| Cambria Emerging Shareholder Yield ETF | |||||
| Schedule of Investments | |||||
| July 31, 2024 (Unaudited) | |||||
| Sector Weightings | |||||
| Cambria Emerging Shareholder Yield ETF | |||||
| Information Technology | 21.1 | % | |||
| Financials | 20.9 | % | |||
| Energy | 16.2 | % | |||
| Industrials | 11.0 | % | |||
| Consumer Discretionary | 10.4 | % | |||
| Utilities | 6.6 | % | |||
| Materials | 6.6 | % | |||
| Consumer Staples | 3.2 | % | |||
| Real Estate | 1.7 | % | |||
| Health Care | 1.4 | % | |||
| Communication Services | 0.9 | % | |||
100.0 | % | ||||
| Percentages are stated as a percent of total investments, excluding short-term investments. | |||||
| Shares | Value | |||||||
| Common Stocks - 95.8% | ||||||||
| Brazil - 4.3% | ||||||||
| Cia de Saneamento de Minas Gerais Copasa MG | 877,200 | $ | 3,428,992 | |||||
| Cielo SA | 4,071,200 | 4,153,147 | ||||||
| Petroleo Brasileiro SA | 541,800 | 3,871,813 | ||||||
| TIM SA | 1,170,200 | 3,593,677 | ||||||
| Ultrapar Participacoes SA | 928,800 | 3,653,687 | ||||||
18,701,316 | ||||||||
| China - 18.7% | ||||||||
| Anhui Conch Cement Co. Ltd. - Class H | 1,192,500 | 2,912,241 | ||||||
| Bank of Communications Co. Ltd. - Class H | 6,525,000 | 4,743,723 | ||||||
| CGN Power Co. Ltd. - Class H | 14,622,000 | 5,970,187 | ||||||
| China Coal Energy Co. Ltd. - Class H | 4,437,000 | 4,497,852 | ||||||
| China Petroleum & Chemical Corp. - Class H | 8,446,000 | 5,426,819 | ||||||
| China Shenhua Energy Co. Ltd. - Class H | 1,827,000 | 7,611,672 | ||||||
| COSCO SHIPPING Holdings Co. Ltd. - Class H | 2,456,000 | 3,501,903 | ||||||
Dongfeng Motor Group Co. Ltd. - Class H (a) | 8,436,000 | 2,472,649 | ||||||
| E-Commodities Holdings Ltd. | 18,792,000 | 3,800,324 | ||||||
| Fufeng Group Ltd. | 7,308,000 | 4,321,465 | ||||||
| Huadian Power International Corp. Ltd. - Class H | 11,666,000 | 6,002,588 | ||||||
| JNBY Design Ltd. | 2,442,500 | 3,989,108 | ||||||
| Lonking Holdings Ltd. | 15,021,000 | 2,960,807 | ||||||
| People's Insurance Co. Group of China Ltd. - Class H | 12,414,000 | 4,178,862 | ||||||
| PetroChina Co. Ltd. - Class H | 6,946,000 | 6,054,418 | ||||||
| PICC Property & Casualty Co. Ltd. - Class H | 3,238,000 | 4,243,921 | ||||||
| Shenzhen Expressway Corp. Ltd. - Class H | 3,654,000 | 3,573,159 | ||||||
| Yankuang Energy Group Co. Ltd. - Class H | 4,064,400 | 5,306,243 | ||||||
81,567,941 | ||||||||
| Czech Republic - 0.8% | ||||||||
| CEZ AS | 95,149 | 3,664,080 | ||||||
| Hong Kong - 0.5% | ||||||||
| China Medical System Holdings Ltd. | 2,610,000 | 2,164,741 | ||||||
| India - 7.3% | ||||||||
| Bank of Baroda | 771,696 | 2,337,795 | ||||||
| Coal India Ltd. | 829,518 | 5,173,543 | ||||||
| Indian Bank | 833,031 | 6,057,051 | ||||||
| Oil & Natural Gas Corp. Ltd. | 1,216,332 | 4,854,941 | ||||||
| Oil India Ltd. | 1,235,169 | 8,520,035 | ||||||
| Vedanta Ltd. | 878,370 | 4,728,666 | ||||||
31,672,031 | ||||||||
| Indonesia - 1.3% | ||||||||
| Indo Tambangraya Megah Tbk PT | 1,618,200 | 2,617,384 | ||||||
| United Tractors Tbk PT | 1,827,000 | 2,898,930 | ||||||
5,516,314 | ||||||||
| Mexico - 2.2% | ||||||||
| Arca Continental SAB de CV | 522,000 | 5,143,231 | ||||||
| Banco del Bajio SA | 1,513,800 | 4,545,219 | ||||||
9,688,450 | ||||||||
| Poland - 5.6% | ||||||||
| Alior Bank SA | 182,440 | 4,366,188 | ||||||
| Bank Polska Kasa Opieki SA | 95,459 | 3,862,962 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 418,957 | 6,231,981 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 441,435 | 5,403,645 | ||||||
| XTB SA | 294,547 | 4,694,977 | ||||||
24,559,753 | ||||||||
Russia - 0.0%(b) | ||||||||
Alrosa PJSC (a)(c)(d) | 538,800 | – | ||||||
Federal Grid Co. Unified Energy System (a)(c)(d) | 328,200,000 | 4 | ||||||
Gazprom Neft PJSC (a)(c)(d) | 223,200 | – | ||||||
Gazprom PJSC (a)(c)(d) | 423,000 | – | ||||||
Inter RAO UES PJSC (a)(c)(d) | 11,040,000 | – | ||||||
LUKOIL PJSC (a)(c)(d) | 17,160 | – | ||||||
Magnitogorsk Iron & Steel Works PJSC (a)(c)(d) | 1,560,000 | – | ||||||
NovaBev Group PJSC (a)(c)(d) | 20,340 | – | ||||||
Novolipetsk Steel PJSC (a)(c)(d) | 458,400 | – | ||||||
OGK-2 PJSC (a)(c)(d) | 94,200,000 | 1 | ||||||
Sberbank of Russia PJSC (a)(c)(d) | 276,600 | – | ||||||
Severstal PAO (a)(c)(d) | 85,200 | – | ||||||
Unipro PJSC (a)(c)(d) | 21,240,000 | – | ||||||
5 | ||||||||
| South Africa - 12.2% | ||||||||
| Exxaro Resources Ltd. | 316,376 | 3,385,158 | ||||||
| Investec Ltd. | 839,532 | 6,554,918 | ||||||
| Investec PLC | 854,333 | 6,721,613 | ||||||
| Kumba Iron Ore Ltd. | 128,970 | 2,813,370 | ||||||
| Motus Holdings Ltd. | 828,313 | 4,695,403 | ||||||
| Nedbank Group Ltd. | 302,579 | 4,619,636 | ||||||
| Reunert Ltd. | 1,498,431 | 5,907,335 | ||||||
| Sanlam Ltd. | 965,286 | 4,322,255 | ||||||
| Tiger Brands Ltd. | 347,019 | 4,245,969 | ||||||
| Truworths International Ltd. | 1,992,508 | 9,898,813 | ||||||
53,164,470 | ||||||||
| South Korea - 12.2% | ||||||||
| DB Insurance Co. Ltd. | 65,772 | 5,278,958 | ||||||
| Doosan Bobcat, Inc. | 84,667 | 2,533,706 | ||||||
| GS Holdings Corp. | 123,198 | 4,375,800 | ||||||
| Hancom, Inc. | 273,589 | 3,749,863 | ||||||
| Hankook Tire & Technology Co. Ltd. | 104,385 | 3,385,357 | ||||||
| Hanmi Semiconductor Co. Ltd. | 109,647 | 10,449,019 | ||||||
| KB Financial Group, Inc. | 76,841 | 4,905,992 | ||||||
| Kia Corp. | 68,744 | 5,597,387 | ||||||
| KT&G Corp. | 59,787 | 4,051,663 | ||||||
| Poongsan Corp. | 117,111 | 4,967,701 | ||||||
| Samsung C&T Corp. | 36,170 | 4,080,044 | ||||||
53,375,490 | ||||||||
Taiwan - 27.0%(e) | ||||||||
| Asustek Computer, Inc. | 516,000 | 7,158,381 | ||||||
| Catcher Technology Co. Ltd. | 774,000 | 5,015,577 | ||||||
| Chicony Electronics Co. Ltd. | 1,423,000 | 6,731,868 | ||||||
| China Motor Corp. | 1,077,000 | 3,201,183 | ||||||
| Dimerco Express Corp. | 2,128,054 | 5,729,625 | ||||||
| Evergreen Marine Corp. Taiwan Ltd. | 881,000 | 4,569,836 | ||||||
| EVERGREEN Steel Corp. | 1,065,000 | 3,952,845 | ||||||
| Global Mixed Mode Technology, Inc. | 363,000 | 2,760,876 | ||||||
| Holy Stone Enterprise Co. Ltd. | 1,297,000 | 3,511,804 | ||||||
| Huaku Development Co. Ltd. | 1,419,000 | 7,187,816 | ||||||
| IEI Integration Corp. | 2,064,000 | 5,167,849 | ||||||
| ITE Technology, Inc. | 1,548,000 | 7,064,192 | ||||||
| L&K Engineering Co. Ltd. | 714,000 | 5,039,489 | ||||||
| Nantex Industry Co. Ltd. | 3,096,000 | 3,767,569 | ||||||
| Novatek Microelectronics Corp. | 260,000 | 4,136,903 | ||||||
| O-TA Precision Industry Co. Ltd. | 1,264,000 | 3,453,216 | ||||||
| Powertech Technology, Inc. | 761,000 | 3,785,321 | ||||||
| Radiant Opto-Electronics Corp. | 1,032,000 | 5,588,561 | ||||||
| Systex Corp. | 1,290,000 | 4,787,953 | ||||||
| TaiDoc Technology Corp. | 774,000 | 3,814,664 | ||||||
| Tong Yang Industry Co. Ltd. | 1,117,000 | 3,153,563 | ||||||
| Transcend Information, Inc. | 1,290,000 | 3,889,230 | ||||||
| Tripod Technology Corp. | 1,032,000 | 6,232,187 | ||||||
| Utechzone Co. Ltd. | 1,378,000 | 4,779,191 | ||||||
| Winstek Semiconductor Co. Ltd. | 1,077,000 | 3,489,519 | ||||||
| 117,969,218 | ||||||||
| Turkey - 3.7% | ||||||||
| Dogus Otomotiv Servis ve Ticaret AS | 532,399 | 3,866,264 | ||||||
| Enerjisa Enerji AS | 4,196,683 | 8,559,939 | ||||||
| Turkiye Petrol Rafinerileri AS | 780,431 | 3,848,220 | ||||||
16,274,423 | ||||||||
| Total Common Stocks (Cost $388,352,573) | 418,318,232 | |||||||
| Short-Term Investments - 3.4% | ||||||||
| Money Market Funds - 3.4% | ||||||||
First American Treasury Obligations Fund - Class X, 5.20% (f) | 14,900,665 | 14,900,665 | ||||||
| Total Short-Term Investments (Cost $14,900,665) | 14,900,665 | |||||||
| Total Investments - 99.2% (Cost $403,253,238) | 433,218,897 | |||||||
| Other Assets in Excess of Liabilities - 0.8% | 3,437,759 | |||||||
| Total Net Assets - 100.0% | $ | 436,656,656 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
| AS - Turkish Joint Stock Company | ||||||||
| PAO - Russian Public Stock Company | ||||||||
| PJSC - Public Joint Stock Company |
PLC - Public Limited Company PT – Perseroan Terbatas |
| SA - Sociedad Anónima |
| SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
| (a) | Non-income producing security. |
| (b) | Represents less than 0.05% of net assets. |
(c) (d) | 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 $5 or 0.0% of net assets as of July 31, 2024. These securities are considered to be illiquid. The aggregate value of these securities at July 31, 2024, was $5, which represents 0.0% of the Fund’s net assets. |
| (e) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. |
| (f) | The rate shown represents the 7-day annualized effective yield as of July 31, 2024. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor 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.
Cambria Emerging Shareholder Yield ETF
Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 418,318,227 | $ | – | $ | 5 | $ | 418,318,232 | ||||||||
| Money Market Funds | 14,900,665 | – | – | 14,900,665 | ||||||||||||
| Total Assets | $ | 433,218,892 | $ | – | $ | 5 | $ | 433,218,897 | ||||||||
(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 year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| Refer to the Schedule of Investments for country classifications. |