Cambria Global Real Estate ETF (BLDG) NPORT-P Cambria Cannabis ETF (Jan 2023 report)

Sector Weightings
Cambria Shareholder Yield ETF
Consumer Discretionary	26.94%
Financials	20.42%
Materials	17.29%
Energy	17.13%
Health Care	5.98%
Industrials	5.91%
Information Technology	4.76%
Consumer Staples	1.15%
Communication Services	0.42%
	100.00%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Shareholder Yield ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Shares		Value
Common Stocks (99.45%)
Communication Services (0.41%)
Lumen Technologies, Inc.		628,180	$	3,297,945
Consumer Discretionary (26.79%)
Abercrombie & Fitch Co., Class A(a)		250,390		7,251,294
Adtalem Global Education, Inc.(a)		177,625		6,781,722
Advance Auto Parts, Inc.		41,650		6,342,462
AutoNation, Inc.(a)		79,135		10,027,987
Big 5 Sporting Goods Corp.(b)		430,710		4,302,793
Big Lots, Inc.		297,920		4,873,971
Caleres, Inc.		265,580		6,910,392
Citi Trends, Inc.(a)		266,560		8,391,309
Dick's Sporting Goods, Inc.		62,230		8,137,195
Dillard's, Inc., Class A(b)		36,750		14,454,142
Ethan Allen Interiors, Inc.		260,680		7,491,943
Foot Locker, Inc.		179,830		7,824,403
Grand Canyon Education, Inc.(a)		77,665		9,052,632
Haverty Furniture Cos., Inc.		202,125		7,058,205
Hibbett, Inc.		109,270		7,251,157
LKQ Corp.		132,545		7,814,853
Macy's, Inc.		318,255		7,520,366
ODP Corp.(a)		149,695		7,724,262
Oxford Industries, Inc.		69,335		8,127,449
Penske Automotive Group, Inc.		90,895		11,618,199
PulteGroup, Inc.		154,595		8,794,910
Smith & Wesson Brands, Inc.		452,515		5,013,866
Tapestry, Inc.		187,670		8,552,122
Toll Brothers, Inc.		207,025		12,315,917
Tri Pointe Homes, Inc.(a)		320,950		7,089,786
Whirlpool Corp.		43,120		6,709,041
Zumiez, Inc.(a)		228,585		5,904,351
				213,336,729
Consumer Staples (1.15%)
Sprouts Farmers Market, Inc.(a)		285,915		9,134,984
Energy (17.04%)
APA Corp.		166,355		7,374,517
Arch Resources, Inc., Class A(b)		52,430		7,760,689
California Resources Corp.		152,880		6,532,562
CNX Resources Corp.(a)		429,240		7,181,185
ConocoPhillips		66,885		8,151,275
CVR Energy, Inc.		355,985		11,818,702
Devon Energy Corp.		122,745		7,762,394
Diamondback Energy, Inc.		58,555		8,556,057
Exxon Mobil Corp.		82,565		9,578,366
Marathon Oil Corp.		271,705		7,463,736
Marathon Petroleum Corp.		67,620		8,690,522
Ovintiv, Inc.		153,615		7,562,466
PDC Energy, Inc.		120,050		8,130,987
Pioneer Natural Resources Co.		29,890		6,885,162
Plains GP Holdings LP, Class A(b)		614,215		8,040,074
Valero Energy Corp.		101,185		14,168,936
				135,657,630
Financials (20.31%)
Aflac, Inc.		119,560		8,787,660
Allstate Corp.		55,370		7,113,384
Ally Financial, Inc.		182,035		5,914,317
American Financial Group, Inc.		52,920		7,545,863
Ameriprise Financial, Inc.		29,645		10,379,307
Assured Guaranty, Ltd.		147,245		9,217,537
Cathay General Bancorp		180,320		7,926,867
Discover Financial Services		61,495		7,178,311
Encore Capital Group, Inc.(a)		120,050		6,689,186
Federated Hermes, Inc.		215,110		8,453,823
Hilltop Holdings, Inc.		218,785		7,154,270
Lincoln National Corp.		102,900		3,645,747
Loews Corp.		120,785		7,425,862
MetLife, Inc.		102,410		7,477,978
Mr Cooper Group, Inc.(a)		143,815		6,614,052
Northwest Bancshares, Inc.		458,395		6,481,705
Principal Financial Group, Inc.		108,045		9,999,565
Regions Financial Corp.		308,210		7,255,263
SLM Corp.		389,550		6,844,394
Synchrony Financial		151,655		5,570,288
Voya Financial, Inc.		99,225		6,922,928
Zions Bancorp NA		134,260		7,137,262
				161,735,569

Health Care (5.95%)
AMN Healthcare Services, Inc.(a)	61,495		5,893,681
Cigna Corp.	27,930		8,844,593
McKesson Corp.	32,830		12,432,064
Quest Diagnostics, Inc.	44,590		6,620,723
Universal Health Services, Inc., Class B	54,635		8,097,453
Veradigm, Inc.(a)	306,495		5,489,326
			47,377,840
Industrials (5.88%)
Atkore, Inc.(a)	61,005		7,945,901
Boise Cascade Co.	114,660		8,596,060
Crane Holdings Co.	62,230		7,213,079
ManpowerGroup, Inc.	80,605		7,025,532
Matson, Inc.	95,550		6,317,766
Veritiv Corp.	77,665		9,711,232
			46,809,570
Information Technology (4.73%)
Arrow Electronics, Inc.(a)	57,575		6,764,487
DXC Technology Co.(a)	206,290		5,926,712
HP, Inc.	236,670		6,896,564
Sanmina Corp.(a)	138,180		8,419,307
Western Union Co.	340,550		4,825,593
Xerox Holdings Corp.	295,715		4,843,812
			37,676,475
Materials (17.19%)
Alpha Metallurgical Resources, Inc.	50,960		8,200,993
CF Industries Holdings, Inc.	64,925		5,499,147
Dow, Inc.	135,975		8,070,116
DuPont de Nemours, Inc.	102,410		7,573,220
Greif, Inc., Class A	109,270		7,805,156
Huntsman Corp.	230,790		7,313,735
International Paper Co.	158,025		6,608,606
Louisiana-Pacific Corp.	174,685		11,894,302
LyondellBasell Industries NV, Class A	69,825		6,751,379
Mosaic Co.	220,255		10,911,433
Nucor Corp.	98,000		16,563,960
Olin Corp.	127,890		8,260,415
Reliance Steel & Aluminum Co.	43,365		9,863,369
Ryerson Holding Corp.	330,015		12,596,673
Steel Dynamics, Inc.	74,480		8,985,267
			136,897,771
Total Common Stocks
(Cost $746,161,182)			791,924,513
Short-Term Investment (2.35%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)	18,722,247	$	18,722,247
Total Short-Term Investment
(Cost $18,722,247)			18,722,247
Total Investments (101.80%)
(Cost $764,883,429)		$	810,646,760
Liabilities Less Other Assets (-1.80%)			(14,312,008	)
Net Assets (100.00%)		$	796,334,752
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, 2023. The total value of securities on loan at January 31, 2023 was $18,510,742.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $18,722,247.
(d)	Rate shown is the 7-day effective yield as of January 31, 2023.

As of January 31, 2023, 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.

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Materials	23.67%
Financials	19.92%
Industrials	16.25%
Energy	16.12%
Consumer Discretionary	6.26%
Communication Services	6.15%
Information Technology	5.65%
Consumer Staples	4.19%
Real Estate	1.79%
	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, 2023 (Unaudited)
	Shares		Value
Common Stocks (97.97%)
Australia (7.72%)
CSR, Ltd.		308,266	$	1,144,522
Downer EDI, Ltd.		385,090		1,024,747
Fortescue Metals Group, Ltd.		115,042		1,805,943
Mineral Resources, Ltd.		35,696		2,240,937
Super Retail Group, Ltd.		152,387		1,362,817
Whitehaven Coal, Ltd.		172,078		1,020,276
Yancoal Australia, Ltd.		270,824		1,125,940
				9,725,182
Canada (15.63%)
Canadian Natural Resources, Ltd.		19,400		1,190,784
Corus Entertainment, Inc., Class B		640,200		1,082,598
Crescent Point Energy Corp.		164,900		1,231,901
Great-West Lifeco, Inc.		33,961		900,743
Home Capital Group, Inc.(a)		48,500		1,546,255
Imperial Oil, Ltd.		38,800		2,120,579
Interfor Corp.		58,200		1,163,956
International Petroleum Corp.(b)		102,432		1,101,936
Labrador Iron Ore Royalty Corp.(a)		56,660		1,662,049
Mullen Group, Ltd.(a)		126,100		1,334,402
Peyto Exploration & Development Corp.(a)		106,700		972,734
Stelco Holdings, Inc.		48,500		1,887,073
Suncor Energy, Inc.		38,800		1,346,649
West Fraser Timber Co., Ltd.		9,700		843,405
Whitecap Resources, Inc.(a)		155,200		1,293,576
				19,678,640
Denmark (2.15%)
D/S Norden A/S		23,280		1,249,956
Scandinavian Tobacco Group A/S, Class A(c)		83,905		1,454,270
				2,704,226
Finland (1.08%)
Sampo Oyj(b)		25,996		1,361,353
France (6.11%)
AXA SA		48,015		1,493,683
Carrefour SA		70,616		1,341,170
Coface SA		90,792		1,265,387
Metropole Television SA		57,230		910,240
Nexity SA		41,904		1,263,716
TotalEnergies SE		22,989		1,424,066
				7,698,262
Germany (1.80%)
DWS Group GmbH & Co. KGaA(c)		26,093		934,405
Freenet AG		54,708		1,326,305
				2,260,710
Great Britain (12.62%)
abrdn PLC		535,246		1,402,898
Anglo American PLC		23,765		1,015,637
Aviva PLC		187,022		1,050,706
Balfour Beatty PLC		290,127		1,310,548
BP PLC		285,083		1,718,132
British American Tobacco PLC		35,987		1,373,587
Direct Line Insurance Group PLC		444,874		973,246
Legal & General Group PLC		294,694		922,815
Man Group PLC		333,486		1,022,499
Persimmon PLC		53,932		938,838
Quilter PLC(c)		768,157		911,792
Rio Tinto PLC		26,390		2,055,878
WPP PLC		102,044		1,187,345
				15,883,921
Hong Kong (8.89%)
China Resources Cement Holdings, Ltd.		1,406,500		812,565
Kingboard Holdings, Ltd.		242,500		989,651
Kingboard Laminates Holdings, Ltd.		756,600		921,488
Lee & Man Paper Manufacturing, Ltd.		2,425,000		1,060,782
New World Development Co., Ltd.		320,100		955,260
Orient Overseas International, Ltd.		48,500		802,236
Pacific Basin Shipping, Ltd.		3,104,000		1,088,616
PC Partner Group, Ltd.(a)		1,358,000		798,401
Shougang Fushan Resources Group, Ltd.		3,492,000		1,260,320

Skyworth Group, Ltd.	2,522,000				1,611,399
VTech Holdings, Ltd.	135,800				897,118
					11,197,836
Italy (3.68%)
Anima Holding SpA(c)	242,597		��		1,066,030
Eni SpA	91,956				1,413,170
Unipol Gruppo SpA	224,264				1,170,276
UnipolSai Assicurazioni SpA	372,189				987,282
					4,636,758
Japan (25.59%)
Aozora Bank, Ltd.(a)	48,500				966,535
Citizen Watch Co., Ltd.(a)	281,300				1,331,239
Dai-ichi Life Holdings, Inc.	67,900				1,586,324
Gree, Inc.(a)	194,000				1,047,762
Hakuto Co., Ltd.(a)	58,200				2,023,240
Inabata & Co., Ltd.	67,900				1,310,895
Inpex Corp.	106,700				1,164,015
Iyogin Holdings, Inc.	232,800				1,307,393
Japan Petroleum Exploration Co., Ltd.	38,800				1,245,988
Japan Post Holdings Co., Ltd.	145,500				1,274,306
Japan Tobacco, Inc.	48,500				989,263
Joyful Honda Co., Ltd.	97,000				1,387,577
Kamigumi Co., Ltd.	58,200				1,185,775
Meiwa Corp.(a)	120,375				637,179
Mitsubishi Logistics Corp.	38,800				901,702
Mitsuboshi Belting, Ltd.	48,500				1,376,772
Mitsui & Co., Ltd.	58,200				1,708,017
NGK Spark Plug Co., Ltd.	58,200				1,131,673
Nippon Yusen KK(a)	72,400				1,710,367
Nisshinbo Holdings, Inc.	145,500				1,080,924
Nitto Kogyo Corp.(a)	67,900				1,266,034
Press Kogyo Co., Ltd.(a)	368,600				1,274,306
Sumitomo Osaka Cement Co., Ltd.(a)	38,800				1,016,464
Sumitomo Warehouse Co., Ltd.	77,600				1,188,160
Tokio Marine Holdings, Inc.	48,500				1,011,247
Yamato Kogyo Co., Ltd.	29,100				1,095,456
					32,218,613
Luxembourg (3.06%)
ArcelorMittal SA	48,112				1,483,363
ArcelorMittal SA(a)	43,844				1,352,251
RTL Group SA	20,952				1,014,526
					3,850,140
Netherlands (1.13%)
NN Group NV	32,786				1,419,311
New Zealand (0.69%)
Fletcher Building, Ltd.	266,071				871,981
Norway (2.49%)
Elkem ASA(b)(c)	339,015				1,194,853
Telenor ASA	98,070				1,025,247
Yara International ASA	20,661				914,900
					3,135,000
Spain (1.20%)
Repsol SA	92,150				1,511,723
Sweden (2.39%)
SSAB AB	168,683				1,199,118
SSAB AB	266,556				1,807,695
Switzerland (1.74%)
Ferrexpo PLC	494,118				964,929
Glencore PLC	182,942				1,220,621
					2,185,550
Total Common Stocks
(Cost $118,166,827)					123,346,019
Short-Term Investment (11.15%)		��
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(d)(e)	14,040,363			$	14,040,363
Total Short-Term Investment
(Cost $14,040,363)					14,040,363
Total Investments (109.12%)
(Cost $132,207,190)				$	137,386,382
Liabilities Less Other Assets (-9.12%)					(11,487,104	)
Net Assets (100.00%)				$	125,899,278
Percentages based on Net Assets.

(a)	This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $13,316,383.
(b)	Non-income producing security.

(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, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $5,561,350, representing 4.42% of net assets.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $14,040,363.
(e)	Rate shown is the 7-day effective yield as of January 31, 2023.

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, 2023, 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.

Sector Weightings
Cambria Global Value ETF
Financials	33.95%
Utilities	14.65%
Materials	14.23%
Energy	10.53%
Industrials	10.20%
Consumer Staples	6.42%
Real Estate	3.38%
Communication Services	2.26%
Consumer Discretionary	1.90%
Information Technology	0.96%
Health Care	0.78%
Other	0.74%
	100.00%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Value ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Shares		Value
Common Stocks (98.57%)
Austria (0.73%)
Erste Group Bank AG		24,606	$	922,094
Brazil (8.23%)
Atacadao SA		278,300		905,682
Banco Santander Brasil SA		169,400		966,417
Centrais Eletricas Brasileiras SA		145,200		1,163,019
Cia Siderurgica Nacional SA		278,300		1,016,974
Gerdau SA		205,700		1,333,162
Itau Unibanco Holding SA		242,000		1,207,545
JBS SA		157,300		624,081
Petroleo Brasileiro SA		169,400		873,647
Telefonica Brasil SA		108,900		893,931
Vale SA		72,600		1,356,951
				10,341,409
Chile (9.35%)
Banco Santander Chile		22,114,444		929,681
CAP SA		91,597		845,612
Cencosud SA		683,892		1,228,361
Cia Sud Americana de Vapores SA		9,616,475		834,635
Colbun SA		15,568,223		1,811,702
Empresas CMPC SA		734,470		1,262,932
Empresas COPEC SA		152,218		1,148,104
Enel Americas SA		10,358,084		1,371,268
Falabella SA		404,624		940,212
Quinenco SA		396,154		1,378,308
				11,750,815
Czech Republic (8.66%)
CEZ AS		78,529		3,188,419
Komercni Banka AS		83,732		2,815,830
Moneta Money Bank AS(a)		744,029		2,745,338
Philip Morris CR AS		2,783		2,137,740
				10,887,327
Great Britain (8.68%)
Anglo American PLC		25,047		1,070,425
Aviva PLC		153,742		863,736
Barclays PLC		588,544		1,348,428
BP PLC		210,419		1,268,148
Legal & General Group PLC		352,594		1,104,125
Lloyds Banking Group PLC		2,002,671		1,298,194
Rio Tinto PLC		16,093		1,253,704
Segro PLC		74,294		760,407
Shell PLC		38,478		1,126,167
Vodafone Group PLC		714,142		819,855
				10,913,189
Greece (–%)(b)
FF Group(c)(d)(e)		25,407		–
Malaysia (7.48%)
CIMB Group Holdings Bhd		931,700		1,255,881
Hartalega Holdings Bhd		1,076,900		406,449
Hong Leong Bank Bhd		229,900		1,105,913
Malayan Banking Bhd		532,400		1,090,823
Petronas Chemicals Group Bhd		459,800		900,036
Public Bank Bhd		1,028,500		1,022,292
RHB Bank Bhd		786,500		1,060,159
Sime Darby Bhd		2,020,700		1,094,255
Sime Darby Plantation Bhd		895,400		908,886
Top Glove Corp. Bhd(d)		2,843,500		553,268
				9,397,962
Norway (5.16%)
Aker BP ASA		19,239		584,402
DNO ASA		472,747		580,183
Elkem ASA(a)(d)		176,297		621,356
Equinor ASA		17,424		529,444
Golden Ocean Group, Ltd.		73,568		700,626
Norsk Hydro ASA		99,704		802,498
Storebrand ASA		86,152		746,071
TGS ASA		44,044		724,977
Var Energi ASA		156,090		472,886
Yara International ASA		16,335		723,338
				6,485,781

Poland (8.72%)
Alior Bank SA(d)(f)	141,086		1,276,441
Jastrzebska Spolka Weglowa SA(d)(f)	69,938		1,085,632
KGHM Polska Miedz SA	34,969		1,135,441
Lubelski Wegiel Bogdanka SA	91,476		1,161,479
PGE Polska Grupa Energetyczna SA(d)	503,602		870,552
Polski Koncern Naftowy ORLEN SA	217,857		3,265,068
Powszechny Zaklad Ubezpieczen SA	162,866		1,380,622
Tauron Polska Energia SA(d)	1,431,430		779,873
			10,955,108
Portugal (9.38%)
Altri SGPS SA(f)	159,720		803,601
Banco Comercial Portugues SA	7,212,205		1,531,292
Energias de Portugal SA	240,064		1,189,567
Galp Energia SGPS SA	94,864		1,296,872
Greenvolt-Energias Renovaveis SA(d)	32,425		271,078
Jeronimo Martins SGPS SA	52,514		1,138,382
Mota-Engil SGPS SA(f)	825,825		1,526,246
Navigator Co. SA	266,321		930,549
NOS SGPS SA	254,221		1,088,918
REN - Redes Energeticas Nacionais SGPS SA	363,847		998,776
Sonae SGPS SA	994,136		1,011,601
			11,786,882
Russia (–%)(b)
Alrosa PJSC(c)(e)	1,262,976		–
Gazprom Neft PJSC(c)(e)	334,880		–
Gazprom PJSC(c)(e)	373,048		–
Rosneft Oil Co. PJSC(c)(e)	198,016		–
Sberbank of Russia PJSC(c)(e)	287,609		–
Severstal PAO(c)(e)	82,992		–
Unipro PJSC(c)(e)	22,421,984		–
			0
Singapore (9.58%)
Capitaland Investment, Ltd./Singapore	363,000		1,094,139
CDL Hospitality Trusts	23,850		24,507
City Developments, Ltd.	193,600		1,223,078
Genting Singapore, Ltd.	1,875,500		1,413,263
Jardine Cycle & Carriage, Ltd.	48,400		1,069,825
Oversea-Chinese Banking Corp., Ltd.	121,000		1,190,843
Sembcorp Industries, Ltd.	508,200		1,396,409
Singapore Airlines, Ltd.	278,300		1,254,024
United Overseas Bank, Ltd.	48,400		1,098,928
UOL Group, Ltd.	205,700		1,092,850
Venture Corp., Ltd.	84,700		1,190,107
			12,047,973
Spain (9.49%)
Acciona SA	5,566		1,083,138
Banco Bilbao Vizcaya Argentaria SA	218,163		1,532,862
Banco Santander SA	375,342		1,306,989
CaixaBank SA	340,494		1,505,467
Enagas SA	49,731		890,178
Endesa SA	51,788		1,028,621
Ferrovial SA	42,471		1,248,495
Iberdrola SA	94,501		1,103,902
Mapfre SA	603,548		1,210,587
Naturgy Energy Group SA	35,937		1,015,787
			11,926,026
Turkey (13.11%)
Akbank TAS	1,827,947		1,650,174
Eregli Demir ve Celik Fabrikalari TAS	485,815		984,066
Haci Omer Sabanci Holding AS	813,604		1,687,831
KOC Holding AS	405,592		1,648,525
Petkim Petrokimya Holding AS(d)	1,709,125		1,483,845
Turkiye Halk Bankasi AS(d)	3,013,868		1,682,450
Turkiye Is Bankasi AS, Class C	3,440,896		1,990,348
Turkiye Sise ve Cam Fabrikalari AS	899,877		1,891,683
Turkiye Vakiflar Bankasi TAO, Class D(d)	3,664,122		1,840,900
Yapi ve Kredi Bankasi AS	3,348,070		1,616,251
			16,476,073
Total Common Stocks
(Cost $131,381,383)			123,890,639
Short-Term Investment (0.62%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(g)(h)	773,252	$	773,252
Total Short-Term Investment
(Cost $773,252)			773,252
Total Investments (99.19%)
(Cost $132,154,635)		$	124,663,891
Other Assets Less Liabilities (0.81%)			1,023,999
Net Assets (100.00%)		$	125,687,890
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, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $3,366,694, representing 2.68% of net assets.
(b)	Less than 0.005%.
(c)	Level 3 security in accordance with fair value hierarchy.
(d)	Non-income producing security.
(e)	These securities are considered to be illiquid.  The aggregate value of these securities at January 31, 2023 was $0, which represent 0.00% of the Fund's Net Assets.
(f)	This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $863,070.
(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $773,252.
(h)	Rate shown is the 7-day effective yield as of January 31, 2023.

Investment Abbreviations:

PJSC - Private Joint Stock Company

PLC - Public Limited Company

Transactions with affiliated companies for the nine months ended January 31, 2023 are as follows:

Investments no longer affiliated as of January 31, 2023

Security Name	Market Value as of April 30, 2022		Sales			Sales In-Kind			Market Value as of January 31, 2023		Share Balance as of January 31, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
iShares MSCI Colombia ETF	$	9,137,885	$	(6,550,036	)	$	(635,957	)	$	–	$	–	$	328,977	$	(2,573,718	)	$	621,826
Grand Total	$	9,137,885	$	(6,550,036	)	$	(635,957	)	$	–	$	–	$	328,977	$	(2,573,718	)	$	621,826

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	$	922,094		–	$	–		922,094
Brazil		10,341,409		–		–		10,341,409
Chile		11,750,815		–		–		11,750,815
Czech Republic		10,887,327		–		–		10,887,327
Great Britain		10,913,189		–		–		10,913,189
Malaysia		9,397,962		–		–		9,397,962
Norway		6,485,781		–		–		6,485,781
Poland		10,955,108		–		–		10,955,108
Portugal		11,786,882		–		–		11,786,882
Singapore		12,047,973		–		–		12,047,973
Spain		11,926,026		–		–		11,926,026
Turkey		16,476,073		–		–		16,476,073
Short-Term Investment		773,252		–		–		773,252
Total	$	124,663,891	$	–	$	–	$	124,663,891

⁽¹⁾ The Fund considers transfers to Level 3 at the ending of the reporting period, which is $0 at the end of the reporting period. Change in unrealized appreciation/depreciation on Level 3 holding as of January 31, 2023 is $(9,440,193).

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, 2023 (Unaudited)
	Shares		Value
Exchange Traded Funds (99.92%)
Global (43.38%)
Commodity ETF (6.57%)
iShares® Global Energy ETF		315,216	$	12,677,988
Equity ETF (36.81%)
iShares® Global Consumer Staples ETF		194,832		11,791,233
iShares® Global Financials ETF(a)		157,476		12,018,568
iShares® Global Healthcare ETF		136,092		11,488,887
iShares® Global Industrials ETF		102,432		11,574,816
Cambria Global Value ETF*(a)		581,988		12,151,909
FlexShares Global Upstream Natural Resources Index Fund(a)		261,492		12,023,402
				71,048,815
International (12.59%)
Equity ETF (12.59%)
Cambria Emerging Shareholder Yield ETF*		407,616		12,118,423
Cambria Foreign Shareholder Yield ETF*(a)		465,828		12,190,486
				24,308,909
North America (18.65%)
Commodity ETF (18.65%)
Invesco DB Precious Metals Fund		239,052		11,973,637
United States Commodity Index Fund(b)		208,824		11,781,850
VanEck Gold Miners ETF/USA		382,008		12,231,896
				35,987,383
United States (25.30%)
Commodity ETF (6.27%)
Graniteshares Gold Trust(a)(b)		634,128		12,105,504
Equity ETF (18.72%)
Cambria Shareholder Yield ETF*(a)		193,776		12,603,191
Cambria Value and Momentum ETF*		859,669		23,537,737
				36,140,928
Fixed Income ETF (0.31%)
iShares® Short Treasury Bond ETF(a)		5,343		589,226
Total Exchange Traded Funds
(Cost $184,731,175)				192,858,753
Short-Term Investment (6.07%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)		11,710,480	$	11,710,480
Total Short-Term Investment
(Cost $11,710,480)				11,710,480
Total Investments (105.99%)
(Cost $196,441,655)			$	204,569,233
Liabilities Less Other Assets (-5.99%)				(11,563,089	)
Net Assets (100.00%)			$	193,006,144
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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $11,575,742.
(b)	Non-income producing security.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $11,710,480.
(d)	Rate shown is the 7-day effective yield as of January 31, 2023.

Investment Abbreviations:

ETF - Exchange Traded Fund

Transactions with affiliated companies for the nine months ended January 31, 2023 are as follows:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Market Value as of January 31, 2023		Share Balance as of January 31, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
Cambria Emerging Shareholder Yield ETF	$	–	$	11,447,043	$	276,037	$	–		$	–		$	12,118,423		407,616	$	–	$	395,344		$	–
Cambria Foreign Shareholder Yield ETF		4,642,086		17,558,021		1,181,313		(11,231,651	)		(172,019	)		12,190,486		465,828		54,566		650,021			(437,285	)
Cambria Global Value ETF		–		10,937,142		532,886		–			(175,924	)		12,151,909		581,988		40,277		852,774			5,031
Cambria Value and Momentum ETF		10,421,504		–		18,184,835		(3,648,154	)		(2,241,375	)		23,537,737		859,669		239,807		335,792			485,135
Cambria Shareholder Yield ETF		6,221,840		17,257,910		1,938,256		(12,817,592	)		(356,841	)		12,603,191		193,776		73,981		(560,068	)		919,686
	$	21,285,430	$	57,200,116	$	22,113,327	$	(27,697,397	)	$	(2,946,159	)	$	72,601,746		2,508,877	$	408,631	$	1,673,863		$	972,567

Investments no longer affiliated as of January 31, 2023
Cambria Global Real Estate ETF	$	4,975,645	$	–	$	–	$	(4,890,438	)	$	–		$	–	–	$	–	$	463,685	$	(548,892	)
	$	4,975,645	$	–	$	–	$	(4,890,438	)	$	–		$	–	–	$	–	$	463,685	$	(548,892	)
Grand Total	$	26,261,075	$	57,200,116	$	22,113,327	$	(32,587,835	)	$	(2,946,159	)	$	72,601,746	2,508,877	$	408,631	$	2,137,548	$	423,675

As of January 31, 2023, 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.

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, 2023 (Unaudited)
	Shares		Value
Exchange Traded Funds (98.47%)
Global (14.31%)
Equity ETF (14.31%)
Alpha Architect Value Momentum Trend ETF		41,616	$	1,007,731
Cambria Global Real Estate ETF*		118,800		3,290,356
Cambria Global Value ETF*		139,608		2,915,015
				7,213,102
International (35.62%)
Equity ETF (15.93%)
Alpha Architect International Quantitative Momentum ETF(a)		37,440		979,494
Cambria Emerging Shareholder Yield ETF*		157,392		4,679,264
Cambria Foreign Shareholder Yield ETF*		90,396		2,365,618
				8,024,376
Fixed Income ETF (19.69%)
SPDR® FTSE International Government Inflation-Protected Bond ETF		30,996		1,330,038
VanEck Emerging Markets High Yield Bond ETF(a)		106,704		2,029,510
VanEck International High Yield Bond ETF(a)		49,608		1,015,476
VanEck J. P. Morgan EM Local Currency Bond ETF		122,328		3,091,229
Vanguard® Total International Bond ETF		50,616		2,457,407
				9,923,660
North America (0.95%)
Commodity ETF (0.95%)
VanEck Gold Miners ETF/USA		14,904		477,226
United States (47.59%)
Commodity ETF (8.91%)
Graniteshares Gold Trust(b)		83,052		1,585,463
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		194,328		2,905,203
				4,490,666
Equity ETF (16.57%)
Alpha Architect US Quantitative Momentum ETF(a)		44,100		2,051,034
Cambria Shareholder Yield ETF*		63,540		4,132,641
Cambria Value and Momentum ETF*		79,020		2,163,568
				8,347,243
Fixed Income ETF (22.11%)
Schwab US TIPS Bond ETF		26,172		1,382,143
Vanguard® Intermediate-Term Corporate Bond ETF		18,900		1,526,931
Vanguard® Intermediate-Term Government Bond ETF		33,588		2,010,914
Vanguard® Long-Term Treasury Bond ETF(a)		28,116		1,856,218
Vanguard® Short-Term Corporate Bond ETF(a)		13,428		1,026,974
Vanguard® Total Bond Market ETF		45,000		3,339,900
				11,143,080
Total Exchange Traded Funds
(Cost $50,344,078)				49,619,353
Short-Term Investment (6.14%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)		3,093,552	$	3,093,552
Total Short-Term Investment
(Cost $3,093,552)				3,093,552
Total Investments (104.61%)
(Cost $53,437,630)			$	52,712,905
Liabilities Less Other Assets (-4.61%)				(2,321,026	)
Net Assets (100.00%)			$	50,391,879
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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $3,014,929.
(b)	Non-income producing security.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $3,093,552.
(d)	Rate shown is the 7-day effective yield as of January 31, 2023.

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, 2023 are as follows:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Market Value as of January 31, 2023		Share Balance as of January 31, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
Cambria Emerging Shareholder Yield ETF	$	4,171,210	$	–	$	622,879	$	–		$	(122,241	)	$	4,679,264		157,392	$	247,538	$	3,744		$	3,672
Cambria Foreign Shareholder Yield ETF		2,086,741		–		307,235		–			(60,013	)		2,365,618		90,396		98,826		31,291			364
Cambria Global Real Estate ETF		3,468,032		–		445,093		(330,319	)		(91,014	)		3,290,356		118,800		71,849		(269,888	)		68,452
Cambria Global Value ETF		2,521,469		–		378,129		–			(70,463	)		2,915,015		139,608		105,083		84,842			1,038
Cambria Shareholder Yield ETF		3,437,373		–		539,825		–			(108,106	)		4,132,641		63,540		64,653		208,121			55,428
Cambria Value and Momentum ETF		1,859,253		–		294,459		–			(59,067	)		2,163,568		79,020		20,782		44,285			24,638
Grand Total	$	17,544,078	$	–	$	2,587,620	$	(330,319	)	$	(510,904	)	$	19,546,462	$	648,756	$	608,731	$	102,395		$	153,592

As of January 31, 2023, 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.

Sector Weightings
Cambria Value and Momentum ETF
Energy	33.58%
Financials	21.14%
Materials	19.67%
Consumer Discretionary	7.47%
Industrials	6.10%
Information Technology	3.58%
Health Care	2.97%
Consumer Staples	2.29%
Utilities	2.12%
Communication Services	1.08%
	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, 2023 (Unaudited)
	Shares		Value
Common Stocks (88.87%)
Communication Services (0.96%)
Scholastic Corp.		29,700	$	1,313,928
Consumer Discretionary (6.64%)
Adtalem Global Education, Inc.(a)		25,000		954,500
AutoNation, Inc.(a)		9,200		1,165,824
Dillard's, Inc., Class A(b)		4,800		1,887,888
Group 1 Automotive, Inc.		5,700		1,218,945
ODP Corp.(a)		24,803		1,279,834
Penske Automotive Group, Inc.		10,400		1,329,328
Perdoceo Education Corp.(a)		84,206		1,260,564
				9,096,883
Consumer Staples (2.04%)
Cal-Maine Foods, Inc.		16,400		938,408
Ingles Markets, Inc., Class A		10,300		978,500
SpartanNash Co.		27,700		877,536
				2,794,444
Energy (29.84%)
Antero Resources Corp.(a)		39,504		1,139,296
APA Corp.		28,100		1,245,673
Arch Resources, Inc., Class A(b)		7,700		1,139,754
California Resources Corp.		24,300		1,038,339
Chesapeake Energy Corp.		11,700		1,014,624
Chevron Corp.		5,800		1,009,316
Chord Energy Corp.		9,810		1,406,067
Civitas Resources, Inc.		17,600		1,171,280
CNX Resources Corp.(a)		60,800		1,017,184
ConocoPhillips		9,300		1,133,391
CONSOL Energy, Inc.		19,000		1,098,770
Coterra Energy, Inc.		46,103		1,153,958
Delek US Holdings, Inc.		42,703		1,142,732
Diamondback Energy, Inc.		8,100		1,183,572
Earthstone Energy, Inc., Class A(a)(b)		76,900		1,068,910
EOG Resources, Inc.		12,000		1,587,000
Exxon Mobil Corp.		11,600		1,345,716
Helix Energy Solutions Group, Inc.(a)		242,300		1,921,439
Marathon Oil Corp.		52,600		1,444,922
Marathon Petroleum Corp.		10,000		1,285,200
Matador Resources Co.		33,600		2,222,976
Ovintiv, Inc.		23,200		1,142,136
Patterson-UTI Energy, Inc.		86,200		1,448,160
PBF Energy, Inc.		32,503		1,364,801
PDC Energy, Inc.		20,400		1,381,692
Peabody Energy Corp.(a)(c)		46,600		1,299,674
Permian Resources Corp.		194,300		2,112,041
Pioneer Natural Resources Co.		4,300		990,505
Plains GP Holdings LP, Class A(b)		82,900		1,085,161
SandRidge Energy, Inc.(a)		58,300		921,723
VAALCO Energy, Inc.(b)		227,100		1,056,015
Valero Energy Corp.		9,100		1,274,273
Vitesse Energy, Inc.(a)		3,637		58,042
				40,904,342
Financials (18.79%)
American Equity Investment Life Holding Co.		24,400		1,162,660
American Financial Group, Inc.		7,400		1,055,166
American International Group, Inc.		18,700		1,182,214
Berkshire Hills Bancorp, Inc.		33,800		1,049,490
Employers Holdings, Inc.		27,103		1,189,009
First Horizon Corp.		41,700		1,031,241
Genworth Financial, Inc., Class A(a)		229,015		1,264,163
Hanmi Financial Corp.		44,500		1,036,405
Heritage Financial Corp.		37,100		1,058,463
Jefferies Financial Group, Inc.		30,900		1,213,752
Loews Corp.		34,600		2,127,208
MetLife, Inc.		15,500		1,131,810
Mr Cooper Group, Inc.(a)		26,300		1,209,537
NBT Bancorp, Inc.		27,003		1,061,488
Old Republic International Corp.		44,000		1,161,160
Principal Financial Group, Inc.		14,600		1,351,230
Regions Financial Corp.		45,300		1,066,362
Travelers Cos., Inc.		8,300		1,586,296
Unum Group		36,800		1,546,704
Voya Financial, Inc.		16,600		1,158,182

WesBanco, Inc.	30,003		1,115,211
			25,757,751
Health Care (2.64%)
Cigna Corp.	3,600		1,140,012
McKesson Corp.	3,100		1,173,908
SIGA Technologies, Inc.(b)	178,200		1,306,206
			3,620,126
Industrials (5.42%)
Atlas Air Worldwide Holdings, Inc.(a)	9,700		991,437
Boise Cascade Co.	20,800		1,559,376
Encore Wire Corp.	8,200		1,323,726
Insteel Industries, Inc.	34,500		1,034,655
Mueller Industries, Inc.	18,800		1,232,340
Veritiv Corp.	10,300		1,287,912
			7,429,446
Information Technology (3.18%)
Avnet, Inc.	33,500		1,536,980
Photronics, Inc.(a)	54,800		992,976
Sanmina Corp.(a)	30,100		1,833,993
			4,363,949
Materials (17.48%)
Alpha Metallurgical Resources, Inc.	9,500		1,528,835
CF Industries Holdings, Inc.	15,000		1,270,500
Commercial Metals Co.	37,200		2,018,844
Mosaic Co.	17,400		861,996
Nucor Corp.	9,700		1,639,494
Olin Corp.	20,600		1,330,554
Ramaco Resources, Inc.	213,300		2,224,719
Reliance Steel & Aluminum Co.	4,900		1,114,505
Resolute Forest Products, Inc.(a)	66,700		1,448,057
Ryerson Holding Corp.	37,500		1,431,375
Steel Dynamics, Inc.	15,900		1,918,176
SunCoke Energy, Inc.	142,600		1,299,086
TimkenSteel Corp.(a)	86,600		1,703,422
United States Steel Corp.	42,900		1,222,221
Warrior Met Coal, Inc.	30,200		1,143,976
Westlake Corp.	14,700		1,804,425
			23,960,185
Utilities (1.88%)
NRG Energy, Inc.	47,900		1,639,138
Vistra Corp.	40,700		938,542
			2,577,680
Total Common Stocks
(Cost $108,805,631)			121,818,734
Short-Term Investment (3.36%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(d)(e)	4,603,080	$	4,603,080
Total Short-Term Investment
(Cost $4,603,080)			4,603,080
Total Investments (92.23%)
(Cost $113,408,711)		$	126,421,814
Other Assets Less Liabilities (7.77%)			10,655,080
Net Assets (100.00%)		$	137,076,894

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, 2023. The total value of securities on loan at January 31, 2023 was $4,409,437.
(c)	Security, or portion of security, is being held as collateral for securities sold short.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $4,603,080.
(e)	Rate shown is the 7-day effective yield as of January 31, 2023.

The open futures contracts held by the Fund as of January 31, 2023 are as follows:
Type of Contract	Number of Contracts Short	Expiration Date		Notional Amount			Notional Value			Unrealized Appreciation
S&P® 500 Mini Future	300	Mar-2023	$	(58,887,180	)	$	(61,350,000	)	$	(2,462,820	)

For the period ended January 31, 2023, the monthly average notional value of the short equity futures contracts held was $63,160,740 and the ending notional value of the futures contacts was $61,350,000.

As of January 31, 2023, 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.

Sector Weightings
Cambria Global Tail Risk ETF
Exchange Traded Funds	92.66%
Purchased Options	3.80%
Sovereign Debt	3.54%
	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, 2023 (Unaudited)
	Shares		Value
Exchange Traded Funds (80.39%)
International (37.30%)
Fixed Income ETF (37.30%)
VanEck J. P. Morgan EM Local Currency Bond ETF(a)		37,683	$	952,249
Vanguard® Total International Bond ETF		18,458		896,136
				1,848,385
United States (43.09%)
Fixed Income ETF (43.09%)
iShares® 7-10 Year Treasury Bond ETF(a)		11,071		1,098,354
iShares® TIPS Bond ETF		9,548		1,037,390
				2,135,744
Total Exchange Traded Funds
(Cost $4,123,573)				3,984,129

	Currency		Face Amount		Value
Sovereign Debt (3.07%)
Colombian TES, 7.500%, 8/26/2026		COP		812,500,000		152,183
Total Sovereign Debt
(Cost $285,809)						152,183

	Contracts		Notional Amount		Value
Purchased Options (3.29%)
Put Options
MSCI EAFE Index-MXEA US 03/17/23 P1800
Expires 03/17/23, Strike Price $1,800	2	$	420,087	$	480
MSCI EAFE Index-MXEA US 06/16/23 P1700
Expires 06/16/23, Strike Price $1,700	15		3,150,653		14,400
MSCI EAFE Index-MXEA US 09/15/23 P1700
Expires 09/15/23, Strike Price $1,700	9		1,890,392		19,260
MSCI EAFE Index-MXEA US 12/15/23 P1900
Expires 12/15/23, Strike Price $1,900	5		1,050,218		29,600
MSCI Emerging Markets Index-MXEF US 03/17/23 P1000
Expires 03/16/23, Strike Price $1,000	5		515,749		6,525
MSCI Emerging Markets Index-MXEF US 03/17/23 P950
Expires 03/16/23, Strike Price $950	2		206,299		1,150
MSCI Emerging Markets Index-MXEF US 06/16/23 P950
Expires 06/15/23, Strike Price $950	15		1,547,246		29,250
MSCI Emerging Markets Index-MXEF US 09/15/23 P900
Expires 09/14/23, Strike Price $900	14		1,444,096		31,920
MSCI Emerging Markets Index-MXEF US 12/15/23 P950
Expires 12/14/23, Strike Price $950	7		722,048		30,730
Total Purchased Options
(Cost $615,436)					163,315

Short-Term Investment (28.45%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(b)(c)	1,410,107	$	1,410,107
Total Short-Term Investment
(Cost $1,410,107)			1,410,107
Total Investments (115.21%)
(Cost $6,434,925)		$	5,709,734
Liabilities Less Other Assets (-15.21%)			(753,626	)
Net Assets (100.00%)		$	4,956,108
Percentages based on Net Assets.

(a)	This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $1,387,093.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $1,410,107.
(c)	Rate shown is the 7-day effective yield as of January 31, 2023.

Currency Abbreviations:

COP — Colombian Peso

Investment Abbreviations:

EAFE - Europe, Australasia and Far East

ETF - Exchange Traded Funds

MSCI- Morgan Stanley Capital International

MXEA- Ticker for MSCI EAFE Index

MXEF- Ticker for MSCI Emerging Markets Index

TIPS - Treasury Inflation Protected Security

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	$	3,984,129	$	–	$	–	$	3,984,129
Sovereign Debt		–		152,183		–		152,183
Short-Term Investment		1,410,107		–		–		1,410,107
Total	$	5,394,236	$	152,183	$	–	$	5,546,419
Other Financial Instruments
Purchased Options	$	163,315	$	–	$	–	$	163,315
Total	$	163,315	$	–	$	–	$	163,315

As of January 31, 2023, 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.

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Materials	18.20%
Information Technology	17.41%
Energy	16.20%
Financials	13.70%
Consumer Discretionary	13.02%
Industrials	11.39%
Consumer Staples	3.22%
Utilities	3.15%
Health Care	2.41%
Real Estate	1.01%
Other	0.29%
	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, 2023 (Unaudited)
	Shares		Value
Common Stocks (98.92%)
Brazil (3.73%)
Cielo SA		1,749,000	$	1,726,157
Enauta Participacoes SA		451,000		1,344,213
Petroleo Brasileiro SA		231,000		1,341,960
Vale SA		88,000		1,644,788
				6,057,118
China (24.44%)
Anhui Conch Cement Co., Ltd., Class H		385,000		1,458,268
Bank of Communications Co., Ltd., Class H		2,750,000		1,697,455
China Coal Energy Co., Ltd., Class H		1,870,000		1,495,304
China Hongqiao Group, Ltd.		1,540,000		1,779,382
China Lilang, Ltd.		2,200,000		1,127,896
China Medical System Holdings, Ltd.		1,100,000		1,896,661
China Petroleum & Chemical Corp.		3,614,000		1,945,005
China Shenhua Energy Co., Ltd., Class H		770,000		2,391,167
E-Commodities Holdings, Ltd.(a)		7,920,000		1,666,592
Fufeng Group, Ltd.		3,080,000		2,160,397
Huadian Power International Corp., Ltd., Class H(a)		4,922,000		1,964,745
JNBY Design, Ltd.		1,045,000		1,356,701
Lonking Holdings, Ltd.		4,730,000		965,165
People's Insurance Co. Group of China, Ltd.(b)		5,263,000		1,771,975
PetroChina Co., Ltd., Class H		3,210,000		1,707,109
Qingdao Port International Co., Ltd., Class H(c)		2,200,000		1,091,422
Shenzhen Expressway Corp., Ltd., Class H		1,540,000		1,406,222
Sinopec Shanghai Petrochemical Co., Ltd., ADR		19,300		348,751
Sinotruk Hong Kong, Ltd.		1,485,000		2,560,492
Tianli International Holdings, Ltd.(a)		8,645,000		3,120,123
Tianneng Power International, Ltd.(a)		130,000		192,319
Xinte Energy Co., Ltd., Class H(a)		704,000		1,467,050
Yankuang Energy Group Co., Ltd., Class H(a)		880,000		2,822,545
Zhejiang Expressway Co., Ltd., Class H		1,540,000		1,327,662
				39,720,408
Colombia (0.29%)
Banco De Bogota Sa		62,385		473,264
India (8.17%)
Coal India, Ltd.		661,210		1,814,663
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		198,880		1,336,082
HSIL, Ltd.		311,610		1,242,009
Indian Bank		663,407		2,467,672
Oil & Natural Gas Corp., Ltd.		969,540		1,714,738
Oil India, Ltd.		656,370		1,866,273
Vedanta, Ltd.		700,150		2,840,637
				13,282,074
Indonesia (1.79%)
Indo Tambangraya Megah Tbk PT		682,000		1,646,991
United Tractors Tbk PT		770,000		1,261,074
				2,908,065
Mexico (5.00%)
Arca Continental SAB de CV		220,000		1,940,575
Banco del Bajio SA(c)		638,000		2,562,774
Gentera SAB de CV		1,309,000		1,597,452
Grupo Financiero Inbursa SAB de CV		935,000		2,016,925
				8,117,726
Russia (–%)(d)
Alrosa PJSC(e)(f)		538,800		–
Beluga Group PJSC(e)(f)		20,340		–
Federal Grid Co. Unified Energy System PJSC(e)(f)		328,200,000		5
Gazprom Neft PJSC(e)(f)		223,200		–
Gazprom PJSC(e)(f)		423,000		–
Inter RAO UES PJSC(e)(f)		11,040,000		–

LUKOIL PJSC(e)(f)	17,160		–
Magnitogorsk Iron & Steel Works PJSC(e)(f)	1,560,000		–
Novolipetsk Steel PJSC(e)(f)	458,400		–
OGK-2 PJSC(e)(f)	94,200,000		2
Sberbank of Russia PJSC(e)(f)	276,600		–
Severstal PAO(e)(f)	85,200		–
Unipro PJSC(e)(f)	21,240,000		–
			7
South Africa (17.70%)
Absa Group, Ltd.	156,627		1,789,959
AECI, Ltd.	303,490		1,525,997
African Rainbow Minerals, Ltd.	144,540		2,357,082
Exxaro Resources, Ltd.	108,790		1,361,501
Investec PLC	359,920		2,310,107
Investec, Ltd.	353,760		2,249,222
Kumba Iron Ore, Ltd.	54,340		1,653,779
Motus Holdings, Ltd.	349,030		2,472,095
Nedbank Group, Ltd.	127,490		1,649,823
Reunert, Ltd.	631,280		2,076,693
Sasol, Ltd.	95,994		1,728,333
Sibanye Stillwater, Ltd.	654,060		1,704,691
Thungela Resources, Ltd.	101,640		1,354,324
Tiger Brands, Ltd.	113,190		1,353,336
Truworths International, Ltd.	839,420		3,181,595
			28,768,537
South Korea (6.33%)
GS Holdings Corp.	52,160		1,871,628
Kia Corp.	29,153		1,580,955
KT&G Corp.	25,142		1,887,997
LX Semicon Co., Ltd.	24,090		1,568,451
S-Oil Corp.	27,077		1,938,782
SSANGYONG C&E Co., Ltd.	308,661		1,443,325
			10,291,138
Taiwan (22.20%)
Asustek Computer, Inc.	220,000		1,993,006
Catcher Technology Co., Ltd.	330,000		1,956,370
Chicony Electronics Co., Ltd.	550,000		1,590,008
Dimerco Express Corp.	880,000		2,160,067
Generalplus Technology, Inc.	990,000		1,620,599
Holy Stone Enterprise Co., Ltd.	550,000		1,672,440
Huaku Development Co., Ltd.	550,000		1,630,308
IEI Integration Corp.	880,000		2,168,859
ITE Technology, Inc.	660,000		1,736,553
Nantex Industry Co., Ltd.	1,320,000		1,740,949
Nishoku Technology, Inc.	550,000		1,740,216
O-TA Precision Industry Co., Ltd.	550,000		2,152,373
Radiant Opto-Electronics Corp.	440,000		1,502,082
Sea Sonic Electronics Co., Ltd.	660,000		1,160,633
Systex Corp.	550,000		1,361,032
TA-I Technology Co., Ltd.	770,000		1,138,651
TaiDoc Technology Corp.(b)	330,000		1,972,856
Topco Scientific Co., Ltd.	440,000		2,476,603
Transcend Information, Inc.	550,000		1,245,629
Tripod Technology Corp.	440,000		1,450,791
Utechzone Co., Ltd.	550,000		1,610,158
			36,080,183
Thailand (1.18%)
Tisco Financial Group PLC	616,000		1,912,754
Turkey (8.09%)
Aksa Akrilik Kimya Sanayii AS	815,100		3,354,134
Dogus Otomotiv Servis ve Ticaret AS	284,240		2,402,762
Enerjisa Enerji AS(c)	1,768,030		3,100,051
Eregli Demir ve Celik Fabrikalari TAS	1,139,930		2,309,041
Iskenderun Demir ve Celik AS	1,160,720		1,980,893
			13,146,881
Total Common Stocks
(Cost $165,669,513)			160,758,155
Short-Term Investment (3.15%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(g)(h)	5,124,196	$	5,124,196
Total Short-Term Investment
(Cost $5,124,196)			5,124,196
Total Investments (102.07%)
(Cost $170,793,709)		$	165,882,351
Liabilities Less Other Assets (-2.07%)			(3,367,042	)
Net Assets (100.00%)		$	162,515,309
Percentages based on Net Assets.

(a)	This security or a partial position of this security is on loan at January 31, 2023. The total value of securities on loan at January 31, 2023 was $5,401,138.
(b)	Non-income producing security.

(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, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $6,754,247, representing 4.16% of net assets.
(d)	Less than 0.005%.
(e)	Level 3 security in accordance with fair value hierarchy.
(f)	These securities are considered to be illiquid.  The aggregate value of these securities at January 31, 2023 was $7, which represent 0.00% of the Fund's Net Assets.
(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $5,124,196.
(h)	Rate shown is the 7-day effective yield as of January 31, 2023.

Investment Abbreviations:

ADR - American Depository Receipt

AS- Turkish Joint Stock Companies

PAO- Russian Public Stock Companies

PJSC - Private Joint Stock Company

PLC - Public Limited Company

SA- Brazilian Limited Liability Corporation

TAS- Turkish Joint Stock Companies

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(2)		Total
Common Stocks	$	160,758,148	$	–	$	7	$	160,758,155
Short-Term Investment		5,124,196		–		–		5,124,196
Total	$	165,882,344	$	–	$	7	$	165,882,351

(1)	Included in Level 2 is one Rights holdings with total value of $0.
(2)	The Fund considers transfers to Level 3 at the ending of the reporting period, which was $7 at the end of the reporting period. Change in unrealized appreciation/depreciation on Level 3 holding as of January 31, 2023 was $(14,051,903).

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	94.27%
Purchased Options	5.73%
	100.00%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Tail Risk ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Face Amount			Value
U.S. Treasury Obligations (91.30%)
U.S. Treasury Bond 4.125%, 11/15/2032	$	183,012,000	$	192,534,297
United States Treasury Inflation Indexed Bonds 0.125%, 7/15/2030		15,129,275		13,905,347
				206,439,644
Total U.S. Treasury Obligations
(Cost $202,652,769)				206,439,644

	Contracts		Notional Amount		Value
Purchased Options (5.54%)
Put Options
S&P 500® Index
Expires 03/16/23, Strike Price $3,600		149	$	60,741,340	$	180,290
Expires 06/15/23, Strike Price $3,800		235		95,800,100		1,927,000
Expires 06/15/23, Strike Price $4,000		72		29,351,520		937,800
Expires 09/14/23, Strike Price $3,500		403		164,286,980		2,879,435
Expires 12/14/23, Strike Price $3,600		291		118,629,060		3,371,235
Expires 03/14/24, Strike Price $3,600		234		95,392,440		3,240,900
Total Purchased Options
(Cost $31,533,324)						12,536,660
Total Investments (96.84%)
(Cost $234,186,093)					$	218,976,304
Other Assets Less Liabilities (3.16%)						7,144,746
Net Assets (100.00%)					$	226,121,050

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	$	–	$	206,439,644	$	–	$	206,439,644
Total	$	–	$	206,439,644	$	–	$	206,439,644
Other Financial Instruments
Purchased Options	$	12,536,660	$	–	$	–	$	12,536,660
Total	$	12,536,660	$	–	$	–	$	12,536,660

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, 2023 (Unaudited)
	Shares		Value
Exchange Traded Funds (98.65%)
Global (27.60%)
Alternative ETF (3.43%)
iMGP DBi Managed Futures Strategy ETF		153,382	$	4,320,771
Commodity ETF (2.10%)
iShares® Global Energy ETF		65,660		2,640,845
Equity ETF (22.07%)
Alpha Architect Value Momentum Trend ETF		47,922		1,160,431
iShares® Global Consumer Staples ETF		41,748		2,526,589
iShares® Global Financials ETF		35,280		2,692,570
iShares® Global Healthcare ETF		29,760		2,512,339
iShares® Global Industrials ETF		22,932		2,591,316
Cambria Global Real Estate ETF*(a)		187,670		5,197,821
Cambria Global Value ETF*		404,751		8,451,201
FlexShares Global Upstream Natural Resources Index Fund		57,312		2,635,206
				27,767,473
International (21.25%)
Equity ETF (12.99%)
Cambria Emerging Shareholder Yield ETF*		266,364		7,919,001
Cambria Foreign Shareholder Yield ETF*		321,905		8,424,093
				16,343,094
Fixed Income ETF (8.26%)
SPDR® FTSE International Government Inflation-Protected Bond ETF		58,702		2,518,903
VanEck J. P. Morgan EM Local Currency Bond ETF(a)		311,934		7,882,572
				10,401,475
North America (6.28%)
Commodity ETF (6.28%)
Invesco DB Precious Metals Fund		51,254		2,567,211
United States Commodity Index Fund(b)		44,786		2,526,826
VanEck Gold Miners ETF/USA		87,808		2,811,612
				7,905,649
United States (43.52%)
Alternative ETF (3.71%)
First Trust Managed Futures Strategy Fund		99,241		4,670,281
Commodity ETF (5.52%)
Graniteshares Gold Trust(b)		133,702		2,552,371
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(a)		294,000		4,395,300
				6,947,671
Equity ETF (18.95%)
Cambria Shareholder Yield ETF*		126,969		8,258,064
Cambria Value and Momentum ETF*		569,380		15,589,624
				23,847,688
Fixed Income ETF (15.34%)
iShares® Short Treasury Bond ETF		1,235		136,196
Schwab US TIPS Bond ETF		47,726		2,520,410
Vanguard® Intermediate-Term Government Bond ETF		153,468		9,188,129
Vanguard® Total Bond Market ETF		100,566		7,464,009
				19,308,744
Total Exchange Traded Funds
(Cost $121,937,372)				124,153,691

Short-Term Investment (0.91%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)	1,140,800	$	1,140,800
Total Short-Term Investment
(Cost $1,140,800)			1,140,800
Total Investments (99.56%)
(Cost $123,078,172)		$	125,294,491
Other Assets Less Liabilities (0.44%)			556,344
Net Assets (100.00%)		$	125,850,835
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 January 31, 2023. The total value of securities on loan at January 31, 2023 was $1,124,258.
(b)	Non-income producing security.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $1,140,800.
(d)	Rate shown is the 7-day effective yield as of January 31, 2023.

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, 2023 are as follows:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind		Market Value as of January 31, 2023		Share Balance as of January 31, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
Cambria Foreign Shareholder Yield ETF	$	3,557,864	$	3,6557,864	$	3,206,793	$	(2,583,621	)	$	–	$	8,424,093		321,905	$	182,409	$	473,649		$	117,081
Cambria Global Real Estate ETF		2,684,615		134,191		2,908,536		(635,900	)		–		5,197,821		187,670		97,911		61,496			44,883
Cambria Value and Momentum ETF		6,598,945		–		10,422,885		(1,921,740	)		–		15,589,624		569,380		146,352		415,349			74,185
Cambria Shareholder Yield ETF		4,148,948		3,202,006		3,423,832		(3,200,471	)		–		8,258,064		126,969		89,614		(304,415	)		988,164
Cambria Global Value ETF		1,997,674		2,567,845		3,130,232		–			–		8,451,201		404,751		134,865		755,450			–
Cambria Emerging Shareholder Yield ETF		1,791,214		2,757,818		3,017,651		–			–		7,919,001		266,364		212,465		352,318			–
	$	20,779,260	$	12,314,187	$	26,109,929	$	(8,341,732	)	$	–	$	53,839,804		1,877,039	$	863,616	$	1,753,847		$	1,224,313

As of January 31, 2023, 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.

Sector Weightings
Cambria Cannabis ETF
Consumer Staples	47.36%
Health Care	33.01%
Materials	6.94%
Real Estate	5.50%
Financials	2.22%
Consumer Discretionary	2.19%
Industrials	2.06%
Information Technology	0.72%
	100.00%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Cannabis ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Shares		Value
Common Stocks (92.50%)
Consumer Discretionary (2.02%)
Greenlane Holdings, Inc., Class A(a)(b)		29,540	$	14,179
GrowGeneration Corp.(a)		48,060		247,990
				262,169
Consumer Staples (43.81%)
Altria Group, Inc.		18,000		810,720
British American Tobacco PLC		14,400		549,633
Constellation Brands, Inc., Class A		5,076		1,175,196
Imperial Brands PLC		39,816		996,959
NewAge, Inc.(a)		573,912		172
Philip Morris International, Inc.		7,992		833,086
Turning Point Brands, Inc.		25,272		586,563
Universal Corp.		10,800		587,196
Village Farms International, Inc.(a)(b)		126,288		136,391
				5,675,916
Financials (2.06%)
AFC Gamma, Inc.		16,956		266,209
Health Care (30.53%)
Aurora Cannabis, Inc.(a)(b)		184,392		191,768
Canopy Growth Corp.(a)(b)		63,360		191,981
cbdMD, Inc.(a)		271,188		93,343
Charlottes Web Holdings, Inc.(a)(b)		372,060		206,925
Cronos Group, Inc.(a)(b)		180,792		455,596
Intercure, Ltd.(a)(b)		59,652		219,519
Jazz Pharmaceuticals PLC(a)		6,732		1,054,635
MyMD Pharmaceuticals, Inc.(a)(b)		61,956		167,281
Organigram Holdings, Inc.(a)(b)		491,220		450,407
SNDL, Inc.(a)(b)		175,430		403,489
Tilray Brands, Inc.(a)(b)		160,596		520,331
				3,955,275
Industrials (1.90%)
Agrify Corp.(a)		9,279		4,705
Hydrofarm Holdings Group, Inc.(a)		50,544		94,517
Urban-Gro, Inc.(a)		38,808		147,471
				246,693
Information Technology (0.67%)
WM Technology, Inc.(a)(b)		68,544		86,365
Materials (6.42%)
Scotts Miracle-Gro Co.		11,520		831,629
Real Estate (5.09%)
Innovative Industrial Properties, Inc.		7,344		659,344
Total Common Stocks
(Cost $29,542,382)				11,983,600
Short-Term Investment (12.25%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(c)(d)(e)		1,587,341	$	1,587,341
Total Short-Term Investment
(Cost $1,587,341)				1,587,341
Total Investments (104.76%)
(Cost $31,129,723)			$	13,570,941
Liabilities Less Other Assets (-4.76%)				(616,293	)
Net Assets (100.00%)			$	12,954,648

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, 2023. The total value of securities on loan at January 31, 2023 was $1,454,014.

(c)	To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $1,587,341.
(e)	Rate shown is the 7-day effective yield as of January 31, 2023.

As of January 31, 2023, 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.

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, 2023 (Unaudited)
	Shares		Value
Common Stocks (94.65%)(a)
Australia (5.15%)
BWP Trust		125,040	$	345,978
Charter Hall Retail REIT		125,060		352,212
Hotel Property Investments, Ltd.		146,440		362,810
Vicinity, Ltd.		248,980		362,030
				1,423,030
France (1.26%)
Klepierre SA		13,780		348,455
Great Britain (3.53%)
ABRDN PROPERTY INCOME TRUST, Ltd.		370,600		301,549
AEW UK REIT PLC		263,440		344,918
Custodian Property Income Reit PLC		292,220		328,560
				975,027
Guernsey (1.03%)
Balanced Commercial Property Trust, Ltd.		291,380		285,226
Italy (0.98%)
Immobiliare Grande Distribuzione SIIQ SpA		87,700		271,250
Japan (2.26%)
Tokyu REIT, Inc.(b)		200		300,849
Tosei Reit Investment Corp.		320		323,282
				624,131
Mexico (6.58%)
Concentradora Fibra Danhos SA de CV		374,000		492,563
FIBRA Macquarie Mexico(c)		282,000		478,324
Fibra Uno Administracion SA de CV		326,000		441,118
TF Administradora Industrial S de RL de CV		236,000		403,558
				1,815,563
Netherlands (1.45%)
Wereldhave NV		26,720		400,289
Singapore (1.43%)
Sasseur Real Estate Investment Trust		636,000		394,535
South Africa (10.90%)
Fairvest, Ltd., Class B		1,535,980		268,355
Fortress Real Estate Investments, Ltd., Class B(d)		1,305,420		354,864
Growthpoint Properties, Ltd.		416,480		335,578
Hyprop Investments, Ltd.		177,020		340,306
Investec Property Fund, Ltd.		569,360		305,949
Redefine Properties, Ltd.		1,537,440		354,318
SA Corporate Real Estate, Ltd.		2,808,400		371,225
Stor-Age Property REIT, Ltd.		427,820		331,929
Vukile Property Fund, Ltd.		459,880		348,082
				3,010,606
Turkey (4.11%)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,158,800		483,623
Sinpas Gayrimenkul Yatirim Ortakligi AS(d)		1,199,940		195,851
Yeni Gimat Gayrimenkul Ortakligi AS		230,700		455,040
				1,134,514
United States (55.97%)
Agree Realty Corp.		6,000		447,780
Alexander & Baldwin, Inc.		16,000		320,320
Armada Hoffler Properties, Inc.		28,240		358,083
Boston Properties, Inc.		4,060		302,633
Braemar Hotels & Resorts, Inc.		67,700		358,810
Brixmor Property Group, Inc.		16,000		376,480
CareTrust REIT, Inc.		16,120		334,006
Chatham Lodging Trust		26,220		372,586
Corporate Office Properties Trust		12,000		336,840
CTO Realty Growth, Inc.		18,000		353,520
Empire State Realty Trust, Inc. - Class A		48,220		402,155
EPR Properties		8,400		356,832
Equity Commonwealth		12,860		328,187
Equity Residential		5,300		337,345
Four Corners Property Trust, Inc.		13,320		383,083
Franklin Street Properties Corp.		70,000		215,600
Getty Realty Corp.		11,660		424,774
Global Net Lease, Inc.		24,240		362,388
Hersha Hospitality Trust - Class A		35,840		329,728
Highwoods Properties, Inc.		8,000		242,960
InvenTrust Properties Corp.		13,540		336,740
Kilroy Realty Corp.		6,000		246,240
Kimco Realty Corp.		16,000		359,360
LTC Properties, Inc.		7,780		296,807

Mid-America Apartment Communities, Inc.	2,000	333,440
National Health Investors, Inc.	5,340	314,152
National Retail Properties, Inc.	8,000	378,800
Necessity Retail REIT, Inc.	51,760	353,521
Omega Healthcare Investors, Inc.	10,500	309,120
Paramount Group, Inc.	44,000	283,800
Piedmont Office Realty Trust, Inc., Class A	20,000	212,000
Public Storage	1,400	426,076
Retail Opportunity Investments Corp.	20,000	316,600
Rexford Industrial Realty, Inc.	6,000	380,820
RPT Realty	28,000	293,440
Sabra Health Care REIT, Inc.	25,360	342,360
Saul Centers, Inc.	8,000	342,480
SITE Centers Corp.	24,000	327,600
Spirit Realty Capital, Inc.	7,900	346,652
Tanger Factory Outlet Centers, Inc.	17,260	329,839
Universal Health Realty Income Trust	7,060	386,959
Urstadt Biddle Properties, Inc., Class A	20,000	375,600
VICI Properties, Inc.	14,000	478,520
Whitestone REIT	35,740	372,053
WP Carey, Inc.	4,340	371,200
		15,458,289
Total Common Stocks
(Cost $24,587,117)		26,140,915

	Shares	Value
Exchange Traded Funds (1.24%)
United States (1.24%)
Equity ETF (1.24%)
NexPoint Diversified Real Estate Trust	26,120	341,911
Total Exchange Traded Funds
(Cost $315,076)		341,911

	Shares		Value
Real Estate Investment Trusts (1.31%)
United States (1.31%)
Apple Hospitality REIT, Inc.	20,500		363,465
Total Real Estate Investment Trusts
(Cost $328,591)			363,465
Short-Term Investment (0.57%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 3.01%(e)(f)	157,728	$	157,728
Total Short-Term Investment
(Cost $157,728)			157,728
Total Investments (97.77%)
(Cost $25,388,512)		$	27,004,019
Other Assets Less Liabilities (2.23%)			614,988
Net Assets (100.00%)		$	27,619,007

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, 2023. The total value of securities on loan at January 31, 2023 was $150,424.
(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, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $478,324, representing 1.73% of net assets.
(d)	Non-income producing security.
(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2023 was $157,728.
(f)	Rate shown is the 7-day effective yield as of January 31, 2023.

Investment Abbreviations:

AS- Turkish Joint Stock Companies

NV- Dutch Public Limited Liability Companies

PLC- Public Limited Company

REIT- Real Estate Investment Trust

SA de CV- Mexican Public Limited Company with Variable Capital

As of January 31, 2023, 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.