UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22704

CAMBRIA ETF TRUST

 (Exact name of registrant as specified in charter)

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

(Address of principal executive offices) (Zip code)

Corporation Service Company

2711 Centerville Road

Suite 400

Wilmington, DE 19808

 (Name and address of agent for service)

With a Copy to:

Stacy L. Fuller

K&L Gates LLP

1601 K Street NW

Washington, DC 20006

Registrant’s telephone number, including area code: 1-310-683-5500

Date of fiscal year end: April 30, 2015

Date of reporting period: October 31, 2014

Item 1.   Reports to Stockholders.

 

Cambria Shareholder Yield ETF (SYLD)

Cambria Foreign Shareholder Yield ETF (FYLD)

Cambria Global Value ETF (GVAL)

Semi-Annual Report

October 31, 2014

(Unaudited)

Cambria Investment Management

Table of Contents

Schedules of Investments	2
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	14
Disclosure of Fund Expenses	22
Supplemental Information	23

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Cambria Investment Management L.P., the Funds’ investment advisor, uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling (855)-383-4636; and (ii) on the Commission’s website at www.sec.gov.

1

Cambria Investment Management

Schedule of Investments • Cambria Shareholder Yield ETF

October 31, 2014 (Unaudited)

Description	Shares		Value
COMMON STOCK — 99.7%
Consumer Discretionary — 13.8%
Cato, Cl A		34,528	$	1,231,614
CBS, Cl B		35,370		1,917,761
Dillard's, Cl A		14,115		1,492,803
Gannett		78,011		2,457,346
Gap		47,142		1,786,210
Home Depot		24,515		2,390,703
Kohl's		37,169		2,015,303
Lowe's		41,850		2,393,820
Macy's		38,894		2,248,851
Magna International		15,333		1,513,521
Newell Rubbermaid		34,539		1,151,185
O'Reilly Automotive*		15,255		2,683,049
Six Flags Entertainment		49,797		2,006,819
Smith & Wesson Holding*		149,642		1,520,363
Time Warner		15,461		1,228,686
Visteon*		11,486		1,078,535
				29,116,569
Consumer Staples — 8.3%
Coca-Cola Enterprises		44,955		1,948,799
CVS Health		28,890		2,479,051
Dr Pepper Snapple Group		34,155		2,365,234
General Mills		38,093		1,979,312
Kimberly-Clark		17,678		2,020,065
Medifast*		80,060		2,541,105
Reynolds American		35,370		2,225,127
Wal-Mart Stores		23,435		1,787,387
				17,346,080
Energy — 8.8%
BP ADR		35,474		1,541,700
Cameron International*		33,485		1,994,032
Chesapeake Granite Wash Trust		167,518		1,730,461
CVR Refining (A)		77,811		1,886,139
Hess		17,603		1,492,910

Description	Shares		Value
HollyFrontier		37,483	$	1,700,979
Hugoton Royalty Trust		109,618		982,177
Marathon Petroleum		20,655		1,877,539
Northern Tier Energy(A)		74,701		1,885,453
Phillips 66		13,704		1,075,764
Western Refining		52,908		2,412,076
				18,579,230
Financials — 20.4%
Allstate		38,438		2,492,704
Ameriprise Financial		20,257		2,555,826
Aspen Insurance Holdings		43,470		1,896,596
Assurant		30,430		2,075,935
Axis Capital Holdings		47,957		2,308,650
Comerica		44,550		2,126,817
Everest Re Group		14,233		2,428,861
Fifth Third Bancorp		96,390		1,926,836
Gladstone Capital		212,980		1,957,286
Huntington Bancshares		204,074		2,022,373
Legg Mason		52,904		2,751,008
LPL Financial Holdings		45,050		1,864,620
Montpelier Re Holdings		70,462		2,335,111
PartnerRe		17,955		2,077,214
Platinum Underwriters Holdings		31,317		1,961,384
RenaissanceRe Holdings		18,225		1,883,189
State Street		30,777		2,322,432
Travelers		25,089		2,528,971
Unum Group		60,345		2,019,144
WR Berkley		24,638		1,269,843
				42,804,800
Health Care — 6.1%
Chemed		25,870		2,673,923
Cigna		12,306		1,225,308
Eli Lilly		35,601		2,361,414
Omnicare		31,896		2,123,955
Pfizer		63,113		1,890,235
WellPoint		19,611		2,484,518
				12,759,353
Industrials — 10.7%
3M		11,291		1,736,217
Babcock & Wilcox		63,165		1,806,519
Flowserve		29,797		2,025,898
General Dynamics		9,350		1,306,756
Ingersoll-Rand		26,690		1,671,328
Joy Global		19,911		1,047,916
L-3 Communications Holdings		20,115		2,443,168
Northrop Grumman		20,224		2,790,103
Raytheon		25,811		2,681,247
Southwest Airlines		85,715		2,955,453
SPX		21,487		2,036,752
				22,501,357

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

2

Cambria Investment Management

Schedule of Investments • Cambria Shareholder Yield ETF

October 31, 2014 (Unaudited) (Concluded)

Description	Shares/Face Amount		Value
Information Technology — 17.4%
Apple		23,724	$	2,562,192
CA		60,750		1,765,395
Computer Sciences		33,786		2,040,674
Conversant*		84,672		2,984,688
CoreLogic*		59,940		1,880,318
Corning		97,532		1,992,579
Flextronics International*		222,077		2,380,665
Juniper Networks		89,407		1,883,805
Lexmark International, Cl A		55,890		2,412,212
NVIDIA		112,090		2,190,238
SanDisk		25,819		2,430,601
Seagate Technology		39,825		2,502,205
TE Connectivity		35,047		2,142,423
Texas Instruments		45,495		2,259,282
Western Digital		27,767		2,731,440
Xerox		190,345		2,527,782
				36,686,499
Materials — 5.2%
Clearwater Paper*		35,065		2,256,433
Cytec Industries		45,814		2,136,307
E.I. du Pont de Nemours		30,915		2,137,772
PPG Industries		11,070		2,254,848
Rockwood Holdings		29,161		2,242,773
				11,028,133
Telecommunication Services — 7.7%
AT&T		56,324		1,962,328
CenturyLink		66,441		2,755,973
Frontier Communications		439,169		2,872,165
Nippon Telegraph & Telephone ADR		72,467		2,281,261
Orange ADR		136,913		2,175,548
Spok Holdings		123,660		2,008,238
TELUS		58,868		2,110,418
				16,165,931
Utilities — 1.3%
Ameren		46,710		1,977,701
Atlantic Power		306,816		681,132
				2,658,833
Total Common Stock
(Cost $188,244,353)				209,646,785
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/03/2014	$	593,628		593,628
(Cost $593,628)				593,628
Total Investments — 100.0%
(Cost $188,837,981)			$	210,240,413
Other Assets and Liabilities — 0.0%				22,798
Net Assets — 100.0%			$	210,263,211

Percentages based on Net Assets.

* Non-income producing security.

(A) Security considered to be a Master Limited Partnership. At October 31, 2014, these securities amounted to $3,771,592 or 1.8% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a list of the inputs used as of October 31, 2014 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	209,646,785	$	—	$	—	$	209,646,785
Time Deposit		—		593,628		—		593,628
Total Investments in Securities	$	209,646,785	$	593,628	$	—	$	210,240,413

Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

There have been no transfers between Level 1, Level 2 or Level 3 assets and liabilities. It is the Fund’s policy to recognize transfers into and out of all Levels at the end of the reporting period.

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

3

Cambria Investment Management

Schedule of Investments •Cambria Foreign Shareholder Yield ETF

October 31, 2014 (Unaudited)

Description	Shares		Value
COMMON STOCK — 97.4%
Australia — 14.8%
BC Iron		149,308	$	141,246
Bradken		164,524		558,857
Cabcharge Australia		187,262		814,068
Decmil Group		525,582		823,274
GUD Holdings		131,764		830,221
Metcash		238,432		593,793
Mineral Resources		85,654		640,694
Myer Holdings		382,265		652,605
OZ Minerals		227,568		775,008
Premier Investments		93,538		881,580
Regis Resources*		309,328		375,649
Seven Group Holdings		109,342		656,229
Skilled Group		220,886		447,075
SMS Management & Technology		184,518		636,515
Toll Holdings		130,441		649,703
WorleyParsons		51,142		610,269
				10,086,786
Belgium — 0.8%
Ageas		16,368		546,530
Canada — 12.7%
Agrium		7,680		751,407
Canadian Oil Sands		35,882		562,243
Celestica*		68,490		752,324
Genworth MI Canada		21,464		750,350
IGM Financial		13,392		535,656
Labrador Iron Ore Royalty		32,716		568,948
Magna International		8,512		840,136
Metro, Cl A		11,656		819,090
Rogers Sugar		138,108		544,075
Suncor Energy		19,728		700,514
Teck Resources, Cl B		28,314		447,427
Transcontinental, Cl A		44,618		609,264

Description	Shares		Value
WestJet Airlines		25,850	$	732,575
				8,614,009
Denmark — 3.6%
FLSmidth		13,616		616,669
Topdanmark*		26,112		830,906
Tryg		9,120		985,780
				2,433,355
Finland — 1.7%
Fortum		29,938		693,685
Ramirent		53,754		428,421
				1,122,106
France — 4.6%
AXA		26,879		620,111
CNP Assurances		36,154		675,517
GDF Suez		26,089		632,781
Metropole Television		31,002		536,326
Total		11,320		672,683
				3,137,418
Germany — 4.7%
E.ON		35,986		619,166
Freenet		24,320		636,503
Hannover Rueck		8,296		691,238
Muenchener Rueckversicherungs		4,039		793,891
Software		17,880		449,134
				3,189,932
Guernsey — 1.0%
Friends Life Group		130,798		676,671
Hong Kong — 1.9%
Li & Fung		568,910		693,243
Television Broadcasts		110,252		603,495
				1,296,738
Israel — 2.1%
Harel Insurance Investments & Financial Services		104,494		522,683
Teva Pharmaceutical Industries		16,976		938,036
				1,460,719
Italy — 2.0%
Buzzi Unicem		49,023		661,634
Cairo Communication		99,604		669,028
				1,330,662
Japan — 13.2%
Autobacs Seven		45,906		665,754
Fujikura		144,492		590,446
Kinden		61,938		625,859
Kirin Holdings		44,114		560,826
Kyokuto Securities		37,162		611,068
Kyowa Exeo		58,690		706,422
Kyudenko		90,428		991,830
Marusan Securities Ltd.		81,770		586,021
Nippon Telegraph & Telephone		13,308		816,548

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

4

Cambria Investment Management

Schedule of Investments •Cambria Foreign Shareholder Yield ETF

October 31, 2014 (Unaudited) (Continued)

Description	Shares		Value
Sanki Engineering		111,764	$	764,165
Sanshin Electronics		95,740		669,946
Shizuoka Bank		59,858		604,842
SKY Perfect JSAT Holdings		134,719		811,972
				9,005,699
Netherlands — 1.9%
BinckBank		67,538		668,702
Koninklijke Ahold		34,878		583,056
Royal Dutch Shell, Cl A		1,170		41,771
				1,293,529
New Zealand — 2.3%
SKYCITY Entertainment Group		221,326		674,569
Tower		596,379		915,811
				1,590,380
Norway — 7.5%
Gjensidige Forsikring		48,311		877,412
Kvaerner		479,706		634,397
Salmar		51,553		928,649
Statoil		30,274		686,724
Telenor		28,314		636,388
TGS Nopec Geophysical		26,728		624,120
Yara International		16,200		743,836
				5,131,526
Portugal — 1.9%
Portucel		130,073		483,461
Sonaecom - SGPS*		404,401		774,858
				1,258,319
South Korea — 2.2%
Daeduck Electronics		101,410		858,739
Macquarie Korea Infrastructure Fund		95,101		634,464
				1,493,203
Spain — 1.3%
Duro Felguera		108,236		489,645
Endesa		19,529		380,184
				869,829
Sweden — 4.2%
Dios Fastigheter		106,836		721,968
Duni		55,658		791,437
JM		24,376		785,998
TeliaSonera		82,394		569,627
				2,869,030
Switzerland — 1.1%
Zurich Insurance Group		2,464		744,719
United Kingdom — 11.9%
Amlin		94,620		689,307
BP		86,978		624,730
Cape		158,500		689,659
Carillion		143,876		765,504
Centrica		125,828		608,891
Chesnara		143,428		790,423

Description		Shares/Face Amount(1)	Value
De La Rue		46,242	$	386,509
Intermediate Capital Group		103,416		678,444
Ladbrokes		238,888		451,316
Phoenix Group Holdings		55,410		667,452
Tullett Prebon		131,492		597,595
Vodafone Group		196,534		651,739
WM Morrison Supermarkets		197,466		488,990
				8,090,559
Total Common Stock
(Cost $71,495,986)				66,241,719
TIME DEPOSITS — 2.5%
Brown Brothers Harriman, 1.549%, 11/03/2014	AUD	514,875		453,091
Brown Brothers Harriman, 0.337%, 11/03/2014	CAD	288,333		255,830
Brown Brothers Harriman, 0.001%, 11/03/2014	CHF	34,408		35,762
Brown Brothers Harriman, 0.000%, 11/03/2014	DKK	15,976		2,690
Brown Brothers Harriman, -0.11%, 11/03/2014	EUR	275,199		344,865
Brown Brothers Harriman, 0.091%, 11/03/2014	GBP	197,112		315,318
Brown Brothers Harriman, 0.005%, 11/03/2014	HKD	294,929		38,030
Brown Brothers Harriman, 0.005%, 11/03/2014	JPY	12,787,896		113,847
Brown Brothers Harriman, 0.337%, 11/03/2014	NOK	891,351		132,151
Brown Brothers Harriman, 2.55%, 11/03/2014	NZD	40,189		31,327
Total Time Deposits
(Cost $1,722,911)				1,722,911
Total Investments — 99.9%
(Cost $73,218,897)			$	67,964,630
Other Assets and Liabilities — 0.1%				90,465
Net Assets — 100.0%			$	68,055,095

Percentages based on Net Assets.

* Non-income producing security.

(1) In U.S. Dollars unless otherwise noted.

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

5

Cambria Investment Management

Schedule of Investments •Cambria Foreign Shareholder Yield ETF

October 31, 2014 (Unaudited) (Concluded)

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DKK — Danish Krone

EUR — Euro

GBP — Great British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

Ltd. — Limited

NOK — Norwegian Krone

NZD — New Zealand Dollar

The following is a list of the inputs used as of October 31, 2014 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	66,241,719	$	—	$	—	$	66,241,719
Time Deposits		—		1,722,911		—		1,722,911
Total Investments in Securities	$	66,241,719	$	1,722,911	$	—	$	67,964,630

Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

There have been no transfers between Level 1, Level 2 or Level 3 assets and liabilities. It is the Fund’s policy to recognize transfers into and out of all Levels at the end of the reporting period.

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

6

Cambria Investment Management

Schedule of Investments •Cambria Global Value ETF

October 31, 2014 (Unaudited)

Description	Shares		Value
COMMON STOCK — 92.8%
Austria — 9.7%
Agrana Beteiligungs		5,304	$	478,562
AMAG Austria Metall (A)		19,482		624,384
Erste Group Bank		18,156		462,097
EVN		43,197		546,736
Lenzing		10,710		617,510
OMV		14,229		447,292
Raiffeisen Bank International		19,584		417,699
UNIQA Insurance Group		48,501		540,082
Vienna Insurance Group Wiener Versicherung Gruppe		13,056		627,612
Voestalpine		14,433		577,960
				5,339,934
Brazil — 7.6%
AMBEV		87,975		582,263
Banco do Brasil		71,400		799,032
Banco Santander Brasil		130,101		700,936
Cia Siderurgica Nacional		154,581		514,667
Cosan Industria e Comercio		43,656		609,412
Cosan Logistica*		43,656		73,115
JBS		196,758		877,427
				4,156,852
Czech Republic — 7.0%
CEZ		24,174		668,631
Fortuna Entertainment Group		97,716		533,724
Komercni Banka		2,652		568,059
O2 Czech Republic		42,585		475,749
Pegas Nonwovens		20,961		599,591
Philip Morris CR		1,173		520,533
Unipetrol*		84,660		495,782
				3,862,069
Greece — 5.9%
Athens Water Supply & Sewage		55,335		382,080
Bank of Greece		29,988		381,431
Eurobank Ergasias*		1,020,714		354,312

Description	Shares		Value
Hellenic Petroleum		63,597	$	326,755
Intralot -Integrated Lottery Systems & Services*		206,397		292,270
Karelia Tobacco		2,142		523,428
Metka		35,190		343,967
Motor Oil Hellas Corinth Refineries		47,124		344,872
Public Power		40,443		307,127
				3,256,242
Hungary — 4.2%
Magyar Telekom Telecommunications		435,948		602,862
MOL Hungarian Oil & Gas		10,914		519,367
OTP Bank		35,649		589,403
Richter Gedeon Nyrt		38,760		591,652
				2,303,284
Ireland — 9.7%
Aer Lingus Group		274,635		488,705
CPL Resources		64,515		533,590
CRH		22,134		490,749
FBD Holdings		25,959		429,403
Fyffes		499,392		581,181
Glanbia		42,687		602,333
Kingspan Group		31,722		498,495
Origin Enterprises PLC		64,515		638,755
Smurfit Kappa Group		23,205		478,936
Total Produce		473,892		572,351
				5,314,498
Israel — 10.5%
CLAL Insurance Enterprise*		32,334		513,454
Elbit Systems		10,914		655,337
Gazit Globe Ltd.		48,144		562,205
Harel Insurance Investments & Financial Services		104,142		520,922
Israel Chemicals		75,684		508,417
Melisron		23,868		625,519
Migdal Insurance & Financial Holding		379,491		507,459
Paz Oil Ltd.		4,131		586,967
Strauss Group		35,139		566,965
Teva Pharmaceutical Industries		12,750		704,522
				5,751,767
Italy — 9.8%
Atlantia		25,194		593,550
Enel		120,003		612,053
Eni		26,469		563,883
GTECH Spa		19,380		450,991
Intesa Sanpaolo		202,980		594,704
Pirelli & C.		37,536		502,368
Saipem		27,285		427,402
Telecom Italia		543,201		614,342
UniCredit		80,029		577,660
Unipol Gruppo Finanziario		88,281		425,923
				5,362,876

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

7

Cambria Investment Management

Schedule of Investments •Cambria Global Value ETF

October 31, 2014 (Unaudited) (Concluded)

Description	Shares		Value
Portugal — 7.8%
Banco Espirito Santo* (B)		318,087	$	47,833
BANIF - Banco Internacional do Funchal*		41,466,978		374,143
CIMPOR Cimentos de Portugal SGPS		175,236		357,504
Corticeira Amorim SGPS		165,291		621,402
EDP - Energias de Portugal		144,891		622,967
Galp Energia SGPS		38,505		558,040
Portugal Telecom SGPS		142,902		234,054
Semapa-Sociedade de Investimento e Gestao		44,319		535,889
Sonae		357,510		478,926
Teixeira Duarte		434,061		427,539
				4,258,297
Russia — 9.8%
Alrosa AO		619,344		554,397
E.ON Russia JSC		10,995,396		638,859
Gazprom Neft OAO		164,220		579,215
Gazprom OAO		182,937		601,847
Rosneft OAO		97,104		541,621
Sberbank of Russia		282,081		499,952
Severstal OAO		81,396		865,052
Uralkali		144,891		518,788
VTB Bank		633,767,718		588,379
				5,388,110
Spain — 10.8%
Acciona		8,058		561,745
Banco Bilbao Vizcaya Argentaria		50,618		565,051
Banco Santander		70,359		619,661
CaixaBank		101,479		553,309
Enagas		21,420		718,035
Endesa		19,278		375,298
Ferrovial		29,907		610,140
Gas Natural SDG		24,531		707,350
Iberdrola		96,135		679,579
Mapfre		155,805		533,219
				5,923,387
Total Common Stock
(Cost $61,682,049)				50,917,316
PREFERRED STOCK — 4.7%
Brazil — 4.7%
Banco Bradesco		54,723		824,191
Cia Energetica de Minas Gerais		109,854		630,866
Telefonica Brasil		33,864		691,657
Vale		52,581		457,290
Total Preferred Stock
(Cost $2,966,660)				2,604,004

Description	Face Amount(1)		Value
TIME DEPOSITS — 1.9%
Brown Brothers Harriman, 0.030%, 11/03/2014		493,835	$	493,835
Brown Brothers Harriman, -0.11%, 11/03/2014	EUR	427,778		536,070
Total Time Deposits
(Cost $1,029,905)				1,029,905
Total Investments — 99.4%
(Cost $65,678,614)			$	54,551,225
Other Assets and Liabilities — 0.6%				326,229
Net Assets — 100.0%			$	54,877,454

Percentages based on Net Assets.

* Non-income producing security.

(1) In U.S. Dollars unless otherwise noted.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B) Security is fair valued by the Fund’s investment adviser using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2014 was $47,833 and represents 0.09% of Net Assets.

Cl — Class

EUR — Euro

Ltd. — Limited

PLC — Public Limited Company

The following is a list of the inputs used as of October 31, 2014 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	50,869,483	$	—	$	47,833	$	50,917,316
Preferred Stock		2,604,004		—		—		2,604,004
Time Deposits		—		1,029,905		—		1,029,905
Total Investments in Securities	$	53,473,487	$	1,029,905	$	47,833	$	54,551,225

Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

There have been no transfers between Level 1 and Level 2 assets and liabilities. There have been transfers between Level 1 and Level 3 assets and liabilities. The transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. It is the Fund’s policy to recognize transfers into and out of all Levels at the end of the reporting period.

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are only presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets.

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

8

Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2014 (Unaudited)

	Cambria Shareholder Yield ETF		Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF
Assets:
Investments at Cost	$	188,837,981	$	73,218,897		$	65,678,614
Cost of Foreign Currency		—		184,523			268,475
Investments at Fair Value	$	210,240,413	$	67,964,630		$	54,551,225
Foreign Currency at Value		—		145,300			256,493
Dividends Receivable		125,127		212,266			73,068
Reclaims Receivable		—		63,167			48,178
Total Assets		210,365,540		68,385,363			54,928,964
Liabilities:
Payable Due to Investment Adviser		102,286		35,675			47,717
Payable Due to Custodian		43		294,593			3,793
Total Liabilities		102,329		330,268			51,510
Net Assets	$	210,263,211	$	68,055,095		$	54,877,454
Net Assets Consist of:
Paid-in Capital	$	180,664,449	$	72,399,167		$	65,836,717
Undistributed Net Investment Income		211,108		588,007			405,722
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		7,985,222		370,076			(221,329	)
Net Unrealized Appreciation (Depreciation) on Investments		21,402,432		(5,254,267	)		(11,127,389	)
Net Unrealized Depreciation on Foreign Currency Translation		—		(47,888	)		(16,267	)
Net Assets	$	210,263,211	$	68,055,095		$	54,877,454
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		6,750,000		2,800,010			2,550,010
Net Asset Value, Offering and Redemption Price Per Share	$	31.15	$	24.31		$	21.52

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

9

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2014 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF
Investment Income:
Dividend Income	$	2,919,057		$	2,103,053		$	1,414,440
Interest Income		245			17,222			55
Less: Foreign Taxes Withheld		(20,872	)		(265,515	)		(183,792	)
Total Investment Income		2,898,430			1,854,760			1,230,703
Expenses:
Management Fees		640,395			235,564			154,991
Custodian Fees		—			—			26,270
Total Expenses		640,395			235,564			181,261
Net Investment Income		2,258,035			1,619,196			1,049,442
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net Realized Gain (Loss) on Investments(1)		3,974,288			457,355			(172,657	)
Net Realized Loss on Foreign Currency Transactions		—			(72,932	)		(48,905	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		3,503,615			(8,121,815	)		(11,299,049	)
Net Change in Unrealized Depreciation on Foreign Currency Translation		—			(50,629	)		(14,610	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		7,477,903			(7,788,021	)		(11,535,221	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,735,938		$	(6,168,825	)	$	(10,485,779	)

(1) Includes realized gains as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

10

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Period Ended October 31, 2014 (Unaudited)			Period Ended April 30, 2014(1) (Audited)			Period Ended October 31, 2014 (Unaudited)			Period Ended April 30, 2014(2) (Audited)
Operations:
Net Investment Income	$	2,258,035		$	2,326,992		$	1,619,196		$	733,797
Net Realized Gain (Loss) on Investments		3,974,288	(3)		4,972,765	(3)		457,355	(3)		(14,347	)
Net Realized Loss on Foreign Currency Transactions		—			—			(72,932	)		(803	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		3,503,615			17,898,817			(8,121,815	)		2,867,548
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		—			—			(50,629	)		2,741
Net Increase (Decrease) in Net Assets Resulting from Operations		9,735,938			25,198,574			(6,168,825	)		3,588,936
Distributions to Shareholders:
Investment Income		(2,046,927	)		(2,098,524	)		(1,546,085	)		(218,964	)
Net Realized Gains		—			(721,770	)		—			—
Total Distributions to Shareholders		(2,046,927	)		(2,820,294	)		(1,546,085	)		(218,964	)
Capital Share Transactions:
Issued		16,843,494			188,121,501			17,354,018			63,202,250
Redeemed		(19,425,495	)		(5,443,580	)		(8,156,235	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,582,001	)		182,677,921			9,197,783			63,202,250
Total Increase in Net Assets		5,107,010			205,056,201			1,482,873			66,572,222
Net Assets:
Beginning of Period		205,156,201			100,000			66,572,222			—
End of Period (Includes Undistributed Net Investment Income of $211,108, $0, $588,007 and $514,896)	$	210,263,211		$	205,156,201		$	68,055,095		$	66,572,222
Share Transactions:
Beginning of period		—			4,000			—			—
Issued		550,000			7,050,000			650,000			2,500,010
Redeemed		(650,000	)		(204,000	)		(350,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		6,850,000			300,000			2,500,010

(1) The Fund commenced operations on May 13, 2013.

(2) The Fund commenced operations on December 2, 2013.

(3) Includes realized gain as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

11

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Value ETF
	Period Ended October 31, 2014 (Unaudited)			Period Ended April 30, 2014(1) (Audited)
Operations:
Net Investment Income	$	1,049,442		$	49,757
Net Realized Gain (Loss) on Investments		(172,657	)(2)		235
Net Realized Loss on Foreign Currency Transactions		(48,905	)		(5,027	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(11,299,049	)		171,660
Net Change in Unrealized Depreciation on Foreign Currency Translation		(14,610	)		(1,657	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,485,779	)		214,968
Distributions to Shareholders:
Investment Income		(688,452	)		—
Total Distributions to Shareholders		(688,452	)		—
Capital Share Transactions:
Issued		45,024,280			22,945,250
Redeemed		(2,132,813	)		—
Increase in Net Assets from Capital Share Transactions		42,891,467			22,945,250
Total Increase in Net Assets		31,717,236			23,160,218
Net Assets:
Beginning of Period		23,160,218			—
End of Period (Includes Undistributed Net Investment Income of $405,722 and $44,732)	$	54,877,454		$	23,160,218
Share Transactions:
Issued		1,750,000			900,010
Redeemed		(100,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,650,000			900,010

(1) The Fund commenced operations on March 11, 2014.

(2) Includes realized gain as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

12

Cambria Investment Management

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period	Net Investment Income*	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Distributions from Investment Income	Distributions from Net Realized Capital Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets	Ratio of Net Investment Income to Average Net Assets	Portfolio Turnover(2),(3)
Cambria Shareholder Yield ETF
10/31/2014 (1)	$29.95	$0.32	$1.17	$1.49	$(0.29)	$—	$(0.29)	$31.15	4.99%	$210,263	0.59%(4)	2.08%(4)	20%
04/30/2014(5)	$25.00	$0.45	$4.98	$5.43	$(0.36)	$(0.12)	$(0.48)	$29.95	21.81%	$205,156	0.59%(4)	1.67%(4)	83%
Cambria Foreign Shareholder Yield ETF
10/31/2014(1)	$26.63	$0.53	$(2.36)	$(1.83)	$(0.49)	$—	$(0.49)	$24.31	(7.00)%	$68,055	0.59%(4)	4.06%(4)	28%
04/30/2014(6)	$25.00	$0.41	$1.33	$1.74	$(0.11)	$—	$(0.11)	$26.63	6.96%	$66,572	0.59%(4)	3.91%(4)	15%
Cambria Global Value ETF
10/31/2014(1)	$25.73	$0.49	$(4.40)	$(3.91)	$(0.30)	$—	$(0.30)	$21.52	(15.34)%	$54,877	0.69%(4)	3.99%(4)	1%
04/30/2014(7)	$25.00	$0.14	$0.59	$0.73	$—	$—	$—	$25.73	2.92%	$23,160	0.69%(4)	4.11%(4)	—%

* Per share data calculated using average shares method.

(1) For the six-month period ended October 31, 2014 (unaudited).

(2) Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemption of Fund shares.

(3) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(4) Annualized.

(5) Inception date May 13, 2013.

(6) Inception date December 2, 2013.

(7) Inception date March 11, 2014.

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

13

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited)

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as a diversified, open-end registered management investment company under the Investment Company Act of 1940, as amended. The Trust is comprised of eight Exchange Traded Funds (ETFs): Cambria Global Income and Currency Strategies ETF, Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Emerging Shareholder Yield ETF, Cambria Sovereign High Yield Bond ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, and Cambria Value and Momentum ETF. These financial statements relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, and the Cambria Global Value ETF (each a “Fund” and collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment 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.

The investment objective of the Cambria Shareholder Yield ETF is to seek income and capital appreciation with an emphasis on income from investments in the U.S. equity market. The Fund commenced operations on May 13, 2013.

The investment objective of the Cambria Foreign Shareholder Yield ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Foreign Shareholder Yield Index. The Fund commenced operations on December 2, 2013.

The investment objective of the Cambria Global Value ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Value Index. The Fund commenced operations on March 11, 2014.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. 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, typically 50,000 Shares, called “Creation Units.” Creation Units are 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Fund.

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 guidelines 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 NASDAQ), including securities traded over the counter, 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.

14

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 seeks to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Board. The Funds’ fair value procedures are implemented through a fair value committee (the “Committee”) designated by the Board. 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. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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 Fund has 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).

For the period ended October 31, 2014, there have been no significant changes to the Funds’ fair valuation methodologies.

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 Statement 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.

15

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Income Taxes — The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of 1986, 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 year. The Funds did not record any tax provisions in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment 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 and during the period ended October 31, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Organizational Expenses — All organizational and offering expenses of the Trust were borne by the Investment Adviser and will not be subject to future recoupment. As a result, organizational and offering expenses are not reflected in the statement of assets and liabilities.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis.

Dividends and Distributions to Shareholders — The Funds generally pay out dividends from their net investment income, if any, quarterly, and distributes their net capital gains, if any, to shareholders at least annually. All distributions are recorded on ex-dividend date.

16

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

Creation Units — The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 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.

Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of the Fund 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 Fund. 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, 2014:

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	1,557,500	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,000		1,215,500		2,000	Up to 2.0%
Cambria Global Value ETF		50,000		2,500		1,076,000		2,500	Up to 2.0%

3. RELATED PARTIES

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 the Funds’ investment program. The Investment Adviser has entered into an investment advisory agreement (“Management Agreement”) with respect to the Funds. Pursuant to that Management Agreement, the Funds pay the Investment Adviser an annual advisory fee based on its average daily nets assets for the services and facilities it provides payable at an annual rate of 0.59%.

With respect to the Cambria Shareholder Yield ETF and Cambria Foreign Shareholder Yield ETF, the Investment Adviser bears all of the costs of the Funds except for the advisory fee, payments under the Funds’ 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 Cambria Global Value ETF, the Investment Adviser bears all of the costs of the 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 Cambria Global Value ETF may pay up to 0.10% in custody fees. The Management Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, by the Board of Trustees 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.

17

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

3. RELATED PARTIES (concluded)

Administrator, Custodian and Transfer Agent — SEI Investments Global Fund Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an administration agreement. Brown Brothers Harriman (the “Custodian” and “Transfer Agent”) serves as the Funds’ Custodian and Transfer Agent pursuant to a Custodian Agreement and a Transfer Agency Services Agreement.

Distribution Agreement — SEI Investments Distribution Co., a wholly-owned subsidiary of SEI Investments and an affiliate of the Administrator (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 Investment Company Act of 1940 (the “1940 Act”). In accordance with its Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. However, no such fee is currently paid by the Funds, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2014, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
Cambria Shareholder Yield ETF	$	44,229,149	$	40,773,633
Cambria Foreign Shareholder Yield ETF		20,949,430		21,008,599
Cambria Global Value ETF		5,731,454		391,715

For the period ended October 31, 2014, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Net Realized Gain (Loss)
Cambria Shareholder Yield ETF	$	16,743,699	$	19,279,956	$	2,366,765
Cambria Foreign Shareholder Yield ETF		16,696,695		7,774,790		(331,670	)
Cambria Global Value ETF		38,582,774		1,816,851		(162,591	)

5. PRINCIPAL RISKS

As with all exchange traded funds (‘‘ETFs’’), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (‘‘NAV’’), trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading ‘‘Principal Risks’’.

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.

18

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

5. PRINCIPAL RISKS (concluded)

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. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Management Risk — The Cambria Shareholder Yield ETF is actively managed using proprietary investment strategies and processes. The Cambria Foreign Shareholder Yield ETF and Cambria Emerging Shareholder Yield ETF are passively managed, meaning that they are designed to track the performance of an underlying index. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.

Foreign Investment Risk — Returns on investments in foreign securities in the Cambria Foreign Shareholder Yield ETF and the Cambria Global Value ETF could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities in the Cambria Foreign Shareholder Yield ETF and the Cambria Global Value ETF are subject to special risks, including risks associated with foreign securities generally, including differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; currency risks; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions.

Non-Correlation Risk — The returns of the Cambria Foreign Shareholder Yield ETF and the Cambria Global Value ETF may not match the return of their Underlying Indexes for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Index Risk — Unlike many investment companies, the Cambria Foreign Shareholder Yield ETF and the Cambria Global Value ETF do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

6. 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.

19

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Continued)

7. INCOME TAXES

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. 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. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

For tax purposes, short-term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the last two fiscal years were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Cambria Shareholder Yield ETF
2013	$	2,820,294	$	—	$	—	$	2,820,294
Cambria Foreign Shareholder Yield ETF
2013		218,964		—		—		218,964
Cambria Global Value ETF
2013		—		—		—		—

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. As of April 30, 2014, there were no losses carried forward.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Qualified Late-Year Losses			Unrealized Appreciation (Depreciation)		Other Temporary Differences			Total Distributable Earnings
Cambria Shareholder Yield ETF	$	3,816,712	$	2,331	$	—		$	18,090,708	$	—		$	21,909,751
Cambria Foreign Shareholder Yield ETF		612,629		—		(14,347	)		2,773,038		(482	)		3,370,838
Cambria Global Value ETF		42,998		—		—			169,903		2,067			214,968

Deferred Late-Year Losses represent ordinary losses realized on investment transactions from January 1, 2014 through April 30, 2014 and capital and specified losses realized on investment transactions from November 1, 2013 through April 30, 2014 that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following year.

20

Cambria Investment Management

Notes to the Financial Statements

October 31, 2014 (Unaudited) (Concluded)

7. INCOME TAXES (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at October 31, 2014 were as follows:

Cambria Investment Management	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cambria Shareholder Yield ETF	$	188,837,981	$	25,948,606	$	(4,546,174	)	$	21,402,432
Cambria Foreign Shareholder Yield ETF		73,218,897		2,338,728		(7,592,995	)		(5,254,267	)
Cambria Global Value ETF		65,678,614		504,980		(11,632,369	)		(11,127,389	)

8. OTHER

At October 31, 2014, the records of the Trust reflected that 100% of Cambria Shareholder Yield ETF, the Cambria Foreign Shareholder Yield ETF and Cambria Global Value ETF total Shares outstanding were held by 5, 3, and 4 Authorized Participants, respectively, in the form of Creation Units. However, the individual shares comprising such Creation Units are listed and traded on the NYSE Arca, Inc. and a portion thereof have been purchased and sold by persons other than Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds’ Distributor.

9. SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

21

Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 5/1/14	Ending Account Value 10/31/14	Annualized Expense Ratios	Expenses Paid During Period(1)
Cambria Shareholder Yield ETF
Actual Fund Return	$1,000.00	$1,049.90	0.59%	$3.05
Hypothetical 5% Return	$1,000.00	$1,022.23	0.59%	$3.01
Cambria Foreign Shareholder Yield ETF
Actual Fund Return	$1,000.00	$930.00	0.59%	$2.87
Hypothetical 5% Return	$1,000.00	$1,022.23	0.59%	$3.01
Cambria Global Value ETF
Actual Fund Return	$1,000.00	$846.60	0.69%	$3.21
Hypothetical 5% Return	$1,000.00	$1,021.73	0.69%	$3.52

(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

22

Cambria Investment Management

Supplemental Information

(Unaudited)

Net asset value, or “NAV”, is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The NAV of the Fund may also be impacted by the accrual of deferred taxes. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at www.cambriafunds.com.

Cambria Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 5/13/13

Analysis Period 5/13/13-10/31/14

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.0%	—	—
	-4.5%	—	—
	-4.0%	—	—
	-3.5%	—	—
Fund Sold at Discount	-3.0%	—	—
	-2.5%	1	0.27%
	-2.0%	—	—
	-1.5%	—	—
	-1.0%	—	—
	-0.5%	97	26.29%
Sold at Par	0.0	—	—
	0.5%	271	73.44%
	1.0%	—	—
	1.5%	—	—
	2.0%	—	—
Fund Sold at Premium	2.5%	—	—
	3.0%	—	—
	3.5%	—	—
	4.0%	—	—
	4.5%	—	—
	5.0%	—	—

23

Cambria Investment Management

Supplemental Information

(Unaudited) (Concluded)

Cambria Foreign Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 12/2/13

Analysis Period 12/02/13-10/31/14

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.0%	—	—
	-4.5%	—	—
	-4.0%	—	—
	-3.5%	—	—
Fund Sold at Discount	-3.0%	—	—
	-2.5%	—	—
	-2.0%	1	0.44%
	-1.5%	5	2.18%
	-1.0%	8	3.49%
	-0.5%	35	15.28%
Sold at Par	0.0	—	—
	0.5%	101	44.10%
	1.0%	67	29.26%
	1.5%	11	4.80%
	2.0%	1	0.44%
Fund Sold at Premium	2.5%	—	—
	3.0%	—	—
	3.5%	—	—
	4.0%	—	—
	4.5%	—	—
	5.0%	—	—

Cambria Global Value ETF

Premium/Discount Analysis

Inception Date 3/11/14

Analysis Period 03/11/14-10/31/14

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.0%	—	—
	-4.5%	—	—
	-4.0%	—	—
	-3.5%	—	—
Fund Sold at Discount	-3.0%	—	—
	-2.5%	—	—
	-2.0%	—	—
	-1.5%	1	0.61%
	-1.0%	5	3.05%
	-0.5%	20	12.20%
Sold at Par	0.0	—	—
	0.5%	88	53.66%
	1.0%	42	25.61%
	1.5%	6	3.66%
	2.0%	2	1.22%
Fund Sold at Premium	2.5%	—	—
	3.0%	—	—
	3.5%	—	—
	4.0%	—	—
	4.5%	—	—
	5.0%	—	—

24

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Investment Adviser:

Cambria Investment Management, L.P.

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

K&L Gates LLP

1601 K Street, NW

Washington, District of Columbia 20006

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

 2001 Market Street

Philadelphia, Pennsylvania 19103

This information must be preceded or accompanied by a current prospectus for the Fund.

CIM-SA-001-0200

Item 2.   Code of Ethics.

Not applicable for semi-annual report.

Item 3.   Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.   Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.   Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.   Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.  Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9.   Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.   Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11.   Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12.   Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Cambria ETF Trust
By (Signature and Title)	/s/ Eric Richardson
	Eric Richardson, President

Date: January 8, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Eric Richardson
	Eric Richardson, President

Date: January 8, 2015

By (Signature and Title)	/s/ Peter Rodriguez
	Peter Rodriguez, Principal Financial Officer

Date: January 8, 2015