Cambria Value and Momentum ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 88.9%

Shares  

Value  
Communication Services - 1.8%

Scholastic Corp.

            22,228

    $        903,568
Ziff Davis, Inc. (a)

            20,345

             1,079,913




             1,983,481






Consumer Discretionary - 15.5%

BorgWarner, Inc.

            13,387

             853,287
Callaway Golf Co. (a)

            52,682

             972,510
Dana, Inc.

            32,883

             885,539
Ford Motor Co.

            67,433

             989,916
Garrett Motion, Inc.

            27,973

             871,359
General Motors Co.

            11,957

             1,062,499
G-III Apparel Group Ltd.

            28,080

             1,022,393
Gold.com, Inc.

            22,276

             921,335
Kohl's Corp.

            53,854

             1,030,766
Laureate Education, Inc. (a)

            25,808

             988,704
La-Z-Boy, Inc.

            23,425

             922,477
Lear Corp.

            6,907

             902,330
Macy's, Inc.

            39,418

             978,355
Perdoceo Education Corp.

            28,853

             917,814
Phinia, Inc.

            11,724

             862,769
Rush Street Interactive, Inc. (a)

            31,991

             860,878
Travel + Leisure Co.

            12,490

             949,490
Visteon Corp.

            8,151

             852,106




             16,844,527






Consumer Staples - 1.8%

Seneca Foods Corp. - Class A (a)

            5,866

             970,764
Spectrum Brands Holdings, Inc.

            11,310

             1,003,989




             1,974,753






Energy - 18.8%

APA Corp.

            27,588

             1,029,584
Chord Energy Corp.

            7,586

             1,064,923
Devon Energy Corp.

            21,757

             981,893
Forum Energy Technologies, Inc. (a)

            18,794

             1,177,820
Helmerich & Payne, Inc.

            26,526

             917,004
HF Sinclair Corp.

            14,380

             1,315,339
Liberty Energy, Inc.

            34,901

             652,998
Murphy Oil Corp.

            26,210

             1,041,585
NOV, Inc.

            50,351

             978,320
Oil States International, Inc. (a)

            119,503

             969,169
Ovintiv, Inc.

            17,205

             1,074,624
Par Pacific Holdings, Inc. (a)

            18,620

             1,601,879
Patterson-UTI Energy, Inc.

            93,750

             982,500
PBF Energy, Inc. - Class A

            23,201

             1,676,968
Peabody Energy Corp.

            38,947

             830,350
ProPetro Holding Corp. (a)

            64,442

             715,306
Talos Energy, Inc. (a)

            67,627

             1,026,578
Valero Energy Corp.

            3,874

             1,212,175
World Kinect Corp.

            29,557

             1,178,142




             20,427,157






Financials - 20.3%



Assurant, Inc.

            3,558

             993,358
Bread Financial Holdings, Inc.

            9,096

             983,005
Capital One Financial Corp.

            4,773

             997,605
Citigroup, Inc.

            6,511

             862,382
Citizens Financial Group, Inc.

            13,683

             980,387
Enova International, Inc. (a)

            4,474

             1,137,022
Enterprise Financial Services Corp.

            14,598

             967,994
First Horizon Corp.

            37,838

             970,166
Green Dot Corp. - Class A (a)

            71,521

             937,640
Happen, Inc. (a)

            49,793

             953,038
Hartford Insurance Group, Inc.

            7,188

             1,020,049
Heritage Insurance Holdings, Inc. (a)

            37,838

             1,111,302
Jackson Financial, Inc. - Class A

            8,591

             1,050,508
Lincoln National Corp.

            24,720

             1,127,479
Loews Corp.

            8,537

             990,377
Mercury General Corp.

            8,866

             949,726
MGIC Investment Corp.

            35,638

             1,070,566
Old Republic International Corp.

            23,691

             1,023,688
Pathward Financial, Inc.

            11,108

             980,170
Reinsurance Group of America, Inc.

            4,458

             1,055,877
Synchrony Financial

            12,580

             953,438
UMB Financial Corp.

            6,768

             986,301




             22,102,078






Health Care - 9.7%

agilon health, Inc. (a)

            8,450

             774,104
AMN Healthcare Services, Inc. (a)

            30,219

             1,016,265
Cardinal Health, Inc.

            4,124

             948,644
Climb Bio, Inc. (a)

            76,753

             913,361
Exelixis, Inc. (a)

            18,388

             975,116
McKesson Corp.

            1,235

             1,057,395
Nutex Health, Inc. (a)(b)

            6,411

             945,174
Pediatrix Medical Group, Inc. (a)

            39,567

             1,048,921
Protagonist Therapeutics, Inc. (a)

            7,935

             1,084,238
PTC Therapeutics, Inc. (a)

            11,494

             781,707
Tactile Systems Technology, Inc. (a)

            35,692

             1,005,443




             10,550,368






Industrials – 11.8%

Blue Bird Corp. (a)

            12,806

             952,638
EnerSys

            4,225

             786,061
Healthcare Services Group, Inc. (a)

            41,681

             971,167
Interface, Inc.

            29,128

             997,925
Matson, Inc.

            4,822

             976,889
Mueller Industries, Inc.

            13,850

             919,778
Nextpower, Inc. - Class A (a)

            7,825

             703,233
NWPX Infrastructure, Inc. (a)

            6,810

             838,175
OPENLANE, Inc. (a)

            24,521

             974,955
Oshkosh Corp.

            6,766

             963,546
Pitney Bowes, Inc.

            55,371

             970,654
Terex Corp.

            13,895

             873,162
Tutor Perini Corp.

            11,654

             976,023
United Airlines Holdings, Inc. (a)

            7,767

             942,370




             12,846,576






Information Technology - 4.9%

Arrow Electronics, Inc. (a)

            4,188

             906,995
Ingram Micro Holding Corp.

            33,324

             940,070
Photronics, Inc. (a)

            29,923

             906,368


Plexus Corp. (a)

            3,271

             822,133
TD SYNNEX Corp.

            3,254

             832,048
Vistance Networks, Inc.

            75,525

             886,663




             5,294,277






Materials – 3.6%

Alcoa Corp.

            17,140

             775,756
CF Industries Holdings, Inc.

            9,240

             1,156,756
DuPont de Nemours, Inc.

            6,905

             946,031
Newmont Corp.

            9,649

             904,208
Resolute Forest Products (a)(c)

            66,033

             93,767




             3,876,518






Utilities - 0.7%

Hallador Energy Co. (a)

            53,247

             757,172
TOTAL COMMON STOCKS (Cost $85,089,975)

             96,656,907






SHORT-TERM INVESTMENTS - 7.3%
Shares  

Value  
Investments Purchased with Proceeds from Securities Lending – 0.2%




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

            196,820

             196,820





Money Market Funds – 7.1%




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

            7,709,563

             7,709,563
TOTAL SHORT-TERM INVESTMENTS (Cost $7,906,383)

             7,906,383






TOTAL INVESTMENTS - 96.2% (Cost $92,996,358)

             104,563,290
Other Assets in Excess of Liabilities - 3.8%
0.03795
            4,124,736
TOTAL NET ASSETS - 100.0%




    $        108,688,026


Percentages are stated as a percent of net assets.




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)

All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $191,217 or 0.2% of the Fund’s net assets.
(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $93,767 or 0.1% of net assets as of July 31, 2026.
(d)

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



Cambria Value and Momentum ETF
Schedule of Futures Contracts
July 31, 2026 (Unaudited)

Description

Contracts Sold

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)
   S&P 500 Index

(112)

09/18/2026

    $        (42,107,800)

    $        (106,539)
Net Unrealized Appreciation (Depreciation)



    $        –

    $        –

    $        (106,539)



Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
Cambria Value and Momentum 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(a)

Total
Assets:







Investments:







  Common Stocks
    $        96,563,140

    $        –

    $        93,767

    $        96,656,907
  Money Market Funds
            7,709,563

            –

            –

            7,709,563
  Investments Purchased with Proceeds from Securities Lending
            196,820

            –

            –

            196,820
Total Investments
    $        104,469,523

    $        –

    $        93,767

    $        104,563,290








Liabilities:







Other Financial Instruments:







  Futures Contracts(b)
    $        (106,539)

    $        –

    $        –

    $        (106,539)
Total Other Financial Instruments
    $        (106,539)

    $        –

    $        –

    $        (106,539)

(a) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
(b) The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2026.

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

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3
during the reporting period as compared to the security classifications from the prior year’s annual report.





Sector Classification as of July 31, 2026


                                                                                                   (% of Total Investments)
Financials
    $        22,102,078

        22.9%
Energy
             20,427,157

        21.1 
Consumer Discretionary
             16,844,527

        17.4 
Industrials
             12,846,576

        13.3 
Health Care
             10,550,368

        10.9 
Information Technology
             5,294,277

        5.5 
Materials
             3,876,518

        4.0 
Communication Services
             1,983,481

        2.1 
Consumer Staples
             1,974,753

        2.0 
Utilities
             757,172

        0.8 

    $        96,656,907

100.0%


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