Semi-Annual Report

October 31, 2023

 

Cambria Cannabis ETF (TOKE)

Cambria Emerging Shareholder Yield ETF (EYLD)

Cambria Foreign Shareholder Yield ETF (FYLD)

Cambria Global Asset Allocation ETF (GAA)

Cambria Global Momentum ETF (GMOM)

Cambria Global Real Estate ETF (BLDG)

Cambria Global Tail Risk ETF (FAIL)

Cambria Global Value ETF (GVAL)

Cambria Shareholder Yield ETF (SYLD)

Cambria Tail Risk ETF (TAIL)

Cambria Trinity ETF (TRTY)

Cambria Value and Momentum ETF (VAMO)

 

Cambria Investment Management
Table of Contents

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

Schedules of Investments

Cambria Cannabis ETF

1

Cambria Emerging Shareholder Yield ETF

3

Cambria Foreign Shareholder Yield ETF

6

Cambria Global Asset Allocation ETF

9

Cambria Global Momentum ETF

11

Cambria Global Real Estate ETF

13

Cambria Global Tail Risk ETF

15

Cambria Global Value ETF

16

Cambria Shareholder Yield ETF

19

Cambria Tail Risk ETF

21

Cambria Trinity ETF

22

Cambria Value and Momentum ETF

24

Statements of Assets and Liabilities

27

Statements of Operations

31

Statements of Changes in Net Assets

35

Financial Highlights

41

Notes to Financial Statements

53

Disclosure of Fund Expenses

66

Approval of Sub-Advisory Agreement and Board Consideration

68

Supplemental Information

70

Semi-Annual Report | October 31, 2023 1

The accompanying notes are an integral part of these financial statements.

Cambria Cannabis ETFSchedule of Investments

October 31, 2023 (Unaudited)

Cambria Cannabis ETF

Country Composition

United States

65.5%

Canada

13.7%

Great Britain

12.6%

Ireland

7.7%

Israel

0.6%

 

100.0%

Percentages are based upon corporate bonds, U.S. Treasury obligations, common stocks, preferred stocks and convertible preferred stocks as a percentage of total investments.

Sector Weightings

Cambria Cannabis ETF

Consumer Staples

51.8%

Health Care

29.8%

Materials

5.5%

Real Estate 

4.9%

Financials 

3.1%

Industrials 

2.2%

Consumer Discretionary 

1.8%

Information Technology

0.9%

 

100.0%

Percentages based on total investments.

 

Shares

 

Value

COMMON STOCKS - 92.7%

Consumer Discretionary - 1.7%

Greenlane Holdings, Inc. – Class A(a)

2,871

$1,593

GrowGeneration Corp.(a)

75,950

 154,938

 

 156,531

Consumer Staples - 47.9%

Altria Group, Inc.

15,750

 632,678

British American Tobacco PLC

14,000

 417,580

Constellation Brands, Inc. – Class A

4,200

 983,429

Imperial Brands PLC

38,710

 823,848

Philip Morris International, Inc.

7,350

 655,326

Turning Point Brands, Inc.

20,300

 407,015

Universal Corp.

8,925

 401,625

Village Farms International, Inc.(a)

122,780

 88,402

 

 4,409,903

Financials - 2.8%

AFC Gamma, Inc. - REIT

24,675

 261,062

 

 

Shares

 

Value

Health Care - 27.7%(b)

Aurora Cannabis, Inc.(a)

386,365

$170,503

Canopy Growth Corp.(a)

61,600

 34,816

cbdMD, Inc.(a)

5,860

 3,458

Charlottes Web Holdings, Inc.(a)

361,725

 91,295

Cronos Group, Inc.(a)

232,330

 420,517

Intercure Ltd.(a)

57,995

 57,995

Jazz Pharmaceuticals PLC(a)

5,950

 755,768

MyMD Pharmaceuticals, Inc.(a)

171,570

 72,917

Organigram Holdings, Inc.(a)

177,843

 189,802

SNDL, Inc.(a)

245,840

 354,010

Tilray Brands, Inc.(a)

215,985

 388,773

 

 2,539,854

Industrials - 2.1%

Agrify Corp.(a)

452

 574

Hydrofarm Holdings Group, Inc.(a)

138,565

 138,343

Urban-Gro, Inc.(a)

37,730

 50,936

 

 189,853

Information Technology - 0.8%

WM Technology, Inc.(a)

66,640

 72,638

 

 

Materials - 5.1%

Scotts Miracle-Gro Co.

10,500

 466,620

 

Real Estate - 4.6%

Innovative Industrial Properties, Inc. - REIT

5,810

 417,332

 

 

Total Common Stocks
(Cost $27,779,813)

8,513,793

 

Short-Term Investments - 7.0%

Money Market Funds - 7.0%

 

First American Treasury Obligations Fund - Class X, 5.28%(b)

646,877

 646,877

 

 

Total Short-Term Investments
(Cost $646,877)

 646,877

 

Total Investments - 99.7%
(Cost $28,426,690)

9,160,670

 

Other Assets in Excess of Liabilities - 0.3%

26,558

 

Total Net Assets - 100.0%

$9,187,228

 

Percentages are stated as a percent of net assets.

2www.cambriafunds.com

The accompanying notes are an integral part of these financial statements.

Cambria Cannabis ETFSchedule of Investments

October 31, 2023 (Unaudited)

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)Non-income producing security.

(b)The rate shown represents the 7-day effective yield as of October 31, 2023.

Cambria Cannabis ETF(c)

 

Level 1

Level 2

Level 3

Total

Investments:

Common Stocks

$7,835,399

$

$

$7,835,399

Real Estate Investment Trusts

 678,394

 —

 —

 678,394

Short-Term Investments

646,877

646,877

Total Investments

$9,160,670

$

$

$9,160,670

(c)Refer to Note 2 in the Notes to Financial Statements for additional information.

Semi-Annual Report | October 31, 2023 3

The accompanying notes are an integral part of these financial statements.

Cambria Emerging Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

Sector Weightings

Cambria Emerging Shareholder Yield ETF

Information Technology 

23.2%

Energy 

17.7%

Financials 

16.2%

Materials 

12.0%

Consumer Discretionary 

10.4%

Industrials 

9.5%

Utilities 

4.3%

Consumer Staples 

3.4%

Health Care 

2.2%

Real Estate 

1.1%

 

100.0%

Percentages based on total investments.

 

Shares

 

Value

COMMON STOCKS - 96.1%

Brazil - 3.8%

Cia de Saneamento de Minas Gerais Copasa MG

544,000

$1,729,622

Cielo SA

2,544,800

 1,791,846

Petroleo Brasileiro SA

336,000

 2,519,125

Ultrapar Participacoes SA

576,000

 2,329,477

 

 8,370,070

China - 17.1%

Anhui Conch Cement Co. Ltd. – Class H

560,000

 1,396,914

Bank of Communications Co. Ltd. – Class H

4,000,000

 2,366,698

China Coal Energy Co. Ltd. – Class H

2,720,000

 2,134,219

China Hongqiao Group Ltd.

182,000

 170,249

China Petroleum & Chemical Corp.

5,214,000

 2,665,218

China Shenhua Energy Co. Ltd. – Class H

1,120,000

 3,435,035

E-Commodities Holdings Ltd.

11,520,000

 1,987,413

Fufeng Group Ltd.

4,480,000

 2,324,373

Huadian Power International Corp. Ltd. – Class H(a)

7,214,000

 2,894,727

JNBY Design Ltd.

1,520,000

 1,849,193

Lonking Holdings Ltd.

6,880,000

 1,063,838

People’s Insurance Co. Group of China Ltd.

7,663,000

 2,526,506

PetroChina Co. Ltd. - Class H

4,702,000

 3,064,464

Shenzhen Expressway Corp. Ltd. – Class H

2,240,000

 1,846,331

Tianli International Holdings Ltd.

8,800,000

 2,507,779

Yankuang Energy Group Co. Ltd. – Class H

1,920,000

 3,336,890

Zhejiang Expressway Co. Ltd. - Class H

2,240,000

 1,686,029

 

 37,255,876

 

Shares

 

Value

Hong Kong - 1.1%

China Medical System Holdings Ltd.

1,600,000

$2,555,829

 

India - 7.5%

Bank of Baroda

771,696

 1,818,509

Coal India Ltd.

829,518

 3,130,915

Indian Bank

833,031

 4,202,737

Oil & Natural Gas Corp. Ltd.

1,216,332

 2,719,476

Oil India Ltd.

823,446

 2,955,687

Vedanta Ltd.

878,370

 2,285,104

 

 17,112,428

Indonesia - 1.6%

Indo Tambangraya Megah Tbk PT

992,000

 1,656,456

United Tractors Tbk PT

1,120,000

 1,771,483

 

 3,427,939

South Korea - 14.5%

Aekyung Chemical Co. Ltd.

173,457

1,392,228

DB Insurance Co. Ltd.

40,320

 2,624,211

Doosan Bobcat, Inc.

53,835

 1,544,635

GS Holdings Corp.

75,546

 2,203,926

Hanmi Semiconductor Co. Ltd.

162,180

 6,304,432

HD Hyundai Construction Equipment Co. Ltd.

52,660

 1,735,123

HD Hyundai Infracore Co. Ltd.

358,996

 1,778,300

Kia Corp.

42,193

 2,402,460

KT&G Corp.

36,654

 2,315,047

LX Semicon Co. Ltd.

35,064

 1,858,933

Poongsan Corp.

72,464

 1,928,904

PSK, Inc.

138,620

 1,761,297

S-Oil Corp.

39,313

 1,932,830

SSANGYONG C&E Co. Ltd.

448,937

 1,851,526

 

 31,633,852

Mexico - 3.7%

Arca Continental SAB de CV

320,000

 2,871,462

Banco del Bajio SA(a)

928,000

 2,825,333

GCC SAB de CV

272,000

 2,426,863

 

 8,123,658

Poland - 2.6%

Powszechna Kasa Oszczednosci Bank Polski SA(b)

256,852

 2,653,862

Powszechny Zaklad Ubezpieczen SA

270,644

 3,059,165

 

 5,713,027

Russia - 0.0%(c)

Alrosa PJSC(b)(d)(e)

538,800

 —

Federal Grid Co. Unified Energy System PJSC(b)(d)(e)

328,200,000

 4

4www.cambriafunds.com

The accompanying notes are an integral part of these financial statements.

Cambria Emerging Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

 

Shares

 

Value

Russia (continued)

Gazprom Neft PJSC(b)(d)(e)

223,200

$

Gazprom PJSC(b)(d)(e)

423,000

 —

Inter RAO UES PJSC(b)(d)(e)

11,040,000

 —

LUKOIL PJSC(b)(d)(e)

17,160

 —

Magnitogorsk Iron & Steel Works PJSC(b)(d)(e)

1,560,000

 —

NovaBev Group PJSC(b)(d)(e)

20,340

 —

Novolipetsk Steel PJSC(b)(d)(e)

458,400

 —

OGK-2 PJSC(b)(d)(e)

94,200,000

 1

Sberbank of Russia PJSC(b)(d)(e)

276,600

 —

Severstal PAO(b)(d)(e)

85,200

 —

Unipro PJSC(b)(d)(e)

21,240,000

 —

 

 5

South Africa - 16.2%

Absa Group Ltd.

18,109

165,102

AECI Ltd.

441,580

 2,615,954

African Rainbow Minerals Ltd.

210,332

 1,733,215

Exxaro Resources Ltd.

194,856

 1,954,676

Investec Ltd.

514,716

 2,816,128

Investec PLC

523,764

 2,902,446

Kumba Iron Ore Ltd.

79,076

 2,095,201

Motus Holdings Ltd.

507,840

 2,521,012

Nedbank Group Ltd.

185,520

 1,996,499

Reunert Ltd.

918,598

 2,892,690

Sanlam Ltd.

606,580

 2,127,546

Sasol Ltd.

138,814

 1,759,093

Sibanye Stillwater Ltd.

951,576

 1,220,264

Thungela Resources Ltd.

182,408

 1,627,994

Tiger Brands Ltd.

213,990

 1,979,329

Truworths International Ltd.

1,221,486

 4,948,206

 

 35,355,355

Taiwan - 24.2%

Asustek Computer, Inc.

320,000

 3,334,669

Catcher Technology Co. Ltd.

480,000

 2,685,987

Chicony Electronics Co. Ltd.

800,000

 3,070,757

China Motor Corp.

701,000

 1,873,800

Dimerco Express Corp.

1,342,454

 3,282,152

Generalplus Technology, Inc.

1,440,000

 2,184,307

Global Mixed Mode Technology, Inc.

269,000

 2,060,937

Holy Stone Enterprise Co. Ltd.

839,000

 2,454,790

Huaku Development Co. Ltd.

800,000

 2,259,288

IEI Integration Corp.

1,280,000

 2,703,253

ITE Technology, Inc.

960,000

 4,809,619

Nantex Industry Co. Ltd.

1,920,000

 2,036,319

O-TA Precision Industry Co. Ltd.

800,000

 2,103,900

 

Shares

 

Value

Taiwan (continued)

Radiant Opto-Electronics Corp.

640,000

$2,446,740

Systex Corp.

800,000

 2,466,471

TaiDoc Technology Corp.

480,000

 2,108,833

Taiwan Semiconductor Co. Ltd.

765,000

 1,834,962

Topco Scientific Co. Ltd.

52,000

 270,942

Transcend Information, Inc.

800,000

 1,810,390

Tripod Technology Corp.

640,000

 3,255,742

Utechzone Co. Ltd.

888,000

 1,894,546

Winstek Semiconductor Co. Ltd.

701,000

 1,819,769

 

 52,768,173

Thailand - 0.1%

Tisco Financial Group PCL

72,800

 194,950

 

Turkey - 3.7%

Aksa Akrilik Kimya Sanayii AS

48,165

150,690

Dogus Otomotiv Servis ve Ticaret AS

413,580

 3,629,144

Enerjisa Enerji AS(a)

2,572,728

 4,418,813

 

 8,198,647

Total Common Stocks
(Cost $225,994,269)

210,709,809

 

Short-Term Investments - 3.9%

Money Market Funds - 3.9%

 

First American Treasury Obligations Fund - Class X, 5.28%(f)

8,559,437

 8,559,437

 

Total Short-Term Investments
(Cost $8,559,437)

 8,559,437

 

Total Investments - 100.0%
(Cost $234,553,706)

219,269,246

 

Liabilities in Excess of Other Assets - 0.0%(c)

(102,330

)

 

Total Net Assets - 100.0%

$219,166,916

 

Percentages are stated as a percent of net assets.

AS - Turkish Joint Stock Company

PAO - Russian Public Stock Company

PJSC - Private Joint Stock Company

PLC - Public Limited Company

SA - Brazilian Limited Liability Corporation

Semi-Annual Report | October 31, 2023 5

The accompanying notes are an integral part of these financial statements.

Cambria Emerging Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

(a)Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $10,138,873 or 4.6% of the Fund’s net assets.

(b)Non-income producing security.

(c)Represents less than 0.05% of net assets.

(d)Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $5 or 0.0% of net assets as of October 31, 2023.

(e)These securities are considered to be illiquid. The aggregate value of these securities at October 31, 2023 was $5, which represent 0.00% of the Fund’s net assets.

(f)The rate shown represents the 7-day effective yield as of October 31, 2023.

Represents less than 0.05% of net assets.

Cambria Emerging Shareholder Yield ETF(g)

 

Level 1

Level 2

Level 3(h)

Total

Investments:         

Common Stocks

Brazil

$8,370,070

$

$

$8,370,070

China

37,255,876

37,255,876

Hong Kong

2,555,829

2,555,829

India

17,112,428

17,112,428

Indonesia

3,427,939

3,427,939

Korea

31,633,852

31,633,852

Mexico

8,123,658

8,123,658

Poland

5,713,027

5,713,027

Russia

5

5

South Africa

35,355,355

35,355,355

Taiwan

52,768,173

52,768,173

Thailand

194,950

194,950

Turkey

8,198,647

8,198,647

Total Common Stocks 

210,709,804

5

210,709,809

Short-Term Investments

8,559,437

8,559,437

Total Investments

$219,269,241

$

$5

$219,269,246

(g) Refer to Note 2 in the Notes to Financial Statements for additional information.

(h)A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

6www.cambriafunds.com

The accompanying notes are an integral part of these financial statements.

Cambria Foreign Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

Sector Weightings

Cambria Foreign Shareholder Yield ETF

Energy

24.4%

Financials

20.9%

Materials

17.3%

Industrials

17.0%

Consumer Discretionary

6.8%

Information Technology

4.8%

Communication Services

4.5%

Consumer Staples

3.1%

Real Estate

1.2%

 

100.0%

Percentages based on total investments.

 

Shares

 

Value

Common Stocks - 97.7%

Australia - 7.9%

CSR Ltd.

589,475

$2,097,762

Fortescue Metals Group Ltd.

217,972

 3,083,426

New Hope Corp. Ltd.

651,554

 2,384,813

Santos Ltd.

431,400

 2,098,957

Super Retail Group Ltd.

289,045

 2,416,623

Whitehaven Coal Ltd.

338,930

 1,590,999

Woodside Energy Group Ltd.

94,571

 2,055,291

Yancoal Australia Ltd.

533,422

 1,634,354

 

 17,362,225

Austria - 0.9%

Wienerberger AG

82,343

 1,998,697

 

Canada - 17.8%

Canadian Natural Resources Ltd.

36,896

 2,342,933

Corus Entertainment, Inc. – Class B

1,260,958

 581,946

Crescent Point Energy Corp.

312,256

 2,503,902

Imperial Oil Ltd.

74,096

 4,222,683

Interfor Corp.(a)

114,632

 1,414,353

International Petroleum Corp.(a)

192,979

 2,041,740

Labrador Iron Ore Royalty Corp.

107,544

 2,365,309

MEG Energy Corp.(a)

165,782

 3,275,592

Mullen Group Ltd.

239,170

 2,269,679

Parex Resources, Inc.

110,488

 2,117,736

Peyto Exploration & Development Corp.

202,476

 2,131,711

Secure Energy Services, Inc.

415,164

 2,305,219

Stelco Holdings, Inc.

91,888

 2,589,496

Suncor Energy, Inc.

73,490

 2,379,979

Trican Well Service Ltd.

657,772

 2,224,590

 

Shares

 

Value

Canada (continued)

West Fraser Timber Co. Ltd.

19,104

$1,289,305

Whitecap Resources, Inc.

295,072

 2,278,869

 

 38,335,042

Denmark - 2.3%

D/S Norden AS

44,176

 2,508,865

Scandinavian Tobacco Group A/S – Class A(b)

158,727

 2,356,012

 

 4,864,877

Finland - 1.0%

Mandatum Oyj(a)

51,202

 197,854

Sampo Oyj

49,065

 1,926,591

 

 2,124,445

France - 6.9%

Amundi SA(b)

36,461

 1,898,878

AXA SA

91,550

 2,707,975

Coface SA

172,605

 2,078,368

Metropole Television SA

112,722

1,410,978

Nexity SA

82,534

1,151,000

SCOR SE

103,153

 3,072,467

TotalEnergies SE

43,564

 2,913,209

 

 15,232,875

Germany - 3.7%

Bayerische Motoren Werke AG

18,340

 1,700,509

DWS Group GmbH & Co. KGaA(b)

51,393

 1,504,122

Freenet AG

104,077

 2,636,367

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

5,698

 2,281,997

 

 8,122,995

Hong Kong - 6.4%

China Resources Cement Holdings Ltd.

3,056,868

 785,190

CK Hutchison Holdings Ltd.

364,922

 1,844,371

New World Development Co. Ltd.

764,216

 1,400,448

Orient Overseas International Ltd.

95,526

 1,204,261

Pacific Basin Shipping Ltd.

6,113,738

 1,765,701

PC Partner Group Ltd.

2,604,000

 1,034,911

Shougang Fushan Resources Group Ltd.

6,596,934

 2,166,592

Skyworth Group Ltd.

4,967,412

 1,796,463

VTech Holdings Ltd.

267,476

 1,556,951

 

 13,554,888

Italy - 4.1%

Anima Holding SpA(b)

458,179

 1,869,386

Eni SpA

174,326

 2,845,762

Unipol Gruppo SpA

423,795

 2,292,311

UnipolSai Assicurazioni SpA

733,075

 1,735,942

 

 8,743,401

Semi-Annual Report | October 31, 2023 7

The accompanying notes are an integral part of these financial statements.

Cambria Foreign Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

 

Shares

 

Value

Japan - 21.3%

Citizen Watch Co. Ltd.

536,800

$3,091,714

Dai-ichi Life Holdings, Inc.

129,600

 2,715,551

Hakuto Co. Ltd.

70,600

 2,356,827

Iyogin Holdings, Inc.

442,500

 3,154,355

Japan Petroleum Exploration Co. Ltd.

73,700

 2,504,074

Japan Post Holdings Co. Ltd.

275,500

 2,424,654

Japan Tobacco, Inc.

91,700

 2,130,138

Kamigumi Co. Ltd.

110,000

 2,213,426

Kawasaki Kisen Kaisha Ltd.

55,600

 1,886,530

Kokuyo Co. Ltd.

146,600

 2,251,590

Macnica Holdings, Inc.

53,600

 2,130,562

Mitsubishi Logistics Corp.

73,300

 1,896,152

Mitsuboshi Belting Ltd.

92,100

 2,630,995

Mitsui & Co. Ltd.

70,900

 2,533,830

MS&AD Insurance Group Holdings, Inc.

58,600

 2,123,634

Press Kogyo Co. Ltd.

699,500

 2,953,522

Sumitomo Warehouse Co. Ltd.

147,300

 2,340,085

Tokio Marine Holdings, Inc.

92,200

2,033,479

Yamato Kogyo Co. Ltd.

55,300

 2,618,792

 

 45,989,910

Luxembourg - 1.5%

APERAM SA

62,946

 1,741,673

RTL Group SA

41,266

 1,439,151

 

 3,180,824

Netherlands - 1.9%

NN Group NV

61,839

 1,979,968

Stellantis NV

120,355

 2,241,319

 

 4,221,287

New Zealand - 0.6%

Fletcher Building Ltd.

524,061

 1,318,976

 

Norway - 4.0%

Elkem ASA(b)

667,733

 1,032,896

Golden Ocean Group Ltd.

238,184

 1,759,043

Hoegh Autoliners ASA

366,800

 2,965,015

Telenor ASA

186,171

 1,902,382

Yara International ASA

40,693

 1,329,604

 

 8,988,940

Spain - 2.3%

ACS Actividades de Construccion y Servicios SA

65,228

 2,358,337

Repsol SA

174,716

 2,555,787

 

 4,914,124

Sweden - 2.3%

SSAB AB

826,034

 4,849,898

 

 

Shares

 

Value

Switzerland - 1.8%

Glencore PLC

360,328

$1,905,787

Holcim AG

33,203

 2,046,968

 

 3,952,755

United Kingdom - 11.0%

abrdn PLC

1,008,170

 1,919,559

Aviva PLC(a)

351,782

 1,700,033

Balfour Beatty PLC

571,443

 2,147,582

Barratt Developments PLC

406,879

 2,046,907

BP PLC

541,851

 3,310,090

British American Tobacco PLC

68,112

 2,031,588

Legal & General Group PLC

580,430

 1,491,393

Man Group PLC/Jersey

626,859

 1,672,406

Persimmon PLC

106,226

 1,311,783

Quilter PLC(b)

1,512,973

1,469,316

Rio Tinto PLC

49,970

 3,191,680

WPP PLC

191,738

 1,646,718

 

 23,939,055

Total Common Stocks
(Cost $224,422,487)

 211,695,214

 

Short-Term Investments - 1.3%

Money Market Funds - 1.3%

 

First American Treasury Obligations Fund - Class X, 5.28%(c)

2,733,419

 2,733,419

 

Total Short-Term Investments
(Cost $2,733,419)

 2,733,419

 

Total Investments - 99.0%
(Cost $227,155,906)

214,428,633

 

Other Assets in Excess of Liabilities - 1.0%

2,233,185

 

Total Net Assets - 100.0%

$216,661,818

 

Percentages are stated as a percent of net assets.

GmH - German Company with limited liability

KgaA - German Master Limited Partnership

Oyj - Finnish public stock company

PLC - Public Limited Company

SpA - Italian Public Limited Company

8www.cambriafunds.com

The accompanying notes are an integral part of these financial statements.

Cambria Foreign Shareholder Yield ETFSchedule of Investments

October 31, 2023 (Unaudited)

(a)Non-income producing security.

(b)Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $10,130,610 or 4.7% of the Fund’s net assets.

(c)The rate shown represents the 7-day effective yield as of October 31, 2023.

Cambria Foreign Shareholder Yield ETF(d)

 

Level 1

Level 2

Level 3

Total

Investments:

Common Stocks

$211,695,214

$

$

$211,695,214

Short-Term Investments

2,733,419

2,733,419

Total Investments

$214,428,633

$

$

$214,428,633

(d)Refer to Note 2 in the Notes to Financial Statements for additional information.

Semi-Annual Report | October 31, 2023 9

The accompanying notes are an integral part of these financial statements.

Cambria Global Asset Allocation ETFSchedule of Investments

October 31, 2023 (Unaudited)

Sector Weightings

Cambria Global Asset Allocation ETF

Exchange Traded Funds

100.0%

 

100.0%

Percentages based on total investments.

 

Shares

 

Value

Exchange Traded Funds - 98.7%

Alpha Architect International Quantitative Momentum ETF

39,520

$935,834

Alpha Architect US Quantitative Momentum ETF

46,550

 1,910,133

Alpha Architect Value Momentum Trend ETF

21,964

 470,030

Cambria Emerging Shareholder Yield ETF(a)

166,136

 4,557,109