| Sector Weightings | |
| Cambria Shareholder Yield ETF | |
| Consumer Discretionary | 26.94% |
| Financials | 20.42% |
| Materials | 17.29% |
| Energy | 17.13% |
| Health Care | 5.98% |
| Industrials | 5.91% |
| Information Technology | 4.76% |
| Consumer Staples | 1.15% |
| Communication Services | 0.42% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Shareholder Yield ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (99.45%) | ||||||||
| Communication Services (0.41%) | ||||||||
| Lumen Technologies, Inc. | 628,180 | $ | 3,297,945 | |||||
| Consumer Discretionary (26.79%) | ||||||||
| Abercrombie & Fitch Co., Class A(a) | 250,390 | 7,251,294 | ||||||
| Adtalem Global Education, Inc.(a) | 177,625 | 6,781,722 | ||||||
| Advance Auto Parts, Inc. | 41,650 | 6,342,462 | ||||||
| AutoNation, Inc.(a) | 79,135 | 10,027,987 | ||||||
| Big 5 Sporting Goods Corp.(b) | 430,710 | 4,302,793 | ||||||
| Big Lots, Inc. | 297,920 | 4,873,971 | ||||||
| Caleres, Inc. | 265,580 | 6,910,392 | ||||||
| Citi Trends, Inc.(a) | 266,560 | 8,391,309 | ||||||
| Dick's Sporting Goods, Inc. | 62,230 | 8,137,195 | ||||||
| Dillard's, Inc., Class A(b) | 36,750 | 14,454,142 | ||||||
| Ethan Allen Interiors, Inc. | 260,680 | 7,491,943 | ||||||
| Foot Locker, Inc. | 179,830 | 7,824,403 | ||||||
| Grand Canyon Education, Inc.(a) | 77,665 | 9,052,632 | ||||||
| Haverty Furniture Cos., Inc. | 202,125 | 7,058,205 | ||||||
| Hibbett, Inc. | 109,270 | 7,251,157 | ||||||
| LKQ Corp. | 132,545 | 7,814,853 | ||||||
| Macy's, Inc. | 318,255 | 7,520,366 | ||||||
| ODP Corp.(a) | 149,695 | 7,724,262 | ||||||
| Oxford Industries, Inc. | 69,335 | 8,127,449 | ||||||
| Penske Automotive Group, Inc. | 90,895 | 11,618,199 | ||||||
| PulteGroup, Inc. | 154,595 | 8,794,910 | ||||||
| Smith & Wesson Brands, Inc. | 452,515 | 5,013,866 | ||||||
| Tapestry, Inc. | 187,670 | 8,552,122 | ||||||
| Toll Brothers, Inc. | 207,025 | 12,315,917 | ||||||
| Tri Pointe Homes, Inc.(a) | 320,950 | 7,089,786 | ||||||
| Whirlpool Corp. | 43,120 | 6,709,041 | ||||||
| Zumiez, Inc.(a) | 228,585 | 5,904,351 | ||||||
| 213,336,729 | ||||||||
| Consumer Staples (1.15%) | ||||||||
| Sprouts Farmers Market, Inc.(a) | 285,915 | 9,134,984 | ||||||
| Energy (17.04%) | ||||||||
| APA Corp. | 166,355 | 7,374,517 | ||||||
| Arch Resources, Inc., Class A(b) | 52,430 | 7,760,689 | ||||||
| California Resources Corp. | 152,880 | 6,532,562 | ||||||
| CNX Resources Corp.(a) | 429,240 | 7,181,185 | ||||||
| ConocoPhillips | 66,885 | 8,151,275 | ||||||
| CVR Energy, Inc. | 355,985 | 11,818,702 | ||||||
| Devon Energy Corp. | 122,745 | 7,762,394 | ||||||
| Diamondback Energy, Inc. | 58,555 | 8,556,057 | ||||||
| Exxon Mobil Corp. | 82,565 | 9,578,366 | ||||||
| Marathon Oil Corp. | 271,705 | 7,463,736 | ||||||
| Marathon Petroleum Corp. | 67,620 | 8,690,522 | ||||||
| Ovintiv, Inc. | 153,615 | 7,562,466 | ||||||
| PDC Energy, Inc. | 120,050 | 8,130,987 | ||||||
| Pioneer Natural Resources Co. | 29,890 | 6,885,162 | ||||||
| Plains GP Holdings LP, Class A(b) | 614,215 | 8,040,074 | ||||||
| Valero Energy Corp. | 101,185 | 14,168,936 | ||||||
| 135,657,630 | ||||||||
| Financials (20.31%) | ||||||||
| Aflac, Inc. | 119,560 | 8,787,660 | ||||||
| Allstate Corp. | 55,370 | 7,113,384 | ||||||
| Ally Financial, Inc. | 182,035 | 5,914,317 | ||||||
| American Financial Group, Inc. | 52,920 | 7,545,863 | ||||||
| Ameriprise Financial, Inc. | 29,645 | 10,379,307 | ||||||
| Assured Guaranty, Ltd. | 147,245 | 9,217,537 | ||||||
| Cathay General Bancorp | 180,320 | 7,926,867 | ||||||
| Discover Financial Services | 61,495 | 7,178,311 | ||||||
| Encore Capital Group, Inc.(a) | 120,050 | 6,689,186 | ||||||
| Federated Hermes, Inc. | 215,110 | 8,453,823 | ||||||
| Hilltop Holdings, Inc. | 218,785 | 7,154,270 | ||||||
| Lincoln National Corp. | 102,900 | 3,645,747 | ||||||
| Loews Corp. | 120,785 | 7,425,862 | ||||||
| MetLife, Inc. | 102,410 | 7,477,978 | ||||||
| Mr Cooper Group, Inc.(a) | 143,815 | 6,614,052 | ||||||
| Northwest Bancshares, Inc. | 458,395 | 6,481,705 | ||||||
| Principal Financial Group, Inc. | 108,045 | 9,999,565 | ||||||
| Regions Financial Corp. | 308,210 | 7,255,263 | ||||||
| SLM Corp. | 389,550 | 6,844,394 | ||||||
| Synchrony Financial | 151,655 | 5,570,288 | ||||||
| Voya Financial, Inc. | 99,225 | 6,922,928 | ||||||
| Zions Bancorp NA | 134,260 | 7,137,262 | ||||||
| 161,735,569 | ||||||||
| Health Care (5.95%) | ||||||||
| AMN Healthcare Services, Inc.(a) | 61,495 | 5,893,681 | ||||||
| Cigna Corp. | 27,930 | 8,844,593 | ||||||
| McKesson Corp. | 32,830 | 12,432,064 | ||||||
| Quest Diagnostics, Inc. | 44,590 | 6,620,723 | ||||||
| Universal Health Services, Inc., Class B | 54,635 | 8,097,453 | ||||||
| Veradigm, Inc.(a) | 306,495 | 5,489,326 | ||||||
| 47,377,840 | ||||||||
| Industrials (5.88%) | ||||||||
| Atkore, Inc.(a) | 61,005 | 7,945,901 | ||||||
| Boise Cascade Co. | 114,660 | 8,596,060 | ||||||
| Crane Holdings Co. | 62,230 | 7,213,079 | ||||||
| ManpowerGroup, Inc. | 80,605 | 7,025,532 | ||||||
| Matson, Inc. | 95,550 | 6,317,766 | ||||||
| Veritiv Corp. | 77,665 | 9,711,232 | ||||||
| 46,809,570 | ||||||||
| Information Technology (4.73%) | ||||||||
| Arrow Electronics, Inc.(a) | 57,575 | 6,764,487 | ||||||
| DXC Technology Co.(a) | 206,290 | 5,926,712 | ||||||
| HP, Inc. | 236,670 | 6,896,564 | ||||||
| Sanmina Corp.(a) | 138,180 | 8,419,307 | ||||||
| Western Union Co. | 340,550 | 4,825,593 | ||||||
| Xerox Holdings Corp. | 295,715 | 4,843,812 | ||||||
| 37,676,475 | ||||||||
| Materials (17.19%) | ||||||||
| Alpha Metallurgical Resources, Inc. | 50,960 | 8,200,993 | ||||||
| CF Industries Holdings, Inc. | 64,925 | 5,499,147 | ||||||
| Dow, Inc. | 135,975 | 8,070,116 | ||||||
| DuPont de Nemours, Inc. | 102,410 | 7,573,220 | ||||||
| Greif, Inc., Class A | 109,270 | 7,805,156 | ||||||
| Huntsman Corp. | 230,790 | 7,313,735 | ||||||
| International Paper Co. | 158,025 | 6,608,606 | ||||||
| Louisiana-Pacific Corp. | 174,685 | 11,894,302 | ||||||
| LyondellBasell Industries NV, Class A | 69,825 | 6,751,379 | ||||||
| Mosaic Co. | 220,255 | 10,911,433 | ||||||
| Nucor Corp. | 98,000 | 16,563,960 | ||||||
| Olin Corp. | 127,890 | 8,260,415 | ||||||
| Reliance Steel & Aluminum Co. | 43,365 | 9,863,369 | ||||||
| Ryerson Holding Corp. | 330,015 | 12,596,673 | ||||||
| Steel Dynamics, Inc. | 74,480 | 8,985,267 | ||||||
| 136,897,771 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $746,161,182) | 791,924,513 | |||||||
| Short-Term Investment (2.35%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d) | 18,722,247 | $ | 18,722,247 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $18,722,247) | 18,722,247 | |||||||
| Total Investments (101.80%) | ||||||||
| (Cost $764,883,429) | $ | 810,646,760 | ||||||
| Liabilities Less Other Assets (-1.80%) | (14,312,008 | ) | ||||||
| Net Assets (100.00%) | $ | 796,334,752 | ||||||
| Percentages based on Net Assets. |
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $18,510,742. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $18,722,247. |
| (d) | Rate shown is the 7-day effective yield as of January 31, 2023. |
As of January 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 | |
| Materials | 23.67% |
| Financials | 19.92% |
| Industrials | 16.25% |
| Energy | 16.12% |
| Consumer Discretionary | 6.26% |
| Communication Services | 6.15% |
| Information Technology | 5.65% |
| Consumer Staples | 4.19% |
| Real Estate | 1.79% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Foreign Shareholder Yield ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (97.97%) | ||||||||
| Australia (7.72%) | ||||||||
| CSR, Ltd. | 308,266 | $ | 1,144,522 | |||||
| Downer EDI, Ltd. | 385,090 | 1,024,747 | ||||||
| Fortescue Metals Group, Ltd. | 115,042 | 1,805,943 | ||||||
| Mineral Resources, Ltd. | 35,696 | 2,240,937 | ||||||
| Super Retail Group, Ltd. | 152,387 | 1,362,817 | ||||||
| Whitehaven Coal, Ltd. | 172,078 | 1,020,276 | ||||||
| Yancoal Australia, Ltd. | 270,824 | 1,125,940 | ||||||
| 9,725,182 | ||||||||
| Canada (15.63%) | ||||||||
| Canadian Natural Resources, Ltd. | 19,400 | 1,190,784 | ||||||
| Corus Entertainment, Inc., Class B | 640,200 | 1,082,598 | ||||||
| Crescent Point Energy Corp. | 164,900 | 1,231,901 | ||||||
| Great-West Lifeco, Inc. | 33,961 | 900,743 | ||||||
| Home Capital Group, Inc.(a) | 48,500 | 1,546,255 | ||||||
| Imperial Oil, Ltd. | 38,800 | 2,120,579 | ||||||
| Interfor Corp. | 58,200 | 1,163,956 | ||||||
| International Petroleum Corp.(b) | 102,432 | 1,101,936 | ||||||
| Labrador Iron Ore Royalty Corp.(a) | 56,660 | 1,662,049 | ||||||
| Mullen Group, Ltd.(a) | 126,100 | 1,334,402 | ||||||
| Peyto Exploration & Development Corp.(a) | 106,700 | 972,734 | ||||||
| Stelco Holdings, Inc. | 48,500 | 1,887,073 | ||||||
| Suncor Energy, Inc. | 38,800 | 1,346,649 | ||||||
| West Fraser Timber Co., Ltd. | 9,700 | 843,405 | ||||||
| Whitecap Resources, Inc.(a) | 155,200 | 1,293,576 | ||||||
| 19,678,640 | ||||||||
| Denmark (2.15%) | ||||||||
| D/S Norden A/S | 23,280 | 1,249,956 | ||||||
| Scandinavian Tobacco Group A/S, Class A(c) | 83,905 | 1,454,270 | ||||||
| 2,704,226 | ||||||||
| Finland (1.08%) | ||||||||
| Sampo Oyj(b) | 25,996 | 1,361,353 | ||||||
| France (6.11%) | ||||||||
| AXA SA | 48,015 | 1,493,683 | ||||||
| Carrefour SA | 70,616 | 1,341,170 | ||||||
| Coface SA | 90,792 | 1,265,387 | ||||||
| Metropole Television SA | 57,230 | 910,240 | ||||||
| Nexity SA | 41,904 | 1,263,716 | ||||||
| TotalEnergies SE | 22,989 | 1,424,066 | ||||||
| 7,698,262 | ||||||||
| Germany (1.80%) | ||||||||
| DWS Group GmbH & Co. KGaA(c) | 26,093 | 934,405 | ||||||
| Freenet AG | 54,708 | 1,326,305 | ||||||
| 2,260,710 | ||||||||
| Great Britain (12.62%) | ||||||||
| abrdn PLC | 535,246 | 1,402,898 | ||||||
| Anglo American PLC | 23,765 | 1,015,637 | ||||||
| Aviva PLC | 187,022 | 1,050,706 | ||||||
| Balfour Beatty PLC | 290,127 | 1,310,548 | ||||||
| BP PLC | 285,083 | 1,718,132 | ||||||
| British American Tobacco PLC | 35,987 | 1,373,587 | ||||||
| Direct Line Insurance Group PLC | 444,874 | 973,246 | ||||||
| Legal & General Group PLC | 294,694 | 922,815 | ||||||
| Man Group PLC | 333,486 | 1,022,499 | ||||||
| Persimmon PLC | 53,932 | 938,838 | ||||||
| Quilter PLC(c) | 768,157 | 911,792 | ||||||
| Rio Tinto PLC | 26,390 | 2,055,878 | ||||||
| WPP PLC | 102,044 | 1,187,345 | ||||||
| 15,883,921 | ||||||||
| Hong Kong (8.89%) | ||||||||
| China Resources Cement Holdings, Ltd. | 1,406,500 | 812,565 | ||||||
| Kingboard Holdings, Ltd. | 242,500 | 989,651 | ||||||
| Kingboard Laminates Holdings, Ltd. | 756,600 | 921,488 | ||||||
| Lee & Man Paper Manufacturing, Ltd. | 2,425,000 | 1,060,782 | ||||||
| New World Development Co., Ltd. | 320,100 | 955,260 | ||||||
| Orient Overseas International, Ltd. | 48,500 | 802,236 | ||||||
| Pacific Basin Shipping, Ltd. | 3,104,000 | 1,088,616 | ||||||
| PC Partner Group, Ltd.(a) | 1,358,000 | 798,401 | ||||||
| Shougang Fushan Resources Group, Ltd. | 3,492,000 | 1,260,320 | ||||||
| Skyworth Group, Ltd. | 2,522,000 | 1,611,399 | ||||||
| VTech Holdings, Ltd. | 135,800 | 897,118 | ||||||
| 11,197,836 | ||||||||
| Italy (3.68%) | ||||||||
| Anima Holding SpA(c) | 242,597 | 1,066,030 | ||||||
| Eni SpA | 91,956 | 1,413,170 | ||||||
| Unipol Gruppo SpA | 224,264 | 1,170,276 | ||||||
| UnipolSai Assicurazioni SpA | 372,189 | 987,282 | ||||||
| 4,636,758 | ||||||||
| Japan (25.59%) | ||||||||
| Aozora Bank, Ltd.(a) | 48,500 | 966,535 | ||||||
| Citizen Watch Co., Ltd.(a) | 281,300 | 1,331,239 | ||||||
| Dai-ichi Life Holdings, Inc. | 67,900 | 1,586,324 | ||||||
| Gree, Inc.(a) | 194,000 | 1,047,762 | ||||||
| Hakuto Co., Ltd.(a) | 58,200 | 2,023,240 | ||||||
| Inabata & Co., Ltd. | 67,900 | 1,310,895 | ||||||
| Inpex Corp. | 106,700 | 1,164,015 | ||||||
| Iyogin Holdings, Inc. | 232,800 | 1,307,393 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 38,800 | 1,245,988 | ||||||
| Japan Post Holdings Co., Ltd. | 145,500 | 1,274,306 | ||||||
| Japan Tobacco, Inc. | 48,500 | 989,263 | ||||||
| Joyful Honda Co., Ltd. | 97,000 | 1,387,577 | ||||||
| Kamigumi Co., Ltd. | 58,200 | 1,185,775 | ||||||
| Meiwa Corp.(a) | 120,375 | 637,179 | ||||||
| Mitsubishi Logistics Corp. | 38,800 | 901,702 | ||||||
| Mitsuboshi Belting, Ltd. | 48,500 | 1,376,772 | ||||||
| Mitsui & Co., Ltd. | 58,200 | 1,708,017 | ||||||
| NGK Spark Plug Co., Ltd. | 58,200 | 1,131,673 | ||||||
| Nippon Yusen KK(a) | 72,400 | 1,710,367 | ||||||
| Nisshinbo Holdings, Inc. | 145,500 | 1,080,924 | ||||||
| Nitto Kogyo Corp.(a) | 67,900 | 1,266,034 | ||||||
| Press Kogyo Co., Ltd.(a) | 368,600 | 1,274,306 | ||||||
| Sumitomo Osaka Cement Co., Ltd.(a) | 38,800 | 1,016,464 | ||||||
| Sumitomo Warehouse Co., Ltd. | 77,600 | 1,188,160 | ||||||
| Tokio Marine Holdings, Inc. | 48,500 | 1,011,247 | ||||||
| Yamato Kogyo Co., Ltd. | 29,100 | 1,095,456 | ||||||
| 32,218,613 | ||||||||
| Luxembourg (3.06%) | ||||||||
| ArcelorMittal SA | 48,112 | 1,483,363 | ||||||
| ArcelorMittal SA(a) | 43,844 | 1,352,251 | ||||||
| RTL Group SA | 20,952 | 1,014,526 | ||||||
| 3,850,140 | ||||||||
| Netherlands (1.13%) | ||||||||
| NN Group NV | 32,786 | 1,419,311 | ||||||
| New Zealand (0.69%) | ||||||||
| Fletcher Building, Ltd. | 266,071 | 871,981 | ||||||
| Norway (2.49%) | ||||||||
| Elkem ASA(b)(c) | 339,015 | 1,194,853 | ||||||
| Telenor ASA | 98,070 | 1,025,247 | ||||||
| Yara International ASA | 20,661 | 914,900 | ||||||
| 3,135,000 | ||||||||
| Spain (1.20%) | ||||||||
| Repsol SA | 92,150 | 1,511,723 | ||||||
| Sweden (2.39%) | ||||||||
| SSAB AB | 168,683 | 1,199,118 | ||||||
| SSAB AB | 266,556 | 1,807,695 | ||||||
| Switzerland (1.74%) | ||||||||
| Ferrexpo PLC | 494,118 | 964,929 | ||||||
| Glencore PLC | 182,942 | 1,220,621 | ||||||
| 2,185,550 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $118,166,827) | 123,346,019 | |||||||
| Short-Term Investment (11.15%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(d)(e) | 14,040,363 | $ | 14,040,363 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $14,040,363) | 14,040,363 | |||||||
| Total Investments (109.12%) | ||||||||
| (Cost $132,207,190) | $ | 137,386,382 | ||||||
| Liabilities Less Other Assets (-9.12%) | (11,487,104 | ) | ||||||
| Net Assets (100.00%) | $ | 125,899,278 | ||||||
| Percentages based on Net Assets. |
| (a) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $13,316,383. |
| (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 January 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $5,561,350, representing 4.42% of net assets. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $14,040,363. |
| (e) | Rate shown is the 7-day effective yield as of January 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 January 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 | 33.95% |
| Utilities | 14.65% |
| Materials | 14.23% |
| Energy | 10.53% |
| Industrials | 10.20% |
| Consumer Staples | 6.42% |
| Real Estate | 3.38% |
| Communication Services | 2.26% |
| Consumer Discretionary | 1.90% |
| Information Technology | 0.96% |
| Health Care | 0.78% |
| Other | 0.74% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Global Value ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (98.57%) | ||||||||
| Austria (0.73%) | ||||||||
| Erste Group Bank AG | 24,606 | $ | 922,094 | |||||
| Brazil (8.23%) | ||||||||
| Atacadao SA | 278,300 | 905,682 | ||||||
| Banco Santander Brasil SA | 169,400 | 966,417 | ||||||
| Centrais Eletricas Brasileiras SA | 145,200 | 1,163,019 | ||||||
| Cia Siderurgica Nacional SA | 278,300 | 1,016,974 | ||||||
| Gerdau SA | 205,700 | 1,333,162 | ||||||
| Itau Unibanco Holding SA | 242,000 | 1,207,545 | ||||||
| JBS SA | 157,300 | 624,081 | ||||||
| Petroleo Brasileiro SA | 169,400 | 873,647 | ||||||
| Telefonica Brasil SA | 108,900 | 893,931 | ||||||
| Vale SA | 72,600 | 1,356,951 | ||||||
| 10,341,409 | ||||||||
| Chile (9.35%) | ||||||||
| Banco Santander Chile | 22,114,444 | 929,681 | ||||||
| CAP SA | 91,597 | 845,612 | ||||||
| Cencosud SA | 683,892 | 1,228,361 | ||||||
| Cia Sud Americana de Vapores SA | 9,616,475 | 834,635 | ||||||
| Colbun SA | 15,568,223 | 1,811,702 | ||||||
| Empresas CMPC SA | 734,470 | 1,262,932 | ||||||
| Empresas COPEC SA | 152,218 | 1,148,104 | ||||||
| Enel Americas SA | 10,358,084 | 1,371,268 | ||||||
| Falabella SA | 404,624 | 940,212 | ||||||
| Quinenco SA | 396,154 | 1,378,308 | ||||||
| 11,750,815 | ||||||||
| Czech Republic (8.66%) | ||||||||
| CEZ AS | 78,529 | 3,188,419 | ||||||
| Komercni Banka AS | 83,732 | 2,815,830 | ||||||
| Moneta Money Bank AS(a) | 744,029 | 2,745,338 | ||||||
| Philip Morris CR AS | 2,783 | 2,137,740 | ||||||
| 10,887,327 | ||||||||
| Great Britain (8.68%) | ||||||||
| Anglo American PLC | 25,047 | 1,070,425 | ||||||
| Aviva PLC | 153,742 | 863,736 | ||||||
| Barclays PLC | 588,544 | 1,348,428 | ||||||
| BP PLC | 210,419 | 1,268,148 | ||||||
| Legal & General Group PLC | 352,594 | 1,104,125 | ||||||
| Lloyds Banking Group PLC | 2,002,671 | 1,298,194 | ||||||
| Rio Tinto PLC | 16,093 | 1,253,704 | ||||||
| Segro PLC | 74,294 | 760,407 | ||||||
| Shell PLC | 38,478 | 1,126,167 | ||||||
| Vodafone Group PLC | 714,142 | 819,855 | ||||||
| 10,913,189 | ||||||||
| Greece (–%)(b) | ||||||||
| FF Group(c)(d)(e) | 25,407 | – | ||||||
| Malaysia (7.48%) | ||||||||
| CIMB Group Holdings Bhd | 931,700 | 1,255,881 | ||||||
| Hartalega Holdings Bhd | 1,076,900 | 406,449 | ||||||
| Hong Leong Bank Bhd | 229,900 | 1,105,913 | ||||||
| Malayan Banking Bhd | 532,400 | 1,090,823 | ||||||
| Petronas Chemicals Group Bhd | 459,800 | 900,036 | ||||||
| Public Bank Bhd | 1,028,500 | 1,022,292 | ||||||
| RHB Bank Bhd | 786,500 | 1,060,159 | ||||||
| Sime Darby Bhd | 2,020,700 | 1,094,255 | ||||||
| Sime Darby Plantation Bhd | 895,400 | 908,886 | ||||||
| Top Glove Corp. Bhd(d) | 2,843,500 | 553,268 | ||||||
| 9,397,962 | ||||||||
| Norway (5.16%) | ||||||||
| Aker BP ASA | 19,239 | 584,402 | ||||||
| DNO ASA | 472,747 | 580,183 | ||||||
| Elkem ASA(a)(d) | 176,297 | 621,356 | ||||||
| Equinor ASA | 17,424 | 529,444 | ||||||
| Golden Ocean Group, Ltd. | 73,568 | 700,626 | ||||||
| Norsk Hydro ASA | 99,704 | 802,498 | ||||||
| Storebrand ASA | 86,152 | 746,071 | ||||||
| TGS ASA | 44,044 | 724,977 | ||||||
| Var Energi ASA | 156,090 | 472,886 | ||||||
| Yara International ASA | 16,335 | 723,338 | ||||||
| 6,485,781 | ||||||||
| Poland (8.72%) | ||||||||
| Alior Bank SA(d)(f) | 141,086 | 1,276,441 | ||||||
| Jastrzebska Spolka Weglowa SA(d)(f) | 69,938 | 1,085,632 | ||||||
| KGHM Polska Miedz SA | 34,969 | 1,135,441 | ||||||
| Lubelski Wegiel Bogdanka SA | 91,476 | 1,161,479 | ||||||
| PGE Polska Grupa Energetyczna SA(d) | 503,602 | 870,552 | ||||||
| Polski Koncern Naftowy ORLEN SA | 217,857 | 3,265,068 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 162,866 | 1,380,622 | ||||||
| Tauron Polska Energia SA(d) | 1,431,430 | 779,873 | ||||||
| 10,955,108 | ||||||||
| Portugal (9.38%) | ||||||||
| Altri SGPS SA(f) | 159,720 | 803,601 | ||||||
| Banco Comercial Portugues SA | 7,212,205 | 1,531,292 | ||||||
| Energias de Portugal SA | 240,064 | 1,189,567 | ||||||
| Galp Energia SGPS SA | 94,864 | 1,296,872 | ||||||
| Greenvolt-Energias Renovaveis SA(d) | 32,425 | 271,078 | ||||||
| Jeronimo Martins SGPS SA | 52,514 | 1,138,382 | ||||||
| Mota-Engil SGPS SA(f) | 825,825 | 1,526,246 | ||||||
| Navigator Co. SA | 266,321 | 930,549 | ||||||
| NOS SGPS SA | 254,221 | 1,088,918 | ||||||
| REN - Redes Energeticas Nacionais SGPS SA | 363,847 | 998,776 | ||||||
| Sonae SGPS SA | 994,136 | 1,011,601 | ||||||
| 11,786,882 | ||||||||
| Russia (–%)(b) | ||||||||
| Alrosa PJSC(c)(e) | 1,262,976 | – | ||||||
| Gazprom Neft PJSC(c)(e) | 334,880 | – | ||||||
| Gazprom PJSC(c)(e) | 373,048 | – | ||||||
| Rosneft Oil Co. PJSC(c)(e) | 198,016 | – | ||||||
| Sberbank of Russia PJSC(c)(e) | 287,609 | – | ||||||
| Severstal PAO(c)(e) | 82,992 | – | ||||||
| Unipro PJSC(c)(e) | 22,421,984 | – | ||||||
| 0 | ||||||||
| Singapore (9.58%) | ||||||||
| Capitaland Investment, Ltd./Singapore | 363,000 | 1,094,139 | ||||||
| CDL Hospitality Trusts | 23,850 | 24,507 | ||||||
| City Developments, Ltd. | 193,600 | 1,223,078 | ||||||
| Genting Singapore, Ltd. | 1,875,500 | 1,413,263 | ||||||
| Jardine Cycle & Carriage, Ltd. | 48,400 | 1,069,825 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 121,000 | 1,190,843 | ||||||
| Sembcorp Industries, Ltd. | 508,200 | 1,396,409 | ||||||
| Singapore Airlines, Ltd. | 278,300 | 1,254,024 | ||||||
| United Overseas Bank, Ltd. | 48,400 | 1,098,928 | ||||||
| UOL Group, Ltd. | 205,700 | 1,092,850 | ||||||
| Venture Corp., Ltd. | 84,700 | 1,190,107 | ||||||
| 12,047,973 | ||||||||
| Spain (9.49%) | ||||||||
| Acciona SA | 5,566 | 1,083,138 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 218,163 | 1,532,862 | ||||||
| Banco Santander SA | 375,342 | 1,306,989 | ||||||
| CaixaBank SA | 340,494 | 1,505,467 | ||||||
| Enagas SA | 49,731 | 890,178 | ||||||
| Endesa SA | 51,788 | 1,028,621 | ||||||
| Ferrovial SA | 42,471 | 1,248,495 | ||||||
| Iberdrola SA | 94,501 | 1,103,902 | ||||||
| Mapfre SA | 603,548 | 1,210,587 | ||||||
| Naturgy Energy Group SA | 35,937 | 1,015,787 | ||||||
| 11,926,026 | ||||||||
| Turkey (13.11%) | ||||||||
| Akbank TAS | 1,827,947 | 1,650,174 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS | 485,815 | 984,066 | ||||||
| Haci Omer Sabanci Holding AS | 813,604 | 1,687,831 | ||||||
| KOC Holding AS | 405,592 | 1,648,525 | ||||||
| Petkim Petrokimya Holding AS(d) | 1,709,125 | 1,483,845 | ||||||
| Turkiye Halk Bankasi AS(d) | 3,013,868 | 1,682,450 | ||||||
| Turkiye Is Bankasi AS, Class C | 3,440,896 | 1,990,348 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | 899,877 | 1,891,683 | ||||||
| Turkiye Vakiflar Bankasi TAO, Class D(d) | 3,664,122 | 1,840,900 | ||||||
| Yapi ve Kredi Bankasi AS | 3,348,070 | 1,616,251 | ||||||
| 16,476,073 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $131,381,383) | 123,890,639 | |||||||
| Short-Term Investment (0.62%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(g)(h) | 773,252 | $ | 773,252 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $773,252) | 773,252 | |||||||
| Total Investments (99.19%) | ||||||||
| (Cost $132,154,635) | $ | 124,663,891 | ||||||
| Other Assets Less Liabilities (0.81%) | 1,023,999 | |||||||
| Net Assets (100.00%) | $ | 125,687,890 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | 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 January 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $3,366,694, representing 2.68% of net assets. |
| (b) | Less than 0.005%. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | Non-income producing security. |
| (e) | These securities are considered to be illiquid. The aggregate value of these securities at January 31, 2023 was $0, which represent 0.00% of the Fund's Net Assets. |
| (f) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $863,070. |
| (g) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $773,252. |
| (h) | Rate shown is the 7-day effective yield as of January 31, 2023. |
| Investment Abbreviations: |
| PJSC - Private Joint Stock Company |
| PLC - Public Limited Company |
Transactions with affiliated companies for the nine months ended January 31, 2023 are as follows:
Investments no longer affiliated as of January 31, 2023
| Security Name | Market
Value as of April 30, 2022 | Sales | Sales
In-Kind | Market
Value as of January 31, 2023 | Share
Balance as of January 31, 2023 | Dividends | Change
in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||
| iShares MSCI Colombia ETF | $ | 9,137,885 | $ | (6,550,036 | ) | $ | (635,957 | ) | $ | – | $ | – | $ | 328,977 | $ | (2,573,718 | ) | $ | 621,826 | |||||||||||||
| Grand Total | $ | 9,137,885 | $ | (6,550,036 | ) | $ | (635,957 | ) | $ | – | $ | – | $ | 328,977 | $ | (2,573,718 | ) | $ | 621,826 | |||||||||||||
| 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 | $ | 922,094 | – | $ | – | 922,094 | ||||||||||
| Brazil | 10,341,409 | – | – | 10,341,409 | ||||||||||||
| Chile | 11,750,815 | – | – | 11,750,815 | ||||||||||||
| Czech Republic | 10,887,327 | – | – | 10,887,327 | ||||||||||||
| Great Britain | 10,913,189 | – | – | 10,913,189 | ||||||||||||
| Malaysia | 9,397,962 | – | – | 9,397,962 | ||||||||||||
| Norway | 6,485,781 | – | – | 6,485,781 | ||||||||||||
| Poland | 10,955,108 | – | – | 10,955,108 | ||||||||||||
| Portugal | 11,786,882 | – | – | 11,786,882 | ||||||||||||
| Singapore | 12,047,973 | – | – | 12,047,973 | ||||||||||||
| Spain | 11,926,026 | – | – | 11,926,026 | ||||||||||||
| Turkey | 16,476,073 | – | – | 16,476,073 | ||||||||||||
| Short-Term Investment | 773,252 | – | – | 773,252 | ||||||||||||
| Total | $ | 124,663,891 | $ | – | $ | – | $ | 124,663,891 | ||||||||
| (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 January 31, 2023 is $(9,440,193). |
| 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 | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Exchange Traded Funds (99.92%) | ||||||||
| Global (43.38%) | ||||||||
| Commodity ETF (6.57%) | ||||||||
| iShares® Global Energy ETF | 315,216 | $ | 12,677,988 | |||||
| Equity ETF (36.81%) | ||||||||
| iShares® Global Consumer Staples ETF | 194,832 | 11,791,233 | ||||||
| iShares® Global Financials ETF(a) | 157,476 | 12,018,568 | ||||||
| iShares® Global Healthcare ETF | 136,092 | 11,488,887 | ||||||
| iShares® Global Industrials ETF | 102,432 | 11,574,816 | ||||||
| Cambria Global Value ETF*(a) | 581,988 | 12,151,909 | ||||||
| FlexShares Global Upstream Natural Resources Index Fund(a) | 261,492 | 12,023,402 | ||||||
| 71,048,815 | ||||||||
| International (12.59%) | ||||||||
| Equity ETF (12.59%) | ||||||||
| Cambria Emerging Shareholder Yield ETF* | 407,616 | 12,118,423 | ||||||
| Cambria Foreign Shareholder Yield ETF*(a) | 465,828 | 12,190,486 | ||||||
| 24,308,909 | ||||||||
| North America (18.65%) | ||||||||
| Commodity ETF (18.65%) | ||||||||
| Invesco DB Precious Metals Fund | 239,052 | 11,973,637 | ||||||
| United States Commodity Index Fund(b) | 208,824 | 11,781,850 | ||||||
| VanEck Gold Miners ETF/USA | 382,008 | 12,231,896 | ||||||
| 35,987,383 | ||||||||
| United States (25.30%) | ||||||||
| Commodity ETF (6.27%) | ||||||||
| Graniteshares Gold Trust(a)(b) | 634,128 | 12,105,504 | ||||||
| Equity ETF (18.72%) | ||||||||
| Cambria Shareholder Yield ETF*(a) | 193,776 | 12,603,191 | ||||||
| Cambria Value and Momentum ETF* | 859,669 | 23,537,737 | ||||||
| 36,140,928 | ||||||||
| Fixed Income ETF (0.31%) | ||||||||
| iShares® Short Treasury Bond ETF(a) | 5,343 | 589,226 | ||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $184,731,175) | 192,858,753 | |||||||
| Short-Term Investment (6.07%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d) | 11,710,480 | $ | 11,710,480 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $11,710,480) | 11,710,480 | |||||||
| Total Investments (105.99%) | ||||||||
| (Cost $196,441,655) | $ | 204,569,233 | ||||||
| Liabilities Less Other Assets (-5.99%) | (11,563,089 | ) | ||||||
| Net Assets (100.00%) | $ | 193,006,144 | ||||||
| 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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $11,575,742. |
| (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 January 31, 2023 was $11,710,480. |
| (d) | Rate shown is the 7-day effective yield as of January 31, 2023. |
| Investment Abbreviations: |
| ETF - Exchange Traded Fund |
Transactions with affiliated companies for the nine months ended January 31, 2023 are as follows:
| Security Name | Market
Value as of April 30, 2022 | Purchases | Purchases In-Kind | Sales | Sales
In-Kind | Market
Value as of January 31, 2023 | Share
Balance as of January 31, 2023 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | – | $ | 11,447,043 | $ | 276,037 | $ | – | $ | – | $ | 12,118,423 | 407,616 | $ | – | $ | 395,344 | $ | – | |||||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 4,642,086 | 17,558,021 | 1,181,313 | (11,231,651 | ) | (172,019 | ) | 12,190,486 | 465,828 | 54,566 | 650,021 | (437,285 | ) | |||||||||||||||||||||||||||
| Cambria Global Value ETF | – | 10,937,142 | 532,886 | – | (175,924 | ) | 12,151,909 | 581,988 | 40,277 | 852,774 | 5,031 | |||||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 10,421,504 | – | 18,184,835 | (3,648,154 | ) | (2,241,375 | ) | 23,537,737 | 859,669 | 239,807 | 335,792 | 485,135 | ||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 6,221,840 | 17,257,910 | 1,938,256 | (12,817,592 | ) | (356,841 | ) | 12,603,191 | 193,776 | 73,981 | (560,068 | ) | 919,686 | |||||||||||||||||||||||||||
| $ | 21,285,430 | $ | 57,200,116 | $ | 22,113,327 | $ | (27,697,397 | ) | $ | (2,946,159 | ) | $ | 72,601,746 | 2,508,877 | $ | 408,631 | $ | 1,673,863 | $ | 972,567 | ||||||||||||||||||||
| Investments no longer affiliated as of January 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
| Cambria Global Real Estate ETF | $ | 4,975,645 | $ | – | $ | – | $ | (4,890,438 | ) | $ | – | $ | – | – | $ | – | $ | 463,685 | $ | (548,892 | ) | |||||||||||||||||||
| $ | 4,975,645 | $ | – | $ | – | $ | (4,890,438 | ) | $ | – | $ | – | – | $ | – | $ | 463,685 | $ | (548,892 | ) | ||||||||||||||||||||
| Grand Total | $ | 26,261,075 | $ | 57,200,116 | $ | 22,113,327 | $ | (32,587,835 | ) | $ | (2,946,159 | ) | $ | 72,601,746 | 2,508,877 | $ | 408,631 | $ | 2,137,548 | $ | 423,675 | |||||||||||||||||||
As of January 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 | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Exchange Traded Funds (98.47%) | ||||||||
| Global (14.31%) | ||||||||
| Equity ETF (14.31%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 41,616 | $ | 1,007,731 | |||||
| Cambria Global Real Estate ETF* | 118,800 | 3,290,356 | ||||||
| Cambria Global Value ETF* | 139,608 | 2,915,015 | ||||||
| 7,213,102 | ||||||||
| International (35.62%) | ||||||||
| Equity ETF (15.93%) | ||||||||
| Alpha Architect International Quantitative Momentum ETF(a) | 37,440 | 979,494 | ||||||
| Cambria Emerging Shareholder Yield ETF* | 157,392 | 4,679,264 | ||||||
| Cambria Foreign Shareholder Yield ETF* | 90,396 | 2,365,618 | ||||||
| 8,024,376 | ||||||||
| Fixed Income ETF (19.69%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 30,996 | 1,330,038 | ||||||
| VanEck Emerging Markets High Yield Bond ETF(a) | 106,704 | 2,029,510 | ||||||
| VanEck International High Yield Bond ETF(a) | 49,608 | 1,015,476 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 122,328 | 3,091,229 | ||||||
| Vanguard® Total International Bond ETF | 50,616 | 2,457,407 | ||||||
| 9,923,660 | ||||||||
| North America (0.95%) | ||||||||
| Commodity ETF (0.95%) | ||||||||
| VanEck Gold Miners ETF/USA | 14,904 | 477,226 | ||||||
| United States (47.59%) | ||||||||
| Commodity ETF (8.91%) | ||||||||
| Graniteshares Gold Trust(b) | 83,052 | 1,585,463 | ||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 194,328 | 2,905,203 | ||||||
| 4,490,666 | ||||||||
| Equity ETF (16.57%) | ||||||||
| Alpha Architect US Quantitative Momentum ETF(a) | 44,100 | 2,051,034 | ||||||
| Cambria Shareholder Yield ETF* | 63,540 | 4,132,641 | ||||||
| Cambria Value and Momentum ETF* | 79,020 | 2,163,568 | ||||||
| 8,347,243 | ||||||||
| Fixed Income ETF (22.11%) | ||||||||
| Schwab US TIPS Bond ETF | 26,172 | 1,382,143 | ||||||
| Vanguard® Intermediate-Term Corporate Bond ETF | 18,900 | 1,526,931 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF | 33,588 | 2,010,914 | ||||||
| Vanguard® Long-Term Treasury Bond ETF(a) | 28,116 | 1,856,218 | ||||||
| Vanguard® Short-Term Corporate Bond ETF(a) | 13,428 | 1,026,974 | ||||||
| Vanguard® Total Bond Market ETF | 45,000 | 3,339,900 | ||||||
| 11,143,080 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $50,344,078) | 49,619,353 | |||||||
| Short-Term Investment (6.14%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d) | 3,093,552 | $ | 3,093,552 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $3,093,552) | 3,093,552 | |||||||
| Total Investments (104.61%) | ||||||||
| (Cost $53,437,630) | $ | 52,712,905 | ||||||
| Liabilities Less Other Assets (-4.61%) | (2,321,026 | ) | ||||||
| Net Assets (100.00%) | $ | 50,391,879 | ||||||
| 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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $3,014,929. |
| (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 January 31, 2023 was $3,093,552. |
| (d) | Rate shown is the 7-day effective yield as of January 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 for the nine months ended January 31, 2023 are as follows:
| Security Name | Market
Value as of April 30, 2022 | Purchases | Purchases In-Kind | Sales | Sales
In-Kind | Market
Value as of January 31, 2023 | Share
Balance as of January 31, 2023 | Dividends | Change
in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | 4,171,210 | $ | – | $ | 622,879 | $ | – | $ | (122,241 | ) | $ | 4,679,264 | 157,392 | $ | 247,538 | $ | 3,744 | $ | 3,672 | ||||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 2,086,741 | – | 307,235 | – | (60,013 | ) | 2,365,618 | 90,396 | 98,826 | 31,291 | 364 | |||||||||||||||||||||||||||||
| Cambria Global Real Estate ETF | 3,468,032 | – | 445,093 | (330,319 | ) | (91,014 | ) | 3,290,356 | 118,800 | 71,849 | (269,888 | ) | 68,452 | |||||||||||||||||||||||||||
| Cambria Global Value ETF | 2,521,469 | – | 378,129 | – | (70,463 | ) | 2,915,015 | 139,608 | 105,083 | 84,842 | 1,038 | |||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 3,437,373 | – | 539,825 | – | (108,106 | ) | 4,132,641 | 63,540 | 64,653 | 208,121 | 55,428 | |||||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 1,859,253 | – | 294,459 | – | (59,067 | ) | 2,163,568 | 79,020 | 20,782 | 44,285 | 24,638 | |||||||||||||||||||||||||||||
| Grand Total | $ | 17,544,078 | $ | – | $ | 2,587,620 | $ | (330,319 | ) | $ | (510,904 | ) | $ | 19,546,462 | $ | 648,756 | $ | 608,731 | $ | 102,395 | $ | 153,592 | ||||||||||||||||||
As of January 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 | |
| Energy | 33.58% |
| Financials | 21.14% |
| Materials | 19.67% |
| Consumer Discretionary | 7.47% |
| Industrials | 6.10% |
| Information Technology | 3.58% |
| Health Care | 2.97% |
| Consumer Staples | 2.29% |
| Utilities | 2.12% |
| Communication Services | 1.08% |
| 100.00% |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Value and Momentum ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (88.87%) | ||||||||
| Communication Services (0.96%) | ||||||||
| Scholastic Corp. | 29,700 | $ | 1,313,928 | |||||
| Consumer Discretionary (6.64%) | ||||||||
| Adtalem Global Education, Inc.(a) | 25,000 | 954,500 | ||||||
| AutoNation, Inc.(a) | 9,200 | 1,165,824 | ||||||
| Dillard's, Inc., Class A(b) | 4,800 | 1,887,888 | ||||||
| Group 1 Automotive, Inc. | 5,700 | 1,218,945 | ||||||
| ODP Corp.(a) | 24,803 | 1,279,834 | ||||||
| Penske Automotive Group, Inc. | 10,400 | 1,329,328 | ||||||
| Perdoceo Education Corp.(a) | 84,206 | 1,260,564 | ||||||
| 9,096,883 | ||||||||
| Consumer Staples (2.04%) | ||||||||
| Cal-Maine Foods, Inc. | 16,400 | 938,408 | ||||||
| Ingles Markets, Inc., Class A | 10,300 | 978,500 | ||||||
| SpartanNash Co. | 27,700 | 877,536 | ||||||
| 2,794,444 | ||||||||
| Energy (29.84%) | ||||||||
| Antero Resources Corp.(a) | 39,504 | 1,139,296 | ||||||
| APA Corp. | 28,100 | 1,245,673 | ||||||
| Arch Resources, Inc., Class A(b) | 7,700 | 1,139,754 | ||||||
| California Resources Corp. | 24,300 | 1,038,339 | ||||||
| Chesapeake Energy Corp. | 11,700 | 1,014,624 | ||||||
| Chevron Corp. | 5,800 | 1,009,316 | ||||||
| Chord Energy Corp. | 9,810 | 1,406,067 | ||||||
| Civitas Resources, Inc. | 17,600 | 1,171,280 | ||||||
| CNX Resources Corp.(a) | 60,800 | 1,017,184 | ||||||
| ConocoPhillips | 9,300 | 1,133,391 | ||||||
| CONSOL Energy, Inc. | 19,000 | 1,098,770 | ||||||
| Coterra Energy, Inc. | 46,103 | 1,153,958 | ||||||
| Delek US Holdings, Inc. | 42,703 | 1,142,732 | ||||||
| Diamondback Energy, Inc. | 8,100 | 1,183,572 | ||||||
| Earthstone Energy, Inc., Class A(a)(b) | 76,900 | 1,068,910 | ||||||
| EOG Resources, Inc. | 12,000 | 1,587,000 | ||||||
| Exxon Mobil Corp. | 11,600 | 1,345,716 | ||||||
| Helix Energy Solutions Group, Inc.(a) | 242,300 | 1,921,439 | ||||||
| Marathon Oil Corp. | 52,600 | 1,444,922 | ||||||
| Marathon Petroleum Corp. | 10,000 | 1,285,200 | ||||||
| Matador Resources Co. | 33,600 | 2,222,976 | ||||||
| Ovintiv, Inc. | 23,200 | 1,142,136 | ||||||
| Patterson-UTI Energy, Inc. | 86,200 | 1,448,160 | ||||||
| PBF Energy, Inc. | 32,503 | 1,364,801 | ||||||
| PDC Energy, Inc. | 20,400 | 1,381,692 | ||||||
| Peabody Energy Corp.(a)(c) | 46,600 | 1,299,674 | ||||||
| Permian Resources Corp. | 194,300 | 2,112,041 | ||||||
| Pioneer Natural Resources Co. | 4,300 | 990,505 | ||||||
| Plains GP Holdings LP, Class A(b) | 82,900 | 1,085,161 | ||||||
| SandRidge Energy, Inc.(a) | 58,300 | 921,723 | ||||||
| VAALCO Energy, Inc.(b) | 227,100 | 1,056,015 | ||||||
| Valero Energy Corp. | 9,100 | 1,274,273 | ||||||
| Vitesse Energy, Inc.(a) | 3,637 | 58,042 | ||||||
| 40,904,342 | ||||||||
| Financials (18.79%) | ||||||||
| American Equity Investment Life Holding Co. | 24,400 | 1,162,660 | ||||||
| American Financial Group, Inc. | 7,400 | 1,055,166 | ||||||
| American International Group, Inc. | 18,700 | 1,182,214 | ||||||
| Berkshire Hills Bancorp, Inc. | 33,800 | 1,049,490 | ||||||
| Employers Holdings, Inc. | 27,103 | 1,189,009 | ||||||
| First Horizon Corp. | 41,700 | 1,031,241 | ||||||
| Genworth Financial, Inc., Class A(a) | 229,015 | 1,264,163 | ||||||
| Hanmi Financial Corp. | 44,500 | 1,036,405 | ||||||
| Heritage Financial Corp. | 37,100 | 1,058,463 | ||||||
| Jefferies Financial Group, Inc. | 30,900 | 1,213,752 | ||||||
| Loews Corp. | 34,600 | 2,127,208 | ||||||
| MetLife, Inc. | 15,500 | 1,131,810 | ||||||
| Mr Cooper Group, Inc.(a) | 26,300 | 1,209,537 | ||||||
| NBT Bancorp, Inc. | 27,003 | 1,061,488 | ||||||
| Old Republic International Corp. | 44,000 | 1,161,160 | ||||||
| Principal Financial Group, Inc. | 14,600 | 1,351,230 | ||||||
| Regions Financial Corp. | 45,300 | 1,066,362 | ||||||
| Travelers Cos., Inc. | 8,300 | 1,586,296 | ||||||
| Unum Group | 36,800 | 1,546,704 | ||||||
| Voya Financial, Inc. | 16,600 | 1,158,182 | ||||||
| WesBanco, Inc. | 30,003 | 1,115,211 | ||||||
| 25,757,751 | ||||||||
| Health Care (2.64%) | ||||||||
| Cigna Corp. | 3,600 | 1,140,012 | ||||||
| McKesson Corp. | 3,100 | 1,173,908 | ||||||
| SIGA Technologies, Inc.(b) | 178,200 | 1,306,206 | ||||||
| 3,620,126 | ||||||||
| Industrials (5.42%) | ||||||||
| Atlas Air Worldwide Holdings, Inc.(a) | 9,700 | 991,437 | ||||||
| Boise Cascade Co. | 20,800 | 1,559,376 | ||||||
| Encore Wire Corp. | 8,200 | 1,323,726 | ||||||
| Insteel Industries, Inc. | 34,500 | 1,034,655 | ||||||
| Mueller Industries, Inc. | 18,800 | 1,232,340 | ||||||
| Veritiv Corp. | 10,300 | 1,287,912 | ||||||
| 7,429,446 | ||||||||
| Information Technology (3.18%) | ||||||||
| Avnet, Inc. | 33,500 | 1,536,980 | ||||||
| Photronics, Inc.(a) | 54,800 | 992,976 | ||||||
| Sanmina Corp.(a) | 30,100 | 1,833,993 | ||||||
| 4,363,949 | ||||||||
| Materials (17.48%) | ||||||||
| Alpha Metallurgical Resources, Inc. | 9,500 | 1,528,835 | ||||||
| CF Industries Holdings, Inc. | 15,000 | 1,270,500 | ||||||
| Commercial Metals Co. | 37,200 | 2,018,844 | ||||||
| Mosaic Co. | 17,400 | 861,996 | ||||||
| Nucor Corp. | 9,700 | 1,639,494 | ||||||
| Olin Corp. | 20,600 | 1,330,554 | ||||||
| Ramaco Resources, Inc. | 213,300 | 2,224,719 | ||||||
| Reliance Steel & Aluminum Co. | 4,900 | 1,114,505 | ||||||
| Resolute Forest Products, Inc.(a) | 66,700 | 1,448,057 | ||||||
| Ryerson Holding Corp. | 37,500 | 1,431,375 | ||||||
| Steel Dynamics, Inc. | 15,900 | 1,918,176 | ||||||
| SunCoke Energy, Inc. | 142,600 | 1,299,086 | ||||||
| TimkenSteel Corp.(a) | 86,600 | 1,703,422 | ||||||
| United States Steel Corp. | 42,900 | 1,222,221 | ||||||
| Warrior Met Coal, Inc. | 30,200 | 1,143,976 | ||||||
| Westlake Corp. | 14,700 | 1,804,425 | ||||||
| 23,960,185 | ||||||||
| Utilities (1.88%) | ||||||||
| NRG Energy, Inc. | 47,900 | 1,639,138 | ||||||
| Vistra Corp. | 40,700 | 938,542 | ||||||
| 2,577,680 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $108,805,631) | 121,818,734 | |||||||
| Short-Term Investment (3.36%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(d)(e) | 4,603,080 | $ | 4,603,080 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $4,603,080) | 4,603,080 | |||||||
| Total Investments (92.23%) | ||||||||
| (Cost $113,408,711) | $ | 126,421,814 | ||||||
| Other Assets Less Liabilities (7.77%) | 10,655,080 | |||||||
| Net Assets (100.00%) | $ | 137,076,894 |
Percentages based on Net Assets.
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $4,409,437. |
| (c) | Security, or portion of security, is being held as collateral for securities sold short. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $4,603,080. |
| (e) | Rate shown is the 7-day effective yield as of January 31, 2023. |
| The open futures contracts held by the Fund as of January 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 | 300 | Mar-2023 | $ | (58,887,180 | ) | $ | (61,350,000 | ) | $ | (2,462,820 | ) | |||||||
For the period ended January 31, 2023, the monthly average notional value of the short equity futures contracts held was $63,160,740 and the ending notional value of the futures contacts was $61,350,000.
As of January 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 Tail Risk ETF | |
| Exchange Traded Funds | 92.66% |
| Purchased Options | 3.80% |
| Sovereign Debt | 3.54% |
| 100.00% |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Global Tail Risk ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Exchange Traded Funds (80.39%) | ||||||||
| International (37.30%) | ||||||||
| Fixed Income ETF (37.30%) | ||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF(a) | 37,683 | $ | 952,249 | |||||
| Vanguard® Total International Bond ETF | 18,458 | 896,136 | ||||||
| 1,848,385 | ||||||||
| United States (43.09%) | ||||||||
| Fixed Income ETF (43.09%) | ||||||||
| iShares® 7-10 Year Treasury Bond ETF(a) | 11,071 | 1,098,354 | ||||||
| iShares® TIPS Bond ETF | 9,548 | 1,037,390 | ||||||
| 2,135,744 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $4,123,573) | 3,984,129 | |||||||
| Currency | Face Amount | Value | ||||||||||
| Sovereign Debt (3.07%) | ||||||||||||
| Colombian TES, 7.500%, 8/26/2026 | COP | 812,500,000 | 152,183 | |||||||||
| Total Sovereign Debt | ||||||||||||
| (Cost $285,809) | 152,183 | |||||||||||
| Contracts | Notional Amount | Value | ||||||||||
| Purchased Options (3.29%) | ||||||||||||
| Put Options | ||||||||||||
| MSCI EAFE Index-MXEA US 03/17/23 P1800 | ||||||||||||
| Expires 03/17/23, Strike Price $1,800 | 2 | $ | 420,087 | $ | 480 | |||||||
| MSCI EAFE Index-MXEA US 06/16/23 P1700 | ||||||||||||
| Expires 06/16/23, Strike Price $1,700 | 15 | 3,150,653 | 14,400 | |||||||||
| MSCI EAFE Index-MXEA US 09/15/23 P1700 | ||||||||||||
| Expires 09/15/23, Strike Price $1,700 | 9 | 1,890,392 | 19,260 | |||||||||
| MSCI EAFE Index-MXEA US 12/15/23 P1900 | ||||||||||||
| Expires 12/15/23, Strike Price $1,900 | 5 | 1,050,218 | 29,600 | |||||||||
| MSCI Emerging Markets Index-MXEF US 03/17/23 P1000 | ||||||||||||
| Expires 03/16/23, Strike Price $1,000 | 5 | 515,749 | 6,525 | |||||||||
| MSCI Emerging Markets Index-MXEF US 03/17/23 P950 | ||||||||||||
| Expires 03/16/23, Strike Price $950 | 2 | 206,299 | 1,150 | |||||||||
| MSCI Emerging Markets Index-MXEF US 06/16/23 P950 | ||||||||||||
| Expires 06/15/23, Strike Price $950 | 15 | 1,547,246 | 29,250 | |||||||||
| MSCI Emerging Markets Index-MXEF US 09/15/23 P900 | ||||||||||||
| Expires 09/14/23, Strike Price $900 | 14 | 1,444,096 | 31,920 | |||||||||
| MSCI Emerging Markets Index-MXEF US 12/15/23 P950 | ||||||||||||
| Expires 12/14/23, Strike Price $950 | 7 | 722,048 | 30,730 | |||||||||
| Total Purchased Options | ||||||||||||
| (Cost $615,436) | 163,315 |
| Short-Term Investment (28.45%) | ||||||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(b)(c) | 1,410,107 | $ | 1,410,107 | |||||||||
| Total Short-Term Investment | ||||||||||||
| (Cost $1,410,107) | 1,410,107 | |||||||||||
| Total Investments (115.21%) | ||||||||||||
| (Cost $6,434,925) | $ | 5,709,734 | ||||||||||
| Liabilities Less Other Assets (-15.21%) | (753,626 | ) | ||||||||||
| Net Assets (100.00%) | $ | 4,956,108 | ||||||||||
| Percentages based on Net Assets. |
| (a) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $1,387,093. |
| (b) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $1,410,107. |
| (c) | Rate shown is the 7-day effective yield as of January 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 | $ | 3,984,129 | $ | – | $ | – | $ | 3,984,129 | ||||||||
| Sovereign Debt | – | 152,183 | – | 152,183 | ||||||||||||
| Short-Term Investment | 1,410,107 | – | – | 1,410,107 | ||||||||||||
| Total | $ | 5,394,236 | $ | 152,183 | $ | – | $ | 5,546,419 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Purchased Options | $ | 163,315 | $ | – | $ | – | $ | 163,315 | ||||||||
| Total | $ | 163,315 | $ | – | $ | – | $ | 163,315 | ||||||||
As of January 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 | |
| Materials | 18.20% |
| Information Technology | 17.41% |
| Energy | 16.20% |
| Financials | 13.70% |
| Consumer Discretionary | 13.02% |
| Industrials | 11.39% |
| Consumer Staples | 3.22% |
| Utilities | 3.15% |
| Health Care | 2.41% |
| Real Estate | 1.01% |
| Other | 0.29% |
| 100.00% |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Emerging Shareholder Yield ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (98.92%) | ||||||||
| Brazil (3.73%) | ||||||||
| Cielo SA | 1,749,000 | $ | 1,726,157 | |||||
| Enauta Participacoes SA | 451,000 | 1,344,213 | ||||||
| Petroleo Brasileiro SA | 231,000 | 1,341,960 | ||||||
| Vale SA | 88,000 | 1,644,788 | ||||||
| 6,057,118 | ||||||||
| China (24.44%) | ||||||||
| Anhui Conch Cement Co., Ltd., Class H | 385,000 | 1,458,268 | ||||||
| Bank of Communications Co., Ltd., Class H | 2,750,000 | 1,697,455 | ||||||
| China Coal Energy Co., Ltd., Class H | 1,870,000 | 1,495,304 | ||||||
| China Hongqiao Group, Ltd. | 1,540,000 | 1,779,382 | ||||||
| China Lilang, Ltd. | 2,200,000 | 1,127,896 | ||||||
| China Medical System Holdings, Ltd. | 1,100,000 | 1,896,661 | ||||||
| China Petroleum & Chemical Corp. | 3,614,000 | 1,945,005 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 770,000 | 2,391,167 | ||||||
| E-Commodities Holdings, Ltd.(a) | 7,920,000 | 1,666,592 | ||||||
| Fufeng Group, Ltd. | 3,080,000 | 2,160,397 | ||||||
| Huadian Power International Corp., Ltd., Class H(a) | 4,922,000 | 1,964,745 | ||||||
| JNBY Design, Ltd. | 1,045,000 | 1,356,701 | ||||||
| Lonking Holdings, Ltd. | 4,730,000 | 965,165 | ||||||
| People's Insurance Co. Group of China, Ltd.(b) | 5,263,000 | 1,771,975 | ||||||
| PetroChina Co., Ltd., Class H | 3,210,000 | 1,707,109 | ||||||
| Qingdao Port International Co., Ltd., Class H(c) | 2,200,000 | 1,091,422 | ||||||
| Shenzhen Expressway Corp., Ltd., Class H | 1,540,000 | 1,406,222 | ||||||
| Sinopec Shanghai Petrochemical Co., Ltd., ADR | 19,300 | 348,751 | ||||||
| Sinotruk Hong Kong, Ltd. | 1,485,000 | 2,560,492 | ||||||
| Tianli International Holdings, Ltd.(a) | 8,645,000 | 3,120,123 | ||||||
| Tianneng Power International, Ltd.(a) | 130,000 | 192,319 | ||||||
| Xinte Energy Co., Ltd., Class H(a) | 704,000 | 1,467,050 | ||||||
| Yankuang Energy Group Co., Ltd., Class H(a) | 880,000 | 2,822,545 | ||||||
| Zhejiang Expressway Co., Ltd., Class H | 1,540,000 | 1,327,662 | ||||||
| 39,720,408 | ||||||||
| Colombia (0.29%) | ||||||||
| Banco De Bogota Sa | 62,385 | 473,264 | ||||||
| India (8.17%) | ||||||||
| Coal India, Ltd. | 661,210 | 1,814,663 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. | 198,880 | 1,336,082 | ||||||
| HSIL, Ltd. | 311,610 | 1,242,009 | ||||||
| Indian Bank | 663,407 | 2,467,672 | ||||||
| Oil & Natural Gas Corp., Ltd. | 969,540 | 1,714,738 | ||||||
| Oil India, Ltd. | 656,370 | 1,866,273 | ||||||
| Vedanta, Ltd. | 700,150 | 2,840,637 | ||||||
| 13,282,074 | ||||||||
| Indonesia (1.79%) | ||||||||
| Indo Tambangraya Megah Tbk PT | 682,000 | 1,646,991 | ||||||
| United Tractors Tbk PT | 770,000 | 1,261,074 | ||||||
| 2,908,065 | ||||||||
| Mexico (5.00%) | ||||||||
| Arca Continental SAB de CV | 220,000 | 1,940,575 | ||||||
| Banco del Bajio SA(c) | 638,000 | 2,562,774 | ||||||
| Gentera SAB de CV | 1,309,000 | 1,597,452 | ||||||
| Grupo Financiero Inbursa SAB de CV | 935,000 | 2,016,925 | ||||||
| 8,117,726 | ||||||||
| Russia (–%)(d) | ||||||||
| Alrosa PJSC(e)(f) | 538,800 | – | ||||||
| Beluga Group PJSC(e)(f) | 20,340 | – | ||||||
| Federal Grid Co. Unified Energy System PJSC(e)(f) | 328,200,000 | 5 | ||||||
| Gazprom Neft PJSC(e)(f) | 223,200 | – | ||||||
| Gazprom PJSC(e)(f) | 423,000 | – | ||||||
| Inter RAO UES PJSC(e)(f) | 11,040,000 | – | ||||||
| LUKOIL PJSC(e)(f) | 17,160 | – | ||||||
| Magnitogorsk Iron & Steel Works PJSC(e)(f) | 1,560,000 | – | ||||||
| Novolipetsk Steel PJSC(e)(f) | 458,400 | – | ||||||
| OGK-2 PJSC(e)(f) | 94,200,000 | 2 | ||||||
| Sberbank of Russia PJSC(e)(f) | 276,600 | – | ||||||
| Severstal PAO(e)(f) | 85,200 | – | ||||||
| Unipro PJSC(e)(f) | 21,240,000 | – | ||||||
| 7 | ||||||||
| South Africa (17.70%) | ||||||||
| Absa Group, Ltd. | 156,627 | 1,789,959 | ||||||
| AECI, Ltd. | 303,490 | 1,525,997 | ||||||
| African Rainbow Minerals, Ltd. | 144,540 | 2,357,082 | ||||||
| Exxaro Resources, Ltd. | 108,790 | 1,361,501 | ||||||
| Investec PLC | 359,920 | 2,310,107 | ||||||
| Investec, Ltd. | 353,760 | 2,249,222 | ||||||
| Kumba Iron Ore, Ltd. | 54,340 | 1,653,779 | ||||||
| Motus Holdings, Ltd. | 349,030 | 2,472,095 | ||||||
| Nedbank Group, Ltd. | 127,490 | 1,649,823 | ||||||
| Reunert, Ltd. | 631,280 | 2,076,693 | ||||||
| Sasol, Ltd. | 95,994 | 1,728,333 | ||||||
| Sibanye Stillwater, Ltd. | 654,060 | 1,704,691 | ||||||
| Thungela Resources, Ltd. | 101,640 | 1,354,324 | ||||||
| Tiger Brands, Ltd. | 113,190 | 1,353,336 | ||||||
| Truworths International, Ltd. | 839,420 | 3,181,595 | ||||||
| 28,768,537 | ||||||||
| South Korea (6.33%) | ||||||||
| GS Holdings Corp. | 52,160 | 1,871,628 | ||||||
| Kia Corp. | 29,153 | 1,580,955 | ||||||
| KT&G Corp. | 25,142 | 1,887,997 | ||||||
| LX Semicon Co., Ltd. | 24,090 | 1,568,451 | ||||||
| S-Oil Corp. | 27,077 | 1,938,782 | ||||||
| SSANGYONG C&E Co., Ltd. | 308,661 | 1,443,325 | ||||||
| 10,291,138 | ||||||||
| Taiwan (22.20%) | ||||||||
| Asustek Computer, Inc. | 220,000 | 1,993,006 | ||||||
| Catcher Technology Co., Ltd. | 330,000 | 1,956,370 | ||||||
| Chicony Electronics Co., Ltd. | 550,000 | 1,590,008 | ||||||
| Dimerco Express Corp. | 880,000 | 2,160,067 | ||||||
| Generalplus Technology, Inc. | 990,000 | 1,620,599 | ||||||
| Holy Stone Enterprise Co., Ltd. | 550,000 | 1,672,440 | ||||||
| Huaku Development Co., Ltd. | 550,000 | 1,630,308 | ||||||
| IEI Integration Corp. | 880,000 | 2,168,859 | ||||||
| ITE Technology, Inc. | 660,000 | 1,736,553 | ||||||
| Nantex Industry Co., Ltd. | 1,320,000 | 1,740,949 | ||||||
| Nishoku Technology, Inc. | 550,000 | 1,740,216 | ||||||
| O-TA Precision Industry Co., Ltd. | 550,000 | 2,152,373 | ||||||
| Radiant Opto-Electronics Corp. | 440,000 | 1,502,082 | ||||||
| Sea Sonic Electronics Co., Ltd. | 660,000 | 1,160,633 | ||||||
| Systex Corp. | 550,000 | 1,361,032 | ||||||
| TA-I Technology Co., Ltd. | 770,000 | 1,138,651 | ||||||
| TaiDoc Technology Corp.(b) | 330,000 | 1,972,856 | ||||||
| Topco Scientific Co., Ltd. | 440,000 | 2,476,603 | ||||||
| Transcend Information, Inc. | 550,000 | 1,245,629 | ||||||
| Tripod Technology Corp. | 440,000 | 1,450,791 | ||||||
| Utechzone Co., Ltd. | 550,000 | 1,610,158 | ||||||
| 36,080,183 | ||||||||
| Thailand (1.18%) | ||||||||
| Tisco Financial Group PLC | 616,000 | 1,912,754 | ||||||
| Turkey (8.09%) | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 815,100 | 3,354,134 | ||||||
| Dogus Otomotiv Servis ve Ticaret AS | 284,240 | 2,402,762 | ||||||
| Enerjisa Enerji AS(c) | 1,768,030 | 3,100,051 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS | 1,139,930 | 2,309,041 | ||||||
| Iskenderun Demir ve Celik AS | 1,160,720 | 1,980,893 | ||||||
| 13,146,881 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $165,669,513) | 160,758,155 | |||||||
| Short-Term Investment (3.15%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(g)(h) | 5,124,196 | $ | 5,124,196 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $5,124,196) | 5,124,196 | |||||||
| Total Investments (102.07%) | ||||||||
| (Cost $170,793,709) | $ | 165,882,351 | ||||||
| Liabilities Less Other Assets (-2.07%) | (3,367,042 | ) | ||||||
| Net Assets (100.00%) | $ | 162,515,309 | ||||||
| Percentages based on Net Assets. |
| (a) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $5,401,138. |
| (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 January 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $6,754,247, representing 4.16% of net assets. |
| (d) | Less than 0.005%. |
| (e) | Level 3 security in accordance with fair value hierarchy. |
| (f) | These securities are considered to be illiquid. The aggregate value of these securities at January 31, 2023 was $7, which represent 0.00% of the Fund's Net Assets. |
| (g) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $5,124,196. |
| (h) | Rate shown is the 7-day effective yield as of January 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 | $ | 160,758,148 | $ | – | $ | 7 | $ | 160,758,155 | ||||||||
| Short-Term Investment | 5,124,196 | – | – | 5,124,196 | ||||||||||||
| Total | $ | 165,882,344 | $ | – | $ | 7 | $ | 165,882,351 | ||||||||
| (1) | Included in Level 2 is one Rights holdings with total value of $0. |
| (2) | The Fund considers transfers to Level 3 at the ending of the reporting period, which was $7 at the end of the reporting period. Change in unrealized appreciation/depreciation on Level 3 holding as of January 31, 2023 was $(14,051,903). |
| Sector Weightings | |
| Cambria Tail Risk ETF | |
| U.S. Treasury Obligations | 94.27% |
| Purchased Options | 5.73% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
| Cambria Tail Risk ETF | ||||||||
| Schedule of Investments | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Face Amount | Value | |||||||
| U.S. Treasury Obligations (91.30%) | ||||||||
| U.S. Treasury Bond 4.125%, 11/15/2032 | $ | 183,012,000 | $ | 192,534,297 | ||||
| United States Treasury Inflation Indexed Bonds 0.125%, 7/15/2030 | 15,129,275 | 13,905,347 | ||||||
| 206,439,644 | ||||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $202,652,769) | 206,439,644 | |||||||
| Contracts | Notional Amount | Value | ||||||||||
| Purchased Options (5.54%) | ||||||||||||
| Put Options | ||||||||||||
| S&P 500® Index | ||||||||||||
| Expires 03/16/23, Strike Price $3,600 | 149 | $ | 60,741,340 | $ | 180,290 | |||||||
| Expires 06/15/23, Strike Price $3,800 | 235 | 95,800,100 | 1,927,000 | |||||||||
| Expires 06/15/23, Strike Price $4,000 | 72 | 29,351,520 | 937,800 | |||||||||
| Expires 09/14/23, Strike Price $3,500 | 403 | 164,286,980 | 2,879,435 | |||||||||
| Expires 12/14/23, Strike Price $3,600 | 291 | 118,629,060 | 3,371,235 | |||||||||
| Expires 03/14/24, Strike Price $3,600 | 234 | 95,392,440 | 3,240,900 | |||||||||
| Total Purchased Options | ||||||||||||
| (Cost $31,533,324) | 12,536,660 | |||||||||||
| Total Investments (96.84%) | ||||||||||||
| (Cost $234,186,093) | $ | 218,976,304 | ||||||||||
| Other Assets Less Liabilities (3.16%) | 7,144,746 | |||||||||||
| Net Assets (100.00%) | $ | 226,121,050 | ||||||||||
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 | $ | – | $ | 206,439,644 | $ | – | $ | 206,439,644 | ||||||||
| Total | $ | – | $ | 206,439,644 | $ | – | $ | 206,439,644 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Purchased Options | $ | 12,536,660 | $ | – | $ | – | $ | 12,536,660 | ||||||||
| Total | $ | 12,536,660 | $ | – | $ | – | $ | 12,536,660 | ||||||||
| 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 | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Exchange Traded Funds (98.65%) | ||||||||
| Global (27.60%) | ||||||||
| Alternative ETF (3.43%) | ||||||||
| iMGP DBi Managed Futures Strategy ETF | 153,382 | $ | 4,320,771 | |||||
| Commodity ETF (2.10%) | ||||||||
| iShares® Global Energy ETF | 65,660 | 2,640,845 | ||||||
| Equity ETF (22.07%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 47,922 | 1,160,431 | ||||||
| iShares® Global Consumer Staples ETF | 41,748 | 2,526,589 | ||||||
| iShares® Global Financials ETF | 35,280 | 2,692,570 | ||||||
| iShares® Global Healthcare ETF | 29,760 | 2,512,339 | ||||||
| iShares® Global Industrials ETF | 22,932 | 2,591,316 | ||||||
| Cambria Global Real Estate ETF*(a) | 187,670 | 5,197,821 | ||||||
| Cambria Global Value ETF* | 404,751 | 8,451,201 | ||||||
| FlexShares Global Upstream Natural Resources Index Fund | 57,312 | 2,635,206 | ||||||
| 27,767,473 | ||||||||
| International (21.25%) | ||||||||
| Equity ETF (12.99%) | ||||||||
| Cambria Emerging Shareholder Yield ETF* | 266,364 | 7,919,001 | ||||||
| Cambria Foreign Shareholder Yield ETF* | 321,905 | 8,424,093 | ||||||
| 16,343,094 | ||||||||
| Fixed Income ETF (8.26%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 58,702 | 2,518,903 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF(a) | 311,934 | 7,882,572 | ||||||
| 10,401,475 | ||||||||
| North America (6.28%) | ||||||||
| Commodity ETF (6.28%) | ||||||||
| Invesco DB Precious Metals Fund | 51,254 | 2,567,211 | ||||||
| United States Commodity Index Fund(b) | 44,786 | 2,526,826 | ||||||
| VanEck Gold Miners ETF/USA | 87,808 | 2,811,612 | ||||||
| 7,905,649 | ||||||||
| United States (43.52%) | ||||||||
| Alternative ETF (3.71%) | ||||||||
| First Trust Managed Futures Strategy Fund | 99,241 | 4,670,281 | ||||||
| Commodity ETF (5.52%) | ||||||||
| Graniteshares Gold Trust(b) | 133,702 | 2,552,371 | ||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(a) | 294,000 | 4,395,300 | ||||||
| 6,947,671 | ||||||||
| Equity ETF (18.95%) | ||||||||
| Cambria Shareholder Yield ETF* | 126,969 | 8,258,064 | ||||||
| Cambria Value and Momentum ETF* | 569,380 | 15,589,624 | ||||||
| 23,847,688 | ||||||||
| Fixed Income ETF (15.34%) | ||||||||
| iShares® Short Treasury Bond ETF | 1,235 | 136,196 | ||||||
| Schwab US TIPS Bond ETF | 47,726 | 2,520,410 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF | 153,468 | 9,188,129 | ||||||
| Vanguard® Total Bond Market ETF | 100,566 | 7,464,009 | ||||||
| 19,308,744 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $121,937,372) | 124,153,691 | |||||||
| Short-Term Investment (0.91%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d) | 1,140,800 | $ | 1,140,800 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,140,800) | 1,140,800 | |||||||
| Total Investments (99.56%) | ||||||||
| (Cost $123,078,172) | $ | 125,294,491 | ||||||
| Other Assets Less Liabilities (0.44%) | 556,344 | |||||||
| Net Assets (100.00%) | $ | 125,850,835 | ||||||
| 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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $1,124,258. |
| (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 January 31, 2023 was $1,140,800. |
| (d) | Rate shown is the 7-day effective yield as of January 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 for the nine months ended January 31, 2023 are as follows:
| Security Name | Market
Value as of April 30, 2022 | Purchases | Purchases In-Kind | Sales | Sales
In-Kind | Market
Value as of January 31, 2023 | Share
Balance as of January 31, 2023 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain/Loss | ||||||||||||||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | $ | 3,557,864 | $ | 3,6557,864 | $ | 3,206,793 | $ | (2,583,621 | ) | $ | – | $ | 8,424,093 | 321,905 | $ | 182,409 | $ | 473,649 | $ | 117,081 | ||||||||||||||||||||
| Cambria Global Real Estate ETF | 2,684,615 | 134,191 | 2,908,536 | (635,900 | ) | – | 5,197,821 | 187,670 | 97,911 | 61,496 | 44,883 | |||||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 6,598,945 | – | 10,422,885 | (1,921,740 | ) | – | 15,589,624 | 569,380 | 146,352 | 415,349 | 74,185 | |||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 4,148,948 | 3,202,006 | 3,423,832 | (3,200,471 | ) | – | 8,258,064 | 126,969 | 89,614 | (304,415 | ) | 988,164 | ||||||||||||||||||||||||||||
| Cambria Global Value ETF | 1,997,674 | 2,567,845 | 3,130,232 | – | – | 8,451,201 | 404,751 | 134,865 | 755,450 | – | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | 1,791,214 | 2,757,818 | 3,017,651 | – | – | 7,919,001 | 266,364 | 212,465 | 352,318 | – | ||||||||||||||||||||||||||||||
| $ | 20,779,260 | $ | 12,314,187 | $ | 26,109,929 | $ | (8,341,732 | ) | $ | – | $ | 53,839,804 | 1,877,039 | $ | 863,616 | $ | 1,753,847 | $ | 1,224,313 | |||||||||||||||||||||
As of January 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 | 47.36% |
| Health Care | 33.01% |
| Materials | 6.94% |
| Real Estate | 5.50% |
| Financials | 2.22% |
| Consumer Discretionary | 2.19% |
| Industrials | 2.06% |
| 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 | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (92.50%) | ||||||||
| Consumer Discretionary (2.02%) | ||||||||
| Greenlane Holdings, Inc., Class A(a)(b) | 29,540 | $ | 14,179 | |||||
| GrowGeneration Corp.(a) | 48,060 | 247,990 | ||||||
| 262,169 | ||||||||
| Consumer Staples (43.81%) | ||||||||
| Altria Group, Inc. | 18,000 | 810,720 | ||||||
| British American Tobacco PLC | 14,400 | 549,633 | ||||||
| Constellation Brands, Inc., Class A | 5,076 | 1,175,196 | ||||||
| Imperial Brands PLC | 39,816 | 996,959 | ||||||
| NewAge, Inc.(a) | 573,912 | 172 | ||||||
| Philip Morris International, Inc. | 7,992 | 833,086 | ||||||
| Turning Point Brands, Inc. | 25,272 | 586,563 | ||||||
| Universal Corp. | 10,800 | 587,196 | ||||||
| Village Farms International, Inc.(a)(b) | 126,288 | 136,391 | ||||||
| 5,675,916 | ||||||||
| Financials (2.06%) | ||||||||
| AFC Gamma, Inc. | 16,956 | 266,209 | ||||||
| Health Care (30.53%) | ||||||||
| Aurora Cannabis, Inc.(a)(b) | 184,392 | 191,768 | ||||||
| Canopy Growth Corp.(a)(b) | 63,360 | 191,981 | ||||||
| cbdMD, Inc.(a) | 271,188 | 93,343 | ||||||
| Charlottes Web Holdings, Inc.(a)(b) | 372,060 | 206,925 | ||||||
| Cronos Group, Inc.(a)(b) | 180,792 | 455,596 | ||||||
| Intercure, Ltd.(a)(b) | 59,652 | 219,519 | ||||||
| Jazz Pharmaceuticals PLC(a) | 6,732 | 1,054,635 | ||||||
| MyMD Pharmaceuticals, Inc.(a)(b) | 61,956 | 167,281 | ||||||
| Organigram Holdings, Inc.(a)(b) | 491,220 | 450,407 | ||||||
| SNDL, Inc.(a)(b) | 175,430 | 403,489 | ||||||
| Tilray Brands, Inc.(a)(b) | 160,596 | 520,331 | ||||||
| 3,955,275 | ||||||||
| Industrials (1.90%) | ||||||||
| Agrify Corp.(a) | 9,279 | 4,705 | ||||||
| Hydrofarm Holdings Group, Inc.(a) | 50,544 | 94,517 | ||||||
| Urban-Gro, Inc.(a) | 38,808 | 147,471 | ||||||
| 246,693 | ||||||||
| Information Technology (0.67%) | ||||||||
| WM Technology, Inc.(a)(b) | 68,544 | 86,365 | ||||||
| Materials (6.42%) | ||||||||
| Scotts Miracle-Gro Co. | 11,520 | 831,629 | ||||||
| Real Estate (5.09%) | ||||||||
| Innovative Industrial Properties, Inc. | 7,344 | 659,344 | ||||||
| Total Common Stocks | ||||||||
| (Cost $29,542,382) | 11,983,600 | |||||||
| Short-Term Investment (12.25%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)(e) | 1,587,341 | $ | 1,587,341 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,587,341) | 1,587,341 | |||||||
| Total Investments (104.76%) | ||||||||
| (Cost $31,129,723) | $ | 13,570,941 | ||||||
| Liabilities Less Other Assets (-4.76%) | (616,293 | ) | ||||||
| Net Assets (100.00%) | $ | 12,954,648 | ||||||
Percentages based on Net Assets.
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $1,454,014. |
| (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 January 31, 2023 was $1,587,341. |
| (e) | Rate shown is the 7-day effective yield as of January 31, 2023. |
As of January 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 | ||||||||
| January 31, 2023 (Unaudited) | ||||||||
| Shares | Value | |||||||
| Common Stocks (94.65%)(a) | ||||||||
| Australia (5.15%) | ||||||||
| BWP Trust | 125,040 | $ | 345,978 | |||||
| Charter Hall Retail REIT | 125,060 | 352,212 | ||||||
| Hotel Property Investments, Ltd. | 146,440 | 362,810 | ||||||
| Vicinity, Ltd. | 248,980 | 362,030 | ||||||
| 1,423,030 | ||||||||
| France (1.26%) | ||||||||
| Klepierre SA | 13,780 | 348,455 | ||||||
| Great Britain (3.53%) | ||||||||
| ABRDN PROPERTY INCOME TRUST, Ltd. | 370,600 | 301,549 | ||||||
| AEW UK REIT PLC | 263,440 | 344,918 | ||||||
| Custodian Property Income Reit PLC | 292,220 | 328,560 | ||||||
| 975,027 | ||||||||
| Guernsey (1.03%) | ||||||||
| Balanced Commercial Property Trust, Ltd. | 291,380 | 285,226 | ||||||
| Italy (0.98%) | ||||||||
| Immobiliare Grande Distribuzione SIIQ SpA | 87,700 | 271,250 | ||||||
| Japan (2.26%) | ||||||||
| Tokyu REIT, Inc.(b) | 200 | 300,849 | ||||||
| Tosei Reit Investment Corp. | 320 | 323,282 | ||||||
| 624,131 | ||||||||
| Mexico (6.58%) | ||||||||
| Concentradora Fibra Danhos SA de CV | 374,000 | 492,563 | ||||||
| FIBRA Macquarie Mexico(c) | 282,000 | 478,324 | ||||||
| Fibra Uno Administracion SA de CV | 326,000 | 441,118 | ||||||
| TF Administradora Industrial S de RL de CV | 236,000 | 403,558 | ||||||
| 1,815,563 | ||||||||
| Netherlands (1.45%) | ||||||||
| Wereldhave NV | 26,720 | 400,289 | ||||||
| Singapore (1.43%) | ||||||||
| Sasseur Real Estate Investment Trust | 636,000 | 394,535 | ||||||
| South Africa (10.90%) | ||||||||
| Fairvest, Ltd., Class B | 1,535,980 | 268,355 | ||||||
| Fortress Real Estate Investments, Ltd., Class B(d) | 1,305,420 | 354,864 | ||||||
| Growthpoint Properties, Ltd. | 416,480 | 335,578 | ||||||
| Hyprop Investments, Ltd. | 177,020 | 340,306 | ||||||
| Investec Property Fund, Ltd. | 569,360 | 305,949 | ||||||
| Redefine Properties, Ltd. | 1,537,440 | 354,318 | ||||||
| SA Corporate Real Estate, Ltd. | 2,808,400 | 371,225 | ||||||
| Stor-Age Property REIT, Ltd. | 427,820 | 331,929 | ||||||
| Vukile Property Fund, Ltd. | 459,880 | 348,082 | ||||||
| 3,010,606 | ||||||||
| Turkey (4.11%) | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 1,158,800 | 483,623 | ||||||
| Sinpas Gayrimenkul Yatirim Ortakligi AS(d) | 1,199,940 | 195,851 | ||||||
| Yeni Gimat Gayrimenkul Ortakligi AS | 230,700 | 455,040 | ||||||
| 1,134,514 | ||||||||
| United States (55.97%) | ||||||||
| Agree Realty Corp. | 6,000 | 447,780 | ||||||
| Alexander & Baldwin, Inc. | 16,000 | 320,320 | ||||||
| Armada Hoffler Properties, Inc. | 28,240 | 358,083 | ||||||
| Boston Properties, Inc. | 4,060 | 302,633 | ||||||
| Braemar Hotels & Resorts, Inc. | 67,700 | 358,810 | ||||||
| Brixmor Property Group, Inc. | 16,000 | 376,480 | ||||||
| CareTrust REIT, Inc. | 16,120 | 334,006 | ||||||
| Chatham Lodging Trust | 26,220 | 372,586 | ||||||
| Corporate Office Properties Trust | 12,000 | 336,840 | ||||||
| CTO Realty Growth, Inc. | 18,000 | 353,520 | ||||||
| Empire State Realty Trust, Inc. - Class A | 48,220 | 402,155 | ||||||
| EPR Properties | 8,400 | 356,832 | ||||||
| Equity Commonwealth | 12,860 | 328,187 | ||||||
| Equity Residential | 5,300 | 337,345 | ||||||
| Four Corners Property Trust, Inc. | 13,320 | 383,083 | ||||||
| Franklin Street Properties Corp. | 70,000 | 215,600 | ||||||
| Getty Realty Corp. | 11,660 | 424,774 | ||||||
| Global Net Lease, Inc. | 24,240 | 362,388 | ||||||
| Hersha Hospitality Trust - Class A | 35,840 | 329,728 | ||||||
| Highwoods Properties, Inc. | 8,000 | 242,960 | ||||||
| InvenTrust Properties Corp. | 13,540 | 336,740 | ||||||
| Kilroy Realty Corp. | 6,000 | 246,240 | ||||||
| Kimco Realty Corp. | 16,000 | 359,360 | ||||||
| LTC Properties, Inc. | 7,780 | 296,807 | ||||||
| Mid-America Apartment Communities, Inc. | 2,000 | 333,440 | ||||||
| National Health Investors, Inc. | 5,340 | 314,152 | ||||||
| National Retail Properties, Inc. | 8,000 | 378,800 | ||||||
| Necessity Retail REIT, Inc. | 51,760 | 353,521 | ||||||
| Omega Healthcare Investors, Inc. | 10,500 | 309,120 | ||||||
| Paramount Group, Inc. | 44,000 | 283,800 | ||||||
| Piedmont Office Realty Trust, Inc., Class A | 20,000 | 212,000 | ||||||
| Public Storage | 1,400 | 426,076 | ||||||
| Retail Opportunity Investments Corp. | 20,000 | 316,600 | ||||||
| Rexford Industrial Realty, Inc. | 6,000 | 380,820 | ||||||
| RPT Realty | 28,000 | 293,440 | ||||||
| Sabra Health Care REIT, Inc. | 25,360 | 342,360 | ||||||
| Saul Centers, Inc. | 8,000 | 342,480 | ||||||
| SITE Centers Corp. | 24,000 | 327,600 | ||||||
| Spirit Realty Capital, Inc. | 7,900 | 346,652 | ||||||
| Tanger Factory Outlet Centers, Inc. | 17,260 | 329,839 | ||||||
| Universal Health Realty Income Trust | 7,060 | 386,959 | ||||||
| Urstadt Biddle Properties, Inc., Class A | 20,000 | 375,600 | ||||||
| VICI Properties, Inc. | 14,000 | 478,520 | ||||||
| Whitestone REIT | 35,740 | 372,053 | ||||||
| WP Carey, Inc. | 4,340 | 371,200 | ||||||
| 15,458,289 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $24,587,117) | 26,140,915 |
| Shares | Value | |||||||
| Exchange Traded Funds (1.24%) | ||||||||
| United States (1.24%) | ||||||||
| Equity ETF (1.24%) | ||||||||
| NexPoint Diversified Real Estate Trust | 26,120 | 341,911 | ||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $315,076) | 341,911 |
| Shares | Value | |||||||
| Real Estate Investment Trusts (1.31%) | ||||||||
| United States (1.31%) | ||||||||
| Apple Hospitality REIT, Inc. | 20,500 | 363,465 | ||||||
| Total Real Estate Investment Trusts | ||||||||
| (Cost $328,591) | 363,465 | |||||||
| Short-Term Investment (0.57%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(e)(f) | 157,728 | $ | 157,728 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $157,728) | 157,728 | |||||||
| Total Investments (97.77%) | ||||||||
| (Cost $25,388,512) | $ | 27,004,019 | ||||||
| Other Assets Less Liabilities (2.23%) | 614,988 | |||||||
| Net Assets (100.00%) | $ | 27,619,007 |
Percentages based on Net Assets.
| (a) | Real Estate Investment Trust. |
| (b) | This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $150,424. |
| (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 January 31, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $478,324, representing 1.73% of net assets. |
| (d) | Non-income producing security. |
| (e) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $157,728. |
| (f) | Rate shown is the 7-day effective yield as of January 31, 2023. |
| 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 January 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.