Cambria Tail Risk ETF (TAIL) NPORT-P Cambria Shareholder Yield ETF (Jul 2020 report)

Sector Weightings
Cambria Shareholder Yield ETF
Consumer Discretionary	26.74	%
Financial	14.67	%
Materials	12.89	%
Industrials	12.16	%
Energy	11.37	%
Information Technology	10.43	%
Communication Services	4.72	%
Consumer Staples	4.64	%
Health Care	2.38	%
	100.00	%

Percentages based on total investments.

Cambria Shareholder Yield ETF

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Value
Common Stocks (98.04%)
Communication Services (4.63%)
CenturyLink, Inc.		57,276	$	552,713
Fox Corp., Class B		21,164		545,396
Meredith Corp.(a)		33,189		476,594
News Corp., Class A		48,766		620,304
ViacomCBS, Inc., Class B		24,753		645,311
				2,840,318
Consumer Discretionary (26.21%)
Abercrombie & Fitch Co., Class A		42,957		413,676
Buckle, Inc.		32,716		524,437
Dick's Sporting Goods, Inc.		16,317		744,382
Dillard's, Inc., Class A(a)		10,397		244,849
Fiat Chrysler Automobiles NV(a)(b)		71,743		728,191
Foot Locker, Inc.		15,725		462,158
GameStop Corp., Class A(b)		122,729		492,143
Gap, Inc.		38,369		512,994
General Motors Co.		25,678		639,125
Guess?, Inc.(a)		35,705		369,190
International Game Technology PLC		46,139		454,931
Kohl's Corp.		13,320		253,613
Lear Corp.		5,587		616,693
Marriott Vacations Worldwide Corp.		10,138		858,283
Meritage Homes Corp.(b)		9,513		943,499
Ralph Lauren Corp.		7,036		501,667
Rent-A-Center, Inc., Class A		36,704		1,061,480
Shoe Carnival, Inc.(a)		20,276		497,776
Signet Jewelers, Ltd.(a)		38,036		408,507
Six Flags Entertainment Corp.		13,216		229,826
Stamps.com, Inc.(b)		9,509		2,475,002
Toll Brothers, Inc.		31,265		1,194,323
Whirlpool Corp.		6,512		1,062,237
Wyndham Destinations, Inc.		14,615		388,759
				16,077,741
Consumer Staples (4.54%)
Cal-Maine Foods, Inc.(b)		14,023		616,241
Nu Skin Enterprises, Inc., Class A		24,346		1,091,918
Tyson Foods, Inc., Class A		9,472		582,054
Walgreens Boots Alliance, Inc.		12,210		497,069
				2,787,282
Energy (11.15%)
Arch Resources, Inc., Class A		8,917		276,605
Baker Hughes Co.		37,925		587,458
Chevron Corp.		5,328		447,232
ConocoPhillips		11,470		428,863
CVR Energy, Inc.		26,788		514,330
Halliburton Co.		85,803		1,229,557
Helmerich & Payne, Inc.		31,154		555,476
HollyFrontier Corp.		23,310		641,025
Murphy Oil Corp.(a)		83,879		1,108,042
Schlumberger, Ltd.		33,448		606,747
Valero Energy Corp.		7,845		441,124
				6,836,459
Financials (14.39%)
Aflac, Inc.		12,774		454,371
Allstate Corp.		6,153		580,782
Ameriprise Financial, Inc.		4,481		688,416
Assured Guaranty, Ltd.		14,808		323,259
CIT Group, Inc.		14,615		277,246
Citizens Financial Group, Inc.		18,686		463,600
Discover Financial Services		8,103		400,531
Franklin Resources, Inc.		23,051		485,223
JPMorgan Chase & Co.		5,628		543,890
Lincoln National Corp.		10,878		405,423
M&T Bank Corp.		4,181		442,977
MetLife, Inc.		13,986		529,370
PNC Financial Services Group, Inc.		4,699		501,242
Synchrony Financial		19,732		436,669
Unum Group		22,348		385,056
US Bancorp		11,951		440,275
Voya Financial, Inc.		12,062		595,863
Waddell & Reed Financial, Inc., Class A		38,003		554,464
Wells Fargo & Co.		12,987		315,065
				8,823,722
Health Care (2.33%)
Biogen, Inc.(b)		2,516		691,120
McKesson Corp.		4,921		738,938
				1,430,058
Industrials (11.93%)
AerCap Holdings NV(b)		26,862		723,394

	Shares		Value
Industrials (continued)
Copa Holdings SA, Class A		12,950	$	536,648
Cummins, Inc.(a)		4,118		795,845
Delta Air Lines, Inc.		11,298		282,111
Eaton Corp. PLC		7,997		744,761
KAR Auction Services, Inc.		26,677		403,623
nVent Electric PLC		33,041		600,024
Regal Beloit Corp.		7,030		646,549
Schneider National, Inc., Class B		24,679		620,183
United Airlines Holdings, Inc.(b)		17,612		552,664
Wabash National Corp.		44,844		510,773
Werner Enterprises, Inc.		20,424		898,350
				7,314,925
Information Technology (10.23%)
Apple, Inc.		3,044		1,293,822
Avnet, Inc.		14,957		399,651
Hewlett Packard Enterprise Co.		44,481		439,027
HP, Inc.		35,742		628,344
Intel Corp.		13,024		621,636
Micron Technology, Inc.(b)		13,616		681,549
Qorvo, Inc.(b)		8,965		1,148,865
Western Union Co.		28,754		698,147
Xerox Holdings Corp.		21,760		362,304
				6,273,345
Materials (12.63%)
Cabot Corp.		16,095		587,146
Domtar Corp.		23,347		490,054
DuPont de Nemours, Inc.		15,466		827,122
Huntsman Corp.		34,854		644,799
International Paper Co.		15,910		553,509
Louisiana-Pacific Corp.		26,382		835,518
LyondellBasell Industries NV, Class A		7,474		467,274
Olin Corp.		34,891		392,175
Reliance Steel & Aluminum Co.		6,031		592,606
Steel Dynamics, Inc.		22,496		616,615
Trinseo SA		26,011		564,439
Warrior Met Coal, Inc.		34,521		549,574
Worthington Industries, Inc.		16,798		628,581
				7,749,412
Total Common Stocks
(Cost $65,548,113)				60,133,262

	Shares		Value
Short-Term Investment (5.78%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(c)(d)		3,544,278	$	3,544,278
Total Short-Term Investment
(Cost $3,544,278)				3,544,278
Total Investments (103.82%)
(Cost $69,092,391)			$	63,677,540
Liabilities Less Other Assets (-3.82%)				(2,341,647	)
Net Assets (100.00%)			$	61,335,893

Percentages based on Net Assets.

(a)	This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $3,379,508.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day effective yield as of July 31, 2020.
(d)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $3,544,278.

Investment Abbreviations:

PLC - Public Limited Company

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Materials	25.29	%
Financial	20.24	%
Consumer Discretionary	15.57	%
Communication Services	11.18	%
Energy	8.62	%
Industrials	7.62	%
Consumer Staples	4.83	%
Utilities	2.84	%
Information Technology	2.10	%
Health Care	0.93	%
Other	0.78	%
	100.00	%

Percentages based on total investments.

Cambria Foreign Shareholder Yield ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Common Stocks (98.38%)
Australia (12.01%)
AGL Energy, Ltd.		16,264	$	193,121
Alumina, Ltd.		102,303		111,097
BHP Group, Ltd.		9,272		243,446
BlueScope Steel, Ltd.		9,519		76,101
Crown Resorts, Ltd.		24,465		156,437
Fortescue Metals Group, Ltd.		45,068		560,581
Perpetual, Ltd.(a)		8,238		178,511
Qantas Airways, Ltd.		63,004		145,393
South32, Ltd.		171,646		252,623
Super Retail Group, Ltd.		41,801		265,198
Whitehaven Coal, Ltd.		58,691		58,075
				2,240,583
Belgium (1.12%)
Ageas SA		5,564		208,749
Canada (12.87%)
Canadian Natural Resources, Ltd.		7,600		134,076
Canadian Western Bank		7,600		129,366
Crescent Point Energy Corp.		87,400		135,069
Great-West Lifeco, Inc.		6,661		117,759
Imperial Oil, Ltd.		9,500		148,587
Labrador Iron Ore Royalty Corp.		11,108		212,797
Magna International, Inc.		5,776		266,969
Methanex Corp.		3,800		70,414
Norbord Inc.		5,700		185,369
Seven Generations Energy, Ltd.(b)		58,900		161,382
Sun Life Financial, Inc.		3,800		148,119
Suncor Energy, Inc.		7,600		119,551
TORC Oil & Gas, Ltd.		106,400		132,657
Tourmaline Oil Corp.		17,100		173,879
TransAlta Corp.		24,700		161,538
Whitecap Resources, Inc.		62,700		103,451
				2,400,983
Denmark (2.02%)
Pandora A/S		2,133		134,998
Scandinavian Tobacco Group A/S(c)(d)		16,435		241,519
				376,517
Finland (3.05%)
Nokian Renkaat Oyj		8,455		202,778
Stora Enso Oyj		18,354		230,358
UPM-Kymmene Oyj		5,111		136,244
				569,380
France (1.89%)
Casino Guichard-Perrachon SA(a)(b)		3,495		97,160
Rexel SA(b)		21,679		255,011
				352,171
Germany (4.10%)
DWS Group GmbH & Co. KGaA(b)(c)		4,237		158,888
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,375		364,106
TUI AG(b)		19,912		75,409
United Internet AG		3,667		166,173
				764,576
Great Britain (17.34%)
Anglo American PLC		5,244		128,378
Aviva PLC		48,203		166,389
Babcock International Group PLC		17,765		67,066
Barratt Developments PLC		33,991		227,188
Bellway PLC		5,016		167,170
Berkeley Group Holdings PLC		2,698		157,302
Dialog Semiconductor PLC(b)		4,769		217,965
Direct Line Insurance Group PLC		42,649		165,473
Fiat Chrysler Automobiles NV(b)		9,120		92,604
HSBC Holdings PLC		25,782		115,488
Inchcape PLC(b)		30,799		173,036
Legal & General Group PLC		57,730		161,717
Man Group PLC		130,644		212,142
Quilter PLC(c)		87,495		167,559
Redrow PLC(b)		25,707		143,890
Rio Tinto PLC		5,174		312,564
Royal Mail PLC		38,416		80,911
Standard Life Aberdeen PLC		55,803		182,908
Vodafone Group PLC		96,371		145,779
WPP PLC		19,988		148,614
				3,234,143
Hong Kong (5.99%)
China Resources Cement Holdings, Ltd.		123,500		168,910

	Shares		Value
Hong Kong (continued)
China Resources Power Holdings Co., Ltd.		131,100	$	167,125
Kingboard Laminates Holdings, Ltd.		148,200		166,551
Nine Dragons Paper Holdings, Ltd.		171,000		178,936
Shandong Chenming Paper Holdings, Ltd.		242,250		114,400
Shougang Fushan Resources Group, Ltd.		1,406,000		321,100
				1,117,022
Italy (1.73%)
Eni SpA		18,012		160,000
UnipolSai Assicurazioni SpA		63,194		161,980
				321,980
Japan (20.79%)
Amada Co., Ltd.		19,000		127,259
Bridgestone Corp.		5,700		166,603
Concordia Financial Group, Ltd.		57,000		167,465
Ebara Corp.		7,600		178,486
GungHo Online Entertainment, Inc.		11,400		207,743
Japan Tobacco, Inc.		9,500		162,619
Kaken Pharmaceutical Co., Ltd.		3,800		171,414
KDDI Corp.		11,400		350,976
Kurabo Industries, Ltd.		7,600		139,644
Mitsubishi Gas Chemical Co., Inc.		15,200		239,369
Mixi, Inc.		9,500		184,516
Nikon Corp.		17,100		118,572
Nippon Carbon Co., Ltd.		5,700		169,349
Nippon Light Metal Holdings Co., Ltd.		112,100		183,206
Nitto Denko Corp.		3,800		213,594
NSK, Ltd.		26,600		175,901
NTT DOCOMO, Inc.		5,700		156,561
Showa Denko KK		9,500		195,286
Ushio, Inc.		17,100		199,342
Z Holdings Corp.		70,300		369,913
				3,877,818
Luxembourg (0.82%)
APERAM SA		5,377		152,266
Netherlands (5.99%)
Aegon NV		59,793		176,506
ASR Nederland NV		5,886		189,491
Koninklijke Ahold Delhaize NV		13,281		382,819
NN Group NV		6,422		234,509
Royal Dutch Shell PLC, Class A		9,063		133,061
				1,116,386
Norway (1.70%)
Telenor ASA		9,598		148,528
Yara International ASA		4,047		169,094
				317,622

	Shares	Value
Spain (0.66%)
Repsol SA(a)	15,903	123,263
Sweden (2.76%)
Betsson AB	45,676	342,298
Telia Co. AB	44,427	172,440
		514,738
Switzerland (3.54%)
Glencore PLC	80,902	184,946
Swatch Group AG	4,256	168,648
Zurich Insurance Group AG	836	307,324
		660,918
Total Common Stocks
(Cost $20,741,072)		18,349,115

	Shares		Value
Short-Term Investment (1.29%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(e)(f)		240,608	$	240,608
Total Short-Term Investment
(Cost $240,608)				240,608
Total Investments (99.67%)
(Cost $20,981,680)			$	18,589,723
Other Assets Less Liabilities (0.33%)				61,840
Net Assets (100.00%)			$	18,651,563

Percentages based on Net Assets.  

(a)	This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $245,772.
(b)	Non-income producing security.
(c)	Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of July 31, 2020, these securities had a total aggregate market value of $567,966, which represented approximately 3.05% of net assets.
(d)	Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of July 31, 2020, the aggregate market value of those securities was $567,966 representing 3.05% of the Fund's net assets.
(e)	Rate shown is the 7-day effective yield as of July 31, 2020.

^(f) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $240,608.

Investment Abbreviations:

PLC - Public Limited Company

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Global Value ETF
Financial	23.89	%
Utilities	18.56	%
Materials	14.39	%
Energy	9.34	%
Other	8.82	%
Consumer Staples	7.38	%
Industrials	7.02	%
Communication Services	4.52	%
Consumer Discretionary	3.22	%
Real Estate	2.86	%
	100.00	%

Percentages based on total investments.

Cambria Global Value ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Common Stocks (88.53%)
Austria (7.48%)
BAWAG Group AG(a)(b)(c)		36,176	$	1,319,319
Erste Group Bank AG(a)		21,594		480,754
Erste Group Bank AG(a)		30,150		687,151
IMMOFINANZ AG(a)		53,536		884,773
Raiffeisen Bank International AG(a)		56,896		975,153
UNIQA Insurance Group AG		135,968		853,674
Voestalpine AG		45,472		1,004,055
Wienerberger AG(a)		56,672		1,299,758
				7,504,637
Chile (7.97%)
Banco de Credito e Inversiones SA		27,888		994,605
CAP SA(a)		209,552		1,577,771
Cencosud SA		816,704		1,422,916
Cia Cervecerias Unidas SA		131,824		1,024,036
Colbun SA		6,698,272		1,212,052
Empresa Nacional de Telecomunicaciones SA		185,248		1,320,907
Latam Airlines Group SA(a)		262,304		450,767
				8,003,054
Czech Republic (7.97%)
CEZ AS		105,504		2,114,280
Komercni banka as(a)		66,752		1,542,921
Moneta Money Bank AS(b)(c)		610,064		1,390,949
PFNonwovens SA(a)		46,032		1,413,150
Philip Morris CR AS		2,576		1,537,693
				7,998,993
Greece (7.93%)
FF Group(a)(d)		25,407		0
Hellenic Petroleum SA		139,664		858,783
Hellenic Telecommunications Organization SA		95,200		1,401,765
JUMBO SA		54,049		1,057,512
Karelia Tobacco Co. Inc SA		4,769		1,449,356
Motor Oil Hellas Corinth Refineries SA		103,488		1,394,582
Mytilineos SA		92,736		856,431
Public Power Corp. SA(a)		208,208		939,343
				7,957,772
Italy (8.83%)
Atlantia SpA(a)		46,985		744,406
Enel SpA		263,536		2,399,338
Eni SpA		75,596		671,515
Intesa Sanpaolo SpA(a)		506,775		1,019,125
Telecom Italia SpA		2,252,795		904,377
UniCredit SpA(a)		91,651		833,564
Unipol Gruppo SpA(a)		255,571		1,063,913
UnipolSai Assicurazioni SpA		477,933		1,225,051
				8,861,289
Poland (9.06%)
Alior Bank SA(a)(e)		213,472		831,295
Bank Polska Kasa Opieki SA(a)		40,208		542,999
Eurocash SA(a)		145,712		611,583
Grupa Lotos SA		64,991		842,462
Jastrzebska Spolka Weglowa SA(e)		236,432		1,041,277
KGHM Polska Miedz SA(a)		43,120		1,451,206
PGE Polska Grupa Energetyczna SA(a)		472,304		835,061
Polski Koncern Naftowy ORLEN SA		44,912		638,902
Powszechna Kasa Oszczednosci Bank Polski SA(a)		116,368		675,772
Santander Bank Polska SA(a)		11,536		463,245
Tauron Polska Energia SA(a)		1,680,473		1,165,677
				9,099,479
Portugal (8.21%)
Altri SGPS SA		57,260		282,884
Corticeira Amorim SGPS SA		145,199		1,688,142
Energias de Portugal SA		362,466		1,829,558
Galp Energia SGPS SA		101,641		1,065,582
Jeronimo Martins SGPS SA		33,428		562,889
Mota-Engil SGPS SA(a)		198,240		273,215
Navigator Co. SA		272,496		678,568
NOS SGPS SA		168,560		744,187
REN - Redes Energeticas Nacionais SGPS SA		83,150		239,970
Semapa-Sociedade de Investimento e Gestao		97,328		877,056
				8,242,051
Russia (7.73%)
Alrosa PJSC		1,360,128		1,251,824

	Shares		Value
Russia (continued)
Gazprom Neft PJSC		360,640	$	1,558,789
Gazprom PJSC		401,744		985,253
Rosneft Oil Co. PJSC		213,248		1,024,291
Sberbank of Russia PJSC(a)		309,737		922,826
Severstal PAO		89,376		1,094,621
Unipro PJSC		24,146,752		921,038
				7,758,642
Singapore (6.89%)
CapitaLand, Ltd.		436,800		877,415
City Developments, Ltd.		168,000		1,000,175
ComfortDelGro Corp., Ltd.		604,800		598,637
Golden Agri-Resources, Ltd.		4,646,484		530,930
Jardine Cycle & Carriage, Ltd.		44,800		652,111
Oversea-Chinese Banking Corp., Ltd.		134,400		837,310
SATS, Ltd.		302,400		603,039
Sembcorp Industries, Ltd.		504,000		634,585
Singapore Airlines, Ltd.		156,800		390,288
United Overseas Bank, Ltd.		56,000		790,277
				6,914,767
Spain (8.72%)
Acciona SA		7,186		793,996
Banco Bilbao Vizcaya Argentaria SA		116,192		360,923
Banco Santander SA		161,400		343,854
CaixaBank SA		232,219		497,849
Enagas SA		38,106		959,237
Endesa SA		45,036		1,275,329
Ferrovial SA		25,969		634,442
Iberdrola SA		171,732		2,209,032
Mapfre SA		356,209		640,306
Naturgy Energy Group SA(e)		55,920		1,036,812
				8,751,780
Turkey (7.74%)
Akbank T.A.S.(a)		943,845		707,243
Eregli Demir ve Celik Fabrikalari TAS		678,140		740,882
Haci Omer Sabanci Holding AS		678,914		813,571
KOC Holding AS		361,923		836,879
Petkim Petrokimya Holding AS(a)		1,654,992		925,356
Turkiye Halk Bankasi AS(a)		977,539		771,631
Turkiye Is Bankasi AS, Class C(a)		1,023,842		702,766
Turkiye Sise ve Cam Fabrikalari AS		934,082		770,721
Turkiye Vakiflar Bankasi TAO, Class D(a)		991,103		637,775
Yapi ve Kredi Bankasi AS(a)		2,816,731		861,977
				7,768,801
Total Common Stocks
(Cost $113,377,194)				88,861,265

	Shares		Value
Exchange Traded Funds (7.81%)
United States (7.81%)
iShares® MSCI Colombia ETF(e)		901,700	$	7,845,692
Total Exchange Traded Funds
(Cost $7,116,289)				7,845,692

	Shares			Value
Rights (0.04%)
Energias de Portugal SA, Expires 08/04/2020, Strike Price $3		362,466	$	36,804

	Shares		Value
Short-Term Investment (1.48%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(f)(g)		1,482,718	$	1,482,718
Total Short-Term Investment
(Cost $1,482,718)				1,482,718
Total Investments (97.86%)
(Cost $121,976,201)			$	98,226,479
Other Assets Less Liabilities (2.14%)				2,146,741
Net Assets (100.00%)			$	100,373,220

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of July 31, 2020, these securities had a total aggregate market value of $2,710,268, which represented approximately 2.70% of net assets.

^(c) Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of July 31, 2020, the aggregate market value of those securities was $2,710,268 representing 2.70% of the Fund's net assets.

^(d) Level 3 security in accordance with fair value hierarchy.

^(e) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $1,466,035.

^(f) Rate shown is the 7-day effective yield as of July 31, 2020.

^(g) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $1,482,718.

Investment Abbreviations:

ETF- Exchange Traded Fund

PJSC - Private Joint Stock Company

Cambria Global Value ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs(1)		Total
Common Stocks
Austria	$	7,504,637		–	$	–		7,504,637
Chile		8,003,054		–		–		8,003,054
Czech Republic		7,998,993		–		–		7,998,993
Greece		7,957,772		–		–		7,957,772
Italy		8,861,289		–		–		8,861,289
Poland		9,099,479		–		–		9,099,479
Portugal		8,242,051		–		–		8,242,051
Russia		7,758,642		–		–		7,758,642
Singapore		6,914,767		–		–		6,914,767
Spain		8,751,780		–		–		8,751,780
Turkey		7,768,801		–		–		7,768,801
Exchange Traded Funds
United States		7,845,692		–		–		7,845,692
Rights
Portugal		36,804		–		–		36,804
Short-Term Investment		1,482,718		–		–		1,482,718
Total	$	98,226,479	$	–	$	–	$	98,226,479

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

⁽¹⁾ Included in Level 3 is one security with total value of $0. A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are 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.

Sector Weightings
Cambria Global Momentum ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Global Momentum ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Exchange Traded Funds (97.21%)
United States (97.21%)
Affiliated ETF (11.42%)
Cambria Sovereign Bond ETF*		159,838	$	4,043,901
Cambria Tail Risk ETF*		199,996		4,417,912
				8,461,813
Equity ETF (44.89%)
iShares® Global Healthcare ETF(a)		79,408		5,661,791
iShares® Global Tech ETF(a)		21,840		5,471,357
iShares® MSCI Global Gold Miners ETF(a)		198,528		7,057,670
Invesco DB Precious Metals Fund		121,220		6,582,246
Schwab US TIPS ETF		67,943		4,169,662
SPDR® Portfolio TIPS ETF(a)		139,955		4,317,612
				33,260,338
Fixed Income ETF (40.90%)
iShares® 20+ Year Treasury Bond ETF		32,880		5,622,480
iShares® 3-7 Year Treasury Bond ETF(a)		31,998		4,289,972
iShares® 7-10 Year Treasury Bond ETF		36,001		4,420,923
iShares® MBS ETF		54,420		6,030,824
Vanguard® Long-Term Bond ETF		47,599		5,572,415
Vanguard® Total Bond Market ETF		48,807		4,366,274
				30,302,888
Total Exchange Traded Funds
(Cost $65,493,101)				72,025,039

	Shares		Value
Short-Term Investment (11.12%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(b)(c)		8,241,004	$	8,241,004
Total Short-Term Investment
(Cost $8,241,004)				8,241,004
Total Investments (108.33%)
(Cost $73,734,105)			$	80,266,043
Liabilities Less Other Assets (-8.33%)				(6,175,162	)
Net Assets (100.00%)			$	74,090,881

Percentages based on Net Assets.  

^* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $8,077,218.

^(b) Rate shown is the 7-day effective yield as of July 31, 2020.

^(c) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $8,241,004.

Investment Abbreviations:

ETF - Exchange Traded Fund

MBS - Mortgage-Backed Security

MSCI - Morgan Stanley Capital

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies during the period ended July 31, 2020 are as follows:

Security Name	Value at 4/30/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value at 7/31/2020		Shares at 7/31/2020		Dividend Income
Cambria Sovereign Bond ETF	$	4,126,597	$	–	$	(510,414	)	$	452,069		$	(24,351	)	$	4,043,901		159,838	$	13,423
Cambria Tail Risk ETF		5,158,782		–		(595,540	)		(170,290	)		24,960			4,417,912		199,996		2,922
	$	9,285,379	$	–	$	(1,105,954	)	$	281,779		$	609		$	8,461,813		359,834	$	16,345

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Global Asset Allocation ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Global Asset Allocation ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Exchange Traded Funds (99.10%)
United States (99.10%)
Affiliated ETF (42.35%)
Cambria Emerging Shareholder Yield ETF*		154,567	$	4,387,956
Cambria Foreign Shareholder Yield ETF*		92,960		1,823,875
Cambria Global Value ETF*		129,633		2,295,801
Cambria Shareholder Yield ETF*		116,142		3,843,963
Cambria Sovereign Bond ETF*		147,627		3,734,963
Cambria Value and Momentum ETF*		56,005		979,192
				17,065,750
Equity ETF (21.34%)
Alpha Architect International Quantitative Momentum ETF		38,307		1,042,464
Alpha Architect US Quantitative Momentum ETF(a)		80,002		3,212,312
Schwab U.S. REIT ETF		34,550		1,263,148
Schwab US TIPS ETF		25,344		1,555,361
Vanguard® Global ex-U.S. Real Estate ETF		24,876		1,179,122
Vanguard® Intermediate-Term Government Bond ETF		28,499		2,018,299
Vanguard® Long-Term Treasury ETF		19,958		2,078,426
Vanguard® Total Stock Market ETF(b)		6,522		1,079,522
				13,428,654
Fixed Income ETF (27.84%)
iShares® Short Treasury Bond ETF		8,145		901,977
SPDR® FTSE International Government Inflation-Protected Bond ETF(b)		25,851		1,436,799
VanEck Vectors Emerging Markets High Yield Bond ETF(b)		80,370		1,846,099
VanEck Vectors International High Yield Bond ETF(b)		38,336		939,615
Vanguard® Intermediate-Term Corporate Bond ETF		16,313		1,579,588
Vanguard® Short-Term Corporate Bond ETF		11,542		959,140
Vanguard® Total Bond Market ETF		36,901		3,301,163
Vanguard® Total International Bond ETF		40,576		2,362,741
				13,327,122
Multi-Asset ETF (7.57%)
Alpha Architect Value Momentum Trend ETF		37,406		863,705
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		203,627		2,761,182
				3,624,887
Total Exchange Traded Funds
(Cost $49,005,009)				47,446,413

	Shares		Value
Short-Term Investment (6.40%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(c)(d)		3,064,704	$	3,064,704
Total Short-Term Investment
(Cost $3,064,704)				3,064,704
Total Investments (105.50%)
(Cost $52,069,713)			$	50,511,117
Liabilities Less Other Assets (-5.50%)				(2,633,658	)
Net Assets (100.00%)			$	47,877,459

Percentages based on Net Assets.  

^* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) Investment is deemed to be an affiliate by virtue of the Fund owning at least 5% of shares of the issuer.

^(b) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $2,994,286.

^(c) Rate shown is the 7-day effective yield as of July 31, 2020.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $3,064,704.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies during the period ended July 31, 2020 are as follows:

Security Name	Value at 4/30/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Value at 7/31/2020		Shares at 7/31/2020		Dividend Income
Alpha Architect US Quantitative Momentum ETF	$	2,802,605	$	–	$	(390,209	)	$	658,062	$	141,854		$	3,212,312		80,002	$	–
Cambria Emerging Shareholder Yield ETF		4,325,986		–		(567,800	)		590,029		39,741			4,387,956		154,567		68,183
Cambria Foreign Shareholder Yield ETF		1,860,260		–		(239,504	)		274,317		(71,198	)		1,823,875		92,960		23,181
Cambria Global Value ETF		2,397,560		–		(303,624	)		238,766		(36,901	)		2,295,801		129,633		19,738
Cambria Shareholder Yield ETF		2,880,265		1,044,610		(476,991	)		379,871		16,208			3,843,963		116,142		27,720
Cambria Sovereign Bond ETF		3,829,933		–		(497,904	)		473,074		(70,140	)		3,734,963		147,627		12,664
Cambria Value and Momentum ETF		1,030,966		–		(127,866	)		70,181		5,911			979,192		56,005		5,617
	$	19,127,575	$	1,044,610	$	(2,603,898	)	$	2,684,300	$	25,475		$	20,278,062		776,936	$	157,103

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Value and Momentum ETF
Consumer Discretionary	24.73	%
Industrials	19.25	%
Information Technology	11.25	%
Energy	10.10	%
Health Care	9.14	%
Financial	8.22	%
Consumer Staples	7.78	%
Materials	6.03	%
Communication Services	3.50	%
	100.00	%

Percentages based on total investments.

Cambria Value and Momentum ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares			Value
Common Stocks (87.98%)
Communication Services (3.09%)
Bandwidth, Inc., Class A(a)		698	��	$	101,056
Eros International PLC(a)(b)		28,721			81,568
Meet Group, Inc.(a)		12,461			77,632
Tribune Publishing Co.		9,230			89,993
					350,249
Consumer Discretionary (21.81%)
Big Lots, Inc.		2,670			105,038
Buckle, Inc.		3,770			60,433
Camping World Holdings, Inc., Class A		3,227			118,173
Gentex Corp.		3,880			104,721
Lennar Corp., Class A		1,958			141,661
Lennar Corp., Class B		1,959			105,531
MDC Holdings, Inc.		3,018			135,297
Meritage Homes Corp.(a)		1,917			190,128
Nautilus, Inc.(a)		10,788			112,519
Overstock.com, Inc.(a)		3,294			248,994
PetMed Express, Inc.(b)		2,556			79,747
PulteGroup, Inc.		3,010			131,236
Rent-A-Center, Inc., Class A		5,698			164,786
Stamps.com, Inc.(a)		709			184,539
Target Corp.		1,037			130,538
Thor Industries, Inc.		788			89,824
TopBuild Corp.(a)		1,088			143,529
Winnebago Industries, Inc.		1,273			76,902
XPEL, Inc.(a)(c)		8,951			150,645
					2,474,241
Consumer Staples (6.86%)
Central Garden & Pet Co., Class A(a)		2,905			100,658
Fresh Del Monte Produce, Inc.		2,075			46,854
Ingles Markets, Inc., Class A		2,682			107,950
John B Sanfilippo & Son, Inc.		1,098			96,811
Rite Aid Corp.(a)		6,760			102,482
SpartanNash Co.		5,962			125,351
United Natural Foods, Inc.(a)		5,165			102,525
Weis Markets, Inc.		1,910			95,156
					777,787
Energy (8.90%)
Antero Resources Corp.(a)		30,571			90,490
Bonanza Creek Energy, Inc.(a)		5,456			99,245
CNX Resources Corp.(a)		10,759			103,824
DHT Holdings, Inc.		9,893			56,192
International Seaways, Inc.		3,081			53,209
Matador Resources Co.(a)		8,756			76,002
Nordic American Tankers, Ltd.(b)		18,765			85,381
Ovintiv, Inc.		8,614			83,470
Range Resources Corp.(b)		14,931			96,454
Renewable Energy Group, Inc.(a)		3,613			99,646
Southwestern Energy Co.(a)		33,402			81,167
Teekay Tankers, Ltd., Class A(a)(b)		5,681			85,045
					1,010,125
Financials (7.25%)
AMERISAFE, Inc.		1,118			70,948
Cannae Holdings, Inc.(a)		3,055			115,112
eHealth, Inc.(a)		1,093			75,570
Legg Mason, Inc.		1,816			90,782
Meta Financial Group, Inc.		2,990			55,793
Mr Cooper Group, Inc.(a)		6,827			111,485
NBT Bancorp, Inc.		2,002			59,640
PennyMac Financial Services, Inc.		2,189			105,641
RenaissanceRe Holdings, Ltd.		762			137,450
					822,421
Health Care (8.06%)
Biogen, Inc.(a)		239			65,651
Cigna Corp.		455			78,574
Corcept Therapeutics, Inc.(a)		6,539			97,758
CVS Health Corp.		1,092			68,730
Humana, Inc.		273			107,139
McKesson Corp.		494			74,179
Owens & Minor, Inc.		14,103			226,776
United Therapeutics Corp.(a)		759			84,606
XBiotech, Inc.(a)(b)		7,633			110,984
					914,397
Industrials (16.78%)
Arcosa, Inc.		2,633			111,165
Argan, Inc.		2,067			88,674
Astec Industries, Inc.		1,983			88,224
Atlas Air Worldwide Holdings, Inc.(a)		2,228			116,034
BMC Stock Holdings, Inc.(a)		4,557			116,659
Builders FirstSource, Inc.(a)		5,123			121,364

	Shares		Value
Industrials (continued)
Construction Partners, Inc., Class A(a)		5,884	$	97,380
Cummins, Inc.		705		136,248
Foundation Building Materials, Inc.(a)		6,571		90,220
Gibraltar Industries, Inc.(a)		1,612		83,373
Hub Group, Inc., Class A(a)		1,551		82,048
Kornit Digital, Ltd.(a)		1,857		99,517
Marten Transport, Ltd.		3,657		97,349
Quanta Services, Inc.		2,487		99,405
Saia, Inc.(a)		1,095		130,798
Schneider National, Inc., Class B		3,913		98,334
UFP Industries, Inc.		2,631		153,177
Werner Enterprises, Inc.		1,859		81,768
WESCO International, Inc.(a)		303		11,778
				1,903,515
Information Technology (9.92%)
Amkor Technology, Inc.(a)		7,503		102,003
Diodes, Inc.(a)		1,807		92,970
Fabrinet(a)		1,788		129,863
KBR, Inc.		5,382		119,696
ManTech International Corp., Class A		923		64,222
Micron Technology, Inc.(a)		2,151		107,668
NortonLifeLock, Inc.		3,536		75,847
Photronics, Inc.(a)		6,032		71,660
Super Micro Computer, Inc.(a)		3,458		104,795
Ultra Clean Holdings, Inc.(a)		6,227		187,370
VirnetX Holding Corp.		13,381		69,180
				1,125,274
Materials (5.31%)
Boise Cascade Co.		2,704		125,979
Commercial Metals Co.		5,603		115,870
Hecla Mining Co.		29,764		164,297
Reliance Steel & Aluminum Co.		1,053		103,468
Stepan Co.		855		93,366
				602,980
Total Common Stocks
(Cost $8,082,418)				9,980,989

	Shares		Value
Preferred Stock (0.19%)
Industrials (0.19%)
WESCO International, Inc.(a)(d)(e)		804	$	21,805
Total Preferred Stock
(Cost $21,346)				21,805

	Shares		Value
Short-Term Investment (3.11%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(f)(g)		352,541	$	352,541
Total Short-Term Investment
(Cost $352,541)				352,541
Total Investments (91.28%)
(Cost $8,456,305)			$	10,355,335
Other Assets Less Liabilities (8.72%)				989,007
Net Assets (100.00%)			$	11,344,342

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $340,859.

^(c) Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of July 31, 2020, the aggregate market value of those securities was $150,645 representing 0.93% of the Fund's net assets.

^(d) Floating or variable rate security. The reference rate is described above. The rate in effect as of July 31, 2020 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(e) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(f) Rate shown is the 7-day effective yield as of July 31, 2020.

^(g) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $352,541.

Investment Abbreviations:

PLC - Public Limited Company

The open futures contracts held by the Fund as of July 31, 2020 are as follows:

Type of Contract	Number of Contracts Short		Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500®		28	Sep-2020	$	(4,269,579	)	$	(4,568,900	)	$	(299,321	)

For the period ended July 31, 2020, the monthly average notional value of the short equity futures contracts held was $(4,758,372) and the ending notional value of the futures contacts was $(4,269,579).

Investment Abbreviations:

PLC - Public Limited Company

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Sovereign Bond ETF
Sovereign Debt	90.92	%
U.S. Treasury Obligations	9.08	%
	100.00	%

Percentages based on total investments.

Cambria Sovereign Bond ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Currency		Face Amount		Value
Sovereign Debt (80.30%)
Argentina (0.46%)
Argentine Bonos del Tesoro
15.500%, 10/17/2026		ARS		7,416,423	$	23,143
16.000%, 10/17/2023		ARS		7,741,104		34,360
18.200%, 10/3/2021		ARS		7,807,548		51,836
						109,339
Brazil (6.52%)
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 1/1/2027		BRL		3,180,000		737,259
Brazilian Government International Bond, 8.500%, 1/5/2024		BRL		3,850,000		827,522
						1,564,781
Chile (2.38%)
Bonos de la Tesoreria de la Republica en pesos
4.500%, 3/1/2026		CLP		160,000,000		244,953
6.000%, 1/1/2024		CLP		210,000,000		326,536
						571,489
Colombia (2.95%)
Colombia Government International Bond, 4.500%, 1/28/2026(a)		USD		200,000		222,500
Colombian TES
7.000%, 5/4/2022		COP		819,000,000		235,081
7.500%, 8/26/2026		COP		812,500,000		251,706
						709,287
Croatia (2.30%)
Croatia Government International Bond
5.500%, 4/4/2023		USD		350,000		389,025
6.000%, 1/26/2024		USD		140,000		162,400
						551,425

	Currency		Face Amount		Value
Czech Republic (3.83%)
Czech Republic Government Bond, 0.250%, 2/10/2027		CZK		21,280,000	$	921,044
Greece (3.08%)
Hellenic Republic Government Bond, 3.650%, 2/24/2024(b)		EUR		560,916		739,512
Hungary (3.29%)
Hungary Government Bond
5.500%, 6/24/2025		HUF		127,160,000		523,789
6.000%, 11/24/2023		HUF		67,200,000		266,862
						790,651
Indonesia (2.78%)
Indonesia Treasury Bond
7.000%, 5/15/2027		IDR		2,760,000,000		192,973
8.375%, 3/15/2024		IDR		6,390,000,000		474,567
						667,540
Italy (2.02%)
Italy Buoni Poliennali Del Tesoro, 2.800%, 12/1/2028		EUR		357,000		485,922
Malaysia (3.08%)
Malaysia Government Investment Issue, 4.070%, 9/30/2026		MYR		158,000		41,133
Malaysia Government Bond
4.181%, 7/15/2024		MYR		1,442,000		367,522
4.392%, 4/15/2026		MYR		158,000		41,647
4.498%, 4/15/2030		MYR		1,055,000		288,730
						739,032
Mexico (6.36%)
Mexican Bonos
7.500%, 6/3/2027		MXN		10,786,298		542,291
8.500%, 5/31/2029		MXN		8,906,716		477,665
10.000%, 12/5/2024		MXN		9,421,882		507,181
						1,527,137
New Zealand (2.24%)
New Zealand Government Bond, 4.500%, 4/15/2027		NZD		643,000		539,026

	Currency		Face Amount		Value
Peru (5.24%)
Peruvian Government International Bond, 4.125%, 8/25/2027		USD		1,064,000	$	1,259,510
Philippines (2.99%)
Philippine Government Bond, 8.000%, 7/19/2031		PHP		23,853,684		718,337
Poland (3.27%)
Republic of Poland Government Bond
2.500%, 7/25/2026		PLN		756,000		221,050
3.250%, 7/25/2025		PLN		693,000		208,286
5.750%, 4/25/2029		PLN		962,000		356,176
						785,512
Romania (2.88%)
Romania Government Bond
4.750%, 2/24/2025		RON		500,000		126,825
5.800%, 7/26/2027		RON		1,470,000		401,295
5.850%, 4/26/2023		RON		630,000		162,649
						690,769
Russia (6.01%)
Russian Federal Bond - OFZ
7.000%, 1/25/2023		RUB		63,875,000		911,163
7.600%, 7/20/2022		RUB		11,343,000		161,862
7.600%, 4/14/2021		RUB		26,859,000		370,655
						1,443,680
Singapore (3.66%)
Singapore Government Bond, 2.875%, 7/1/2029		SGD		1,026,000		879,373
South Africa (6.48%)
Republic of South Africa Government Bond
8.000%, 1/31/2030		ZAR		24,601,648		1,328,582
8.250%, 3/31/2032		ZAR		4,456,473		226,609
						1,555,191
Thailand (3.21%)
Thailand Government Bond, 3.625%, 6/16/2023		THB		22,143,000		771,799
Turkey (5.27%)
Turkey Government Bond
8.500%, 9/14/2022		TRY		4,641,000		629,213
10.700%, 2/17/2021		TRY		4,431,000		636,942
						1,266,155
Total Sovereign Debt
(Cost $20,654,567)						19,286,511

	Currency		Face Amount		Value
U.S. Treasury Obligations (8.02%)
U.S. Treasury Bond, 2.250%, 2/15/2027		USD		1,716,500	$	1,926,033
Total U.S. Treasury Obligations
(Cost $1,680,476)						1,926,033
Total Investments (88.32%)
(Cost $22,335,043)					$	21,212,544
Other Assets Less Liabilities (11.68%)						2,805,586
Net Assets (100.00%)					$	24,018,130

Percentages based on Net Assets.  

^(a) Security is callable. The next call date is October 28, 2025.

^(b) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

Currency Abbreviations:

ARS — Argentine PesoAUD

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK - Czech Koruna

EUR — Euro

HUF - Hungarian Forint

IDR - Indonesian Rupiah

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand DollarP

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SGD - Singapore Dollar

THB — Thailand Baht

TRY— Turkish Lira

USD - United States Dollar

ZAR — South African Ran

As of July 31, 2020, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Materials	21.97	%
Information Technology	20.75	%
Industrials	14.13	%
Consumer Discretionary	9.87	%
Energy	9.37	%
Utilities	6.77	%
Financial	5.88	%
Communication Services	3.59	%
Consumer Staples	3.36	%
Real Estate	2.09	%
Health Care	1.41	%
Other	0.81	%
	100.00	%

 Percentages based on total investments.

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Common Stocks (96.42%)
Australia (1.38%)
BHP Group PLC		20,746	$	448,884
Brazil (1.33%)
Camil Alimentos SA		184,000		432,439
China (22.67%)
Anhui Conch Cement Co., Ltd., Class H		46,000		347,509
Bank of Communications Co., Ltd., Class H		460,000		255,216
China Lilang, Ltd.		460,000		246,907
China Medical System Holdings, Ltd.		138,000		167,196
China National Building Material Co., Ltd., Class H		138,000		214,025
China Petroleum & Chemical Corp., ADR		4,499		191,252
China Shenhua Energy Co., Ltd., Class H		161,000		268,392
China Telecom Corp., Ltd., Class H		1,104,000		329,050
CNOOC, Ltd.		276,000		292,015
Fufeng Group, Ltd.		650,572		235,876
Great Wall Motor Co., Ltd., Class H		471,500		460,531
Greatview Aseptic Packaging Co., Ltd.		638,524		242,218
Greenland Hong Kong Holdings, Ltd.		989,000		319,020
Huadian Fuxin Energy Corp., Ltd., Class H		552,000		173,072
Lenovo Group, Ltd.		337,334		203,263
Lonking Holdings, Ltd.		989,000		325,400
Qingdao Port International Co., Ltd., Class H(a)(b)		460,000		260,558
Shenzhen Expressway Co., Ltd., Class H		322,000		307,031
Sinopec Shanghai Petrochemical Co., Ltd., ADR		7,899		174,410
Sinotruk Hong Kong, Ltd.		172,500		537,511
Tianneng Power International, Ltd.(c)		138,000		320,504
Yadea Group Holdings, Ltd.(a)(b)(d)		1,196,000		1,004,601
Yanzhou Coal Mining Co., Ltd., Class H		346,096		270,168
Zhejiang Expressway Co., Ltd., Class H		306,666		227,913
				7,373,638
Colombia (0.78%)
Banco De Bogota Sa		15,295		254,357
Czech Republic (1.00%)
O2 Czech Republic AS		33,833		324,958
Greece (3.31%)
Aegean Airlines SA(d)		56,281		235,352
Hellenic Petroleum SA		41,952		257,959
Holding Co. ADMIE IPTO SA		124,016		322,848
Motor Oil Hellas Corinth Refineries SA		19,228		259,113
				1,075,272
India (1.23%)
Tata Chemicals, Ltd.		98,118		400,931
Indonesia (0.85%)
Gudang Garam Tbk PT		80,390		275,171
Mexico (0.49%)
Nemak SAB de CV(a)(b)		676,200		158,302
Russia (15.64%)
Alrosa PJSC		280,600		258,256
Center for Cargo Container Traffic TransContainer PJSC(d)		7,666		887,756
Federal Grid Co. Unified Energy System PJSC		125,810,000		336,477
Gazprom Neft PJSC		85,560		369,815
Gazprom PJSC		162,150		397,663
Inter RAO UES PJSC		4,232,000		329,203
LUKOIL PJSC		6,578		450,498

	Shares		Value
Russia (continued)
Magnitogorsk Iron & Steel Works PJSC		598,000	$	321,963
Novolipetsk Steel PJSC		175,720		344,385
OGK-2 PJSC		36,110,000		365,284
Sberbank of Russia PJSC(d)		106,030		315,904
Severstal PAO		32,660		399,999
Unipro PJSC		8,142,000		310,563
				5,087,766
South Africa (10.91%)
AECI, Ltd.		63,457		322,598
African Rainbow Minerals, Ltd.		58,236		661,408
Exxaro Resources, Ltd.		22,747		178,782
Kumba Iron Ore, Ltd.		22,724		731,156
Nedbank Group, Ltd.		53,406		327,989
Netcare, Ltd.		345,598		274,962
Reunert, Ltd.		131,987		244,536
Telkom SA SOC, Ltd.		278,719		472,039
Truworths International, Ltd.		175,523		335,053
				3,548,523
South Korea (4.71%)
Hanmi Semiconductor Co., Ltd.		52,624		523,413
Huchems Fine Chemical Corp.		23,989		335,250
Kumho Industrial Co., Ltd.		42,259		241,906
Samsung C&T Corp.		1,771		157,567
Ssangyong Cement Industrial Co., Ltd.		64,539		274,104
				1,532,240
Taiwan (22.96%)
Acter Group Corp., Ltd.		46,000		302,275
ASROCK, Inc.		92,000		529,178
Asustek Computer, Inc.		23,000		169,981
Aten International Co., Ltd.		115,000		328,970
Catcher Technology Co., Ltd.		46,000		339,176
Chenbro Micom Co., Ltd.		138,000		400,416
Chicony Electronics Co., Ltd.		115,000		341,139
CyberPower Systems, Inc.		69,000		191,022
Foxsemicon Integrated Technology, Inc.		23,000		162,915
Gigabyte Technology Co., Ltd.		69,000		197,853
Global Mixed Mode Technology, Inc.		69,000		367,441
Holy Stone Enterprise Co., Ltd.		115,000		423,970
Huaku Development Co., Ltd.		115,000		333,680
Iron Force Industrial Co., Ltd.		69,000		207,274
Radiant Opto-Electronics Corp.		92,000		392,565
Shin Foong Specialty & Applied Materials Co., Ltd.		138,000		652,443
Sino-American Silicon Products, Inc.		115,000		384,714
Systex Corp.		115,000		317,978
TA-I Technology Co., Ltd.		161,000		401,202
Topco Scientific Co., Ltd.		92,000		364,301
Transcend Information, Inc.		115,000		259,093
Tripod Technology Corp.		92,000		398,846
				7,466,432
Thailand (0.68%)
Tisco Financial Group PLC		105,800		220,540
Turkey (8.48%)
Aksigorta AS		179,078		193,086
Alarko Holding AS(d)		432,377		335,737
Coca-Cola Icecek AS		53,889		343,848
Eczacibasi Yatirim Holding Ortakligi AS		81,167		179,907
Enerjisa Enerji AS(a)(b)		244,007		289,263
Eregli Demir ve Celik Fabrikalari TAS		228,344		249,470
Is Yatirim Menkul Degerler AS		470,143		531,121
Iskenderun Demir ve Celik AS		282,736		273,315
Tofas Turk Otomobil Fabrikasi AS		100,073		363,772
				2,759,519
Total Common Stocks
(Cost $31,399,868)				31,358,972

	Shares		Value
Rights (0.00%)
Simplo Technology Co., Ltd., Expires 12/31/2020, Strike Price $83		1,587	$	0

	Shares		Value
Short-Term Investment (0.78%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(e)(f)		252,540	$	252,540
Total Short-Term Investment
(Cost $252,540)				252,540
Total Investments (97.20%)
(Cost $31,652,408)			$	31,611,512
Other Assets Less Liabilities (2.80%)				911,684
Net Assets (100.00%)			$	32,523,196

Percentages based on Net Assets.

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of July 31, 2020, these securities had a total aggregate market value of $1,712,724, which represented approximately 5.27% of net assets.

^(b) Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of July 31, 2020, the aggregate market value of those securities was $1,712,724 representing 5.27% of the Fund's net assets.

^(c) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $240,120.

^(d) Non-income producing security.

^(e) Rate shown is the 7-day effective yield as of July 31, 2020.

^(f) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $252,540.

Investment Abbreviations:

ADR - American Depository Receipt

PJSC - Private Joint Stock Company

PLC - Public Limited Company

Cambria Emerging Shareholder Yield ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs(1)		Level 3 - Significant Unobservable Inputs		Total
Common Stocks
Australia	$	448,884	$	–	$	–	$	448,884
Brazil		432,439		–		–		432,439
China		7,373,638		–		–		7,373,638
Colombia		254,357		–		–		254,357
Czech Republic		324,958		–		–		324,958
Greece		1,075,272		–		–		1,075,272
India		400,931		–		–		400,931
Indonesia		275,171		–		–		275,171
Mexico		158,302		–		–		158,302
Russia		4,200,010		887,756		–		5,087,766
South Africa		3,548,523		–		–		3,548,523
South Korea		1,532,240		–		–		1,532,240
Taiwan		7,466,432		–		–		7,466,432
Thailand		220,540		–		–		220,540
Turkey		2,759,519		–		–		2,759,519
Rights		–		–		–		–
Short-Term Investment		252,540		–		–		252,540
Total	$	30,723,756	$	887,756	$	–	$	31,611,512

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

⁽¹⁾ Included in Level 2 is one Rights holding with total value of $0.

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	95.69	%
Purchased Options	4.31	%
	100.00	%

Percentages based on total investments.

Cambria Tail Risk ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Face Amount		Value
U.S. Treasury Obligations (92.65%)
U.S. Treasury Bond, 0.625%, 5/15/2030	$	285,992,600	$	288,305,136
Total U.S. Treasury Obligations
(Cost $284,627,609)				288,305,136

	Contracts		Notional Amount		Value
Purchased Options (4.17%)
Put Options
S&P 500® Index
Expires 09/18/20, Strike Price $3,050		23	$	7,523,576	$	104,535
Expires 12/18/20, Strike Price $3,100		25		8,177,800		371,500
Expires 12/18/20, Strike Price $2,950		34		11,121,808		379,270
Expires 12/18/20, Strike Price $2,900		8		2,616,896		80,840
Expires 12/18/20, Strike Price $2,850		22		7,196,464		200,970
Expires 12/18/20, Strike Price $2,825		17		5,560,904		147,645
Expires 12/18/20, Strike Price $2,700		10		3,271,120		66,700
Expires 12/18/20, Strike Price $3,000		46		15,047,152		565,340
Expires 03/19/21, Strike Price $2,950		25		8,177,800		394,375
Expires 03/19/21, Strike Price $2,925		8		2,616,896		121,360
Expires 03/19/21, Strike Price $2,400		15		4,906,680		91,350
Expires 03/19/21, Strike Price $2,900		18		5,888,016		262,620
Expires 03/19/21, Strike Price $2,800		10		3,271,120		124,300
Expires 03/19/21, Strike Price $2,500		11		3,598,232		81,125
Expires 03/19/21, Strike Price $2,550		8		2,616,896		64,680
Expires 03/19/21, Strike Price $2,600		16		5,233,792		141,520
Expires 03/19/21, Strike Price $2,675		18		5,888,016		181,530
Expires 03/19/21, Strike Price $2,700		24		7,850,688		252,600
Expires 03/19/21, Strike Price $2,750		14		4,579,568		160,300
Expires 03/19/21, Strike Price $2,915		11		3,598,232		164,285
Expires 03/19/21, Strike Price $2,775		12		3,925,344		143,220
Expires 06/18/21, Strike Price $3,000		6		1,962,672		124,560
Expires 06/18/21, Strike Price $2,850		11		3,598,232		185,955
Expires 06/18/21, Strike Price $2,125		10		3,271,120		50,900
Expires 06/18/21, Strike Price $2,350		8		2,616,896		61,840
Expires 06/18/21, Strike Price $2,400		25		8,177,800		210,750
Expires 06/18/21, Strike Price $2,500		20		6,542,240		199,600
Expires 06/18/21, Strike Price $2,600		44		14,392,928		515,240
Expires 06/18/21, Strike Price $2,800		28		9,159,136		442,120
Expires 06/18/21, Strike Price $2,700		30		9,813,360		409,200
Expires 06/18/21, Strike Price $2,950		15		4,906,680		291,075
Expires 09/17/21, Strike Price $2,975		6		1,962,672		138,930
Expires 09/17/21, Strike Price $2,950		49		16,028,488		1,099,315
Expires 09/17/21, Strike Price $2,925		6		1,962,672		130,440
Expires 09/17/21, Strike Price $2,900		6		1,962,672		126,300
Expires 09/17/21, Strike Price $2,850		42		13,738,704		828,870
Expires 09/17/21, Strike Price $2,800		37		12,103,144		683,760
Expires 12/17/21, Strike Price $2,675		17		5,560,904		304,130
Expires 12/17/21, Strike Price $2,100		17		5,560,904		128,860
Expires 12/17/21, Strike Price $2,750		6		1,962,672		118,320
Expires 12/17/21, Strike Price $2,800		45		14,720,040		945,000

	Contracts		Notional Amount		Value
Purchased Options (continued)
Expires 12/17/21, Strike Price $2,850	4	$	1,308,448	$	89,680
Expires 12/17/21, Strike Price $2,900	32		10,467,584		760,000
Expires 12/17/21, Strike Price $2,925	8		2,616,896		195,840
Expires 12/17/21, Strike Price $2,600	14		4,579,568		226,660
Expires 12/17/21, Strike Price $2,700	33		10,794,696		610,170
Total Purchased Options
(Cost $20,061,717)					12,977,580
Total Investments (96.82%)
(Cost $304,689,326)				$	301,282,716
Other Assets Less Liabilities (3.18%)					9,908,606
Net Assets (100.00%)				$	311,191,322

Percentages based on Net Assets.

Cambria Tail Risk ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Treasury Obligations	$	–	$	288,305,136	$	–	$	288,305,136
Total	$	–	$	288,305,136	$	–	$	288,305,136
Other Financial Instruments
Purchased Options	$	12,977,580	$	–	$	–	$	12,977,580
Total	$	12,977,580	$	–	$	–	$	12,977,580

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Trinity ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Trinity ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Exchange Traded Funds (97.15%)
United States (97.15%)
Affiliated ETF (31.42%)
Cambria Emerging Shareholder Yield ETF(a)*		52,815	$	1,499,349
Cambria Foreign Shareholder Yield ETF*		84,192		1,651,847
Cambria Global Value ETF*		81,897		1,450,396
Cambria Shareholder Yield ETF*		50,037		1,656,080
Cambria Sovereign Bond ETF*		105,397		2,666,544
Cambria Tail Risk ETF*		28,249		624,020
Cambria Value and Momentum ETF*		147,271		2,574,886
				12,123,122
Equity ETF (29.98%)
iShares® Global Healthcare ETF		12,240		872,712
iShares® Global Tech ETF		3,958		991,558
iShares® MSCI Global Gold Miners ETF(a)		29,240		1,039,482
Invesco DB Precious Metals Fund		20,604		1,118,797
Schwab US TIPS ETF		26,819		1,645,882
SPDR® Portfolio TIPS ETF		22,802		703,442
Vanguard® Global ex-U.S. Real Estate ETF		14,756		699,434
Vanguard® Intermediate-Term Government Bond ETF		53,244		3,770,740
Vanguard® Real Estate ETF(a)		8,943		727,871
				11,569,918
Fixed Income ETF (23.39%)
iShares® 20+ Year Treasury Bond ETF		5,610		959,310
iShares® 3-7 Year Treasury Bond ETF		4,963		665,389
iShares® 7-10 Year Treasury Bond ETF		5,450		669,260
iShares® MBS ETF		10,880		1,205,722
SPDR® FTSE International Government Inflation-Protected Bond ETF		16,048		891,948
Vanguard® Long-Term Bond ETF		9,676		1,132,769
Vanguard® Total Bond Market ETF		39,136		3,501,107
				9,025,505

	Shares		Value
Multi-Asset ETF (12.36%)
Alpha Architect Value Momentum Trend ETF		29,036	$	670,441
First Trust Managed Futures Strategy Fund		25,715		1,149,085
iM DBi Managed Futures Strategy ETF		8,743		223,104
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		93,228		1,264,172
WisdomTree Managed Futures Strategy Fund		41,174		1,460,854
				4,767,656
Total Exchange Traded Funds
(Cost $38,381,671)				37,486,201

	Shares		Value
Short-Term Investment (3.84%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(b)(c)		1,483,147	$	1,483,147
Total Short-Term Investment
(Cost $1,483,147)				1,483,147
Total Investments (100.99%)
(Cost $39,864,818)			$	38,969,348
Liabilities Less Other Assets (-0.99%)				(383,243	)
Net Assets (100.00%)			$	38,586,105

Percentages based on Net Assets.

^* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $1,461,732.

^(b) Rate shown is the 7-day effective yield as of July 31, 2020.

^(c) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $1,483,147.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

MBS - Mortgage Backed Security

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies during the period ended July 31, 2020 are as follows:

Security Name	Value at 4/30/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value at 7/31/2020		Shares at 7/31/2020		Dividend Income
Cambria Emerging Shareholder Yield ETF	$	1,336,094	$	–	$	(40,554	)	$	208,682		$	(4,873	)	$	1,499,349		52,815	$	22,072
Cambria Foreign Shareholder Yield ETF		1,522,930		–		(46,801	)		181,373			(5,655	)		1,651,847		84,192		19,890
Cambria Global Value ETF		1,369,129		–		(40,543	)		133,335			(11,525	)		1,450,396		81,897		11,814
Cambria Shareholder Yield ETF		1,539,048		–		(46,893	)		167,278			(3,353	)		1,656,080		50,037		11,314
Cambria Sovereign Bond ETF		2,471,562		–		(73,935	)		271,376			(2,459	)		2,666,544		105,397		8,566
Cambria Tail Risk ETF		661,861		–		(18,440	)		(18,471	)		(930	)		624,020		28,249		399
Cambria Value and Momentum ETF		2,450,571		–		(71,438	)		192,265			3,488			2,574,886		147,271		13,992
	$	11,351,195	$	–	$	(338,604	)	$	1,135,838		$	(25,307	)	$	12,123,122		549,858	$	88,047

As of July 31, 2020, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Cannabis ETF
Health Care	46.63	%
Consumer Staples	30.97	%
Materials	7.32	%
Consumer Discretionary	7.24	%
Real Estate	5.18	%
Financial	2.66	%
	100.00	%

Percentages based on total investments.

Cambria Cannabis ETF

Schedule of Investments

July 31, 2020 (Unaudited)    

	Shares		Value
Common Stocks (97.37%)
Consumer Discretionary (7.04%)
Greenlane Holdings, Inc., Class A(a)		231,700	$	894,362
Consumer Staples (30.15%)
Altria Group, Inc.		10,000		411,500
British American Tobacco PLC		19,680		650,341
Constellation Brands, Inc., Class A		4,940		880,308
Neptune Wellness Solutions, Inc.(a)(b)		84,840		236,704
New Age Beverages Corp.(a)		111,100		252,197
Philip Morris International, Inc.		5,760		442,426
Turning Point Brands, Inc.		10,680		351,158
Universal Corp.		4,160		175,386
Village Farms International, Inc.(a)(b)		70,160		427,274
				3,827,294
Financials (2.59%)
Canopy Rivers, Inc.(a)(b)		440,780		329,075
Health Care (45.41%)
Aphria, Inc.(a)		202,600		967,415
Arena Pharmaceuticals, Inc.(a)		4,440		272,572
Aurora Cannabis, Inc.(a)(b)		21,893		223,090
CannTrust Holdings, Inc.(a)(b)		229,762		75,431
Canopy Growth Corp.(a)		35,200		643,456
Charlottes Web Holdings, Inc.(a)(b)		62,740		217,807
Corbus Pharmaceuticals Holdings, Inc.(a)		41,800		262,086
Cronos Group, Inc.(a)		65,060		426,143
Green Organic Dutchman Holdings, Ltd.(a)(b)		326,200		97,413
GW Pharmaceuticals PLC, ADR(a)		10,620		1,355,431
HEXO Corp.(a)(b)		110,860		74,830
MediPharm Labs Corp.(a)(b)		308,040		239,174
Organigram Holdings, Inc.(a)		164,600		199,076
Supreme Cannabis Co., Inc.(a)(b)		713,860		122,579
Tilray, Inc.(a)(b)		23,280		171,806
Valens Co., Inc.(a)(b)		66,660		104,012
Vivo Cannabis, Inc.(a)(b)		1,382,620		258,057
Weedmd, Inc.(a)		202,700		53,722
				5,764,100
Materials (7.13%)
Scotts Miracle-Gro Co.		5,708		905,117
Real Estate (5.05%)
Innovative Industrial Properties, Inc.(c)		6,146		640,598
Total Common Stocks
(Cost $17,128,039)				12,360,546

	Shares		Value
Short-Term Investment (9.94%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.09%(d)(e)		1,261,650	$	1,261,650
Total Short-Term Investment
(Cost $1,261,650)				1,261,650
Total Investments (107.31%)
(Cost $18,389,689)			$	13,622,196
Liabilities Less Other Assets (-7.31%)				(927,535	)
Net Assets (100.00%)			$	12,694,661

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) This security or a partial position of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 was $1,134,066.

^(c) Real Estate Investment Trust.

^(d) Rate shown is the 7-day effective yield as of July 31, 2020.

^(e) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of July 31, 2020 was $1,261,650.

Investment Abbreviations:

ADR - American Depository Receipt

Cambria Cannabis ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks
Consumer Discretionary	$	894,362	$	–	$	–	$	894,362
Consumer Staples		3,827,294		–		–		3,827,294
Financials		329,075		–		–		329,075
Health Care		5,688,669		75,431		–		5,764,100
Materials		905,117		–		–		905,117
Real Estate		640,598		–		–		640,598
Short-Term Investment		1,261,650		–		–		1,261,650
Total	$	13,546,765	$	75,431	$	–	$	13,622,196

For the period ended July 31, 2020 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Cambria ETF Trust

Notes to Schedules of Investments

July 31, 2020 (Unaudited)

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as an open-end registered management investment company under the Investment Company Act of 1940, as amended. The Trust is comprised of multiple exchange traded funds (“ETFs”). These schedules of investments and corresponding notes relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign Bond ETF, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF and Cambria Cannabis ETF (each, a “Fund” and, collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified, except Cambria Sovereign Bond ETF. The Funds are actively managed.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seeks to obtain a bid price from at least one independent broker.

Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices for financial futures are provided by an independent pricing agent.

Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is no reported sale, long options positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures established by the Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

For the period ended July 31, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.