| Sector Weightings | |
| Cambria Shareholder Yield ETF | |
| Financials | 26.44% |
| Consumer Discretionary | 23.25% |
| Materials | 13.62% |
| Industrials | 11.63% |
| Information Technology | 7.37% |
| Energy | 6.21% |
| Health Care | 4.63% |
| Consumer Staples | 3.86% |
| Communication Services | 1.88% |
| Utilities | 1.11% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Shareholder Yield ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (99.30%) | ||||||||
| Communication Services (1.87%) | ||||||||
| Fox Corp., Class B | 95,893 | $ | 3,565,302 | |||||
| Lumen Technologies, Inc. | 341,012 | 4,214,908 | ||||||
| 7,780,210 | ||||||||
| Consumer Discretionary (23.09%) | ||||||||
| Abercrombie & Fitch Co., Class A(a) | 92,532 | 3,608,748 | ||||||
| Advance Auto Parts, Inc. | 22,610 | 5,234,441 | ||||||
| AutoNation, Inc.(a) | 42,959 | 4,682,531 | ||||||
| Bed Bath & Beyond, Inc.(a)(b) | 155,496 | 2,525,255 | ||||||
| Big 5 Sporting Goods Corp.(b) | 137,148 | 2,700,444 | ||||||
| Big Lots, Inc.(b) | 71,687 | 3,004,402 | ||||||
| Brunswick Corp. | 38,969 | 3,537,996 | ||||||
| Citi Trends, Inc.(a)(b) | 56,525 | 2,753,898 | ||||||
| Dillard's, Inc., Class A(b) | 39,501 | 10,022,194 | ||||||
| Foot Locker, Inc. | 59,185 | 2,644,386 | ||||||
| Haverty Furniture Cos., Inc.(b) | 109,725 | 3,239,082 | ||||||
| Hibbett, Inc. | 45,804 | 2,823,817 | ||||||
| LKQ Corp. | 71,412 | 3,919,805 | ||||||
| Macy's, Inc. | 172,767 | 4,422,835 | ||||||
| Penske Automotive Group, Inc. | 49,343 | 5,014,729 | ||||||
| PulteGroup, Inc. | 83,923 | 4,421,903 | ||||||
| Smith & Wesson Brands, Inc. | 245,651 | 4,195,719 | ||||||
| Sturm Ruger & Co., Inc. | 53,466 | 3,594,519 | ||||||
| Tapestry, Inc. | 101,878 | 3,866,270 | ||||||
| Toll Brothers, Inc. | 112,385 | 6,627,343 | ||||||
| Tri Pointe Homes, Inc.(a) | 174,230 | 4,148,416 | ||||||
| Whirlpool Corp. | 23,408 | 4,920,128 | ||||||
| Shares | Value | |||||||
| Consumer Discretionary (continued) | ||||||||
| Zumiez, Inc.(a)(b) | 93,100 | $ | 4,184,845 | |||||
| 96,093,706 | ||||||||
| Consumer Staples (3.83%) | ||||||||
| Nu Skin Enterprises, Inc., Class A | 87,514 | 4,217,300 | ||||||
| Sprouts Farmers Market, Inc.(a) | 155,211 | 4,212,426 | ||||||
| Tyson Foods, Inc., Class A | 46,683 | 4,243,018 | ||||||
| Walgreens Boots Alliance, Inc. | 65,436 | 3,256,095 | ||||||
| 15,928,839 | ||||||||
| Energy (6.17%) | ||||||||
| Chevron Corp. | 32,319 | 4,244,454 | ||||||
| CVR Energy, Inc. | 193,249 | 3,774,153 | ||||||
| Helmerich & Payne, Inc. | 140,847 | 4,042,309 | ||||||
| HollyFrontier Corp.(a) | 108,794 | 3,825,197 | ||||||
| Oasis Petroleum, Inc. | 38,544 | 5,220,014 | ||||||
| Valero Energy Corp.(b) | 54,929 | 4,557,459 | ||||||
| 25,663,586 | ||||||||
| Financials (26.25%) | ||||||||
| Aflac, Inc. | 64,904 | 4,077,269 | ||||||
| Allstate Corp. | 30,058 | 3,627,099 | ||||||
| Ally Financial, Inc. | 74,746 | 3,566,879 | ||||||
| Ameriprise Financial, Inc. | 16,093 | 4,897,261 | ||||||
| Assured Guaranty, Ltd. | 79,933 | 4,259,630 | ||||||
| Cathay General Bancorp | 97,888 | 4,420,622 | ||||||
| Citizens Financial Group, Inc. | 73,815 | 3,799,258 | ||||||
| Comerica, Inc. | 56,259 | 5,219,710 | ||||||
| Discover Financial Services | 33,383 | 3,864,082 | ||||||
| Federated Hermes, Inc. | 116,774 | 3,866,387 | ||||||
| Hilltop Holdings, Inc. | 118,769 | 3,922,940 | ||||||
| Hope Bancorp, Inc. | 264,936 | 4,437,678 | ||||||
| Investors Bancorp, Inc. | 272,517 | 4,447,478 | ||||||
| JPMorgan Chase & Co. | 21,280 | 3,162,208 | ||||||
| Lincoln National Corp. | 55,860 | 3,909,083 | ||||||
| MetLife, Inc. | 55,594 | 3,728,134 | ||||||
| PacWest Bancorp | 103,208 | 4,791,947 | ||||||
| PNC Financial Services Group, Inc. | 18,620 | 3,835,534 | ||||||
| SLM Corp. | 211,470 | 3,878,360 | ||||||
| Sterling Bancorp | 174,230 | 4,580,507 | ||||||
| SVB Financial Group(a) | 6,968 | 4,068,615 | ||||||
| Synchrony Financial | 82,327 | 3,506,307 | ||||||
| Unum Group | 120,232 | 3,051,488 | ||||||
| US Bancorp | 62,643 | 3,645,196 | ||||||
| Voya Financial, Inc. | 53,865 | 3,660,665 | ||||||
| Webster Financial Corp. | 72,219 | 4,102,761 | ||||||
| Zions Bancorp NA | 72,884 | 4,942,993 | ||||||
| 109,270,091 | ||||||||
| Shares | Value | |||||||
| Health Care (4.60%) | ||||||||
| Biogen, Inc.(a) | 14,497 | $ | 3,276,322 | |||||
| Innoviva, Inc.(a) | 260,813 | 4,180,832 | ||||||
| McKesson Corp. | 17,822 | 4,575,264 | ||||||
| Quest Diagnostics, Inc. | 24,024 | 3,243,720 | ||||||
| Universal Health Services, Inc., Class B | 29,659 | 3,857,450 | ||||||
| 19,133,588 | ||||||||
| Industrials (11.55%) | ||||||||
| Acuity Brands, Inc. | 25,935 | 4,967,331 | ||||||
| Boise Cascade Co. | 62,244 | 4,370,774 | ||||||
| Cummins, Inc. | 14,763 | 3,260,851 | ||||||
| ManpowerGroup, Inc. | 33,383 | 3,500,875 | ||||||
| Matson, Inc. | 51,870 | 5,065,624 | ||||||
| MSC Industrial Direct Co., Inc., Class A | 37,506 | 3,061,990 | ||||||
| nVent Electric PLC | 121,163 | 4,191,028 | ||||||
| Quanta Services, Inc. | 46,683 | 4,795,278 | ||||||
| Ryder System, Inc. | 45,672 | 3,342,734 | ||||||
| Schneider National, Inc., Class B | 164,255 | 4,204,928 | ||||||
| Snap-on, Inc. | 16,359 | 3,406,762 | ||||||
| Veritiv Corp.(a) | 41,844 | 3,894,839 | ||||||
| 48,063,014 | ||||||||
| Information Technology (7.32%) | ||||||||
| Apple, Inc. | 43,624 | 7,624,603 | ||||||
| Arrow Electronics, Inc.(a) | 31,255 | 3,875,620 | ||||||
| HP, Inc. | 128,478 | 4,718,997 | ||||||
| Intel Corp. | 75,411 | 3,681,565 | ||||||
| Juniper Networks, Inc. | 133,399 | 4,644,953 | ||||||
| Western Union Co. | 134,064 | 2,535,150 | ||||||
| Xerox Holdings Corp. | 160,531 | 3,388,810 | ||||||
| 30,469,698 | ||||||||
| Materials (13.52%) | ||||||||
| Cabot Corp. | 76,741 | 4,219,988 | ||||||
| DuPont de Nemours, Inc. | 55,594 | 4,258,500 | ||||||
| Huntsman Corp. | 125,286 | 4,488,997 | ||||||
| International Paper Co. | 64,505 | 3,112,366 | ||||||
| Louisiana-Pacific Corp. | 94,829 | 6,300,439 | ||||||
| LyondellBasell Industries NV, Class A | 37,905 | 3,666,551 | ||||||
| Mosaic Co. | 119,567 | 4,776,702 | ||||||
| Nucor Corp. | 53,200 | 5,394,480 | ||||||
| Reliance Steel & Aluminum Co. | 23,541 | 3,598,948 | ||||||
| Resolute Forest Products, Inc. | 402,591 | 5,483,289 | ||||||
| Schweitzer-Mauduit International, Inc. | 106,703 | 3,229,900 | ||||||
| Steel Dynamics, Inc. | 80,864 | 4,489,569 | ||||||
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| Worthington Industries, Inc. | 60,382 | $ | 3,271,497 | |||||
| 56,291,226 | ||||||||
| Utilities (1.10%) | ||||||||
| UGI Corp. | 100,681 | 4,565,883 | ||||||
| Total Common Stocks | ||||||||
| (Cost $402,355,953) | 413,259,841 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (3.10%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d) | 12,885,124 | $ | 12,885,124 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $12,885,124) | 12,885,124 | |||||||
| Total Investments (102.40%) | ||||||||
| (Cost $415,241,077) | $ | 426,144,965 | ||||||
| Liabilities Less Other Assets (-2.40%) | (9,976,830 | ) | ||||||
| Net Assets (100.00%) | $ | 416,168,135 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $12,911,944. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $12,885,124. |
| Investment Abbreviations: |
| PLC - Public Limited Company |
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Foreign Shareholder Yield ETF | |
| Financials | 22.22% |
| Materials | 18.81% |
| Industrials | 15.38% |
| Energy | 8.49% |
| Communication Services | 8.49% |
| Information Technology | 8.45% |
| Consumer Staples | 7.93% |
| Consumer Discretionary | 6.83% |
| Real Estate | 1.52% |
| Health Care | 0.94% |
| Utilities | 0.94% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Foreign Shareholder Yield ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (98.20%) | ||||||||
| Australia (9.66%) | ||||||||
| AGL Energy, Ltd. | 95,380 | $ | 478,812 | |||||
| BHP Group, Ltd.(a) | 18,544 | 607,718 | ||||||
| Challenger, Ltd.(a) | 111,910 | 452,599 | ||||||
| CSR, Ltd. | 120,764 | 477,308 | ||||||
| Downer EDI, Ltd. | 109,668 | 419,495 | ||||||
| Fortescue Metals Group, Ltd. | 45,068 | 633,163 | ||||||
| GrainCorp, Ltd., Class A | 89,338 | 459,851 | ||||||
| Mineral Resources, Ltd. | 13,984 | 547,859 | ||||||
| Super Retail Group, Ltd. | 59,698 | 490,895 | ||||||
| Worley, Ltd. | 53,314 | 435,384 | ||||||
| 5,003,084 | ||||||||
| Belgium (1.03%) | ||||||||
| Ageas SA | 11,112 | 531,681 | ||||||
| Canada (9.60%) | ||||||||
| Canadian Natural Resources, Ltd. | 15,200 | 773,183 | ||||||
| Celestica, Inc.(c) | 49,400 | 615,193 | ||||||
| Corus Entertainment, Inc., Class B | 110,200 | 436,067 | ||||||
| Great-West Lifeco, Inc. | 13,311 | 415,828 | ||||||
| Home Capital Group, Inc.(c) | 19,000 | 538,394 | ||||||
| Imperial Oil, Ltd. | 15,200 | 621,919 | ||||||
| Labrador Iron Ore Royalty Corp.(a) | 22,204 | 683,858 | ||||||
| Mullen Group, Ltd. | 49,400 | 456,245 | ||||||
| Shares | Value | |||||||
| Canada (continued) | ||||||||
| Suncor Energy, Inc. | 15,200 | $ | 434,303 | |||||
| 4,974,990 | ||||||||
| Denmark (1.37%) | ||||||||
| Scandinavian Tobacco Group A/S, Class A(d) | 32,870 | 706,732 | ||||||
| Finland (0.03%) | ||||||||
| Sampo Oyj(c) | 279 | 13,745 | ||||||
| France (7.74%) | ||||||||
| AXA SA | 18,810 | 590,745 | ||||||
| Carrefour SA | 27,664 | 525,856 | ||||||
| Cie de Saint-Gobain | 7,410 | 496,570 | ||||||
| Coface SA | 35,568 | 467,117 | ||||||
| Metropole Television SA | 22,420 | 434,738 | ||||||
| Nexity SA | 9,994 | 415,649 | ||||||
| Rexel SA | 25,916 | 571,531 | ||||||
| Vivendi SE | 38,874 | 506,604 | ||||||
| 4,008,810 | ||||||||
| Germany (2.79%) | ||||||||
| DWS Group GmbH & Co. KGaA(d) | 10,222 | 408,365 | ||||||
| Evonik Industries AG | 14,174 | 458,443 | ||||||
| Freenet AG | 21,432 | 580,031 | ||||||
| 1,446,839 | ||||||||
| Great Britain (12.96%) | ||||||||
| abrdn PLC | 129,580 | 419,821 | ||||||
| Aviva PLC | 96,406 | 562,968 | ||||||
| Berkeley Group Holdings PLC | 6,501 | 367,039 | ||||||
| BP PLC | 111,682 | 574,970 | ||||||
| British American Tobacco PLC | 14,098 | 599,812 | ||||||
| Direct Line Insurance Group PLC | 112,550 | 461,522 | ||||||
| Legal & General Group PLC | 115,452 | 446,250 | ||||||
| Man Group PLC | 261,288 | 676,457 | ||||||
| Persimmon PLC | 12,350 | 397,632 | ||||||
| Quilter PLC(d) | 215,118 | 395,779 | ||||||
| Rio Tinto PLC | 10,342 | 721,179 | ||||||
| Tate & Lyle PLC | 49,742 | 472,567 | ||||||
| WPP PLC | 39,976 | 619,089 | ||||||
| 6,715,085 | ||||||||
| Hong Kong (9.10%) | ||||||||
| China Resources Cement Holdings, Ltd. | 551,000 | 473,474 | ||||||
| Kingboard Holdings, Ltd. | 95,000 | 457,513 | ||||||
| Kingboard Laminates Holdings, Ltd. | 296,400 | 504,071 | ||||||
| Lee & Man Paper Manufacturing, Ltd. | 570,000 | 388,916 | ||||||
| Shares | Value | |||||||
| Hong Kong (continued) | ||||||||
| New World Development Co., Ltd. | 87,400 | $ | 355,337 | |||||
| Orient Overseas International, Ltd. | 19,000 | 467,869 | ||||||
| PC Partner Group, Ltd. | 532,000 | 786,020 | ||||||
| Shougang Fushan Resources Group, Ltd. | 2,812,000 | 858,345 | ||||||
| VTech Holdings, Ltd. | 53,200 | 419,962 | ||||||
| 4,711,507 | ||||||||
| Italy (3.72%) | ||||||||
| Anima Holding SpA(d) | 95,038 | 476,194 | ||||||
| Eni SpA | 36,024 | 538,587 | ||||||
| Unipol Gruppo SpA | 87,856 | 489,164 | ||||||
| UnipolSai Assicurazioni SpA | 145,806 | 422,944 | ||||||
| 1,926,889 | ||||||||
| Japan (25.02%) | ||||||||
| Aozora Bank, Ltd. | 19,000 | 424,974 | ||||||
| Asahi Holdings, Inc. | 26,600 | 511,289 | ||||||
| Dai Nippon Printing Co., Ltd. | 19,000 | 453,537 | ||||||
| Dai-ichi Life Holdings, Inc. | 26,600 | 594,386 | ||||||
| H.U. Group Holdings, Inc. | 19,000 | 480,118 | ||||||
| Hakuto Co., Ltd. | 22,800 | 500,261 | ||||||
| Hosiden Corp. | 45,600 | 451,720 | ||||||
| Idemitsu Kosan Co., Ltd. | 19,000 | 483,750 | ||||||
| Isuzu Motors, Ltd. | 38,000 | 460,306 | ||||||
| Japan Tobacco, Inc. | 19,000 | 378,745 | ||||||
| Kewpie Corp. | 22,800 | 467,768 | ||||||
| Marubeni Corp. | 57,000 | 584,215 | ||||||
| Meiwa Corp.(a) | 64,600 | 610,186 | ||||||
| Mitsui & Co., Ltd. | 22,800 | 565,344 | ||||||
| Mixi, Inc. | 22,800 | 418,832 | ||||||
| Nippon Carbon Co., Ltd. | 11,400 | 394,265 | ||||||
| Nippon Electric Glass Co., Ltd. | 22,800 | 564,453 | ||||||
| Nippon Yusen KK | 11,400 | 881,648 | ||||||
| Nitto Denko Corp. | 7,600 | 584,463 | ||||||
| Oyo Corp. | 26,600 | 486,557 | ||||||
| Press Kogyo Co., Ltd. | 144,400 | 478,071 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 15,200 | 463,608 | ||||||
| Sumitomo Rubber Industries, Ltd. | 38,000 | 392,284 | ||||||
| Sumitomo Warehouse Co., Ltd. | 30,400 | 542,065 | ||||||
| Tama Home Co., Ltd. | 19,000 | 384,028 | ||||||
| Ube Industries, Ltd. | 22,800 | 407,143 | ||||||
| 12,964,016 | ||||||||
| Luxembourg (1.87%) | ||||||||
| ArcelorMittal SA | 17,176 | 506,431 | ||||||
| RTL Group SA | 8,208 | 461,061 | ||||||
| 967,492 | ||||||||
| Shares | Value | |||||||
| Netherlands (5.00%) | ||||||||
| ASR Nederland NV | 11,757 | $ | 544,051 | |||||
| Boskalis Westminster | 15,846 | 446,833 | ||||||
| Flow Traders(d) | 11,780 | 457,373 | ||||||
| Koninklijke Ahold Delhaize NV | 13,262 | 428,424 | ||||||
| NN Group NV | 12,844 | 715,415 | ||||||
| 2,592,096 | ||||||||
| New Zealand (0.85%) | ||||||||
| Fletcher Building, Ltd. | 104,234 | 442,379 | ||||||
| Norway (1.66%) | ||||||||
| Telenor ASA | 27,059 | 446,166 | ||||||
| Yara International ASA | 8,094 | 413,710 | ||||||
| 859,876 | ||||||||
| Spain (0.88%) | ||||||||
| Repsol SA | 36,100 | 455,934 | ||||||
| Sweden (1.77%) | ||||||||
| Betsson AB | 91,352 | 506,490 | ||||||
| Telia Co. AB | 104,999 | 412,238 | ||||||
| 918,728 | ||||||||
| Switzerland (3.15%) | ||||||||
| Ferrexpo PLC | 104,082 | 338,471 | ||||||
| Holcim, Ltd.(c) | 9,310 | 499,835 | ||||||
| Zurich Insurance Group AG | 1,672 | 795,177 | ||||||
| 1,633,483 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $49,787,547) | 50,873,366 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (2.66%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(b)(e) | 1,376,697 | $ | 1,376,697 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,376,697) | 1,376,697 | |||||||
| Total Investments (100.86%) | ||||||||
| (Cost $51,164,244) | $ | 52,250,063 | ||||||
| Liabilities Less Other Assets (-0.86%) | (443,136 | ) | ||||||
| Net Assets (100.00%) | $ | 51,806,927 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,663,035. |
| (b) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $1,376,697. |
| (c) | Non-income producing security. |
| (d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022, the fair value of securities restricted under Rule 144A in the aggregate was $2,444,443, representing 4.72% of net assets. |
| (e) | Rate shown is the 7-day effective yield as of January 31, 2022. |
Investment Abbreviations:
GmbH - German Company with limited liability
KGaA - German Master Limited Partnership
Oyj - Finnish public stock company
PLC - Public Limited Company
SpA - Italian Public Limited Company
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Global Value ETF | |
| Financials | 28.48% |
| Utilities | 16.01% |
| Materials | 15.56% |
| Energy | 8.90% |
| Other | 8.88% |
| Consumer Staples | 7.71% |
| Industrials | 6.18% |
| Communication Services | 2.82% |
| Real Estate | 2.76% |
| Consumer Discretionary | 2.70% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Global Value ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (89.71%) | ||||||||
| Austria (9.49%) | ||||||||
| BAWAG Group AG(a) | 34,238 | $ | 2,038,617 | |||||
| Erste Group Bank AG | 21,594 | 1,000,226 | ||||||
| Erste Group Bank AG(b) | 27,378 | 1,271,596 | ||||||
| IMMOFINANZ AG | 50,668 | 1,310,360 | ||||||
| Raiffeisen Bank International AG | 53,848 | 1,499,072 | ||||||
| UNIQA Insurance Group AG | 128,684 | 1,184,022 | ||||||
| Voestalpine AG | 43,036 | 1,422,414 | ||||||
| Wienerberger AG | 53,636 | 1,927,020 | ||||||
| 11,653,327 | ||||||||
| Chile (6.39%) | ||||||||
| Banco de Credito e Inversiones SA | 29,058 | 1,052,466 | ||||||
| CAP SA | 211,576 | 2,375,433 | ||||||
| Cencosud SA | 864,006 | 1,591,461 | ||||||
| Cia Cervecerias Unidas SA | 141,192 | 1,171,714 | ||||||
| Colbun SA | 8,090,132 | 668,852 | ||||||
| Empresa Nacional de Telecomunicaciones SA | 207,336 | 859,148 | ||||||
| Latam Airlines Group SA(b) | 342,910 | 128,068 | ||||||
| 7,847,142 | ||||||||
| Czech Republic (10.35%) | ||||||||
| CEZ AS | 126,988 | 4,707,906 | ||||||
| Komercni Banka AS | 63,176 | 2,794,262 | ||||||
| Moneta Money Bank AS(a) | 777,404 | 3,354,097 | ||||||
| Philip Morris CR AS | 2,438 | 1,857,237 | ||||||
| 12,713,502 | ||||||||
| Shares | Value | |||||||
| Great Britain (6.98%) | ||||||||
| Aviva PLC | 182,002 | $ | 1,062,810 | |||||
| Barratt Developments PLC | 95,506 | 785,576 | ||||||
| Direct Line Insurance Group PLC | 244,648 | 1,003,203 | ||||||
| J Sainsbury PLC | 291,924 | 1,141,313 | ||||||
| Kingfisher PLC | 206,170 | 918,067 | ||||||
| Legal & General Group PLC | 268,392 | 1,037,400 | ||||||
| M&G PLC | 339,518 | 984,467 | ||||||
| Persimmon PLC | 23,320 | 750,832 | ||||||
| Phoenix Group Holdings PLC | 99,216 | 880,941 | ||||||
| 8,564,609 | ||||||||
| Greece (8.04%) | ||||||||
| FF Group(b)(c) | 25,407 | 0 | ||||||
| Hellenic Petroleum Holdings SA | 132,182 | 978,609 | ||||||
| Hellenic Telecommunications Organization SA | 90,100 | 1,747,603 | ||||||
| JUMBO SA | 51,157 | 758,631 | ||||||
| Karelia Tobacco Co. Inc SA | 4,523 | 1,412,612 | ||||||
| Motor Oil Hellas Corinth Refineries SA | 97,944 | 1,564,692 | ||||||
| Mytilineos SA | 87,768 | 1,496,785 | ||||||
| Public Power Corp. SA(b) | 197,054 | 1,908,288 | ||||||
| 9,867,220 | ||||||||
| Poland (11.00%) | ||||||||
| Alior Bank SA(b) | 202,036 | 2,776,494 | ||||||
| Bank Polska Kasa Opieki SA | 38,054 | 1,263,571 | ||||||
| Eurocash SA | 137,906 | 348,081 | ||||||
| Grupa Lotos SA(b) | 61,511 | 822,408 | ||||||
| Jastrzebska Spolka Weglowa SA(b)(d) | 223,766 | 2,168,706 | ||||||
| KGHM Polska Miedz SA | 40,810 | 1,395,585 | ||||||
| PGE Polska Grupa Energetyczna SA(b) | 447,002 | 837,975 | ||||||
| Polski Koncern Naftowy ORLEN SA | 42,506 | 739,552 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA(b) | 110,134 | 1,285,740 | ||||||
| Santander Bank Polska SA | 10,918 | 936,688 | ||||||
| Tauron Polska Energia SA(b) | 1,590,449 | 936,945 | ||||||
| 13,511,745 | ||||||||
| Portugal (6.95%) | ||||||||
| Altri SGPS SA | 75,684 | 481,676 | ||||||
| Corticeira Amorim SGPS SA | 137,423 | 1,574,748 | ||||||
| Energias de Portugal SA | 368,032 | 1,876,710 | ||||||
| Galp Energia SGPS SA | 109,074 | 1,198,182 | ||||||
| Greenvolt-Energias Renovaveis SA(b) | 994 | 6,711 | ||||||
| Jeronimo Martins SGPS SA | 37,842 | 908,086 | ||||||
| Mota-Engil SGPS SA(b)(d) | 276,024 | 390,103 | ||||||
| Navigator Co. SA | 295,422 | 1,109,177 | ||||||
| NOS SGPS SA | 195,358 | 769,036 | ||||||
| Shares | Value | |||||||
| Portugal (continued) | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 78,692 | $ | 224,109 | |||||
| 8,538,538 | ||||||||
| Russia (8.61%) | ||||||||
| Alrosa PJSC | 1,287,264 | 1,878,758 | ||||||
| Gazprom Neft PJSC | 341,320 | 2,209,044 | ||||||
| Gazprom PJSC | 380,222 | 1,628,741 | ||||||
| Rosneft Oil Co. PJSC | 201,824 | 1,495,786 | ||||||
| Sberbank of Russia PJSC | 293,141 | 1,003,131 | ||||||
| Severstal PAO | 84,588 | 1,642,650 | ||||||
| Unipro PJSC | 22,853,176 | 713,148 | ||||||
| 10,571,258 | ||||||||
| Singapore (7.05%) | ||||||||
| CapitaLand Integrated Commercial Trust | 63,942 | 91,822 | ||||||
| CapitaLand Investment, Ltd.(b) | 413,400 | 1,055,724 | ||||||
| City Developments, Ltd. | 159,000 | 829,749 | ||||||
| ComfortDelGro Corp., Ltd. | 572,400 | 576,235 | ||||||
| Golden Agri-Resources, Ltd. | 4,397,568 | 797,516 | ||||||
| Jardine Cycle & Carriage, Ltd. | 42,400 | 636,808 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 127,200 | 1,174,125 | ||||||
| SATS, Ltd.(b) | 286,200 | 828,337 | ||||||
| Sembcorp Industries, Ltd. | 477,000 | 805,034 | ||||||
| Sembcorp Marine, Ltd.(b) | 2,342,548 | 142,188 | ||||||
| Singapore Airlines, Ltd.(b) | 148,400 | 549,243 | ||||||
| United Overseas Bank, Ltd. | 53,000 | 1,175,380 | ||||||
| 8,662,161 | ||||||||
| Spain (7.96%) | ||||||||
| Acciona SA | 6,802 | 1,179,109 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 109,970 | 696,053 | ||||||
| Banco Santander SA | 152,754 | 531,049 | ||||||
| CaixaBank SA | 219,781 | 702,711 | ||||||
| Enagas SA | 36,066 | 777,948 | ||||||
| Endesa SA | 42,624 | 950,291 | ||||||
| Ferrovial SA | 24,601 | 679,062 | ||||||
| Iberdrola SA(d) | 162,534 | 1,855,194 | ||||||
| Mapfre SA | 337,129 | 727,760 | ||||||
| Naturgy Energy Group SA(d) | 52,926 | 1,672,593 | ||||||
| 9,771,770 | ||||||||
| Turkey (6.89%) | ||||||||
| Akbank TAS | 1,060,954 | 640,384 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS | 688,576 | 1,410,210 | ||||||
| Haci Omer Sabanci Holding AS | 728,008 | 830,198 | ||||||
| KOC Holding AS | 382,660 | 932,501 | ||||||
| Petkim Petrokimya Holding AS(b) | 1,879,600 | 1,216,355 | ||||||
| Turkiye Halk Bankasi AS(b) | 1,138,440 | 419,642 | ||||||
| Shares | Value | |||||||
| Turkey (continued) | ||||||||
| Turkiye Is Bankasi AS, Class C | 1,140,136 | $ | 714,711 | |||||
| Turkiye Sise ve Cam Fabrikalari AS | 991,100 | 1,026,796 | ||||||
| Turkiye Vakiflar Bankasi TAO, Class D(b) | 1,215,078 | 347,550 | ||||||
| Yapi ve Kredi Bankasi AS | 3,025,982 | 926,860 | ||||||
| 8,465,207 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $108,385,525) | 110,166,479 | |||||||
| Shares | Value | |||||||
| Exchange Traded Funds (7.61%) | ||||||||
| Colombia (7.61%) | ||||||||
| Equity ETF (7.61%) | ||||||||
| iShares® MSCI Colombia ETF(d) | 853,400 | 9,345,583 | ||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $6,945,355) | 9,345,583 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (1.53%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(e)(f) | 1,877,635 | $ | 1,877,635 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,877,635) | 1,877,635 | |||||||
| Total Investments (98.85%) | ||||||||
| (Cost $117,208,515) | $ | 121,389,697 | ||||||
| Other Assets Less Liabilities (1.15%) | 1,412,558 | |||||||
| Net Assets (100.00%) | $ | 122,802,255 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022, the fair value of securities restricted under Rule 144A in the aggregate was $5,392,714, representing 4.39% of net assets. |
| (b) | Non-income producing security. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $3,442,264. |
| (e) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $1,877,635. |
Investment Abbreviations:
ETF- Exchange Traded Fund
PJSC - Private Joint Stock Company
PLC - Public Limited Company
MSCI - Morgan Stanley Capital International
Transactions with affiliated companies for the nine months ended January 31, 2022 are as follows:
| Security Name | Value at April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain/(Loss) | Value at January 31, 2022 | Shares at January 31, 2022 | Dividend Income |
| iShares MSCI Colombia ETF | $8,347,450 | $349,491 | $(409,262) | $966,298 | $91,606 | $9,345,583 | 853,400 | $93,172 |
| $8,347,450 | $349,491 | $(409,262) | $966,298 | $91,606 | $9,345,583 | 853,400 | $93,172 |
| 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 | $ | 11,653,327 | – | $ | – | 11,653,327 | ||||||||||
| Chile | 7,847,142 | – | – | 7,847,142 | ||||||||||||
| Czech Republic | 12,713,502 | – | – | 12,713,502 | ||||||||||||
| Great Britain | 8,564,609 | – | – | 8,564,609 | ||||||||||||
| Greece | 9,867,220 | – | – | 9,867,220 | ||||||||||||
| Poland | 13,511,745 | – | – | 13,511,745 | ||||||||||||
| Portugal | 8,538,538 | – | – | 8,538,538 | ||||||||||||
| Russia | 10,571,258 | – | – | 10,571,258 | ||||||||||||
| Singapore | 8,662,161 | – | – | 8,662,161 | ||||||||||||
| Spain | 9,771,770 | – | – | 9,771,770 | ||||||||||||
| Turkey | 8,465,207 | – | – | 8,465,207 | ||||||||||||
| Exchange Traded Funds | ||||||||||||||||
| Colombia | 9,345,583 | – | – | 9,345,583 | ||||||||||||
| Short-Term Investment | 1,877,635 | – | – | 1,877,635 | ||||||||||||
| Total | $ | 121,389,697 | $ | – | $ | – | $ | 121,389,697 | ||||||||
For the period ended January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to 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, excluding investments purchased with collateral from securities loaned.
Cambria Global Momentum ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Exchange Traded Funds (98.00%) | ||||||||
| Global (22.73%) | ||||||||
| Commodity ETF (16.23%) | ||||||||
| Invesco DB Base Metals Fund(a) | 206,759 | $ | 4,728,578 | |||||
| Invesco DB Energy Fund(a) | 272,445 | 5,307,229 | ||||||
| 10,035,807 | ||||||||
| Equity ETF (6.50%) | ||||||||
| Cambria Global Real Estate ETF(b) | 131,692 | 4,021,782 | ||||||
| International (6.29%) | ||||||||
| Equity ETF (6.29%) | ||||||||
| Cambria Foreign Shareholder Yield ETF(b) | 140,941 | 3,889,929 | ||||||
| North America (28.28%) | ||||||||
| Commodity ETF (8.16%) | ||||||||
| iShares® Global Energy ETF(b) | 157,358 | 5,041,750 | ||||||
| Equity ETF (20.12%) | ||||||||
| iShares® Global Financials ETF | 53,997 | 4,391,036 | ||||||
| iShares® Residential and Multisector Real Estate ETF | 44,936 | 4,171,409 | ||||||
| Invesco DB Agriculture Fund(a) | 192,208 | 3,880,680 | ||||||
| 12,443,125 | ||||||||
| United States (40.70%) | ||||||||
| Commodity ETF (4.80%) | ||||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(b) | 196,021 | 2,971,678 | ||||||
| Equity ETF (35.90%) | ||||||||
| Cambria Shareholder Yield ETF(b) | 161,228 | 10,096,097 | ||||||
| Shares | Value | |||||||
| Equity ETF (continued) | ||||||||
| Cambria Value and Momentum ETF(b) | 310,429 | $ | 7,652,075 | |||||
| Vanguard® Small-Cap Value ETF(b) | 26,035 | 4,450,944 | ||||||
| 22,199,116 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $53,219,123) | 60,603,187 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (13.92%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d) | 8,606,982 | $ | 8,606,982 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $8,606,982) | 8,606,982 | |||||||
| Total Investments (111.92%) | ||||||||
| (Cost $61,826,105) | $ | 69,210,169 | ||||||
| Liabilities Less Other Assets (-11.92%) | (7,370,268 | ) | ||||||
| Net Assets (100.00%) | $ | 61,839,901 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $8,508,418. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $8,606,982. |
Investment Abbreviations:
ETF - Exchange Traded Fund
Transactions with affiliated companies for the nine months ended January 31, 2022 are as follows:
| Security Name | Value at April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain/(Loss) | Value at January 31, 2022 | Shares at January 31, 2022 | Dividend Income | ||||||||
| Cambria Emerging Shareholder Yield ETF | $ 5,783,508 | $ 125,240 | $ (4,998,740) | $ (1,616,366) | $ 958,843 | $ – | – | $ 256,579 | ||||||||
| Cambria Foreign Shareholder Yield ETF | 4,020,942 | 94,724 | (187,660) | (63,545) | 25,468 | 3,889,929 | 140,941 | 166,097 | ||||||||
| Cambria Global Value ETF | 3,553,933 | 485,650 | (3,781,160) | (111,153) | 27,263 | – | – | 77,667 | ||||||||
| Cambria Global Real Estate ETF | – | 4,449,037 | (102,333) | (321,292) | (3,631) | 4,021,782 | 131,692 | 322,890 | ||||||||
| Cambria Shareholder Yield ETF | 10,330,758 | 252,592 | (488,925) | (200,818) | 202,491 | 10,096,097 | 161,228 | 212,304 | ||||||||
| Cambria Value and Momentum ETF | 3,875,794 | 4,039,263 | (360,077) | 82,024 | 15,070 | 7,652,075 | 310,429 | 78,308 | ||||||||
| $ 27,564,935 | $ 9,446,506 | $ (8,779,900) | $ (2,231,150) | $ 1,225,504 | $ 25,659,883 | 744,290 | $ 1,113,845 |
| As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3. |
| Please see Note 2 in Notes to 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, excluding investments purchased with collateral from securities loaned.
Cambria Global Asset Allocation ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Exchange Traded Funds (98.28%) | ||||||||
| Global (17.33%) | ||||||||
| Commodity ETF (2.71%) | ||||||||
| Graniteshares Gold Trust(a)(b) | 76,692 | $ | 1,368,952 | |||||
| Equity ETF (14.41%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 34,254 | 855,322 | ||||||
| Cambria Global Real Estate ETF | 120,054 | 3,666,365 | ||||||
| Cambria Global Value ETF | 118,800 | 2,763,288 | ||||||
| 7,284,975 | ||||||||
| Fixed Income ETF (0.21%) | ||||||||
| Cambria Global Tail Risk Bond ETF(a) | 5,072 | 108,186 | ||||||
| International (32.59%) | ||||||||
| Equity ETF (16.77%) | ||||||||
| Alpha Architect International Quantitative Momentum ETF(b) | 35,079 | 1,046,207 | ||||||
| Cambria Emerging Shareholder Yield ETF(b) | 141,669 | 5,083,084 | ||||||
| Cambria Foreign Shareholder Yield ETF | 85,173 | 2,350,749 | ||||||
| 8,480,040 | ||||||||
| Fixed Income ETF (15.82%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 25,311 | 1,352,873 | ||||||
| VanEck Emerging Markets High Yield Bond ETF(b) | 77,550 | 1,692,141 | ||||||
| VanEck International High Yield Bond ETF | 38,709 | 903,855 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 67,584 | 1,939,661 | ||||||
| Shares | Value | |||||||
| Fixed Income ETF (continued) | ||||||||
| Vanguard® Total International Bond ETF | 38,808 | $ | 2,111,155 | |||||
| 7,999,685 | ||||||||
| United States (48.36%) | ||||||||
| Commodity ETF (6.56%) | ||||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(b) | 218,691 | 3,315,356 | ||||||
| Equity ETF (18.87%) | ||||||||
| Alpha Architect US Quantitative Momentum ETF(b) | 42,207 | 1,981,446 | ||||||
| Cambria Shareholder Yield ETF | 81,939 | 5,131,020 | ||||||
| Cambria Value and Momentum ETF | 98,439 | 2,426,521 | ||||||
| 9,538,987 | ||||||||
| Fixed Income ETF (22.93%) | ||||||||
| iShares® Short Treasury Bond ETF | 8,283 | 913,863 | ||||||
| Schwab US TIPS Bond ETF | 24,717 | 1,523,309 | ||||||
| Vanguard® Intermediate-Term Corporate Bond ETF | 15,939 | 1,441,842 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF(b) | 27,489 | 1,798,330 | ||||||
| Vanguard® Long-Term Treasury Bond ETF(b) | 19,371 | 1,668,037 | ||||||
| Vanguard® Short-Term Corporate Bond ETF(b) | 11,682 | 937,948 | ||||||
| Vanguard® Total Bond Market ETF | 39,897 | 3,311,451 | ||||||
| 11,594,780 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $45,808,328) | 49,690,961 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (14.32%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d) | 7,242,919 | $ | 7,242,919 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $7,242,919) | 7,242,919 | |||||||
| Total Investments (112.60%) | ||||||||
| (Cost $53,051,247) | $ | 56,933,880 | ||||||
| Liabilities Less Other Assets (-12.60%) | (6,372,298 | ) | ||||||
| Net Assets (100.00%) | $ | 50,561,582 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $7,099,013. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $7,242,919. |
Investment Abbreviations:
ETF - Exchange Traded Funds
FTSE - Financial Times Stock Exchange
SPDR - Standard & Poor's Depository Receipt
TIPS - Treasury Inflation Protected Security
Transactions with affiliated companies for the nine months ended January 31, 2022 are as follows:
| Security Name | Value at April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain/(Loss) | Value at January 31, 2022 | Share at January 31, 2022 | Dividend Income | ||||||||
| Cambria Emerging Shareholder Yield ETF | $ 5,622,843 | $ 168,510 | $ (152,402) | $ (585,765) | $ 29,898 | $ 5,083,084 | 141,669 | $ 361,942 | ||||||||
| Cambria Foreign Shareholder Yield ETF | 2,372,077 | 73,352 | (69,868) | (27,732) | 2,920 | 2,350,749 | 85,173 | 101,680 | ||||||||
| Cambria Global Real Estate ETF | 3,801,330 | 118,104 | (115,497) | (162,700) | 25,128 | 3,666,365 | 120,054 | 373,044 | ||||||||
| Cambria Global Value ETF | 2,720,057 | 85,068 | (83,304) | 37,656 | 3,811 | 2,763,288 | 118,800 | 80,937 | ||||||||
| Cambria Shareholder Yield ETF | 5,125,284 | 158,291 | (153,549) | (78,448) | 79,441 | 5,131,020 | 81,939 | 108,616 | ||||||||
| Cambria Global Tail Risk ETF | 235,634 | – | (102,749) | 12,265 | (36,963) | 108,186 | 5,072 | – | ||||||||
| Cambria Value and Momentum ETF | 2,271,007 | 72,594 | (72,294) | 129,709 | 25,504 | 2,426,521 | 98,439 | 24,969 | ||||||||
| $ 22,148,232 | $ 675,919 | $ 749,663 | $ (675,015) | $ 129,739 | $ 21,529,213 | 651,146 | $ 1,051,188 |
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Value and Momentum ETF | |
| Financials | 28.91% |
| Energy | 19.52% |
| Consumer Discretionary | 19.08% |
| Industrials | 13.93% |
| Materials | 11.69% |
| Consumer Staples | 2.23% |
| Information Technology | 1.72% |
| Communication Services | 1.60% |
| Real Estate | 0.86% |
| Health Care | 0.46% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Value and Momentum ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (90.63%) | ||||||||
| Communication Services (1.45%) | ||||||||
| Entravision Communications Corp., Class A | 29,906 | $ | 181,230 | |||||
| IDT Corp.(a) | 4,085 | 153,310 | ||||||
| 334,540 | ||||||||
| Consumer Discretionary (17.29%) | ||||||||
| AutoNation, Inc.(a) | 1,748 | 190,532 | ||||||
| Big 5 Sporting Goods Corp.(b) | 15,118 | 297,674 | ||||||
| Buckle, Inc.(b) | 5,510 | 207,396 | ||||||
| Century Communities, Inc. | 2,793 | 183,919 | ||||||
| Citi Trends, Inc.(a)(b) | 2,128 | 103,676 | ||||||
| Dick's Sporting Goods, Inc.(b) | 1,311 | 151,289 | ||||||
| Dillard's, Inc., Class A(b) | 912 | 231,393 | ||||||
| G-III Apparel Group, Ltd.(a) | 5,377 | 146,093 | ||||||
| Green Brick Partners, Inc.(a) | 6,315 | 149,539 | ||||||
| Group 1 Automotive, Inc. | 1,083 | 183,904 | ||||||
| Hibbett, Inc. | 3,402 | 209,733 | ||||||
| Hovnanian Enterprises, Inc., Class A(a) | 1,653 | 160,143 | ||||||
| Kohl's Corp. | 3,230 | 192,863 | ||||||
| Macy's, Inc. | 7,733 | 197,965 | ||||||
| MarineMax, Inc.(a) | 3,211 | 151,110 | ||||||
| Movado Group, Inc. | 5,434 | 201,438 | ||||||
| Penske Automotive Group, Inc. | 1,976 | 200,821 | ||||||
| Shoe Carnival, Inc. | 4,750 | 162,260 | ||||||
| Smith & Wesson Brands, Inc. | 8,549 | 146,017 | ||||||
| Shares | Value | |||||||
| Consumer Discretionary (continued) | ||||||||
| TravelCenters of America, Inc.(a) | 5,529 | $ | 252,012 | |||||
| Vista Outdoor, Inc.(a) | 7,108 | 274,227 | ||||||
| 3,994,004 | ||||||||
| Consumer Staples (2.02%) | ||||||||
| Sanderson Farms, Inc. | 950 | 174,800 | ||||||
| United Natural Foods, Inc.(a) | 7,547 | 292,673 | ||||||
| 467,473 | ||||||||
| Energy (17.69%) | ||||||||
| Antero Resources Corp.(a) | 14,900 | 290,997 | ||||||
| California Resources Corp. | 4,617 | 196,777 | ||||||
| Centennial Resource Development, Inc., Class A(a) | 36,917 | 288,322 | ||||||
| Civitas Resources, Inc. | 4,769 | 259,910 | ||||||
| CONSOL Energy, Inc.(a) | 7,201 | 156,550 | ||||||
| Continental Resources, Inc.(b) | 4,522 | 234,873 | ||||||
| EOG Resources, Inc. | 2,280 | 254,174 | ||||||
| Green Plains, Inc.(a) | 7,353 | 224,561 | ||||||
| Marathon Oil Corp. | 14,269 | 277,817 | ||||||
| Matador Resources Co. | 6,384 | 285,812 | ||||||
| Oasis Petroleum, Inc. | 1,881 | 254,744 | ||||||
| Ovintiv, Inc. | 12,592 | 488,570 | ||||||
| Patterson-UTI Energy, Inc. | 22,325 | 222,357 | ||||||
| PDC Energy, Inc. | 3,876 | 229,730 | ||||||
| SandRidge Energy, Inc.(a) | 15,827 | 182,010 | ||||||
| Whiting Petroleum Corp.(a) | 3,211 | 238,417 | ||||||
| 4,085,621 | ||||||||
| Financials (26.20%) | ||||||||
| Ally Financial, Inc. | 3,496 | 166,829 | ||||||
| American Financial Group, Inc. | 1,406 | 183,174 | ||||||
| American National Group, Inc. | 931 | 175,763 | ||||||
| Berkshire Hills Bancorp, Inc. | 6,422 | 190,027 | ||||||
| Cadence Bank | 5,014 | 156,290 | ||||||
| Capital One Financial Corp. | 1,121 | 164,484 | ||||||
| CNO Financial Group, Inc. | 6,645 | 165,726 | ||||||
| Cowen, Inc. | 5,629 | 178,327 | ||||||
| Customers Bancorp, Inc.(a) | 5,244 | 305,725 | ||||||
| Donnelley Financial Solutions, Inc.(a) | 6,213 | 231,248 | ||||||
| Encore Capital Group, Inc.(a) | 3,420 | 220,590 | ||||||
| First American Financial Corp. | 2,622 | 195,365 | ||||||
| First Citizens BancShares, Inc., Class A | 209 | 162,828 | ||||||
| Great Western Bancorp, Inc. | 5,282 | 163,108 | ||||||
| Hanmi Financial Corp. | 8,455 | 227,270 | ||||||
| HomeStreet, Inc. | 4,104 | 200,070 | ||||||
| Jefferies Financial Group, Inc. | 4,864 | 178,217 | ||||||
| LendingClub Corp.(a) | 7,486 | 140,437 | ||||||
| Shares | Value | |||||||
| Financials (continued) | ||||||||
| Meta Financial Group, Inc. | 4,195 | $ | 249,435 | |||||
| Metropolitan Bank Holding Corp.(a) | 2,147 | 214,700 | ||||||
| Mr Cooper Group, Inc.(a) | 9,977 | 400,577 | ||||||
| PacWest Bancorp | 4,256 | 197,606 | ||||||
| Regions Financial Corp. | 8,607 | 197,445 | ||||||
| Silvergate Capital Corp., Class A(a) | 2,526 | 272,151 | ||||||
| State Auto Financial Corp. | 3,534 | 182,708 | ||||||
| Sterling Bancorp | 6,935 | 182,321 | ||||||
| Stewart Information Services Corp. | 2,527 | 180,504 | ||||||
| SuRo Capital Corp. | 9,416 | 115,628 | ||||||
| SVB Financial Group(a) | 437 | 255,164 | ||||||
| Synovus Financial Corp. | 3,952 | 196,652 | ||||||
| 6,050,369 | ||||||||
| Health Care (0.42%) | ||||||||
| Fulgent Genetics, Inc.(a) | 1,501 | 95,869 | ||||||
| Industrials (12.63%) | ||||||||
| ArcBest Corp. | 3,439 | 304,145 | ||||||
| Atkore, Inc.(a) | 1,900 | 204,782 | ||||||
| Atlas Air Worldwide Holdings, Inc.(a) | 2,318 | 186,205 | ||||||
| BlueLinx Holdings, Inc.(a) | 2,432 | 174,228 | ||||||
| Boise Cascade Co. | 3,952 | 277,509 | ||||||
| CoreCivic, Inc.(a) | 21,394 | 216,293 | ||||||
| Encore Wire Corp. | 1,558 | 175,571 | ||||||
| Manitowoc Co., Inc.(a) | 8,398 | 153,263 | ||||||
| MasTec, Inc.(a) | 1,862 | 160,374 | ||||||
| Mueller Industries, Inc. | 3,572 | 184,530 | ||||||
| MYR Group, Inc.(a) | 2,489 | 234,041 | ||||||
| Resideo Technologies, Inc.(a) | 7,559 | 187,312 | ||||||
| RR Donnelley & Sons Co.(a) | 25,080 | 276,382 | ||||||
| Veritiv Corp.(a) | 1,957 | 182,158 | ||||||
| 2,916,793 | ||||||||
| Information Technology (1.56%) | ||||||||
| HP, Inc. | 5,681 | 208,663 | ||||||
| Kulicke & Soffa Industries, Inc. | 2,755 | 150,671 | ||||||
| 359,334 | ||||||||
| Materials (10.59%) | ||||||||
| AdvanSix, Inc. | 6,042 | 254,308 | ||||||
| Alcoa Corp. | 6,702 | 380,070 | ||||||
| Alpha Metallurgical Resources, Inc.(a) | 3,610 | 228,260 | ||||||
| Intrepid Potash, Inc.(a) | 5,187 | 201,152 | ||||||
| Louisiana-Pacific Corp. | 3,173 | 210,814 | ||||||
| Nucor Corp. | 1,843 | 186,880 | ||||||
| Resolute Forest Products, Inc. | 18,126 | 246,876 | ||||||
| Schnitzer Steel Industries, Inc., Class A | 4,351 | 170,298 | ||||||
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| Steel Dynamics, Inc. | 3,021 | $ | 167,726 | |||||
| TimkenSteel Corp.(a) | 16,454 | 230,850 | ||||||
| United States Steel Corp. | 8,151 | 168,889 | ||||||
| 2,446,123 | ||||||||
| Real Estate (0.78%) | ||||||||
| Jones Lang LaSalle, Inc.(a) | 722 | 181,070 | ||||||
| Total Common Stocks | ||||||||
| (Cost $17,742,708) | 20,931,196 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (2.74%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d) | 632,837 | $ | 632,837 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $632,837) | 632,837 | |||||||
| Total Investments (93.37%) | ||||||||
| (Cost $18,375,545) | $ | 21,564,033 | ||||||
| Other Assets Less Liabilities (6.63%) | 1,531,772 | |||||||
| Net Assets (100.00%) | $ | 23,095,805 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $637,274. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $632,837. |
The open futures contracts held by the Fund as of January 31, 2022 are as follows:
| Type of Contract | Number of Contracts Short | Expiration Date | Notional Amount | Notional Value | Unrealized Depreciation |
| S&P® 500 Mini Future | 64 | Mar-2022 | $ (14,363,778) | $ (14,413,600) | $ (49,822) |
For the period ended January 31, 2022, the monthly average notional value of the short equity futures contracts held was $(10,224,069) and the ending notional value of the futures contacts was $(14,413,600).
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Global Tail Risk ETF | |
| Exchange Traded Funds | 76.01% |
| Sovereign Debt | 14.57% |
| Purchased Options | 9.42% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Global Tail Risk ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Exchange Traded Funds (72.48%) | ||||||||
| International (27.35%) | ||||||||
| Fixed Income ETF (27.35%) | ||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 24,910 | $ | 714,917 | |||||
| Vanguard® Total International Bond ETF(a) | 13,635 | 741,744 | ||||||
| 1,456,661 | ||||||||
| United States (45.13%) | ||||||||
| Fixed Income ETF (45.13%) | ||||||||
| iShares® 7-10 Year Treasury Bond ETF(a) | 10,545 | 1,187,051 | ||||||
| iShares® TIPS Bond ETF(a) | 9,610 | 1,216,049 | ||||||
| 2,403,100 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $3,961,464) | 3,859,761 | |||||||
| Currency | Face Amount | Value | ||||||||||
| Sovereign Debt (13.89%) | ||||||||||||
| Turkey Government Bond, 8.500%, 9/14/2022 | TRY | 4,641,000 | 332,390 | |||||||||
| Colombian TES | ||||||||||||
| 7.000%, 5/4/2022 | COP | 819,000,000 | 208,765 | |||||||||
| 7.500%, 8/26/2026 | COP | 812,500,000 | 198,705 | |||||||||
| 739,860 | ||||||||||||
| Total Sovereign Debt | ||||||||||||
| (Cost $1,534,509) | 739,860 | |||||||||||
| Contracts | Notional Amount | Value | |||||||||||
| Purchased Options (8.98%) | |||||||||||||
| Put Options | |||||||||||||
| MSCI EAFE Index-MXEA US | |||||||||||||
| Expires 03/17/22, Strike Price $2,150 | 6 | $ | 1,333,470 | $ | 18,690 | ||||||||
| Expires 06/17/22, Strike Price $2,200 | 9 | 2,000,205 | 84,420 | ||||||||||
| Expires 09/16/22, Strike Price $2,150 | 3 | 666,735 | 30,750 | ||||||||||
| Expires 09/16/22, Strike Price $2,200 | 5 | 1,111,225 | 60,700 | ||||||||||
| Expires 12/16/22, Strike Price $2,200 | 3 | 666,735 | 45,120 | ||||||||||
| MSCI Emerging Markets Index-MXEF US | |||||||||||||
| Expires 03/18/22, Strike Price $1,250 | 6 | 724,939 | 28,410 | ||||||||||
| Expires 06/17/22, Strike Price $1,250 | 9 | 1,087,409 | 69,930 | ||||||||||
| Expires 09/15/22, Strike Price $1,150 | 4 | 483,293 | 25,560 | ||||||||||
| Expires 09/15/22, Strike Price $1,200 | 10 | 1,208,232 | 82,300 | ||||||||||
| Expires 12/15/22, Strike Price $1,200 | 3 | 362,469 | 32,520 | ||||||||||
| Total Purchased Options | |||||||||||||
| (Cost $550,429) | 478,400 | ||||||||||||
| Shares | Value | |||||||
| Short-Term Investment (29.36%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(b)(c) | 1,563,732 | $ | 1,563,732 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,563,732) | 1,563,732 | |||||||
| Total Investments (124.71%) | ||||||||
| (Cost $7,610,134) | $ | 6,641,753 | ||||||
| Liabilities Less Other Assets (-24.71%) | (1,316,113 | ) | ||||||
| Net Assets (100.00%) | $ | 5,325,640 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $1,528,859. |
| (b) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (c) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $1,563,732. |
Currency Abbreviations:
COP — Colombian Peso
TRY— Turkish Lira
| Cambria Global 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 | ||||||||
| Exchange Traded Funds | $ | 3,859,761 | $ | – | $ | – | $ | 3,859,761 | ||||
| Sovereign Debt | – | 739,860 | – | 739,860 | ||||||||
| Short-Term Investment | 1,563,732 | – | – | 1,563,732 | ||||||||
| Total | $ | 5,423,493 | $ | 739,860 | $ | – | $ | 6,163,353 | ||||
| Other Financial Instruments | ||||||||||||
| Purchased Options | $ | 478,400 | $ | – | $ | – | $ | 478,400 | ||||
| Total | $ | 478,400 | $ | – | $ | – | $ | 478,400 | ||||
As of January 31, 2022, all of the Fund's investments in securities were considered Level 1 or 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Emerging Shareholder Yield ETF | |
| Materials | 26.39% |
| Information Technology | 24.00% |
| Industrials | 14.11% |
| Energy | 9.83% |
| Consumer Discretionary | 9.43% |
| Financials | 7.78% |
| Utilities | 3.10% |
| Consumer Staples | 1.59% |
| Real Estate | 1.42% |
| Communication Services | 1.04% |
| Other | 0.74% |
| Health Care | 0.57% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Emerging Shareholder Yield ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (99.50%) | ||||||||
| Australia (1.64%) | ||||||||
| BHP Group, Ltd.(a) | 48,708 | $ | 1,551,494 | |||||
| Brazil (0.77%) | ||||||||
| Camil Alimentos SA | 432,000 | 733,817 | ||||||
| China (16.49%) | ||||||||
| Anhui Conch Cement Co., Ltd., Class H | 108,000 | 569,292 | ||||||
| Bank of Communications Co., Ltd., Class H | 1,080,000 | 723,043 | ||||||
| China Hongqiao Group, Ltd. | 718,200 | 801,372 | ||||||
| China Lilang, Ltd. | 1,080,000 | 612,232 | ||||||
| China Medical System Holdings, Ltd. | 324,000 | 539,373 | ||||||
| China Petroleum & Chemical Corp., ADR | 10,575 | 550,957 | ||||||
| China Sanjiang Fine Chemicals Co., Ltd.(b) | 2,014,200 | 599,322 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 378,000 | 924,996 | ||||||
| Fufeng Group, Ltd. | 1,512,000 | 552,671 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 1,512,000 | 581,758 | ||||||
| Shares | Value | |||||||
| China (continued) | ||||||||
| Greenland Hong Kong Holdings, Ltd.(b) | 2,322,000 | $ | 455,642 | |||||
| Greentown Management Holdings Co., Ltd.(b)(c) | 1,890,000 | 1,490,756 | ||||||
| JNBY Design, Ltd. | 513,000 | 756,632 | ||||||
| Lonking Holdings, Ltd. | 2,322,000 | 676,017 | ||||||
| Qingdao Port International Co., Ltd., Class H(c) | 1,080,000 | 584,529 | ||||||
| Shenzhen Expressway Corp., Ltd., Class H | 756,000 | 747,560 | ||||||
| Sinopec Shanghai Petrochemical Co., Ltd., ADR | 18,532 | 423,827 | ||||||
| Sinotruk Hong Kong, Ltd. | 405,000 | 599,419 | ||||||
| Tianneng Power International, Ltd.(b) | 324,000 | 333,265 | ||||||
| Xinte Energy Co., Ltd.(b) | 345,600 | 634,726 | ||||||
| Yankuang Energy Group Co., Ltd., Class H | 864,000 | 1,821,735 | ||||||
| Zhejiang Expressway Co., Ltd., Class H | 756,000 | 647,691 | ||||||
| 15,626,815 | ||||||||
| Colombia (0.74%) | ||||||||
| Banco De Bogota Sa | 35,910 | 697,773 | ||||||
| Czech Republic (1.04%) | ||||||||
| O2 Czech Republic AS | 79,434 | 982,858 | ||||||
| India (11.89%) | ||||||||
| Cosmo Films, Ltd. | 47,412 | 1,088,877 | ||||||
| GHCL, Ltd. | 156,816 | 913,398 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. | 158,760 | 999,397 | ||||||
| HSIL, Ltd. | 381,456 | 1,575,204 | ||||||
| LG Balakrishnan & Bros, Ltd. | 119,340 | 1,084,211 | ||||||
| Oil & Natural Gas Corp., Ltd. | 475,956 | 1,100,874 | ||||||
| Polyplex Corp., Ltd. | 65,718 | 1,620,086 | ||||||
| Redington India, Ltd. | 647,244 | 1,405,987 | ||||||
| Vedanta, Ltd. | 343,710 | 1,481,975 | ||||||
| 11,270,009 | ||||||||
| Russia (13.33%) | ||||||||
| Alrosa PJSC | 484,920 | 707,739 | ||||||
| Beluga Group PJSC | 18,306 | 764,509 | ||||||
| Federal Grid Co. Unified Energy System PJSC | 295,380,000 | 545,561 | ||||||
| Gazprom Neft PJSC | 200,880 | 1,300,108 | ||||||
| Gazprom PJSC | 380,700 | 1,630,789 | ||||||
| Inter RAO UES PJSC | 9,936,000 | 496,454 | ||||||
| Shares | Value | |||||||
| Russia (continued) | ||||||||
| LUKOIL PJSC | 15,444 | $ | 1,364,597 | |||||
| Magnitogorsk Iron & Steel Works PJSC | 1,404,000 | 1,106,035 | ||||||
| Novolipetsk Steel PJSC | 412,560 | 1,135,726 | ||||||
| OGK-2 PJSC | 84,780,000 | 648,460 | ||||||
| Sberbank of Russia PJSC | 248,940 | 851,875 | ||||||
| Severstal PAO | 76,680 | 1,489,081 | ||||||
| Unipro PJSC | 19,116,000 | 596,527 | ||||||
| 12,637,461 | ||||||||
| South Africa (11.01%) | ||||||||
| AECI, Ltd. | 148,986 | 1,104,357 | ||||||
| African Rainbow Minerals, Ltd. | 136,728 | 2,026,457 | ||||||
| Exxaro Resources, Ltd. | 53,406 | 577,007 | ||||||
| Investec PLC | 176,688 | 1,016,330 | ||||||
| Investec, Ltd. | 173,664 | 979,840 | ||||||
| Kumba Iron Ore, Ltd. | 26,676 | 938,416 | ||||||
| Motus Holdings, Ltd. | 171,342 | 1,304,295 | ||||||
| Reunert, Ltd. | 309,896 | 962,956 | ||||||
| Truworths International, Ltd. | 412,084 | 1,529,295 | ||||||
| 10,438,953 | ||||||||
| South Korea (8.17%) | ||||||||
| Chungdahm Learning, Inc. | 37,530 | 1,008,687 | ||||||
| Hanmi Semiconductor Co., Ltd. | 61,776 | 1,890,945 | ||||||
| Huchems Fine Chemical Corp. | 56,322 | 981,138 | ||||||
| Iones Co., Ltd.(a) | 123,120 | 1,000,893 | ||||||
| Meritz Fire & Marine Insurance Co., Ltd. | 34,560 | 1,314,455 | ||||||
| Motonic Corp. | 78,678 | 591,309 | ||||||
| SSANGYONG C&E Co., Ltd. | 151,525 | 959,051 | ||||||
| 7,746,478 | ||||||||
| Taiwan (25.97%) | ||||||||
| ASROCK, Inc. | 216,000 | 1,786,151 | ||||||
| Asustek Computer, Inc. | 54,000 | 697,958 | ||||||
| Catcher Technology Co., Ltd. | 108,000 | 599,914 | ||||||
| Chenbro Micom Co., Ltd. | 324,000 | 969,181 | ||||||
| Chicony Electronics Co., Ltd. | 270,000 | 859,100 | ||||||
| CyberPower Systems, Inc. | 162,000 | 399,554 | ||||||
| Dimerco Express Corp. | 466,560 | 1,613,686 | ||||||
| Generalplus Technology, Inc. | 378,000 | 816,776 | ||||||
| Gigabyte Technology Co., Ltd. | 162,000 | 800,856 | ||||||
| Global Mixed Mode Technology, Inc. | 162,000 | 1,339,613 | ||||||
| Holy Stone Enterprise Co., Ltd. | 270,000 | 1,121,198 | ||||||
| Huaku Development Co., Ltd. | 270,000 | 883,368 | ||||||
| ITE Technology, Inc. | 345,600 | 1,240,054 | ||||||
| Micro-Star International Co., Ltd. | 178,200 | 967,434 | ||||||
| Nantex Industry Co., Ltd. | 378,000 | 1,137,506 | ||||||
| Shares | Value | |||||||
| Taiwan (continued) | ||||||||
| Nishoku Technology, Inc. | 270,000 | $ | 820,270 | |||||
| O-TA Precision Industry Co., Ltd. | 162,000 | 844,539 | ||||||
| Radiant Opto-Electronics Corp. | 216,000 | 788,236 | ||||||
| Sea Sonic Electronics Co., Ltd. | 340,200 | 923,459 | ||||||
| Sunonwealth Electric Machine Industry Co., Ltd. | 378,000 | 574,869 | ||||||
| Systex Corp. | 270,000 | 821,241 | ||||||
| TA-I Technology Co., Ltd. | 378,000 | 819,494 | ||||||
| Thinking Electronic Industrial Co., Ltd. | 162,000 | 835,802 | ||||||
| Topco Scientific Co., Ltd. | 216,000 | 1,281,369 | ||||||
| Transcend Information, Inc. | 270,000 | 678,543 | ||||||
| Tripod Technology Corp. | 216,000 | 994,032 | ||||||
| 24,614,203 | ||||||||
| Thailand (0.78%) | ||||||||
| Tisco Financial Group PLC | 248,400 | 736,732 | ||||||
| Turkey (7.67%) | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 400,140 | 962,481 | ||||||
| Dogus Otomotiv Servis ve Ticaret AS | 268,920 | 962,199 | ||||||
| Enerjisa Enerji AS(c) | 572,886 | 634,808 | ||||||
| Enka Insaat ve Sanayi AS | 763,668 | 897,809 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS | 559,602 | 1,146,070 | ||||||
| Is Yatirim Menkul Degerler AS | 1,103,814 | 1,718,669 | ||||||
| Iskenderun Demir ve Celik AS | 569,808 | 953,084 | ||||||
| 7,275,120 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $88,592,518) | 94,311,713 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (1.17%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(d)(e) | 1,109,453 | $ | 1,109,453 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,109,453) | 1,109,453 | |||||||
| Total Investments (100.67%) | ||||||||
| (Cost $89,701,971) | $ | 95,421,166 | ||||||
| Liabilities Less Other Assets (-0.67%) | (639,696 | ) | ||||||
| Net Assets (100.00%) | $ | 94,781,470 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $978,456. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2022, the fair value of securities restricted under Rule 144A in the aggregate was $2,710,093, representing 2.86% of net assets. |
| (d) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (e) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $1,109,453. |
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Tail Risk ETF | |
| U.S. Treasury Obligations | 92.00% |
| Purchased Options | 8.00% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Tail Risk ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Face Amount | Value | ||||||
| U.S. Treasury Obligations (89.63%) | |||||||
| U.S. Treasury Bond 0.625%, 5/15/2030 | $ | 368,380,000 | $ | 336,420,088 | |||
| United States Treasury Inflation Indexed Bonds 0.125%, 7/15/2030 | 21,066,875 | 22,883,345 | |||||
| 359,303,433 | |||||||
| Total U.S. Treasury Obligations | |||||||
| (Cost $375,262,699) | 359,303,433 | ||||||
| Contracts | Notional Amount | Value | |||
| Purchased Options (7.80%) | |||||
| Put Options | |||||
| S&P 500® Index | |||||
| Expires 03/17/22, Strike Price $4,100 | 59 | $ | 26,641,745 | $ | 256,060 |
| Expires 06/16/22, Strike Price $4,100 | 343 | 154,883,365 | 4,186,315 | ||
| Expires 09/15/22, Strike Price $4,100 | 495 | 223,519,725 | 9,041,175 | ||
| Expires 12/15/22, Strike Price $4,000 | 62 | 27,996,410 | 1,291,150 | ||
| Expires 12/15/22, Strike Price $4,200 | 321 | 144,949,155 | 8,374,890 | ||
| Contracts | Notional Amount | Value | |||
| Purchased Options (continued) | |||||
| Expires 03/16/23, Strike Price $4,400 | 222 | $ | 100,245,210 | $ | 8,106,330 |
| Total Purchased Options | |||||
| (Cost $36,035,041) | 31,255,920 | ||||
| Total Investments (97.43%) | |||||
| (Cost $411,297,740) | $ | 390,559,353 | |||
| Other Assets Less Liabilities (2.57%) | 10,296,947 | ||||
| Net Assets (100.00%) | $ | 400,856,300 | |||
| 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 | $ | – | $ | 359,303,433 | $ | – | $ | 359,303,433 |
| Total | $ | – | $ | 359,303,433 | $ | – | $ | 359,303,433 |
| Other Financial Instruments | ||||||||
| Purchased Options | $ | 31,255,920 | $ | – | $ | – | $ | 31,255,920 |
| Total | $ | 31,255,920 | $ | – | $ | – | $ | 31,255,920 |
For the period ended January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to 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, excluding investments purchased with collateral from securities loaned.
Cambria Trinity ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Exchange Traded Funds (97.15%) | ||||||||
| Global (18.32%) | ||||||||
| Alternative ETF (0.95%) | ||||||||
| iMGP DBi Managed Futures Strategy ETF | 16,774 | $ | 434,447 | |||||
| Commodity ETF (5.76%) | ||||||||
| Invesco DB Base Metals Fund(a) | 60,010 | 1,372,429 | ||||||
| Invesco DB Energy Fund(a) | 65,586 | 1,277,615 | ||||||
| 2,650,044 | ||||||||
| Equity ETF (11.61%) | ||||||||
| Alpha Architect Value Momentum Trend ETF | 33,383 | 833,573 | ||||||
| Cambria Global Real Estate ETF(b) | 80,634 | 2,462,506 | ||||||
| Cambria Global Value ETF | 87,969 | 2,046,159 | ||||||
| 5,342,238 | ||||||||
| International (16.73%) | ||||||||
| Equity ETF (11.55%) | ||||||||
| Cambria Emerging Shareholder Yield ETF(b) | 53,754 | 1,928,693 | ||||||
| Cambria Foreign Shareholder Yield ETF | 122,579 | 3,383,144 | ||||||
| 5,311,837 | ||||||||
| Fixed Income ETF (5.18%) | ||||||||
| SPDR® FTSE International Government Inflation-Protected Bond ETF | 16,048 | 857,766 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 53,176 | 1,526,151 | ||||||
| 2,383,917 | ||||||||
| North America (9.39%) | ||||||||
| Commodity ETF (2.90%) | ||||||||
| iShares® Global Energy ETF | 41,582 | 1,332,287 | ||||||
| Shares | Value | |||||||
| Equity ETF (6.49%) | ||||||||
| iShares® Global Financials ETF | 14,178 | $ | 1,152,955 | |||||
| iShares® Residential and Multisector Real Estate ETF | 11,696 | 1,085,740 | ||||||
| Invesco DB Agriculture Fund(a) | 37,026 | 747,555 | ||||||
| 2,986,250 | ||||||||
| United States (52.71%) | ||||||||
| Alternative ETF (5.86%) | ||||||||
| First Trust Managed Futures Strategy Fund | 25,901 | 1,178,602 | ||||||
| WisdomTree Managed Futures Strategy Fund | 43,508 | 1,518,429 | ||||||
| 2,697,031 | ||||||||
| Commodity ETF (5.51%) | ||||||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(b) | 167,268 | 2,535,783 | ||||||
| Equity ETF (27.23%) | ||||||||
| Cambria Shareholder Yield ETF(b) | 92,734 | 5,807,003 | ||||||
| Cambria Value and Momentum ETF(b) | 223,059 | 5,498,404 | ||||||
| Vanguard® Small-Cap Value ETF(b) | 7,140 | 1,220,654 | ||||||
| 12,526,061 | ||||||||
| Fixed Income ETF (14.11%) | ||||||||
| Schwab US TIPS Bond ETF | 13,093 | 806,922 | ||||||
| Vanguard® Intermediate-Term Government Bond ETF(b) | 53,244 | 3,483,222 | ||||||
| Vanguard® Total Bond Market ETF | 26,504 | 2,199,832 | ||||||
| 6,489,976 | ||||||||
| Total Exchange Traded Funds | ||||||||
| (Cost $41,815,028) | 44,689,871 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (4.68%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d) | 2,150,710 | $ | 2,150,710 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $2,150,710) | 2,150,710 | |||||||
| Total Investments (101.83%) | ||||||||
| (Cost $43,965,738) | $ | 46,840,581 | ||||||
| Liabilities Less Other Assets (-1.83%) | (838,408 | ) | ||||||
| Net Assets (100.00%) | $ | 46,002,173 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $2,124,290. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $2,150,710. |
Investment Abbreviations:
ETF - Exchange Traded Funds
FTSE - Financial Times Stock Exchange
SPDR - Standard & Poor's Depository Receipt
TIPS - Treasury Inflation Protected Security
Transactions with affiliated companies for the nine months ended January 31, 2022 are as follows:
| Security Name | Value at April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain/(Loss) | Value at January 31, 2022 | Shares at January 31, 2022 | Dividend Income | |||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | 3,257,557 | $ | 304,959 | $ | (1,286,451) | $ | (480,313) | $ | 132,940 | $ | 1,928,693 | 53,754 | $ | 188,189 | ||||||||
| Cambria Foreign Shareholder Yield ETF | 3,213,038 | 403,473 | (193,256) | (66,466) | 26,356 | 3,383,144 | 122,579 | 138,354 | |||||||||||||||
| Cambria Global Real Estate ETF | 1,490,084 | 1,258,741 | (153,944) | (159,850) | 27,475 | 2,462,506 | 80,634 | 222,547 | |||||||||||||||
| Cambria Global Value ETF | 2,586,481 | 289,712 | (837,563) | 56,769 | (49,238) | 2,046,159 | 87,969 | 72,516 | |||||||||||||||
| Cambria Shareholder Yield ETF | 5,459,364 | 705,693 | (346,165) | (159,401) | 147,512 | 5,807,003 | 92,734 | 117,831 | |||||||||||||||
| Cambria Value and Momentum ETF | 3,689,825 | 1,945,307 | (328,630) | 128,134 | 63,768 | 5,498,404 | 223,059 | 54,294 | |||||||||||||||
| $ | 19,696,349 | $ | 4,907,885 | $ | (3,146,009) | $ | (681,127) | $ | 348,813 | $ | 21,125,909 | 660,729 | $ | 793,731 | |||||||||
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Cannabis ETF | |
| Consumer Staples | 43.77% |
| Health Care | 36.13% |
| Real Estate | 11.02% |
| Materials | 6.56% |
| Consumer Discretionary | 2.52% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Cannabis ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (95.55%) | ||||||||
| Consumer Discretionary (2.41%) | ||||||||
| Greenlane Holdings, Inc., Class A(a)(b) | 417,800 | $ | 318,238 | |||||
| GrowGeneration Corp.(a) | 28,360 | 239,359 | ||||||
| 557,597 | ||||||||
| Consumer Staples (41.82%) | ||||||||
| Altria Group, Inc. | 20,000 | 1,017,600 | ||||||
| British American Tobacco PLC | 32,320 | 1,375,083 | ||||||
| Constellation Brands, Inc., Class A | 8,052 | 1,914,363 | ||||||
| Imperial Brands PLC | 53,920 | 1,270,135 | ||||||
| Neptune Wellness Solutions, Inc.(a)(b) | 446,680 | 140,794 | ||||||
| NewAge, Inc.(a) | 310,760 | 232,915 | ||||||
| Philip Morris International, Inc. | 11,520 | 1,184,832 | ||||||
| Turning Point Brands, Inc. | 28,080 | 989,258 | ||||||
| Universal Corp. | 15,040 | 818,627 | ||||||
| Village Farms International, Inc.(a)(b) | 140,320 | 728,261 | ||||||
| 9,671,868 | ||||||||
| Health Care (34.53%) | ||||||||
| Arena Pharmaceuticals, Inc.(a) | 23,160 | 2,130,257 | ||||||
| Aurora Cannabis, Inc.(a)(b) | 82,413 | 342,838 | ||||||
| Canopy Growth Corp.(a)(b) | 70,400 | 566,016 | ||||||
| cbdMD, Inc.(a)(b) | 181,488 | 188,748 | ||||||
| Charlottes Web Holdings, Inc.(a)(b) | 267,809 | 275,994 | ||||||
| Cronos Group, Inc.(a)(b) | 130,120 | 480,143 | ||||||
| HEXO Corp.(a)(b) | 113,659 | 63,649 | ||||||
| Jazz Pharmaceuticals PLC(a) | 8,797 | 1,221,991 | ||||||
| MediPharm Labs Corp.(a) | 616,080 | 99,356 | ||||||
| Organigram Holdings, Inc.(a)(b) | 329,200 | 497,238 | ||||||
| Tilray Brands, Inc.(a)(b) | 294,718 | 1,756,519 | ||||||
| Valens Co., Inc.(a)(b) | 187,640 | 361,655 | ||||||
| 7,984,404 | ||||||||
| Shares | Value | |||||||
| Materials (6.26%) | ||||||||
| Scotts Miracle-Gro Co. | 9,580 | $ | 1,448,496 | |||||
| Real Estate (10.53%) | ||||||||
| Innovative Industrial Properties, Inc. | 12,286 | 2,434,962 | ||||||
| Total Common Stocks | ||||||||
| (Cost $35,354,177) | 22,097,327 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (25.24%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)(e) | 5,837,612 | $ | 5,837,612 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $5,837,612) | 5,837,612 | |||||||
| Total Investments (120.79%) | ||||||||
| (Cost $41,191,789) | $ | 27,934,939 | ||||||
| Liabilities Less Other Assets (-20.79%) | (4,808,114 | ) | ||||||
| Net Assets (100.00%) | $ | 23,126,825 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Non-income producing security. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $3,668,739. |
| (c) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (d) | To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. |
| (e) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $5,837,612. |
Investment Abbreviations:
ADR - American Depository Receipt
PLC - Public Limited Company
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.
| Sector Weightings | |
| Cambria Global Real Estate ETF | |
| Real Estate | 100.00% |
| 100.00% | |
Percentages based on total investments, excluding investments purchased with collateral from securities loaned.
Cambria Global Real Estate ETF
Schedule of Investments
January 31, 2022 (Unaudited)
| Shares | Value | |||||||
| Common Stocks (93.61%)(a) | ||||||||
| Canada (14.02%) | ||||||||
| Artis Real Estate Investment Trust | 30,800 | $ | 294,395 | |||||
| Boardwalk Real Estate Investment Trust | 7,000 | 308,052 | ||||||
| BTB Real Estate Investment Trust | 86,800 | 272,797 | ||||||
| City Office REIT, Inc. | 15,400 | 274,582 | ||||||
| Dream Industrial Real Estate Investment Trust | 21,000 | 260,528 | ||||||
| H&R Real Estate Investment Trust | 22,400 | 227,674 | ||||||
| Nexus Real Estate Investment Trust | 26,600 | 249,019 | ||||||
| Plaza Retail REIT | 75,600 | 277,742 | ||||||
| RioCan Real Estate Investment Trust | 15,400 | 268,105 | ||||||
| Slate Office REIT(b) | 70,000 | 276,993 | ||||||
| SmartCentres Real Estate Investment Trust | 11,200 | 270,848 | ||||||
| 2,980,735 | ||||||||
| Great Britain (1.35%) | ||||||||
| AEW UK REIT PLC | 184,408 | 287,692 | ||||||
| Guernsey (1.48%) | ||||||||
| BMO Commercial Property Trust, Ltd. | 203,966 | 314,364 | ||||||
| Hong Kong (2.51%) | ||||||||
| Prosperity REIT(c) | 686,000 | 266,585 | ||||||
| Sunlight Real Estate Investment Trust | 490,000 | 266,460 | ||||||
| 533,045 | ||||||||
| Japan (1.07%) | ||||||||
| Japan Prime Realty Investment Corp. | 70 | 228,102 | ||||||
| Mexico (1.33%) | ||||||||
| Concentradora Fibra Danhos SA de CV | 261,800 | 282,386 | ||||||
| Shares | Value | |||||||
| Netherlands (2.94%) | ||||||||
| Eurocommercial Properties NV | 13,482 | $ | 325,039 | |||||
| Wereldhave NV | 19,572 | 299,477 | ||||||
| 624,516 | ||||||||
| Singapore (3.70%) | ||||||||
| AIMS APAC REIT | 259,000 | 266,486 | ||||||
| ARA LOGOS Logistics Trust | 418,600 | 255,631 | ||||||
| SPH REIT(c) | 371,000 | 263,637 | ||||||
| 785,754 | ||||||||
| South Africa (6.51%) | ||||||||
| Fairvest, Ltd. | 1,075,186 | 244,837 | ||||||
| Hyprop Investments, Ltd. | 123,914 | 289,106 | ||||||
| Resilient REIT, Ltd. | 75,740 | 296,751 | ||||||
| SA Corporate Real Estate, Ltd. | 1,965,880 | 305,690 | ||||||
| Vukile Property Fund, Ltd. | 321,916 | 247,773 | ||||||
| 1,384,157 | ||||||||
| Thailand (0.99%) | ||||||||
| Hemaraj Leasehold REIT | 795,200 | 210,174 | ||||||
| Turkey (1.61%) | ||||||||
| Yeni Gimat Gayrimenkul Ortakligi AS | 215,334 | 342,071 | ||||||
| United States (56.10%) | ||||||||
| Alpine Income Property Trust, Inc. | 14,000 | 275,800 | ||||||
| American Finance Trust, Inc. | 32,200 | 265,972 | ||||||
| American Homes 4 Rent, Class A | 7,000 | 273,910 | ||||||
| AvalonBay Communities, Inc. | 1,400 | 341,922 | ||||||
| Bluerock Residential Growth REIT, Inc. | 18,200 | 483,210 | ||||||
| Brandywine Realty Trust | 19,600 | 252,056 | ||||||
| Brixmor Property Group, Inc. | 11,200 | 284,032 | ||||||
| Broadstone Net Lease, Inc. | 11,200 | 258,832 | ||||||
| Camden Property Trust | 1,400 | 224,126 | ||||||
| Cedar Realty Trust, Inc. | 12,600 | 300,006 | ||||||
| Cousins Properties, Inc. | 7,000 | 269,920 | ||||||
| CubeSmart | 5,600 | 284,144 | ||||||
| Duke Realty Corp. | 4,200 | 242,676 | ||||||
| Equity Residential | 2,800 | 248,444 | ||||||
| Extra Space Storage, Inc. | 1,400 | 277,466 | ||||||
| First Industrial Realty Trust, Inc. | 4,200 | 255,276 | ||||||
| Getty Realty Corp. | 8,400 | 249,228 | ||||||
| Highwoods Properties, Inc. | 5,600 | 241,472 | ||||||
| Industrial Logistics Properties Trust | 11,200 | 256,816 | ||||||
| Kimco Realty Corp. | 11,200 | 271,712 | ||||||
| Kite Realty Group Trust | 12,600 | 263,088 | ||||||
| Life Storage, Inc. | 1,400 | 188,930 | ||||||
| LXP Industrial Trust | 18,200 | 270,998 | ||||||
| Mid-America Apartment Communities, Inc. | 1,400 | 289,352 | ||||||
| National Retail Properties, Inc. | 5,600 | 248,528 | ||||||
| Shares | Value | |||||||
| United States (continued) | ||||||||
| National Storage Affiliates Trust | 4,200 | $ | 258,552 | |||||
| One Liberty Properties, Inc. | 8,400 | 256,200 | ||||||
| Orion Office REIT, Inc.(c) | 1 | 10 | ||||||
| Paramount Group, Inc. | 30,800 | 267,652 | ||||||
| Piedmont Office Realty Trust, Inc., Class A | 14,000 | 248,640 | ||||||
| Plymouth Industrial REIT, Inc. | 8,400 | 241,500 | ||||||
| Preferred Apartment Communities, Inc. | 19,600 | 326,928 | ||||||
| PS Business Parks, Inc. | 1,400 | 233,744 | ||||||
| Realty Income Corp. | 4,200 | 291,522 | ||||||
| Retail Opportunity Investments Corp. | 14,000 | 259,420 | ||||||
| Retail Value, Inc. | 43,400 | 136,710 | ||||||
| RPT Realty | 19,600 | 247,352 | ||||||
| Saul Centers, Inc. | 5,600 | 276,528 | ||||||
| SITE Centers Corp. | 16,800 | 248,808 | ||||||
| Spirit Realty Capital, Inc. | 5,600 | 265,776 | ||||||
| STAG Industrial, Inc. | 5,600 | 239,288 | ||||||
| Tanger Factory Outlet Centers, Inc.(b) | 12,600 | 214,326 | ||||||
| UMH Properties, Inc. | 11,200 | 264,320 | ||||||
| Urstadt Biddle Properties, Inc., Class A | 14,000 | 275,660 | ||||||
| VICI Properties, Inc.(b) | 9,800 | 280,476 | ||||||
| Washington Real Estate Investment Trust | 11,200 | 275,744 | ||||||
| 11,927,072 | ||||||||
| Total Common Stocks (Cost $19,378,325) | 19,900,068 | |||||||
| Shares | Value | |||||||
| Short-Term Investment (2.43%) | ||||||||
| Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(d)(e) | 517,622 | $ | 517,622 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $517,622) | 517,622 | |||||||
| Total Investments (96.04%) | ||||||||
| (Cost $19,895,947) | $ | 20,417,690 | ||||||
| Other Assets Less Liabilities (3.96%) | 841,045 | |||||||
| Net Assets (100.00%) | $ | 21,258,735 | ||||||
| Percentages based on Net Assets. | ||||||||
| (a) | Real Estate Investment Trust. |
| (b) | This security or a partial position of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 was $507,583. |
| (c) | Non-income producing security. |
| (d) | Rate shown is the 7-day effective yield as of January 31, 2022. |
| (e) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2022 was $517,622. |
As of January 31, 2022, 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 January 31, 2022 there have been no transfers in or out of Level 3.
Please see Note 2 in Notes to Notes to Schedules of Investments for further information regarding fair value measurements.