CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS
August 31, 2025 (Unaudited)
EXCHANGE TRADED FUNDS - 52.5%

Shares

Value
Cambria Chesapeake Pure Trend ETF

189,992 

$2,846,061 
Cambria Emerging Shareholder Yield ETF

236,353 

8,830,148 
Cambria Foreign Shareholder Yield ETF

284,849 

8,838,864 
Cambria Global Real Estate ETF

228,162 

5,970,155 
Cambria Global Value ETF

205,193 

5,915,714 
Cambria Shareholder Yield ETF

1,136 

79,043 
Cambria Tax Aware ETF(a)

11,417 

308,899 
Cambria Trinity ETF

6,531 

177,861 
Cambria Value and Momentum ETF

181,682 

5,889,622 
Communication Services Select Sector SPDR Fund

952

106,043 
Consumer Discretionary Select Sector SPDR Fund

313

72,535 
Dimensional International Core Equity Market ETF

3,036 

108,385 
Dimensional US Marketwide Value ETF

22,806 

1,013,499 
Dimensional US Small Cap ETF

2,435 

166,384 
Dimensional US Small Cap Value ETF

2,306 

74,622 
Energy Select Sector SPDR Fund

676

61,104 
Financial Select Sector SPDR Fund

1,409 

76,072 
Hartford Multifactor Developed Markets ex-US ETF

4,524 

159,607 
Health Care Select Sector SPDR Fund

4,564 

627,231 
iMGP DBi Managed Futures Strategy ETF

95,593 

2,480,638 
Invesco S&P 500 Equal Weight ETF

585

110,343 
Invesco S&P MidCap Momentum ET

962

126,291 
iShares Broad USD High Yield Corporate Bond ETF

3,076 

115,750 
iShares Core MSCI Emerging Markets ETF

1,315 

81,648 
iShares Core S&P 500 ETF

390

252,845 
iShares Core S&P Mid-Cap ETF

825

53,757 
iShares Core S&P Small-Cap ETF

1,327 

156,639 
iShares Micro-Cap ETF

452

64,333 
iShares MSCI USA Min Vol Factor ETF

527

49,675 
iShares Russell 2000 ETF

262

61,615 
iShares Russell 3000 ETF

5,380 

1,975,913 
iShares Russell Mid-Cap Value ETF

536

74,284 
iShares S&P 500 Growth ETF

2,848 

327,235 
iShares Semiconductor ETF

240

58,877 
JPMorgan BetaBuilders Japan ETF

722

46,706 
Schwab US Dividend Equity ETF

10,492 

292,937 
Schwab US Large-Cap ETF

2,388 

61,061 
Simplify Managed Futures Strategy ETF

85,936 

2,398,474 
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF

186,472 

5,228,675 
SPDR S&P 500 ETF Trust

2,705 

1,744,860 
SPDR S&P Insurance ETF

1,090 

64,157 
SPDR S&P MidCap 400 ETF Trust

100

59,516 
Technology Select Sector SPDR Fund

2,640 

692,868 
Vanguard Communication Services ETF

961

173,163 


CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
EXCHANGE TRADED FUNDS - 52.5% (CONTINUED)

Shares

Value
Vanguard FTSE All-World ex-US ETF

5,060 

$350,962 
Vanguard FTSE Europe ETF

561

44,038 
Vanguard High Dividend Yield ETF

405

56,368 
Vanguard Information Technology ETF

850

592,467 
Vanguard International High Dividend Yield ETF

2,225 

187,100 
Vanguard Mid-Cap ETF

210

60,885 
Vanguard Russell 1000 Growth ETF

681

78,090 
Vanguard S&P 500 ETF

2,819 

1,671,892 
Vanguard Total Stock Market ETF

1,169 

371,976 
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund

1,438 

51,193 
WisdomTree US Efficient Core F

5,143 

267,847 
TOTAL EXCHANGE TRADED FUNDS (Cost $54,022,740)

61,806,927 





COMMON STOCKS - 41.2%

Shares

Value  
Communication Services - 2.5%

Interactive Media & Services - 2.2%




Alphabet, Inc. - Class A

5,221 

1,111,603 
Alphabet, Inc. - Class C

5,611 

1,198,117 
Meta Platforms, Inc. - Class A

400

295,480 




2,605,200 
Movies & Entertainment - 0.3%




Liberty Media Corp.-Liberty Formula One - Class C (b)

440

43,956 
Netflix, Inc. (b)

155

187,279 
Spotify Technology SA (b)

83

56,596 




287,831 
Total Communication Services

2,893,031 





Consumer Discretionary - 5.5%

Apparel, Accessories & Luxury Goods - 0.0%(c)




LVMH Moet Hennessy Louis Vuitton SE - ADR

520

61,396 




Automobile Manufacturers - 0.9%




Tesla, Inc. (b)

3,336 

1,113,790 




Automotive Retail - 1.0%




AutoZone, Inc. (b)(d)

280

1,175,588 




Broadline Retail - 1.0%




Amazon.com, Inc. (b)

5,119 

1,172,251 
MercadoLibre, Inc. (b)

15

37,094 




1,209,345 
Footwear - 1.5%




NIKE, Inc. - Class B

1,424 

110,175 
On Holding AG - Class A (b)

35,785 

1,613,188 




1,723,363 


CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Home Improvement Retail - 0.5%




Home Depot, Inc.

343

$139,522 
Lowe's Cos., Inc.

1,613 

416,251 




555,773 
Homebuilding - 0.1%




PulteGroup, Inc.

645

85,153 




Hotels, Resorts & Cruise Lines - 0.1%




Booking Holdings, Inc.

17

95,184 




Other Specialty Retail - 0.1%




Ulta Beauty, Inc. (b)

198

97,561 




Restaurants - 0.3%




McDonald's Corp.

1,145 

359,003 
Total Consumer Discretionary

6,476,156 





Consumer Staples - 1.0%

Consumer Staples Merchandise Retail - 0.4%




Costco Wholesale Corp.

228

215,077 
Walmart, Inc.

2,984 

289,388 




504,465 
Household Products - 0.1%




Procter & Gamble Co.

888

139,452 




Packaged Foods & Meats - 0.3%




General Mills, Inc.

835

41,190 
Nestle SA - ADR

2,555 

240,477 




281,667 
Personal Care Products - 0.0%(c)




L'Oreal SA - ADR

473

44,022 




Soft Drinks & Non-alcoholic Beverages - 0.1%




PepsiCo, Inc.

883

131,258 




Tobacco - 0.1%




Philip Morris International, Inc.

715

119,498 
Total Consumer Staples

1,220,362 





Energy - 0.7%

Integrated Oil & Gas - 0.4%




Chevron Corp.

790

126,874 
Exxon Mobil Corp.

2,886 

329,841 
TotalEnergies SE - ADR

770

48,317 




505,032 


CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Oil & Gas Exploration & Production - 0.1%




Diamondback Energy, Inc.

507

$75,422 
Range Resources Corp.

1,608 

55,106 




130,528 
Oil & Gas Refining & Marketing - 0.1%




Marathon Petroleum Corp.

495

88,956 




Oil & Gas Storage & Transportation - 0.1%




Cheniere Energy, Inc.

383

92,617 
Williams Cos., Inc.

1,070 

61,932 




154,549 
Total Energy

879,065 





Financials - 7.0%

Asset Management & Custody Banks - 0.3%




Blackrock, Inc.

191

215,284 
KKR & Co., Inc.

531

74,069 




289,353 
Consumer Finance - 0.2%




American Express Co.

616

204,068 




Diversified Banks - 2.2%




Bank of America Corp.

2,728 

138,419 
DBS Group Holdings Ltd. - ADR

356

56,013 
JPMorgan Chase & Co. (d)

7,850 

2,366,147 
Wells Fargo & Co.

825

67,798 




2,628,377 
Investment Banking & Brokerage - 0.7%




Evercore, Inc. - Class A

315

101,288 
Goldman Sachs Group, Inc.

700

521,675 
Morgan Stanley

1,593 

239,715 




862,678 
Multi-line Insurance - 0.1%




Allianz SE - ADR

1,413 

59,759 




Multi-Sector Holdings - 0.6%




Berkshire Hathaway, Inc. - Class B (b)

1,425 

716,747 




Property & Casualty Insurance - 1.5%




Allstate Corp.

385

78,328 
Fairfax Financial Holdings Ltd.

22

37,867 
Progressive Corp.

6,627 

1,637,267 




1,753,462 


CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Regional Banks - 0.0%(c)




Citizens Financial Group, Inc.

990

$51,757 




Transaction & Payment Processing Services - 1.4%




Mastercard, Inc. - Class A

1,979 

1,178,079 
Visa, Inc. - Class A

1,421 

499,879 




1,677,958 
Total Financials

8,244,159 





Health Care - 4.0%

Biotechnology - 2.8%




AbbVie, Inc.

934

196,513 
Gilead Sciences, Inc.

661

74,673 
Regeneron Pharmaceuticals, Inc.

2,554 

1,483,108 
Vertex Pharmaceuticals, Inc. (b)

3,937 

1,539,446 




3,293,740 
Health Care Distributors - 0.1%




Cardinal Health, Inc.

725

107,866 




Health Care Equipment - 0.3%




Abbott Laboratories

305

40,461 
Intuitive Surgical, Inc. (b)

220

104,125 
STERIS PLC

251

61,510 
Stryker Corp.

312

122,120 




328,216 
Health Care Facilities - 0.1%




HCA Healthcare, Inc.

343

138,558 




Life Sciences Tools & Services - 0.1%




Thermo Fisher Scientific, Inc.

148

72,923 




Managed Health Care - 0.2%




UnitedHealth Group, Inc.

915

283,531 




Pharmaceuticals - 0.4%




Eli Lilly & Co.

216

158,238 
Johnson & Johnson

1,084 

192,052 
Merck & Co., Inc.

725

60,987 
Novo Nordisk AS - ADR

1,035 

58,436 




469,713 
Total Health Care

4,694,547 







CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Industrials - 6.6%

Aerospace & Defense - 0.0%(c)




BAE Systems PLC - ADR

618

$58,240 




Air Freight & Logistics - 0.1%




FedEx Corp.

180

41,593 
United Parcel Service, Inc. - Class B

390

34,101 




75,694 
Building Products - 1.0%




Carrier Global Corp.

752

49,031 
Trane Technologies PLC

2,754 

1,144,562 




1,193,593 
Construction & Engineering - 1.0%




AECOM

9,353 

1,168,096 




Construction Machinery & Heavy Transportation Equipment - 0.1%




Caterpillar, Inc.

222

93,027 




Electrical Components & Equipment - 0.1%




Schneider Electric SE - ADR

1,775 

87,219 




Human Resource & Employment Services - 0.2%




Automatic Data Processing, Inc.

366

111,283 
TriNet Group, Inc.

1,555 

112,613 




223,896 
Industrial Conglomerates - 0.1%




Siemens AG - ADR

800

111,104 




Industrial Machinery & Supplies & Components - 1.2%




Ingersoll Rand, Inc.

491

39,000 
Xylem, Inc.

9,991 

1,414,326 




1,453,326 
Rail Transportation - 2.8%




CSX Corp.

66,585 

2,164,678 
Norfolk Southern Corp.

2,590 

725,148 
Union Pacific Corp.

1,703 

380,740 




3,270,566 
Total Industrials

7,734,761 





Information Technology - 12.3%

Application Software - 1.6%




Adobe, Inc. (b)

436

155,521 
Intuit, Inc.

140

93,380 
Salesforce, Inc.

1,387 

355,419 


CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Application Software - 1.6% (Continued)
SAP SE - ADR

182

$49,533 
Unity Software, Inc. (b)

29,845 

1,176,191 




1,830,044 
Communications Equipment - 0.1%




Arista Networks, Inc. (b)

443

60,492 
Cisco Systems, Inc.

1,600 

110,544 




171,036 
Internet Services & Infrastructure - 3.2%




GoDaddy, Inc. - Class A (b)

875

129,771 
MongoDB, Inc. (b)

6,999 

2,208,955 
Okta, Inc. (b)

15,513 

1,439,141 




3,777,867 
IT Consulting & Other Services - 0.2%




International Business Machines Corp.

796

193,818 




Semiconductor Materials & Equipment - 0.2%




Applied Materials, Inc.

463

74,432 
ASML Holding NV

170

126,245 




200,677 
Semiconductors - 4.6%




Advanced Micro Devices, Inc. (b)

607

98,716 
Analog Devices, Inc.

1,793 

450,599 
Broadcom, Inc. (d)

7,896 

2,348,192 
NVIDIA Corp. (d)

12,943 

2,254,412 
QUALCOMM, Inc.

373

59,952 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

1,029 

237,565 




5,449,436 
Systems Software - 1.4%




Crowdstrike Holdings, Inc. - Class A (b)

249

105,501 
CyberArk Software Ltd. (b)

124

56,204 
Microsoft Corp.

2,328 

1,179,575 
Oracle Corp.

983

222,286 
ServiceNow, Inc. (b)

55

50,460 




1,614,026 
Technology Hardware, Storage & Peripherals - 1.0%




Apple, Inc. (d)

5,100 

1,183,914 
Pure Storage, Inc. - Class A (b)

705

54,715 




1,238,629 
Total Information Technology

14,475,533 





Materials - 0.1%

Copper - 0.1%




Freeport-McMoRan, Inc.

1,276 

56,654 






CAMBRIA ENDOWMENT STYLE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 41.2% (CONTINUED)

Shares

Value  
Diversified Metals & Mining – 0.0%(c)




Anglo American PLC - ADR

0(e)

$— 
Total Materials

56,654 





Utilities - 1.5%

Electric Utilities - 1.5%




American Electric Power Co., Inc.

15,901 

1,765,329 
TOTAL COMMON STOCKS (Cost $25,056,830)

48,439,597 





SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 5.5%
First American Government Obligations Fund - Class X, 4.22%(f)

6,486,044 

6,486,044 
TOTAL MONEY MARKET FUNDS (Cost $6,486,044)

6,486,044 





TOTAL INVESTMENTS - 99.2% (Cost $85,565,614)

$116,732,568 
Other Assets in Excess of Liabilities - 0.8% (g)

970,762 
TOTAL NET ASSETS - 100.0%

 

$117,703,330 

Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Affiliated security as defined by the Investment Company Act of 1940.
(b)
Non-income producing security.
(c)
Represents less than 0.05% of net assets.
(d)
All or a portion of security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of August 31, 2025 is $5,603,886.
(e)
Rounds to zero.
(f)
The rate shown represents the 7-day annualized effective yield as of August 31, 2025.
(g)
Includes cash of $8,740 that is pledged as collateral for futures contracts.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

SCHEDULE OF FUTURES CONTRACTS
August 31, 2025 (Unaudited)
Description

Contracts Purchased

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)
   U.S. Treasury 10 Year Notes

314

12/19/2025

    $        35,325,000

$19,163 
Net Unrealized Appreciation (Depreciation)

$19,163 

CAMBRIA ENDOWMENT STYLE ETF

Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)

Cambria Endowment Style ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Investments:







  Exchange Traded Funds
$61,806,927 

$— 

$— 

$61,806,927 
  Common Stocks
48,439,597 

— 

— 

48,439,597 
  Money Market Funds
6,486,044 

— 

— 

6,486,044 
Total Investments
$116,732,568 

$— 

$— 

$116,732,568 

Other Financial Instruments:







  Futures Contracts*
$19,163 

$— 

$— 

$19,163 
Total Other Financial Instruments
$19,163 

$— 

$— 

$19,163 
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended August 31, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

TRANSACTIONS WITH AFFILIATES

The Fund’s transactions with affiliates represent holdings for which it and the underlying exchange-traded funds have the same investment adviser. The Fund had the following transactions with such affiliated funds during the fiscal period ended August 31, 2025:
Cambria Tax Aware ETF
Value, Beginning of Period$— 
Purchases169,900 
Proceeds from Sales(126,164)
Net Realized Gains (Losses)16 
Change in Unrealized Appreciation (Depreciation)265,147 
Value, End of Period$308,899 
Dividend Income$— 
9
CAMBRIA ENDOWMENT STYLE ETF

Cambria Tax Aware ETF
Shares, Beginning of Period— 
Number of Shares Purchased16,457 
Number of Shares Sold(5,040)
Shares, End of Period11,417 


10