 |
| October 31, 2025 |
 |
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Cannabis ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 1.57% | ||
| 30-Day SEC Yield Unsubsidized | 1.57% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| United States Treasury Bill | |
| First American Treasury Obligations Fund | |
| Village Farms International, Inc. | |
| WM Technology, Inc. | |
| Cronos Group, Inc. | |
| Turning Point Brands, Inc. | |
| High Tide, Inc. | |
| SNDL, Inc. | |
| British American Tobacco PLC | |
| Imperial Brands PLC |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/toke. |
| Cambria Cannabis ETF | PAGE 1 | TSR-SAR-132061821 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Cannabis ETF | PAGE 2 | TSR-SAR-132061821 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Fund Name | Costs
of a $10,000 investment |
Costs
paid as a percentage of a $10,000 investment* |
||||
| Cambria Emerging Shareholder Yield ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 4.79% | ||
| 30-Day SEC Yield Unsubsidized | 4.79% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| HD Hyundai Co. Ltd. | |
| Asustek Computer, Inc. | |
| Direcional Engenharia SA | |
| PetroChina Co. Ltd. | |
| Hanmi Semiconductor Co. Ltd. | |
| Samsung Life Insurance Co. Ltd. |
|
| Huadian Power International Corp. Ltd. |
|
| Woori Financial Group, Inc. | |
| HD Hyundai Construction Equipment Co. Ltd. |
|
| Indian Bank |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/eyld. |
| Cambria Emerging Shareholder Yield ETF | PAGE 1 | TSR-SAR-132061706 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Emerging Shareholder Yield ETF | PAGE 2 | TSR-SAR-132061706 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Fixed Income Trend ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 4.71% | ||
| 30-Day SEC Yield Unsubsidized | 4.71% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| iShares Convertible Bond ETF | |
| Vanguard Emerging Markets Government Bond ETF | |
| State Street SPDR Portfolio High Yield Bond ETF | |
| iShares Preferred and Income Securities ETF | |
| Vanguard Long-Term Treasury ETF | |
| First American Treasury Obligations Fund |
| * |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://cambriafunds.com/cfit. |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Fixed Income Trend ETF | PAGE 1 | TSR-SAR-132061763 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Foreign Shareholder Yield ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 4.33% | ||
| 30-Day SEC Yield Unsubsidized | 4.33% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Finning International, Inc. | |
| Centerra Gold, Inc. | |
| Balfour Beatty PLC | |
| Intesa Sanpaolo SpA | |
| Fortescue Ltd. | |
| Power Corp. of Canada | |
| iA Financial Corp., Inc. | |
| Hang Seng Bank Ltd. | |
| Parex Resources, Inc. | |
| Osaka Gas Co. Ltd. |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/fyld. |
| Cambria Foreign Shareholder Yield ETF | PAGE 1 | TSR-SAR-132061300 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Foreign Shareholder Yield ETF | PAGE 2 | TSR-SAR-132061300 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Global Asset Allocation ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 3.76% | ||
| 30-Day SEC Yield Unsubsidized | 3.76% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Cambria Emerging Shareholder Yield ETF | |
| Cambria Global Real Estate ETF | |
| Cambria Global Value ETF | |
| Cambria Foreign Shareholder Yield ETF | |
| Cambria Tactical Yield ETF | |
| Vanguard Total International Bond ETF | |
| Alpha Architect US Quantitative Momentum ETF | |
| Cambria Value and Momentum ETF | |
| Cambria Shareholder Yield ETF | |
| VanEck Emerging Markets High Yield Bond ETF |
| * |
| ** |
| Cambria Global Asset Allocation ETF | PAGE 1 | TSR-SAR-132061607 |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gaa. |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Global Asset Allocation ETF | PAGE 2 | TSR-SAR-132061607 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Global Momentum ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 1.15% | ||
| 30-Day SEC Yield Unsubsidized | 1.15% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Cambria Global Value ETF | |
| iShares Global Tech ETF | |
| Grizzle Growth ETF | |
| VanEck Gold Miners ETF | |
| United States Commodity Index Fund | |
| iShares Global Consumer Discretionary ETF | |
| iShares Global Utilities ETF | |
| Cambria Foreign Shareholder Yield ETF | |
| Invesco DB Precious Metals Fund | |
| Graniteshares Gold Trust |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gmom. |
| Cambria Global Momentum ETF | PAGE 1 | TSR-SAR-132061508 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Global Momentum ETF | PAGE 2 | TSR-SAR-132061508 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Global Real Estate ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 4.13% | ||
| 30-Day SEC Yield Unsubsidized | 4.13% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Yeni Gimat Gayrimenkul Ortakligi AS | |
| Orion Properties, Inc. | |
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS | |
| City Office REIT, Inc. | |
| Vukile Property Fund Ltd. | |
| Kilroy Realty Corp. | |
| CareTrust REIT, Inc. | |
| Welltower, Inc. | |
| Reysas Gayrimenkul Yatirim Ortakligi AS | |
| LXP Industrial Trust |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/bldg. |
| Cambria Global Real Estate ETF | PAGE 1 | TSR-SAR-132061813 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Global Real Estate ETF | PAGE 2 | TSR-SAR-132061813 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Global Value ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 4.00% | ||
| 30-Day SEC Yield Unsubsidized | 4.00% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Moneta Money Bank AS | |
| Komercni Banka AS | |
| CEZ AS | |
| Mineros SA | |
| AT&S Austria Technologie & Systemtechnik AG | |
| Grupo de Inversiones Suramericana SA | |
| Philip Morris CR AS | |
| KGHM Polska Miedz SA | |
| Tauron Polska Energia SA | |
| ORLEN SA |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gval. |
| Cambria Global Value ETF | PAGE 1 | TSR-SAR-132061409 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Global Value ETF | PAGE 2 | TSR-SAR-132061409 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria LargeCap Shareholder Yield ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 1.95% | ||
| 30-Day SEC Yield Unsubsidized | 1.95% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| First American Treasury Obligations Fund | |
| Jabil, Inc. | |
| Bank of New York Mellon Corp. | |
| eBay, Inc. | |
| Newmont Corp. | |
| General Motors Co. | |
| Synchrony Financial | |
| TD SYNNEX Corp. | |
| Citizens Financial Group, Inc. | |
| Tenet Healthcare Corp. |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/lyld. |
| Cambria LargeCap Shareholder Yield ETF | PAGE 1 | TSR-SAR-132061771 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria LargeCap Shareholder Yield ETF | PAGE 2 | TSR-SAR-132061771 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Micro and Small Cap Shareholder Yield ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 2.00% | ||
| 30-Day SEC Yield Unsubsidized | 2.00% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Peabody Energy Corp. | |
| ODP Corp. | |
| Kohl’s Corp. | |
| Macy’s, Inc. | |
| First American Treasury Obligations Fund | |
| International Seaways, Inc. | |
| Nu Skin Enterprises, Inc. | |
| Premier, Inc. | |
| REV Group, Inc. | |
| Standard Motor Products, Inc. |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/myld. |
| Cambria Micro and Small Cap Shareholder Yield ETF | PAGE 1 | TSR-SAR-132061797 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Micro and Small Cap Shareholder Yield ETF | PAGE 2 | TSR-SAR-132061797 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Shareholder Yield ETF | $ |
|||||
| * Annualized | ||||||
| * |
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 2.16% | ||
| 30-Day SEC Yield Unsubsidized | 2.16% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Peabody Energy Corp. | |
| Tenet Healthcare Corp. | |
| Fox Corp. | |
| Synchrony Financial | |
| First American Treasury Obligations Fund | |
| WESCO International, Inc. | |
| Ryder System, Inc. | |
| Federated Hermes, Inc. | |
| BorgWarner, Inc. | |
| Travel + Leisure Co. |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/syld. |
| Cambria Shareholder Yield ETF | PAGE 1 | TSR-SAR-132061201 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Shareholder Yield ETF | PAGE 2 | TSR-SAR-132061201 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Tactical Yield ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 3.16% | ||
| 30-Day SEC Yield Unsubsidized | 3.16% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| United States Treasury Bill | |
| First American Treasury Obligations Fund |
| * |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/tyld. |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Tactical Yield ETF | PAGE 1 | TSR-SAR-132061789 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Tail Risk ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 3.21% | ||
| 30-Day SEC Yield Unsubsidized | 3.21% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| United States Treasury Note/Bond | |
| S&P 500 Index | |
| First American Treasury Obligations Fund |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/tail. |
| Cambria Tail Risk ETF | PAGE 1 | TSR-SAR-132061862 |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Tail Risk ETF | PAGE 2 | TSR-SAR-132061862 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Trinity ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 2.87% | ||
| 30-Day SEC Yield Unsubsidized | 2.87% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| Cambria Global Value ETF | |
| Cambria Value and Momentum ETF | |
| Vanguard Intermediate-Term Treasury ETF | |
| Cambria Foreign Shareholder Yield ETF | |
| Cambria Emerging Shareholder Yield ETF | |
| iMGP DBi Managed Futures Strategy ETF | |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF | |
| Cambria Global Real Estate ETF | |
| Cambria Tactical Yield ETF | |
| Vanguard Total Bond Market ETF |
| Sector Breakdown |
| * |
| ** |
| Cambria Trinity ETF | PAGE 1 | TSR-SAR-132061839 |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/trty. |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
| Cambria Trinity ETF | PAGE 2 | TSR-SAR-132061839 |
 |
Semi-Annual Shareholder Report | October 31, 2025 |
|
| WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment) | ||||||
| Costs of a $10,000 | Costs paid as a percentage of | |||||
| Fund Name | investment | a $10,000 investment* | ||||
| Cambria Value and Momentum ETF | $ |
|||||
| * Annualized | ||||||
| KEY FUND STATISTICS (as of October 31, 2025) | |||
| Net Assets | $ |
||
| Number of Holdings | |||
| Net Advisory Fee | $ |
||
| 30-Day SEC Yield | 0.74% | ||
| 30-Day SEC Yield Unsubsidized | 0.74% | ||
| Portfolio Turnover | |||
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
| Top 10 Issuers | (%) |
| First American Treasury Obligations Fund | |
| NEXTracker, Inc. | |
| Garrett Motion, Inc. | |
| Protagonist Therapeutics, Inc. | |
| Cardinal Health, Inc. | |
| Sanmina Corp. | |
| LendingClub Corp. | |
| Bread Financial Holdings, Inc. | |
| Warner Bros Discovery, Inc. | |
| Par Pacific Holdings, Inc. |
| * |
| ** |
| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/vamo. |
|
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.
Distributed by ALPS Distributor’s, Inc. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
Cambria Cannabis ETF (TOKE)
Cambria Emerging Shareholder Yield ETF (EYLD)
Cambria Fixed Income Trend ETF (CFIT)
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 Value ETF (GVAL)
Cambria LargeCap Shareholder Yield ETF (LYLD)
Cambria Micro and SmallCap Shareholder Yield ETF (MYLD)
Cambria Shareholder Yield ETF (SYLD)
Cambria Tactical Yield ETF (TYLD)
Cambria Tail Risk ETF (TAIL)
Cambria Trinity ETF (TRTY)
Cambria Value and Momentum ETF (VAMO)
All Funds above are traded on the Cboe BZX Exchange, Inc.
Semi-Annual Financial Statements
October 31, 2025 (Unaudited)
Table of Contents
| Schedules of Investments | 1 |
| Statements of Assets & Liabilities | 35 |
| Statements of Operations | 37 |
| Statements of Changes | 39 |
| Financial Highlights | 43 |
| Notes to Financial Statements | 52 |
Cambria Cannabis ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 55.7% | Shares | Value | ||||||
| Consumer Staples - 34.1%(a) | ||||||||
| Altria Group, Inc. | 12,326 | $ | 694,940 | |||||
| Boston Beer Co., Inc. - Class A (b) | 1,883 | 389,762 | ||||||
| British American Tobacco PLC | 15,351 | 787,303 | ||||||
| Imperial Brands PLC | 19,541 | 776,547 | ||||||
| Philip Morris International, Inc. | 5,003 | 722,083 | ||||||
| Turning Point Brands, Inc. | 10,229 | 919,587 | ||||||
| Universal Corp. | 7,317 | 370,826 | ||||||
| Village Farms International, Inc. (b) | 541,000 | 1,714,970 | ||||||
| 6,376,018 | ||||||||
| Health Care - 16.7% | ||||||||
| Cronos Group, Inc. (b) | 367,975 | 923,617 | ||||||
| High Tide, Inc. (b) | 271,803 | 848,809 | ||||||
| Jazz Pharmaceuticals PLC (b) | 3,773 | 519,316 | ||||||
| SNDL, Inc. (b) | 385,732 | 829,324 | ||||||
| 3,121,066 | ||||||||
| Information Technology - 4.9% | ||||||||
| WM Technology, Inc. (b) | 882,352 | 926,469 | ||||||
| TOTAL COMMON STOCKS (Cost $8,970,936) | 10,423,553 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 1.9% | Shares | Value | ||||||
| Financials - 1.9% | ||||||||
| Advanced Flower Capital, Inc. | 106,465 | 346,011 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $636,263) | 346,011 | |||||||
| SHORT-TERM INVESTMENTS - 45.9% | Par | Value | ||||||
| U.S. Treasury Bills – 30.9% | ||||||||
| 3.90%, 11/20/2025 (c) | 5,800,000 | 5,789,353 | ||||||
| Money Market Funds - 15.0% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 2,798,423 | 2,798,423 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,586,504) | 8,587,776 | |||||||
| TOTAL INVESTMENTS - 103.5% (Cost $18,193,703) | 19,357,340 | |||||||
| Liabilities in Excess of Other Assets - (3.5)% | (660,537 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 18,696,803 | ||||||
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
| (a) | To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (b) | Non-income producing security. |
| (c) | The rate shown is the annualized yield as of October 31, 2025. |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
1
Cambria Cannabis ETF
Schedule of Total Return Swap Contracts
October 31, 2025 (Unaudited)
| Reference Entity | Counterparty | Long/Short | Financing Rate(a) | Payment Frequency | Maturity Date | Notional Amount | Upfront Payment (Receipts) | Value/ Unrealized Appreciation (Depreciation)(b) | ||||||||||||||||
| Cresco Labs, Inc. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | $ | 473,156 | $ | — | $ | — | ||||||||||||
| Glass House Brands, Inc. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 919,209 | — | — | |||||||||||||||
| Green Thumb Industries, Inc. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 1,740,917 | — | — | |||||||||||||||
| Grown Rogue International, Inc. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 1,212,554 | — | — | |||||||||||||||
| TerrAscend Corp. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 422,316 | — | — | |||||||||||||||
| Trulieve Cannabis Corp. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 869,031 | — | — | |||||||||||||||
| Vireo Growth, Inc. | Nomura Securities International, Inc. | Long | 1.55 | % | Monthly | 04/15/2026 | 807,069 | — | — | |||||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | — | $ | — | ||||||||||||||||||||
(a) Floating rate based on the Overnight Bank Funding Rate (“OBFR”), which was 3.86% as of October 31, 2025.
(b) As of October 31, 2025, the balance of unrealized appreciation (depreciation) of swap contracts was $0 due to the reset of swaps on October 31, 2025.
There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
2
Cambria Emerging Shareholder Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 98.7% | Shares | Value | ||||||
| Brazil - 5.4% | ||||||||
| Companhia de Saneamento de Minas Gerais COPASA MG | 1,066,731 | $ | 7,467,186 | |||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 1,091,175 | 6,180,002 | ||||||
| Direcional Engenharia SA | 2,810,272 | 8,911,466 | ||||||
| Petroleo Brasileiro SA - Petrobras | 656,964 | 3,835,582 | ||||||
| TIM SA (d) | 1,421,010 | 6,407,811 | ||||||
| 32,802,047 | ||||||||
| China - 19.9% | ||||||||
| Bank of Communications Co., Ltd. - Class H (e) | 7,775,173 | 6,904,105 | ||||||
| CGN Power Co., Ltd. - Class H (a) | 17,422,755 | 6,905,829 | ||||||
| China Feihe Ltd. (a) | 6,677,886 | 3,566,443 | ||||||
| China Pacific Insurance Group Co., Ltd. - Class H | 1,728,396 | 7,006,515 | ||||||
| China Petroleum & Chemical Corp. - Class H | 10,051,660 | 5,342,396 | ||||||
| China Shenhua Energy Co., Ltd. - Class H | 1,159,922 | 6,039,527 | ||||||
| Consun Pharmaceutical Group Ltd. | 2,678,976 | 5,181,745 | ||||||
| COSCO SHIPPING Holdings Co., Ltd. - Class H | 2,912,249 | 5,055,786 | ||||||
| Fufeng Group Ltd. | 6,203,331 | 6,418,437 | ||||||
| Huadian Power International Corp. Ltd. - Class H | 13,876,849 | 8,179,082 | ||||||
| JNBY Design Ltd. | 2,926,534 | 6,782,902 | ||||||
| Lonking Holdings Ltd. | 18,060,670 | 7,205,163 | ||||||
| PetroChina Co. Ltd. - Class H | 8,204,666 | 8,468,052 | ||||||
| Sinopec Engineering Group Co., Ltd. - Class H | 7,640,833 | 7,197,804 | ||||||
| Sinotruk Hong Kong Ltd. | 1,992,896 | 6,657,905 | ||||||
| Zhongsheng Group Holdings Ltd. | 3,138,340 | 4,959,600 | ||||||
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 1,307,239 | 6,665,269 | ||||||
| ZMJ Group Co., Ltd. - Class H | 1,950,425 | 5,391,527 | ||||||
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H (e) | 7,048,894 | 6,803,470 | ||||||
| 120,731,557 | ||||||||
| Czech Republic - 3.2% | ||||||||
| CEZ AS | 115,685 | 7,085,607 | ||||||
| Komercni Banka AS | 117,076 | 5,995,081 | ||||||
| Moneta Money Bank AS (a) | 736,865 | 6,241,039 | ||||||
| 19,321,727 | ||||||||
| Greece - 4.3% | ||||||||
| Eurobank Ergasias Services and Holdings SA | 1,969,226 | 7,401,877 | ||||||
| JUMBO SA | 171,432 | 5,441,909 | ||||||
| National Bank of Greece SA | 517,900 | 7,608,188 | ||||||
| Piraeus Financial Holdings SA | 751,598 | 5,866,756 | ||||||
| 26,318,730 | ||||||||
| Hungary - 0.8% | ||||||||
| Magyar Telekom Telecommunications PLC | 994,294 | 5,213,183 | ||||||
| India - 4.7% | ||||||||
| Bank of Baroda | 771,696 | 2,420,155 | ||||||
| Coal India Ltd. | 829,518 | 3,631,718 | ||||||
| Indian Bank | 833,031 | 8,058,056 | ||||||
| Oil & Natural Gas Corp. Ltd. (e) | 1,216,332 | 3,499,046 | ||||||
| Oil India Ltd. | 1,235,169 | 6,029,660 | ||||||
| Vedanta Ltd. | 878,370 | 4,883,558 | ||||||
| 28,522,193 | ||||||||
| Indonesia - 1.0% | ||||||||
| PT Indo Tambangraya Megah Tbk | 1,968,641 | 2,781,904 | ||||||
| PT United Tractors Tbk | 2,222,770 | 3,595,461 | ||||||
| 6,377,365 | ||||||||
| Mexico - 2.6% | ||||||||
| Arca Continental SAB de CV | 634,820 | 6,143,011 | ||||||
3
| Banco del Bajio SA (a) | 1,840,956 | 4,697,889 | ||||||
| Genomma Lab Internacional SAB de CV - Class B | 5,062,900 | 4,943,403 | ||||||
| 15,784,303 | ||||||||
| Poland - 4.8% | ||||||||
| Alior Bank SA | 221,655 | 6,173,089 | ||||||
| Bank Polska Kasa Opieki SA | 116,067 | 5,954,209 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 232,145 | 4,758,564 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 329,658 | 5,272,028 | ||||||
| XTB SA (a) | 358,854 | 6,772,847 | ||||||
| 28,930,737 | ||||||||
| Russia - 0.0%(b) | ||||||||
| Alrosa PJSC (d) | 538,800 | 0 | ||||||
| Federal Grid Co. - Rosseti PJSC (d)(e) | 328,200,000 | 4 | ||||||
| Gazprom Neft PJSC (d) | 223,200 | 0 | ||||||
| Gazprom PJSC (d)(e) | 423,000 | 0 | ||||||
| Inter RAO UES PJSC (d)(e) | 11,040,000 | 0 | ||||||
| LUKOIL PJSC (d)(e) | 17,160 | 0 | ||||||
| Magnitogorsk Iron & Steel Works PJSC (d) | 1,560,000 | 0 | ||||||
| NovaBev Group PJSC (d) | 162,720 | 0 | ||||||
| Novolipetsk Steel PJSC (d)(e) | 458,400 | 0 | ||||||
| OGK-2 PJSC (d)(e) | 94,200,000 | 1 | ||||||
| Sberbank of Russia PJSC (d)(e) | 276,600 | 0 | ||||||
| Severstal PAO (d)(e) | 85,200 | 0 | ||||||
| Unipro PAO (d)(e) | 21,240,000 | 0 | ||||||
| 5 | ||||||||
| South Africa - 10.2% | ||||||||
| Exxaro Resources Ltd. | 384,761 | 3,924,729 | ||||||
| FirstRand Ltd. | 1,093,499 | 5,186,354 | ||||||
| Investec Ltd. | 779,063 | 5,859,992 | ||||||
| Investec PLC | 779,785 | 5,895,557 | ||||||
| Momentum Group Ltd. | 3,096,006 | 5,964,332 | ||||||
| Motus Holdings Ltd. | 1,007,350 | 6,063,564 | ||||||
| Nedbank Group Ltd. | 367,948 | 5,011,945 | ||||||
| Reunert Ltd. | 1,822,692 | 5,870,461 | ||||||
| Sanlam Ltd. | 1,174,157 | 6,160,811 | ||||||
| Tiger Brands Ltd. | 422,048 | 7,994,265 | ||||||
| Truworths International Ltd. | 1,280,566 | 3,829,695 | ||||||
| 61,761,705 | ||||||||
| South Korea - 17.8% | ||||||||
| DB Insurance Co., Ltd. | 79,973 | 7,117,443 | ||||||
| Doosan Bobcat, Inc. | 103,023 | 4,360,264 | ||||||
| GS Holdings Corp. | 149,878 | 5,044,148 | ||||||
| Hanmi Semiconductor Co., Ltd. | 83,119 | 8,383,366 | ||||||
| HD Hyundai Co., Ltd. | 88,025 | 12,665,468 | ||||||
| HD Hyundai Construction Equipment Co., Ltd. | 114,958 | 8,068,644 | ||||||
| KB Financial Group, Inc. (e) | 93,528 | 7,654,230 | ||||||
| KEPCO Plant Service & Engineering Co., Ltd. | 171,048 | 6,086,776 | ||||||
| Kia Corp. | 83,562 | 7,032,170 | ||||||
| KT&G Corp. | 72,717 | 6,849,357 | ||||||
| LG Uplus Corp. | 505,016 | 5,401,961 | ||||||
| Samsung C&T Corp. | 43,970 | 6,974,711 | ||||||
| Samsung Life Insurance Co., Ltd. | 75,598 | 8,187,241 | ||||||
| Shinhan Financial Group Co., Ltd. | 113,825 | 5,856,025 | ||||||
| Woori Financial Group, Inc. | 458,252 | 8,169,574 | ||||||
| 107,851,378 | ||||||||
| Taiwan - 21.1% | ||||||||
| Advancetek Enterprise Co., Ltd. | 2,650,905 | 3,035,420 | ||||||
| Asustek Computer, Inc. | 417,037 | 9,455,606 | ||||||
| Catcher Technology Co., Ltd. | 912,941 | 5,895,019 | ||||||
| Chicony Electronics Co., Ltd. | 1,714,024 | 7,248,402 | ||||||
| Dimerco Express Corp. | 2,583,070 | 6,747,358 | ||||||
| Evergreen Marine Corp. (Taiwan) Ltd. | 1,057,158 | 6,654,308 |
4
| Holy Stone Enterprise Co., Ltd. | 1,549,268 | 5,745,309 | ||||||
| Huaku Development Co., Ltd. | 1,799,456 | 6,087,747 | ||||||
| IEI Integration Corp. | 2,485,435 | 5,425,090 | ||||||
| ITE Technology, Inc. | 1,856,163 | 7,879,681 | ||||||
| L&K Engineering Co., Ltd. | 498,921 | 7,765,971 | ||||||
| Novatek Microelectronics Corp. | 316,400 | 4,044,930 | ||||||
| Powertech Technology, Inc. | 899,205 | 5,060,423 | ||||||
| Radiant Opto-Electronics Corp. | 1,227,093 | 5,269,063 | ||||||
| Systex Corp. | 1,541,561 | 6,494,003 | ||||||
| TaiDoc Technology Corp. | 912,935 | 3,652,809 | ||||||
| Tong Yang Industry Co., Ltd. | 1,348,448 | 4,241,727 | ||||||
| Transcend Information, Inc. | 1,541,421 | 6,643,840 | ||||||
| Tripod Technology Corp. | 596,051 | 6,621,496 | ||||||
| Utechzone Co., Ltd. | 1,665,155 | 4,707,133 | ||||||
| Winstek Semiconductor Co., Ltd. | 1,305,199 | 4,067,469 | ||||||
| Wisdom Marine Lines Co., Ltd. | 2,491,687 | 5,122,625 | ||||||
| 127,865,429 | ||||||||
| Thailand - 1.1% | ||||||||
| Kasikornbank PCL - NVDR | 1,139,147 | 6,570,308 | ||||||
| Turkey - 1.8% | ||||||||
| Enerjisa Enerji AS (a) | 3,198,301 | 6,274,310 | ||||||
| Turkiye Petrol Rafinerileri AS | 948,945 | 4,458,828 | ||||||
| 10,733,138 | ||||||||
| TOTAL COMMON STOCKS (Cost $500,587,680) | 598,783,805 | |||||||
| SHORT-TERM INVESTMENTS - 1.3% | Shares | Value | ||||||
| Money Market Funds – 1.3% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (f) | 7,631,555 | 7,631,555 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $7,631,555) | 7,631,555 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $508,219,235) | 606,415,360 | |||||||
| Liabilities in Excess of Other Assets - (0.0) (c) | 381,928 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 606,797,288 |
Percentages are stated as a percent of net assets.
AS – Aksjeselskap
NVDR - Non-Voting Depositary Receipt
PAO – Publichnoye Aktsionernoye Obshchestvo
PCL - Public Company Limited
PJSC - Public Joint Stock Company
PLC - Public Limited Company
PT Tbk – Perseroan Terbuka
SA – Sociedad Anónima
SAD de CV – Sociedad Anónima Bursátil de Capital Variable
| (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, 2025, the value of these securities total $34,458,357 or 5.7% of the Fund’s net assets. | |
| (b) | Represents less than 0.05% of net assets. | |
| (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 as Valuation Designee. These securities represented $5 or 0.0% of net assets as of October 31, 2025. | |
| (e) | Non-income producing security. | |
| (f) | The rate shown represents the 7-day annualized yield as of October 31, 2025. | |
The accompanying notes are an integral part of these financial statements.
5
| Cambria Fixed Income Trend ETF |
| Schedule of Investments |
| October 31, 2025 (Unaudited) |
| EXCHANGE TRADED FUNDS - 99.5% | Shares | Value | ||||||
| iShares Convertible Bond ETF | 44,594 | $ | 4,606,560 | |||||
| iShares Preferred and Income Securities ETF | 134,368 | 4,193,625 | ||||||
| State Street SPDR Portfolio High Yield Bond ETF | 176,439 | 4,199,248 | ||||||
| Vanguard Emerging Markets Government Bond ETF | 64,787 | 4,405,516 | ||||||
| Vanguard Long-Term Treasury ETF | 71,247 | 4,088,866 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $20,706,193) | 21,493,815 | |||||||
| SHORT-TERM INVESTMENTS - 0.5% | Shares | Value | ||||||
| Money Market Funds – 0.5% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (a) | 99,407 | 99,407 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $99,407) | 99,407 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $20,805,600) | 21,593,222 | |||||||
| Other Assets in Excess of Liabilities - 0.0% (b) | 336 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 21,593,558 | ||||||
Percentages are stated as a percent of net assets.
| (a) | The rate shown represents the 7-day annualized yield as of October 31, 2025. | |
| (b) | Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
6
Cambria Foreign Shareholder Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 97.8% | Shares | Value | ||||||
| Australia - 4.5% | ||||||||
| AGL Energy Ltd. | 489,474 | $ | 2,965,636 | |||||
| Fortescue Ltd. | 430,807 | 6,001,165 | ||||||
| New Hope Corp. Ltd. | 1,161,127 | 3,152,862 | ||||||
| Woodside Energy Group Ltd. | 224,332 | 3,640,157 | ||||||
| Yancoal Australia Ltd. | 1,247,697 | 4,547,173 | ||||||
| 20,306,993 | ||||||||
| Austria - 0.9% | ||||||||
| OMV AG | 78,488 | 4,293,648 | ||||||
| Canada - 18.5% | ||||||||
| Athabasca Oil Corp. (a) | 1,078,451 | 5,297,870 | ||||||
| Canadian Natural Resources Ltd. | 116,776 | 3,735,866 | ||||||
| Cenovus Energy, Inc. | 234,985 | 3,970,728 | ||||||
| Centerra Gold, Inc. | 530,893 | 6,219,081 | ||||||
| Finning International, Inc. | 136,716 | 7,393,611 | ||||||
| iA Financial Corp., Inc. | 48,849 | 5,766,240 | ||||||
| Imperial Oil Ltd. | 56,265 | 4,976,417 | ||||||
| Labrador Iron Ore Royalty Corp. (b) | 161,816 | 3,338,886 | ||||||
| MEG Energy Corp. | 221,472 | 4,686,670 | ||||||
| Mullen Group Ltd. | 373,353 | 3,753,362 | ||||||
| Parex Resources, Inc. | 444,889 | 5,690,570 | ||||||
| Power Corp. of Canada | 124,284 | 5,821,866 | ||||||
| Russel Metals, Inc. | 119,231 | 3,690,291 | ||||||
| Secure Waste Infrastructure Corp. (a) | 419,061 | 5,231,727 | ||||||
| Suncor Energy, Inc. | 105,929 | 4,218,127 | ||||||
| Tamarack Valley Energy Ltd. | 1,221,533 | 5,425,939 | ||||||
| Trican Well Service Ltd. | 1,112,527 | 4,164,391 | ||||||
| 83,381,642 | ||||||||
| Denmark - 1.8% | ||||||||
| Dampskibsselskabet Norden AS | 95,325 | 3,810,675 | ||||||
| Scandinavian Tobacco Group AS (c) | 320,417 | 4,248,192 | ||||||
| 8,058,867 | ||||||||
| France - 9.8% | ||||||||
| Amundi SA (c) | 52,002 | 3,854,131 | ||||||
| AXA SA | 99,774 | 4,327,600 | ||||||
| Bouygues SA | 101,332 | 4,570,376 | ||||||
| Coface SA | 238,110 | 4,193,691 | ||||||
| Metropole Television SA | 286,382 | 3,947,957 | ||||||
| Orange SA | 333,023 | 5,310,664 | ||||||
| Rubis SCA | 145,500 | 5,279,505 | ||||||
| SCOR SE | 176,214 | 5,337,787 | ||||||
| TotalEnergies SE | 58,458 | 3,635,221 | ||||||
| Vallourec SA | 203,265 | 3,782,650 | ||||||
| 44,239,582 | ||||||||
| Germany - 0.9% | ||||||||
| Freenet AG | 130,370 | 4,054,293 | ||||||
| Hong Kong - 9.3% | ||||||||
| BOC Hong Kong (Holdings) Ltd. | 890,681 | 4,376,293 | ||||||
| Hang Seng Bank Ltd. | 292,800 | 5,712,399 | ||||||
| Orient Overseas International Ltd. | 276,252 | 4,781,630 | ||||||
| Shougang Fushan Resources Group Ltd. | 11,476,147 | 4,504,475 | ||||||
| Skyworth Group Ltd. (a) | 10,043,993 | 5,092,732 | ||||||
| United Energy Group Ltd. | 65,805,988 | 4,191,977 | ||||||
| VTech Holdings Ltd. | 579,803 | 4,734,350 | ||||||
| WH Group Ltd. (c) | 5,030,238 | 4,829,204 | ||||||
| Yue Yuen Industrial Holdings Ltd. | 2,098,340 | 3,850,735 | ||||||
| 42,073,795 | ||||||||
7
| Ireland - 1.2% | ||||||||
| Bank of Ireland Group PLC | 327,729 | 5,358,456 | ||||||
| Italy - 4.3% | ||||||||
| Anima Holding SpA (c) | 666,431 | 4,716,491 | ||||||
| Eni SpA (b) | 250,784 | 4,608,850 | ||||||
| Intesa Sanpaolo SpA | 938,780 | 6,033,677 | ||||||
| Saipem SpA | 1,621,395 | 4,216,222 | ||||||
| 19,575,240 | ||||||||
| Japan - 20.3% | ||||||||
| Aisin Corp. | 267,835 | 4,821,934 | ||||||
| Amada Co., Ltd. | 383,424 | 4,585,364 | ||||||
| Aoyama Trading Co., Ltd. | 256,720 | 3,798,077 | ||||||
| Artience Co., Ltd. | 147,619 | 3,012,535 | ||||||
| Daicel Corp. | 517,058 | 4,457,281 | ||||||
| Dai-ichi Life Holdings, Inc. | 628,832 | 4,427,245 | ||||||
| Idemitsu Kosan Co., Ltd. | 557,402 | 3,875,519 | ||||||
| Isetan Mitsukoshi Holdings Ltd. | 265,349 | 4,174,542 | ||||||
| Japan Post Holdings Co., Ltd. | 405,124 | 3,802,556 | ||||||
| Kansai Paint Co., Ltd. | 224,783 | 3,608,547 | ||||||
| Kawasaki Kisen Kaisha Ltd. | 263,013 | 3,776,833 | ||||||
| Kuraray Co., Ltd. | 331,710 | 3,599,928 | ||||||
| Nagase & Co., Ltd. | 176,777 | 3,866,818 | ||||||
| NGK Insulators Ltd. | 277,099 | 4,685,744 | ||||||
| Nippon Electric Glass Co., Ltd. | 139,802 | 4,717,218 | ||||||
| Nippon Shokubai Co., Ltd. | 372,192 | 4,318,210 | ||||||
| Nippon Yusen KK | 109,818 | 3,798,843 | ||||||
| Osaka Gas Co., Ltd. | 175,001 | 5,505,190 | ||||||
| Press Kogyo Co., Ltd. | 958,510 | 4,073,870 | ||||||
| Sompo Holdings, Inc. | 143,276 | 4,377,025 | ||||||
| Tokyo Gas Co., Ltd. | 126,378 | 4,429,913 | ||||||
| Tsukishima Holdings Co., Ltd. | 235,059 | 3,894,008 | ||||||
| 91,607,200 | ||||||||
| Luxembourg - 2.1% | ||||||||
| Aperam SA | 136,581 | 4,763,813 | ||||||
| RTL Group SA (b) | 118,608 | 4,573,046 | ||||||
| 9,336,859 | ||||||||
| Netherlands - 4.6% | ||||||||
| Aegon Ltd. | 562,788 | 4,285,277 | ||||||
| ASR Nederland NV | 65,062 | 4,342,116 | ||||||
| NN Group NV | 79,061 | 5,411,254 | ||||||
| Signify NV (c) | 170,018 | 4,072,264 | ||||||
| Stellantis NV | 255,860 | 2,588,770 | ||||||
| 20,699,681 | ||||||||
| Norway - 3.5% | ||||||||
| Aker Solutions ASA | 1,376,721 | 3,792,039 | ||||||
| Equinor ASA | 158,284 | 3,781,596 | ||||||
| Hoegh Autoliners ASA | 473,520 | 4,247,036 | ||||||
| Wallenius Wilhelmsen ASA | 511,171 | 3,999,339 | ||||||
| 15,820,010 | ||||||||
| Singapore - 0.9% | ||||||||
| Venture Corp. Ltd. | 371,531 | 4,255,937 | ||||||
| Spain - 1.2% | ||||||||
| Repsol SA | 295,194 | 5,401,529 | ||||||
| United Kingdom - 14.0% | ||||||||
| Aberdeen Group PLC | 1,845,919 | 4,922,709 | ||||||
| Balfour Beatty PLC | 689,340 | 6,085,528 | ||||||
| Beazley PLC | 353,753 | 4,324,262 |
8
| BP PLC | 744,682 | 4,326,964 | ||||||
| British American Tobacco PLC | 104,225 | 5,345,363 | ||||||
| Drax Group PLC | 469,079 | 4,446,086 | ||||||
| Future PLC | 420,650 | 3,390,244 | ||||||
| Kingfisher PLC | 924,930 | 3,752,163 | ||||||
| Legal & General Group PLC | 1,311,709 | 4,097,745 | ||||||
| Rio Tinto PLC | 58,445 | 4,212,100 | ||||||
| Shell PLC | 117,731 | 4,404,028 | ||||||
| Subsea 7 SA | 244,378 | 4,463,305 | ||||||
| Tesco PLC | 809,605 | 4,886,070 | ||||||
| TORM PLC - Class A | 201,613 | 4,348,763 | ||||||
| 63,005,330 | ||||||||
| TOTAL COMMON STOCKS (Cost $395,528,180) | 441,469,062 | |||||||
| SHORT-TERM INVESTMENTS – 2.2% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 1.5% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (d) | 6,655,021 | 6,655,021 | ||||||
| Money Market Funds - 0.7% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 3,172,939 | 3,172,939 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,827,960) | 9,827,960 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $405,356,140) | 451,297,022 | |||||||
| Other Assets in Excess of Liabilities - 0.0% (e) | 22,329 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 451,319,351 | ||||||
Percentages are stated as a percent of net assets.
AB – Aktiebolag
AG – Aktiengesellschaft
AS – Aksjeselskap
ASA – Advanced Subscription Agreement
KK – Kabushiki Kaisha
NV – Naamloze Vennootschap
PLC - Public Limited Company
SA – Sociedad Anónima
SCA – Société en Commandite par Actions
SE – Societas Europeae
SpA – Societa per Azioni
| (a) | Non-income producing security. | |
| (b) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,346,730. | |
| (c) | 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, 2025, the value of these securities total $21,720,282 or 4.8% of the Fund’s net assets. | |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. | |
| (e) | Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
9
Cambria Global Asset Allocation ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| EXCHANGE TRADED FUNDS - 99.6% | Shares | Value | ||||||
| Alpha Architect 1-3 Month Box ETF (a) | 4,858 | $ | 554,638 | |||||
| Alpha Architect International Quantitative Momentum ETF | 35,972 | 1,310,795 | ||||||
| Alpha Architect US Quantitative Momentum ETF | 36,345 | 2,446,815 | ||||||
| Cambria Emerging Shareholder Yield ETF (b) | 148,661 | 5,678,850 | ||||||
| Cambria Foreign Shareholder Yield ETF (b) | 119,733 | 3,705,736 | ||||||
| Cambria Global Real Estate ETF (b) | 159,640 | 4,025,147 | ||||||
| Cambria Global Value ETF (b) | 124,261 | 3,719,132 | ||||||
| Cambria LargeCap Shareholder Yield ETF (b) | 43,506 | 1,175,167 | ||||||
| Cambria Micro and SmallCap Shareholder Yield ETF (b) | 48,813 | 1,237,707 | ||||||
| Cambria Shareholder Yield ETF (b) | 34,829 | 2,344,688 | ||||||
| Cambria Tactical Yield ETF (b) | 128,415 | 3,263,025 | ||||||
| Cambria Value and Momentum ETF (b) | 73,247 | 2,396,539 | ||||||
| Graniteshares Gold Trust (a) | 49,541 | 1,953,897 | ||||||
| Invesco Global Ex US High Yield Corporate Bond ETF | 55,736 | 1,112,212 | ||||||
| JPMorgan USD Emerging Markets Sovereign Bond ETF | 43,264 | 1,762,372 | ||||||
| Schwab US TIPS ETF | 61,626 | 1,661,437 | ||||||
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF | 71,295 | 2,076,823 | ||||||
| SPDR FTSE International Government Inflation-Protected Bond ETF | 28,259 | 1,103,514 | ||||||
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (c) | 92,093 | 2,125,507 | ||||||
| VanEck Bitcoin ETF (a) | 9,329 | 289,479 | ||||||
| VanEck Emerging Markets High Yield Bond ETF (c) | 112,713 | 2,256,514 | ||||||
| VanEck Gold Miners ETF | 10,824 | 779,977 | ||||||
| VanEck J.P. Morgan EM Local Currency Bond ETF | 66,973 | 1,707,142 | ||||||
| Vanguard Intermediate-Term Corporate Bond ETF (c) | 20,173 | 1,695,541 | ||||||
| Vanguard Intermediate-Term Treasury ETF | 18,383 | 1,106,289 | ||||||
| Vanguard Long-Term Treasury ETF | 19,660 | 1,128,287 | ||||||
| Vanguard Short-Term Corporate Bond ETF | 13,839 | 1,105,736 | ||||||
| Vanguard Total Bond Market ETF | 29,981 | 2,235,983 | ||||||
| Vanguard Total International Bond ETF | 55,339 | 2,758,649 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $53,040,388) | 58,717,598 | |||||||
| SHORT-TERM INVESTMENTS - 6.8% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 6.4% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (d) | 3,795,607 | 3,795,607 | ||||||
| Money Market Funds - 0.4% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 222,684 | 222,684 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,018,291) | 4,018,291 | |||||||
| TOTAL INVESTMENTS - 106.4% (Cost $57,058,679) | 62,735,889 | |||||||
| Liabilities in Excess of Other Assets - (6.4)% | (3,793,495 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 58,942,394 | ||||||
Percentages are stated as a percent of net assets.
EM – Emerging Markets
FTSE – Financial Times Stock Exchange
SPDR – Standard & Poor’s Depository Receipt
TIPS – Treasury Inflation-Protected Security
| (a) | Non-income producing security. | |
| (b) | Affiliated security as defined by the Investment Company Act of 1940. | |
| (c) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $3,719,304. | |
| (d) |
The rate shown represents the 7-day annualized yield as of October 31, 2025. |
10
Transactions with affiliated companies during the period ended October 31, 2025, were as follows:
| Security Name | Market Value as of April 30, 2025 | Purchases | Purchases In-Kind |
Sales | Sales In-Kind | Market Value as of October 31, 2025 | Share Balance as of October 31, 2025 | Dividend Income | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | 4,924,593 | $ | — | $ | 419,783 | $ | (500,160 | ) | $ | (154,494 | ) | $ | 5,678,850 | 148,661 | $ | 149,784 | $ | 1,020,635 | $ | (31,507 | ) | ||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 2,549,071 | 554,253 | 240,163 | — | (103,358 | ) | 3,705,736 | 119,733 | 103,072 | 445,341 | 20,266 | |||||||||||||||||||||||||||||
| Cambria Global Real Estate ETF | 3,495,521 | 82,277 | 316,321 | — | (113,192 | ) | 4,025,147 | 159,640 | 82,270 | 229,996 | 14,224 | |||||||||||||||||||||||||||||
| Cambria Global Value ETF | 3,696,455 | — | 300,853 | (732,130 | ) | (99,397 | ) | 3,719,132 | 124,261 | 82,268 | 549,055 | 4,294 | ||||||||||||||||||||||||||||
| Cambria LargeCap Shareholder Yield ETF | 1,043,456 | — | 89,396 | (31,874 | ) | (32,120 | ) | 1,175,167 | 43,506 | 16,436 | 103,633 | 2,676 | ||||||||||||||||||||||||||||
| Cambria Micro and SmallCap Shareholder Yield ETF | 927,207 | 58,631 | 86,865 | — | (34,672 | ) | 1,237,707 | 48,813 | 14,041 | 192,055 | 7,621 | |||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 1,870,315 | 135,736 | 168,664 | — | (65,089 | ) | 2,344,688 | 34,829 | 28,854 | 200,536 | 34,526 | |||||||||||||||||||||||||||||
| Cambria Tactical Yield ETF | 3,118,565 | — | 256,475 | (24,752 | ) | (88,346 | ) | 3,263,025 | 128,415 | 70,256 | (64 | ) | 1,147 | |||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 2,314,147 | — | 194,411 | (132,577 | ) | (264,604 | ) | 2,396,539 | 73,247 | 7,830 | 156,512 | 128,650 | ||||||||||||||||||||||||||||
| $ | 23,939,330 | $ | 830,897 | $ | 2,072,931 | $ | (1,421,493 | ) | $ | (955,272 | ) | $ | 27,545,991 | 881,105 | $ | 554,811 | $ | 2,897,699 | $ | 181,897 | ||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
11
Cambria Global Momentum ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| EXCHANGE TRADED FUNDS - 99.7% | Shares | Value | ||||||
| Cambria Emerging Shareholder Yield ETF (a) | 179,071 | $ | 6,840,512 | |||||
| Cambria Foreign Shareholder Yield ETF (a)(b) | 222,325 | 6,880,959 | ||||||
| Cambria Global Value ETF (a) | 466,574 | 13,964,560 | ||||||
| Graniteshares Gold Trust (b)(c) | 173,533 | 6,844,141 | ||||||
| Grizzle Growth ETF (d)(e) | 159,382 | 7,170,198 | ||||||
| Invesco DB Precious Metals Fund (b) | 74,832 | 6,877,008 | ||||||
| iShares Global Consumer Discretionary ETF (b) | 33,341 | 6,891,468 | ||||||
| iShares Global Financials ETF | 59,471 | 6,798,986 | ||||||
| iShares Global Industrials ETF | 39,012 | 6,799,792 | ||||||
| iShares Global Infrastructure ETF | 110,612 | 6,747,332 | ||||||
| iShares Global Tech ETF (b) | 66,015 | 7,297,958 | ||||||
| iShares Global Utilities ETF | 86,048 | 6,883,109 | ||||||
| United States Commodity Index Fund (b)(c) | 88,670 | 6,925,561 | ||||||
| VanEck Bitcoin Trust (c) | 214,027 | 6,641,258 | ||||||
| VanEck Gold Miners ETF (b) | 97,096 | 6,996,738 | ||||||
| Vanguard FTSE All World ex-US Small-Cap ETF | 47,883 | 6,816,624 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $96,928,160) | 117,376,204 | |||||||
| SHORT-TERM INVESTMENTS - 7.8% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 7.4% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (f) | 8,751,368 | 8,751,368 | ||||||
| Money Market Funds - 0.4% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (f) | 485,393 | 485,393 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,236,761) | 9,236,761 | |||||||
| TOTAL INVESTMENTS - 107.5% (Cost $106,164,921) | 126,612,965 | |||||||
| Liabilities in Excess of Other Assets - (7.5)% | (8,798,452 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 117,814,513 | ||||||
Percentages are stated as a percent of net assets.
| (a) | Affiliated security as defined by the Investment Company Act of 1940. | |
| (b) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $8,488,406. | |
| (c) | Non-income producing security. | |
| (d) | Affiliated investment managed by Tidal Investments LLC, the Fund’s sub-adviser. | |
| (e) | Affiliated investment due to Fund holding more than 5% of the outstanding shares. | |
| (f) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
Transactions with affiliated companies during the period ended October 31, 2025, were as follows:
| Security Name | Market Value as of April 30, 2025 | Purchases | Purchases In-Kind |
Sales | Sales In-Kind | Market Value as of October 31, 2025 | Share Balance as of October 31, 2025 | Dividend Income | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | $ | — | $ | 6,619,900 | $ | — | $ | (318,969 | ) | $ | (181,784 | ) | $ | 6,840,512 | 179,071 | $ | 182,814 | $ | 686,380 | $ | 34,985 | |||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 6,283,002 | 255,903 | — | (374,026 | ) | (184,386 | ) | 6,880,959 | 222,325 | 196,545 | 855,777 | 44,689 | ||||||||||||||||||||||||||||
| Cambria Global Value ETF | 6,284,673 | 6,760,412 | — | (263,767 | ) | (177,204 | ) | 13,964,560 | 466,574 | 208,454 | 1,387,815 | 72,631 | ||||||||||||||||||||||||||||
| Grizzle Growth ETF | — | 6,804,017 | — | — | — | 7,170,198 | 159,382 | — | 366,181 | — | ||||||||||||||||||||||||||||||
| $ | 12,567,675 | $ | 20,440,232 | $ | — | $ | (956,762 | ) | $ | (643,374 | ) | $ | 34,856,229 | 1,027,352 | $ | 587,813 | $ | 3,296,153 | $ | 152,305 | ||||||||||||||||||||
12
Transactions with investments no longer affiliated as of October 31, 2025:
| Security Name | Market Value as of April 30, 2025 | Purchases | Purchases In-Kind |
Sales | Sales In-Kind | Market Value as of October 31, 2025 | Share Balance as of October 31, 2025 | Dividend Income | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||||||||
| Cambria Tactical Yield ETF | 12,402,162 | — | — | (12,385,076 | ) | — | — | — | — | 26,850 | (43,937 | ) | ||||||||||||||||||||||||||||
| Cambria Tail Risk ETF | 6,146,684 | — | — | (5,602,679 | ) | (77,197 | ) | — | — | 53,016 | 67,439 | (534,247 | ) | |||||||||||||||||||||||||||
| $ | 18,548,846 | $ | — | $ | — | $ | (17,987,755 | ) | $ | (77,197 | ) | $ | — | — | 53,016 | $ | 94,289 | $ | (578,184 | ) | ||||||||||||||||||||
| Grand Total | $ | 31,116,521 | $ | 20,440,232 | $ | — | $ | (18,944,517 | ) | $ | (720,571 | ) | $ | 34,856,229 | 1,027,352 | 640,829 | $ | 3,390,442 | $ | (425,879 | ) | |||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
13
Cambria Global Real Estate ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| REAL ESTATE INVESTMENT TRUSTS - 93.3% | Shares | Value | ||||||
| Australia - 1.2% | ||||||||
| Charter Hall Long Wale REIT | 216,931 | $ | 603,237 | |||||
| Belgium - 2.4% | ||||||||
| Cofinimmo SA (a) | 7,045 | 601,314 | ||||||
| Retail Estates NV | 8,004 | 580,301 | ||||||
| 1,181,615 | ||||||||
| Canada - 4.3% | ||||||||
| City Office REIT, Inc. | 122,360 | 844,284 | ||||||
| CT REIT | 53,722 | 624,723 | ||||||
| Granite REIT | 12,268 | 689,433 | ||||||
| 2,158,440 | ||||||||
| France - 2.5% | ||||||||
| ICADE SA (a) | 26,401 | 642,702 | ||||||
| Klepierre SA | 16,297 | 622,523 | ||||||
| 1,265,225 | ||||||||
| Hong Kong - 4.0% | ||||||||
| Fortune REIT | 1,080,490 | 698,028 | ||||||
| Link REIT | 120,641 | 628,469 | ||||||
| Sunlight REIT | 2,232,200 | 677,943 | ||||||
| 2,004,440 | ||||||||
| Italy - 1.4% | ||||||||
| Immobiliare Grande Distribuzione SIIQ SpA | 172,469 | 698,766 | ||||||
| Japan - 6.1% | ||||||||
| AEON REIT Investment Corp. | 713 | 603,304 | ||||||
| Global One Real Estate Investment Corp. | 646 | 593,980 | ||||||
| Hankyu Hanshin REIT, Inc. | 552 | 635,421 | ||||||
| Ichigo Hotel REIT Investment Corp. | 708 | 605,046 | ||||||
| Tokyu REIT, Inc. | 473 | 607,095 | ||||||
| 3,044,846 | ||||||||
| Mexico - 1.4% | ||||||||
| Fibra MTY SAPI de CV | 885,526 | 682,549 | ||||||
| Netherlands - 2.3% | ||||||||
| NSI NV | 22,176 | 522,724 | ||||||
| Wereldhave NV | 30,521 | 648,013 | ||||||
| 1,170,737 | ||||||||
| Singapore - 1.3% | ||||||||
| Sasseur REIT | 1,255,556 | 665,591 | ||||||
| South Africa - 3.0% | ||||||||
| Hyprop Investments Ltd. | 245,440 | 726,658 | ||||||
| Vukile Property Fund Ltd. | 599,826 | 782,585 | ||||||
| 1,509,243 | ||||||||
| Turkey - 5.4% | ||||||||
| Emlak Konut GYO AS | 1,231,990 | 592,354 | ||||||
| Reysas GYO AS (a) | 1,514,335 | 743,232 | ||||||
| Sinpas GYO AS (a) | 5,815,761 | 676,251 | ||||||
| Torunlar GYO AS | 380,851 | 695,519 | ||||||
| 2,707,356 | ||||||||
| United Kingdom - 1.1% | ||||||||
| Target Healthcare REIT PLC | 452,406 | 560,448 | ||||||
14
| United States - 56.9%(b) | ||||||||
| Agree Realty Corp. | 8,700 | 635,187 | ||||||
| Alpine Income Property Trust, Inc. | 41,404 | 607,811 | ||||||
| American Healthcare REIT, Inc. | 15,008 | 680,163 | ||||||
| American Homes 4 Rent - Class A | 17,708 | 559,573 | ||||||
| AvalonBay Communities, Inc. | 3,127 | 543,848 | ||||||
| Brandywine Realty Trust | 144,350 | 495,120 | ||||||
| Brixmor Property Group, Inc. | 25,058 | 655,517 | ||||||
| Broadstone Net Lease, Inc. | 39,640 | 710,349 | ||||||
| BXP, Inc. | 9,082 | 646,548 | ||||||
| Camden Property Trust | 5,498 | 546,941 | ||||||
| CareTrust REIT, Inc. | 21,883 | 758,246 | ||||||
| Chatham Lodging Trust | 93,885 | 600,864 | ||||||
| COPT Defense Properties | 23,021 | 648,502 | ||||||
| Cousins Properties, Inc. | 21,068 | 546,293 | ||||||
| DiamondRock Hospitality Co. | 78,864 | 616,716 | ||||||
| Douglas Emmett, Inc. | 43,024 | 556,730 | ||||||
| EastGroup Properties, Inc. | 3,776 | 659,025 | ||||||
| EPR Properties | 11,292 | 553,534 | ||||||
| Essential Properties Realty Trust, Inc. | 19,825 | 592,371 | ||||||
| Four Corners Property Trust, Inc. | 23,495 | 555,422 | ||||||
| Franklin Street Properties Corp. | 371,724 | 446,069 | ||||||
| Gladstone Commercial Corp. | 44,186 | 505,046 | ||||||
| Highwoods Properties, Inc. | 20,095 | 575,320 | ||||||
| Innovative Industrial Properties, Inc. | 11,201 | 561,730 | ||||||
| Kilroy Realty Corp. | 17,971 | 759,275 | ||||||
| LTC Properties, Inc. | 18,020 | 632,142 | ||||||
| LXP Industrial Trust | 76,903 | 729,809 | ||||||
| Mid-America Apartment Communities, Inc. | 4,303 | 551,774 | ||||||
| National Health Investors, Inc. | 8,853 | 659,637 | ||||||
| NETSTREIT Corp. (c) | 35,233 | 656,038 | ||||||
| NNN REIT, Inc. | 14,985 | 606,293 | ||||||
| Omega Healthcare Investors, Inc. | 17,231 | 724,219 | ||||||
| Orion Properties, Inc. | 344,176 | 850,115 | ||||||
| Paramount Group, Inc. (a) | 102,280 | 668,911 | ||||||
| Piedmont Realty Trust, Inc. - Class A | 83,829 | 675,662 | ||||||
| Regency Centers Corp. | 9,100 | 627,445 | ||||||
| Rexford Industrial Realty, Inc. | 17,610 | 727,645 | ||||||
| Sabra Health Care REIT, Inc. | 34,829 | 620,653 | ||||||
| Sila Realty Trust, Inc. | 26,263 | 622,433 | ||||||
| SITE Centers Corp. | 52,950 | 388,123 | ||||||
| Sun Communities, Inc. | 5,025 | 636,165 | ||||||
| Tanger, Inc. | 21,122 | 687,732 | ||||||
| UMH Properties, Inc. | 37,160 | 540,306 | ||||||
| VICI Properties, Inc. | 19,641 | 589,034 | ||||||
| Welltower, Inc. | 4,177 | 756,204 | ||||||
| WP Carey, Inc. | 9,588 | 632,808 | ||||||
| 28,599,348 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $46,966,412) | 46,851,841 | |||||||
| COMMON STOCKS - 6.2% | Shares | Value | ||||||
| Singapore - 1.2% | ||||||||
| Stoneweg Europe Stapled Trust | 335,010 | 586,944 | ||||||
| Turkey - 5.0% | ||||||||
| Kizilbuk GYO AS (a) | 2,199,260 | 849,289 | ||||||
| Ronesans GYO AS (a) | 189,322 | 701,843 | ||||||
| Yeni Gimat GYO AS | 295,030 | 964,632 | ||||||
| 2,515,764 | ||||||||
| TOTAL COMMON STOCKS (Cost $2,409,524) | 3,102,708 | |||||||
| SHORT-TERM INVESTMENTS - 0.4% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 0.1% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (d) | 54,574 | 54,574 |
15
| Money Market Funds – 0.3% | ||||||||
| First American Treasury Obligations Fund - Class X, 3.98% (d) | 169,266 | 169,266 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $223,840) | 223,840 | |||||||
| TOTAL INVESTMENTS - 99.9% (Cost $49,599,776) | 50,178,389 | |||||||
| Other Assets in Excess of Liabilities - 0.1% | 49,731 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 50,228,120 |
Percentages are stated as a percent of net assets.
AS – Aksjeselskap
GYO - Gayrimenkul Yatirim Ortakliği
NV – Naamloze Vennootschap
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA – Sociedad Anónima
SAPI de CV – Sociedad Anónima Promotora de Inversión de Capital Variable
SIIQ - Società di Investimento Immobiliare Quotata
SpA – Società per Azioni
| (a) | Non-income producing security. | |
| (b) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region. | |
| (c) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $52,788. | |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
16
Cambria Global Value ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 94.2% | Shares | Value | ||||||
| Austria - 8.6% | ||||||||
| ANDRITZ AG | 39,508 | $ | 2,987,338 | |||||
| AT&S Austria Technologie & Systemtechnik AG (a) | 146,812 | 5,457,412 | ||||||
| BAWAG Group AG (b) | 24,324 | 3,137,333 | ||||||
| Erste Group Bank AG | 34,951 | 3,615,676 | ||||||
| OMV AG | 52,932 | 2,895,620 | ||||||
| Raiffeisen Bank International AG | 94,719 | 3,530,796 | ||||||
| Verbund AG - Class A | 38,340 | 2,958,681 | ||||||
| voestalpine AG | 102,065 | 3,632,868 | ||||||
| Wienerberger AG | 73,294 | 2,174,565 | ||||||
| 30,390,289 | ||||||||
| Brazil - 5.6% | ||||||||
| Banco Santander Brasil SA | 527,285 | 3,054,949 | ||||||
| Centrais Eletricas Brasileiras SA | 363,626 | 3,759,306 | ||||||
| JBS NV (a) | 189,411 | 2,504,262 | ||||||
| Telefonica Brasil SA | 563,276 | 3,377,594 | ||||||
| TIM SA | 819,993 | 3,697,624 | ||||||
| Vale SA | 287,699 | 3,476,484 | ||||||
| 19,870,219 | ||||||||
| Chile - 8.3% | ||||||||
| Banco Itau Chile SA | 199,202 | 3,619,049 | ||||||
| Banco Santander Chile | 45,693,543 | 3,304,789 | ||||||
| CAP SA (a) | 535,302 | 3,577,956 | ||||||
| Cencosud SA | 806,018 | 2,499,592 | ||||||
| Compania Sud Americana de Vapores SA | 46,691,951 | 2,323,328 | ||||||
| Colbun SA | 17,217,490 | 2,588,423 | ||||||
| Empresas CMPC SA | 1,775,547 | 2,561,927 | ||||||
| Empresas Copec SA | 399,780 | 2,858,328 | ||||||
| Enel Americas SA | 28,464,570 | 2,687,759 | ||||||
| Quinenco SA | 706,588 | 3,231,016 | ||||||
| 29,252,167 | ||||||||
| Colombia - 9.8% | ||||||||
| Celsia SA | 2,828,029 | 3,587,612 | ||||||
| Cementos Argos SA | 1,082,907 | 2,899,237 | ||||||
| Ecopetrol SA | 6,526,261 | 3,013,681 | ||||||
| Grupo Argos SA | 757,588 | 3,419,756 | ||||||
| Grupo Cibest SA | 229,238 | 3,716,888 | ||||||
| Grupo de Inversiones Suramericana SA | 424,650 | 5,162,335 | ||||||
| Grupo Energia Bogota SA ESP | 3,999,259 | 3,268,157 | ||||||
| Interconexion Electrica SA ESP | 537,605 | 3,486,712 | ||||||
| Mineros SA | 1,721,379 | 6,073,348 | ||||||
| 34,627,726 | ||||||||
| Czech Republic - 9.2% | ||||||||
| CEZ AS | 115,808 | 7,093,140 | ||||||
| Komercni Banka AS | 162,682 | 8,330,416 | ||||||
| Moneta Money Bank AS (b) | 1,427,387 | 12,089,567 | ||||||
| Philip Morris CR AS | 5,735 | 4,889,984 | ||||||
| 32,403,107 | ||||||||
| Greece - 0.0%(c) | ||||||||
| FF Group (a)(d) | 25,214 | 0 | ||||||
| Hong Kong - 8.8% | ||||||||
| BOC Hong Kong Holdings Ltd. | 670,766 | 3,295,757 | ||||||
| China Overseas Land & Investment Ltd. | 1,617,790 | 2,712,782 | ||||||
| China Resources Land Ltd. | 839,397 | 3,031,121 | ||||||
| CK Asset Holdings Ltd. | 668,689 | 3,307,926 | ||||||
| CK Hutchison Holdings Ltd. | 491,780 | 3,259,315 | ||||||
17
| Geely Automobile Holdings Ltd. | 1,179,525 | 2,793,015 | ||||||
| Sino Land Co., Ltd. | 2,674,072 | 3,320,845 | ||||||
| Swire Pacific Ltd. - Class A | 315,674 | 2,608,087 | ||||||
| Swire Properties Ltd. | 1,281,659 | 3,496,686 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 1,129,954 | 3,213,670 | ||||||
| 31,039,204 | ||||||||
| Poland - 9.2% | ||||||||
| Alior Bank SA | 98,026 | 2,730,023 | ||||||
| Allegro.eu SA (a)(b) | 303,070 | 2,831,279 | ||||||
| Asseco Poland SA | 61,163 | 3,557,491 | ||||||
| KGHM Polska Miedz SA | 81,582 | 4,282,337 | ||||||
| Orange Polska SA | 1,087,503 | 2,649,703 | ||||||
| ORLEN SA | 147,612 | 3,999,474 | ||||||
| PGE Polska Grupa Energetyczna SA (a) | 1,113,888 | 3,378,160 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 168,762 | 2,698,912 | ||||||
| Tauron Polska Energia SA (a) | 1,488,447 | 4,030,455 | ||||||
| XTB SA (b) | 117,155 | 2,211,130 | ||||||
| 32,368,964 | ||||||||
| Russia - 0.0%(c) | ||||||||
| Alrosa PJSC (d) | 1,262,976 | 0 | ||||||
| Gazprom Neft PJSC (d) | 334,880 | 0 | ||||||
| Gazprom PJSC (a)(d) | 373,048 | 0 | ||||||
| Rosneft Oil Co. PJSC (a)(d) | 198,016 | 0 | ||||||
| Sberbank of Russia PJSC (a)(d) | 287,609 | 0 | ||||||
| Severstal PAO (a)(d) | 82,992 | 0 | ||||||
| Unipro PAO (a)(d) | 22,421,984 | 0 | ||||||
| 0 | ||||||||
| Singapore - 9.6% | ||||||||
| CapitaLand Investment Ltd. | 1,433,772 | 2,908,081 | ||||||
| Genting Singapore Ltd. | 4,909,978 | 2,753,752 | ||||||
| Jardine Cycle & Carriage Ltd. | 140,687 | 3,511,771 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 218,821 | 2,863,031 | ||||||
| Seatrium Ltd. | 1,741,377 | 2,903,187 | ||||||
| Sembcorp Industries Ltd. | 549,507 | 2,756,823 | ||||||
| Singapore Airlines Ltd. | 535,289 | 2,726,618 | ||||||
| Singapore Telecommunications Ltd. | 975,334 | 3,184,672 | ||||||
| United Overseas Bank Ltd. | 99,832 | 2,659,170 | ||||||
| UOL Group Ltd. | 633,797 | 3,871,148 | ||||||
| Venture Corp., Ltd. | 326,338 | 3,738,245 | ||||||
| 33,876,498 | ||||||||
| South Africa - 0.2% | ||||||||
| Valterra Platinum Ltd. | 9,551 | 583,441 | ||||||
| Thailand - 8.5% | ||||||||
| Bangkok Bank PCL - NVDR | 644,823 | 3,160,799 | ||||||
| Central Pattana PCL - NVDR | 1,844,603 | 3,066,257 | ||||||
| Central Retail Corp. PCL - NVDR | 4,438,807 | 2,814,150 | ||||||
| Charoen Pokphand Foods PCL - NVDR | 3,567,106 | 2,327,693 | ||||||
| Global Power Synergy PCL - NVDR | 2,710,939 | 3,479,325 | ||||||
| Kasikornbank PCL - NVDR | 566,020 | 3,264,658 | ||||||
| Krung Thai Bank PCL - NVDR | 4,126,192 | 3,477,307 | ||||||
| Minor International PCL - NVDR | 3,677,293 | 2,615,672 | ||||||
| PTT Exploration & Production PCL - NVDR | 899,477 | 2,976,466 | ||||||
| PTT PCL - NVDR | 2,994,687 | 2,847,893 | ||||||
| 30,030,220 | ||||||||
| Turkey - 8.2% | ||||||||
| BIM Birlesik Magazalar AS | 218,477 | 2,800,188 | ||||||
| Haci Omer Sabanci Holding AS | 1,373,756 | 2,663,951 | ||||||
| Iskenderun Demir ve Celik AS | 3,026,956 | 2,781,224 | ||||||
| Pegasus Hava Tasimaciligi AS (a) | 432,708 | 2,160,762 | ||||||
| Turk Hava Yollari AO | 355,269 | 2,462,570 | ||||||
| Turkcell Iletisim Hizmetleri AS | 1,129,877 | 2,678,669 |
18
| Turkiye Garanti Bankasi AS | 986,175 | 3,156,398 | ||||||
| Turkiye Is Bankasi AS - Class C | 9,934,345 | 2,988,288 | ||||||
| Turkiye Petrol Rafinerileri AS | 800,174 | 3,759,794 | ||||||
| Turkiye Sigorta AS | 12,506,991 | 3,672,928 | ||||||
| 29,124,772 | ||||||||
| United Kingdom - 8.2% | ||||||||
| Anglo American PLC (a) | 82,651 | 3,121,630 | ||||||
| Aviva PLC - Class B (a) | 365,720 | 3,212,259 | ||||||
| Barclays PLC | 662,835 | 3,544,013 | ||||||
| BP PLC | 548,666 | 3,188,016 | ||||||
| Legal & General Group PLC | 878,364 | 2,743,986 | ||||||
| Lloyds Banking Group PLC | 2,861,413 | 3,348,546 | ||||||
| Rio Tinto PLC | 44,663 | 3,218,839 | ||||||
| Shell PLC | 83,202 | 3,112,383 | ||||||
| Vodafone Group PLC | 3,050,949 | 3,692,995 | ||||||
| 29,182,667 | ||||||||
| TOTAL COMMON STOCKS (Cost $294,170,266) | 332,749,274 | |||||||
| PREFERRED STOCKS - 3.7% | Shares | Value | ||||||
| Brazil - 2.7% | ||||||||
| Gerdau SA | 1,014,302 | 3,559,517 | ||||||
| Itau Unibanco Holding SA | 428,556 | 3,148,880 | ||||||
| Petroleo Brasileiro SA - Petrobras | 497,468 | 2,744,421 | ||||||
| 9,452,818 | ||||||||
| Colombia - 1.0% | ||||||||
| Banco Davivienda SA (a) | 501,990 | 3,622,972 | ||||||
| TOTAL PREFERRED STOCKS (Cost $11,105,822) | 13,075,790 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.8% | Shares | Value | ||||||
| United Kingdom - 0.8% | ||||||||
| Segro PLC | 324,103 | 2,969,344 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,169,961) | 2,969,344 | |||||||
| SHORT-TERM INVESTMENTS - 1.1% | Shares | Value | ||||||
| Money Market Funds – 1.1% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (e) | 3,873,085 | 3,873,085 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,873,085) | 3,873,085 | |||||||
| TOTAL INVESTMENTS - 99.8% (Cost $312,319,134) | 352,667,493 | |||||||
| Other Assets in Excess of Liabilities - 0.2% | 955,480 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 353,622,973 |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
AO - Anonim Ortakligi
AS - Aksjeselskap
ESP - Empresas de Participación
NV - Naamloze Vennootschap
NVDR - Non-Voting Depositary Receipt
PAO – Publichnoye Aktsionemoye Obshchestvo
PCL - Public Company Limited
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SA – Sociedad Anónima
| (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, 2025, the value of these securities total $20,269,309 or 5.7% of the Fund’s net assets. | |
| (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 as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025. | |
| (e) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
19
Cambria LargeCap Shareholder Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 95.1% | Shares | Value | ||||||
| Communication Services - 9.6% | ||||||||
| AT&T, Inc. | 5,288 | $ | 130,878 | |||||
| Comcast Corp. - Class A | 2,608 | 72,594 | ||||||
| Fox Corp. - Class A | 1,857 | 120,055 | ||||||
| Interpublic Group of Cos., Inc. | 3,552 | 91,144 | ||||||
| Verizon Communications, Inc. | 2,546 | 101,178 | ||||||
| 515,849 | ||||||||
| Consumer Discretionary - 12.6% | ||||||||
| eBay, Inc. | 1,896 | 154,164 | ||||||
| General Motors Co. | 2,048 | 141,496 | ||||||
| Lennar Corp. - Class A | 632 | 78,223 | ||||||
| PulteGroup, Inc. | 864 | 103,568 | ||||||
| Toll Brothers, Inc. | 808 | 109,039 | ||||||
| Yum China Holdings, Inc. | 2,109 | 91,235 | ||||||
| 677,725 | ||||||||
| Consumer Staples - 7.5% | ||||||||
| Conagra Brands, Inc. | 3,520 | 60,509 | ||||||
| General Mills, Inc. | 1,576 | 73,457 | ||||||
| Kraft Heinz Co. | 3,128 | 77,356 | ||||||
| Molson Coors Beverage Co. - Class B | 1,976 | 86,391 | ||||||
| US Foods Holding Corp. (a) | 1,505 | 109,293 | ||||||
| 407,006 | ||||||||
| Energy - 7.3% | ||||||||
| EOG Resources, Inc. | 784 | 82,978 | ||||||
| Marathon Petroleum Corp. | 568 | 110,709 | ||||||
| Phillips 66 | 704 | 95,843 | ||||||
| Valero Energy Corp. | 632 | 107,162 | ||||||
| 396,692 | ||||||||
| Financials - 27.8%(b) | ||||||||
| Aflac, Inc. | 1,120 | 120,053 | ||||||
| American Financial Group, Inc. | 808 | 106,397 | ||||||
| American International Group, Inc. | 1,344 | 106,122 | ||||||
| Bank of New York Mellon Corp. | 1,560 | 168,371 | ||||||
| Citizens Financial Group, Inc. | 2,640 | 134,297 | ||||||
| Corebridge Financial, Inc. | 3,424 | 111,485 | ||||||
| Hartford Insurance Group, Inc. | 1,000 | 124,180 | ||||||
| MetLife, Inc. | 1,368 | 109,194 | ||||||
| PayPal Holdings, Inc. (a) | 1,166 | 80,769 | ||||||
| Principal Financial Group, Inc. | 1,192 | 100,176 | ||||||
| Prudential Financial, Inc. | 816 | 84,864 | ||||||
| Synchrony Financial | 1,870 | 139,090 | ||||||
| Truist Financial Corp. | 2,544 | 113,539 | ||||||
| 1,498,537 | ||||||||
| Health Care - 6.7% | ||||||||
| Centene Corp. (a) | 1,536 | 54,328 | ||||||
| Cigna Group | 304 | 74,301 | ||||||
| Pfizer, Inc. | 4,027 | 99,266 | ||||||
| Tenet Healthcare Corp. (a) | 637 | 131,534 | ||||||
| 359,429 | ||||||||
| Industrials - 4.2% | ||||||||
| L3Harris Technologies, Inc. | 422 | 122,000 | ||||||
| Textron, Inc. | 1,332 | 107,639 | ||||||
| 229,639 | ||||||||
| Information Technology - 6.1% | ||||||||
| Jabil, Inc. | 872 | 192,616 | ||||||
20
| TD SYNNEX Corp. | 872 | 136,459 | ||||||
| 329,075 | ||||||||
| Materials - 13.3% | ||||||||
| Ball Corp. | 1,835 | 86,245 | ||||||
| CF Industries Holdings, Inc. | 1,360 | 113,274 | ||||||
| Eastman Chemical Co. | 1,048 | 62,377 | ||||||
| Newmont Corp. | 1,776 | 143,803 | ||||||
| Nucor Corp. | 640 | 96,032 | ||||||
| Reliance, Inc. | 336 | 94,896 | ||||||
| Steel Dynamics, Inc. | 776 | 121,677 | ||||||
| 718,304 | ||||||||
| TOTAL COMMON STOCKS (Cost $5,199,457) | 5,132,256 | |||||||
| SHORT-TERM INVESTMENTS - 4.8% | Shares | Value | ||||||
| Money Market Funds – 4.8% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (c) | 257,149 | 257,149 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $257,149) | 257,149 | |||||||
| TOTAL INVESTMENTS - 99.9% (Cost $5,456,606) | 5,389,405 | |||||||
| Other Assets in Excess of Liabilities - 0.1% | 7,779 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 5,397,184 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. | |
| (b) | To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (c) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
21
Cambria Micro and SmallCap Shareholder Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 98.5% | Shares | Value | ||||||
| Communication Services - 6.7% | ||||||||
| Cars.com, Inc. (a) | 12,526 | $ | 134,529 | |||||
| Gray Media, Inc. | 29,909 | 136,684 | ||||||
| Nexstar Media Group, Inc. | 758 | 148,364 | ||||||
| Scholastic Corp. | 6,460 | 185,208 | ||||||
| Spok Holdings, Inc. | 8,497 | 121,422 | ||||||
| TEGNA, Inc. | 7,296 | 143,512 | ||||||
| Ziff Davis, Inc. (a) | 4,400 | 149,160 | ||||||
| 1,018,879 | ||||||||
| Consumer Discretionary - 20.8% | ||||||||
| Academy Sports & Outdoors, Inc. | 2,749 | 131,650 | ||||||
| Adtalem Global Education, Inc. (a) | 1,387 | 135,954 | ||||||
| American Eagle Outfitters, Inc. | 11,245 | 187,904 | ||||||
| Columbia Sportswear Co. | 2,263 | 112,313 | ||||||
| Ethan Allen Interiors, Inc. | 4,902 | 118,481 | ||||||
| G-III Apparel Group Ltd. (a) | 4,961 | 133,203 | ||||||
| Golden Entertainment, Inc. | 4,906 | 99,101 | ||||||
| KB Home | 2,684 | 167,535 | ||||||
| Kohl’s Corp. (b) | 15,203 | 247,353 | ||||||
| Laureate Education, Inc. (a) | 6,912 | 200,655 | ||||||
| Lear Corp. | 1,471 | 153,940 | ||||||
| Macy’s, Inc. | 12,590 | 245,379 | ||||||
| ODP Corp. (a) | 9,216 | 256,942 | ||||||
| Signet Jewelers Ltd. | 1,673 | 165,376 | ||||||
| Standard Motor Products, Inc. | 5,452 | 202,433 | ||||||
| Strategic Education, Inc. | 1,624 | 123,391 | ||||||
| Sturm Ruger & Co., Inc. | 3,865 | 163,915 | ||||||
| Travel + Leisure Co. | 2,727 | 171,201 | ||||||
| Tri Pointe Homes, Inc. (a) | 4,200 | 133,770 | ||||||
| 3,150,496 | ||||||||
| Consumer Staples - 3.7% | ||||||||
| Central Garden & Pet Co. (a) | 3,976 | 121,944 | ||||||
| Edgewell Personal Care Co. | 5,869 | 113,800 | ||||||
| Nu Skin Enterprises, Inc. - Class A | 19,624 | 210,369 | ||||||
| Spectrum Brands Holdings, Inc. | 1,962 | 105,713 | ||||||
| 551,826 | ||||||||
| Energy - 13.4% | ||||||||
| CNX Resources Corp. (a) | 4,548 | 153,086 | ||||||
| Dorian LPG Ltd. | 6,040 | 174,254 | ||||||
| FutureFuel Corp. | 34,569 | 135,856 | ||||||
| Helmerich & Payne, Inc. | 5,822 | 152,886 | ||||||
| International Seaways, Inc. | 4,327 | 221,672 | ||||||
| Liberty Energy, Inc. | 10,072 | 182,404 | ||||||
| Murphy Oil Corp. | 5,404 | 152,933 | ||||||
| Navigator Holdings Ltd. | 9,989 | 164,219 | ||||||
| Peabody Energy Corp. | 9,778 | 268,113 | ||||||
| Tidewater, Inc. (a) | 2,848 | 144,080 | ||||||
| VAALCO Energy, Inc. | 37,969 | 149,218 | ||||||
| World Kinect Corp. | 4,926 | 127,337 | ||||||
| 2,026,058 | ||||||||
| Financials - 28.3%(c) | ||||||||
| Banc of California, Inc. | 9,600 | 162,912 | ||||||
| Bancorp, Inc. (a) | 2,201 | 143,879 | ||||||
| Bread Financial Holdings, Inc. | 2,534 | 158,755 | ||||||
| Brighthouse Financial, Inc. (a) | 2,565 | 146,385 | ||||||
| Capitol Federal Financial, Inc. | 24,957 | 150,740 | ||||||
| Cathay General Bancorp | 3,252 | 147,803 | ||||||
| CNO Financial Group, Inc. | 3,236 | 129,505 | ||||||
22
| Columbia Banking System, Inc. | 6,033 | 161,684 | ||||||
| Employers Holdings, Inc. | 2,805 | 106,955 | ||||||
| Enact Holdings, Inc. | 3,993 | 142,630 | ||||||
| First Hawaiian, Inc. | 6,273 | 153,877 | ||||||
| First Interstate BancSystem, Inc. - Class A | 4,849 | 151,531 | ||||||
| Genworth Financial, Inc. - Class A (a) | 19,334 | 163,179 | ||||||
| Hanmi Financial Corp. | 5,664 | 149,530 | ||||||
| HarborOne Bancorp, Inc. (b) | 11,820 | 143,022 | ||||||
| Heritage Financial Corp. | 6,495 | 144,124 | ||||||
| Hilltop Holdings, Inc. | 4,684 | 151,293 | ||||||
| Jackson Financial, Inc. - Class A | 1,483 | 149,501 | ||||||
| Kearny Financial Corp. | 24,318 | 155,392 | ||||||
| Metropolitan Bank Holding Corp. | 2,024 | 134,131 | ||||||
| MGIC Investment Corp. | 5,648 | 154,868 | ||||||
| Navient Corp. | 9,843 | 120,380 | ||||||
| Pathward Financial, Inc. | 1,714 | 116,655 | ||||||
| PROG Holdings, Inc. | 4,857 | 140,513 | ||||||
| Radian Group, Inc. | 4,149 | 140,817 | ||||||
| SLM Corp. | 4,469 | 119,993 | ||||||
| Stellar Bancorp, Inc. | 5,239 | 154,184 | ||||||
| Univest Financial Corp. | 4,562 | 133,940 | ||||||
| Western Union Co. (b) | 13,075 | 121,990 | ||||||
| WSFS Financial Corp. | 2,870 | 149,498 | ||||||
| 4,299,666 | ||||||||
| Health Care - 4.4% | ||||||||
| Definitive Healthcare Corp. (a) | 37,378 | 103,537 | ||||||
| Premier, Inc. - Class A | 7,441 | 209,241 | ||||||
| SIGA Technologies, Inc. | 22,835 | 189,074 | ||||||
| Tactile Systems Technology, Inc. (a) | 11,284 | 170,050 | ||||||
| 671,902 | ||||||||
| Industrials - 15.5% | ||||||||
| ACCO Brands Corp. | 39,494 | 148,497 | ||||||
| Atkore, Inc. | 2,065 | 143,001 | ||||||
| Boise Cascade Co. | 1,346 | 94,879 | ||||||
| Civeo Corp. | 6,011 | 124,909 | ||||||
| Concentrix Corp. | 2,799 | 112,828 | ||||||
| Deluxe Corp. | 8,123 | 147,107 | ||||||
| Genco Shipping & Trading Ltd. | 10,019 | 170,724 | ||||||
| IBEX Holdings Ltd. (a) | 5,323 | 198,920 | ||||||
| Janus International Group, Inc. (a) | 17,002 | 163,219 | ||||||
| Kennametal, Inc. | 5,909 | 129,703 | ||||||
| Luxfer Holdings PLC | 11,190 | 136,518 | ||||||
| ManpowerGroup, Inc. | 3,425 | 105,010 | ||||||
| Matson, Inc. | 1,068 | 107,815 | ||||||
| MillerKnoll, Inc. | 6,390 | 99,812 | ||||||
| REV Group, Inc. | 3,996 | 204,875 | ||||||
| Sensata Technologies Holding PLC | 5,071 | 161,410 | ||||||
| Wabash National Corp. | 12,179 | 97,676 | ||||||
| 2,346,903 | ||||||||
| Information Technology - 2.9% | ||||||||
| Avnet, Inc. | 2,762 | 133,819 | ||||||
| Photronics, Inc. (a) | 6,352 | 151,813 | ||||||
| ScanSource, Inc. (a) | 3,697 | 158,620 | ||||||
| 444,252 | ||||||||
| Materials - 2.8% | ||||||||
| Kronos Worldwide, Inc. | 16,789 | 82,602 | ||||||
| Ryerson Holding Corp. | 6,436 | 141,978 | ||||||
| SunCoke Energy, Inc. | 14,887 | 119,245 | ||||||
| Sylvamo Corp. | 2,048 | 83,149 | ||||||
| 426,974 | ||||||||
| TOTAL COMMON STOCKS (Cost $15,252,173) | 14,936,956 |
23
| SHORT-TERM INVESTMENTS – 4.7% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 3.2% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (d) | 483,780 | 483,780 | ||||||
| Money Market Funds – 1.5% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 232,217 | 232,217 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $715,997) | 715,997 | |||||||
| TOTAL INVESTMENTS - 103.2% (Cost $15,968,170) | 15,652,953 | |||||||
| Liabilities in Excess of Other Assets - (3.2)% | (478,333 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 15,174,620 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
| (a) | Non-income producing security. | |
| (b) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $471,777. | |
| (c) | To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
24
Cambria Shareholder Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 98.5% | Shares | Value | ||||||
| Communication Services - 6.6% | ||||||||
| Comcast Corp. - Class A | 214,483 | $ | 5,970,134 | |||||
| Fox Corp. - Class A | 215,431 | 13,927,614 | ||||||
| Interpublic Group of Cos., Inc. | 289,268 | 7,422,617 | ||||||
| TEGNA, Inc. | 444,255 | 8,738,496 | ||||||
| Verizon Communications, Inc. | 212,900 | 8,460,646 | ||||||
| Yelp, Inc. (a) | 234,149 | 7,722,234 | ||||||
| Ziff Davis, Inc. (a) | 161,878 | 5,487,664 | ||||||
| 57,729,405 | ||||||||
| Consumer Discretionary - 20.5% | ||||||||
| Academy Sports & Outdoors, Inc. | 169,904 | 8,136,702 | ||||||
| ADT, Inc. | 1,012,952 | 8,954,496 | ||||||
| BorgWarner, Inc. | 275,528 | 11,836,683 | ||||||
| Columbia Sportswear Co. | 102,046 | 5,064,543 | ||||||
| Dillard’s, Inc. - Class A | 19,059 | 11,436,925 | ||||||
| Ethan Allen Interiors, Inc. | 272,640 | 6,589,709 | ||||||
| Garrett Motion, Inc. | 659,020 | 11,163,799 | ||||||
| H&R Block, Inc. | 167,515 | 8,332,196 | ||||||
| Haverty Furniture Cos., Inc. | 312,574 | 6,817,239 | ||||||
| KB Home | 136,395 | 8,513,776 | ||||||
| Kohl’s Corp. (b) | 358,362 | 5,830,550 | ||||||
| Lear Corp. | 86,356 | 9,037,155 | ||||||
| Lennar Corp. - Class A | 57,498 | 7,116,527 | ||||||
| LKQ Corp. | 211,311 | 6,753,500 | ||||||
| ODP Corp. (a) | 390,639 | 10,891,015 | ||||||
| PulteGroup, Inc. | 80,991 | 9,708,391 | ||||||
| PVH Corp. | 92,076 | 7,212,313 | ||||||
| Taylor Morrison Home Corp. (a) | 136,940 | 8,116,434 | ||||||
| Toll Brothers, Inc. | 75,359 | 10,169,697 | ||||||
| Travel + Leisure Co. | 184,460 | 11,580,399 | ||||||
| Whirlpool Corp. (b) | 82,088 | 5,879,963 | ||||||
| 179,142,012 | ||||||||
| Consumer Staples - 3.5% | ||||||||
| Cal-Maine Foods, Inc. | 94,414 | 8,289,549 | ||||||
| Kraft Heinz Co. | 254,943 | 6,304,740 | ||||||
| Molson Coors Beverage Co. - Class B | 159,833 | 6,987,899 | ||||||
| Spectrum Brands Holdings, Inc. | 160,011 | 8,621,393 | ||||||
| 30,203,581 | ||||||||
| Energy - 11.8% | ||||||||
| APA Corp. | 365,888 | 8,287,363 | ||||||
| EOG Resources, Inc. | 72,695 | 7,694,039 | ||||||
| Exxon Mobil Corp. | 76,905 | 8,794,856 | ||||||
| HF Sinclair Corp. | 167,537 | 8,644,909 | ||||||
| Marathon Petroleum Corp. | 49,740 | 9,694,824 | ||||||
| Murphy Oil Corp. | 243,441 | 6,889,380 | ||||||
| Peabody Energy Corp. | 644,953 | 17,684,611 | ||||||
| Phillips 66 | 61,674 | 8,396,298 | ||||||
| Plains GP Holdings LP | 515,030 | 8,894,568 | ||||||
| Valero Energy Corp. | 57,419 | 9,735,966 | ||||||
| World Kinect Corp. | 308,202 | 7,967,022 | ||||||
| 102,683,836 | ||||||||
| Financials - 25.7%(c) | ||||||||
| Aflac, Inc. | 106,971 | 11,466,221 | ||||||
| American Financial Group, Inc. | 69,053 | 9,092,899 | ||||||
| Ameriprise Financial, Inc. | 20,615 | 9,333,854 | ||||||
| Assured Guaranty Ltd. | 110,325 | 8,889,988 | ||||||
| Bread Financial Holdings, Inc. | 148,939 | 9,331,028 | ||||||
| Citizens Financial Group, Inc. | 167,644 | 8,528,050 | ||||||
25
| Comerica, Inc. | 129,556 | 9,911,034 | ||||||
| Corebridge Financial, Inc. | 266,250 | 8,669,100 | ||||||
| Federated Hermes, Inc. | 246,285 | 11,939,897 | ||||||
| Fifth Third Bancorp | 197,355 | 8,213,915 | ||||||
| First Interstate BancSystem, Inc. - Class A | 270,928 | 8,466,500 | ||||||
| Jackson Financial, Inc. - Class A | 86,610 | 8,731,154 | ||||||
| Loews Corp. | 91,610 | 9,120,692 | ||||||
| M&T Bank Corp. | 44,480 | 8,178,538 | ||||||
| MetLife, Inc. | 123,852 | 9,885,867 | ||||||
| Northern Trust Corp. | 67,340 | 8,664,638 | ||||||
| Old Republic International Corp. | 218,742 | 8,631,559 | ||||||
| PayPal Holdings, Inc. (a) | 137,493 | 9,524,140 | ||||||
| Principal Financial Group, Inc. | 106,696 | 8,966,732 | ||||||
| PROG Holdings, Inc. | 275,212 | 7,961,883 | ||||||
| SLM Corp. | 403,299 | 10,828,578 | ||||||
| Synchrony Financial | 176,245 | 13,109,103 | ||||||
| Truist Financial Corp. | 195,125 | 8,708,429 | ||||||
| Western Union Co. (b) | 828,630 | 7,731,118 | ||||||
| 223,884,917 | ||||||||
| Health Care - 7.4% | ||||||||
| Centene Corp. (a) | 155,706 | 5,507,321 | ||||||
| Cigna Group | 27,344 | 6,683,147 | ||||||
| Pfizer, Inc. | 328,563 | 8,099,078 | ||||||
| Premier, Inc. - Class A | 381,308 | 10,722,381 | ||||||
| Tenet Healthcare Corp. (a) | 68,795 | 14,205,480 | ||||||
| Universal Health Services, Inc. - Class B | 51,040 | 11,076,191 | ||||||
| Viatris, Inc. | 775,190 | 8,030,968 | ||||||
| 64,324,566 | ||||||||
| Industrials - 11.6% | ||||||||
| Atkore, Inc. | 109,696 | 7,596,448 | ||||||
| Boise Cascade Co. | 67,346 | 4,747,220 | ||||||
| Builders FirstSource, Inc. (a) | 51,557 | 5,989,377 | ||||||
| ManpowerGroup, Inc. | 211,058 | 6,471,038 | ||||||
| Matson, Inc. | 76,351 | 7,707,634 | ||||||
| REV Group, Inc. | 221,093 | 11,335,438 | ||||||
| Ryder System, Inc. | 74,057 | 12,532,666 | ||||||
| SkyWest, Inc. (a) | 109,778 | 11,030,493 | ||||||
| Textron, Inc. | 94,276 | 7,618,444 | ||||||
| Timken Co. | 107,989 | 8,478,216 | ||||||
| Wabash National Corp. | 615,243 | 4,934,249 | ||||||
| WESCO International, Inc. | 48,336 | 12,544,642 | ||||||
| 100,985,865 | ||||||||
| Information Technology - 0.9% | ||||||||
| Avnet, Inc. | 170,589 | 8,265,037 | ||||||
| Materials - 10.5% | ||||||||
| Cabot Corp. | 99,528 | 6,716,149 | ||||||
| CF Industries Holdings, Inc. | 125,405 | 10,444,982 | ||||||
| Dow, Inc. | 173,160 | 4,129,866 | ||||||
| Eastman Chemical Co. | 95,222 | 5,667,613 | ||||||
| Greif, Inc. - Class A | 137,309 | 7,811,509 | ||||||
| Huntsman Corp. | 682,768 | 5,653,319 | ||||||
| LyondellBasell Industries NV - Class A | 144,649 | 6,714,607 | ||||||
| Newmont Corp. | 104,907 | 8,494,320 | ||||||
| Olin Corp. | 234,361 | 4,851,273 | ||||||
| Reliance, Inc. | 32,794 | 9,262,009 | ||||||
| Ryerson Holding Corp. | 280,725 | 6,192,794 | ||||||
| Steel Dynamics, Inc. | 66,567 | 10,437,706 | ||||||
| Sylvamo Corp. | 125,654 | 5,101,552 | ||||||
| 91,477,699 | ||||||||
| TOTAL COMMON STOCKS (Cost $924,476,995) | 858,696,918 |
26
| SHORT-TERM INVESTMENTS – 2.4% | Shares | Value | ||||||
| Investments Purchases with Proceeds from Securities Lending – 0.9% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (d) | 8,233,771 | 8,233,771 | ||||||
| Money Market Funds – 1.5% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 13,091,189 | 13,091,189 | ||||||
| TOTAL SHORT-TERM INVESTMENTS -2.4% (Cost $21,324,960) | 21,324,960 | |||||||
| TOTAL INVESTMENTS - 100.9% (Cost $945,753,571) | 880,021,878 | |||||||
| Liabilities in Excess of Other Assets - (0.9)% | (7,970,510 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 872,051,368 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LP - Limited Partnership
NV - Naamloze Vennootschap
| (a) | Non-income producing security. | |
| (b) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $8,014,469. | |
| (c) | To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
27
Cambria Tactical Yield ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| SHORT-TERM INVESTMENTS – 100.0% | Shares | Value | ||||||
| Money Market Funds - 0.1% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (a) | 27,544 | $ | 27,544 | |||||
| U.S. Treasury Bills – 99.9% | Par | |||||||
| 3.97%, 12/26/2025 (b) | $ | 8,827,000 | $ | 8,776,187 | ||||
| 4.06%, 03/19/2026 (b) | 9,127,000 | 8,998,764 | ||||||
| 3.66%, 06/11/2026 (b) | 9,065,000 | 8,864,905 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $26,657,685) | 26,639,856 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $26,657,685) | 26,667,400 | |||||||
| Other Assets in Excess of Liabilities - 0.0% (c) | 95 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 26,667,495 | ||||||
Percentages are stated as a percent of net assets.
| (a) | The rate shown represents the 7-day annualized yield as of October 31, 2025. | |
| (b) | The rate shown is the annualized yield as of October 31, 2025. | |
| (c) | Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
28
Cambria Tail Risk ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| U.S. TREASURY OBLIGATIONS - 87.5% | Par | Value | ||||||||||
| United States Treasury Bond, 4.25%, 05/15/2035 | $ | 91,963,000 | $ | 93,198,753 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $92,436,533) | 93,198,753 | |||||||||||
| PURCHASED OPTIONS - 5.2% (a) | Notional Amount | Contracts | Value | |||||||||
| Put Options - 5.2% | ||||||||||||
| S&P 500 Index (b)(c) | ||||||||||||
| Expiration: 12/19/2025; Exercise Price: $4,800.00 | $ | 32,148,940 | 47 | 16,215 | ||||||||
| Expiration: 03/20/2026; Exercise Price: $4,700.00 | 109,443,200 | 160 | 323,200 | |||||||||
| Expiration: 03/20/2026; Exercise Price: $5,500.00 | 13,680,400 | 20 | 89,800 | |||||||||
| Expiration: 06/18/2026; Exercise Price: $5,000.00 | 49,933,460 | 73 | 375,220 | |||||||||
| Expiration: 06/18/2026; Exercise Price: $5,300.00 | 29,412,860 | 43 | 293,045 | |||||||||
| Expiration: 06/18/2026; Exercise Price: $5,500.00 | 18,468,540 | 27 | 223,695 | |||||||||
| Expiration: 09/18/2026; Exercise Price: $5,600.00 | 27,360,800 | 40 | 517,400 | |||||||||
| Expiration: 09/18/2026; Exercise Price: $5,800.00 | 27,360,800 | 40 | 616,800 | |||||||||
| Expiration: 09/18/2026; Exercise Price: $6,000.00 | 40,357,180 | 59 | 1,082,060 | |||||||||
| Expiration: 12/18/2026; Exercise Price: $6,100.00 | 28,044,820 | 41 | 987,690 | |||||||||
| Expiration: 12/18/2026; Exercise Price: $6,200.00 | 25,308,740 | 37 | 961,815 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $12,539,562) | 5,486,940 | |||||||||||
| SHORT-TERM INVESTMENTS - 4.5% | Shares | Value | ||||||||||
| Money Market Funds – 4.5% | ||||||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (d) | 4,840,778 | 4,840,778 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,840,778) | 4,840,778 | |||||||||||
| TOTAL INVESTMENTS - 97.2% (Cost $109,816,873) | 103,526,471 | |||||||||||
| Other Assets in Excess of Liabilities - 2.8% | 2,952,900 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 106,479,371 | ||||||||||
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. | |
| (b) | Exchange-traded. | |
| (c) | 100 shares per contract. | |
| (d) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
The accompanying notes are an integral part of these financial statements.
29
Cambria Trinity ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| EXCHANGE TRADED FUNDS - 99.6% | Shares | Value | ||||||
| Alpha Architect 1-3 Month Box ETF (a) | 9,432 | $ | 1,076,851 | |||||
| Cambria Chesapeake Pure Trend ETF (b) | 150,582 | 2,337,575 | ||||||
| Cambria Emerging Shareholder Yield ETF (b) | 192,328 | 7,346,929 | ||||||
| Cambria Foreign Shareholder Yield ETF (b) | 238,077 | 7,368,483 | ||||||
| Cambria Global Real Estate ETF (b) | 179,837 | 4,534,392 | ||||||
| Cambria Global Value ETF (b)(c) | 320,724 | 9,599,269 | ||||||
| Cambria LargeCap Shareholder Yield ETF (b) | 44,205 | 1,194,048 | ||||||
| Cambria Micro and SmallCap Shareholder Yield ETF (b) | 50,470 | 1,279,722 | ||||||
| Cambria Shareholder Yield ETF (b) | 35,284 | 2,375,319 | ||||||
| Cambria Tactical Yield ETF (b) | 170,507 | 4,332,583 | ||||||
| Cambria Value and Momentum ETF (b)(c) | 289,044 | 9,457,115 | ||||||
| Graniteshares Gold Trust (a) | 57,984 | 2,286,889 | ||||||
| Grizzle Growth ETF | 50,947 | 2,291,978 | ||||||
| iMGP DBi Managed Futures Strategy ETF | 167,281 | 4,745,762 | ||||||
| Invesco DB Precious Metals Fund | 25,112 | 2,307,775 | ||||||
| iShares Global Consumer Discretionary ETF | 11,319 | 2,339,598 | ||||||
| iShares Global Financials ETF (c) | 19,010 | 2,173,307 | ||||||
| iShares Global Industrials ETF | 13,489 | 2,351,133 | ||||||
| iShares Global Infrastructure ETF | 37,890 | 2,311,290 | ||||||
| iShares Global Tech ETF (c) | 22,309 | 2,466,260 | ||||||
| iShares Global Utilities ETF | 30,110 | 2,408,544 | ||||||
| JPMorgan USD Emerging Markets Sovereign Bond ETF (c)(d) | 83,808 | 3,413,944 | ||||||
| Schwab US TIPS ETF | 79,630 | 2,146,825 | ||||||
| Simplify Managed Futures Strategy ETF | 65,556 | 1,785,090 | ||||||
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF (c) | 158,598 | 4,619,960 | ||||||
| SPDR FTSE International Government Inflation-Protected Bond ETF (c) | 54,826 | 2,140,955 | ||||||
| United States Commodity Index Fund (a) | 30,232 | 2,361,267 | ||||||
| VanEck Bitcoin ETF (a) | 79,600 | 2,469,988 | ||||||
| VanEck Gold Miners ETF | 43,223 | 3,114,649 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 130,724 | 3,332,155 | ||||||
| Vanguard FTSE All World ex-US Small-Cap ETF | 15,552 | 2,213,983 | ||||||
| Vanguard Intermediate-Term Treasury ETF | 142,604 | 8,581,909 | ||||||
| Vanguard Total Bond Market ETF | 58,091 | 4,332,427 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $102,099,148) | 117,097,974 | |||||||
| SHORT-TERM INVESTMENTS - 2.7% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 2.4% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (e) | 2,766,950 | 2,766,950 | ||||||
| Money Market Funds – 0.3% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (e) | 370,544 | 370,544 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,137,494) | 3,137,494 | |||||||
| TOTAL INVESTMENTS - 102.3% (Cost $105,236,642) | 120,235,468 | |||||||
| Liabilities in Excess of Other Assets - (2.3)% | (2,757,255 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 117,478,213 | ||||||
Percentages are stated as a percent of net assets.
EM – Emerging Markets
FTSE – Financial Times Stock Exchange
SPDR – Standard & Poor’s Depositary Receipt
TIPS – Treasury Inflation Protected Security
| (a) | Non-income producing security. | |
| (b) | Affiliated security as defined by the Investment Company Act of 1940. | |
| (c) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $2,702,656. | |
| (d) | Affiliated investment due to the Fund holding more than 5% of the outstanding shares. | |
| (e) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
30
Transactions with affiliated companies during the period ended October 31, 2025, were as follows:
| Security Name | Market Value as of April 30, 2025 | Purchases | Purchases In-Kind |
Sales | Sales In-Kind | Market Value as of October 31, 2025 | Share Balance as of October 31, 2025 | Dividend Income |
Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||||||||
| Cambria Chesapeake Pure Trend ETF | $ | 4,317,181 | $ | — | $ | — | $ | (2,189,267 | ) | $ | (103,832 | ) | $ | 2,337,575 | 150,582 | $ | — | $ | 906,186 | $ | (592,693 | ) | ||||||||||||||||||
| Cambria Emerging Shareholder Yield ETF | 4,378,334 | 2,008,748 | — | — | (169,638 | ) | 7,346,929 | 192,328 | 198,896 | 1,085,389 | 44,096 | |||||||||||||||||||||||||||||
| Cambria Foreign Shareholder Yield ETF | 6,578,678 | — | — | — | (172,647 | ) | 7,368,483 | 238,077 | 210,197 | 919,908 | 42,544 | |||||||||||||||||||||||||||||
| Cambria Global Real Estate ETF | 4,341,037 | — | — | — | (106,395 | ) | 4,534,392 | 179,837 | 95,156 | 291,661 | 8,089 | |||||||||||||||||||||||||||||
| Cambria Global Value ETF | 6,572,591 | 1,986,897 | — | — | (192,778 | ) | 9,599,269 | 320,724 | 184,584 | 1,158,766 | 73,793 | |||||||||||||||||||||||||||||
| Cambria LargeCap Shareholder Yield ETF | 1,111,512 | — | — | — | (28,424 | ) | 1,194,048 | 44,205 | 17,119 | 109,626 | 1,334 | |||||||||||||||||||||||||||||
| Cambria Micro and SmallCap Shareholder Yield ETF | 1,093,384 | — | — | — | (30,123 | ) | 1,279,722 | 50,470 | 14,897 | 211,430 | 5,031 | |||||||||||||||||||||||||||||
| Cambria Shareholder Yield ETF | 2,180,445 | — | — | — | (57,221 | ) | 2,375,319 | 35,284 | 29,994 | 242,014 | 10,081 | |||||||||||||||||||||||||||||
| Cambria Tactical Yield ETF | 8,657,211 | — | — | (4,216,570 | ) | (102,931 | ) | 4,332,583 | 170,507 | 95,639 | 8,635 | (13,762 | ) | |||||||||||||||||||||||||||
| Cambria Value and Momentum ETF | 8,551,701 | — | — | — | (217,117 | ) | 9,457,115 | 289,044 | 31,700 | 1,084,707 | 37,824 | |||||||||||||||||||||||||||||
| JPMorgan USD Emerging Markets Sovereign Bond ETF | 3,261,334 | — | — | — | (78,673 | ) | 3,413,944 | 83,808 | 111,201 | 229,094 | 2,189 | |||||||||||||||||||||||||||||
| $ | 51,043,408 | $ | 3,995,645 | $ | — | $ | (6,405,837 | ) | $ | (1,259,779 | ) | $ | 53,239,379 | 1,754,866 | $ | 989,383 | $ | 6,247,416 | $ | (381,474 | ) | |||||||||||||||||||
Transactions with investments no longer affiliated as of October 31, 2025:
| Security Name | Market Value as of April 30, 2025 | Purchases | Purchases In-Kind |
Sales | Sales In-Kind | Market Value as of October 31, 2025 | Share Balance as of October 31, 2025 | Dividend Income |
Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||||||||
| Cambria Tail Risk ETF | $ | 2,141,983 | $ | — | $ | — | $ | (1,956,150 | ) | $ | (23,110 | ) | $ | — | — | $ | 18,475 | $ | 23,501 | $ | (186,224 | ) | ||||||||||||||||||
| $ | 2,141,983 | $ | — | $ | — | $ | (1,956,150 | ) | $ | (23,110 | ) | $ | — | — | $ | 18,475 | $ | 23,501 | $ | (186,224 | ) | |||||||||||||||||||
| Grand Total | $ | 53,185,391 | $ | 3,995,645 | $ | — | $ | (8,361,987 | ) | $ | (1,282,889 | ) | $ | 53,239,379 | 1,754,866 | $ | 1007,858 | $ | 6,270,917 | $ | (567,698 | ) | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
31
Cambria Value and Momentum ETF
Schedule of Investments
October 31, 2025 (Unaudited)
| COMMON STOCKS - 90.0% | Shares | Value | ||||||
| Communication Services - 5.5% | ||||||||
| AT&T, Inc. | 22,229 | $ | 550,168 | |||||
| Fox Corp. - Class A | 9,966 | 644,302 | ||||||
| TEGNA, Inc. | 30,450 | 598,951 | ||||||
| Telephone and Data Systems, Inc. | 15,775 | 612,385 | ||||||
| Warner Bros Discovery, Inc. (a) | 31,698 | 711,620 | ||||||
| Webtoon Entertainment, Inc. (a)(b) | 34,450 | 603,909 | ||||||
| 3,721,335 | ||||||||
| Consumer Discretionary - 16.9% | ||||||||
| Adtalem Global Education, Inc. (a) | 4,081 | 400,020 | ||||||
| BorgWarner, Inc. | 13,937 | 598,734 | ||||||
| Build-A-Bear Workshop, Inc. | 9,725 | 527,289 | ||||||
| Coursera, Inc. (a) | 55,100 | 463,942 | ||||||
| Dana, Inc. | 30,938 | 628,041 | ||||||
| Garrett Motion, Inc. | 44,838 | 759,556 | ||||||
| General Motors Co. | 10,035 | 693,318 | ||||||
| G-III Apparel Group Ltd. (a) | 23,056 | 619,054 | ||||||
| Group 1 Automotive, Inc. | 1,372 | 545,425 | ||||||
| Kohl’s Corp. (b) | 39,044 | 635,246 | ||||||
| Laureate Education, Inc. (a) | 19,676 | 571,194 | ||||||
| La-Z-Boy, Inc. | 18,293 | 579,888 | ||||||
| Perdoceo Education Corp. | 16,525 | 524,834 | ||||||
| Phinia, Inc. | 10,706 | 555,748 | ||||||
| Rush Street Interactive, Inc. (a) | 30,593 | 518,857 | ||||||
| Serve Robotics, Inc. (a)(b) | 51,942 | 687,193 | ||||||
| Stride, Inc. (a) | 4,251 | 289,238 | ||||||
| Travel + Leisure Co. | 10,405 | 653,226 | ||||||
| Urban Outfitters, Inc. (a) | 8,666 | 559,910 | ||||||
| Visteon Corp. | 5,098 | 546,302 | ||||||
| 11,357,015 | ||||||||
| Consumer Staples - 2.6% | ||||||||
| Cal-Maine Foods, Inc. | 6,616 | 580,885 | ||||||
| Ingredion, Inc. | 5,069 | 585,013 | ||||||
| Pilgrim’s Pride Corp. | 14,911 | 568,109 | ||||||
| 1,734,007 | ||||||||
| Energy - 4.8% | ||||||||
| HF Sinclair Corp. | 11,850 | 611,460 | ||||||
| NextDecade Corp. (a) | 93,308 | 553,316 | ||||||
| Par Pacific Holdings, Inc. (a) | 17,799 | 711,604 | ||||||
| Uranium Energy Corp. (a) | 46,868 | 709,113 | ||||||
| World Kinect Corp. | 23,855 | 616,652 | ||||||
| 3,202,145 | ||||||||
| Financials - 23.5%(c) | ||||||||
| Assurant, Inc. | 2,797 | 592,181 | ||||||
| Bread Financial Holdings, Inc. | 11,365 | 712,017 | ||||||
| Brookfield Asset Management Ltd. | 10,984 | 593,795 | ||||||
| Capital One Financial Corp. | 2,867 | 630,711 | ||||||
| Citizens Financial Group, Inc. | 11,703 | 595,332 | ||||||
| Corebridge Financial, Inc. | 19,072 | 620,984 | ||||||
| Enova International, Inc. (a) | 5,432 | 649,504 | ||||||
| Enterprise Financial Services Corp. | 10,724 | 561,616 | ||||||
| Equitable Holdings, Inc. | 12,447 | 614,882 | ||||||
| Federal Home Loan Mortgage Corp. (a) | 52,541 | 500,716 | ||||||
| First Horizon Corp. | 27,586 | 589,237 | ||||||
| Green Dot Corp. - Class A (a) | 47,352 | 549,757 | ||||||
| Hartford Insurance Group, Inc. | 4,621 | 573,836 | ||||||
| Jackson Financial, Inc. - Class A | 6,084 | 613,328 | ||||||
| LendingClub Corp. (a) | 41,502 | 721,720 | ||||||
32
| Lincoln National Corp. | 15,563 | 653,646 | ||||||
| Loews Corp. | 6,158 | 613,091 | ||||||
| Mercury General Corp. | 7,282 | 562,899 | ||||||
| MGIC Investment Corp. | 21,920 | 601,046 | ||||||
| Old Republic International Corp. | 14,407 | 568,500 | ||||||
| Pathward Financial, Inc. | 8,391 | 571,091 | ||||||
| Reinsurance Group of America, Inc. | 3,192 | 582,412 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 4,457 | 654,198 | ||||||
| Skyward Specialty Insurance Group, Inc. (a) | 13,585 | 619,340 | ||||||
| Synchrony Financial | 8,791 | 653,875 | ||||||
| UMB Financial Corp. | 5,230 | 558,982 | ||||||
| 15,758,696 | ||||||||
| Health Care - 7.9% | ||||||||
| Cardinal Health, Inc. | 3,921 | 748,009 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 29,603 | 629,656 | ||||||
| Exelixis, Inc. (a) | 14,911 | 576,609 | ||||||
| McKesson Corp. | 804 | 652,317 | ||||||
| Pediatrix Medical Group, Inc. (a) | 36,533 | 619,965 | ||||||
| Premier, Inc. - Class A | 22,164 | 623,252 | ||||||
| Protagonist Therapeutics, Inc. (a) | 9,568 | 752,236 | ||||||
| PTC Therapeutics, Inc. (a) | 9,855 | 673,195 | ||||||
| 5,275,239 | ||||||||
| Industrials - 15.6% | ||||||||
| Alaska Air Group, Inc. (a) | 12,710 | 530,388 | ||||||
| Argan, Inc. | 2,202 | 674,274 | ||||||
| DNOW, Inc. (a) | 39,813 | 585,251 | ||||||
| DXP Enterprises, Inc. (a) | 5,047 | 603,873 | ||||||
| Healthcare Services Group, Inc. (a) | 37,625 | 672,359 | ||||||
| IES Holdings, Inc. (a) | 1,550 | 607,414 | ||||||
| Interface, Inc. | 21,390 | 532,611 | ||||||
| Mueller Industries, Inc. | 6,173 | 653,535 | ||||||
| NEXTracker, Inc. - Class A (a) | 8,136 | 823,526 | ||||||
| OPENLANE, Inc. (a) | 21,575 | 570,011 | ||||||
| Oshkosh Corp. | 4,814 | 593,518 | ||||||
| Planet Labs PBC (a) | 44,466 | 598,068 | ||||||
| Primoris Services Corp. | 4,396 | 622,122 | ||||||
| REV Group, Inc. | 11,128 | 570,533 | ||||||
| SkyWest, Inc. (a) | 6,064 | 609,311 | ||||||
| Tutor Perini Corp. (a) | 9,438 | 635,744 | ||||||
| United Airlines Holdings, Inc. (a) | 6,414 | 603,173 | ||||||
| 10,485,711 | ||||||||
| Information Technology - 5.7% | ||||||||
| CompoSecure, Inc. (a) | 30,868 | 613,039 | ||||||
| InterDigital, Inc. | 1,777 | 643,203 | ||||||
| NETGEAR, Inc. (a) | 18,319 | 636,036 | ||||||
| Plexus Corp. (a) | 4,238 | 592,896 | ||||||
| Sanmina Corp. (a) | 5,324 | 729,654 | ||||||
| TD SYNNEX Corp. | 3,780 | 591,532 | ||||||
| 3,806,360 | ||||||||
| Materials - 3.7% | ||||||||
| Century Aluminum Co. (a) | 21,052 | 623,560 | ||||||
| Mosaic Co. | 18,230 | 500,414 | ||||||
| Newmont Corp. | 7,168 | 580,393 | ||||||
| Perimeter Solutions, Inc. (a) | 27,988 | 657,998 | ||||||
| Resolute Forest Products (a)(d) | 69,419 | 98,575 | ||||||
| 2,460,940 | ||||||||
| Utilities - 3.8% | ||||||||
| Hallador Energy Co. (a) | 30,907 | 668,518 | ||||||
| NRG Energy, Inc. | 3,789 | 651,178 | ||||||
| UGI Corp. | 18,611 | 622,166 | ||||||
| Vistra Corp. | 3,160 | 595,028 | ||||||
| 2,536,890 | ||||||||
| TOTAL COMMON STOCKS (Cost $49,169,994) | 60,338,338 |
33
| REAL ESTATE INVESTMENT TRUSTS - 0.8% | Shares | Value | ||||||
| Industrials - 0.8% | ||||||||
| CoreCivic, Inc. (a) | 29,251 | 542,021 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $615,276) | 542,021 | |||||||
| SHORT-TERM INVESTMENTS – 7.2% | Shares | Value | ||||||
| Investments Purchased with Proceeds from Securities Lending – 1.9% | ||||||||
| First American Government Obligations Fund - Class X, 4.03% (e) | 1,265,362 | 1,265,362 | ||||||
| Money Market Funds – 5.3% | ||||||||
| First American Treasury Obligations Fund - Class X, 4.03% (e) | 3,546,967 | 3,546,967 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,812,329) | 4,812,329 | |||||||
| TOTAL INVESTMENTS - 98.0% (Cost $54,597,599) | 65,692,688 | |||||||
| Other Assets in Excess of Liabilities - 2.0% | 1,328,053 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 67,020,741 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PBC – Public Benefit Corporation
| (a) | Non-income producing security. | |
| (b) | All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,229,594. | |
| (c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (d) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $98,575 or 0.1% of net assets as of October 31, 2025. | |
| (e) | The rate shown represents the 7-day annualized yield as of October 31, 2025. |
Cambria Value and Momentum ETF
Schedule of Futures Contracts
October 31, 2025 (Unaudited)
| Description | Contracts Sold | Expiration Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | ||||||||||
| S&P 500 E-Mini | (76 | ) | 12/19/2025 | $ | (26,121,200 | ) | $ | (774,895 | ) | |||||
| Net Unrealized Appreciation (Depreciation) | $ | (774,895 | ) | |||||||||||
The accompanying notes are an integral part of these financial statements.
34
| Statements of Assets and Liabilities |
| October 31, 2025 (Unaudited) |
| Cambria Cannabis ETF | Cambria Emerging Shareholder Yield ETF | Cambria Fixed Income Trend ETF | Cambria Foreign Shareholder Yield ETF | Cambria Global Asset Allocation ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments in unaffiliated securities, at value | $ | 19,357,340 | $ | 606,415,360 | $ | 21,593,222 | $ | 451,297,022 | $ | 35,189,898 | ||||||||||
| Investments in affiliated securities, at value | — | — | — | — | 27,545,991 | |||||||||||||||
| Cash | 230,000 | — | — | — | — | |||||||||||||||
| Dividends receivable | 23,261 | 756,553 | 299 | 1,858,070 | 713 | |||||||||||||||
| Receivable for investments sold | — | — | — | 3,979,360 | — | |||||||||||||||
| Dividend tax reclaims receivable | — | 376,243 | — | 744,550 | — | |||||||||||||||
| Security lending income receivable | — | — | 37 | 1,347 | 1,399 | |||||||||||||||
| Foreign currency, at value | — | 146 | — | 202,818 | — | |||||||||||||||
| Deposit at broker for other investments | — | 1,205,469 | — | 118,385 | — | |||||||||||||||
| Receivable for transaction fee | — | 7,053 | — | — | — | |||||||||||||||
| Total assets | 19,610,601 | 608,760,824 | 21,593,558 | 458,201,552 | 62,738,001 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Payable for swap contracts, net | 913,798 | — | — | — | — | |||||||||||||||
| Interest payable | — | 220 | — | — | — | |||||||||||||||
| Payable for investments purchased | — | — | — | 132 | — | |||||||||||||||
| Payable to adviser | — | 294,444 | — | 227,048 | — | |||||||||||||||
| Payable upon return of securities loaned | — | — | — | 6,655,021 | 3,795,607 | |||||||||||||||
| Payable for custodian fees | — | 252,355 | — | — | — | |||||||||||||||
| Payable for deferred income tax (See Note 8) | — | 1,416,517 | — | — | — | |||||||||||||||
| Total liabilities | 913,798 | 1,963,536 | — | 6,882,201 | 3,795,607 | |||||||||||||||
| NET ASSETS | $ | 18,696,803 | $ | 606,797,288 | $ | 21,593,558 | $ | 451,319,351 | $ | 58,942,394 | ||||||||||
| NET ASSETS CONSISTS OF: | ||||||||||||||||||||
| Paid-in capital | $ | 43,780,524 | $ | 512,902,273 | $ | 21,120,498 | $ | 418,962,977 | $ | 53,289,696 | ||||||||||
| Total distributable earnings/(accumulated losses) | (25,083,721 | ) | 93,895,015 | 473,060 | 32,356,374 | 5,652,698 | ||||||||||||||
| Total net assets | $ | 18,696,803 | $ | 606,797,288 | $ | 21,593,558 | $ | 451,319,351 | $ | 58,942,394 | ||||||||||
| Net assets | $ | 18,696,803 | $ | 606,797,288 | $ | 21,593,558 | $ | 451,319,351 | $ | 58,942,394 | ||||||||||
| Shares issued and outstanding(a) | 3,225,002 | 15,875,004 | 850,000 | 14,600,010 | 1,850,001 | |||||||||||||||
| Net asset value per share | $ | 5.80 | $ | 38.22 | $ | 25.40 | $ | 30.91 | $ | 31.86 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments in unaffiliated securities, at cost | $ | 18,155,565 | $ | 508,219,235 | $ | 20,805,600 | $ | 405,356,140 | $ | 32,822,821 | ||||||||||
| Investments in affiliated securities, at cost | $ | — | $ | — | $ | — | $ | — | $ | 23,923,869 | ||||||||||
| Foreign currency, at cost | $ | — | $ | — | $ | — | $ | 203,483 | $ | — | ||||||||||
| LOANED SECURITIES: | ||||||||||||||||||||
| at value (included in investments) | $ | — | $ | — | $ | — | $ | 6,346,730 | $ | 3,719,304 | ||||||||||
| (a) | Unlimited shares authorized. |
Statements of Assets and Liabilities
October 31, 2025 (Unaudited)
| Cambria Global Momentum ETF | Cambria Global Real Estate ETF | Cambria Global Value ETF | Cambria LargeCap Shareholder Yield ETF | Cambria Micro and SmallCap Shareholder Yield ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments in unaffiliated securities, at value | $ | 91,756,736 | $ | 50,178,389 | $ | 352,667,493 | $ | 5,389,405 | $ | 15,652,953 | ||||||||||
| Investments in affiliated securities, at value | 34,856,229 | — | — | — | — | |||||||||||||||
| Security lending income receivable | 10,656 | 9 | — | — | 88 | |||||||||||||||
| Dividends receivable | 1,898 | 84,550 | 379,710 | 8,675 | 5,359 | |||||||||||||||
| Dividend tax reclaims receivable | — | 14,347 | 850,689 | — | — | |||||||||||||||
| Foreign currency, at value | — | 4,645 | — | — | — | |||||||||||||||
| Deposit at broker for other investments | — | 774 | 67,720 | — | — | |||||||||||||||
| Total assets | 126,625,519 | 50,282,714 | 353,965,612 | 5,398,080 | 15,658,400 | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
35
Statements of Assets and Liabilities
October 31, 2025 (Unaudited)
| Cambria Global Momentum ETF | Cambria Global Real Estate ETF | Cambria Global Value ETF | Cambria LargeCap Shareholder Yield ETF | Cambria Micro and SmallCap Shareholder Yield ETF | ||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Payable upon return of securities loaned | 8,751,368 | 54,574 | — | — | 483,780 | |||||||||||||||
| Payable to adviser | 59,638 | — | 177,725 | 896 | — | |||||||||||||||
| Payable for investments purchased | — | 20 | — | — | — | |||||||||||||||
| Payable to custodian foreign currency, at value | — | — | 4,566 | — | — | |||||||||||||||
| Payable for custodian fees | — | — | 153,921 | — | — | |||||||||||||||
| Payable for expenses and other liabilities | — | — | 6,427 | — | — | |||||||||||||||
| Total liabilities | 8,811,006 | 54,594 | 342,639 | 896 | 483,780 | |||||||||||||||
| NET ASSETS | $ | 117,814,513 | $ | 50,228,120 | $ | 353,622,973 | $ | 5,397,184 | $ | 15,174,620 | ||||||||||
| NET ASSETS CONSISTS OF: | ||||||||||||||||||||
| Paid-in capital | $ | 117,288,273 | $ | 56,825,279 | $ | 333,038,051 | $ | 5,684,400 | $ | 15,809,146 | ||||||||||
| Total distributable earnings/(accumulated losses) | 526,240 | (6,597,159 | ) | 20,584,922 | (287,216 | ) | (634,526 | ) | ||||||||||||
| Total net assets | $ | 117,814,513 | $ | 50,228,120 | $ | 353,622,973 | $ | 5,397,184 | $ | 15,174,620 | ||||||||||
| Net assets | $ | 117,814,513 | $ | 50,228,120 | $ | 353,622,973 | $ | 5,397,184 | $ | 15,174,620 | ||||||||||
| Shares issued and outstanding(a) | 3,600,001 | 2,000,002 | 11,800,010 | 200,000 | 600,000 | |||||||||||||||
| Net asset value per share | $ | 32.73 | $ | 25.11 | $ | 29.97 | $ | 26.99 | $ | 25.29 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments in unaffiliated securities, at cost | $ | 74,761,266 | $ | 49,397,541 | $ | 312,319,134 | $ | 5,456,606 | $ | 15,968,170 | ||||||||||
| Investments in affiliated securities, at cost | $ | 31,403,653 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Foreign currency, at cost | $ | — | $ | 4,569 | $ | — | $ | — | $ | — | ||||||||||
| PROCEEDS: | ||||||||||||||||||||
| Foreign currency proceeds | $ | — | $ | — | $ | 4,540 | $ | — | $ | — | ||||||||||
| LOANED SECURITIES: | ||||||||||||||||||||
| at value (included in investments) | $ | 8,488,406 | $ | 52,788 | $ | — | $ | — | $ | 471,777 | ||||||||||
| (a) | Unlimited shares authorized. |
Statements of Assets and Liabilities
October 31, 2025 (Unaudited)
| Cambria Shareholder Yield ETF | Cambria Tactical Yield ETF | Cambria Tail Risk ETF | Cambria Trinity ETF | Cambria Value and Momentum ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments in unaffiliated securities, at value | $ | 880,021,878 | $ | 26,667,400 | $ | 103,526,471 | $ | 66,996,089 | $ | 65,692,688 | ||||||||||
| Investments in affiliated securities, at value | — | — | — | 53,239,379 | — | |||||||||||||||
| Dividends receivable | 695,028 | 95 | 15,789 | 827 | 41,619 | |||||||||||||||
| Dividend tax reclaims receivable | 14,254 | — | — | — | 316 | |||||||||||||||
| Security lending income receivable | 3,076 | — | — | 8,868 | 2,036 | |||||||||||||||
| Interest receivable | — | — | 1,811,100 | — | 659 | |||||||||||||||
| Deposit at broker for other investments | — | — | 1,178,131 | — | 2,650,153 | |||||||||||||||
| Prepaid expenses and other assets | — | — | 500 | — | 2,397 | |||||||||||||||
| Total assets | 880,734,236 | 26,667,495 | 106,531,991 | 120,245,163 | 68,389,868 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Payable upon return of securities loaned | 8,233,771 | — | — | 2,766,950 | 1,265,362 | |||||||||||||||
| Payable to adviser | 449,097 | — | 52,620 | — | 33,465 | |||||||||||||||
| Variation margin on futures contracts | — | — | — | — | 70,300 | |||||||||||||||
| Total liabilities | 8,682,868 | — | 52,620 | 2,766,950 | 1,369,127 | |||||||||||||||
| NET ASSETS | $ | 872,051,368 | $ | 26,667,495 | $ | 106,479,371 | $ | 117,478,213 | $ | 67,020,741 | ||||||||||
| NET ASSETS CONSISTS OF: | ||||||||||||||||||||
| Paid-in capital | $ | 1,003,278,157 | $ | 26,402,970 | $ | 291,643,163 | $ | 109,972,705 | $ | 87,898,976 | ||||||||||
| Total distributable earnings/(accumulated losses) | (131,226,789 | ) | 264,525 | (185,163,792 | ) | 7,505,508 | (20,878,235 | ) | ||||||||||||
| Total net assets | $ | 872,051,368 | $ | 26,667,495 | $ | 106,479,371 | $ | 117,478,213 | $ | 67,020,741 | ||||||||||
| Net assets | $ | 872,051,368 | $ | 26,667,495 | $ | 106,479,371 | $ | 117,478,213 | $ | 67,020,741 | ||||||||||
| Shares issued and outstanding(a) | 12,950,000 | 1,050,000 | 9,000,002 | 4,200,002 | 2,050,004 | |||||||||||||||
| Net asset value per share | $ | 67.34 | $ | 25.40 | $ | 11.83 | $ | 27.97 | $ | 32.69 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments in unaffiliated securities, at cost | $ | 945,753,571 | $ | 26,657,685 | $ | 109,816,873 | $ | 59,240,268 | $ | 54,597,599 | ||||||||||
| Investments in affiliated securities, at cost | $ | — | $ | — | $ | — | $ | 45,996,374 | $ | — | ||||||||||
| LOANED SECURITIES: | ||||||||||||||||||||
| at value (included in investments) | $ | 8,014,469 | $ | — | $ | — | $ | 2,702,656 | $ | 1,229,594 | ||||||||||
| (a) | Unlimited shares authorized. |
The accompanying notes are an integral part of these financial statements.
36
Statements of Operations
For the Period Ended October 31, 2025 (Unaudited)
| Cambria Cannabis ETF | Cambria Emerging Shareholder Yield ETF | Cambria Fixed Income Trend ETF | Cambria Foreign Shareholder Yield ETF | Cambria Global Asset Allocation ETF | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income from unaffiliated securities | $ | 132,048 | $ | 22,730,689 | $ | 389,351 | $ | 14,346,433 | $ | 483,956 | ||||||||||
| Less: Dividend withholding taxes | — | (3,401,458 | ) | — | (1,555,586 | ) | — | |||||||||||||
| Dividend income from affiliated securities | — | — | — | — | 559,261 | |||||||||||||||
| Interest income | 3,056 | — | — | 539 | — | |||||||||||||||
| Securities lending income | — | — | 37 | 12,565 | 21,040 | |||||||||||||||
| Total investment income | 135,104 | 19,329,231 | 389,388 | 12,803,951 | 1,064,257 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 41,898 | 1,624,952 | 42,926 | 1,235,774 | — | |||||||||||||||
| Custodian fees | — | 126,586 | — | — | — | |||||||||||||||
| Total expenses | 41,898 | 1,751,538 | 42,926 | 1,235,774 | — | |||||||||||||||
| Expense reimbursement by Adviser | (41,898 | ) | — | (42,926 | ) | — | — | |||||||||||||
| Net expenses | — | 1,751,538 | — | 1,235,774 | — | |||||||||||||||
| NET INVESTMENT INCOME | 135,104 | 17,577,693 | 389,388 | 11,568,177 | 1,064,257 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments in unaffiliated securities | (428,971 | ) | 2,592,109 | 24,285 | (4,951,178 | ) | (434,802 | ) | ||||||||||||
| Investments in affiliated securities | — | — | — | — | 25,715 | |||||||||||||||
| In-kind redemptions in unaffiliated securities | 300,333 | 1,488,187 | — | 18,063,093 | 1,288,606 | |||||||||||||||
| Swap contracts | 94,134 | — | — | — | — | |||||||||||||||
| Other investments | — | — | — | 36,910 | — | |||||||||||||||
| Foreign currency translation | (1,378 | ) | (183,608 | ) | — | 7,808 | — | |||||||||||||
| Net realized gain (loss) | (33,882 | ) | 3,896,688 | 24,285 | 13,156,633 | 879,519 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments in unaffiliated securities | 1,481,779 | 90,580,312 | 844,379 | 42,108,383 | 1,390,178 | |||||||||||||||
| Investments in affiliated securities | — | — | — | — | 2,897,699 | |||||||||||||||
| Swap contracts | — | — | — | — | — | |||||||||||||||
| Deferred foreign capital gains tax | — | (291,923 | ) | — | — | — | ||||||||||||||
| Foreign currency translation | (646 | ) | 7,568 | — | 42,906 | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 1,481,133 | 90,295,957 | 844,379 | 42,151,289 | 4,287,877 | |||||||||||||||
| Net realized and unrealized gain (loss) | 1,445,251 | 94,192,645 | 868,664 | 55,307,922 | 5,167,396 | |||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,580,355 | $ | 111,770,338 | $ | 1,258,052 | $ | 66,876,099 | $ | 6,231,653 | ||||||||||
Statements
of Operations
For the Period Ended October 31, 2025 (Unaudited)
| Cambria Global Momentum ETF | Cambria Global Real Estate ETF | Cambria Global Value ETF | Cambria LargeCap Shareholder Yield ETF | Cambria Micro and SmallCap Shareholder Yield ETF | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income from affiliated securities | $ | 640,829 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Dividend income from unaffiliated securities | 581,864 | 1,341,106 | 7,345,427 | 63,734 | 179,384 | |||||||||||||||
| Less: Dividend withholding taxes | — | (47,243 | ) | (819,228 | ) | — | — | |||||||||||||
| Securities lending income | 42,505 | 721 | — | — | 1,162 | |||||||||||||||
| Total investment income | 1,265,198 | 1,294,584 | 6,526,199 | 63,734 | 180,546 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 333,669 | 125,608 | 811,900 | 14,762 | 41,144 | |||||||||||||||
| Custodian fees | — | — | 115,687 | — | — | |||||||||||||||
| Total expenses | 333,669 | 125,608 | 927,587 | 14,762 | 41,144 | |||||||||||||||
| Expense reimbursement by Adviser | — | (125,608 | ) | — | (14,762 | ) | (41,144 | ) | ||||||||||||
| Net expenses | 333,669 | — | 927,587 | — | — | |||||||||||||||
| NET INVESTMENT INCOME | 931,529 | 1,294,584 | 5,598,612 | 63,734 | 180,546 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments in unaffiliated securities | 1,746,410 | (271,909 | ) | 454,717 | (14,912 | ) | (93,662 | ) | ||||||||||||
| Investments in affiliated securities | (425,879 | ) | — | — | — | — | ||||||||||||||
| In-kind redemptions in unaffiliated securities | 521,964 | — | 9,475,674 | — | 370,317 | |||||||||||||||
| Foreign currency translation | — | (19,857 | ) | (127,841 | ) | — | — | |||||||||||||
The accompanying notes are an integral part of these financial statements.
37
Statements
of Operations
For the Period Ended October 31, 2025 (Unaudited)
| Cambria Global Momentum ETF | Cambria Global Real Estate ETF | Cambria Global Value ETF | Cambria LargeCap Shareholder Yield ETF | Cambria Micro and SmallCap Shareholder Yield ETF | ||||||||||||||||
| Net realized gain (loss) | 1,842,495 | (291,766 | ) | 9,802,550 | (14,912 | ) | 276,655 | |||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments in unaffiliated securities | 9,699,038 | 2,295,245 | 34,001,233 | 472,713 | 1,948,384 | |||||||||||||||
| Investments in affiliated securities | 3,390,442 | — | — | — | — | |||||||||||||||
| Foreign currency translation | — | (13,693 | ) | 18,843 | — | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 13,089,480 | 2,281,552 | 34,020,076 | 472,713 | 1,948,384 | |||||||||||||||
| Net realized and unrealized gain (loss) | 14,931,975 | 1,989,786 | 43,822,626 | 457,801 | 2,225,039 | |||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 15,863,504 | $ | 3,284,370 | $ | 49,421,238 | $ | 521,535 | $ | 2,405,585 | ||||||||||
Statements
of Operations
For the Period Ended October 31, 2025 (Unaudited)
| Cambria Shareholder Yield ETF | Cambria Tactical Yield ETF | Cambria Tail Risk ETF | Cambria Trinity ETF | Cambria Value and Momentum ETF | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income from unaffiliated securities | $ | 11,678,573 | $ | 8,021 | $ | 165,922 | $ | 720,298 | $ | 381,153 | ||||||||||
| Less: Dividend withholding taxes | — | — | — | — | (1,208 | ) | ||||||||||||||
| Dividend income from affiliated securities | — | — | — | 1,007,857 | — | |||||||||||||||
| Interest income | — | 571,735 | 1,886,872 | — | 11,811 | |||||||||||||||
| Securities lending income | 47,062 | — | — | 53,345 | 16,705 | |||||||||||||||
| Other income | — | — | 1,339 | — | — | |||||||||||||||
| Total investment income | 11,725,635 | 579,756 | 2,054,133 | 1,781,500 | 408,461 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 2,779,087 | 84,048 | 313,355 | — | 174,057 | |||||||||||||||
| Interest expense | — | — | — | — | 15,762 | |||||||||||||||
| Other expenses and fees | — | — | 750 | — | — | |||||||||||||||
| Total expenses | 2,779,087 | 84,048 | 314,105 | — | 189,819 | |||||||||||||||
| Expense reimbursement by Adviser | — | (84,048 | ) | — | — | — | ||||||||||||||
| Net expenses | 2,779,087 | — | 314,105 | — | 189,819 | |||||||||||||||
| NET INVESTMENT INCOME | 8,946,548 | 579,756 | 1,740,028 | 1,781,500 | 218,642 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments in unaffiliated securities | (415,991 | ) | (123 | ) | (7,384,226 | ) | 45,644 | (453,605 | ) | |||||||||||
| Investments in affiliated securities | — | — | — | (569,887 | ) | — | ||||||||||||||
| In-kind redemptions in unaffiliated securities | 20,839,987 | (5,953 | ) | (38,069 | ) | 348,483 | 4,947,089 | |||||||||||||
| Futures contracts | — | — | — | — | (4,656,798 | ) | ||||||||||||||
| Net realized gain (loss) | 20,423,996 | (6,076 | ) | (7,422,295 | ) | (175,760 | ) | (163,314 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments in unaffiliated securities | 83,530,386 | 6,129 | (3,314,072 | ) | 4,982,452 | 8,594,083 | ||||||||||||||
| Investments in affiliated securities | — | — | — | 6,274,091 | — | |||||||||||||||
| Future contracts | — | — | — | — | (1,723,327 | ) | ||||||||||||||
| Foreign currency translation | (201 | ) | — | — | — | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 83,530,185 | 6,129 | (3,314,072 | ) | 11,256,543 | 6,870,756 | ||||||||||||||
| Net realized and unrealized gain (loss) | 103,954,181 | 53 | (10,736,367 | ) | 11,080,783 | 6,707,442 | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 112,900,729 | $ | 579,809 | $ | (8,996,339 | ) | $ | 12,862,283 | $ | 6,926,084 | |||||||||
The accompanying notes are an integral part of these financial statements.
38
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Cannabis ETF |
Cambria
Emerging Shareholder |
|||||||||||||||
|
Period
ended |
Year
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 135,104 | $ | 321,847 | $ | 16,301,307 | $ | 18,747,250 | ||||||||
| Net realized gain (loss) | (35,882 | ) | (11,934,918 | ) | 3,896,688 | (4,414,090 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | 1,481,133 | 7,925,577 | 90,295,957 | (32,505,126 | ) | |||||||||||
| Net increase (decrease) in net assets from operations | 1,580,355 | (3,687,494 | ) | 111,770,338 | (18,171,966 | ) | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (86,450 | ) | (748,350 | ) | (15,586,399 | ) | (18,218,875 | ) | ||||||||
| Total distributions to shareholders | (86,450 | ) | (748,350 | ) | (15,586,399 | ) | (18,218,875 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 6,571,015 | 7,208,285 | 55,944,808 | 189,377,620 | ||||||||||||
| Shares redeemed | (1,910,130 | ) | (1,414,830 | ) | (37,110,590 | ) | (14,230,515 | ) | ||||||||
| ETF transaction fees | 23,678 | — | 68,551 | 179,262 | ||||||||||||
| Net increase (decrease) in net assets from capital transactions | 4,684,563 | 5,793,455 | 18,902,769 | 175,326,367 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 6,178,468 | 1,357,611 | 115,086,708 | 138,935,526 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 12,518,335 | 11,160,724 | 491,710,580 | 352,775,054 | ||||||||||||
| End of the period | $ | 18,696,803 | $ | 12,518,335 | $ | 606,797,288 | $ | 491,710,580 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 1,050,000 | 1,200,000 | 1,525,000 | 5,550,000 | ||||||||||||
| Shares redeemed | (375,000 | ) | (300,000 | ) | (1,100,000 | ) | (450,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 675,000 | 900,000 | 425,000 | 5,100,000 | ||||||||||||
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Fixed Income Trend ETF |
Cambria Foreign Shareholder Yield ETF |
|||||||||||||||
|
Period
ended |
Period
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 389,388 | $ | 6,873 | $ | 11,568,177 | $ | 13,855,811 | ||||||||
| Net realized gain (loss) | 24,285 | (223,874 | ) | 13,156,633 | 10,715,599 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 844,379 | (56,757 | ) | 42,151,289 | (11,779,882 | ) | ||||||||||
| Net increase (decrease) in net assets from operations | 1,258,052 | (273,758 | ) | 66,876,099 | 12,791,528 | |||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (511,234 | ) | — | (12,127,425 | ) | (12,944,687 | ) | |||||||||
| Total distributions to shareholders | (511,234 | ) | — | (12,127,425 | ) | (12,944,687 | ) | |||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 8,004,158 | 13,116,340 | 115,647,635 | 164,494,780 | ||||||||||||
| Shares redeemed | — | — | (54,690,495 | ) | (100,688,100 | ) | ||||||||||
| ETF transaction fees | — | — | 6,068 | 15,296 | ||||||||||||
| Net increase (decrease) in net assets from capital transactions | 8,004,158 | 13,116,340 | 60,963,208 | 63,821,976 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 8,750,976 | 12,842,582 | 115,711,882 | 63,668,817 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 12,842,582 | — | 335,607,469 | 271,938,652 | ||||||||||||
| End of the period | $ | 21,593,558 | $ | 12,842,582 | $ | 451,319,351 | $ | 335,607,469 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 325,000 | 525,000 | 3,900,000 | 6,100,000 | ||||||||||||
| Shares redeemed | — | — | (1,800,000 | ) | (3,750,000 | ) | ||||||||||
| Total increase (decrease) in shares outstanding | 325,000 | 525,000 | 2,100,000 | 2,350,000 | ||||||||||||
| (a) | Inception date of the Fund was March 27, 2025. |
The accompanying notes are an integral part of these financial statements.
39
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Global Asset Allocation ETF |
Cambria Global Momentum ETF |
|||||||||||||||
|
Period
ended |
Year
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 1,064,257 | $ | 2,184,399 | $ | 931,529 | $ | 1,872,552 | ||||||||
| Net realized gain (loss) | 879,519 | 401,696 | 1,842,495 | 8,138,439 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 4,287,877 | 1,283,960 | 13,089,480 | (3,119,002 | ) | |||||||||||
| Net increase (decrease) in net assets from operations | 6,231,653 | 3,870,055 | 15,863,504 | 6,891,989 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (978,133 | ) | (2,233,576 | ) | (980,047 | ) | (2,057,727 | ) | ||||||||
| From return of capital | — | (63,710 | ) | — | (1,736,844 | ) | ||||||||||
| Total distributions to shareholders | (978,133 | ) | (2,297,286 | ) | (980,047 | ) | (3,794,571 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 4,504,580 | 4,358,050 | — | 23,387,820 | ||||||||||||
| Shares redeemed | (4,545,945 | ) | (5,831,225 | ) | (3,153,880 | ) | (57,160,630 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | (41,365 | ) | (1,473,175 | ) | (3,153,880 | ) | (33,772,810 | ) | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 5,212,155 | 99,594 | 11,729,577 | (30,675,392 | ) | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 53,730,239 | 53,630,645 | 106,084,936 | 136,760,328 | ||||||||||||
| End of the period | $ | 58,942,394 | $ | 53,730,239 | $ | 117,814,513 | $ | 106,084,936 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 150,000 | 150,000 | — | 800,000 | ||||||||||||
| Shares redeemed | (150,000 | ) | (200,000 | ) | (100,000 | ) | (1,950,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | — | (50,000 | ) | (100,000 | ) | (1,150,000 | ) | |||||||||
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Global Real Estate ETF |
Cambria Global Value ETF |
|||||||||||||||
|
Period
ended |
Year
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 1,294,584 | $ | 1,501,973 | $ | 5,598,612 | $ | 5,906,904 | ||||||||
| Net realized gain (loss) | (291,766 | ) | 646,762 | 9,802,550 | 812,291 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 2,281,552 | (1,084,432 | ) | 34,020,076 | 16,404,419 | |||||||||||
| Net increase (decrease) in net assets from operations | 3,284,370 | 1,064,303 | 49,421,238 | 23,123,614 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (939,403 | ) | (2,714,991 | ) | (5,924,554 | ) | (4,607,623 | ) | ||||||||
| From return of capital | — | (192,966 | ) | — | — | |||||||||||
| Total distributions to shareholders | (939,403 | ) | (2,907,957 | ) | (5,924,554 | ) | (4,607,623 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 11,534,545 | 33,825,880 | 152,102,250 | 77,728,160 | ||||||||||||
| Shares redeemed | — | (18,045,160 | ) | (30,353,340 | ) | (12,973,390 | ) | |||||||||
| ETF transaction fees | — | 585 | 201,533 | 56,987 | ||||||||||||
| Net increase (decrease) in net assets from capital transactions | 11,534,545 | 15,781,305 | 121,950,443 | 64,811,757 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 13,879,512 | 13,937,651 | 165,447,127 | 83,327,748 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 36,348,608 | 22,410,957 | 188,175,846 | 104,848,098 | ||||||||||||
| End of the period | $ | 50,228,120 | $ | 36,348,608 | $ | 353,622,973 | $ | 188,175,846 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 450,000 | 1,300,000 | 5,500,000 | 3,150,000 | ||||||||||||
| Shares redeemed | — | (700,000 | ) | (1,100,000 | ) | (600,000 | ) | |||||||||
| Total increase (decrease) in shares outstanding | 450,000 | 600,000 | 4,400,000 | 2,550,000 | ||||||||||||
40
Statements of Changes in Net Assets
| Cambria LargeCap Shareholder Yield ETF | Cambria Micro and SmallCap Shareholder Yield ETF | |||||||||||||||
| Period ended October 31, 2025 (Unaudited) |
Period
ended |
Period ended October 31, 2025 (Unaudited) |
Year ended April 30, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 63,734 | $ | 170,816 | $ | 180,546 | $ | 844,376 | ||||||||
| Net realized gain (loss) | (14,912 | ) | (741,111 | ) | 276,655 | 229,225 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 472,713 | (539,914 | ) | 1,948,384 | (2,601,579 | ) | ||||||||||
| Net increase (decrease) in net assets from operations | 521,535 | (1,110,209 | ) | 2,405,585 | (1,527,978 | ) | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (69,862 | ) | (144,888 | ) | (168,077 | ) | (1,045,181 | ) | ||||||||
| From return of capital | — | — | — | (320,199 | ) | |||||||||||
| Total distributions to shareholders | (69,862 | ) | (144,888 | ) | (168,077 | ) | (1,365,380 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 655,973 | 14,617,453 | 5,289,672 | 15,876,943 | ||||||||||||
| Shares redeemed | — | (9,072,818 | ) | (2,392,435 | ) | (29,628,633 | ) | |||||||||
| Net increase (decrease) in net assets from capital transactions | 655,973 | 5,544,635 | 2,897,237 | (13,751,690 | ) | |||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 1,107,646 | 4,289,538 | 5,134,745 | (16,645,048 | ) | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 4,289,538 | — | 10,039,875 | 26,684,923 | ||||||||||||
| End of the period | $ | 5,397,184 | $ | 4,289,538 | $ | 15,174,620 | $ | 10,039,875 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 25,000 | 550,000 | 225,000 | 600,000 | ||||||||||||
| Shares redeemed | — | (375,000 | ) | (100,000 | ) | (1,175,000 | ) | |||||||||
| Total increase (decrease) in shares outstanding | 25,000 | 175,000 | 125,000 | (575,000 | ) | |||||||||||
| (a) | Inception date of the Fund was July 11, 2024. |
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Shareholder Yield ETF |
Cambria Tactical Yield ETF |
|||||||||||||||
|
Period
ended |
Year
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 8,946,548 | $ | 25,537,080 | $ | 579,756 | $ | 1,008,578 | ||||||||
| Net realized gain (loss) | 20,423,996 | 1,433,366 | (6,076 | ) | 2,242 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 83,530,185 | (147,437,172 | ) | 6,129 | 15,634 | |||||||||||
| Net increase (decrease) in net assets from operations | 112,900,729 | (120,466,726 | ) | 579,809 | 1,026,454 | |||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (11,783,569 | ) | (24,388,078 | ) | (552,611 | ) | (849,555 | ) | ||||||||
| Total distributions to shareholders | (11,783,569 | ) | (24,388,078 | ) | (552,611 | ) | (849,555 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 35,260,995 | 174,915,905 | 2,532,710 | 35,499,295 | ||||||||||||
| Shares redeemed | (183,482,112 | ) | (293,168,300 | ) | (20,375,905 | ) | (5,063,180 | ) | ||||||||
| ETF transaction fees | 10 | — | — | — | ||||||||||||
| Net increase (decrease) in net assets from capital transactions | (148,221,107 | ) | (118,252,395 | ) | (17,843,195 | ) | 30,436,115 | |||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | (47,103,947 | ) | (263,107,199 | ) | (17,815,997 | ) | 30,613,014 | |||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 919,155,315 | 1,182,262,514 | 44,483,492 | 13,870,478 | ||||||||||||
| End of the period | $ | 872,051,368 | $ | 919,155,315 | $ | 26,667,495 | $ | 44,483,492 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 550,000 | 2,500,000 | 100,000 | 1,400,000 | ||||||||||||
| Shares redeemed | (2,800,000 | ) | (4,450,000 | ) | (800,000 | ) | (200,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | (2,250,000 | ) | (1,950,000 | ) | (700,000 | ) | 1,200,000 | |||||||||
41
| Statements of Changes in Net Assets | ||||||||||||||||
|
Cambria Tail Risk ETF |
Cambria Trinity ETF |
|||||||||||||||
|
Period
ended |
Year
ended |
Period
ended |
Year
ended |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 1,740,028 | $ | 2,466,558 | $ | 1,781,500 | $ | 3,292,536 | ||||||||
| Net realized gain (loss) | (7,422,295 | ) | (1,764,905 | ) | (175,760 | ) | (24,664 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (3,314,072 | ) | 6,769,068 | 11,256,543 | (643,802 | ) | ||||||||||
| Net increase (decrease) in net assets from operations | (8,996,339 | ) | 7,470,721 | 12,862,283 | 2,624,070 | |||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (1,321,500 | ) | (2,093,066 | ) | (1,649,583 | ) | (3,325,439 | ) | ||||||||
| Total distributions to shareholders | (1,321,500 | ) | (2,093,066 | ) | (1,649,583 | ) | (3,325,439 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 29,991,990 | 139,792,730 | — | 16,762,655 | ||||||||||||
| Shares redeemed | (74,324,995 | ) | (66,138,115 | ) | (2,696,270 | ) | (14,210,495 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | (44,333,005 | ) | 73,654,615 | (2,696,270 | ) | 2,552,160 | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | (54,650,844 | ) | 79,032,270 | 8,516,430 | 1,850,791 | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 161,130,215 | 82,097,945 | 108,961,783 | 107,110,992 | ||||||||||||
| End of the period | $ | 106,479,371 | $ | 161,130,215 | $ | 117,478,213 | $ | 108,961,783 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 2,500,000 | 11,150,000 | — | 650,000 | ||||||||||||
| Shares redeemed | (6,150,000 | ) | (5,450,000 | ) | (100,000 | ) | (550,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | (3,650,000 | ) | 5,700,000 | (100,000 | ) | 100,000 | ||||||||||
Statements of Changes in Net Assets
| Cambria Value and Momentum ETF | ||||||||
| Period ended October 31, 2025 (Unaudited) |
Year ended April 30, 2025 |
|||||||
| OPERATIONS: | ||||||||
| Net investment income (loss) | $ | 218,642 | $ | 573,481 | ||||
| Net realized gain (loss) | (163,314 | ) | 2,397,857 | |||||
| Net change in unrealized appreciation (depreciation) | 6,870,756 | (2,052,507 | ) | |||||
| Net increase (decrease) in net assets from operations | 6,926,084 | 918,831 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From earnings | (207,615 | ) | (580,310 | ) | ||||
| From return of capital | — | (352,764 | ) | |||||
| Total distributions to shareholders | (207,615 | ) | (933,074 | ) | ||||
| CAPITAL TRANSACTIONS: | ||||||||
| Shares sold | 19,754,630 | 8,883,441 | ||||||
| Shares redeemed | (11,524,830 | ) | (18,545,925 | ) | ||||
| Net increase (decrease) in net assets from capital transactions | 8,229,800 | (9,662,484 | ) | |||||
| NET INCREASE (DECREASE) IN NET ASSETS | 14,948,269 | (9,676,727 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of the period | 52,072,472 | 61,749,199 | ||||||
| End of the period | $ | 67,020,741 | $ | 52,072,472 | ||||
| SHARES TRANSACTIONS | ||||||||
| Shares sold | 600,000 | 300,000 | ||||||
| Shares redeemed | (350,000 | ) | (650,000 | ) | ||||
| Total increase (decrease) in shares outstanding | 250,000 | (350,000 | ) | |||||
The accompanying notes are an integral part of these financial statements.
42
Financial Highlights
Cambria Cannabis ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 4.91 | $ | 6.76 | $ | 6.22 | $ | 9.89 | $ | 18.86 | $ | 11.30 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.05 | 0.13 | 0.23 | 0.24 | 0.25 | 0.47 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 0.86 | (1.70 | ) | 0.54 | (3.69 | ) | (8.87 | ) | 7.63 | |||||||||||||||
| Total from investment operations | 0.91 | (1.57 | ) | 0.77 | (3.45 | ) | (8.62 | ) | 8.10 | |||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.03 | ) | (0.28 | ) | (0.23 | ) | (0.22 | ) | (0.35 | ) | (0.54 | ) | ||||||||||||
| Total distributions | (0.03 | ) | (0.28 | ) | (0.23 | ) | (0.22 | ) | (0.35 | ) | (0.54 | ) | ||||||||||||
| ETF transaction fees per share | 0.01 | — | — | — | — | — | ||||||||||||||||||
| Net asset value, end of period | $ | 5.80 | $ | 4.91 | $ | 6.76 | $ | 6.22 | $ | 9.89 | $ | 18.86 | ||||||||||||
| TOTAL RETURN(c) | 18.81 | % | -23.68 | % | 12.97 | % | -35.04 | % | -46.49 | % | 73.84 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 18,697 | $ | 12,518 | $ | 11,161 | $ | 11,189 | $ | 19,780 | $ | 38,671 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursement/recoupment(d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| After expense reimbursement/recoupment(d) | — | % | — | % | 0.35 | % | 0.42 | % | 0.42 | % | 0.42 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(d) | 1.90 | % | 2.32 | % | 3.96 | % | 3.17 | % | 1.80 | % | 2.94 | % | ||||||||||||
| Portfolio turnover rate(c)(e) | 26 | % | 33 | % | 13 | % | 23 | % | 46 | % | 8 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Emerging Shareholder Yield ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 31.83 | $ | 34.08 | $ | 28.61 | $ | 30.22 | $ | 39.13 | $ | 24.97 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 1.14 | 1.35 | 1.39 | 1.77 | 1.81 | 1.27 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 6.26 | (2.20 | ) | 5.83 | (1.44 | ) | (8.01 | ) | 14.04 | |||||||||||||||
| Total from investment operations | 7.40 | (0.85 | ) | 7.22 | 0.33 | (6.20 | ) | 15.31 | ||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (1.03 | ) | (1.41 | ) | (1.75 | ) | (1.57 | ) | (2.16 | ) | (1.00 | ) | ||||||||||||
| Net realized gains | — | — | — | (0.37 | ) | (0.55 | ) | — | ||||||||||||||||
| Return of capital | — | — | — | — | — | (0.15 | ) | |||||||||||||||||
| Total distributions | (1.03 | ) | (1.41 | ) | (1.75 | ) | (1.94 | ) | (2.71 | ) | (1.15 | ) | ||||||||||||
| ETF transaction fees per share | 0.00 | (c) | 0.01 | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 38.22 | $ | 31.83 | $ | 34.08 | $ | 28.61 | $ | 30.22 | $ | 39.13 | ||||||||||||
| TOTAL RETURN(d) | 23.35 | % | -2.66 | % | 26.51 | %(g) | 1.64 | % | -16.81 | % | 63.04 | % | ||||||||||||
The accompanying notes are an integral part of these financial statements.
43
Financial Highlights
Cambria Emerging Shareholder Yield ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 606,797 | $ | 491,711 | $ | 352,775 | $ | 175,975 | $ | 93,680 | $ | 62,614 | ||||||||||||
| Ratio of expenses to average net assets(e) | 0.64 | % | 0.65 | % | 0.63 | % | 0.66 | % | 0.64 | % | 0.65 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 6.38 | % | 4.11 | % | 4.60 | % | 6.49 | % | 5.14 | % | 4.00 | % | ||||||||||||
| Portfolio turnover rate(d)(f) | 18 | % | 22 | % | 32 | % | 43 | % | 45 | % | 29 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
| (g) | The total return for the period ended includes the impact of financial statement adjustments. This return differs from the actual performance a shareholder experienced over the period. |
Financial Highlights
Cambria Fixed Income Trend ETF
| Period
ended October 31, 2025 (Unaudited) |
Period
ended April 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 24.46 | $ | 25.08 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.56 | 0.02 | ||||||
| Net realized and unrealized gain (loss) on investments(c) | 1.09 | (0.64 | ) | |||||
| Total from investment operations | 1.65 | (0.62 | ) | |||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.71 | ) | — | |||||
| Total distributions | (0.71 | ) | — | |||||
| Net asset value, end of period | $ | 25.40 | $ | 24.46 | ||||
| TOTAL RETURN(d) | 6.82 | % | -2.46 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS:(e) | ||||||||
| Net assets, end of period (in thousands) | $ | 21,594 | $ | 12,843 | ||||
| Ratio of expenses to average net assets: | ||||||||
| Before expense reimbursement/recoupment(f) | 0.49 | % | 0.49 | % | ||||
| After expense reimbursement/recoupment(f) | — | % | — | % | ||||
| Ratio of net investment income (loss) to average net assets(f) | 4.44 | % | 0.74 | % | ||||
| Portfolio turnover rate(d)(g) | 68 | % | 103 | % | ||||
| (a) | Inception date of the Fund was March 27, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Ratios do not include the income and expenses of the underlying funds in which the Fund invests. |
| (f) | Annualized for periods less than one year. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
44
Financial Highlights
Cambria Foreign Shareholder Yield ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 26.85 | $ | 26.79 | $ | 25.19 | $ | 26.18 | $ | 27.65 | $ | 17.86 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.83 | 1.16 | 1.31 | 1.54 | 1.28 | 0.75 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 4.10 | 0.06 | 1.77 | (1.01 | ) | (1.32 | ) | 9.86 | ||||||||||||||||
| Total from investment operations | 4.93 | 1.22 | 3.08 | 0.53 | (0.04 | ) | 10.61 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.87 | ) | (1.16 | ) | (1.48 | ) | (1.52 | ) | (1.43 | ) | (0.82 | ) | ||||||||||||
| Total distributions | (0.87 | ) | (1.16 | ) | (1.48 | ) | (1.52 | ) | (1.43 | ) | (0.82 | ) | ||||||||||||
| ETF transaction fees per share | 0.00 | (c) | 0.00 | (c) | — | — | — | — | ||||||||||||||||
| Net asset value, end of period | $ | 30.91 | $ | 26.85 | $ | 26.79 | $ | 25.19 | $ | 26.18 | $ | 27.65 | ||||||||||||
| TOTAL RETURN(d) | 18.53 | % | 4.82 | % | 12.94 | % | 2.72 | % | -0.31 | % | 60.72 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 451,319 | $ | 335,607 | $ | 271,939 | $ | 187,654 | $ | 66,755 | $ | 30,416 | ||||||||||||
| Ratio of expenses to average net assets(e) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 5.52 | % | 4.38 | % | 5.25 | % | 6.56 | % | 4.68 | % | 3.29 | % | ||||||||||||
| Portfolio turnover rate(d)(f) | 20 | % | 52 | % | 44 | % | 34 | % | 63 | % | 59 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Global Asset Allocation ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 29.04 | $ | 28.23 | $ | 26.99 | $ | 28.71 | $ | 31.55 | $ | 24.36 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.58 | 1.16 | 1.05 | 1.11 | 1.99 | 0.58 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 2.78 | 0.86 | 1.24 | (1.61 | ) | (2.85 | ) | 7.33 | ||||||||||||||||
| Total from investment operations | 3.36 | 2.02 | 2.29 | (0.50 | ) | (0.86 | ) | 7.91 | ||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.54 | ) | (1.18 | ) | (1.05 | ) | (1.07 | ) | (1.98 | ) | (0.72 | ) | ||||||||||||
| Net realized gains | — | — | — | (0.15 | ) | — | — | |||||||||||||||||
| Return of capital | — | (0.03 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | (0.54 | ) | (1.21 | ) | (1.05 | ) | (1.22 | ) | (1.98 | ) | (0.72 | ) | ||||||||||||
| Net asset value, end of period | $ | 31.86 | $ | 29.04 | $ | 28.23 | $ | 26.99 | $ | 28.71 | $ | 31.55 | ||||||||||||
| TOTAL RETURN(c) | 11.61 | % | 7.22 | % | 8.63 | % | -1.58 | % | -3.01 | % | 33.00 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS:(d) | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 58,942 | $ | 53,730 | $ | 53,631 | $ | 51,272 | $ | 45,933 | $ | 52,061 | ||||||||||||
| Ratio of expenses to average net assets(e) | — | % | 0.00 | %(f) | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of tax expenses to average net assets(e) | — | % | 0.00 | %(f) | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 3.71 | % | 4.00 | % | 3.84 | % | 4.08 | % | 6.36 | % | 2.07 | % | ||||||||||||
| Portfolio turnover rate(c)(g) | 7 | % | 8 | % | 13 | % | — | % | 8 | % | 20 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Ratios do not include the income and expenses of the underlying funds in which the Fund invests. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
45
Financial Highlights
Cambria Global Momentum ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 28.67 | $ | 28.20 | $ | 28.02 | $ | 31.37 | $ | 29.73 | $ | 23.07 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.25 | 0.47 | 0.93 | 0.65 | 1.28 | 0.29 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 4.08 | 0.98 | 0.16 | (3.42 | ) | 1.68 | 6.69 | |||||||||||||||||
| Total from investment operations | 4.33 | 1.45 | 1.09 | (2.77 | ) | 2.96 | 6.98 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.27 | ) | (0.53 | ) | (0.89 | ) | (0.58 | ) | (1.25 | ) | (0.30 | ) | ||||||||||||
| Return of capital | — | (0.45 | ) | (0.02 | ) | — | (0.07 | ) | (0.02 | ) | ||||||||||||||
| Total distributions | (0.27 | ) | (0.98 | ) | (0.91 | ) | (0.58 | ) | (1.32 | ) | (0.32 | ) | ||||||||||||
| Net asset value, end of period | $ | 32.73 | $ | 28.67 | $ | 28.20 | $ | 28.02 | $ | 31.37 | $ | 29.73 | ||||||||||||
| TOTAL RETURN(c) | 15.15 | % | 5.16 | % | 3.98 | % | -8.81 | % | 10.19 | % | 30.49 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS:(d) | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 117,815 | $ | 106,085 | $ | 136,760 | $ | 177,952 | $ | 81,563 | $ | 62,434 | ||||||||||||
| Ratio of expenses to average net assets(e) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 1.65 | % | 1.60 | % | 3.38 | % | 2.25 | % | 4.19 | % | 1.13 | % | ||||||||||||
| Portfolio turnover rate(c)(f) | 44 | % | 135 | % | 166 | % | 307 | % | 69 | % | 115 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Ratios do not include the income and expenses of the underlying funds in which the Fund invests. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Global Real Estate ETF
| Period
ended October 31, 2025 |
Year ended April 30, | Period ended April 30, |
||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021(a) | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 23.45 | $ | 23.59 | $ | 24.45 | $ | 29.76 | $ | 31.66 | $ | 25.00 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(b) | 0.77 | 1.12 | 1.00 | 1.12 | 0.56 | 0.56 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(c) | 1.42 | 0.81 | (0.36 | ) | (5.44 | ) | 0.99 | 6.51 | ||||||||||||||||
| Total from investment operations | 2.19 | 1.93 | 0.64 | (4.32 | ) | 1.55 | 7.07 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.53 | ) | (1.93 | ) | (1.50 | ) | (0.99 | ) | (2.76 | ) | (0.41 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (0.49 | ) | — | |||||||||||||||||
| Return of capital | — | (0.14 | ) | — | — | (0.20 | ) | — | ||||||||||||||||
| Total distributions | (0.53 | ) | (2.07 | ) | (1.50 | ) | (0.99 | ) | (3.45 | ) | (0.41 | ) | ||||||||||||
46
Financial Highlights
Cambria Global Real Estate ETF
| Period
ended October 31, 2025 |
Year ended April 30, | Period ended April 30, |
||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021(a) | |||||||||||||||||||
| ETF transaction fees per share | — | 0.00 | (d) | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 25.11 | $ | 23.45 | $ | 23.59 | $ | 24.45 | $ | 29.76 | $ | 31.66 | ||||||||||||
| TOTAL RETURN(e) | 9.31 | % | 8.05 | % | 2.68 | % | -14.47 | % | 4.70 | % | 28.40 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 50,228 | $ | 36,349 | $ | 22,411 | $ | 25,671 | $ | 23,809 | $ | 14,245 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursement/recoupment(f) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| After expense reimbursement/recoupment(f) | — | % | — | % | 0.49 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(f) | 6.08 | % | 4.48 | % | 4.15 | % | 4.29 | % | 3.00 | % | 3.19 | % | ||||||||||||
| Portfolio turnover rate(e)(g) | 48 | % | 92 | % | 77 | % | 94 | % | 120 | % | 51 | % | ||||||||||||
| (a) | Inception date of the Fund was September 23, 2020. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Amount represents less than $0.005 per share. |
| (e) | Not annualized for periods less than one year. |
| (f) | Annualized for periods less than one year. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Global Value ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 25.43 | $ | 21.62 | $ | 20.75 | $ | 20.48 | $ | 22.96 | $ | 16.37 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.57 | 1.22 | 1.05 | 1.03 | 0.96 | 0.53 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 4.62 | 3.55 | 0.98 | 0.24 | (2.60 | ) | 6.44 | |||||||||||||||||
| Total from investment operations | 5.19 | 4.77 | 2.03 | 1.27 | (1.64 | ) | 6.97 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.67 | ) | (0.97 | ) | (1.16 | ) | (1.00 | ) | (0.84 | ) | (0.38 | ) | ||||||||||||
| Total distributions | (0.67 | ) | (0.97 | ) | (1.16 | ) | (1.00 | ) | (0.84 | ) | (0.38 | ) | ||||||||||||
| ETF transaction fees per share | 0.02 | 0.01 | — | — | — | — | ||||||||||||||||||
| Net asset value, end of period | $ | 29.97 | $ | 25.43 | $ | 21.62 | $ | 20.75 | $ | 20.48 | $ | 22.96 | ||||||||||||
| TOTAL RETURN(c) | 20.70 | % | 23.06 | % | 10.33 | % | 6.97 | % | -7.47 | % | 43.20 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 353,623 | $ | 188,176 | $ | 104,848 | $ | 137,978 | $ | 102,386 | $ | 122,851 | ||||||||||||
| Ratio of expenses to average net assets(d) | 0.67 | % | 0.66 | % | 0.64 | % | 0.67 | % | 0.66 | % | 0.66 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(d) | 4.07 | % | 5.50 | % | 5.15 | % | 5.48 | % | 4.19 | % | 2.75 | % | ||||||||||||
| Portfolio turnover rate(c)(e) | 22 | % | 8 | % | 36 | % | 94 | % | 3 | % | 14 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
47
Financial Highlights
Cambria LargeCap Shareholder Yield ETF
| Period ended October 31, 2025 (Unaudited) |
Period
ended April 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 24.51 | $ | 25.00 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.34 | 0.49 | ||||||
| Net realized and unrealized gain (loss) on investments(c) | 2.52 | (0.63 | ) | |||||
| Total from investment operations | 2.86 | (0.14 | ) | |||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.38 | ) | (0.35 | ) | ||||
| Total distributions | (0.38 | ) | (0.35 | ) | ||||
| Net asset value, end of period | $ | 26.99 | $ | 24.51 | ||||
| TOTAL RETURN(d) | 11.70 | % | -0.62 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 5,397 | $ | 4,290 | ||||
| Ratio of expenses to average net assets: | ||||||||
| Before expense reimbursement/recoupment(e) | 0.59 | % | 0.59 | % | ||||
| After expense reimbursement/recoupment(e) | — | % | 0.43 | % | ||||
| Ratio of net investment income (loss) to average net assets(e) | 2.55 | % | 2.40 | % | ||||
| Portfolio turnover rate(d)(f) | 4 | % | 23 | % | ||||
| (a) | Inception date of the Fund was July 11, 2024. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Micro and SmallCap Shareholder Yield ETF
| Period ended October 31, 2025 (Unaudited) |
Year ended April 30, 2025 |
Period
ended April 30, 2024(a) |
||||||||||
| PER SHARE DATA: | ||||||||||||
| Net asset value, beginning of period | $ | 21.14 | $ | 25.41 | $ | 25.00 | ||||||
| INVESTMENT OPERATIONS: | ||||||||||||
| Net investment income(b) | 0.32 | 0.78 | 0.25 | |||||||||
| Net realized and unrealized gain (loss) on investments(c) | 4.12 | (3.18 | ) | 0.33 | ||||||||
| Total from investment operations | 4.44 | (2.40 | ) | 0.58 | ||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||
| Net investment income | (0.29 | ) | (1.43 | ) | (0.17 | ) | ||||||
| Return of capital | — | (0.44 | ) | — | ||||||||
| Total distributions | (0.29 | ) | (1.87 | ) | (0.17 | ) | ||||||
| Net asset value, end of period | $ | 25.29 | $ | 21.14 | $ | 25.41 | ||||||
| TOTAL RETURN(d) | 21.06 | % | -10.20 | % | 2.31 | % | ||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||
| Net assets, end of period (in thousands) | $ | 15,175 | $ | 10,040 | $ | 26,685 | ||||||
| Ratio of expenses to average net assets: | ||||||||||||
| Before expense reimbursement/recoupment(e) | 0.59 | % | 0.59 | % | 0.59 | % | ||||||
| After expense reimbursement/recoupment(e) | — | % | — | % | 0.20 | % | ||||||
| Ratio of net investment income (loss) to average net assets(e) | 2.59 | % | 2.98 | % | 2.99 | % | ||||||
| Portfolio turnover rate(d)(f) | 32 | % | 51 | % | 8 | % | ||||||
| (a) | Inception date of the Fund was January 3, 2024. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
48
Financial Highlights
Cambria Shareholder Yield ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 60.47 | $ | 68.94 | $ | 58.14 | $ | 60.89 | $ | 62.48 | $ | 29.82 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.63 | 1.47 | 1.29 | 1.48 | 1.17 | 0.88 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 7.08 | (8.53 | ) | 10.75 | (2.54 | ) | (1.27 | ) | 32.60 | |||||||||||||||
| Total from investment operations | 7.71 | (7.06 | ) | 12.04 | (1.06 | ) | (0.10 | ) | 33.48 | |||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.84 | ) | (1.41 | ) | (1.24 | ) | (1.40 | ) | (1.23 | ) | (0.82 | ) | ||||||||||||
| Net realized gains | — | — | — | (0.29 | ) | (0.26 | ) | — | ||||||||||||||||
| Total distributions | (0.84 | ) | (1.41 | ) | (1.24 | ) | (1.69 | ) | (1.49 | ) | (0.82 | ) | ||||||||||||
| ETF transaction fees per share | 0.00 | (c) | — | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 67.34 | $ | 60.47 | $ | 68.94 | $ | 58.14 | $ | 60.89 | $ | 62.48 | ||||||||||||
| TOTAL RETURN(d) | 12.77 | % | -10.44 | % | 20.84 | % | -1.59 | % | -0.21 | % | 113.92 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 872,051 | $ | 919,155 | $ | 1,182,263 | $ | 718,054 | $ | 514,534 | $ | 278,023 | ||||||||||||
| Ratio of expenses to average net assets(e) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 1.90 | % | 2.12 | % | 2.00 | % | 2.42 | % | 1.85 | % | 1.95 | % | ||||||||||||
| Portfolio turnover rate(d)(f) | 23 | % | 42 | % | 50 | % | 41 | % | 51 | % | 37 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Tactical Yield ETF
| Period ended October 31, 2025 (Unaudited) |
Year ended April 30, 2025 |
Period
ended April 30, 2024(a) |
||||||||||
| PER SHARE DATA: | ||||||||||||
| Net asset value, beginning of period | $ | 25.42 | $ | 25.22 | $ | 25.00 | ||||||
| INVESTMENT OPERATIONS: | ||||||||||||
| Net investment income(b) | 0.52 | 1.23 | 0.41 | |||||||||
| Net realized and unrealized gain (loss) on investments(c) | 0.01 | 0.04 | (0.05 | ) | ||||||||
| Total from investment operations | 0.53 | 1.27 | 0.36 | |||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||
| Net investment income | (0.55 | ) | (1.07 | ) | (0.14 | ) | ||||||
| Total distributions | (0.55 | ) | (1.07 | ) | (0.14 | ) | ||||||
49
Financial Highlights
Cambria Tactical Yield ETF
| Period ended October 31, 2025 (Unaudited) |
Year ended April 30, 2025 |
Period
ended April 30, 2024(a) |
||||||||||
| Net asset value, end of period | $ | 25.40 | $ | 25.42 | $ | 25.22 | ||||||
| TOTAL RETURN(d) | 2.12 | % | 5.12 | % | 1.45 | % | ||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||
| Net assets, end of period (in thousands) | $ | 26,667 | $ | 44,483 | $ | 13,870 | ||||||
| Ratio of expenses to average net assets: | ||||||||||||
| Before expense reimbursement/recoupment(e) | 0.59 | % | 0.59 | % | 0.59 | % | ||||||
| After expense reimbursement/recoupment(e) | — | % | — | % | 0.18 | % | ||||||
| Ratio of net investment income (loss) to average net assets(e) | 4.07 | % | 4.84 | % | 5.03 | % | ||||||
| Portfolio turnover rate(d)(f) | — | % | — | % | — | % | ||||||
| (a) | Inception date of the Fund was January 3, 2024. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Tail Risk ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021(f) | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 12.74 | $ | 11.81 | $ | 14.62 | $ | 16.92 | $ | 18.74 | $ | 22.65 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.20 | 0.37 | 0.42 | 0.29 | 0.13 | 0.04 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | (0.95 | ) | 0.88 | (2.77 | ) | (2.27 | ) | (1.84 | ) | (3.92 | ) | |||||||||||||
| Total from investment operations | (0.75 | ) | 1.25 | (2.35 | ) | (1.98 | ) | (1.71 | ) | (3.88 | ) | |||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.16 | ) | (0.32 | ) | (0.46 | ) | (0.32 | ) | (0.11 | ) | (0.03 | ) | ||||||||||||
| Total distributions | (0.16 | ) | (0.32 | ) | (0.46 | ) | (0.32 | ) | (0.11 | ) | (0.03 | ) | ||||||||||||
| Net asset value, end of period | $ | 11.83 | $ | 12.74 | $ | 11.81 | $ | 14.62 | $ | 16.92 | $ | 18.74 | ||||||||||||
| TOTAL RETURN(c) | -5.91 | % | 10.87 | % | -16.28 | % | -11.86 | % | -9.14 | % | -17.13 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 106,479 | $ | 161,130 | $ | 82,098 | $ | 224,372 | $ | 404,422 | $ | 281,995 | ||||||||||||
| Ratio of expenses to average net assets(d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(d) | 3.28 | % | 3.16 | % | 3.21 | % | 1.80 | % | 0.69 | % | 0.18 | % | ||||||||||||
| Portfolio turnover rate(c)(e) | 104 | % | 86 | % | 13 | % | 129 | % | 60 | % | 155 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
| (f) | Prior to March 15, 2021, Cambria Tail Risk ETF was known as Cambria Sovereign Bond ETF. |
50
Financial Highlights
Cambria Trinity ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 25.34 | $ | 25.50 | $ | 24.81 | $ | 26.82 | $ | 27.36 | $ | 21.32 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.42 | 0.78 | 0.93 | 0.89 | 1.59 | 0.42 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 2.60 | (0.15 | ) | 0.70 | (1.96 | ) | (0.51 | ) | 6.07 | |||||||||||||||
| Total from investment operations | 3.02 | 0.63 | 1.63 | (1.07 | ) | 1.08 | 6.49 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.79 | ) | (0.91 | ) | (0.64 | ) | (1.60 | ) | (0.45 | ) | ||||||||||||
| Net realized gains | — | — | (0.03 | ) | (0.30 | ) | (0.02 | ) | — | |||||||||||||||
| Total distributions | (0.39 | ) | (0.79 | ) | (0.94 | ) | (0.94 | ) | (1.62 | ) | (0.45 | ) | ||||||||||||
| Net asset value, end of period | $ | 27.97 | $ | 25.34 | $ | 25.50 | $ | 24.81 | $ | 26.82 | $ | 27.36 | ||||||||||||
| TOTAL RETURN(c) | 11.98 | % | 2.44 | % | 6.72 | % | -3.99 | % | 3.98 | % | 30.81 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS:(d) | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 117,478 | $ | 108,962 | $ | 107,111 | $ | 119,100 | $ | 50,958 | $ | 43,778 | ||||||||||||
| Ratio of expense to average net assets (e) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(e) | 3.10 | % | 3.01 | % | 3.73 | % | 3.54 | % | 5.78 | % | 1.77 | % | ||||||||||||
| Portfolio turnover rate(c)(f) | 15 | % | 66 | % | 69 | % | 102 | % | 26 | % | 50 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Ratios do not include the income and expenses of the underlying funds in which the Fund invests. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
Financial Highlights
Cambria Value and Momentum ETF
| Period
ended October 31, 2025 |
Year ended April 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 28.93 | $ | 28.72 | $ | 24.63 | $ | 26.22 | $ | 23.21 | $ | 16.64 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.12 | 0.31 | 0.25 | 0.54 | 0.25 | 0.14 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments(b) | 3.75 | 0.41 | 4.10 | (1.66 | ) | 3.02 | 6.63 | |||||||||||||||||
| Total from investment operations | 3.87 | 0.72 | 4.35 | (1.12 | ) | 3.27 | 6.77 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.11 | ) | (0.32 | ) | (0.26 | ) | (0.47 | ) | (0.26 | ) | (0.20 | ) | ||||||||||||
| Return of capital | — | (0.19 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | (0.11 | ) | (0.51 | ) | (0.26 | ) | (0.47 | ) | (0.26 | ) | (0.20 | ) | ||||||||||||
| Net asset value, end of period | $ | 32.69 | $ | 28.93 | $ | 28.72 | $ | 24.63 | $ | 26.22 | $ | 23.21 | ||||||||||||
| TOTAL RETURN(c) | 13.40 | % | 2.52 | % | 17.75 | % | -4.34 | % | 14.17 | % | 41.05 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 67,021 | $ | 52,072 | $ | 61,749 | $ | 64,036 | $ | 31,469 | $ | 18,567 | ||||||||||||
| Ratio of expenses to average net assets(d) | 0.64 | % | 0.64 | % | 0.64 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | 0.05 | % | 0.05 | % | 0.05 | % | 0.02 | % | — | % | 0.02 | % | ||||||||||||
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(d) | 0.74 | % | 1.06 | % | 0.94 | % | 2.00 | % | 1.02 | % | 0.70 | % | ||||||||||||
| Portfolio turnover rate(c)(e) | 30 | % | 86 | % | 63 | % | 71 | % | 78 | % | 97 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
51
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
1. ORGANIZATION
Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011, as an open-end registered management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of multiple exchange traded funds (“ETFs”). These financial statements relate only to Cambria Cannabis ETF, Cambria Emerging Shareholder Yield ETF, Cambria Fixed Income Trend ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Asset Allocation ETF, Cambria Global Momentum ETF, Cambria Global Real Estate ETF, Cambria Global Value ETF, Cambria LargeCap Shareholder Yield ETF, Cambria Micro and SmallCap Shareholder Yield ETF, Cambria Shareholder Yield ETF, Cambria Tactical Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, and Cambria Value and Momentum ETF (“Cannabis ETF”, “Emerging Shareholder Yield ETF”, ‘Fixed Income Trend ETF”, “Foreign Shareholder Yield ETF”, “Global Asset Allocation ETF”, “Global Momentum ETF”, “Global Real Estate ETF”, “Global Value ETF”, “LargeCap Shareholder Yield ETF”, “Micro and SmallCap Shareholder Yield ETF”, “Shareholder Yield ETF”, “Tactical Yield ETF”, “Tail Risk ETF”, “Trinity ETF”, and “Value and Momentum ETF”, respectively, and, collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. Tidal Investments LLC (the “Sub-Adviser”), a Tidal Financial Group company, serves as the sub-adviser to the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified and actively managed.
The investment objective of Cannabis ETF is to seek capital appreciation from investments in the global equity markets that have exposure to the broad cannabis industry. The Cannabis ETF inception date was July 24, 2019.
The investment objective of Emerging Shareholder Yield ETF is to seek income and capital appreciation. The Emerging Shareholder Yield ETF inception date was July 13, 2016.
The investment objective of Fixed Income Trend ETF is to seek income and capital appreciation. The Fixed Income Trend ETF inception date was March 27, 2025.
The investment objective of Foreign Shareholder Yield ETF is to seek income and capital appreciation. The Foreign Shareholder Yield ETF inception date was December 2, 2013.
The investment objective of Global Asset Allocation ETF is to seek income and capital appreciation. The Global Asset Allocation ETF inception date was December 9, 2014.
The investment objective of Global Momentum ETF is to seek to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction. The Global Momentum ETF inception date was November 3, 2014.
The investment objective of Global Real Estate ETF is to seek income and capital appreciation. The Global Real Estate ETF inception date was September 23, 2020.
The investment objective of Global Value ETF is to seek income and capital appreciation. The Global Value ETF inception date was March 11, 2014.
The investment objective of LargeCap Shareholder Yield ETF is to seek income and capital appreciation. The LargeCap Shareholder Yield ETF inception date was July 11, 2024.
The investment objective of Micro and SmallCap Shareholder Yield ETF is to seek income and capital appreciation. The Micro and SmallCap Shareholder Yield ETF inception date was January 3, 2024.
The investment objective of Shareholder Yield ETF is to seek income and capital appreciation. The Shareholder Yield ETF inception date was May 13, 2013.
The investment objective of Tactical Yield ETF is to seek income and capital appreciation. The Tactical Yield ETF inception date was January 3, 2024.
The investment objective of Tail Risk ETF is to seek to provide income and capital appreciation from investments in the U.S. market while protecting against significant downside risk. The Tail Risk ETF inception date was April 5, 2017.
The investment objective of Trinity ETF is to seek income and capital appreciation. The Trinity ETF inception date was September 10, 2018.
The investment objective of Value and Momentum ETF is to seek income and capital appreciation from investments in the U.S. equity market. The Value and Momentum ETF inception date was September 8, 2015.
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (the “Exchange”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called (“Creation Units”). Creation Units are to be issued and redeemed principally in-kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.
52
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Significant Accounting Policies followed by the Funds.
Use of Estimates - The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and could have a material impact to the Funds.
Security Valuation - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the Nasdaq Stock Market ( “NASDAQ”), including securities traded over-the-counter (“OTC”), are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices for financial futures are provided by an independent pricing agent.
Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is no reported sale, long options positions are valued at the most recent bid price and short option positions are valued at the most recent ask price.
Forward foreign currency contracts and swap contracts are generally valued based on the marked-to-market value of the contract. Pricing services, approved and monitored pursuant to a policy approved by the Funds’ Board, provide market quotations based on both market prices and indicative bids.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Board of Trustees (the “Board”). The Board has designated the Investment Adviser serve as its “Valuation Designee” and perform fair value determinations on behalf of all series of the Trust, subject to the Board’s supervision and direction. The following securities may be fair valued by the Valuation Designee: (1) securities for which market quotations are insufficient or not readily available; (2) securities for which, in the judgment of the Valuation Designee, the prices or values do not represent the fair value of the instrument; and (3) securities deemed to be illiquid. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. Fair valuation is based on subjective factors and, as a result, the fair value price of an asset may differ from the asset’s market price and may not be the current price at which the asset may be sold. Fair value estimates are based on judgments regarding the current economic environment, financial reports, credit, collateral and other such factors.
Under Rule 2a-5 of the 1940 Act, a fair value is determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Valuation Procedures, as applicable, of the Investment Adviser, subject to oversight by the Board. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
| ● | Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date; |
| ● | Level 2 - Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| ● | Level 3 - Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
53
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
Cannabis
ETF
Assets
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 10,423,553 | $ | — | $ | — | $ | 10,423,553 | ||||||||
| Real Estate Investment Trusts | 346,011 | — | 346,011 | |||||||||||||
| U.S. Treasury Bills | — | 5,789,353 | — | 5,789,353 | ||||||||||||
| Money Market Funds | 2,798,423 | — | 2,798,423 | |||||||||||||
| Total Investments in Securities | $ | 13,567,987 | $ | 5,789,353 | $ | — | $ | 19,357,340 | ||||||||
| Liabilities | ||||||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Total Return Swaps | $ | — | $ | — | $ | — | $ | — | ||||||||
| Total Other Financial Instruments | $ | — | $ | — | $ | — | $ | — | ||||||||
| (a) | The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of October 31, 2025. |
| Emerging Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 598,783,800 | $ | — | $ | 5 | (a) | $ | 598,783,805 | |||||||
| Money Market Funds | 7,631,555 | — | — | 7,631,555 | ||||||||||||
| Total Investments in Securities | $ | 606,415,355 | $ | — | $ | 5 | (a) | $ | 606,415,360 | |||||||
| (a) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| Fixed Income Trend ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 21,493,815 | $ | — | $ | — | $ | 21,493,815 | ||||||||
| Money Market Funds | 99,407 | — | — | 99,407 | ||||||||||||
| Total Investments in Securities | $ | 21,593,222 | $ | — | $ | — | $ | 21,593,222 | ||||||||
| Foreign Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 441,469,062 | $ | — | $ | — | $ | 441,469,062 | ||||||||
| Investments Purchased with Proceeds from Securities Lending | 6,655,021 | — | — | 6,655,021 | ||||||||||||
| Money Market Funds | 3,172,939 | — | — | 3,172,939 | ||||||||||||
| Total Investments in Securities | $ | 451,297,022 | $ | — | $ | — | $ | 451,297,022 | ||||||||
| Global Asset Allocation ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 58,717,598 | $ | — | $ | — | $ | 58,717,598 | ||||||||
| Investments Purchased with Proceeds from Securities Lending | 3,795,607 | — | — | 3,795,607 | ||||||||||||
| Money Market Funds | 222,684 | — | — | 222,684 | ||||||||||||
| Total Investments in Securities | $ | 62,735,889 | $ | — | $ | — | $ | 62,735,889 | ||||||||
| Global Momentum ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 117,376,204 | $ | — | $ | — | $ | 117,376,204 | ||||||||
| Investments Purchased with Proceeds from Securities Lending | 8,751,368 | — | — | 8,751,368 | ||||||||||||
| Money Market Funds | 485,393 | — | — | 485,393 | ||||||||||||
| Total Investments in Securities | $ | 126,612,965 | $ | — | $ | — | $ | 126,612,965 | ||||||||
54
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
| Global Real Estate ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Real Estate Investment Trusts | $ | 46,851,841 | $ | — | $ | — | $ | 46,851,841 | ||||||||
| Common Stocks | 3,102,708 | — | — | 3,102,708 | ||||||||||||
| Money Market Funds | 169,266 | — | — | 169,266 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending | 54,574 | 54,574 | ||||||||||||||
| Total Investments in Securities | $ | 50,178,389 | $ | — | $ | — | $ | 50,178,389 | ||||||||
| Global Value ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 332,749,274 | $ | — | $ | — | (a) | $ | 332,749,274 | |||||||
| Preferred Stocks | 13,075,790 | — | — | 13,075,790 | ||||||||||||
| Real Estate Investment Trusts | 2,969,344 | — | — | 2,969,344 | ||||||||||||
| Money Market Funds | 3,873,085 | — | — | 3,873,085 | ||||||||||||
| Total Investments in Securities | $ | 352,667,493 | $ | — | $ | — | $ | 352,667,493 | ||||||||
| (a) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| LargeCap Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 5,132,256 | $ | — | $ | — | $ | 5,132,256 | ||||||||
| Money Market Funds | 257,149 | — | — | 257,149 | ||||||||||||
| Total Investments in Securities | $ | 5,389,405 | $ | — | $ | — | $ | 5,389,405 | ||||||||
| Micro and SmallCap Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 14,936,956 | $ | — | $ | — | $ | 14,936,956 | ||||||||
| Investments Purchased with Proceeds from Securities Lending | 483,780 | — | — | 483,780 | ||||||||||||
| Money Market Funds | 232,217 | — | — | 232,217 | ||||||||||||
| Total Investments in Securities | $ | 15,652,953 | $ | — | $ | — | $ | 15,652,953 | ||||||||
| Shareholder Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 858,696,918 | $ | — | $ | — | $ | 858,696,918 | ||||||||
| Money Market Funds | 13,091,189 | — | — | 13,091,189 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending | 8,233,771 | — | — | 8,233,771 | ||||||||||||
| Total Investments in Securities | $ | 880,021,878 | $ | — | $ | — | $ | 880,021,878 | ||||||||
| Tactical Yield ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| U.S. Treasury Bills | $ | — | $ | 26,639,856 | $ | — | $ | 26,639,856 | ||||||||
| Money Market Funds | 27,544 | — | — | 27,544 | ||||||||||||
| Total Investments in Securities | $ | 27,544 | $ | 26,639,856 | $ | — | $ | 26,667,400 | ||||||||
| Tail Risk ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| U.S. Treasury Securities | $ | — | $ | 93,198,753 | $ | — | $ | 93,198,753 | ||||||||
| Purchased Options | — | 5,486,940 | — | 5,486,940 | ||||||||||||
| Money Market Funds | 4,840,778 | — | — | 4,840,778 | ||||||||||||
| Total Investments in Securities | $ | 4,840,778 | $ | 98,685,693 | $ | — | $ | 103,526,471 | ||||||||
55
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
| Trinity ETF | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 117,097,974 | $ | — | $ | — | $ | 117,097,974 | ||||||||
| Investments Purchased with Proceeds from Securities Lending | 2,766,950 | — | — | 2,766,950 | ||||||||||||
| Money Market Funds | 370,544 | — | — | 370,544 | ||||||||||||
| Total Investments in Securities | $ | 120,235,468 | $ | — | $ | — | $ | 120,235,468 | ||||||||
| Value and Momentum ETF | ||||||||||||||||
| Assets | ||||||||||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 60,239,763 | $ | — | $ | 98,575 | (a) | $ | 60,338,338 | |||||||
| Real Estate Investment Trusts | 542,021 | — | — | 542,021 | ||||||||||||
| Money Market Funds | 3,546,967 | — | — | 3,546,967 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending | 1,265,362 | — | — | 1,265,362 | ||||||||||||
| Total Investments in Securities | $ | 65,594,113 | $ | — | $ | 98,575 | $ | 65,692,688 | ||||||||
| Liabilities | ||||||||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Futures Contracts | $ | (774,895 | ) | $ | — | $ | — | $ | (774,895 | ) | ||||||
| Total Other Financial Instruments | $ | (774,895 | ) | $ | — | $ | — | $ | (774,895 | ) | ||||||
| (a) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| (b) | The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of October 31, 2025. |
Foreign Currency Translation - The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. These gains and losses are included in net realized and unrealized gains and losses on foreign currency transactions on the Statements of Operations.
The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.
Futures Contracts — Consistent with its investment objective and strategies, Value and Momentum ETF utilized futures contracts during the period ended October 31, 2025. The Value and Momentum ETF’s investment in futures contracts is designed to enable it to more closely approximate the performance of its benchmark index. Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as to enhance its returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, Value and Momentum ETF records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. If a margin deposit was made upon entering into futures contracts, it is included in Deposit at Broker for other investments on the Statements of Assets and Liabilities.
Risks of entering into futures contracts include: 1) the possibility that there will be an imperfect price correlation between the futures and the underlying securities; 2) the possibility that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date; 3) Value and Momentum ETF could lose more than the original margin deposit required to initiate a futures transaction and; 4) losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
56
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
Options Written/Purchased - The Value and Momentum ETF and Tail Risk ETF may invest in equity options contracts for the purpose of hedging their existing portfolio securities, or securities that they intend to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. The Value and Momentum ETF may use options to hedge up to 100% of the value of its long portfolio in an attempt to avoid overvalued and downtrending markets. A Fund may also invest in equity option contracts to enhance its returns. The Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative movement in the value of domestic equities over rolling one-month periods. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss. The risk in writing a call option is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is exercised. There is risk that a Fund may pay a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities.
Swaps Contracts - Swap contracts are agreements among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of an underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.
Depending on their structure, swap agreements may increase or decrease the Fund’s exposure to long- or short-term interest rates (in the United States or abroad), commodities, and foreign currencies, and may increase or decrease the overall volatility of the Fund’s investments and its Share price.
The fair value of derivative instruments as of October 31, 2025:
| Asset Derivatives |
Liabilities Derivatives | |||||||||||
| Risk Exposure | Statements
of Assets and Liabilities Location |
Fair Value |
Statements
of Assets and Liabilities Location |
Fair Value |
||||||||
| Cannabis ETF | ||||||||||||
| Equity Contracts (Swap Contracts) | Unrealized appreciation on swaps | N/A | Unrealized depreciation on swaps | N/A | ||||||||
| Total | ||||||||||||
| Tail Risk ETF | ||||||||||||
| Equity Contracts (Option Contracts) | Investments, at value | $ | 5,486,940 | Investments, at value | N/A | |||||||
| Total | $ | 5,486,940 | ||||||||||
| Value and Momentum ETF | ||||||||||||
| Equity Risk (Futures Contracts) | Unrealized appreciation on futures contracts | N/A | Unrealized depreciation on futures contracts | $ | (774,895 | )* | ||||||
| Total | $ | (774,895 | )* | |||||||||
| * | Includes cumulative appreciation/depreciation on futures contracts as reported on the Schedules of Investments. Only current day’s variation margin for futures contracts are reported within the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Statements of Operations for the period ended October 31, 2025:
57
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
| Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives | Change in Unrealized Appreciation/(Depreciation) on Derivatives | |||||||
| Cannabis ETF | ||||||||||
| Equity Risk (Swap Contracts) | Net Realized Gain (Loss) from Swap Contracts/Net Change in Unrealized Appreciation (Depreciation) on Swap Contracts | $ | 94,134 | $ | — | |||||
| Total | $ | 94,134 | $ | — | ||||||
| Tail Risk ETF | ||||||||||
| Equity Contracts (Option Contracts)* | Net Realized Gain (Loss) from Investments in Unaffiliated Issuers/Net Change in Unrealized Appreciation (Depreciation) on Investments of Unaffiliated Issuers | $ | (7,343,875 | ) | $ | (3,203,170 | ) | |||
| Total | $ | (7,343,875 | ) | $ | (3,203,170 | ) | ||||
| Value and Momentum ETF | ||||||||||
| Equity Risk (Futures Contracts) | Net Realized Gain (Loss) from Futures Contracts/Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (4,656,798 | ) | $ | (1,723,327 | ) | |||
| Total | $ | (4,656,798 | ) | $ | (1,723,327 | ) | ||||
| * | Purchased options are included within net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments. |
The monthly average notional value of lwap contracts during the period ended October 31, 2025, for Cannabis ETF was $5,149,903 The average notional value of purchased option contracts during the period ended October 31, 2025, for Tail Risk ETF was $372,149,406 The monthly average notional value of futures contracts during the period ended October 31, 2025, for the Value and Momentum ETF was ($29,742,971).
Federal Income Taxes - The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of 1986 (the “Code”), as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to their shareholders.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period.
The Funds did not record any tax provisions in the current year. However, management’s conclusions regarding tax positions may be subject to review and adjusted at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of the period ended October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any from prior years. As a registered investment company, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management, in consultation with the Board of Trustees, evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable. During the year/period, the Funds did not incur any interest or penalties.
Expenses - All organizational and offering expenses of the Trust were borne by the Investment Adviser and are not subject to future recoupment. As a result, organizational and offering expenses are not reflected in the financial statements. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the underlying funds.
58
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
Security Transactions and Investment Income - Security transactions are accounted for on the trade date. Dividend income received from the underlying funds is recognized on the ex-dividend date and is recorded as dividend income in the Statements of Operations. Capital gain distributions received from the underlying funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis. Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income. Withholding taxes on foreign dividends and foreign capital gains tax have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Capital gain taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.
Foreign Taxes - The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.
Dividends and Distributions to Shareholders - The Funds generally pay out dividends from their net investment income, if any, quarterly, and distribute their net capital gains, if any, to shareholders at least annually. All distributions are recorded on the ex-dividend date.
Creation Units - The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares (except for the Micro and SmallCap Shareholder Yield ETF, the LargeCap Shareholder Yield ETF, and the Fixed Income Trend ETF which transact in groups of 25,000 shares) called creation units. Purchasers of Creation Units (“Authorized Participants”) must pay a creation transaction fee per transaction. The fee is typically a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a Redemption Fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.
ALPS Distributors Inc. (the “Distributor”), the Funds’ Distributor, has entered into participant agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Fund and/or serve as counterparty to derivative transactions with the Funds.
Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a participant agreement with the distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown for the period ended October 31, 2025:
| Fund | Creation Unit Shares | Creation Fee | Value | Redemption Fee | Variable Charge | |||||||||||||
| Cannabis ETF | 50,000 | $ | 500 | $ | 290,000 | $ | 500 | Up to 2.0% | ||||||||||
| Emerging Shareholder Yield ETF | 50,000 | 3,500 | 1,909,000 | 3,500 | Up to 2.0% | |||||||||||||
| Fixed Income Trend ETF | 25,000 | 300 | 635,000 | 300 | Up to 2.0% | |||||||||||||
| Foreign Shareholder Yield ETF | 50,000 | 2,500 | 1,545,500 | 2,500 | Up to 2.0% | |||||||||||||
| Global Asset Allocation ETF | 50,000 | 500 | 1,593,000 | 500 | None | |||||||||||||
| Global Momentum ETF | 50,000 | 500 | 1,636,500 | 500 | Up to 2.0% | |||||||||||||
| Global Real Estate ETF | 50,000 | 1,500 | 1,255,500 | 1,500 | Up to 2.0% | |||||||||||||
| Global Value ETF | 50,000 | 3,500 | 1,497,500 | 3,500 | Up to 2.0% | |||||||||||||
| LargeCap Shareholder Yield ETF | 25,000 | 300 | 674,750 | 300 | Up to 2.0% | |||||||||||||
| Micro and SmallCap Shareholder Yield ETF | 25,000 | 300 | 632,250 | 300 | Up to 2.0% | |||||||||||||
| Shareholder Yield ETF | 50,000 | 700 | 3,367,000 | 700 | None | |||||||||||||
| Tactical Yield ETF | 50,000 | 300 | 1,270,000 | 300 | Up to 2.0% | |||||||||||||
| Tail Risk ETF | 50,000 | 500 | 591,500 | 500 | None | |||||||||||||
| Trinity ETF | 50,000 | 300 | 1,398,500 | 300 | None | |||||||||||||
| Value and Momentum ETF | 50,000 | 700 | 1,634,500 | 700 | None | |||||||||||||
59
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or a portion of the applicable Deposit Securities. In these circumstances, the Funds may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities. Amounts are disclosed as segregated cash balances with Authorized Participants for Deposit Securities and payable for collateral upon return of Deposit at Broker for other investments on the Statements of Assets and Liabilities.
Illiquid Securities - A security is considered illiquid if a Fund reasonably expects that the investment cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.
Cash and cash equivalents - Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statements of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.
3. OFFSETTING ASSETS AND LIABILITIES
The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect, or potential effect, of netting arrangements on the Funds for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement, or similar agreement, or meet the following criteria to offset assets and liabilities: 1) the amounts owed by a Fund to another party are determinable; 2) a Fund has the right to offset the amounts owed with the amounts owed by the other party; 3) a Fund intends to offset assets and liabilities, which can be enforced by law.
As of October 31, 2025, the Funds’ financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 9 for offsetting related to securities lending.
4. COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Investment Advisory Agreement - The Investment Adviser is responsible for overseeing the management and business affairs of the Funds and has discretion to purchase and sell securities in accordance with the Funds’ objectives, policies, and restrictions. The Investment Adviser reviews, supervises, and administers each Fund’s investment program. The Investment Adviser has entered into an investment advisory agreement (“Advisory Agreement”) with respect to the Funds. Pursuant to the Advisory Agreement, the Funds pay the Investment Adviser, on a monthly basis, an annual advisory fee based on their average daily net assets for the services and facilities it provides payable at an annual rate of 0.59% (except for the Fixed Income Trend ETF, which pays an annual advisory fee rate of 0.49% of its average daily net assets), and also excluding the Global Asset Allocation ETF and Trinity ETF, neither of which is charged an advisory fee.
With respect to each Fund, except the Global Value ETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of the Funds, except for the advisory fee, payments under each Fund’s 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. With respect to the Global Value ETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of each Fund, except for the advisory fee, payments under the Fund’s 12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. The Global Value ETF and Emerging Shareholder Yield ETF may pay up to 0.10% of each Funds average daily net assets in custody fees. The Advisory Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to the Funds, by a majority of the outstanding shares of the Funds, on 60 days’ written notice to the Investment Adviser, and by the Investment Adviser on 60 days’ written notice to the Trust and that it shall be automatically terminated if it is assigned.
Cannabis ETF has contractually agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2026, unless otherwise terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser. The Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million. During the period ended October 31, 2025, the Investment Adviser voluntarily waived the following:
| Fund | Fees Waived | |||
| Cannabis ETF | $ | 41,898 | (a) | |
| Fixed Income Trend ETF | 42,926 | |||
| Global Real Estate ETF | 125,608 | |||
| LargeCap Shareholder Yield ETF | 14,762 | |||
| Micro and SmallCap ETF | 41,144 | |||
| Tactical Yield ETF | 84,048 | |||
| (a) | Total fees waived includes the contractual waiver and voluntary waiver, which amounted to annualized impacts of 0.17% and 0.42% as a percentage of average net assets, respectively. |
60
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
These voluntary waivers are in addition to the Cannabis ETF’s contractual fee waiver/expense limitation agreement discussed above and may be discontinued at any time. The fees waived are not eligible for recapture by the Investment Adviser. Additionally, the Investment Adviser earned $132,034 in Investment Advisory Fees from the Global Momentum ETF related to the Fund’s investment in affiliated funds, which is included in the total amount of Investment Advisory Fees presented in the Statements of Operations.
The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of each Fund’s portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee of 0.03% on the first $2 billion of the Funds aggregate average daily net assets and 0.025% of average daily net assets over $2 billion by the Adviser, which is calculated and paid monthly. The Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds’ Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal.
Administrator, Custodian and Transfer Agent - Tidal ETF Services LLC (“Tidal”) serves as the Funds’ Administrator and, in that capacity, performs various administrative and management services for the Funds, and prepares reports and materials to be supplied to the Board.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings and reports for the Funds, including regulatory compliance monitoring and financial reporting; and monitors the activities of the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds, as applicable. BBH also serves as a custodian for certain securities pursuant to a custodian agreement.
Distribution Agreement - The Distributor serves as the Funds’ distributor of Creation Units pursuant to a distribution agreement. The Distributor does not maintain any secondary market in Fund shares.
The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year for certain distribution-related activities. However, no such fee is currently paid by the Funds, and the Board has not currently approved the commencement of any payments under the Plan.
Certain officers and trustees of the Trust are affiliated with the Investment Adviser, Sub-Adviser and Administrator.
5. INVESTMENT TRANSACTIONS
For the period ended October 31, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, U.S. government and short-term securities, were:
| Fund |
Purchases of Securities |
Proceeds from Sales of Securities |
||||||
| Cannabis ETF | $ | 5,323,338 | $ | 2,068,273 | ||||
| Emerging Shareholder Yield ETF | 109,616,616 | 97,048,382 | ||||||
| Fixed Income Trend ETF | 11,688,906 | 11,772,037 | ||||||
| Foreign Shareholder Yield ETF | 81,054,575 | 79,171,224 | ||||||
| Global Asset Allocation ETF | 4,170,533 | 4,624,791 | ||||||
| Global Momentum ETF | 49,032,471 | 49,077,290 | ||||||
| Global Real Estate ETF | 22,691,516 | 20,060,336 | ||||||
| Global Value ETF | 114,778,293 | 57,718,033 | ||||||
| LargeCap Shareholder Yield ETF | 181,552 | 418,629 | ||||||
| Micro and SmallCap Shareholder Yield ETF | 4,181,324 | 4,517,102 | ||||||
| Shareholder Yield ETF | 207,223,507 | 216,830,628 | ||||||
| Tactical Yield ETF | — | — | ||||||
| Tail Risk ETF | 6,913,193 | 2,783,244 | ||||||
| Trinity ETF | 17,676,285 | 17,502,470 | ||||||
| Value and Momentum ETF | 16,576,310 | 18,006,792 | ||||||
For the period ended October 31, 2025, the Tail Risk ETF had purchases and sales of U.S. government securities of $90,031,738 and $112,607,144, respectively.
61
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
During the period ended October 31, 2025, the Funds realized net capital gains (losses) resulting from redemptions in-kind in which Authorized Participants exchange Fund Shares for securities held by the fund rather than for cash.
For the period ended October 31, 2025, in-kind transactions associated with creations and redemptions were:
| Purchases of | Proceeds from | Net Realized | ||||||||||
| Fund | Securities | Sales of Securities | Gain/(Loss) | |||||||||
| Cannabis ETF | $ | 172,456 | $ | 1,054,178 | $ | 300,334 | ||||||
| Emerging Shareholder Yield ETF | 13,031,669 | 5,338,546 | 1,488,187 | |||||||||
| Fixed Income Trend ETF | 7,940,533 | — | — | |||||||||
| Foreign Shareholder Yield ETF | 111,794,504 | 54,458,708 | 18,063,093 | |||||||||
| Global Asset Allocation ETF | 4,483,328 | 4,001,905 | 1,288,606 | |||||||||
| Global Momentum ETF | — | 3,142,386 | 521,964 | |||||||||
| Global Real Estate ETF | 10,815,042 | — | — | |||||||||
| Global Value ETF | 95,739,121 | 26,688,438 | 9,475,674 | |||||||||
| LargeCap Shareholder Yield ETF | 647,584 | — | — | |||||||||
| Micro and SmallCap Shareholder Yield ETF | 5,159,299 | 1,906,758 | 370,317 | |||||||||
| Shareholder Yield ETF | 34,980,551 | 181,405,990 | 20,839,987 | |||||||||
| Tactical Yield ETF | — | — | (5,953 | ) | ||||||||
| Tail Risk ETF | 12,334,910 | 19,689,750 | (38,069 | ) | ||||||||
| Trinity ETF | — | 2,681,565 | 348,483 | |||||||||
| Value and Momentum ETF | 18,326,167 | 11,048,309 | 4,947,089 | |||||||||
62
| Cambria ETF Trust | Notes to Financial Statements |
6. PRINCIPAL INVESTMENT RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investments could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. An investment is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds are subject to the principal risks set forth in their prospectuses under the heading ‘‘Principal Risks.’’ Some of these risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return, or ability to meet its investment objective, are set forth below.
Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that the price of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an accurate predictor of a company’s value or future share performance.
Cannabis Industry Risk. Cannabis Companies are subject to various laws and regulations that may differ at the local and federal level. These laws and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact the market for cannabis industry sales and services, and set limitations on marijuana use, production, processing, transportation, sale, marketing and storage. Cannabis Companies may also be required to secure permits and authorizations from government agencies to cultivate, process, transport, store, market, sell or research marijuana. In addition, Cannabis Companies are subject to the risks associated with the agricultural, biotechnology, and pharmaceutical industries. The Cannabis ETF invests in publicly-traded Cannabis Companies primarily listed and traded on a national securities exchange that operates in a jurisdiction where the Cannabis Companies’ cannabis-related business activities are legal under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws.
U.S. Regulation of Marijuana. Although the medical use of marijuana is legal in more than half of the states as well as the District of Columbia and non-medical use of marijuana is legal in an increasing number of states and the District of Columbia, the possession and use of marijuana remains illegal under U.S. federal law. Actions by federal regulatory agencies, such as increased enforcement of federal marijuana laws and the prosecution of nonviolent federal drug crimes by the U.S. Department of Justice (“DOJ”), could produce a chilling effect on the industry’s growth and further discourage banks from expanding their services to cannabis-related companies where such services are currently limited, notwithstanding cannabis banking guidance provided by the Financial Crimes Enforcement Network of the U.S. Department of Treasury (“FINCEN”). This conflict between the regulation of marijuana under federal and state law creates volatility and risk for all Cannabis Companies. In particular, the stepped up enforcement of marijuana laws by the federal government would adversely affect the value of the Fund’s U.S. investments, if any, as well as the Fund’s future ability to invest in Cannabis Companies primarily listed and traded on a U.S. national securities exchange and/or engaged in cannabis-related businesses in the U.S. Cannabis Companies that engage in legal medical or pharmaceutical research or the legal production and distribution of controlled substances such as marijuana must be registered with the Drug Enforcement Administration (“DEA”) to perform such activities. Further, the DEA has no obligation to ever issue such registration to cannabis or marijuana products. In addition, although the DOJ published a notice of proposed rulemaking with the Federal Register on May 21, 2024, to initiate a formal rulemaking process to reconsider rescheduling marijuana under the Controlled Substances Act (“CSA”), until a final rule is published, cannabis remains a Schedule I controlled substance and is subject to the limitations of Section 280E of the Code. Section 280E applies by its terms to the purchase and sale of medical-use cannabis products and provides that no deduction or credit is allowed for expenses incurred during a taxable year “in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of Schedules I and II of the CSA) which is prohibited by federal law or the law of any state in which such trade or business is conducted.” The disallowance of such tax deductions will likely affect the value of cannabis-related companies.
U.S. Regulation of Hemp and Hemp-Derived CBD. The Farm Bill effectively removes hemp, its extracts, derivatives, including hemp-derived cannabinoids such as CBD from the CSA’s list of controlled substances and allows states to regulate its production, commerce, and research with approval from the United States Department of Agriculture (“USDA”). However, it is unlawful under federal law to market a food or dietary supplement that contains CBD. CBD also may not be included as an active ingredient in any OTC drug product that is not the subject of a U.S. Food and Drug Administration (“FDA”)-approved marketing application. FDA has the authority to remove from the market any CBD product that does not comply with the agency’s requirements. Accordingly, companies selling food or dietary supplements containing CBD may face federal enforcement action and would not be permitted to sell or market their products.
Non-U.S. Regulation of Marijuana. Laws and regulations related to the possession, use (medical or recreational), sale, transport and cultivation of marijuana vary throughout the world. These laws and regulations are subject to change and may have a significant impact on the operations of a Cannabis Company. Such operations may be legal under current law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities vital to the company’s business. In Canada, the Cannabis Act, along with the related provincial and territorial legislation regulating adult use, distribution and sales, established a legal framework in Canada for the production, distribution, sale, and possession of both medical cannabis and adult use marijuana. However, there can be no assurance that Canadian federal, provincial, or territorial laws regulating cannabis will not be repealed or overturned or that governmental authorities will not limit the application of such laws within their respective jurisdictions.
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Cash Redemption Risk. A Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, a Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, such Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively (i.e., securities are distributed as payment of redemption proceeds). In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.
Commodity Investing Risk. The Funds may invest in commodity-related companies, commodity futures and physical commodities through the Underlying Vehicles. These investments may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Funds’ holdings.
Concentration Risk. The Fund’s investments are concentrated in real estate-related industries, and the Fund may be susceptible to loss due to adverse occurrences affecting these industries.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. The availability of mortgages and changes in interest rates may also affect real estate values.
Corporate Bond Risk. Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.
Counterparty Risk. The Funds bear the risk that the counterparty to a derivative or other contract with a third party may default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment obligations, the Funds will lose money and the value of an investment in Funds’ Shares may decrease. In addition, the Funds may engage in such investment transactions with a limited number of counterparties.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Funds’ investments.
Cyber Security Risk. Each Fund, and its service providers, may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber attacks. A breach in cyber security, intentional or unintentional, may adversely impact the Funds in many ways, including, but not limited to, disruption of the Funds’ operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber attacks affecting the Funds’ third-party service providers, including the Investment Adviser, the sub-adviser, the custodian, the transfer agent, market makers, Authorized Participants, or the issuers of securities in which the Funds invest may subject the Funds to many of the same risks associated with direct cyber security breaches.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.
Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.
Options Risk. The value of the Fund’s positions in options fluctuates in response to changes in the value of the underlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put options, the Fund’s losses from its exposure to put options is limited to the amount of premiums paid to the option seller.
Swaps Contract Risk. Swap contracts are agreements among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of an underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.
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Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Funds and the capital resources available for these companies’ dividend payments may adversely affect the Funds.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume and liquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Funds involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.
ETF Structure Risk. The Funds are ETFs, and, as a result of an ETF’s structure, they are exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little trading volume and market liquidity.
Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Funds’ underlying portfolio holdings, which can be significantly less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds and Exchange-Traded Products (“ETP”) and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Funds bear their proportionate share of the fees and expenses of the underlying entity. As a result, the Funds’ operating expenses may be higher and performance may be lower.
Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN’s issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund’s operating expenses to be higher and its performance to be lower.
Fixed Income Risk. A decline in an issuer’s credit rating and/or financial condition may cause such issuer’s fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Funds may “call” (or repay) the security before its stated maturity, and the Funds may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds’ income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Funds’ investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Funds’ returns.
Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Funds to leverage.
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Geographic Investment Risk. To the extent the Funds invest a significant portion of assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.
Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada’s largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these resources, both in Canada and worldwide, can have a significant effect on Canadian market performance. Conditions that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.
China Risk. Investments in China involve risks closely tied to the social, political, and economic conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China’s economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays a major role in the country’s economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital.
Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU (“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.
Japan Risk. The economy of Japan is heavily dependent on international trade, government support, and consistent government policy supporting its export market. Slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as a whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market.
Latin America Risk. Investments in securities of issuers in Latin American countries involve risks that are specific to the Latin American region, including social, political, and economic conditions within this region and may be more volatile than the performance of funds that invest in more developed countries and regions or funds that focus their investments in more than one region. The Fund’s performance may be particularly sensitive to social, political and economic conditions in those countries in Latin America in which the Fund’s investments are concentrated
South Africa Risk. South Africa’s economy is heavily dependent on natural resources and commodity prices. South Africa’s currency may also be vulnerable to significant fluctuations and devaluation. Access to health care, unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South Africa’s full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection have also led to social and political unrest. There can be no assurance that initiatives by the South African government to address these issues will achieve the desired results.
South Korea Risk. Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea’s neighbors may have an adverse effect on the South Korean economy.
Taiwan Risk. The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia’s other emerging economies, and conditions that weaken demand for Taiwan’s export products worldwide could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan’s history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.
Hedging Risk. Options used by the Funds to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Funds’ put option strategy will be effective. It may expose the Funds to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested, directly or indirectly, in U.S. government bonds and ex-U.S. sovereign bonds. Further, the put option strategy may not fully protect the Funds against declines in the value of their portfolio securities.
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High-Yield Securities Risk. High-yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. High-yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high-yield securities are traded may be less liquid and more volatile than the market for higher grade securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury Inflation-Protected Securities (TIPS), provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. Risks associated with rising interest rates are heightened given the Federal Reserve’s recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, the Funds may be subject to significant losses.
International Closed-Market Trading Risk. Because the Funds’ investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.
Investment Risk. An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.
Large-Capitalization Company Risk. The Funds’ investments in large-capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.
Leveraging Risk. Certain of the Funds’ investments may expose the Funds to leverage, causing the Funds’ value to be more volatile.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a
period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Funds’ ability to achieve its investment objective and may result in losses to Fund shareholders.
Management Risk. The Funds are actively managed using a model-based approach, and the Adviser selects Fund investments on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Funds. There can be no guarantee that these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fund investments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further, there is no guarantee that the Funds will achieve their investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by the U.S. government, Federal Reserve and/or other government actions, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on certain Fund holdings.
Micro-Capitalization Company Risk. Micro-capitalization companies are more vulnerable to adverse economic events and poor business conditions than larger, more established companies. The earnings and revenue of micro-capitalization companies tend to be less predictable, and their securities are generally less liquid and subject to greater and more unpredictable price changes.
Momentum Investing Risk. A Fund employs a “momentum” style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. High momentum may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.
Mortgage-Backed Securities Risk. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of MBS. In addition, MBS generally can be prepaid at any time, and prepayments that occur either more quickly (prepayment risk) or more slowly (extension risk) than expected can adversely impact the value of such securities. MBS may be negatively affected by the quality of the underlying mortgages, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. MBS not backed by the full faith and credit of the U.S. government are subject to the risk of default on the underlying mortgage, particularly during periods of economic downturn.
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Municipal Security Risk. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from such projects or assets. Certain municipal securities are issued by entities that have limited taxing authority, such as school districts, or are dependent on revenue from a particular sector or industry, such as the utilities sector, infrastructure sector, or transportation industry
Portfolio Turnover Risk. The Funds’ strategies may frequently involve buying and selling portfolio securities to rebalance the Funds’ exposure to various market sectors. Higher portfolio turnover may result in the Funds paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Funds’ performance to be less than you expect.
Preferred Securities Risk. Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies
Private Credit Risk. The Fund may invest indirectly in private credit through registered ETFs. Investments in private securities are illiquid. Private securities are not traded in public markets and can be subject to various restrictions on resale. In addition, there can be no assurance that the Fund, through its investments in other ETFs, will be able to realize the value of private securities in a timely manner. Further, private credit investments can range in credit quality depending on security-specific factors, including total leverage.
Quantitative Security Selection Risk. The Investment Adviser uses quantitative techniques to generate investment decisions and select securities, and the Funds may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on a Fund and its shareholders.
Real Estate Industry Risk. The Funds are subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems, and natural disasters.
Real Estate Investment Trust “REIT” Risk. In addition to the risks associated with the direct ownership of real estate and real estate-related securities, REITs are subject to additional risks, including those related to adverse governmental actions, and the performance of a REIT may be affected by its failure to qualify for tax-free pass through of income or its failure to maintain exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject to defaults by borrowers and to self-liquidations. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Funds will indirectly bear a proportionate share of those fees and expenses.
Sector Risk – To the extent that the Funds invest a significant portion of assets in a particular sector, the Funds may be susceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of their local economy, the international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.
Consumer Staples Sector Risk. The consumer staples sector includes, for example, food and drug retail and companies whose primary lines of business are food, beverage and other household items, including agricultural products. This sector can be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions.
Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply and demand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle East and Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.
Health Care Sector Risk. The health care sector includes, for example, biotechnology, pharmaceutical, health care facilities, and health care equipment and supply companies. This sector can be significantly affected by, among other things, lapsing patent protection, technological developments that make drugs obsolete, government regulation, price controls, and approvals for drugs.
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Industrials Sector Risk. Issuers in the industrials sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrials sector. Issuers in the industrials sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.
Information Technology Sector Risk. Technology companies face intense competition, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.
Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.
Utilities Sector Risk. Utilities include companies such as electric, gas and water firms and renewable energy companies. Companies in the utilities sector may be adversely impacted by many factors, including, among others, supply and demand, operating costs, financing costs, rate caps or rate changes, government regulation and environmental factors. Deregulation of utilities may also subject these companies to increased competition and reduce their profitability.
Short Sale Risk. If a security is sold short and subsequently has to be bought back at a higher price, the Funds will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may increase the Funds’ exposure to the market, and may increase losses and the volatility of returns.
Small- and Medium-Capitalization Company Risk. Investing in securities of small- and medium-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions. These securities may have returns that vary, sometimes significantly, from the overall securities market. Small- and medium-capitalization companies are sometimes more dependent on key personnel or limited product lines than larger, more diversified companies. Often, small- and medium-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Sovereign Debt Securities Risk. Investments in sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Funds may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Funds’ NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high-yield debt securities, as discussed in each applicable Funds’ prospectus.
Swap Contracts Risk. Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract.
Underlying Vehicle Counterparty and Leverage Risk. Through its investments in affiliated and unaffiliated ETFs and other ETPs (collectively, “Underlying Vehicles”), the Funds may be indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Funds indirectly bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, to lose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses. Although certain Underlying Vehicles may comply with their obligations related to certain derivatives in accordance with Rule 18f-4 under the 1940 Act, as applicable, the Fund’s value-at-risk limitations (if applicable) may not prevent losses greater than the value of those obligations. Other Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Funds’ investments in Underlying Vehicles, the value of the Funds’ Shares may be volatile.
U.S. Government Securities Risk. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Funds. The securities of other U.S. government-sponsored entities (“GSEs”) may not be backed by the full faith and credit of the U.S. government, but rather supported through federal subsidies, loans, or other benefits.
Value Investment Risk. The Funds may consider certain value metrics when selecting stocks for inclusion in their portfolio and, as a result, the Funds may underperform when the market favors stocks with growth characteristics or a non-value investment approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.
69
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
7. GUARANTEES AND INDEMNIFICATIONS
In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Investment Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.
8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily attributable to redemption in-kind transactions. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period.
For tax purposes, short-term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the six months ended October 31, 2025 (estimated) and the prior fiscal year/period ended April 30, 2025, respectively, were as follows:
| Year/Period Ended October 31, 2025 | Year/Period Ended April 30, 2025 | |||||||||||||||||||||||
| Fund | Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
||||||||||||||||||
| Cannabis ETF | $ | 86,450 | $ | — | $ | — | $ | 748,350 | $ | — | $ | — | ||||||||||||
| Emerging Shareholder Yield ETF | 15,586,399 | — | — | 18,218,875 | — | — | ||||||||||||||||||
| Fixed Income Trend ETF | 511,234 | — | — | — | — | — | ||||||||||||||||||
| Foreign Shareholder Yield ETF | 12,127,425 | — | — | 12,944,687 | — | — | ||||||||||||||||||
| Global Asset Allocation ETF | 978,133 | — | — | 2,233,576 | — | 63,710 | ||||||||||||||||||
| Global Momentum ETF | 980,047 | — | — | 2,057,727 | — | 1,736,844 | ||||||||||||||||||
| Global Real Estate ETF | 939,403 | — | — | 2,714,991 | — | 192,966 | ||||||||||||||||||
| Global Value ETF | 5,924,554 | — | — | 4,607,623 | — | — | ||||||||||||||||||
| LargeCap Shareholder Yield ETF | 69,862 | — | — | 144,888 | — | — | ||||||||||||||||||
| Micro and SmallCap Shareholder Yield ETF | 168,077 | — | — | 1,045,181 | — | 320,199 | ||||||||||||||||||
| Shareholder Yield ETF | 11,783,569 | — | — | 24,388,078 | — | — | ||||||||||||||||||
| Tactical Yield ETF | 552,611 | — | — | 849,555 | — | — | ||||||||||||||||||
| Tail Risk ETF | 1,321,500 | — | — | 2,096,066 | — | — | ||||||||||||||||||
| Trinity ETF | 1,649,583 | — | — | 3,325,439 | — | — | ||||||||||||||||||
| Value and Momentum ETF | 207,615 | — | — | 580,310 | — | 352,764 | ||||||||||||||||||
Funds are permitted to carry forward losses for an unlimited period and losses that are carried forward will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:
| Fund |
Non-Expiring Short-Term |
Non-Expiring Long-Term |
||||||
| Cannabis ETF | $ | 743,322 | $ | 22,490,152 | ||||
| Emerging Shareholder Yield ETF | 5,727,849 | 3,044,622 | ||||||
| Fixed Income Trend ETF | 223,874 | — | ||||||
| Foreign Shareholder Yield ETF | 15,181,234 | 15,534,461 | ||||||
| Global Asset Allocation ETF | 4,107 | 1,298,594 | ||||||
| Global Momentum ETF | 21,021,907 | — | ||||||
| Global Real Estate ETF | 5,570,375 | 1,200,971 | ||||||
| Global Value ETF | 390,099 | 30,423,793 | ||||||
| LargeCap Shareholder Yield ETF | 224,903 | — | ||||||
| Micro and SmallCap Shareholder Yield ETF | 593,684 | 14,749 | ||||||
| Shareholder Yield ETF | 42,028,453 | 42,876,310 | ||||||
| Tactical Yield ETF | — | — | ||||||
| Tail Risk ETF | 53,115,559 | 122,517,671 | ||||||
| Trinity ETF | 5,071,963 | 2,053,094 | ||||||
| Value and Momentum ETF | 24,596,635 | 5,501,075 | ||||||
70
| Cambria ETF Trust | Notes to Financial Statements |
For the year ended April 30, 2025, the Global Momentum ETF and Tail Risk ETF utilized $851,943 and $304,634 of capital loss carryforward, respectively.
Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund’s next taxable year. As of April 30, 2025, the Cambria Cannabis ETF had $2,513,374 in late-year losses. As of April 30, 2025, the remaining Funds had not elected to defer any post-October or late-year losses.
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency and distributable (accumulated) earnings (losses) held by the Funds at April 30, 2025, were as follows:
| Cannabis ETF | Emerging Shareholder Yield ETF |
Fixed Income Trend ETF |
Foreign Shareholder ETF |
Global Asset Allocation ETF |
||||||||||||||||
| Investments, at cost | $ | 9,218,708 | $ | 487,693,586 | $ | 12,899,129 | $ | 333,616,409 | $ | 61,520,742 | ||||||||||
| Gross tax unrealized appreciation | 1,365,633 | 63,560,842 | 25,986 | 31,853,551 | 4,668,569 | |||||||||||||||
| Gross tax unrealized depreciation | (2,210,914 | ) | (63,972,968 | ) | (82,743 | ) | (28,597,939 | ) | (2,966,690 | ) | ||||||||||
| Net tax unrealized appreciation (depreciation) | (845,281 | ) | (412,126 | ) | (56,757 | ) | 3,255,612 | 1,701,879 | ||||||||||||
| Undistributed ordinary income (loss) | — | 6,874,715 | 6,873 | 5,203,518 | — | |||||||||||||||
| Undistributed long-term capital gain (loss) | — | — | — | — | — | |||||||||||||||
| Total distributable earnings | — | 6,874,715 | 6,873 | 5,203,518 | — | |||||||||||||||
| Other accumulated gain (loss) | (25,732,345 | ) | (8,751,513 | ) | (223,874 | ) | (30,851,430 | ) | (1,302,701 | ) | ||||||||||
| Total distributable (accumulated) earnings (losses) | $ | (26,577,626 | ) | $ | (2,288,924 | ) | $ | (273,758 | ) | $ | (22,392,300 | ) | $ | 399,178 | ||||||
| Global Momentum ETF |
Global Real
Estate ETF |
Global Value ETF |
LargeCap Shareholder Yield ETF |
Micro and SmallCap Shareholder Yield ETF |
||||||||||||||||
| Investments, at cost | $ | 103,674,964 | $ | 37,860,697 | $ | 179,899,766 | $ | 4,813,612 | $ | 12,361,878 | ||||||||||
| Gross tax unrealized appreciation | 7,872,498 | 1,783,567 | 25,406,932 | 57,366 | 467,820 | |||||||||||||||
| Gross tax unrealized depreciation | (1,207,808 | ) | (3,968,056 | ) | (20,087,431 | ) | (597,280 | ) | (2,731,421 | ) | ||||||||||
| Net tax unrealized appreciation (depreciation) | 6,664,690 | (2,184,489 | ) | 5,319,501 | (539,914 | ) | (2,263,601 | ) | ||||||||||||
| Undistributed ordinary income (loss) | — | — | 2,557,279 | 25,928 | — | |||||||||||||||
| Undistributed long-term capital gain (loss) | — | — | — | — | — | |||||||||||||||
| Total distributable earnings | — | — | 2,557,279 | 25,928 | — | |||||||||||||||
| Other accumulated gain (loss) | (21,021,907 | ) | (6,757,637 | ) | (30,788,542 | ) | (224,903 | ) | (608,433 | ) | ||||||||||
| Total distributable (accumulated) earnings (losses) | $ | (14,357,217 | ) | $ | (8,942,126 | ) | $ | (22,911,762 | ) | $ | (738,889 | ) | $ | (2,872,034 | ) | |||||
| Shareholder
Yield ETF |
Tactical Yield
ETF |
Tail Risk ETF | Trinity ETF | Value and Momentum ETF |
||||||||||||||||
| Investments, at cost | $ | 1,072,668,285 | $ | 44,479,766 | $ | 152,424,626 | $ | 112,083,233 | $ | 44,402,856 | ||||||||||
| Gross tax unrealized appreciation | 67,339,944 | 5,625 | 5,898,056 | 6,487,642 | 5,882,465 | |||||||||||||||
| Gross tax unrealized depreciation | (216,602,023 | ) | (2,039 | ) | (5,695,255 | ) | (3,093,715 | ) | (3,381,459 | ) | ||||||||||
| Net tax unrealized appreciation (depreciation) | (149,262,079 | ) | 3,586 | 202,801 | (3,393,927 | ) | 2,501,006 | |||||||||||||
| Undistributed ordinary income (loss) | 1,823,074 | 233,741 | 584,476 | 23,938 | — | |||||||||||||||
| Undistributed long-term capital gain (loss) | — | — | — | — | — | |||||||||||||||
| Total distributable earnings | 1,823,074 | 233,741 | 584,476 | 23,938 | — | |||||||||||||||
| Other accumulated gain (loss) | (84,904,944 | ) | — | (175,633,230 | ) | (7,125,057 | ) | (30,097,710 | ) | |||||||||||
| Total distributable (accumulated) earnings (losses) | $ | (232,343,949 | ) | $ | 237,327 | $ | (174,845,953 | ) | $ | (3,707,192 | ) | $ | (27,596,704 | ) | ||||||
71
| Cambria ETF Trust | Notes to Financial Statements |
October 31, 2025 (Unaudited)
The difference between the federal income tax cost of portfolio investments and other financial instruments and the financial statement cost is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales, the tax treatment of passive foreign investment companies, partnership investments, the tax treatment of grantor trusts, and certain marked-to-market adjustments.
9. SECURITIES LENDING
Certain Funds have entered into a Securities Lending Agreement with U.S. Bank N.A., (the “Lending Agent”) to lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the respective Fund (including the loan collateral). The Funds will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 102% of the then market value of domestic loaned securities and 105% of the value of foreign equity securities. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Funds may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan, which could give rise to loss because of adverse market actions, expenses and/or delays in connection with the disposition of the underlying securities. Any gain or loss in the market price of the securities loaned and income from lending activity by the Funds that might occur during the term of the loan would be for the account of that Fund.
Cash collateral received in connection with securities lending of each applicable Fund is invested in First American Government Obligations Fund Class X and is presented on the Schedules of Investments.
Securities lending transactions are entered into by a Fund under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by a Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from a Fund.
The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight and continuous maturities and non-cash collateral, if any, which would be subject to offset as of October 31, 2025:
| Fund |
Value
of Loan |
Payable on Collateral Received |
||||||
| Foreign Shareholder Yield ETF | $ | 6,346,730 | $ | 6,655,021 | ||||
| Global Asset Allocation ETF | 3,719,304 | 3,795,607 | ||||||
| Global Momentum ETF | 8,488,406 | 8,751,368 | ||||||
| Global Real Estate ETF | 52,788 | 54,574 | ||||||
| Micro and SmallCap Shareholder Yield ETF | 471,777 | 483,780 | ||||||
| Shareholder Yield ETF | 8,014,469 | 8,233,771 | ||||||
| Trinity ETF | 2,702,656 | 2,766,950 | ||||||
| Value and Momentum ETF | 1,229,594 | 1,265,362 | ||||||
10. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES
During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.
11. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.
72