(b) | 132,338 | 2,571,327 | ||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(a) | 291,000 | 4,303,890 | ||||||
| 6,875,217 | ||||||||
| Equity ETF (12.48%) | ||||||||
| Cambria Shareholder Yield ETF* | 82,644 | 5,347,067 | ||||||
| Cambria Value and Momentum ETF* | 379,270 | 10,073,373 | ||||||
| 15,420,440 | ||||||||
| Fixed Income ETF (15.01%) | ||||||||
| Schwab US TIPS Bond ETF | 47,239 | 2,467,293 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF | 151,902 | 8,883,229 | ||||||
| Vanguard® Total Bond Market ETF | 99,540 | 7,208,687 | ||||||
| 18,559,209 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $119,511,550) | 120,948,906 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (3.66%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(c)(d) | 4,529,425 | $ | 4,529,425 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $4,529,425) | 4,529,425 | |||||||
| Total Investments (101.50%) | ||||||||
| (Cost $124,040,975) | $ | 125,478,331 | ||||||
| Liabilities Less Other Assets (-1.50%) | (1,860,370 | ) | ||||||
| Net Assets (100.00%) | $ | 123,617,961 | ||||||
Percentages based on Net Assets.
| * | Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor. |
| (a) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,398,926. |
| (b) | Non-income producing security. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $4,529,425. |
| (d) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| ETF - Exchange Traded Funds |
| FTSE - Financial Times Stock Exchange |
| SPDR - Standard & Poor's Depository Receipt |
| TIPS - Treasury Inflation Protected Security |
Transactions with affiliated companies during the period ended July 31, 2023 are as follows:
| Security Name | Market
Value | Purchases | Purchases In- Kind | Sales | Sales
In-Kind | Market Value as
of | Share Balance
31, 2023 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | $ | 10,429,729 | $ | 2,465,623 | $ | 34,854 | $ | (2,317,714 | ) | $ | (105,923 | ) | $ | 10,418,490 | 411,554 | $ | 237,436 | $ | (181,746 | ) | $ | (201,119 | ) | |||||||||||||||||
| Cambria Global Real Estate ETF | 4,513,970 | - | 92,379 | $ | - | (48,458 | ) | 4,651,603 | 185,755 | 115,447 | 89,676 | 4,035 | ||||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 9,232,280 | - | 196,712 | $ | - | (102,364 | ) | 10,073,373 | 379,270 | 36,884 | 741,271 | 5,474 | ||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 4,751,297 | - | 100,502 | $ | - | (54,051 | ) | 5,347,067 | 82,644 | 24,304 | 543,082 | 6,237 | ||||||||||||||||||||||||||||
| Cambria Global Value ETF | 10,618,324 | - | 215,004 | $ | - | (112,103 | ) | 11,071,403 | 519,058 | 344,800 | 331,664 | 18,514 | ||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | 9,884,898 | - | 199,658 | $ | - | (105,193 | ) | 10,408,509 | 347,066 | 343,380 | 421,810 | 7,335 | ||||||||||||||||||||||||||||
| $ | 49,430,498 | $ | 2,465,623 | $ | 839,109 | $ | (2,317,714 | ) | $ | (528,092 | ) | $ | 51,970,445 | $ | 1,925,347 | $ | 1,102,251 | $ | 1,945,757 | $ | (159,524 | ) | ||||||||||||||||||
| As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |
| Sector Weightings | ||||
| Cambria Cannabis ETF | ||||
| Consumer Staples | 48.49 | % | ||
| Health Care | 30.82 | % | ||
| Materials | 7.15 | % | ||
| Real Estate | 4.47 | % | ||
| Financials | 3.31 | % | ||
| Consumer Discretionary | 2.96 | % | ||
| Industrials | 2.08 | % | ||
| Information Technology | 0.72 | % | ||
| 100.00 | % | |||
| Percentages based on total investments, excluding investments purchased with collateral from securities loaned. |
| Cambria Cannabis ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (93.79%) | ||||||||
| Consumer Discretionary (2.78%) | ||||||||
| Greenlane Holdings, Inc., Class A(a)(b) | 2,871 | $ | 2,699 | |||||
| GrowGeneration Corp.(a) | 75,950 | 302,281 | ||||||
| 304,980 | ||||||||
| Consumer Staples (45.48%) | ||||||||
| Altria Group, Inc. | 15,750 | 715,365 | ||||||
| British American Tobacco PLC | 14,000 | 469,925 | ||||||
| Constellation Brands, Inc., Class A | 4,200 | 1,145,760 | ||||||
| Imperial Brands PLC | 38,710 | 913,836 | ||||||
| Philip Morris International, Inc. | 7,350 | 732,942 | ||||||
| Turning Point Brands, Inc. | 20,300 | 484,155 | ||||||
| Universal Corp. | 8,925 | 451,337 | ||||||
| Village Farms International, Inc.(a)(b) | 122,780 | 77,327 | ||||||
| 4,990,647 | ||||||||
| Financials (3.11%) | ||||||||
| AFC Gamma, Inc. | 24,675 | 341,008 | ||||||
| Health Care (28.91%) | ||||||||
| Aurora Cannabis, Inc.(a)(b) | 386,365 | 217,408 | ||||||
| Canopy Growth Corp.(a) | 61,600 | 30,369 | ||||||
| cbdMD, Inc.(a) | 5,860 | 8,497 | ||||||
| Charlottes Web Holdings, Inc.(a)(b) | 361,725 | 116,584 | ||||||
| Cronos Group, Inc.(a)(b) | 232,330 | 450,720 | ||||||
| Intercure, Ltd.(a) | 57,995 | 92,212 | ||||||
| Jazz Pharmaceuticals PLC(a) | 5,950 | 775,999 | ||||||
| MyMD Pharmaceuticals, Inc.(a)(b) | 171,570 | 248,776 | ||||||
| Organigram Holdings, Inc.(a)(b) | 177,843 | 268,386 | ||||||
| SNDL, Inc.(a) | 245,840 | 410,553 | ||||||
| Shares | Value | |||||||
| Health Care (continued) | ||||||||
| Tilray Brands, Inc.(a)(b) | 218,435 | $ | 552,641 | |||||
| 3,172,145 | ||||||||
| Industrials (1.95%) | ||||||||
| Agrify Corp.(a) | 452 | 1,415 | ||||||
| Hydrofarm Holdings Group, Inc.(a) | 138,565 | 162,121 | ||||||
| Urban-Gro, Inc.(a) | 37,730 | 50,747 | ||||||
| 214,283 | ||||||||
| Information Technology (0.67%) | ||||||||
| WM Technology, Inc.(a) | 66,640 | 73,970 | ||||||
| Materials (6.70%) | ||||||||
| Scotts Miracle-Gro Co. | 10,500 | 735,420 | ||||||
| Real Estate (4.19%) | ||||||||
| Innovative Industrial Properties, Inc. | 5,810 | 460,326 | ||||||
| Total Common Stocks | ||||||||
| (Cost $27,819,694) | 10,292,779 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (8.44%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 5.19%(c)(d)(e) | 926,190 | $ | 926,190 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $926,190) | 926,190 | |||||||
| Total Investments (102.23%) | ||||||||
| (Cost $28,745,884) | $ | 11,218,969 | ||||||
| Liabilities Less Other Assets (-2.23%) | (244,669 | ) | ||||||
| Net Assets (100.00%) | $ | 10,974,300 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $977,120. |
| (c) | To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of July 31, 2023 was $926,190. |
| (e) | Rate shown is the 7-day effective yield as of July 31, 2023. |
| Investment Abbreviations: |
| ADR - American Depository Receipt |
| PLC - Public Limited Company |
| As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |
| Sector Weightings | ||||
| Cambria Global Real Estate ETF | ||||
| Real Estate | 100.00 | % | ||
| 100.00 | % | |||
| Percentages based on total investments, excluding investments purchased with collateral from securities loaned. |
| Cambria Global Real Estate ETF |
| Schedule of Investments |
| July 31, 2023 (Unaudited) |
| Shares | Value | |||||||
| Common Stocks (94.78%)(a) | ||||||||
| Australia (4.73%) | ||||||||
| BWP Trust | 118,788 | $ | 292,829 | |||||
| Hotel Property Investments, Ltd. | 139,118 | 282,205 | ||||||
| Mirvac Group | 148,827 | 233,923 | ||||||
| Vicinity, Ltd. | 236,531 | 313,784 | ||||||
| 1,122,741 | ||||||||
| Canada (1.09%) | ||||||||
| H&R Real Estate Investment Trust | 33,174 | 258,871 | ||||||
| France (3.50%) | ||||||||
| Carmila SA(b) | 14,896 | 241,415 | ||||||
| Klepierre SA | 13,091 | 347,606 | ||||||
| Mercialys SA | 27,892 | 241,506 | ||||||
| 830,527 | ||||||||
| Hong Kong (2.85%) | ||||||||
| Champion REIT(b) | 627,000 | 230,736 | ||||||
| Fortune Real Estate Investment Trust(b) | 304,000 | 219,457 | ||||||
| Sunlight Real Estate Investment Trust | 608,000 | 226,083 | ||||||
| 676,276 | ||||||||
| Japan (3.61%) | ||||||||
| Ooedo Onsen Reit Investment Corp. | 684 | 315,881 | ||||||
| Tokyu REIT, Inc. | 190 | 251,214 | ||||||
| Tosei Reit Investment Corp. | 304 | 290,399 | ||||||
| 857,494 | ||||||||
| Malaysia (2.25%) | ||||||||
| IGB Real Estate Investment Trust | 830,300 | 305,677 | ||||||
| Pavilion Real Estate Investment Trust(b) | 849,300 | 229,795 | ||||||
| 535,472 | ||||||||
| Mexico (7.79%) | ||||||||
| Concentradora Fibra Danhos SA de CV | 355,300 | 465,741 | ||||||
| FIBRA Macquarie Mexico(c) | 187,530 | 363,861 | ||||||
| Fibra Uno Administracion SA de CV | 216,790 | 325,865 | ||||||
| Prologis Property Mexico SA de CV | 64,600 | 239,882 | ||||||
| TF Administradora Industrial S de RL de CV | 224,200 | 455,898 | ||||||
| 1,851,247 | ||||||||
| Netherlands (2.75%) | ||||||||
| Vastned Retail NV | 12,958 | 289,222 | ||||||
| Wereldhave NV | 20,311 | 362,896 | ||||||
| 652,118 | ||||||||
| Singapore (2.35%) | ||||||||
| AIMS APAC REIT | 248,900 | 233,973 | ||||||
| PARAGON REIT(b) | 450,300 | 323,396 | ||||||
| 557,369 | ||||||||
| South Africa (4.72%) | ||||||||
| Growthpoint Properties, Ltd. | 395,656 | 280,308 | ||||||
| Redefine Properties, Ltd. | 1,460,568 | 289,113 | ||||||
| SA Corporate Real Estate, Ltd. | 2,667,980 | 280,467 | ||||||
| Stor-Age Property REIT, Ltd. | 406,429 | 271,123 | ||||||
| 1,121,011 | ||||||||
| Thailand (2.68%) | ||||||||
| Frasers Property Thailand Industrial Freehold & Leasehold REIT | 1,018,400 | 324,305 | ||||||
| WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust | 1,018,400 | 312,404 | ||||||
| 636,709 | ||||||||
| Turkey (2.74%) | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 1,100,860 | 355,067 | ||||||
| Yeni Gimat Gayrimenkul Ortakligi AS | 219,165 | 296,095 | ||||||
| 651,162 | ||||||||
| United States (53.72%) | ||||||||
| Agree Realty Corp. | 4,560 | 295,397 | ||||||
| Armada Hoffler Properties, Inc. | 26,828 | 333,204 | ||||||
| AvalonBay Communities, Inc. | 1,235 | 232,983 | ||||||
| Brixmor Property Group, Inc. | 15,200 | 345,648 | ||||||
| Broadstone Net Lease, Inc. | 14,079 | 229,488 | ||||||
| CareTrust REIT, Inc. | 15,314 | 318,378 | ||||||
| Chatham Lodging Trust | 24,909 | 239,126 | ||||||
| Community Healthcare Trust, Inc. | 7,372 | 259,789 | ||||||
| Corporate Office Properties Trust | 11,400 | 296,400 | ||||||
| Empire State Realty Trust, Inc. | 45,809 | 409,991 | ||||||
| EPR Properties | 6,384 | 284,982 | ||||||
| Equity Commonwealth | 12,217 | 239,331 | ||||||
| Equity Residential | 5,035 | 332,008 | ||||||
| Essential Properties Realty Trust, Inc. | 9,272 | 227,628 | ||||||
| Four Corners Property Trust, Inc. | 12,654 | 332,800 | ||||||
| Franklin Street Properties Corp. | 66,500 | 111,720 | ||||||
| Gaming and Leisure Properties, Inc. | 5,187 | 246,175 | ||||||
| Getty Realty Corp. | 7,752 | 250,545 | ||||||
| Global Net Lease, Inc. | 23,028 | 246,169 |
| Highwoods Properties, Inc. | 7,600 | 192,052 | ||||||
| Hudson Pacific Properties, Inc. | 42,389 | 248,823 | ||||||
| Innovative Industrial Properties, Inc. | 3,249 | 257,418 | ||||||
| InvenTrust Properties Corp. | 12,863 | 313,085 | ||||||
| Kilroy Realty Corp. | 5,700 | 203,490 | ||||||
| LTC Properties, Inc. | 7,391 | 248,042 | ||||||
| LXP Industrial Trust | 21,641 | 217,925 | ||||||
| Mid-America Apartment Communities, Inc. | 1,482 | 221,796 | ||||||
| National Health Investors, Inc. | 5,073 | 278,558 | ||||||
| Necessity Retail REIT, Inc. | 39,330 | 279,243 | ||||||
| NNN REIT, Inc. | 7,600 | 324,368 | ||||||
| Omega Healthcare Investors, Inc. | 9,975 | 318,202 | ||||||
| Orion Office REIT, Inc. | 35,169 | 228,599 | ||||||
| Physicians Realty Trust | 18,126 | 267,177 | ||||||
| Regency Centers Corp. | 4,427 | 290,101 | ||||||
| Retail Opportunity Investments Corp. | 19,000 | 279,870 | ||||||
| Rexford Industrial Realty, Inc. | 5,700 | 314,013 | ||||||
| RPT Realty | 26,600 | 289,142 | ||||||
| Sabra Health Care REIT, Inc. | 24,092 | 312,955 | ||||||
| Saul Centers, Inc. | 7,600 | 292,980 | ||||||
| SITE Centers Corp. | 22,800 | 320,340 | ||||||
| Spirit Realty Capital, Inc. | 7,505 | 302,677 | ||||||
| STAG Industrial, Inc. | 6,346 | 230,360 | ||||||
| Tanger Factory Outlet Centers, Inc. | 16,397 | 383,854 | ||||||
| Universal Health Realty Income Trust | 6,707 | 320,125 | ||||||
| Urstadt Biddle Properties, Inc., Class A | 13,300 | 301,644 | ||||||
| VICI Properties, Inc. | 9,310 | 293,079 | ||||||
| 12,761,680 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $22,347,187) | 22,512,677 |
| Shares | Value | |||||||
| Real Estate Investment Trusts (2.49%) | ||||||||
| United States (2.49%) | ||||||||
| Apple Hospitality REIT, Inc. | 19,475 | 301,862 | ||||||
| NexPoint Diversified Real Estate Trust | 24,814 | 290,076 | ||||||
| 591,938 | ||||||||
| Total Real Estate Investment Trusts | ||||||||
| (Cost $613,689) | 591,938 | |||||||
| Total Investments (97.27%) | ||||||||
| (Cost $22,960,876) | $ | 23,104,615 | ||||||
| Other Assets Less Liabilities (2.73%) | 649,451 | |||||||
| Net Assets (100.00%) | $ | 23,754,066 | ||||||
| Percentages based on Net Assets. |
| (a) | Real Estate Investment Trust. |
| (b) | Non-income producing security. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $363,861, representing 1.53% of net assets. |
| Investment Abbreviations: |
| AS- Turkish Joint Stock Companies |
| NV- Dutch Public Limited Liability Companies |
| PLC- Public Limited Company |
| REIT- Real Estate Investment Trust |
| SA de CV- Mexican Public Limited Company with Variable Capital |
| As of July 31, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |