| Cambria Chesapeake Pure Trend ETF | |
| Consolidated Schedule of Investments | |
| September 30, 2024 (Unaudited) | |
| | |
| COMMON STOCKS - 69.1% | | Shares | | | Value | |
| Aerospace & Defense - 8.6% | | | | |
Lockheed Martin Corp. (a) | | | 2,186 | | | $ | 1,277,848 | |
| Northrop Grumman Corp. | | | 1,437 | | | | 758,837 | |
| | | | | | | | 2,036,685 | |
| | | | | | | | | |
| Auto Manufacturers - 0.9% | | | | | |
Tesla, Inc. (b) | | | 843 | | | | 220,554 | |
| | | | | | | | | |
| Beverages - 3.2% | | | | | |
| Keurig Dr Pepper, Inc. | | | 20,155 | | | | 755,409 | |
| | | | | | | | | |
| Chemicals - 2.3% | | | | | |
| Air Products and Chemicals, Inc. | | | 1,824 | | | | 543,078 | |
| | | | | | | | | |
| Commercial Services - 4.0% | | | | | |
| Automatic Data Processing, Inc. | | | 3,450 | | | | 954,719 | |
| | | | | | | | | |
| Computers - 4.6% | | | | | |
| Apple, Inc. | | | 3,086 | | | | 719,038 | |
Fortinet, Inc. (b) | | | 4,750 | | | | 368,362 | |
| | | | | | | | 1,087,400 | |
| | | | | | | | | |
| Electric - 2.8% | | | | | |
| Sempra | | | 8,020 | | | | 670,713 | |
| | | | | | | | | |
| Electronics - 4.0% | | | | | |
| Honeywell International, Inc. | | | 4,531 | | | | 936,603 | |
| | | | | | | | | |
| Food - 3.3% | | | | | |
| General Mills, Inc. | | | 10,450 | | | | 771,733 | |
| | | | | | | | | |
| Healthcare Services - 2.2% | | | | | |
| UnitedHealth Group, Inc. | | | 883 | | | | 516,272 | |
| | | | | | | | | |
| Home Furnishings - 1.0% | | | | | |
| Sony Group Corp. - ADR | | | 2,530 | | | | 244,322 | |
| | | | | | | | | |
| Machinery - Diversified - 2.2% | | | | | |
| Cactus, Inc. - Class A | | | 8,666 | | | | 517,100 | |
| | | | | | | | | |
| Mining - 4.0% | | | | | |
| Newmont Corp. | | | 8,591 | | | | 459,189 | |
| Rio Tinto PLC - ADR | | | 6,727 | | | | 478,761 | |
| | | | | | | | 937,950 | |
| | | | | | | | | |
| Oil & Gas - 3.5% | | | | | |
| Exxon Mobil Corp. | | | 6,997 | | | | 820,188 | |
| | | | | | | | | |
| Pharmaceuticals - 5.7% | | | | | |
| Johnson & Johnson | | | 3,208 | | | | 519,888 | |
| Pfizer, Inc. | | | 10,115 | | | | 292,728 | |
| Sanofi SA - ADR | | | 9,420 | | | | 542,875 | |
| | | | | | | | 1,355,491 | |
| | | | | | | | | |
| | | | | | | | | |
| Pipelines - 2.5% | | | | | |
| Cheniere Energy, Inc. | | | 3,274 | | | | 588,796 | |
| | | | | | | | | |
| Retail - 3.2% | | | | | |
| Yum! Brands, Inc. | | | 5,417 | | | | 756,809 | |
| | | | | | | | | |
| Semiconductors - 0.4% | | | | | |
| Microchip Technology, Inc. | | | 1,114 | | | | 89,443 | |
| | | | | | | | | |
| Software - 7.5% | | | | | |
| Electronic Arts, Inc. | | | 6,626 | | | | 950,434 | |
| Paychex, Inc. | | | 6,023 | | | | 808,226 | |
| | | | | | | | 1,758,660 | |
| | | | | | | | | |
| Telecommunications - 3.2% | | | | | |
| Cisco Systems, Inc. | | | 14,092 | | | | 749,976 | |
TOTAL COMMON STOCKS (Cost $15,436,336) | | | | 16,311,901 | |
| | | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 8.6% | | | | | | | | |
| American Tower Corp. | | | 2,659 | | | | 618,377 | |
| Extra Space Storage, Inc. | | | 3,099 | | | | 558,409 | |
| Public Storage | | | 2,354 | | | | 856,550 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,785,802) | | | | 2,033,336 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.0% | | | | | | | | |
| U.S. Treasury Bills - 2.0% | | Par | | | | | |
5.17%, 03/20/2025 (c) | | $ | 489,000 | | | | 479,134 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $477,547) | | | | 479,134 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 79.7% (Cost $17,699,685) | | | | 18,824,371 | |
| Other Assets in Excess of Liabilities - 20.3% | | | | 4,797,213 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 23,621,584 | |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
| ADR - American Depositary Receipt |
| PLC - Public Limited Company |
| SA - Sociedad Anónima |
| (a) | All or a portion of the security has been pledged as collateral. The total value of assets committed as collateral as of September 30, 2024 is $505,060 which represents 2.1% of net assets. |
| (b) | Non-income producing security. |
| (c) | The rate shown is the effective yield as of September 30, 2024. |
| Cambria Chesapeake Pure Trend ETF | |
| Consolidated Schedule of Securities Sold Short | |
| September 30, 2024 (Unaudited) | |
| | |
COMMON STOCKS - (1.6)% | | Shares | | | Value | |
| Oil & Gas - (1.6)% | | | | |
| Chevron Corp. | | | (2,549 | ) | | $ | (375,391 | ) |
TOTAL COMMON STOCKS (Proceeds $370,117) | | | | (375,391 | ) |
| | | | | | | | | |
TOTAL SECURITIES SOLD SHORT - (1.6)% (Proceeds $370,117) | | | | | | $ | (375,391 | ) |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | | | | |
| Cambria Chesapeake Pure Trend ETF | |
| Consolidated Schedule of Futures Contracts | |
| September 30, 2024 (Unaudited) | |
| | |
| Description | | Contracts Purchased | | Expiration Date | | Notional Value | | | Value / Unrealized Appreciation (Depreciation) | |
| 3 Month Canadian Overnight Repo Rate Average | | | 92 | | 03/17/2026 | | $ | 16,606,240 | | | $ | 35,349 | |
| 3 Month Euribor | | | 58 | | 06/15/2026 | | | 15,880,058 | | | | 26,838 | |
| 3 Month Swiss Average Overnight Rate | | | 82 | | 09/16/2025 | | | 24,215,784 | | | | 104,473 | |
| 3-Month Secured Overnight Financing Rate | | | 48 | | 09/15/2026 | | | 11,642,400 | | | | (21,805 | ) |
| Arabica Coffee | | | 5 | | 12/18/2024 | | | 506,719 | | | | 76,193 | |
| Australian Government 10 Year Bonds | | | 29 | | 12/16/2024 | | | 2,341,749 | | | | (20,245 | ) |
| Australian Government 3 Year Bonds | | | 69 | | 12/16/2024 | | | 5,130,535 | | | | (7,044 | ) |
| Australian 90 Day Bank Bills | | | 77 | | 12/11/2025 | | | 52,988,646 | | | | 8,777 | |
| Canadian 10 Year Government Bonds | | | 23 | | 12/18/2024 | | | 2,128,302 | | | | (2,144 | ) |
| Copper | | | 8 | | 12/27/2024 | | | 910,600 | | | | 62,663 | |
| Crude Palm Oil | | | 15 | | 12/13/2024 | | | 363,314 | | | | 19,116 | |
| Euro BUXL 30 Year Bonds | | | 3 | | 12/06/2024 | | | 456,284 | | | | (3,827 | ) |
| Euro-BOBL | | | 16 | | 12/06/2024 | | | 2,143,702 | | | | 5,248 | |
| Euro-BTP Italian Government Bonds | | | 16 | | 12/06/2024 | | | 2,169,059 | | | | 32,803 | |
| Euro-Bund | | | 9 | | 12/06/2024 | | | 1,355,193 | | | | (3,244 | ) |
| Euro-Schatz | | | 27 | | 12/06/2024 | | | 3,229,532 | | | | 5,635 | |
| Gold | | | 5 | | 12/27/2024 | | | 1,329,700 | | | | 113,377 | |
| ICE 3 Month SONIA Rate | | | 23 | | 09/15/2026 | | | 7,448,576 | | | | (2,888 | ) |
| Japanese 10 Year Government Bonds | | | 2 | | 12/13/2024 | | | 2,022,511 | | | | 3,627 | |
| Live Cattle | | | 14 | | 12/31/2024 | | | 1,034,880 | | | | 35,488 | |
London Metals - Lead(a) | | | 1 | | 12/16/2024 | | | 52,297 | | | | (173 | ) |
London Metals - Tin(a) | | | 4 | | 12/16/2024 | | | 671,180 | | | | 51,646 | |
London Metals - Zinc(a) | | | 10 | | 12/16/2024 | | | 773,173 | | | | 80,464 | |
| Long Gilt | | | 3 | | 12/27/2024 | | | 396,086 | | | | (3,150 | ) |
| Palladium | | | 1 | | 12/27/2024 | | | 100,020 | | | | (6,535 | ) |
| Robusta Coffee | | | 26 | | 11/25/2024 | | | 1,429,480 | | | | 327,782 | |
| SGX Technically Specified Rubber 20 | | | 114 | | 11/29/2024 | | | 1,232,910 | | | | 118,081 | |
| Short-term Euro-BTP | | | 56 | | 12/06/2024 | | | 6,729,225 | | | | 28,876 | |
| Silver | | | 4 | | 12/27/2024 | | | 629,160 | | | | 24,201 | |
| Sugar #11 | | | 8 | | 02/28/2025 | | | 201,331 | | | | (7,836 | ) |
| U.S. Treasury 10 Year Notes | | | 22 | | 12/19/2024 | | | 2,514,188 | | | | (16,240 | ) |
| U.S. Treasury 5 Year Notes | | | 33 | | 12/31/2024 | | | 3,626,133 | | | | (16,621 | ) |
| U.S. Treasury Long Bonds | | | 12 | | 12/19/2024 | | | 1,490,250 | | | | (30,148 | ) |
| US 3 Year Notes | | | 22 | | 12/31/2024 | | | 4,694,766 | | | | (13,273 | ) |
| | | | | | | | | | | | $ | 1,005,464 | |
| | | | | | | | | | | | | – | |
| Description | | Contracts Sold | | Expiration Date | | Notional Value | | | Value / Unrealized Appreciation (Depreciation) | |
| 30 Day Federal Funds Rate | | | (5) |
| 02/28/2025 | | $ | 2,003,806 | | | $ | (11,875 | ) |
| Corn No. 2 Yellow | | | (28) |
| 12/13/2024 | | | 594,650 | | | | 9,832 | |
| Cotton No.2 | | | (18) |
| 12/06/2024 | | | 662,490 | | | | (29,245 | ) |
| Crude Soybean Oil | | | (22) |
| 12/13/2024 | | | 571,692 | | | | 15,001 | |
| Feeder Cattle | | | (4) |
| 11/21/2024 | | | 489,800 | | | | (21,970 | ) |
| Hard Red Winter Wheat | | | (21) |
| 12/13/2024 | | | 612,937 | | | | (24,508 | ) |
| ICE European Climate Exchange Emissions | | | (8) |
| 12/16/2024 | | | 585,344 | | | | 33,544 | |
| Lean Hogs | | | (20) |
| 12/13/2024 | | | 586,200 | | | | 2,393 | |
London Metals - Lead(a) | | | (14) |
| 12/16/2024 | | | 732,165 | | | | (37,795 | ) |
London Metals - Nickel(a) | | | (7) |
| 12/16/2024 | | | 734,721 | | | | (58,159 | ) |
London Metals - Zinc (a) | | | (1) |
| 12/16/2024 | | | 77,317 | | | | (326 | ) |
| Low Sulphur Gas Oil | | | (4) |
| 12/12/2024 | | | 262,600 | | | | 884 | |
| Soybeans | | | (12) |
| 11/14/2024 | | | 634,200 | | | | 15,439 | |
| U.S. Treasury 2 Year Notes | | | (4) |
| 12/31/2024 | | | 832,969 | | | | (1,702 | ) |
| Wheat | | | (23) |
| 12/13/2024 | | | 671,600 | | | | (56,005 | ) |
| | | | | | | | | | | | $ | (164,492 | ) |
| Total Unrealized Appreciation (Depreciation) | | | $ | 840,972 | |
| (a) | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. |
| Cambria Chesapeake Pure Trend ETF | |
| Consolidated Schedule of Forward Currency Contracts | |
| September 30, 2024 (Unaudited) | |
| | |
| Counterparty | | Settlement Date | | Currency Purchased | | Currency Sold | | | Unrealized Appreciation (Depreciation) | |
| StoneX Financial, Inc. | | 12/18/2024 | | AUD | | | 2,188,000 | | USD | | | 1,496,307 | | | $ | 22,806 | |
| StoneX Financial, Inc. | | 12/18/2024 | | BRL | | | 297,000 | | USD | | | 54,013 | | | | 16 | |
| StoneX Financial, Inc. | | 12/18/2024 | | CHF | | | 591,000 | | USD | | | 704,410 | | | | 2,491 | |
| StoneX Financial, Inc. | | 12/18/2024 | | CNH | | | 27,880,000 | | USD | | | 3,995,990 | | | | 13,558 | |
| StoneX Financial, Inc. | | 12/18/2024 | | CZK | | | 20,392,000 | | USD | | | 898,524 | | | | 5,916 | |
| StoneX Financial, Inc. | | 12/18/2024 | | DKK | | | 17,580,000 | | USD | | | 2,616,266 | | | | 26,548 | |
| StoneX Financial, Inc. | | 12/18/2024 | | EUR | | | 1,094,000 | | USD | | | 1,212,699 | | | | 12,245 | |
| StoneX Financial, Inc. | | 12/18/2024 | | GBP | | | 1,440,000 | | USD | | | 1,885,824 | | | | 45,306 | |
| StoneX Financial, Inc. | | 12/18/2024 | | HUF | | | 351,706,000 | | USD | | | 975,796 | | | | 9,829 | |
| StoneX Financial, Inc. | | 12/18/2024 | | IDR | | | 29,130,000,000 | | USD | | | 1,927,607 | | | | (9,696 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | ILS | | | 184,000 | | USD | | | 49,634 | | | | (45 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | INR | | | 7,310,000 | | USD | | | 86,941 | | | | (57 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | JPY | | | 1,237,000 | | USD | | | 8,702 | | | | 41 | |
| StoneX Financial, Inc. | | 12/18/2024 | | KRW | | | 1,007,632,000 | | USD | | | 770,402 | | | | 3,797 | |
| StoneX Financial, Inc. | | 12/18/2024 | | MXN | | | 526,000 | | USD | | | 26,437 | | | | 65 | |
| StoneX Financial, Inc. | | 12/18/2024 | | NOK | | | 6,227,000 | | USD | | | 597,298 | | | | (5,857 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | NZD | | | 1,205,000 | | USD | | | 763,090 | | | | 3,667 | |
| StoneX Financial, Inc. | | 12/18/2024 | | PHP | | | 31,357,000 | | USD | | | 558,779 | | | | 633 | |
| StoneX Financial, Inc. | | 12/18/2024 | | PLN | | | 5,636,000 | | USD | | | 1,449,812 | | | | 15,597 | |
| StoneX Financial, Inc. | | 12/18/2024 | | SEK | | | 11,083,000 | | USD | | | 1,086,749 | | | | 10,951 | |
| StoneX Financial, Inc. | | 12/18/2024 | | SGD | | | 4,100,000 | | USD | | | 3,161,629 | | | | 49,309 | |
| StoneX Financial, Inc. | | 12/18/2024 | | THB | | | 53,308,000 | | USD | | | 1,591,284 | | | | 74,255 | |
| StoneX Financial, Inc. | | 12/18/2024 | | TWD | | | 22,346,000 | | USD | | | 720,010 | | | | (9,007 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,416,109 | | BRL | | | 8,035,000 | | | | (45,589 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 871,813 | | CLP | | | 822,120,000 | | | | (43,125 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,115,832 | | CNH | | | 7,871,000 | | | | (16,132 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,085,585 | | COP | | | 4,688,640,000 | | | | (26,321 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 33,315 | | CZK | | | 754,000 | | | | (126 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 97,389 | | DKK | | | 650,000 | | | | (326 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 36,377 | | HUF | | | 13,026,000 | | | | (127 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 71,832 | | IDR | | | 1,095,000,000 | | | | (263 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,321,429 | | ILS | | | 4,958,000 | | | | (14,804 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 2,338,119 | | INR | | | 197,384,000 | | | | (7,923 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 236,686 | | JPY | | | 33,368,000 | | | | 824 | |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,523,973 | | KRW | | | 2,034,428,000 | | | | (39,148 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 695,801 | | MXN | | | 14,210,000 | | | | (20,149 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 922,807 | | NOK | | | 10,000,000 | | | | (26,993 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 1,146,207 | | PHP | | | 64,818,000 | | | | (10,151 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 54,187 | | PLN | | | 209,000 | | | | (155 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 40,458 | | SEK | | | 410,000 | | | | (150 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 118,662 | | SGD | | | 152,000 | | | | (378 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 61,084 | | THB | | | 1,976,000 | | | | (654 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 2,597,681 | | TWD | | | 82,666,000 | | | | (32,579 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | USD | | | 41,830 | | ZAR | | | 728,000 | | | | (127 | ) |
| StoneX Financial, Inc. | | 12/18/2024 | | ZAR | | | 19,648,000 | | USD | | | 1,091,731 | | | | 40,679 | |
| Total Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | $
| 28,651 | |
| | |
| AUD - Australian Dollar | |
| BRL - Brazilian Real | |
| CHF - Swiss Franc | |
| CLP - Chilean Peso | |
| CNH - Chinese Offshore Renminbi | |
| COP - Colombian Peso | |
| CZK - Czech Republic Koruna | |
| DKK - Danish Krone | |
| EUR - Euro | |
| GBP - British Pound | |
| HUF - Hungarian Forint | |
| IDR - Indonesian Rupiah | |
| ILS - Israeli Shekel | |
| INR - Indian Rupee | |
| JPY - Japanese Yen | |
| KRW - South Korean Won | |
| MXN - Mexican Peso | |
| NOK - Norwegian Krone | |
| NZD - New Zealand Dollar | |
| PHP - Philippine Peso | |
| PLN - Polish Zloty | |
| SEK - Swedish Krona | |
| SGD - Singapore Dollar | |
| THB - Thai Baht | |
| TWD - New Taiwan Dollar | |
| USD - United States Dollar | |
| ZAR - South African Rand | |
Summary of Fair Value Exposure at September 30, 2024 (Unaudited)
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2024:
Cambria Chesapeake Pure Trend ETF
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 16,311,901 | | | $ | – | | | $ | – | | | $ | 16,311,901 | |
| Real Estate Investment Trusts | | | 2,033,336 | | | | – | | | | – | | | | 2,033,336 | |
| U.S. Treasury Bills | | | – | | | | 479,134 | | | | – | | | | 479,134 | |
| Total Investments | | $ | 18,345,237 | | | $ | 479,134 | | | $ | – | | | $ | 18,824,371 | |
| | |
Other Financial Instruments*: | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | 1,237,730 | | | $ | – | | | $ | – | | | $ | 1,237,730 | |
| Forward Currency Contracts | | | – | | | | 338,533 | | | | – | | | | 338,533 | |
| Total Other Financial Instruments | | $ | 1,237,730 | | | $ | 338,533 | | | $ | – | | | $ | 1,576,263 | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | (375,391 | ) | | $ | – | | | $ | – | | | $ | (375,391 | ) |
| Total Investments | | $ | (375,391 | ) | | $ | – | | | $ | – | | | $ | (375,391 | ) |
| | |
Other Financial Instruments*: | | | | | | | | | | | | | | | | |
| Futures Contracts | | $ | (396,758 | ) | | $ | – | | | $ | – | | | $ | (396,758 | ) |
| Forward Currency Contracts | | | – | | | | (309,882 | ) | | | – | | | | (309,882 | ) |
| Total Other Financial Instruments | | $ | (396,758 | ) | | $ | (309,882 | ) | | $ | – | | | $ | (706,640 | ) |
| | |
| * The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of September 30, 2024. | |
| | |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | |
