Manager’s Discussion and Analysis of Fund Performance (Unaudited)
|
2
|
Schedules of Investments
|
|
Cambria Shareholder Yield ETF
|
11
|
Cambria Foreign Shareholder Yield ETF
|
13
|
Cambria Global Value ETF
|
16
|
Cambria Global Momentum ETF
|
19
|
Cambria Global Asset Allocation ETF
|
20
|
Statements of Assets and Liabilities
|
21
|
Statements of Operations
|
23
|
Statements of Changes in Net Assets
|
25
|
Financial Highlights
|
27
|
Notes to Financial Statements
|
28
|
Report of Independent Registered Public Accountants
|
37
|
Disclosure of Fund Expenses
|
38
|
Trustees and Officers of the Cambria ETF Trust
|
40
|
Board Consideration of the Investment Advisory Agreement
|
42
|
Notice to Shareholders
|
44
|
Supplemental Information
|
45
|
• | SYLD |
Vs Benchmark
|
||
SYLD
|
S&P 500
|
|
Returns Since Inception
|
33.89%
|
32.88%
|
12 Months Ended 4/30/2015
|
9.92%
|
12.98%
|
3 Months Ended 4/30/2015
|
3.91%
|
5.07%
|
• | FYLD |
Vs Benchmark
|
||
FYLD
|
MSCI EAFE
|
|
Returns Since Inception
|
-0.18%
|
6.79%
|
12 Months Ended 4/30/2015
|
-6.67%
|
2.10%
|
3 Months Ended 4/30/2015
|
7.01%
|
8.83%
|
• | GVAL |
Vs Benchmark
|
||
GVAL
|
MSCI ACWI
|
|
Returns Since Inception
|
-10.76%
|
9.87%
|
12 Months Ended 4/30/2015
|
-13.29%
|
8.01%
|
3 Months Ended 4/30/2015
|
14.30%
|
7.11%
|
• | GMOM |
Vs Benchmark
|
||||
GMOM
|
60/40
Benchmark |
S&P 500
|
Citi 10-Y
Treasury Index |
|
Returns Since Inception
|
2.76%
|
4.30%
|
4.41%
|
3.71%
|
3 Months Ended 4/30/2015
|
-1.37%
|
1.96%
|
5.07%
|
-2.75%
|
• | GAA |
Vs Benchmark
|
||||
GAA
|
60/40
Benchmark |
S&P 500
|
Citi 10-Y
Treasury Index |
|
Returns Since Inception
|
2.58%
|
2.29%
|
1.99%
|
2.33%
|
3 Months Ended 4/30/2015
|
3.15%
|
1.96%
|
5.07%
|
-2.75%
|
Sincerely,
|
|
Mebane Faber and Eric Richardson
|
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIODS ENDED APRIL 30, 2015 |
||
One Year Return
|
Since Inception (Annualized)
|
|
Cambria Shareholder Yield ETF
|
9.92%
|
16.01%
|
S&P 500 Index
|
12.98%
|
15.57%
|
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIODS ENDED APRIL 30, 2015 |
||
One Year Return
|
Since Inception (Annualized)
|
|
Cambria Foreign Shareholder Yield ETF
|
(6.67)%
|
(0.13)%
|
Cambria Foreign Shareholder Yield Index
|
(6.60)%
|
(0.01)%
|
MSCI EAFE Index
|
2.10%
|
4.77%
|
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIODS ENDED APRIL 30, 2015 |
||
One Year Return
|
Since Inception (Annualized)
|
|
Cambria Global Value ETF
|
(13.29)%
|
(9.53)%
|
Cambria Global Value Index
|
(12.81)%
|
(9.31)%
|
MSCI ACWI Index
|
8.01%
|
8.63%
|
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED APRIL 30, 2015
|
||
Cumulative Inception Date*
|
||
Cambria Global Momentum ETF
|
2.76%
|
|
60/40 Hybrid of S&P 500/Citigroup 10-year Treasury Index
|
4.30%
|
|
S&P 500 Index
|
4.41%
|
|
Citigroup 10-Year Treasury Index
|
3.71%
|
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED APRIL 30, 2015
|
||
Cumulative Inception to Date*
|
||
Cambria Global Asset Allocation ETF
|
2.58%
|
|
Cambria Global Asset Allocation Index
|
3.24%
|
|
60/40 Hybrid of S&P 500/Citigroup 10-year Treasury Index
|
2.29%
|
|
S&P 500 Index
|
1.99%
|
|
Citigroup 10-Year Treasury Index
|
2.33%
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCK — 99.9%
|
||||||||
Consumer Discretionary — 16.5%
|
||||||||
Big Lots
|
52,378
|
$
|
2,386,866
|
|||||
Cato, Cl A
|
36,832
|
1,448,971
|
||||||
CBS, Cl B
|
37,728
|
2,344,041
|
||||||
Dillard's, Cl A
|
15,060
|
1,981,745
|
||||||
Gap
|
50,283
|
1,993,218
|
||||||
Home Depot
|
26,153
|
2,797,848
|
||||||
Kohl's
|
39,644
|
2,840,493
|
||||||
Liberty Interactive, Cl A*
|
85,454
|
2,457,657
|
||||||
Lowe's
|
44,640
|
3,073,910
|
||||||
Macy's
|
41,486
|
2,681,240
|
||||||
Magna International
|
32,717
|
1,649,918
|
||||||
Newell Rubbermaid
|
36,843
|
1,404,823
|
||||||
O'Reilly Automotive*
|
14,647
|
3,190,556
|
||||||
Six Flags Entertainment
|
53,118
|
2,497,609
|
||||||
Time Warner
|
8,243
|
695,791
|
||||||
Visteon*
|
12,251
|
1,242,252
|
||||||
Wendy's
|
279,153
|
2,825,028
|
||||||
37,511,966
|
||||||||
Consumer Staples — 9.8%
|
||||||||
Archer-Daniels-Midland
|
46,656
|
2,280,545
|
||||||
Coca-Cola Enterprises
|
47,952
|
2,129,548
|
||||||
CVS Health
|
30,816
|
3,059,721
|
||||||
Dr Pepper Snapple Group
|
36,432
|
2,717,099
|
||||||
General Mills
|
40,631
|
2,248,520
|
||||||
Ingredion
|
32,121
|
2,550,407
|
||||||
Kimberly-Clark
|
18,857
|
2,068,424
|
||||||
Medifast*
|
85,397
|
2,561,910
|
||||||
Reynolds American
|
37,728
|
2,765,462
|
||||||
22,381,636
|
||||||||
Energy — 2.8%
|
||||||||
Hess
|
18,773
|
1,443,644
|
||||||
HollyFrontier
|
39,985
|
1,550,618
|
||||||
Kinder Morgan
|
1
|
43
|
Description
|
Shares
|
Value
|
||||||
Marathon Petroleum
|
22,032
|
$
|
2,171,694
|
|||||
Phillips 66
|
14,622
|
1,159,671
|
||||||
6,325,670
|
||||||||
Financials — 23.8%
|
||||||||
Aflac
|
34,285
|
2,161,326
|
||||||
Allstate
|
41,003
|
2,856,269
|
||||||
American International Group
|
39,158
|
2,204,204
|
||||||
Ameriprise Financial
|
21,607
|
2,706,925
|
||||||
Aspen Insurance Holdings
|
46,368
|
2,166,777
|
||||||
Assurant
|
32,455
|
1,994,684
|
||||||
Axis Capital Holdings
|
51,152
|
2,662,973
|
||||||
Chubb
|
23,497
|
2,310,930
|
||||||
CIT Group
|
51,799
|
2,332,509
|
||||||
Comerica
|
47,520
|
2,252,923
|
||||||
Everest Re Group
|
15,178
|
2,715,496
|
||||||
Fifth Third Bancorp
|
102,816
|
2,056,320
|
||||||
Huntington Bancshares
|
217,682
|
2,364,027
|
||||||
KeyCorp
|
149,520
|
2,160,564
|
||||||
Legg Mason
|
56,432
|
2,971,145
|
||||||
LPL Financial Holdings
|
48,056
|
1,944,826
|
||||||
Montpelier Re Holdings
|
75,160
|
2,864,348
|
||||||
PartnerRe
|
19,152
|
2,451,456
|
||||||
State Street
|
32,829
|
2,531,772
|
||||||
Travelers
|
26,763
|
2,706,007
|
||||||
Unum Group
|
64,368
|
2,198,811
|
||||||
Voya Financial
|
49,391
|
2,091,215
|
||||||
WR Berkley
|
26,275
|
1,287,212
|
||||||
53,992,719
|
||||||||
Health Care — 8.2%
|
||||||||
Anthem
|
20,916
|
3,156,852
|
||||||
Chemed
|
27,598
|
3,180,669
|
||||||
Cigna
|
13,125
|
1,635,900
|
||||||
Eli Lilly
|
37,977
|
2,729,407
|
||||||
Express Scripts Holding*
|
30,134
|
2,603,578
|
||||||
Omnicare
|
34,020
|
2,993,080
|
||||||
Pfizer
|
67,315
|
2,283,998
|
||||||
18,583,484
|
||||||||
Industrials — 9.4%
|
||||||||
3M
|
12,047
|
1,884,030
|
||||||
AGCO
|
51,156
|
2,635,046
|
||||||
General Dynamics
|
9,971
|
1,369,218
|
||||||
Ingersoll-Rand
|
28,472
|
1,874,597
|
||||||
Joy Global
|
21,235
|
905,460
|
||||||
L-3 Communications Holdings
|
21,456
|
2,465,509
|
||||||
Northrop Grumman
|
18,333
|
2,824,015
|
||||||
Raytheon
|
27,530
|
2,863,120
|
||||||
Southwest Airlines
|
68,570
|
2,781,199
|
||||||
SPX
|
22,918
|
1,764,686
|
||||||
21,366,880
|
Description
|
Shares/Face Amount
|
Value
|
||||||
Information Technology — 16.1%
|
||||||||
Apple
|
25,308
|
$
|
3,167,296
|
|||||
CA
|
64,800
|
2,058,696
|
||||||
Computer Sciences
|
36,036
|
2,322,520
|
||||||
Corning
|
104,030
|
2,177,348
|
||||||
Flextronics International*
|
236,882
|
2,730,065
|
||||||
Hewlett-Packard
|
65,820
|
2,170,085
|
||||||
Intel
|
69,961
|
2,277,231
|
||||||
Juniper Networks
|
95,365
|
2,520,497
|
||||||
Lexmark International, Cl A
|
59,616
|
2,646,354
|
||||||
NetApp
|
58,977
|
2,137,916
|
||||||
NVIDIA
|
119,560
|
2,653,634
|
||||||
SanDisk
|
27,538
|
1,843,394
|
||||||
Texas Instruments
|
48,528
|
2,630,703
|
||||||
Western Digital
|
29,621
|
2,895,157
|
||||||
Xerox
|
203,035
|
2,334,903
|
||||||
36,565,799
|
||||||||
Materials — 6.5%
|
||||||||
Avery Dennison
|
47,978
|
2,667,097
|
||||||
Clearwater Paper*
|
37,405
|
2,392,798
|
||||||
Dow Chemical
|
46,320
|
2,362,320
|
||||||
E.I. du Pont de Nemours
|
32,976
|
2,413,843
|
||||||
International Paper
|
45,063
|
2,420,784
|
||||||
PPG Industries
|
11,808
|
2,616,181
|
||||||
14,873,023
|
||||||||
Telecommunication Services — 5.4%
|
||||||||
AT&T
|
60,077
|
2,081,067
|
||||||
CenturyLink
|
70,869
|
2,548,449
|
||||||
Frontier Communications
|
421,604
|
2,892,204
|
||||||
Spok Holdings
|
131,904
|
2,483,093
|
||||||
TELUS
|
62,792
|
2,173,859
|
||||||
12,178,672
|
||||||||
Utilities — 1.4%
|
||||||||
Ameren
|
49,824
|
2,039,795
|
||||||
Atlantic Power
|
327,273
|
1,063,637
|
||||||
3,103,432
|
||||||||
Total Common Stock
|
||||||||
(Cost $198,826,648)
|
226,883,281
|
|||||||
TIME DEPOSIT — 3.4%
|
||||||||
Brown Brothers Harriman, 0.030%, 05/01/2015
|
||||||||
(Cost $7,651,778)
|
$
|
7,651,778
|
7,651,778
|
|||||
Total Investments — 103.3%
|
||||||||
(Cost $206,478,426)
|
234,535,059
|
|||||||
Other Assets and Liabilities — (3.3)%
|
(7,439,314
|
)
|
||||||
Net Assets — 100.0%
|
$
|
227,095,745
|
* | Non-income producing security. |
Investments
in Securities |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock
|
$
|
226,883,281
|
$
|
—
|
$
|
—
|
$
|
226,883,281
|
||||||||
Time Deposit
|
—
|
7,651,778
|
—
|
7,651,778
|
||||||||||||
Total Investments in Securities
|
$
|
226,883,281
|
$
|
7,651,778
|
$
|
—
|
$
|
234,535,059
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCK — 98.1%
|
||||||||
Australia — 14.3%
|
||||||||
Bradken
|
149,834
|
$
|
271,529
|
|||||
Cabcharge Australia
|
170,542
|
611,363
|
||||||
Decmil Group
|
478,657
|
437,498
|
||||||
GUD Holdings
|
119,999
|
753,994
|
||||||
Metcash
|
217,142
|
227,683
|
||||||
Mineral Resources
|
78,002
|
401,226
|
||||||
Myer Holdings
|
348,135
|
380,186
|
||||||
OZ Minerals
|
207,248
|
769,189
|
||||||
Premier Investments
|
85,188
|
862,896
|
||||||
Rio Tinto
|
12,727
|
575,588
|
||||||
Seven Group Holdings
|
99,579
|
579,983
|
||||||
Skilled Group
|
7,888
|
8,084
|
||||||
SMS Management & Technology
|
168,043
|
434,848
|
||||||
Toll Holdings
|
118,796
|
844,205
|
||||||
Woodside Petroleum
|
18,962
|
525,947
|
||||||
Woolworths
|
23,875
|
556,981
|
||||||
WorleyParsons (A)
|
46,577
|
422,033
|
||||||
8,663,233
|
||||||||
Belgium — 2.1%
|
||||||||
Ageas
|
14,908
|
561,107
|
||||||
Umicore
|
14,451
|
719,881
|
||||||
1,280,988
|
||||||||
Canada — 11.7%
|
||||||||
Celestica*
|
62,375
|
761,528
|
||||||
Genworth MI Canada
|
19,549
|
569,538
|
||||||
IGM Financial
|
12,197
|
461,292
|
||||||
Labrador Iron Ore Royalty
|
29,796
|
355,626
|
||||||
Magna International
|
15,504
|
781,304
|
||||||
Metro, Cl A
|
31,848
|
920,728
|
||||||
National Bank of Canada
|
16,170
|
653,367
|
||||||
Rogers Sugar
|
125,778
|
474,339
|
||||||
Suncor Energy
|
17,968
|
585,133
|
||||||
Teck Resources, Cl B
|
25,784
|
390,874
|
Description
|
Shares
|
Value
|
||||||
Transcontinental, Cl A
|
40,633
|
$
|
625,745
|
|||||
WestJet Airlines, Cl A
|
23,540
|
532,064
|
||||||
7,111,538
|
||||||||
Denmark — 4.5%
|
||||||||
FLSmidth
|
12,401
|
531,337
|
||||||
TDC
|
74,102
|
565,013
|
||||||
Topdanmark*
|
23,782
|
713,888
|
||||||
Tryg
|
8,305
|
902,398
|
||||||
2,712,636
|
||||||||
Finland — 1.5%
|
||||||||
Fortum
|
27,263
|
541,838
|
||||||
Ramirent
|
48,954
|
377,630
|
||||||
919,468
|
||||||||
France — 6.8%
|
||||||||
CNP Assurances
|
32,924
|
592,794
|
||||||
GDF Suez
|
23,759
|
485,670
|
||||||
Metropole Television
|
28,232
|
589,626
|
||||||
Orange
|
37,493
|
620,540
|
||||||
Total
|
10,310
|
561,291
|
||||||
Vinci
|
10,476
|
644,847
|
||||||
Vivendi
|
24,755
|
623,052
|
||||||
4,117,820
|
||||||||
Germany — 4.2%
|
||||||||
E.ON
|
32,771
|
513,686
|
||||||
Freenet
|
22,150
|
722,880
|
||||||
Muenchener Rueckversicherungs
|
3,679
|
722,506
|
||||||
RWE
|
22,756
|
569,545
|
||||||
2,528,617
|
||||||||
Hong Kong — 3.1%
|
||||||||
Belle International Holdings
|
531,120
|
683,212
|
||||||
Li & Fung
|
518,115
|
528,774
|
||||||
Television Broadcasts
|
100,407
|
654,866
|
||||||
1,866,852
|
||||||||
Israel — 0.7%
|
||||||||
Harel Insurance Investments & Financial Services
|
95,164
|
444,818
|
||||||
Italy — 0.9%
|
||||||||
Cairo Communication
|
90,709
|
529,125
|
||||||
Japan — 7.6%
|
||||||||
Autobacs Seven
|
41,806
|
654,751
|
||||||
Kirin Holdings
|
40,174
|
533,635
|
||||||
Kyokuto Securities
|
33,842
|
511,598
|
||||||
Marusan Securities Ltd.
|
74,470
|
753,432
|
||||||
Sanki Engineering
|
101,784
|
816,659
|
||||||
Sanshin Electronics
|
87,190
|
723,662
|
||||||
Yamato Holdings
|
28,453
|
640,788
|
||||||
4,634,525
|
Description |
Shares
|
Value
|
||||||
Netherlands — 2.0%
|
||||||||
BinckBank
|
61,508
|
$
|
618,678
|
|||||
Koninklijke Ahold
|
31,763
|
617,007
|
||||||
1,235,685
|
||||||||
New Zealand — 2.6%
|
||||||||
SKYCITY Entertainment Group
|
201,566
|
646,148
|
||||||
Tower (A)
|
543,129
|
914,066
|
||||||
1,560,214
|
||||||||
Norway — 7.3%
|
||||||||
Gjensidige Forsikring
|
43,996
|
766,017
|
||||||
Kvaerner
|
436,876
|
342,320
|
||||||
Salmar
|
46,948
|
763,793
|
||||||
Statoil
|
27,569
|
582,157
|
||||||
Telenor
|
25,784
|
583,159
|
||||||
TGS Nopec Geophysical
|
24,343
|
618,783
|
||||||
Yara International
|
14,755
|
757,179
|
||||||
4,413,408
|
||||||||
Portugal — 2.4%
|
||||||||
Portucel
|
118,458
|
581,390
|
||||||
Sonaecom - SGPS*
|
368,298
|
905,661
|
||||||
1,487,051
|
||||||||
South Korea — 1.1%
|
||||||||
Macquarie Korea Infrastructure Fund
|
86,610
|
639,072
|
||||||
Spain — 1.2%
|
||||||||
Duro Felguera
|
98,571
|
398,450
|
||||||
Endesa
|
17,784
|
354,146
|
||||||
752,596
|
||||||||
Sweden — 4.4%
|
||||||||
Dios Fastigheter
|
97,296
|
758,907
|
||||||
Duni
|
50,688
|
778,566
|
||||||
JM
|
22,201
|
662,033
|
||||||
TeliaSonera
|
75,039
|
468,242
|
||||||
2,667,748
|
||||||||
Switzerland — 3.3%
|
||||||||
Adecco
|
8,354
|
686,802
|
||||||
Swiss Re
|
6,820
|
607,473
|
||||||
Zurich Insurance Group
|
2,244
|
696,567
|
||||||
1,990,842
|
||||||||
United Kingdom — 16.4%
|
||||||||
Amlin
|
86,170
|
606,855
|
||||||
Aviva
|
159,106
|
1,287,072
|
||||||
BHP Billiton
|
26,281
|
629,724
|
||||||
BP
|
79,213
|
571,600
|
||||||
Cape
|
144,350
|
587,176
|
||||||
Carillion
|
131,031
|
656,492
|
||||||
Centrica
|
114,593
|
449,246
|
||||||
De La Rue
|
42,112
|
355,205
|
||||||
HSBC Holdings
|
69,174
|
688,162
|
||||||
Intermediate Capital Group
|
94,181
|
762,590
|
||||||
Kingfisher
|
114,965
|
619,940
|
Description
|
Shares/Face Amount(1)
|
Value
|
|||||||
Ladbrokes
|
217,558
|
$
|
342,632
|
||||||
Phoenix Group Holdings
|
50,463
|
653,377
|
|||||||
Rio Tinto
|
13,878
|
614,580
|
|||||||
Vodafone Group
|
178,982
|
633,403
|
|||||||
WM Morrison Supermarkets
|
179,836
|
515,655
|
|||||||
9,973,709
|
|||||||||
Total Common Stock
|
|||||||||
(Cost $63,608,529)
|
59,529,945
|
||||||||
TIME DEPOSITS — 2.1%
|
|||||||||
Brown Brothers Harriman, 0.030%, 05/01/2015
|
550,861
|
550,861
|
|||||||
Brown Brothers Harriman, 1.460%, 05/01/2015
|
AUD |
37,375
|
29,577
|
||||||
Brown Brothers Harriman, 0.150%, 05/01/2015
|
CAD |
527,126
|
436,905
|
||||||
Brown Brothers Harriman, (1.00.%) (B), 05/01/2015
|
CHF |
49,445
|
52,999
|
||||||
Brown Brothers Harriman, (0.195%) (B), 05/01/2015
|
EUR |
166,940
|
187,448
|
||||||
Brown Brothers Harriman,0.005%, 05/01/2015
|
JPY |
328
|
3
|
||||||
Brown Brothers Harriman, 0.365%, 05/01/2015
|
NOK |
219,542
|
29,157
|
||||||
Total Time Deposits
|
|||||||||
(Cost $1,286,950)
|
1,286,950
|
||||||||
Total Investments — 100.2%
|
|||||||||
(Cost $64,895,479)
|
60,816,895
|
||||||||
Other Assets and Liabilities — (0.2)%
|
(122,974
|
)
|
|||||||
Net Assets — 100.0%
|
$
|
60,693,921
|
* | Non-income producing security. |
(1) | In U.S. Dollars unless otherwise noted. |
(A) | 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 April 30, 2015 was $1,336,099 and represents 2.2% of Net Assets. |
(B) | Rate is negative due to the decrease in value of the Swiss Franc and Euro, respectively, against the U.S. Dollar. |
Investments
in Securities |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock
|
$
|
58,193,846
|
$
|
1,336,099
|
$
|
—
|
$
|
59,529,945
|
||||||||
Time Deposits
|
—
|
1,286,950
|
—
|
1,286,950
|
||||||||||||
Total Investments in Securities
|
$
|
58,193,846
|
$
|
2,623,049
|
$
|
—
|
$
|
60,816,895
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCK — 94.1%
|
||||||||
Austria — 9.5%
|
||||||||
Agrana Beteiligungs
|
7,696
|
$
|
699,959
|
|||||
AMAG Austria Metall
|
27,650
|
993,499
|
||||||
Erste Group Bank
|
26,344
|
750,750
|
||||||
EVN
|
62,678
|
715,393
|
||||||
Lenzing
|
15,135
|
1,029,008
|
||||||
OMV
|
20,646
|
689,676
|
||||||
Raiffeisen Bank International
|
28,416
|
478,285
|
||||||
UNIQA Insurance Group
|
70,374
|
694,581
|
||||||
Vienna Insurance Group Wiener Versicherung Gruppe
|
18,944
|
755,982
|
||||||
Voestalpine
|
20,942
|
879,922
|
||||||
7,687,055
|
||||||||
Brazil — 6.2%
|
||||||||
AMBEV
|
127,650
|
803,281
|
||||||
Banco do Brasil
|
97,810
|
850,211
|
||||||
Banco Santander Brasil
|
173,981
|
940,079
|
||||||
Cia Siderurgica Nacional
|
224,294
|
611,924
|
||||||
Cosan Industria e Comercio
|
63,344
|
610,534
|
||||||
JBS
|
235,440
|
1,200,272
|
||||||
5,016,301
|
||||||||
Czech Republic — 7.4%
|
||||||||
CEZ
|
35,076
|
911,943
|
||||||
Fortuna Entertainment Group
|
141,784
|
574,254
|
||||||
Komercni Banka
|
3,848
|
858,130
|
||||||
O2 Czech Republic
|
144,449
|
1,186,052
|
||||||
Pegas Nonwovens
|
30,414
|
905,582
|
||||||
Philip Morris CR
|
1,702
|
725,414
|
||||||
Unipetrol*
|
122,840
|
772,424
|
||||||
5,933,799
|
||||||||
Greece — 9.7%
|
||||||||
Alpha Bank AE*
|
1,257,849
|
439,249
|
Description
|
Shares
|
Value
|
||||||
Athens Water Supply & Sewage
|
80,290
|
$
|
450,769
|
|||||
Bank of Greece
|
43,512
|
464,146
|
||||||
Eurobank Ergasias*
|
3,978,863
|
603,136
|
||||||
FF Group
|
12,471
|
376,683
|
||||||
Hellenic Petroleum
|
92,278
|
460,048
|
||||||
Hellenic Telecommunications Organization
|
41,928
|
381,339
|
||||||
Intralot -Integrated Lottery Systems & Services*
|
299,478
|
548,119
|
||||||
JUMBO
|
35,733
|
368,729
|
||||||
Karelia Tobacco
|
3,108
|
792,015
|
||||||
Metka
|
51,060
|
475,862
|
||||||
Motor Oil Hellas Corinth Refineries
|
68,376
|
598,853
|
||||||
National Bank of Greece*
|
314,463
|
441,369
|
||||||
OPAP
|
39,624
|
353,710
|
||||||
Piraeus Bank*
|
963,519
|
428,428
|
||||||
Public Power
|
91,724
|
616,924
|
||||||
7,799,379
|
||||||||
Hungary — 4.5%
|
||||||||
Magyar Telekom Telecommunications*
|
547,007
|
818,754
|
||||||
MOL Hungarian Oil & Gas
|
15,836
|
880,820
|
||||||
OTP Bank
|
43,698
|
969,795
|
||||||
Richter Gedeon Nyrt
|
56,240
|
948,005
|
||||||
3,617,374
|
||||||||
Ireland — 9.2%
|
||||||||
Aer Lingus Group
|
305,304
|
798,749
|
||||||
CPL Resources
|
93,610
|
587,565
|
||||||
CRH
|
32,116
|
901,656
|
||||||
FBD Holdings
|
37,666
|
416,589
|
||||||
Fyffes
|
595,638
|
786,297
|
||||||
Glanbia
|
40,311
|
751,370
|
||||||
Kingspan Group
|
37,997
|
761,570
|
||||||
Origin Enterprises PLC
|
93,610
|
869,786
|
||||||
Smurfit Kappa Group
|
23,830
|
733,157
|
||||||
Total Produce
|
687,608
|
849,654
|
||||||
7,456,393
|
||||||||
Israel — 0.0%
|
||||||||
Harel Insurance Investments & Financial Services
|
1
|
5
|
||||||
Italy — 9.3%
|
||||||||
Atlantia
|
31,063
|
876,861
|
||||||
Enel
|
174,122
|
828,194
|
||||||
Eni
|
38,406
|
740,874
|
||||||
Intesa Sanpaolo
|
244,381
|
827,601
|
||||||
Pirelli & C.
|
48,341
|
838,622
|
||||||
Saipem
|
39,590
|
527,221
|
||||||
Telecom Italia
|
682,031
|
811,003
|
||||||
UniCredit
|
115,840
|
838,958
|
||||||
Unipol Gruppo Finanziario
|
128,094
|
675,428
|
||||||
UnipolSai
|
187,206
|
526,772
|
||||||
7,491,534
|
|
Description |
Shares
|
Value
|
||||||
Poland — 9.8%
|
||||||||
Alior Bank*
|
13,962
|
$
|
341,307
|
|||||
Asseco Poland
|
19,713
|
332,233
|
||||||
Bank Millennium
|
174,900
|
356,131
|
||||||
Bank Pekao
|
6,327
|
329,545
|
||||||
Bank Zachodni WBK
|
3,372
|
348,267
|
||||||
CCC
|
6,360
|
336,564
|
||||||
Cyfrowy Polsat
|
46,617
|
325,297
|
||||||
Energa
|
46,710
|
324,518
|
||||||
Eurocash
|
35,526
|
361,097
|
||||||
Grupa Azoty
|
14,358
|
327,057
|
||||||
Grupa Lotos*
|
42,951
|
367,365
|
||||||
ING Bank Slaski
|
8,502
|
335,371
|
||||||
KGHM Polska Miedz
|
9,693
|
340,481
|
||||||
LLP SA
|
165
|
350,640
|
||||||
Lubelski Wegiel Bogdanka
|
13,863
|
338,849
|
||||||
mBank*
|
2,640
|
342,041
|
||||||
Orange Polska
|
122,043
|
345,803
|
||||||
PGE Polska Grupa Energetyczna
|
55,809
|
321,690
|
||||||
Polski Koncern Naftowy Orlen
|
19,629
|
373,403
|
||||||
Polskie Gornictwo Naftowe i Gazownictwo
|
211,470
|
381,837
|
||||||
Powszechna Kasa Oszczednosci Bank Polski
|
34,209
|
343,054
|
||||||
Powszechny Zaklad Ubezpieczen
|
2,379
|
310,571
|
||||||
Tauron Polska Energia
|
263,736
|
353,128
|
||||||
7,886,249
|
||||||||
Portugal — 9.3%
|
||||||||
Altri SGPS
|
37,842
|
162,358
|
||||||
Banco BPI, Cl G*
|
105,624
|
173,156
|
||||||
Banco Comercial Portugues, Cl R*
|
1,569,714
|
157,044
|
||||||
Banco Espirito Santo*(A)(B)
|
318,087
|
—
|
||||||
BANIF - Banco Internacional do Funchal*
|
60,167,772
|
452,648
|
||||||
CIMPOR Cimentos de Portugal SGPS*
|
254,264
|
385,426
|
||||||
Corticeira Amorim SGPS
|
239,834
|
1,087,963
|
||||||
CTT-Correios de Portugal
|
15,045
|
170,200
|
||||||
EDP - Energias de Portugal
|
210,234
|
843,212
|
Description |
Shares
|
Value
|
||||||
Galp Energia SGPS
|
57,499
|
$
|
787,021
|
|||||
Jeronimo Martins SGPS
|
12,837
|
187,743
|
||||||
Mota-Engil SGPS
|
43,662
|
151,392
|
||||||
NOS SGPS
|
22,281
|
162,618
|
||||||
Portucel
|
36,027
|
176,820
|
||||||
Portugal Telecom SGPS
|
435,108
|
279,946
|
||||||
REN - Redes Energeticas Nacionais SGPS
|
54,978
|
172,232
|
||||||
Semapa-Sociedade de Investimento e Gestao
|
64,306
|
923,516
|
||||||
Sonae
|
518,740
|
723,425
|
||||||
Teixeira Duarte
|
629,814
|
485,130
|
||||||
7,481,850
|
||||||||
Russia — 10.0%
|
||||||||
Alrosa AO
|
898,656
|
1,193,149
|
||||||
E.ON Russia JSC
|
15,954,104
|
975,644
|
||||||
Gazprom Neft OAO
|
238,280
|
673,994
|
||||||
Gazprom OAO
|
265,438
|
791,006
|
||||||
Rosneft OAO
|
140,896
|
701,608
|
||||||
Sberbank of Russia
|
409,294
|
611,041
|
||||||
Severstal OAO
|
118,104
|
1,326,520
|
||||||
Uralkali*
|
210,234
|
616,499
|
||||||
VTB Bank
|
919,584,532
|
1,169,341
|
||||||
8,058,802
|
||||||||
Spain — 9.2%
|
||||||||
Acciona*
|
9,073
|
689,702
|
||||||
Banco Bilbao Vizcaya Argentaria
|
73,411
|
741,867
|
||||||
Banco Santander
|
101,984
|
773,649
|
||||||
CaixaBank
|
146,444
|
737,654
|
||||||
Enagas
|
24,018
|
742,042
|
||||||
Endesa
|
27,972
|
557,028
|
||||||
Ferrovial
|
32,294
|
736,106
|
||||||
Gas Natural SDG
|
35,594
|
877,470
|
||||||
Iberdrola
|
108,644
|
729,141
|
||||||
Mapfre
|
226,070
|
843,266
|
||||||
7,427,925
|
||||||||
Total Common Stock
|
||||||||
(Cost $83,608,485)
|
75,856,666
|
Description
|
Shares/
Number of Rights/Face Amount (1) |
Value
|
|||||||
PREFERRED STOCK — 3.7%
|
|||||||||
Brazil — 3.7%
|
|||||||||
Banco Bradesco
|
86,669
|
$
|
925,674
|
||||||
Cia Energetica de Minas Gerais
|
159,396
|
769,748
|
|||||||
Telefonica Brasil
|
49,136
|
806,444
|
|||||||
Vale
|
76,294
|
455,290
|
|||||||
Total Preferred Stock
(Cost $3,831,000) |
2,957,156
|
||||||||
RIGHTS — 0.0%
|
|||||||||
Italy — 0.0%
|
|||||||||
UnipolSai*
(Cost $–) |
374,412
|
—
|
|||||||
TIME DEPOSITS — 1.2%
|
|||||||||
Brown Brothers Harriman, 0.030%, 05/01/2015
|
772,309
|
772,309
|
|||||||
Brown Brothers Harriman, 0.080%, 05/01/2014
|
GBP |
108,922
|
167,193
|
||||||
Total Time Deposits
|
|||||||||
(Cost $939,502)
|
939,502
|
||||||||
Total Investments — 99.0%
|
|||||||||
(Cost $88,378,987)
|
79,753,324
|
||||||||
Other Assets and Liabilities — 1.0%
|
827,113
|
||||||||
Net Assets — 100.0%
|
$
|
80,580,437
|
* | Non-income producing security. |
(1) | In U.S. Dollars unless otherwise noted. |
(A) | 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 April 30, 2015 was $0 and represents 0.0% of Net Assets. |
(B) | Security is considered illiquid. The total value of such security as of April 30, 2015 was $0 and represents 0.0% of Net Assets. |
Investments
in Securities |
Level 1
|
Level 2
|
Level 3(1)
|
Total
|
||||||||||||
Common Stock
|
$
|
75,856,666
|
$
|
—
|
$
|
—
|
$
|
75,856,666
|
||||||||
Preferred Stock
|
2,957,156
|
—
|
—
|
2,957,156
|
||||||||||||
Rights
|
—
|
—
|
—
|
—
|
||||||||||||
Time Deposits
|
—
|
939,502
|
—
|
939,502
|
||||||||||||
Total Investments in Securities
|
$
|
78,813,822
|
$
|
939,502
|
$
|
—
|
$
|
79,753,324
|
(1) | Included in Level 3 is one security with total value of $0. A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
Description
|
Shares/Face Amount
|
Value
|
||||||
EXCHANGE TRADED FUNDS — 99.7%
|
||||||||
Cambria Shareholder Yield ETF‡
|
76,608
|
$
|
2,416,983
|
|||||
iShares 20+ Year Treasury Bond ETF
|
19,648
|
2,474,666
|
||||||
iShares Global Consumer Discretionary ETF
|
20,645
|
1,891,082
|
||||||
iShares Global Consumer Staples ETF
|
23,321
|
2,165,355
|
||||||
iShares Global Healthcare ETF
|
23,712
|
2,553,783
|
||||||
iShares Global Tech ETF
|
25,920
|
2,559,859
|
||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF
|
19,712
|
2,364,257
|
||||||
iShares Mortgage Real Estate Capped ETF
|
191,136
|
2,221,001
|
||||||
iShares Residential Real Estate Capped ETF
|
41,984
|
2,482,094
|
||||||
PowerShares Emerging Markets Sovereign Debt Portfolio
|
80,928
|
2,321,824
|
||||||
Vanguard Extended Duration Treasury ETF
|
20,512
|
2,513,130
|
||||||
Vanguard Mid-Capital ETF
|
19,712
|
2,526,881
|
||||||
Vanguard REIT ETF
|
30,240
|
2,400,451
|
||||||
Vanguard Small-Capital Value ETF
|
21,486
|
2,320,058
|
||||||
Vanguard Total International Bond ETF
|
44,992
|
2,406,172
|
||||||
Vanguard Total Stock Market ETF
|
22,944
|
2,475,887
|
||||||
WisdomTree Managed Futures Strategy Fund
|
54,656
|
2,384,641
|
||||||
Total Exchange Traded Funds
|
||||||||
(Cost $40,290,019)
|
40,478,124
|
|||||||
TIME DEPOSIT — 0.3%
|
||||||||
Brown Brothers Harriman, 0.030%, 05/01/2015
|
||||||||
(Cost $103,386)
|
$
|
103,386
|
103,386
|
|||||
Total Investments — 100.0%
|
||||||||
(Cost $40,393,405)
|
40,581,510
|
|||||||
Other Assets and Liabilities — 0.0%
|
(19,975
|
)
|
||||||
Net Assets — 100.0%
|
$
|
40,561,535
|
‡
|
Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor (see Note 4).
|
Investments
in Securities |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Exchange Traded Funds
|
$
|
40,478,124
|
$
|
—
|
$
|
—
|
$
|
40,478,124
|
||||||||
Time Deposit
|
—
|
103,386
|
—
|
103,386
|
||||||||||||
Total Investments in Securities
|
$
|
40,478,124
|
$
|
103,386
|
$
|
—
|
$
|
40,581,510
|
Description
|
Shares
|
Value
|
||||||
EXCHANGE TRADED FUNDS — 98.8%
|
||||||||
Cambria Foreign Shareholder Yield ETF‡
|
26,775
|
$
|
634,567
|
|||||
Cambria Global Value ETF‡
|
58,500
|
1,275,300
|
||||||
Cambria Shareholder Yield ETF‡
|
29,450
|
929,147
|
||||||
iShares 20+ Year Treasury Bond ETF
|
5,150
|
648,642
|
||||||
iShares 7-10 Year Treasury Bond ETF
|
8,875
|
954,329
|
||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF
|
7,850
|
941,529
|
||||||
iShares MSCI USA Momentum Factor ETF
|
18,275
|
1,271,300
|
||||||
Market Vectors Emerging High Yield Bond ETF
|
51,150
|
1,241,922
|
||||||
Market Vectors Emerging Markets Local Currency Bond ETF
|
55,925
|
1,148,699
|
||||||
Market Vectors International High Yield Bond ETF
|
24,225
|
608,290
|
||||||
SPDR Barclays High Yield Bond ETF
|
16,000
|
631,040
|
||||||
SPDR Barclays International Corporate Bond ETF
|
17,850
|
575,662
|
||||||
SPDR Barclays TIPS ETF
|
16,650
|
949,549
|
||||||
SPDR DB International Government Inflation-Protected Bond ETF
|
17,133
|
974,868
|
||||||
United States Commodity Index Fund*
|
41,025
|
1,939,252
|
||||||
Vanguard Emerging Markets Government Bond ETF
|
19,925
|
1,570,489
|
||||||
Vanguard FTSE All World ex-US Small-Capital ETF
|
6,375
|
668,100
|
||||||
Vanguard FTSE Developed Markets ETF
|
31,600
|
1,307,292
|
||||||
Vanguard FTSE Emerging Markets ETF
|
52,850
|
2,318,530
|
||||||
Vanguard Global ex-U.S. Real Estate ETF
|
16,700
|
987,471
|
||||||
Vanguard Mid-Capital ETF
|
10,125
|
1,297,924
|
||||||
Vanguard REIT ETF
|
11,675
|
926,762
|
||||||
Vanguard Short-Term Bond ETF
|
7,775
|
624,877
|
||||||
Vanguard Short-Term Corporate Bond ETF
|
7,800
|
625,014
|
||||||
Vanguard Total Bond Market ETF
|
30,275
|
2,510,100
|
||||||
Vanguard Total International Bond ETF
|
29,600
|
1,583,008
|
||||||
Vanguard Total Stock Market ETF
|
11,825
|
1,276,036
|
Description
|
Shares/Face Amount
|
Value
|
||||||
WisdomTree Emerging Markets Equity Income Fund
|
6,925
|
$
|
328,314
|
|||||
WisdomTree Emerging Markets SmallCap Dividend Fund
|
14,025
|
655,529
|
||||||
Total Exchange Traded Funds
|
||||||||
(Cost $30,835,497)
|
31,403,542
|
|||||||
TIME DEPOSIT — 1.2%
|
||||||||
Brown Brothers Harriman, 0.030%, 05/01/2015
|
||||||||
(Cost $382,955)
|
$
|
382,955
|
382,955
|
|||||
Total Investments — 100.0%
|
||||||||
(Cost $31,218,452)
|
31,786,497
|
|||||||
Other Assets and Liabilities — 0.0%
|
–
|
|||||||
Net Assets — 100.0%
|
$
|
31,786,497
|
* | Non-income producing security. |
‡ | Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor (see Note 4). |
Investments
in Securities |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Exchange Traded Funds
|
$
|
31,403,542
|
$
|
—
|
$
|
—
|
$
|
31,403,542
|
||||||||
Time Deposit
|
—
|
382,955
|
—
|
382,955
|
||||||||||||
Total Investments in Securities
|
$
|
31,403,542
|
$
|
382,955
|
$
|
—
|
$
|
31,786,497
|
Cambria Shareholder
Yield ETF |
Cambria Foreign Shareholder Yield ETF
|
Cambria
Global Value ETF |
||||||||||
Assets:
|
||||||||||||
Investments at Fair Value
|
$
|
234,535,059
|
$
|
60,816,895
|
$
|
79,753,324
|
||||||
Foreign Currency at Value
|
—
|
69,362
|
10,375,934
|
|||||||||
Securities Sold Receivable
|
—
|
—
|
421,449
|
|||||||||
Dividends Receivable
|
124,435
|
257,729
|
319,798
|
|||||||||
Reclaims Receivable
|
—
|
88,846
|
82,499
|
|||||||||
Total Assets
|
234,659,494
|
61,232,832
|
90,953,004
|
|||||||||
Liabilities:
|
||||||||||||
Securities Purchased Payable
|
7,452,359
|
—
|
—
|
|||||||||
Payable Due to Custodian
|
—
|
510,092
|
10,308,261
|
|||||||||
Payable Due to Investment Adviser
|
111,390
|
28,819
|
64,306
|
|||||||||
Total Liabilities
|
7,563,749
|
538,911
|
10,372,567
|
|||||||||
Net Assets
|
$
|
227,095,745
|
$
|
60,693,921
|
$
|
80,580,437
|
||||||
Net Assets Consist of:
|
||||||||||||
Paid-in Capital
|
$
|
198,355,666
|
$
|
65,806,897
|
$
|
89,268,053
|
||||||
Undistributed (Distributions in Excess of) Net Investment Income
|
—
|
(238,942
|
)
|
328,231
|
||||||||
Accumulated Net Realized Gain (Loss) on Investments and
Foreign Currency Transactions |
683,446
|
(799,808
|
)
|
(159,393
|
)
|
|||||||
Net Unrealized Appreciation (Depreciation) on Investments
|
28,056,633
|
(4,078,584
|
)
|
(8,625,663
|
)
|
|||||||
Net Unrealized Appreciation (Depreciation) on Foreign
Currency Translation |
—
|
4,358
|
(230,791
|
)
|
||||||||
Net Assets
|
$
|
227,095,745
|
$
|
60,693,921
|
$
|
80,580,437
|
||||||
Outstanding Shares of Beneficial Interest
|
||||||||||||
(unlimited authorization — no par value)
|
7,200,000
|
2,550,010
|
3,700,010
|
|||||||||
Net Asset Value, Offering and Redemption Price Per Share
|
$
|
31.54
|
$
|
23.80
|
$
|
21.78
|
||||||
Investments at Cost
|
$
|
206,478,426
|
$
|
64,895,479
|
$
|
88,378,987
|
||||||
Cost of Foreign Currency
|
—
|
58,956
|
10,115,878
|
Cambria Global Momentum ETF
|
Cambria Global Asset Allocation ETF
|
|||||||
Assets:
|
||||||||
Investments at Fair Value
|
$
|
38,164,527
|
$
|
28,947,483
|
||||
Affiliated Investments at Fair Value
|
2,416,983
|
2,839,014
|
||||||
Total Assets
|
40,581,510
|
31,786,497
|
||||||
Liabilities:
|
||||||||
Payable Due to Investment Adviser
|
19,975
|
—
|
||||||
Total Liabilities
|
19,975
|
—
|
||||||
Net Assets
|
$
|
40,561,535
|
$
|
31,786,497
|
||||
Net Assets Consist of:
|
||||||||
Paid-in Capital
|
$
|
40,563,977
|
$
|
31,181,876
|
||||
Undistributed Net Investment Income
|
23,018
|
34,418
|
||||||
Accumulated Net Realized Gain (Loss) on Investments
|
(213,565
|
)
|
2,158
|
|||||
Net Unrealized Appreciation on Investments and Affiliated Investments
|
188,105
|
568,045
|
||||||
Net Assets
|
$
|
40,561,535
|
$
|
31,786,497
|
||||
Outstanding Shares of Beneficial Interest
|
||||||||
(unlimited authorization — no par value)
|
1,600,001
|
1,250,001
|
||||||
Net Asset Value, Offering and Redemption Price Per Share
|
$
|
25.35
|
$
|
25.43
|
||||
Investments at Cost
|
$
|
37,980,468
|
$
|
28,500,883
|
||||
Affiliated Investments at Cost
|
2,412,937
|
2,717,569
|
Cambria Shareholder Yield ETF
|
Cambria Foreign Shareholder Yield ETF
|
Cambria
Global Value ETF |
||||||||||
Investment Income:
|
||||||||||||
Dividend Income
|
$
|
5,861,866
|
$
|
3,397,653
|
$
|
2,488,972
|
||||||
Interest Income
|
600
|
107
|
155
|
|||||||||
Less: Foreign Taxes Withheld
|
(49,457
|
)
|
(376,435
|
)
|
(303,103
|
)
|
||||||
Total Investment Income
|
5,813,009
|
3,021,325
|
2,186,024
|
|||||||||
Expenses:
|
||||||||||||
Management Fees
|
1,280,939
|
410,672
|
339,890
|
|||||||||
Custodian Fees
|
—
|
—
|
57,608
|
|||||||||
Total Expenses
|
1,280,939
|
410,672
|
397,498
|
|||||||||
Net Investment Income
|
4,532,070
|
2,610,653
|
1,788,526
|
|||||||||
Net Realized and Unrealized Gains (Losses) on Investments:
|
||||||||||||
Net Realized Gain (Loss) on Investments(1)
|
4,743,704
|
(1,611,044
|
)
|
(302,694
|
)
|
|||||||
Net Realized Loss on Foreign Currency Transactions
|
(454
|
)
|
(339,687
|
)
|
(155,462
|
)
|
||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments
|
10,157,816
|
(6,946,132
|
)
|
(8,797,323
|
)
|
|||||||
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation
|
—
|
1,617
|
(229,134
|
)
|
||||||||
Net Realized and Unrealized Gain (Loss) on Investments
|
14,901,066
|
(8,895,246
|
)
|
(9,484,613
|
)
|
|||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
$
|
19,433,136
|
$
|
(6,284,593
|
)
|
$
|
(7,696,087
|
)
|
(1) | Includes realized gain as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
Cambria
Global Momentum ETF(1) |
Cambria
Global Asset Allocation ETF(2) |
|||||||
Investment Income:
|
||||||||
Dividend Income from Unaffiliated Investments
|
$
|
421,548
|
$
|
124,102
|
||||
Dividend Income from Affiliated Investments
|
15,511
|
7,351
|
||||||
Interest Income
|
4
|
18
|
||||||
Total Investment Income
|
437,063
|
131,471
|
||||||
Expenses:
|
||||||||
Management Fees
|
85,799
|
—
|
||||||
Total Expenses
|
85,799
|
—
|
||||||
Net Investment Income
|
351,264
|
131,471
|
||||||
Net Realized and Unrealized Gains (Losses) on Investments:
|
||||||||
Net Realized Gain (Loss) on Unaffiliated Investments
|
(218,302
|
)
|
568
|
|||||
Capital Gain Distributions Received from Unaffiliated Investments
|
4,519
|
2,199
|
||||||
Capital Gain Distributions Received from Affiliated Investments
|
36,596
|
5,153
|
||||||
Net Change in Unrealized Appreciation on Unaffiliated Investments
|
184,059
|
446,601
|
||||||
Net Change in Unrealized Appreciation on Affiliated Investments
|
4,046
|
121,444
|
||||||
Net Realized and Unrealized Gain (Loss) on Investments
|
10,918
|
575,965
|
||||||
Net Increase in Net Assets Resulting from Operations
|
$
|
362,182
|
$
|
707,436
|
(1) | Commenced operations on November 3, 2014. |
(2) | Commenced operations on December 9, 2014. |
Cambria Shareholder Yield ETF
|
Cambria Foreign Shareholder
Yield ETF |
|||||||||||||||
Year Ended
April 30, 2015 |
Period Ended April 30,
2014(1) |
Year Ended
April 30, 2015 |
Period Ended April 30,
2014(2) |
|||||||||||||
Operations:
|
||||||||||||||||
Net Investment Income
|
$
|
4,532,070
|
$
|
2,326,992
|
$
|
2,610,653
|
$
|
733,797
|
||||||||
Net Realized Gain (Loss) on Investments
|
4,743,704
|
(3)
|
4,972,765
|
(3)
|
(1,611,044
|
)(3)
|
(14,347
|
)
|
||||||||
Net Realized Loss on Foreign Currency Transactions
|
(454
|
)
|
—
|
(339,687
|
)
|
(803
|
)
|
|||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments
|
10,157,816
|
17,898,817
|
(6,946,132
|
)
|
2,867,548
|
|||||||||||
Net Change in Unrealized Appreciation
on Foreign Currency Translation |
—
|
—
|
1,617
|
2,741
|
||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
19,433,136
|
25,198,574
|
(6,284,593
|
)
|
3,588,936
|
|||||||||||
Distributions to Shareholders:
|
||||||||||||||||
Investment Income
|
(3,886,783
|
)
|
(2,098,524
|
)
|
(2,308,659
|
)
|
(218,964
|
)
|
||||||||
Net Realized Gains
|
(5,471,028
|
)
|
(721,770
|
)
|
(774,679
|
)
|
—
|
|||||||||
Total Distributions to Shareholders
|
(9,357,811
|
)
|
(2,820,294
|
)
|
(3,083,338
|
)
|
(218,964
|
)
|
||||||||
Capital Share Transactions:
|
||||||||||||||||
Issued
|
36,041,430
|
188,121,501
|
19,628,345
|
63,202,250
|
||||||||||||
Redeemed
|
(24,177,211
|
)
|
(5,443,580
|
)
|
(16,138,715
|
)
|
—
|
|||||||||
Increase in Net Assets from
Capital Share Transactions |
11,864,219
|
182,677,921
|
3,489,630
|
63,202,250
|
||||||||||||
Total Increase (Decrease) in Net Assets
|
21,939,544
|
205,056,201
|
(5,878,301
|
)
|
66,572,222
|
|||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Year
|
205,156,201
|
100,000
|
66,572,222
|
—
|
||||||||||||
End of Year (Includes Undistributed (Distributions in Excess of) Net Investment Income of ($0, $0, $(238,942) and $514,896)
|
$
|
227,095,745
|
$
|
205,156,201
|
$
|
60,693,921
|
$
|
66,572,222
|
||||||||
Share Transactions:
|
||||||||||||||||
Issued
|
1,150,000
|
7,054,000
|
750,000
|
2,500,010
|
||||||||||||
Redeemed
|
(800,000
|
)
|
(204,000
|
)
|
(700,000
|
)
|
—
|
|||||||||
Net Increase in Shares Outstanding from Share Transactions
|
350,000
|
6,850,000
|
50,000
|
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 (loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
Cambria Global Value ETF
|
Cambria
Global Momentum ETF |
Cambria
Global Asset Allocation ETF |
||||||||||||||
Year Ended
April 30, 2015 |
Period Ended April 30,
2014(1) |
Period Ended April 30,
2015(2) |
Period Ended April 30,
2015(3) |
|||||||||||||
Operations:
|
||||||||||||||||
Net Investment Income
|
$
|
1,788,526
|
$
|
49,757
|
$
|
351,264
|
$
|
131,471
|
||||||||
Net Realized Gain (Loss) on Unaffiliated Investments
|
(302,694
|
)(4)
|
235
|
(218,302
|
)
|
568
|
||||||||||
Net Realized Loss on Foreign Currency Transactions
|
(155,462
|
)
|
(5,027
|
)
|
—
|
—
|
||||||||||
Capital Gain Distributions received from Unaffiliated and Affiliated Investments
|
—
|
—
|
41,115
|
7,352
|
||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated and Affiliated Investments
|
(8,797,323
|
)
|
171,660
|
188,105
|
568,045
|
|||||||||||
Net Change in Unrealized Depreciation on Foreign Currency Translation
|
(229,134
|
)
|
(1,657
|
)
|
—
|
—
|
||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
(7,696,087
|
)
|
214,968
|
362,182
|
707,436
|
|||||||||||
Distributions to Shareholders:
|
||||||||||||||||
Investment Income
|
(1,328,797
|
)
|
—
|
(364,624
|
)
|
(102,815
|
)
|
|||||||||
Net Realized Gains
|
(40,291
|
)
|
—
|
—
|
—
|
|||||||||||
Total Distributions to Shareholders
|
(1,369,088
|
)
|
—
|
(364,624
|
)
|
(102,815
|
)
|
|||||||||
Capital Share Transactions:
|
||||||||||||||||
Issued
|
68,618,207
|
22,945,250
|
40,563,977
|
31,181,876
|
||||||||||||
Redeemed
|
(2,132,813
|
)
|
—
|
—
|
—
|
|||||||||||
Increase in Net Assets from
Capital Share Transactions |
66,485,394
|
22,945,250
|
40,563,977
|
31,181,876
|
||||||||||||
Total Increase in Net Assets
|
57,420,219
|
23,160,218
|
40,561,535
|
31,786,497
|
||||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Year/Period
|
23,160,218
|
—
|
—
|
—
|
||||||||||||
End of Year/Period (Includes Undistributed Net Investment Income of ($328,231, $44,732, $23,018 and $34,418)
|
$
|
80,580,437
|
$
|
23,160,218
|
$
|
40,561,535
|
$
|
31,786,497
|
||||||||
Share Transactions:
|
||||||||||||||||
Issued
|
2,900,000
|
900,010
|
1,600,001
|
1,250,001
|
||||||||||||
Redeemed
|
(100,000
|
)
|
—
|
—
|
—
|
|||||||||||
Net Increase in Shares Outstanding from Share Transactions
|
2,800,000
|
900,010
|
1,600,001
|
1,250,001
|
(1) | The Fund commenced operations on March 11, 2014. |
(2) | The Fund commenced operations on November 3, 2014. |
(3) | The Fund commenced operations on December 9, 2014. |
(4) | Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
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(1)
|
Net Assets End of Period (000)
|
Ratio of Expenses to Average Net Assets(9)
|
Ratio of Net Investment Income to Average Net Assets
|
Portfolio Turnover(1),(2)
|
||||||||||||||||||||||||||||||||||||||||
Cambria Shareholder Yield ETF
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2015
|
$
|
29.95
|
$
|
0.65
|
$
|
2.29
|
$
|
2.94
|
$
|
(0.55
|
)
|
$
|
(0.80
|
)
|
$
|
(1.35
|
)
|
$
|
31.54
|
9.92
|
%
|
$
|
227,096
|
0.59
|
%
|
2.09
|
%
|
41
|
%
|
|||||||||||||||||||||||
2014(3)
|
$
|
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)
|
89
|
%
|
|||||||||||||||||||||||
Cambria Foreign Shareholder Yield ETF
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2015
|
$
|
26.63
|
$
|
0.93
|
$
|
(2.70
|
)
|
$
|
(1.77
|
)
|
$
|
(0.77
|
)
|
$
|
(0.29
|
)
|
$
|
(1.06
|
)
|
$
|
23.80
|
(6.67
|
)%
|
$
|
60,694
|
0.59
|
%
|
3.76
|
%
|
48
|
%
|
|||||||||||||||||||||
2014(5)
|
$
|
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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2015
|
$
|
25.73
|
$
|
0.68
|
$
|
(4.10
|
)
|
$
|
(3.42
|
)
|
$
|
(0.52
|
)
|
$
|
(0.01
|
)
|
$
|
(0.53
|
)
|
$
|
21.78
|
(13.29
|
)%
|
$
|
80,580
|
0.69
|
%
|
3.10
|
%
|
25
|
%
|
|||||||||||||||||||||
2014(6)
|
$
|
25.00
|
$
|
0.14
|
$
|
0.59
|
$
|
0.73
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
25.73
|
2.92
|
%
|
$
|
23,160
|
0.69
|
%(4)
|
4.11
|
%(4)
|
—
|
%
|
||||||||||||||||||||||||||
Cambria Global Momentum ETF
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2015(7)
|
$
|
25.00
|
$
|
0.30
|
$
|
0.39
|
$
|
0.69
|
$
|
(0.34
|
)
|
$
|
—
|
$
|
(0.34
|
)
|
$
|
25.35
|
2.76
|
%
|
$
|
40,562
|
0.59
|
%(4)
|
2.40
|
%(4)
|
16
|
%
|
||||||||||||||||||||||||
Cambria Global Asset Allocation ETF
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2015(8)
|
$
|
25.00
|
$
|
0.18
|
$
|
0.46
|
$
|
0.64
|
$
|
(0.21
|
)
|
$
|
—
|
$
|
(0.21
|
)
|
$
|
25.43
|
2.58
|
%
|
$
|
31,786
|
—
|
%(4)
|
1.81
|
%(4)
|
4
|
%
|
* | Per share data calculated using average shares method. |
(1) | 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. |
(2) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(3) | Inception date May 13, 2013. |
(4) | Annualized. |
(5) | Inception date December 2, 2013. |
(6) | Inception date March 11, 2014. |
(7) | Inception date November 3, 2014. |
(8) | Inception date December 9, 2014. |
(9) | Expense ratios do not include expenses of the underlying funds. |
• | 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). |
Creation Unit Shares
|
Transaction
Fee |
Value
|
Redemption
Fee |
Variable
Charge |
|||||||||||||
Cambria Shareholder Yield ETF
|
50,000
|
$
|
700
|
$
|
1,577,000
|
$
|
700
|
None
|
|||||||||
Cambria Foreign Shareholder Yield ETF
|
50,000
|
2,000
|
1,190,000
|
2,000
|
Up to 2.0%
|
||||||||||||
Cambria Global Value ETF
|
50,000
|
2,500
|
1,089,000
|
2,500
|
Up to 2.0%
|
||||||||||||
Cambria Global Momentum ETF
|
50,000
|
500
|
1,267,500
|
500
|
Up to 2.0%
|
||||||||||||
Cambria Global Asset
Allocation ETF |
50,000
|
500
|
1,271,500
|
500
|
None
|
|
Purchases
|
Sales and Maturities
|
||||||
Cambria Shareholder Yield ETF
|
$
|
88,336,128
|
$
|
89,120,539
|
||||
Cambria Foreign Shareholder Yield ETF
|
32,561,699
|
32,938,406
|
||||||
Cambria Global Value ETF
|
21,666,682
|
13,929,317
|
||||||
Cambria Global Momentum ETF(1)
|
5,314,759
|
5,623,281
|
||||||
Cambria Global Asset Allocation ETF(2)
|
833,323
|
829,940
|
(1) | The Fund commenced operations on November 3, 2014. |
(2) | The Fund commenced operations on December 9, 2014. |
Purchases
|
Sales
|
Net Realized Gain (Loss)
|
||||||||||
Cambria Shareholder Yield ETF
|
$
|
35,566,928
|
$
|
24,050,112
|
$
|
3,259,713
|
||||||
Cambria Foreign Shareholder Yield ETF
|
18,919,475
|
15,496,504
|
(841,661
|
)
|
||||||||
Cambria Global Value ETF
|
59,105,021
|
1,816,851
|
(162,591
|
)
|
||||||||
Cambria Global Momentum ETF(1)
|
40,816,843
|
—
|
—
|
|||||||||
Cambria Global Asset Allocation ETF(2)
|
30,831,766
|
—
|
—
|
(1) | The Fund commenced operations on November 3, 2014. |
(2) | The Fund commenced operations on December 9, 2014. |
Cambria Global Momentum ETF
|
||||||||||||||||||||||||||
Value of
Shares Held as of 04/30/14 |
Purchases
at Cost |
Proceeds
from Sales |
Change in
Unrealized (Depreciation) |
Realized
Gain (Loss) |
Value of
Shares Held as of 04/30/15 |
Dividend
Income |
||||||||||||||||||||
Cambria Shareholder Yield ETF
|
||||||||||||||||||||||||||
$
|
—
|
$
|
2,412,937
|
$
|
—
|
$
|
4,046
|
$
|
—
|
$
|
2,416,983
|
$
|
36,596
|
|||||||||||||
Cambria Global Asset Allocation ETF
|
||||||||||||||||||||||||||
Value of
Shares Held as of 04/30/14 |
Purchases
at Cost |
Proceeds
from Sales |
Change in
Unrealized (Depreciation) |
Realized
Gain (Loss) |
Value of
Shares Held as of 04/30/15 |
Dividend
Income |
||||||||||||||||||||
CambriaForeign Shareholder Yield ETF
|
||||||||||||||||||||||||||
$
|
—
|
$
|
610,548
|
$
|
—
|
$
|
24,019
|
$
|
—
|
$
|
634,567
|
$
|
3,791
|
|||||||||||||
Cambria Global Value ETF
|
||||||||||||||||||||||||||
$
|
—
|
$
|
1,176,108
|
$
|
—
|
$
|
99,192
|
$
|
—
|
$
|
1,275,300
|
$
|
1,229
|
|||||||||||||
Cambria Shareholder Yield ETF
|
||||||||||||||||||||||||||
$
|
—
|
$
|
930,914
|
$
|
—
|
$
|
(1,767
|
)
|
$
|
—
|
$
|
929,147
|
$
|
133
|
Undistributed Net Investment Income
Gain/(Loss) |
Accumulated Realized Gain/(Loss)
|
Paid-in Capital
|
||||||||||
Cambria Shareholder Yield ETF
|
$
|
(645,287
|
)
|
$
|
(2,599,710
|
)
|
$
|
3,244,997
|
||||
Cambria Foreign Shareholder Yield ETF
|
(1,055,832
|
)
|
1,939,949
|
(884,117
|
)
|
|||||||
Cambria Global Value ETF
|
(176,230
|
)
|
338,821
|
(162,591
|
)
|
|||||||
Cambria Global Momentum ETF
|
36,378
|
(36,378
|
)
|
—
|
||||||||
Cambria Global Asset Allocation ETF
|
5,762
|
(5,762
|
)
|
—
|
Ordinary
Income |
Long-Term
Capital Gain |
Return of
Capital |
Total
|
|||||||||||||
Cambria Shareholder Yield ETF
|
||||||||||||||||
2015
|
$
|
9,022,877
|
$
|
334,934
|
$
|
—
|
$
|
9,357,811
|
||||||||
2014
|
2,820,294
|
—
|
—
|
2,820,294
|
||||||||||||
Cambria Foreign Shareholder Yield ETF
|
||||||||||||||||
2015
|
3,083,338
|
—
|
—
|
3,083,338
|
||||||||||||
2014
|
218,964
|
—
|
—
|
218,964
|
||||||||||||
Cambria Global Value ETF
|
||||||||||||||||
2015
|
1,369,088
|
—
|
—
|
1,369,088
|
||||||||||||
2014
|
—
|
—
|
—
|
—
|
||||||||||||
Cambria Global Momentum ETF
|
||||||||||||||||
2015
|
364,624
|
—
|
—
|
364,624
|
||||||||||||
Cambria Global Asset Allocation ETF
|
||||||||||||||||
2015
|
102,815
|
—
|
—
|
102,815
|
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
|
$
|
—
|
$
|
3,722,880
|
$
|
(3,038,656
|
)
|
$
|
28,055,855
|
$
|
—
|
$
|
28,740,079
|
|||||||||||
Cambria Foreign Shareholder Yield ETF
|
139,015
|
—
|
(784,317
|
)
|
(4,467,674
|
)
|
—
|
(5,112,976
|
)
|
|||||||||||||||
Cambria Global Value ETF
|
328,231
|
—
|
—
|
(9,015,846
|
)
|
(1
|
)
|
(8,687,616
|
)
|
|||||||||||||||
Cambria Global Momentum ETF
|
23,018
|
—
|
(213,565
|
)
|
188,105
|
—
|
(2,442
|
)
|
||||||||||||||||
Cambria Global Asset Allocation ETF
|
35,745
|
831
|
—
|
568,045
|
—
|
604,621
|
Cambria Investment Management
|
Federal
Tax Cost |
Aggregated
Gross Unrealized Appreciation |
Aggregated
Gross Unrealized Depreciation |
Net Unrealized
Appreciation |
||||||||||||
Cambria Shareholder Yield ETF
|
$
|
206,479,204
|
$
|
31,649,720
|
$
|
(3,593,865
|
)
|
$
|
28,055,855
|
|||||||
Cambria Foreign Shareholder Yield ETF
|
65,288,927
|
2,763,670
|
(7,235,702
|
)
|
(4,472,032
|
)
|
||||||||||
Cambria Global Value ETF
|
88,538,379
|
3,036,269
|
(11,821,324
|
)
|
(8,785,055
|
)
|
||||||||||
Cambria Global Momentum ETF
|
40,393,405
|
458,427
|
(270,322
|
)
|
188,105
|
|||||||||||
Cambria Global Asset Allocation ETF
|
31,218,452
|
713,438
|
(145,393
|
)
|
568,045
|
Beginning
Account Value 11/1/14 |
Ending
Account Value 4/30/15 |
Annualized
Expense Ratios |
Expenses
Paid During Period |
|
Cambria Shareholder Yield ETF
|
||||
Actual Fund Return
|
$1,000.00
|
$1,046.90
|
0.59%
|
$2.99(1)
|
Hypothetical 5% Return
|
$1,000.00
|
$1,021.87
|
0.59%
|
$2.96(1)
|
Cambria Foreign Shareholder Yield ETF
|
||||
Actual Fund Return
|
$1,000.00
|
$1,003.50
|
0.59%
|
$2.93(1)
|
Hypothetical 5% Return
|
$1,000.00
|
$1,021.87
|
0.59%
|
$2.96(1)
|
Cambria Global Value ETF
|
||||
Actual Fund Return
|
$1,000.00
|
$1,024.20
|
0.69%
|
$3.46(1)
|
Hypothetical 5% Return
|
$1,000.00
|
$1,021.37
|
0.69%
|
$3.46(1)
|
Cambria Global Momentum ETF
|
||||
Actual Fund Return
|
$1,000.00
|
$1,027.60
|
0.59%
|
$2.92(2)
|
Hypothetical 5% Return
|
$1,000.00
|
$1,021.89
|
0.59%
|
$2.94(1)
|
Cambria Global Asset Allocation ETF
|
||||
Actual Fund Return
|
$1,000.00
|
$1,025.80
|
—%
|
$—(3)
|
Hypothetical 5% Return
|
$1,000.00
|
$1,024.79
|
—%
|
$—(1)
|
(1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period). |
(2) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 179/365 (to reflect the actual time the Fund was operations from 12/02/2013-04/30/2014). |
(3) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 143/365 (to reflect the actual time the Fund was operations from 03/11/14-04/30/14). |
Name, Address,
Age(1) |
Position(s) Held with the Trust
and Length of Time Served(2) |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
INTERESTED TRUSTEE(3)
|
|||
Eric W. Richardson
DOB: 1966 |
Trustee and President of the Trust
(since 2012) |
Co-founder and Chief Executive Officer, Cambria Investment Management, L.P. (2006-present); Manager, Cambria Indices, LLC (2013-present).
|
None
|
INDEPENDENT
TRUSTEES |
|||
Eric Leake
DOB: 1970 |
Trustee
(Since 2013) |
Partner and Chief Investment Officer, Anchor Capital Management Group, Inc. (since 1996).
|
Board Member, National Association of Active Investment Management (NAAIM) (2008-2010).
|
Dennis G. Schmal
DOB: 1948 |
Trustee
(Since 2013) |
Self-employed consultant (since 2003).
|
Director, AssetMark (formerly Genworth) Mutual Funds (2007-present); Trustee, Grail Advisors ETF Trust (2009-2011); Director, Merriman Holdings Inc. (formerly MCF Corp.) (financial services) (2003-present); Director, Owens Realty Mortgage Inc. (real estate) (2013-present); Director and Chairman, Pacific Metrics Corporation (2005-present) (educational services); Director and Chairman, Sitoa Global (2011-2013) (e-commerce); Director, Varian Semiconductor (2004-2011); Trustee, Wells Fargo ASGI Hedge Funds (2008-present).
|
(1) | Unless otherwise noted, the business address of each trustee is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo CA 90245. Trustees oversee 9 funds in the Cambria ETF Trust. |
(2) | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Trust Instrument. |
(3) | Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with (the Distributor and/or its affiliates.) |
Name, Address,
Age(4) |
Position(s) Held with the Trust
and Length of Time Served(5) |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Board Member |
OFFICERS(6)
|
|||
Syed Umar Ehtisham
DOB: 1981 |
Chief Compliance Officer and Anti-Money Laundering Officer
(Since 2014) |
Director, Cipperman Compliance Services (2014-Present); Audit Manager, E*TRADE (2013-2014); Regulatory Issue Manager/Regulatory Change Manager, Vice President, Bank of America Merrill Lynch (2010-2012)
|
None
|
Mebane Faber
DOB: 1977 |
Vice President (Since 2012)
|
Co-founder and Chief Investment Officer, Cambria Investment Management, L.P. (2006-present); Manager, Cambria Indices, LLC (2013 - present); Co-founder and Writer, Alphaclone (investing research website) (2008-present)
|
None
|
Peter Rodriguez(7)
1 Freedom Valley Drive Oaks, PA 19456 DOB: 1962 |
Principal Financial Officer
(Since 2013) |
Director, Fund Accounting, SEI Investments Global Funds Services (March 2011, September 2002 to March 2005 and 1997-2002); Director, Mutual Fund Trading, SEI Private Trust Company (May 2009 to February 2011); Director, Asset Data Services, Global Wealth Services (June 2006 to April 2009); Director, Portfolio Accounting, SEI Investments Global Funds Services (March 2005 to June 2006).
|
None
|
(4) | Unless otherwise noted, the business address of each officer is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo CA 90245. |
(5) | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Trust Instrument. |
(6) | Officers oversee 9 funds in the Cambria ETF Trust. |
(7) | Certain officers and/or interested trustees of the Fund are also officers of the distributor, the advisor or the administrator. |
Long-Term Capital Gain Distributions
|
Ordinary Income Distributions
|
Total Distributions
|
Qualifying Dividends(1)
|
Qualifying Dividend Income(2)
|
U.S. Government Interest(3)
|
Qualified Interest Income(4)
|
Qualified Short-Term Capital Gain(5)
|
Foreign Tax Credit(6)
|
|
Cambria Shareholder Yield ETF
|
3.58%
|
96.42%
|
100.00%
|
73.79%
|
74.29%
|
0.00%
|
2.95%
|
100.00%
|
N/A
|
Cambria Foreign Shareholder Yield ETF
|
0.00%
|
100.00%
|
100.00%
|
0.00%
|
98.08%
|
0.00%
|
0.00%
|
0.00%
|
9.02%
|
Cambria Global Value ETF
|
0.00%
|
100.00%
|
100.00%
|
0.00%
|
97.24%
|
0.00%
|
0.00%
|
100.00%
|
18.13%
|
Cambria Global Momentum ETF
|
0.00%
|
100.00%
|
100.00%
|
17.74%
|
37.59%
|
14.13%
|
13.29%
|
0.00%
|
N/A
|
Cambria Global Asset Allocation
ETF |
0.00%
|
100.00%
|
100.00%
|
6.27%
|
11.80%
|
8.11%
|
6.02%
|
0.00%
|
N/A
|
(1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions). |
(2) | The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law. |
(3) | “U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors. |
(5) | The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors. |
(6) | The percentage in this column represents the “Qualifying Foreign Taxes” as a percentage of ordinary distributions during the fiscal year ended April 30, 2015. The Cambria Foreign Shareholder Yield ETF, and the Cambria Global Value ETF expect to pass through $305,598 and $303,103 respectively, as foreign tax credits on Form 1099-DIV for the year ending December 31, 2015 which shareholders of these portfolios will receive in late January 2016. In addition, for the year ended April 30 2015, gross foreign source income amounted to $3,439,490 and $2,517,605 respectively, and will be reported on Form 1099-DIV for the year ending December 31, 2015, which shareholders of these portfolios will receive in late January 2016. |
Market Price One Year
Total Return |
Market Price Cumulative Inception Date Total Return
|
Market Price, End of Period
|
||||||||||
Cambria Shareholder Yield ETF
|
9.88
|
%
|
—
|
$
|
31.54
|
|||||||
Cambria Foreign Shareholder Yield ETF
|
(7.73
|
)
|
—
|
23.70
|
||||||||
Cambria Global Value ETF
|
(14.03
|
)
|
—
|
21.77
|
||||||||
Cambria Global Momentum ETF
|
—
|
2.72
|
%
|
25.34
|
||||||||
Cambria Global Asset Allocation ETF
|
—
|
2.61
|
25.44
|
Percent Above
or Below Par |
Number of Days
at Discount/Premium |
Percent of Days
at Discount/Premium |
|
-5.00%
|
—
|
—
|
|
-4.50%
|
—
|
—
|
|
-4.00%
|
—
|
—
|
|
-3.50%
|
—
|
—
|
|
Fund Sold at Discount
|
-3.00%
|
—
|
—
|
-2.50%
|
1
|
0.20%
|
|
-2.00%
|
—
|
—
|
|
-1.50%
|
—
|
—
|
|
-1.00%
|
—
|
—
|
|
-0.50%
|
136
|
27.5%
|
|
Sold at Par
|
0.00%
|
—
|
—
|
0.50%
|
536
|
72.21%
|
|
1.00%
|
—
|
—
|
|
1.50%
|
—
|
—
|
|
2.00%
|
—
|
—
|
|
Fund Sold at Premium
|
2.50%
|
—
|
—
|
3.00%
|
—
|
—
|
|
3.50%
|
—
|
—
|
|
4.00%
|
—
|
—
|
|
4.50%
|
—
|
—
|
|
5.00%
|
—
|
—
|
Percent Above
or Below Par |
Number of Days
at Discount/Premium |
Percent of Days
at Discount/Premium |
|
-5.00%
|
—
|
—
|
|
-4.50%
|
—
|
—
|
|
-4.00%
|
—
|
—
|
|
-3.50%
|
—
|
—
|
|
Fund Sold at Discount
|
-3.00%
|
—
|
—
|
-2.50%
|
—
|
—
|
|
-2.00%
|
1
|
0.28%
|
|
-1.50%
|
12
|
3.36%
|
|
-1.00%
|
15
|
4.20%
|
|
-0.50%
|
84
|
23.53%
|
|
Sold at Par
|
0.00%
|
—
|
—
|
0.50%
|
155
|
43.42%
|
|
1.00%
|
78
|
21.85%
|
|
1.50%
|
11
|
3.08%
|
|
2.00%
|
1
|
0.28%
|
|
Fund Sold at Premium
|
2.50%
|
—
|
—
|
3.00%
|
—
|
—
|
|
3.50%
|
—
|
—
|
|
4.00%
|
—
|
—
|
|
4.50%
|
—
|
—
|
|
5.00%
|
—
|
—
|
Percent Above
or Below Par |
Number of Days
at Discount/Premium |
Percent of Days
at Discount/Premium |
|
-5.00%
|
—
|
—
|
|
-4.50%
|
—
|
—
|
|
-4.00%
|
—
|
—
|
|
-3.50%
|
—
|
—
|
|
Fund Sold at Discount
|
-3.00%
|
—
|
—
|
-2.50%
|
—
|
—
|
|
-2.00%
|
—
|
—
|
|
-1.50%
|
1
|
0.34%
|
|
-1.00%
|
9
|
3.10%
|
|
-0.50%
|
44
|
15.17%
|
|
Sold at Par
|
0.00%
|
—
|
—
|
0.50%
|
143
|
49.31%
|
|
1.00%
|
80
|
27.59%
|
|
1.50%
|
10
|
3.45%
|
|
2.00%
|
3
|
1.03%
|
|
Fund Sold at Premium
|
2.50%
|
—
|
—
|
3.00%
|
—
|
—
|
|
3.50%
|
—
|
—
|
|
4.00%
|
—
|
—
|
|
4.50%
|
—
|
—
|
|
5.00%
|
—
|
—
|
Percent Above
or Below Par |
Number of Days
at Discount/Premium |
Percent of Days
at Discount/Premium |
|
-5.00%
|
—
|
—
|
|
-4.50%
|
—
|
—
|
|
-4.00%
|
—
|
—
|
|
-3.50%
|
—
|
—
|
|
Fund Sold at Discount
|
-3.00%
|
—
|
—
|
-2.50%
|
—
|
—
|
|
-2.00%
|
—
|
—
|
|
-1.50%
|
—
|
—
|
|
-1.00%
|
—
|
—
|
|
-0.50%
|
33
|
26.83%
|
|
Sold at Par
|
0.00%
|
—
|
—
|
0.50%
|
90
|
73.17%
|
|
1.00%
|
—
|
—
|
|
1.50%
|
—
|
—
|
|
2.00%
|
—
|
—
|
|
Fund Sold at Premium
|
2.50%
|
—
|
—
|
3.00%
|
—
|
—
|
|
3.50%
|
—
|
—
|
|
4.00%
|
—
|
—
|
|
4.50%
|
—
|
—
|
|
5.00%
|
—
|
—
|
Percent Above
or Below Par |
Number of Days
at Discount/Premium |
Percent of Days
at Discount/Premium |
|
-5.00%
|
—
|
—
|
|
-4.50%
|
—
|
—
|
|
-4.00%
|
—
|
—
|
|
-3.50%
|
—
|
—
|
|
Fund Sold at Discount
|
-3.00%
|
—
|
—
|
-2.50%
|
—
|
—
|
|
-2.00%
|
—
|
—
|
|
-1.50%
|
—
|
—
|
|
-1.00%
|
—
|
—
|
|
-0.50%
|
12
|
12.24%
|
|
Sold at Par
|
0.00%
|
—
|
—
|
0.50%
|
86
|
87.76%
|
|
1.00%
|
—
|
—
|
|
1.50%
|
—
|
—
|
|
2.00%
|
—
|
—
|
|
Fund Sold at Premium
|
2.50%
|
—
|
—
|
3.00%
|
—
|
—
|
|
3.50%
|
—
|
—
|
|
4.00%
|
—
|
—
|
|
4.50%
|
—
|
—
|
|
5.00%
|
—
|
—
|
Fiscal 2015
|
Fiscal 2014
|
||||||
All fees and services to the Registrant that were pre-approved
|
All fees and services to service affiliates that were pre-approved
|
All other fees and services to service affiliates that did not require pre-approval
|
All fees and services to the Registrant that were pre-approved
|
All fees and services to service affiliates that were pre-approved
|
All other fees and services to service affiliates that did not require pre-approval
|
||
(a)
|
Audit Fees
|
$80,000
|
N/A
|
N/A
|
$48,000
|
N/A
|
N/A
|
(b)
|
Audit-Related Fees
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
(c)
|
Tax Fees
|
$—
|
$—
|
$—
|
$13,500
|
$—
|
$—
|
(d)
|
All Other Fees
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
Fiscal 2015
|
Fiscal 2014
|
|
Audit-Related Fees
|
—%
|
—%
|
Tax Fees
|
—%
|
—%
|
All Other Fees
|
—%
|
—%
|
Cambria ETF Trust
|
||
By (Signature and Title)
|
/s/ Eric Richardson | |
Eric Richardson, President
|
||
Date: July 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
|
/s/ Eric Richardson | |
Eric Richardson, President
|
||
Date: July 8, 2015
|
||
By
|
/s/ Peter Rodriguez | |
Peter Rodriguez, Principal Financial Officer
|
||
Date: July 8, 2015
|
· | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
· | Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission (the “SEC”), and in other public communications made by the Trust; |
· | Compliance with applicable laws and governmental rules and regulations; |
· | The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and |
· | Accountability for adherence to the SFO Code. |
· | Act with honesty and integrity |
· | Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships |
· | Provide information to the employees and service providers (adviser, sub-adviser, administrator, independent registered public accounting firm, outside counsel, custodian, etc.) of the Trust that is accurate, complete, objective, relevant, timely, and understandable |
· | Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports |
· | Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code |
· | Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end |
· | Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated |
· | Record (or participate in the recording of) entries in the Trust’s books and records that are accurate |
· | Refrain from using confidential information for personal advantage |
· | Discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the SFOs, Trust’s Chief Compliance Officer (“CCO”) or Fund counsel, as appropriate. |
/s/ Eric Richardson | |
Eric Richardson
|
|
President
|
/s/ Peter Rodriguez | |
Peter Rodriguez
|
|
Principal Financial Officer
|
/s/ Eric Richardson | |
Eric Richardson
|
|
President
|
/s/ Peter Rodriguez | |
Peter Rodriguez
|
|
Principal Financial Officer
|
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