Sector Weightings | ||||
Cambria Value and Momentum ETF | ||||
Consumer Discretionary | 26.5 | % | ||
Financials | 20.7 | % | ||
Industrials | 16.9 | % | ||
Materials | 13.4 | % | ||
Energy | 13.1 | % | ||
Information Technology | 4.5 | % | ||
Health Care | 3.2 | % | ||
Communication Services | 0.9 | % | ||
Utilities | 0.8 | % | ||
100.0 | % | |||
Percentages based on total investments. |
Cambria Value and Momentum ETF |
Schedule of Investments |
January 31, 2024 (Unaudited) |
Shares | Value | |||||
Common Stocks - 90.0% | ||||||
Communication Services - 0.8% | ||||||
Telephone and Data Systems, Inc. | 26,608 | $ | 511,140 | |||
Consumer Discretionary - 23.9% | ||||||
Adtalem Global Education, Inc.(a) | 11,239 | 567,345 | ||||
Asbury Automotive Group, Inc.(a) | 2,400 | 501,744 | ||||
Beazer Homes USA, Inc.(a) | 18,742 | 595,059 | ||||
Caleres, Inc. | 14,072 | 441,439 | ||||
Century Communities, Inc. | 7,674 | 665,336 | ||||
Designer Brands, Inc. - Class A | 49,883 | 427,497 | ||||
DR Horton, Inc. | 4,906 | 701,116 | ||||
G-III Apparel Group Ltd.(a) | 12,792 | 384,911 | ||||
Green Brick Partners, Inc.(a) | 14,317 | 746,918 | ||||
Group 1 Automotive, Inc. | 2,518 | 654,831 | ||||
KB Home | 7,757 | 462,240 | ||||
La-Z-Boy, Inc. | 11,610 | 404,144 | ||||
Lennar Corp. - Class A | 4,628 | 693,506 | ||||
M/I Homes, Inc.(a) | 7,511 | 957,052 | ||||
MDC Holdings, Inc. | 9,068 | 567,475 | ||||
Meritage Homes Corp. | 4,258 | 705,167 | ||||
Patrick Industries, Inc. | 6,408 | 643,299 | ||||
Perdoceo Education Corp. | 36,189 | 655,021 | ||||
PulteGroup, Inc. | 8,365 | 874,645 | ||||
PVH Corp. | 4,821 | 579,773 | ||||
Taylor Morrison Home Corp.(a) | 12,430 | 648,100 | ||||
Toll Brothers, Inc. | 8,104 | 805,132 | ||||
Tri Pointe Homes, Inc.(a) | 12,539 | 432,972 | ||||
Upbound Group, Inc. | 13,051 | 433,293 | ||||
Urban Outfitters, Inc.(a) | 12,768 | 485,184 | ||||
Williams-Sonoma, Inc. | 2,084 | 403,025 | ||||
15,436,224 | ||||||
Energy - 11.8% | ||||||
California Resources Corp. | 8,233 | 392,549 | ||||
Chord Energy Corp. | 4,349 | 668,702 | ||||
CNX Resources Corp.(a) | 21,472 | 433,735 | ||||
CONSOL Energy, Inc. | 8,344 | 789,343 | ||||
Gulfport Energy Corp.(a) | 4,073 | 516,864 | ||||
Helix Energy Solutions Group, Inc.(a) | 69,521 | 653,497 | ||||
Liberty Energy, Inc. | 23,115 | 480,561 | ||||
Marathon Petroleum Corp. | 4,282 | 709,099 | ||||
PBF Energy, Inc. - Class A | 13,753 | 694,664 | ||||
Permian Resources Corp. | 94,079 | 1,268,185 | ||||
Phillips 66 | 3,154 | 455,154 | ||||
Plains GP Holdings LP - Class A | 35,790 | 579,082 | ||||
7,641,435 | ||||||
Financials - 18.6% | ||||||
Aflac, Inc. | 5,305 | 447,424 | ||||
American Equity Investment Life Holding Co.(a) | 10,901 | 601,844 | ||||
Assurant, Inc. | 2,599 | 436,502 | ||||
Bancorp, Inc.(a) | 15,679 | 684,232 | ||||
Corebridge Financial, Inc. | 19,797 | 478,494 | ||||
Customers Bancorp, Inc.(a) | 7,647 | 408,656 | ||||
eHealth, Inc.(a) | 53,943 | 366,812 | ||||
Enova International, Inc.(a) | 10,618 | 577,938 | ||||
Fidelity National Financial, Inc. | 8,671 | 433,810 | ||||
First Citizens BancShares, Inc. - Class A | 316 | 477,160 | ||||
Genworth Financial, Inc. - Class A(a) | 96,483 | 595,300 | ||||
Jackson Financial, Inc. - Class A | 8,257 | 413,428 | ||||
Loews Corp. | 10,351 | 754,174 | ||||
MGIC Investment Corp. | 26,174 | 519,292 | ||||
Mr. Cooper Group, Inc.(a) | 11,917 | 802,729 | ||||
Old Republic International Corp. | 19,662 | 551,322 | ||||
Oscar Health, Inc. - Class A(a) | 46,111 | 577,310 | ||||
Pathward Financial, Inc. | 10,467 | 541,981 | ||||
Primerica, Inc. | 2,164 | 506,722 | ||||
Radian Group, Inc. | 15,900 | 460,782 | ||||
Reinsurance Group of America, Inc. | 2,657 | 462,026 | ||||
Remitly Global, Inc.(a) | 22,123 | 379,188 | ||||
Voya Financial, Inc. | 7,501 | 542,847 | ||||
12,019,973 | ||||||
Health Care - 2.9% | ||||||
Arcturus Therapeutics Holdings, Inc.(a) | 14,849 | 489,572 | ||||
Cardinal Health, Inc. | 6,582 | 718,688 | ||||
McKesson Corp. | 1,361 | 680,350 | ||||
1,888,610 | ||||||
Industrials - 15.2% | ||||||
ArcBest Corp. | 4,968 | 591,838 | ||||
Boise Cascade Co. | 8,886 | 1,203,697 | ||||
Builders FirstSource, Inc.(a) | 5,734 | 996,168 | ||||
CoreCivic, Inc.(a) | 30,047 | 427,268 | ||||
EMCOR Group, Inc. | 2,932 | 668,819 | ||||
Encore Wire Corp. | 3,571 | 805,260 | ||||
Fluence Energy, Inc.(a) | 19,095 | 379,418 | ||||
GMS, Inc.(a) | 5,808 | 488,801 | ||||
Insteel Industries, Inc. | 15,568 | 539,120 | ||||
Matson, Inc. | 4,871 | 545,698 | ||||
MillerKnoll, Inc. | 14,768 | 392,681 | ||||
Mueller Industries, Inc. | 16,282 | 781,536 | ||||
Owens Corning | 3,368 | 510,353 | ||||
SkyWest, Inc.(a) | 9,982 | 531,641 | ||||
Sterling Infrastructure, Inc.(a) | 7,320 | 549,732 | ||||
UFP Industries, Inc. | 3,466 | 393,218 | ||||
9,805,248 | ||||||
Information Technology - 4.1% | ||||||
ACM Research, Inc. - Class A(a) | 24,046 | 414,072 | ||||
Insight Enterprises, Inc.(a) | 2,841 | 524,846 | ||||
InterDigital, Inc. | 4,352 | 457,178 | ||||
Jabil, Inc. | 4,117 | 515,819 | ||||
Photronics, Inc.(a) | 24,493 | 715,685 | ||||
2,627,600 | ||||||
Materials - 12.0% | ||||||
Alpha Metallurgical Resources, Inc. | 3,835 | 1,531,085 | ||||
Arch Resources, Inc. | 2,607 | 461,335 | ||||
Nucor Corp. | 4,263 | 796,883 | ||||
Olympic Steel, Inc. | 8,598 | 581,053 | ||||
Ramaco Resources, Inc.(a) | 26,340 | 497,299 | ||||
Reliance Steel & Aluminum Co. | 2,181 | 622,501 | ||||
Resolute Forest Products(a)(b)(c) | 66,033 | 93,767 | ||||
Steel Dynamics, Inc. | 4,984 | 601,519 | ||||
TimkenSteel Corp.(a) | 37,185 | 764,152 | ||||
United States Steel Corp. | 8,925 | 419,653 | ||||
Warrior Met Coal, Inc. | 12,446 | 798,660 | ||||
Westlake Corp. | 4,388 | 607,080 | ||||
7,774,987 | ||||||
Utilities - 0.7% | ||||||
Vistra Corp. | 11,385 | 467,127 | ||||
Total Common Stocks (Cost $47,915,721) | 58,172,344 | |||||
Short-Term Investments - 5.3% | ||||||
Money Market Funds - 5.3% | ||||||
First American Treasury Obligations Fund - Class X, 5.25%(d) | 3,422,701 | 3,422,701 | ||||
Total Short-Term Investments (Cost $3,422,701) | 3,422,701 | |||||
Total Investments - 95.3% (Cost $51,338,422) | 61,595,045 | |||||
Other Assets in Excess of Liabilities - 4.7% | 3,028,841 | |||||
Total Net Assets - 100.0% | $ | 64,623,886 | ||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | 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 January 31, 2024. |
(c) | These securities are considered to be illiquid. The aggregate value of these securities at January 31, 2024 was $93,767, which represents 0.1% of the Fund’s net assets. |
(d) | The rate shown represents the 7-day effective yield as of January 31, 2024. |
The open futures contracts held by the fund as of January 31, 2024 are as follows: | |||||||||||||||||
Type of Contract | Number of Contracts Short | Expiration Date | Notional Amount | Notional Value | Unrealized Depreciation | ||||||||||||
S&P 500® E-Mini Future | 138 | March 15, 2024 | $ | (33,606,450 | ) | $ | (32,876,621 | ) | $ | (729,829 | ) |
For the period ended January 31, 2024, the monthly average notional value of the short equity futures contracts held was $(31,742,970) and the ending notional value of the futures contracts was $(33,606,450).
Cambria Value and Momentum ETF(a) | ||||||||||||||||
Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 511,140 | $ | – | $ | – | $ | 511,140 | ||||||||
Consumer Discretionary | 15,436,224 | – | – | 15,436,224 | ||||||||||||
Energy | 7,641,435 | – | – | 7,641,435 | ||||||||||||
Financials | 12,019,973 | – | – | 12,019,973 | ||||||||||||
Health Care | 1,888,610 | – | – | 1,888,610 | ||||||||||||
Industrials | 9,805,248 | – | – | 9,805,248 | ||||||||||||
Information Technology | 2,627,600 | – | – | 2,627,600 | ||||||||||||
Materials | 7,681,220 | – | 93,767 | 7,774,987 | ||||||||||||
Utilities | 467,127 | – | – | 467,127 | ||||||||||||
Common Stocks - Total | 58,078,577 | – | 93,767 | 58,172,344 | ||||||||||||
Short-Term Investments | 3,422,701 | – | – | 3,422,701 | ||||||||||||
Total Investments | $ | 61,501,278 | $ | – | $ | 93,767 | $ | 61,595,045 | ||||||||
Other Financial Instruments: | ||||||||||||||||
Short | ||||||||||||||||
Futures | $ | (729,829 | ) | $ | – | $ | – | $ | (729,829 | ) | ||||||
Total Short | $ | (729,829 | ) | $ | – | $ | – | $ | (729,829 | ) | ||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||
(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. |