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

COMMON STOCKS - 97.9%

Shares  

Value  
Communication Services - 7.1%

Comcast Corp. - Class A

            418,395

    $        10,024,744
Fox Corp. - Class A

            187,109

             10,895,357
Sirius XM Holdings, Inc.

            331,497

             9,818,941
Verizon Communications, Inc.

            205,849

             9,635,792
Walt Disney Co.

            90,906

             8,744,248
Yelp, Inc. (a)

            405,044

             10,705,313
Ziff Davis, Inc. (a)

            197,601

             10,488,661




             70,313,056






Consumer Discretionary - 22.3%

Abercrombie & Fitch Co. - Class A (a)

            105,548

             10,506,248
ADT, Inc.

            1,435,141

             10,964,477
BorgWarner, Inc.

            136,298

             8,687,635
Boyd Gaming Corp.

            107,516

             9,145,311
Columbia Sportswear Co.

            145,042

             8,612,594
Dillard's, Inc. - Class A

            16,404

             9,651,129
DR Horton, Inc.

            55,971

             8,007,211
Ethan Allen Interiors, Inc.

            416,448

             9,328,435
Garrett Motion, Inc.

            281,143

             8,757,605
General Motors Co.

            117,889

             10,475,617
H&R Block, Inc.

            256,428

             11,290,525
Haverty Furniture Cos., Inc.

            366,199

             9,023,143
KB Home

            153,692

             8,448,449
Lear Corp.

            69,161

             9,035,193
Lennar Corp. - Class A

            100,780

             8,299,233
LKQ Corp.

            360,296

             8,088,645
Macy's, Inc.

            379,057

             9,408,195
Perdoceo Education Corp.

            284,289

             9,043,233
Phinia, Inc.

            116,898

             8,602,524
PulteGroup, Inc.

            68,700

             8,688,489
Sally Beauty Holdings, Inc. (a)

            684,868

             10,252,474
Strategic Education, Inc.

            121,497

             9,962,754
Toll Brothers, Inc.

            57,958

             8,455,493
Travel + Leisure Co.

            121,167

             9,211,115




             221,945,727






Consumer Staples - 7.7%

Hormel Foods Corp.

            371,484

             9,290,815
Kraft Heinz Co.

            414,791

             10,722,347
Maplebear, Inc. (a)

            200,510

             8,942,746
Molson Coors Beverage Co. - Class B

            231,694

             9,629,203
Post Holdings, Inc. (a)

            103,903

             9,497,773
Spectrum Brands Holdings, Inc.

            109,333

             9,705,491
Target Corp.

            68,019

             9,828,065
Tyson Foods, Inc. - Class A

            162,323

             9,408,241




             77,024,681






Energy - 14.3%

APA Corp.

            284,118

             10,603,284
ConocoPhillips

            87,798

             10,577,903
EOG Resources, Inc.

            69,843

             10,384,956
ExxonMobil Holdings Corp.

            68,972

             10,721,008


Halliburton Co.

            277,609

             8,952,890
HF Sinclair Corp.

            144,793

             13,244,216
Marathon Petroleum Corp.

            38,116

             12,062,570
NOV, Inc.

            518,664

             10,077,641
Patterson-UTI Energy, Inc.

            990,298

             10,378,323
Plains GP Holdings LP

            397,334

             10,461,804
Talos Energy, Inc. (a)

            686,120

             10,415,302
Valero Energy Corp.

            38,992

             12,200,597
World Kinect Corp.

            294,452

             11,736,857




             141,817,351






Financials - 22.2%

Aflac, Inc.

            79,873

             10,182,210
American Financial Group, Inc.

            68,084

             9,648,865
Ameriprise Financial, Inc.

            20,524

             11,202,820
Assured Guaranty Ltd.

            119,624

             9,895,297
Bread Financial Holdings, Inc.

            90,014

             9,727,813
Citizens Financial Group, Inc.

            135,051

             9,676,404
Corebridge Financial, Inc.

            332,669

             10,375,946
Federated Hermes, Inc.

            163,541

             9,805,918
First Interstate BancSystem, Inc. - Class A

            249,746

             9,495,343
Franklin Resources, Inc.

            286,282

             9,693,509
Jackson Financial, Inc. - Class A

            87,579

             10,709,160
M&T Bank Corp.

            40,345

             9,936,570
MetLife, Inc.

            110,596

             10,631,594
Northern Trust Corp.

            53,602

             9,765,748
PayPal Holdings, Inc.

            220,466

             12,612,860
Principal Financial Group, Inc.

            88,032

             10,009,239
SLM Corp.

            397,165

             10,324,304
State Street Corp.

            55,141

             10,154,767
Synchrony Financial

            123,389

             9,351,652
Truist Financial Corp.

            187,764

             9,733,686
Valley National Bancorp

            648,462

             9,266,522
Western Union Co.

            1,308,837

             8,324,203




             220,524,430






Health Care - 5.3%

Elevance Health, Inc.

            24,249

             9,113,744
Pfizer, Inc.

            382,605

             9,568,951
Tenet Healthcare Corp. (a)

            51,569

             13,138,750
Universal Health Services, Inc. - Class B

            64,307

             10,831,871
Viatris, Inc.

            587,982

             10,324,964




             52,978,280






Industrials - 8.4%

AGCO Corp.

            82,085

             8,385,803
ManpowerGroup, Inc.

            289,459

             15,173,441
Matson, Inc.

            47,918

             9,707,708
Maximus, Inc.

            166,541

             10,034,095
Robert Half, Inc.

            320,907

             12,130,285
Ryder System, Inc.

            35,516

             9,107,013
Science Applications International Corp.

            88,240

             10,335,551
Wabash National Corp.

            704,124

             8,843,797




             83,717,693






Information Technology - 1.8%

Diebold Nixdorf, Inc. (a)

            111,712

             8,220,886
Photronics, Inc. (a)

            296,121

             8,969,505






             17,190,391






Materials – 8.8%

Cabot Corp.

            104,878

             9,231,361
CF Industries Holdings, Inc.

            92,067

             11,525,868
DuPont de Nemours, Inc.

            67,540

             9,252,980
Eastman Chemical Co.

            134,097

             9,380,085
Greif, Inc. - Class A

            131,463

             11,378,123
Huntsman Corp.

            836,791

             8,167,080
LyondellBasell Industries NV - Class A

            169,088

             10,496,983
Newmont Corp.

            99,501

             9,324,239
Sylvamo Corp.

            237,196

             8,873,502




             87,630,221
TOTAL COMMON STOCKS (Cost $892,255,962)

             973,141,830






SHORT-TERM INVESTMENTS – 2.1%
Shares  

Value  
Money Market Funds - 2.1%
 

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

            21,051,560

             21,051,560
TOTAL SHORT-TERM INVESTMENTS (Cost $21,051,560)

             21,051,560






TOTAL INVESTMENTS - 100.0% (Cost $913,307,522)

             994,193,390
Other Assets in Excess of Liabilities - 0.0% (c)
0.00033
            330,644
TOTAL NET ASSETS - 100.0%




    $        994,524,034


Percentages are stated as a percent of net assets.

LP – Limited Partnership




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




(a)

Non-income producing security.
(b)

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

Represents less than 0.05% of net assets.

























Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
Cambria 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
    $        973,141,830

    $        –

    $        –

    $        973,141,830
  Money Market Funds
            21,051,560

            –

            –

            21,051,560
Total Investments
    $        994,193,390

    $        –

    $        –

    $        994,193,390




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



Sector Classification as of July 31, 2026
(% of Total Investments)
Consumer Discretionary
    $        221,945,727

         22.8%
Financials
             220,524,430

        22.7 
Energy
             141,817,351

        14.6 
Materials
             87,630,221

        9.0 
Industrials
             83,717,693

        8.6 
Consumer Staples
             77,024,681

        7.9 
Communication Services
             70,313,056

        7.2 
Health Care
             52,978,280

        5.4 
Information Technology
             17,190,391

        1.8 

    $        973,141,830

100.0%



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