Cambria Foreign Shareholder Yield ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 99.0%

Shares  

Value  
Australia - 4.9%

Fortescue Ltd.

            502,699

    $        6,547,439
New Hope Corp. Ltd.

            1,773,158

             6,475,478
Treasury Wine Estates Ltd.

            2,013,537

             6,984,954
Woodside Energy Group Ltd.

            347,069

             8,046,894
Yancoal Australia Ltd.

            1,727,643

             6,771,209




             34,825,974






Austria - 1.1%

OMV AG

            105,344

             7,671,299






Canada - 11.1%

Baytex Energy Corp.

            1,648,705

             7,515,230
Centerra Gold, Inc.

            418,232

             7,190,064
iA Financial Corp., Inc.

            48,309

             7,142,709
Imperial Oil Ltd.

            58,149

             7,539,024
Labrador Iron Ore Royalty Corp.

            329,731

             6,291,903
Magna International, Inc.

            101,437

             6,956,631
Parex Resources, Inc.

            418,138

             7,242,137
Precision Drilling Corp. (a)

            83,375

             6,482,773
Russel Metals, Inc.

            154,950

             7,434,417
Suncor Energy, Inc.

            120,554

             8,095,697
Tamarack Valley Energy Ltd.

            747,840

             7,153,786




             79,044,371






Denmark - 2.1%

D/S Norden AS

            141,839

             7,365,475
Scandinavian Tobacco Group AS (b)

            655,548

             7,281,619




             14,647,094






France - 10.8%

Amundi SA (b)

            69,610

             7,573,546
AXA SA

            134,341

             6,961,894
Carrefour SA

            356,100

             6,543,495
Cie Generale des Etablissements Michelin SCA

            170,812

             6,888,105
Coface SA

            385,883

             7,030,698
Metropole Television SA (c)

            496,310

             6,925,069
Pernod Ricard SA

            87,692

             6,858,095
Rubis SCA

            184,688

             7,130,334
SCOR SE

            181,935

             7,196,082
TotalEnergies SE

            83,564

             7,363,970
Vallourec SACA

            274,287

             6,582,078




             77,053,366






Germany - 1.9%

Deutsche Bank AG

            191,683

             7,045,625
Freenet AG

            239,777

             6,724,451




             13,770,076






Hong Kong - 8.2%

BOC Hong Kong Holdings Ltd.

            1,114,504

             7,418,279
Cathay Pacific Airways Ltd.

            4,078,329

             7,592,523


Guangdong Investment Ltd.

            6,736,800

             7,275,923
Orient Overseas International Ltd.

            429,119

             8,377,297
Skyworth Group Ltd. (a)

            197

             109
United Energy Group Ltd. (a)

            149,537,663

             6,864,424
VTech Holdings Ltd.

            994,263

             6,548,210
WH Group Ltd. (b)

            6,113,599

             6,587,258
Yue Yuen Industrial Holdings Ltd.

            4,026,929

             7,281,171




             57,945,194






Ireland - 1.9%

Bank of Ireland Group PLC

            325,926

             6,798,973
DCC Energy PLC

            79,993

             6,824,384




             13,623,357






Italy - 3.9%

Banco BPM SpA

            378,079

             6,877,612
Intesa Sanpaolo SpA

            959,870

             7,237,848
Saipem SpA

            1,315,036

             6,350,824
Unipol Assicurazioni SpA

            239,494

             7,475,989




             27,942,273






Japan - 24.2%

Aisin Corp.

            492,721

             6,885,800
Alps Alpine Co. Ltd.

            504,078

             7,014,416
Amada Co. Ltd.

            345,313

             6,048,756
Cosmo Energy Holdings Co. Ltd.

            289,812

             7,256,912
Daicel Corp.

            791,850

             7,218,996
Daiichi Life Group, Inc.

            624,884

             7,534,898
Idemitsu Kosan Co. Ltd.

            880,244

             7,253,071
Isetan Mitsukoshi Holdings Ltd.

            258,350

             5,824,465
Japan Post Holdings Co. Ltd.

            488,075

             7,307,091
JGC Holdings Corp.

            419,468

             5,956,997
Kawasaki Kisen Kaisha Ltd.

            435,247

             7,796,449
Kuraray Co. Ltd.

            627,238

             7,253,813
MS&AD Insurance Group Holdings, Inc.

            250,010

             7,737,338
NGK Corp.

            135,895

             4,777,956
Nippon Electric Glass Co. Ltd.

            158,976

             5,318,684
Nippon Shokubai Co. Ltd.

            510,848

             6,928,820
Nippon Yusen KK

            202,186

             7,764,410
Press Kogyo Co. Ltd.

            1,370,836

             7,435,539
Sompo Holdings, Inc.

            174,128

             7,784,623
Tokyo Gas Co. Ltd.

            175,042

             6,841,936
Toyo Seikan Group Holdings Ltd.

            259,496

             6,641,323
Toyoda Gosei Co. Ltd.

            208,598

             7,292,179
Tsukishima Holdings Co. Ltd.

            412,755

             7,092,625
Yamaha Corp.

            928,520

             7,256,935
Zeon Corp.

            439,316

             6,243,006




             172,467,038






Luxembourg - 1.9%

RTL Group SA

            185,811

             6,952,994
Tenaris SA

            230,721

             6,635,434




             13,588,428






Netherlands - 5.8%

Aegon Ltd.

            779,693

             7,406,809
ASR Nederland NV

            87,646

             7,163,769
EXOR NV

            88,369

             7,061,857


Koninklijke Ahold Delhaize NV

            164,761

             6,528,198
NN Group NV

            75,633

             7,116,840
Signify NV (b)

            334,136

             5,687,159




             40,964,632






Norway - 6.2%

Aker BP ASA

            213,296

             7,528,094
Aker Solutions ASA

            1,453,704

             6,448,295
DNO ASA

            3,879,748

             6,844,567
Equinor ASA

            210,057

             8,564,076
Hoegh Autoliners ASA

            422,069

             7,503,944
Wallenius Wilhelmsen ASA

            480,583

             7,489,539




             44,378,515






Spain - 1.2%

Repsol SA

            270,021

             8,214,064






United Kingdom - 13.8%

Aberdeen Group PLC

            2,075,227

             6,729,287
Balfour Beatty PLC

            565,487

             6,573,392
Beazley PLC

            388,261

             6,752,889
Berkeley Group Holdings PLC (a)

            132,928

             6,270,358
BP PLC

            1,037,198

             7,723,280
British American Tobacco PLC

            106,158

             6,538,479
Drax Group PLC

            655,846

             6,518,861
Future PLC

            1,708,069

             7,039,644
Kingfisher PLC

            1,701,234

             7,075,673
Legal & General Group PLC

            1,736,576

             7,030,748
M&G PLC

            1,487,945

             7,169,200
Shell PLC

            170,458

             7,773,048
Tesco PLC

            1,096,077

             7,231,053
Vodafone Group PLC

            4,751,836

             7,547,425




             97,973,337
TOTAL COMMON STOCKS (Cost $586,005,724)

             704,109,018






SHORT-TERM INVESTMENTS – 1.3%
Shares  

Value  
Investments Purchased with Proceeds from Securities Lending – 0.6%




First American Treasury Obligations Fund - Class X, 3.60% (d)

            3,868,265

             3,868,265






Money Market Funds – 0.7%




First American Government Obligations Fund - Class X, 3.58% (d)

            5,176,267

             5,176,267
TOTAL SHORT-TERM INVESTMENTS (Cost $9,044,532)

             9,044,532






TOTAL INVESTMENTS - 100.3% (Cost $595,050,256)

             713,153,550
Liabilities in Excess of Other Assets - (0.3)%
(0.00253)
            (1,802,369)
TOTAL NET ASSETS - 100.0%




    $        711,351,181


Percentages are stated as a percent of net assets.
PLC – Public Limited Company










(a)

Non-income producing security.
(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2026, the value of these securities total $27,129,582 or 3.8% of the Fund’s net assets.
(c)

All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $3,726,827 or 0.5% of the Fund’s net assets.
(d)

The rate shown represents the 7-day annualized yield as of July 31, 2026.



















Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
Cambria Foreign Shareholder Yield 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 July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        704,109,018

    $        –

    $        –

    $        704,109,018
  Investments Purchased with Proceeds from Securities Lending
            3,868,265

            –

            –

            3,868,265
  Money Market Funds
            5,176,267

            –

            –

            5,176,267
Total Investments
    $        713,153,550

    $        –

    $        –

    $        713,153,550




 Refer to the Schedule of Investments for further disaggregation of investment categories.



Sector Classification as of July 31, 2026
(% of Total Investments)
Energy
    $        181,220,048

        25.7%(a)
Financials
             165,554,604

        23.5 
Industrials
             97,460,939

        13.9 
Consumer Discretionary
             69,166,965

        9.8 
Consumer Staples
             54,553,151

        7.8 
Materials
             54,315,364

        7.7 
Communication Services
             35,189,583

        5.0 
Utilities
             27,767,054

        3.9 
Information Technology
             18,881,310

        2.7 

    $        704,109,018

100.0%



Percentages are stated as a percent of total investments, excluding short-term investments.

(a) To the extent that the Fund invests a significant portion of its assets in securities of companies of a single sector, it is more likely to be impacted by events or conditions affecting the sector.