0001398344-17-000219.txt : 20170106 0001398344-17-000219.hdr.sgml : 20170106 20170106171032 ACCESSION NUMBER: 0001398344-17-000219 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20161031 FILED AS OF DATE: 20170106 DATE AS OF CHANGE: 20170106 EFFECTIVENESS DATE: 20170106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cambria ETF Trust CENTRAL INDEX KEY: 0001529390 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22704 FILM NUMBER: 17515008 BUSINESS ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 310-606-5555 MAIL ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 0001529390 S000037634 Cambria Shareholder Yield ETF C000116082 Cambria Shareholder Yield ETF SYLD 0001529390 S000037635 Cambria Foreign Shareholder Yield ETF C000116083 Cambria Foreign Shareholder Yield ETF FYLD 0001529390 S000037636 Cambria Emerging Shareholder Yield ETF C000116084 Cambria Emerging Shareholder Yield ETF EYLD 0001529390 S000043316 Cambria Global Momentum ETF C000134055 Cambria Global Momentum ETF GMOM 0001529390 S000043317 Cambria Global Value ETF C000134056 Cambria Global Value ETF GVAL 0001529390 S000043318 Cambria Sovereign High Yield Bond ETF C000134057 Cambria Sovereign High Yield Bond ETF SOVB 0001529390 S000043319 Cambria Value and Momentum ETF C000134058 Cambria Value and Momentum ETF VAMO 0001529390 S000047294 Cambria Global Asset Allocation ETF C000148305 Cambria Global Asset Allocation ETF GAA N-CSRS 1 fp0023143_ncsrs.htm
 
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:
John McGuire
Morgan Lewis & Bockius LLP
2020 K Street, NW
Washington, DC 20006-1806

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

Date of fiscal year end: April 30, 2017

Date of reporting period: October 31, 2016


Item 1.  Reports to Stockholders.
 
 

 

 

 

 

Cambria Shareholder Yield ETF (SYLD)
Cambria Foreign Shareholder Yield ETF (FYLD)
Cambria Global Value ETF (GVAL)
Cambria Global Momentum ETF (GMOM)
Cambria Global Asset Allocation ETF (GAA)
Cambria Value and Momentum ETF (VAMO)
Cambria Sovereign High Yield Bond ETF (SOVB)
Cambria Emerging Shareholder Yield ETF (EYLD)

 

Semi-Annual Report

 

October 31, 2016
(Unaudited)

 

 

 



Cambria Investment Management

 

Table of Contents

 


 

Schedules of Investments

 

Cambria Shareholder Yield ETF

2

Cambria Foreign Shareholder Yield ETF

4

Cambria Global Value ETF

6

Cambria Global Momentum ETF

9

Cambria Global Asset Allocation ETF

10

Cambria Value and Momentum ETF

11

Cambria Sovereign High Yield Bond ETF

13

Cambria Emerging Shareholder Yield ETF

15

Statements of Assets and Liabilities

17

Statements of Operations

19

Statements of Changes in Net Assets

21

Financial Highlights

25

Notes to Financial Statements

27

Disclosure of Fund Expenses

40

Supplemental Information

42

 

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 Ÿ Cambria Shareholder Yield ETF 

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

COMMON STOCK — 97.3%

       

Consumer Discretionary — 19.3%

           

American Eagle Outfitters

   

106,876

   

$

1,821,167

 

Best Buy

   

26,241

     

1,021,037

 

Big Lots

   

29,109

     

1,263,331

 

CBS, Cl B

   

20,960

     

1,186,755

 

Children's Place

   

17,481

     

1,327,682

 

Cooper Tire & Rubber

   

34,566

     

1,270,300

 

Dillard's, Cl A

   

2,527

     

154,905

 

Finish Line, Cl A

   

42,248

     

831,863

 

Groupon, Cl A*

   

188,258

     

751,150

 

Guess?

   

58,288

     

786,888

 

Home Depot

   

14,532

     

1,773,050

 

Kohl's

   

22,044

     

964,425

 

Lowe's

   

24,800

     

1,652,920

 

Macy's

   

6,886

     

251,270

 

Murphy USA*

   

13,902

     

956,180

 

O'Reilly Automotive*

   

8,146

     

2,154,128

 

Six Flags Entertainment

   

29,529

     

1,643,289

 

Target

   

12,411

     

853,008

 

Time Warner

   

4,595

     

408,909

 

Visteon

   

6,811

     

480,925

 

Whirlpool

   

8,098

     

1,213,242

 
             

22,766,424

 

Consumer Staples — 8.2%

               

Archer-Daniels-Midland

   

7,743

     

337,363

 

CVS Health

   

17,120

     

1,439,792

 

Dr Pepper Snapple Group

   

20,240

     

1,776,870

 

Nu Skin Enterprises, Cl A

   

30,137

     

1,857,946

 

Pilgrim's Pride

   

40,405

     

882,445

 

Sanderson Farms

   

15,890

     

1,429,782

 

Wal-Mart Stores

   

18,350

     

1,284,867

 

Whole Foods Market

   

25,922

     

733,333

 
             

9,742,398

 

Energy — 3.9%

               

CVR Energy

   

31,050

   

 

411,723

 

HollyFrontier

   

22,220

     

554,389

 

Murphy Oil

   

38,634

     

999,461

 

Nabors Industries

   

137,516

     

1,636,441

 

Valero Energy

   

17,611

     

1,043,276

 
             

4,645,290

 

Financials — 26.4%

               

Aflac

   

19,053

     

1,312,180

 

Allied World Assurance Holdings

   

25,801

     

1,108,927

 

Allstate

   

22,790

     

1,547,441

 

American Capital*

   

82,553

     

1,402,576

 

American International Group

   

21,761

     

1,342,654

 

Ameriprise Financial

   

12,007

     

1,061,299

 

Assurant

   

18,055

     

1,453,789

 

Assured Guaranty

   

47,928

     

1,432,568

 

Axis Capital Holdings

   

28,432

     

1,619,771

 

Chubb

   

7,866

     

998,982

 

CNO Financial Group

   

67,556

     

1,018,745

 

Everest Re Group

   

8,458

     

1,721,372

 

Fifth Third Bancorp

   

57,120

     

1,242,931

 

FirstCash

   

38,207

     

1,803,370

 

Green Dot, Cl A*

   

60,448

     

1,341,946

 

Hartford Financial Services Group

   

26,201

     

1,155,726

 

Legg Mason

   

31,371

     

900,975

 

Lincoln National

   

19,638

     

964,029

 

LPL Financial Holdings

   

19,195

     

594,277

 

Navient

   

71,486

     

913,591

 

Prospect Capital

   

130,962

     

1,033,290

 

SunTrust Banks

   

33,238

     

1,503,355

 

Travelers

   

14,886

     

1,610,367

 

Unum Group

   

35,760

     

1,265,904

 

Voya Financial

   

27,450

     

838,597

 
             

31,188,662

 

Health Care — 1.0%

               

Express Scripts Holding*

   

16,758

     

1,129,489

 
                 

Industrials — 19.4%

               

3M

   

6,698

     

1,107,179

 

AGCO

   

28,436

     

1,452,511

 

Cummins

   

12,279

     

1,569,502

 

Delta Air Lines

   

27,627

     

1,153,980

 

Dover

   

15,058

     

1,007,230

 

Eaton

   

26,731

     

1,704,636

 

General Dynamics

   

5,555

     

837,360

 

Greenbrier

   

29,201

     

919,831

 

Insperity

   

14,051

     

1,056,635

 

L-3 Communications Holdings, Cl 3

   

11,920

     

1,632,325

 

ManpowerGroup

   

15,282

     

1,173,658

 

MRC Global*

   

70,398

     

1,037,667

 

 

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

 

2

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Shareholder Yield ETF 

October 31, 2016 (Unaudited) (Concluded)


 

Description

 

Shares

   

Value

 

Northrop Grumman

   

10,205

   

$

2,336,945

 

Parker-Hannifin

   

12,778

     

1,568,499

 

Quanta Services*

   

39,666

     

1,140,398

 

Southwest Airlines

   

38,106

     

1,526,145

 

United Continental Holdings*

   

30,462

     

1,712,878

 
             

22,937,379

 

Information Technology — 10.9%

               

Apple

   

14,071

     

1,597,621

 

Avnet

   

30,815

     

1,292,689

 

Corning

   

57,822

     

1,313,138

 

Dell Technologies - VMware Inc, Cl V*

   

3,900

     

191,451

 

Hewlett Packard Enterprise

   

36,572

     

821,773

 

HP

   

36,572

     

529,928

 

NCR*

   

31,546

     

1,105,687

 

NetApp

   

9,805

     

332,782

 

Sanmina*

   

50,889

     

1,407,081

 

Symantec

   

43,915

     

1,099,192

 

Texas Instruments

   

26,960

     

1,910,116

 

Western Digital

   

3,664

     

214,124

 

Xerox

   

112,806

     

1,102,115

 
             

12,917,697

 

Materials — 7.9%

               

Chemtura*

   

36,372

     

1,193,001

 

Dow Chemical

   

25,739

     

1,385,015

 

Huntsman

   

67,437

     

1,143,057

 

LyondellBasell Industries, Cl A

   

10,354

     

823,661

 

Packaging Corp of America

   

20,522

     

1,693,065

 

Reliance Steel & Aluminum

   

15,433

     

1,061,482

 

Trinseo

   

18,406

     

965,395

 

Worthington Industries

   

23,970

     

1,126,590

 
             

9,391,266

 

Telecommunication Services — 0.3%

               

CenturyLink

   

11,763

     

312,661

 
                 

Total Common Stock

               

(Cost $107,157,366)

           

115,031,266

 
                 

Total Investments — 97.3%

               

(Cost $107,157,366)

         

$

115,031,266

 

Other Assets and Liabilities — 2.7%

           

3,161,437

 

Net Assets — 100.0%

         

$

118,192,703

 

 

Percentages based on Net Assets.

 

*

Non-income producing security.

 

Cl — Class

 

As of October 31, 2016, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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 Ÿ Cambria Foreign Shareholder Yield ETF 

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

COMMON STOCK — 98.1%

       

Australia — 11.2%

           

Boral

   

60,387

   

$

289,399

 

Cabcharge Australia

   

80,255

     

219,780

 

Caltex Australia

   

9,603

     

224,482

 

CIMIC Group

   

11,940

     

268,758

 

Decmil Group

   

225,262

     

189,349

 

JB Hi-Fi

   

17,791

     

384,219

 

Monadelphous Group

   

54,141

     

383,844

 

Myer Holdings

   

201,250

     

179,882

 

Rio Tinto

   

5,998

     

247,206

 

Seven Group Holdings

   

46,869

     

324,088

 

SMS Management & Technology

   

79,079

     

91,737

 
             

2,802,744

 

Austria — 1.0%

               

OMV

   

8,458

     

264,385

 
                 

Belgium — 1.0%

               

Ageas

   

7,024

     

256,571

 
                 

Canada — 10.6%

               

Canadian Imperial Bank of Commerce

   

3,748

     

280,828

 

Capital Power

   

15,000

     

230,933

 

Genworth MI Canada

   

9,208

     

199,977

 

Great-West Lifeco, Cl Common Subscription Receipt

   

8,411

     

211,263

 

IGM Financial

   

5,744

     

154,167

 

Labrador Iron Ore Royalty

   

14,028

     

153,635

 

Magna International

   

7,296

     

299,553

 

Metro, Cl A

   

14,980

     

463,036

 

Rogers Sugar

   

59,196

     

277,157

 

Sandvine

   

85,500

     

191,870

 

TransForce

   

9,200

     

208,720

 
             

2,671,139

 

Denmark — 4.8%

               

Novo Nordisk, Cl B

   

5,105

   

 

182,628

 

Pandora

   

2,693

     

350,546

 

Topdanmark *

   

11,200

     

301,662

 

Tryg

   

19,541

     

381,833

 
             

1,216,669

 

Finland — 4.7%

               

Kesko, Cl B

   

5,668

     

281,735

 

Metso

   

12,222

     

320,661

 

Stora Enso, Cl R

   

33,413

     

315,992

 

UPM-Kymmene

   

11,234

     

261,442

 
             

1,179,830

 

France — 5.6%

               

AXA

   

8,701

     

196,142

 

BNP Paribas

   

5,479

     

317,811

 

Casino Guichard Perrachon

   

4,410

     

219,447

 

CNP Assurances

   

15,483

     

268,290

 

Engie

   

11,178

     

161,176

 

Metropole Television

   

13,275

     

231,342

 
             

1,394,208

 

Germany — 3.1%

               

E.ON

   

15,901

     

116,463

 

Freenet

   

10,432

     

298,949

 

Muenchener Rueckversicherungs

   

1,735

     

336,353

 

Uniper *

   

1,590

     

21,163

 
             

772,928

 

Hong Kong — 5.7%

               

Belle International Holdings

   

249,942

     

151,469

 

Hang Lung Properties

   

83,000

     

183,218

 

Li & Fung

   

243,822

     

120,095

 

Shanghai Industrial Holdings

   

65,000

     

199,051

 

Swire Pacific, Cl A

   

20,000

     

207,980

 

Television Broadcasts

   

47,245

     

171,179

 

Wharf Holdings

   

52,800

     

396,908

 
             

1,429,900

 

Italy — 0.9%

               

STMicroelectronics

   

23,585

     

225,248

 
                 

Japan — 17.6%

               

Aoyama Trading

   

6,599

     

232,825

 

Autobacs Seven

   

19,667

     

280,180

 

COMSYS Holdings

   

14,887

     

262,762

 

Dai Nippon Printing

   

21,052

     

211,584

 

DIC

   

5,900

     

179,188

 

Geo Holdings

   

17,957

     

228,251

 

Komatsu

   

17,213

     

384,572

 

Mitsui

   

24,972

     

347,184

 

Nabtesco

   

9,100

     

272,471

 

Nippon Telegraph & Telephone

   

5,282

     

234,711

 

NTT DOCOMO

   

12,370

     

311,462

 

 

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

 

4

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Foreign Shareholder Yield ETF

October 31, 2016 (Unaudited) (Concluded)


 

Description

 

Shares

   

Value

 

Sankyo

   

5,349

   

$

188,722

 

Sanwa Holdings

   

19,800

     

197,868

 

Sekisui Chemical

   

15,899

     

250,909

 

Suruga Bank

   

10,000

     

244,588

 

TOKAI Holdings

   

28,600

     

183,812

 

Tokyo Electron

   

4,402

     

398,266

 
             

4,409,355

 

Netherlands — 0.7%

               

BinckBank

   

28,946

     

171,779

 
                 

New Zealand — 1.9%

               

SKY Network Television

   

91,761

     

303,156

 

Tower

   

255,580

     

164,488

 
             

467,644

 

Norway — 6.6%

               

DNB

   

19,783

     

286,126

 

Salmar

   

22,102

     

717,442

 

Statoil

   

12,963

     

212,432

 

Telenor

   

12,123

     

192,944

 

Yara International

   

6,952

     

245,691

 
             

1,654,635

 

Portugal — 2.0%

               

EDP - Energias de Portugal

   

82,650

     

273,186

 

Galp Energia SGPS

   

17,554

     

237,985

 
             

511,171

 

Singapore — 0.8%

               

Venture

   

28,100

     

191,878

 
                 

Spain — 3.0%

               

Endesa

   

10,710

     

227,674

 

Gas Natural SDG

   

14,564

     

287,379

 

Mediaset Espana Comunicacion

   

20,950

     

234,004

 
             

749,057

 

Sweden — 2.6%

               

JM

   

10,456

     

301,103

 

SSAB, Cl A

   

69,571

     

220,525

 

Telia

   

35,322

     

141,176

 
             

662,804

 

Switzerland — 3.2%

               

Adecco Group

   

3,927

     

233,544

 

Swiss Re

   

3,203

     

297,464

 

Zurich Insurance Group

   

1,056

     

276,286

 
             

807,294

 

United Kingdom — 11.1%

               

BP

   

37,282

     

220,729

 

Cape

   

67,940

     

172,762

 

Carillion

   

61,668

     

189,535

 

De La Rue

   

19,811

     

139,067

 

HSBC Holdings

   

32,562

     

245,593

 

Intermediate Capital Group

   

33,764

     

250,240

 

J Sainsbury

   

77,557

   

 

238,180

 

Johnson Matthey

   

7,181

     

299,725

 

Kingfisher

   

54,107

     

239,279

 

Legal & General Group

   

53,484

     

137,083

 

Rio Tinto

   

6,534

     

227,093

 

Royal Mail

   

31,178

     

187,376

 

Vodafone Group

   

84,219

     

231,734

 
             

2,778,396

 

Total Common Stock

               

(Cost $26,838,781)

           

24,617,635

 
                 

Total Investments — 98.1%

               

(Cost $26,838,781)

         

$

24,617,635

 

Other Assets and Liabilities — 1.9%

           

476,207

 

Net Assets — 100.0%

         

$

25,093,842

 

 

Percentages based on Net Assets.

 

*

Non-income producing security.

 

Cl — Class

 

As of October 31, 2016, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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.

 

5

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

COMMON STOCK — 95.5%

       

Austria — 10.9%

           

Agrana Beteiligungs

   

8,632

   

$

1,035,233

 

AMAG Austria Metall (A)

   

31,007

     

1,091,261

 

Erste Group Bank

   

29,548

     

928,007

 

EVN

   

70,301

     

821,895

 

Lenzing

   

16,971

     

2,210,450

 

OMV

   

23,157

     

723,855

 

Raiffeisen Bank International

   

31,872

     

522,366

 

UNIQA Insurance Group

   

78,933

     

508,804

 

Vienna Insurance Group Wiener Versicherung Gruppe

   

21,248

     

419,152

 

Voestalpine

   

23,489

     

831,056

 
             

9,092,079

 

Brazil — 7.3%

               

AMBEV

   

143,175

     

844,607

 

Banco do Brasil

   

109,699

     

1,008,324

 

Banco Santander Brasil

   

195,140

     

1,610,883

 

Cia Siderurgica Nacional *

   

251,573

     

846,458

 

Cosan Industria e Comercio

   

71,048

     

950,645

 

JBS

   

264,069

     

804,120

 
             

6,065,037

 

Czech Republic — 6.9%

               

CEZ

   

52,150

     

982,865

 

Fortuna Entertainment Group *

   

159,028

     

587,810

 

Komercni Banka

   

29,115

     

1,066,470

 

Pegas Nonwovens

   

34,113

     

1,094,633

 

Philip Morris CR

   

1,909

     

942,890

 

Unipetrol

   

137,780

     

1,029,456

 
             

5,704,124

 

Greece — 7.7%

               

Alpha Bank AE *

   

18,935

     

32,426

 

Athens Water Supply & Sewage

   

90,055

     

533,835

 

Bank of Greece

   

48,804

     

544,856

 

FF Group *

   

13,983

   

 

334,935

 

Hellenic Petroleum

   

103,501

     

473,790

 

Hellenic Telecommunications Organization

   

47,022

     

431,016

 

Intralot -Integrated Lottery Systems & Services *

   

335,901

     

453,547

 

JUMBO

   

40,071

     

569,646

 

Karelia Tobacco

   

3,486

     

912,877

 

Metka Industrial - Construction

   

57,270

     

481,572

 

Motor Oil Hellas Corinth Refineries

   

76,692

     

918,503

 

National Bank of Greece *

   

23,511

     

4,826

 

OPAP

   

44,439

     

379,045

 

Piraeus Bank *

   

10,805

     

1,791

 

Public Power

   

102,875

     

336,536

 
             

6,409,201

 

Hong Kong — 5.8%

               

Beijing Enterprises Holdings

   

92,866

     

464,597

 

China Mobile

   

41,277

     

472,882

 

China Overseas Land & Investment

   

157,054

     

485,000

 

China Power International Development

   

1,062,606

     

387,745

 

China Resources Land

   

200,613

     

500,268

 

China Resources Power Holdings

   

277,410

     

471,438

 

China Taiping Insurance Holdings *

   

235,677

     

455,215

 

China Unicom Hong Kong

   

408,262

     

478,509

 

CITIC

   

321,025

     

461,117

 

Shanghai Industrial Holdings

   

214,413

     

656,602

 
             

4,833,373

 

Hungary — 8.0%

               

Magyar Telekom Telecommunications

   

613,526

     

1,014,370

 

MOL Hungarian Oil & Gas

   

26,230

     

1,687,592

 

OTP Bank

   

71,061

     

1,996,038

 

Richter Gedeon Nyrt

   

90,746

     

1,950,448

 
             

6,648,448

 

Italy — 5.8%

               

Atlantia

   

34,834

     

853,117

 

Enel

   

195,299

     

840,411

 

Eni

   

43,077

     

624,674

 

Intesa Sanpaolo

   

274,099

     

634,886

 

Saipem

   

44,405

     

18,280

 

Telecom Italia

   

764,975

     

663,826

 

UniCredit

   

129,925

     

322,334

 

Unipol Gruppo Finanziario

   

143,673

     

439,402

 

UnipolSai

   

209,967

     

401,056

 
             

4,797,986

 

Norway — 6.4%

               

Aker Solutions

   

130,382

     

600,123

 

DNB

   

38,814

     

561,375

 

Gjensidige Forsikring

   

29,727

     

532,847

 

Norsk Hydro

   

120,191

     

537,505

 

Petroleum Geo-Services

   

156,822

     

421,932

 

Statoil

   

29,419

     

482,107

 

 

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

 

6

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited) (Continued)


 

Description

 

Shares/

Number of

Rights

   

Value

 

Storebrand *

   

128,487

   

$

661,224

 

Telenor

   

30,084

     

478,804

 

TGS Nopec Geophysical

   

31,054

     

629,548

 

Yara International

   

12,630

     

446,357

 
             

5,351,822

 

Poland — 7.6%

               

Alior Bank *

   

15,654

     

188,131

 

Asseco Poland

   

22,107

     

294,985

 

Bank Millennium

   

196,167

     

288,507

 

Bank Pekao

   

7,092

     

218,820

 

Bank Zachodni WBK

   

3,777

     

305,183

 

CCC

   

7,125

     

361,585

 

Cyfrowy Polsat *

   

52,278

     

322,736

 

Energa

   

52,389

     

107,362

 

Eurocash

   

39,846

     

403,817

 

Grupa Azoty

   

16,104

     

256,547

 

Grupa Lotos *

   

48,171

     

417,586

 

ING Bank Slaski

   

9,528

     

349,718

 

KGHM Polska Miedz

   

10,863

     

196,812

 

LLP SA *

   

183

     

274,273

 

Lubelski Wegiel Bogdanka

   

15,546

     

275,396

 

mBank

   

2,955

     

266,483

 

Orange Polska

   

136,884

     

195,387

 

PGE Polska Grupa Energetyczna

   

62,595

     

163,857

 

Polski Koncern Naftowy ORLEN

   

22,014

     

436,549

 

Polskie Gornictwo Naftowe i Gazownictwo

   

237,183

     

303,488

 

Powszechna Kasa Oszczednosci Bank Polski

   

38,367

     

268,738

 

Powszechny Zaklad Ubezpieczen

   

26,679

     

185,238

 

Tauron Polska Energia

   

295,812

     

199,809

 
             

6,281,007

 

Portugal — 9.4%

               

Altri SGPS

   

42,441

     

148,016

 

Banco BPI, Cl G *

   

118,467

     

146,954

 

Banco Comercial Portugues, Cl R *

   

41,483

     

55,238

 

Banco Espirito Santo *(B) (C)

   

318,087

     

 

BANIF - Banco Internacional do Funchal *(B) (C)

   

60,980,850

     

 

CIMPOR Cimentos de Portugal SGPS *

   

285,188

     

97,364

 

Corticeira Amorim SGPS

   

269,003

     

2,700,513

 

CTT-Correios de Portugal

   

16,872

     

111,665

 

EDP - Energias de Portugal

   

268,622

     

887,887

 

Galp Energia SGPS

   

75,338

     

1,021,378

 

Jeronimo Martins SGPS

   

23,620

     

406,307

 

Mota-Engil SGPS

   

48,972

     

95,691

 

Navigator

   

40,401

     

118,415

 

NOS SGPS

   

24,990

     

166,024

 

Pharol SGPS

   

488,019

     

135,003

 

REN - Redes Energeticas Nacionais SGPS

   

61,656

     

180,173

 

Semapa-Sociedade de Investimento e Gestao

   

72,127

     

927,964

 

Sonae

   

581,830

     

463,062

 

Teixeira Duarte

   

706,413

     

145,013

 
             

7,806,667

 

Russia — 11.0%

               

Alrosa PJSC

   

1,007,952

     

1,408,562

 

Gazprom Neft PJSC

   

267,260

     

778,579

 

Gazprom PJSC

   

297,721

     

651,968

 

Rosneft PJSC

   

158,032

     

866,542

 

Sberbank of Russia PJSC

   

459,073

     

1,067,288

 

Severstal PJSC

   

132,468

     

1,852,008

 

Unipro PJSC

   

17,894,468

     

823,581

 

Uralkali

   

235,803

     

616,646

 

VTB Bank PJSC

   

1,031,425,894

     

1,102,172

 
             

9,167,346

 

Spain — 8.7%

               

Acciona

   

10,661

     

811,498

 

Banco Bilbao Vizcaya Argentaria

   

86,119

     

621,868

 

Banco Santander

   

119,611

     

587,846

 

CaixaBank

   

172,102

     

520,869

 

Enagas

   

28,246

     

810,838

 

Endesa

   

33,378

     

709,550

 

Ferrovial

   

37,939

     

738,206

 

Gas Natural SDG

   

41,449

     

817,878

 

Iberdrola

   

127,275

     

867,501

 

Mapfre

   

263,989

     

784,476

 
             

7,270,530

 

Total Common Stock

               

(Cost $91,116,154)

           

79,427,620

 
                 

PREFERRED STOCK — 3.6%

               

Brazil — 3.6%

               

Banco Bradesco, Cl Preference

   

106,927

     

1,121,193

 

Cia Energetica de Minas Gerais

   

178,782

     

546,092

 

Telefonica Brasil, Cl Preference

   

55,112

     

794,393

 

Vale, Cl Preference*

   

85,573

     

554,401

 

Total Preferred Stock

               

(Cost $3,936,566)

           

3,016,079

 
                 

RIGHTS — 0.0%

               

Spain — 0.0%

               

Ferrovial*#

   

37,939

     

16,243

 

Total Rights

               

(Cost $–)

           

16,243

 
                 

Total Investments — 99.1%

               

(Cost $95,052,720)

         

$

82,459,942

 

Other Assets and Liabilities — 0.9%

           

763,412

 

Net Assets — 100.0%

         

$

83,223,354

 

 

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

 

7

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited) (Concluded)


 

Percentages based on Net Assets.

 

*

Non-income producing security.

#

Expiration date is unavailable.

(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 are deemed to be liquid by the Adviser. The total value of such securities at October 31, 2016 was $1,091,261 and represents 1.3% of Net Assets.

(B)

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2016, was $0 and represents 0.0% of Net Assets.

(C)

Securities considered illiquid. The total value of such securities as of October 31, 2016 was $0 and represented 0.0% of Net Assets. See Note 2 in Notes to Financial Statements.

 

Cl — Class

 

The following is a list of the inputs used as of October 31, 2016 in valuing the Fund’s investments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3(1)

   

Total

 

Common Stock

 

$

79,427,620

   

$

   

$

   

$

79,427,620

 

Preferred Stock

   

3,016,079

     

     

     

3,016,079

 

Rights

   

16,243

     

     

     

16,243

 

Total Investments in Securities

 

$

82,459,942

   

$

   

$

   

$

82,459,942

 

 

(1)

Included in Level 3 are two securities 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.

 

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 were transfers into Level 3 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.

 

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

 

8

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Momentum ETF

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

EXCHANGE TRADED FUNDS — 95.6%

       

Cambria Emerging Shareholder Yield ETF‡

   

58,331

   

$

1,551,021

 

Cambria Global Value ETF‡

   

55,264

     

1,110,254

 

Cambria Sovereign High Yield Bond ETF‡

   

48,134

     

1,344,383

 

FlexShares Global Upstream Natural Resources Index Fund

   

51,966

     

1,425,947

 

iShares 20+ Year Treasury Bond ETF

   

9,514

     

1,248,713

 

iShares Global Energy ETF

   

45,370

     

1,468,173

 

iShares Global Infrastructure ETF

   

33,821

     

1,360,281

 

iShares Global Materials ETF

   

27,481

     

1,467,760

 

iShares Global Tech ETF

   

12,173

     

1,337,204

 

iShares Mortgage Real Estate Capped ETF

   

129,983

     

1,366,121

 

PowerShares DB Base Metals Fund

   

110,526

     

1,591,574

 

PowerShares DB Precious Metals Fund

   

33,290

     

1,298,643

 

VanEck Vectors Emerging Markets High Yield Bond ETF

   

57,595

     

1,405,894

 

Vanguard Extended Duration Treasury ETF

   

9,807

     

1,255,590

 

Vanguard FTSE Emerging Markets ETF

   

13,998

     

528,425

 

Vanguard REIT ETF

   

18,630

     

1,523,189

 

Vanguard Small-Capital Value ETF

   

12,652

     

1,359,204

 

WisdomTree Emerging Markets SmallCap Dividend Fund

   

11,665

     

478,848

 
                 

Total Exchange Traded Funds

               

(Cost $22,687,097)

           

23,121,224

 
                 

Total Investments — 95.6%

               

(Cost $22,687,097)

         

$

23,121,224

 

Other Assets and Liabilities — 4.4%

           

1,068,519

 

Net Assets — 100.0%

         

$

24,189,743

 

 

Percentages based on Net Assets.

 

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 5).

 

ETF — Exchanged Traded Fund

FTSE — Financial Times Stock Exchange

REIT — Real Estate Investment Trust

 

As of October 31, 2016, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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.

 

9

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Asset Allocation ETF

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

EXCHANGE TRADED FUNDS — 99.6%

       

Cambria Emerging Shareholder Yield ETF‡

   

100,000

   

$

2,659,000

 

Cambria Foreign Shareholder Yield ETF‡

   

23,562

     

489,215

 

Cambria Global Value ETF‡

   

51,801

     

1,040,682

 

Cambria Shareholder Yield ETF‡

   

25,916

     

765,818

 

Cambria Sovereign High Yield Bond ETF‡

   

36,486

     

1,019,054

 

iShares 20+ Year Treasury Bond ETF

   

4,532

     

594,825

 

iShares 7-10 Year Treasury Bond ETF

   

7,810

     

859,569

 

iShares Edge MSCI USA Momentum Factor ETF

   

16,082

     

1,220,141

 

iShares iBoxx $ Investment Grade Corporate Bond ETF

   

6,908

     

835,730

 

PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio

   

101,640

     

1,769,552

 

SPDR Bloomberg Barclays High Yield Bond ETF

   

14,080

     

510,541

 

SPDR Bloomberg Barclays International Corporate Bond ETF

   

16,906

     

539,978

 

SPDR Bloomberg Barclays TIPS ETF

   

14,652

     

846,335

 

SPDR Citi International Government Inflation-Protected Bond ETF

   

15,078

     

832,909

 

VanEck Vectors Emerging Markets High Yield Bond ETF

   

45,012

     

1,098,743

 

VanEck Vectors International High Yield Bond ETF

   

21,318

     

517,533

 

Vanguard Emerging Markets Government Bond ETF

   

16,376

     

1,313,519

 

Vanguard FTSE All World ex-US Small-Capital ETF

   

5,610

     

541,870

 

Vanguard FTSE Developed Markets ETF

   

27,808

     

1,015,270

 

Vanguard Global ex-U.S. Real Estate ETF

   

14,696

   

 

785,501

 

Vanguard Mid-Capital ETF

   

8,910

     

1,117,938

 

Vanguard REIT ETF

   

10,274

     

840,002

 

Vanguard Short-Term Bond ETF

   

6,842

     

550,918

 

Vanguard Short-Term Corporate Bond ETF

   

6,864

     

551,316

 

Vanguard Total Bond Market ETF

   

26,738

     

2,224,334

 

Vanguard Total International Bond ETF

   

26,048

     

1,439,933

 

Vanguard Total Stock Market ETF

   

10,406

     

1,133,109

 
                 

Total Exchange Traded Funds

               

(Cost $27,167,888)

           

27,113,335

 
                 

Total Investments — 99.6%

               

(Cost $27,167,888)

         

$

27,113,335

 

Other Assets and Liabilities — 0.4%

           

121,951

 

Net Assets — 100.0%

         

$

27,235,286

 

 

Percentages based on Net Assets.

 

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 5).

 

ETF — Exchanged Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

TIPS — Treasury Inflation Protected Security

 

As of October 31, 2016, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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.

 

10

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Value and Momentum ETF

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

COMMON STOCK — 89.6%

       

Consumer Discretionary — 9.0%

           

Career Education*

   

5,459

   

$

39,250

 

Children's Place

   

296

     

22,481

 

Cooper-Standard Holding*

   

338

     

30,849

 

Duluth Holdings, Cl B*

   

1,693

     

45,965

 

Eldorado Resorts*

   

2,102

     

25,434

 

Ethan Allen Interiors

   

786

     

24,130

 

Genesco*

   

344

     

18,507

 

Hooker Furniture

   

1,980

     

52,074

 

Smith & Wesson Holding*

   

1,059

     

27,989

 

Spartan Motors

   

4,985

     

42,623

 

Superior Industries International

   

1,098

     

26,901

 

Urban Outfitters*

   

1,311

     

43,853

 
             

400,056

 

Consumer Staples — 7.2%

               

Cal-Maine Foods

   

856

     

33,084

 

Central Garden & Pet, Cl A*

   

1,475

     

34,427

 

Fresh Del Monte Produce

   

1,144

     

69,039

 

Omega Protein*

   

1,913

     

42,660

 

Sanderson Farms

   

258

     

23,215

 

SpartanNash

   

1,640

     

45,920

 

Tyson Foods, Cl A

   

356

     

25,223

 

Universal

   

924

     

50,081

 
             

323,649

 

Financials — 23.4%

               

Aflac

   

652

     

44,903

 

Allstate

   

358

     

24,308

 

American Financial Group

   

660

     

49,170

 

American National Insurance

   

212

     

24,838

 

Assurant

   

620

     

49,922

 

Banc of California

   

1,362

     

18,115

 

Chubb

   

225

     

28,575

 

Cincinnati Financial

   

370

     

26,189

 

Employers Holdings

   

863

     

27,055

 

EZCORP, Cl A*

   

4,744

   

 

46,254

 

First American Financial

   

1,176

     

45,935

 

FirstCash

   

1,401

     

66,132

 

Genworth Financial, Cl A*

   

9,694

     

40,133

 

Green Dot, Cl A*

   

1,058

     

23,488

 

Horace Mann Educators

   

1,400

     

50,330

 

MBIA*

   

2,883

     

22,199

 

National General Holdings

   

2,472

     

50,800

 

Old Republic International

   

2,944

     

49,636

 

Progressive

   

1,528

     

48,147

 

Reinsurance Group of America, Cl A

   

496

     

53,499

 

Selective Insurance Group

   

1,500

     

55,424

 

State National

   

1,942

     

19,867

 

Stewart Information Services

   

1,036

     

46,568

 

Travelers

   

206

     

22,285

 

Trupanion*

   

2,895

     

46,870

 

United Insurance Holdings

   

1,311

     

19,010

 

WR Berkley

   

848

     

48,421

 
             

1,048,073

 

Health Care — 2.8%

               

Five Prime Therapeutics*

   

586

     

28,439

 

Lantheus Holdings*

   

5,522

     

47,765

 

SciClone Pharmaceuticals*

   

5,552

     

49,690

 
             

125,894

 

Industrials — 26.4%

               

ABM Industries

   

1,520

     

59,402

 

ACCO Brands*

   

2,720

     

30,192

 

AO Smith

   

1,384

     

62,515

 

Astec Industries

   

837

     

46,336

 

Brady, Cl A

   

886

     

29,327

 

Brink's

   

1,644

     

65,020

 

BWX Technologies, Cl W

   

1,728

     

67,772

 

Chart Industries*

   

1,547

     

42,914

 

Energy Recovery*

   

2,350

     

28,694

 

Ennis

   

2,812

     

41,196

 

ExOne*

   

3,361

     

40,097

 

Fluor

   

458

     

23,811

 

Gibraltar Industries*

   

894

     

34,777

 

Hawaiian Holdings*

   

506

     

22,783

 

Insteel Industries

   

842

     

22,650

 

Jacobs Engineering Group*

   

936

     

48,279

 

Kelly Services, Cl A

   

1,257

     

23,543

 

Manitowoc

   

5,586

     

22,567

 

Matson

   

1,244

     

49,685

 

Mistras Group*

   

952

     

19,935

 

MYR Group*

   

1,632

     

48,699

 

NOW*

   

2,479

     

53,447

 

Owens Corning

   

1,020

     

49,756

 

SkyWest

   

2,604

     

78,510

 

Supreme Industries, Cl A

   

2,582

     

31,475

 

Tetra Tech

   

820

     

31,529

 

 

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

 

11

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Value and Momentum ETF

October 31, 2016 (Unaudited) (Concluded)


 

Description

 

Shares

   

Value

 

Tutor Perini*

   

2,319

   

$

44,177

 

Universal Forest Products

   

748

     

64,321

 
             

1,183,409

 

Information Technology — 18.8%

               

Advanced Energy Industries*

   

1,872

     

89,295

 

Alpha & Omega Semiconductor*

   

2,047

     

43,253

 

Apigee*

   

2,712

     

47,052

 

Arrow Electronics*

   

378

     

23,103

 

Convergys

   

2,000

     

58,400

 

Datalink*

   

4,498

     

42,641

 

Ebix

   

1,624

     

90,944

 

Hackett Group

   

3,196

     

51,520

 

II-VI*

   

1,137

     

31,609

 

Ingram Micro, Cl A

   

676

     

25,147

 

Liquidity Services*

   

4,716

     

41,737

 

ManTech International, Cl A

   

1,192

     

46,285

 

MeetMe*

   

8,303

     

40,602

 

NETGEAR*

   

598

     

30,199

 

Quotient Technology*

   

3,483

     

36,920

 

Rofin-Sinar Technologies*

   

747

     

24,315

 

Sanmina*

   

1,675

     

46,314

 

Sykes Enterprises*

   

806

     

21,552

 

SYNNEX

   

268

     

27,481

 

Tech Data*

   

316

     

24,338

 
             

842,707

 

Materials — 0.7%

               

Schnitzer Steel Industries, Cl A

   

1,299

     

31,371

 
                 

Telecommunication Services — 1.3%

               

Boingo Wireless*

   

5,996

     

58,281

 
                 

Total Common Stock

               

(Cost $3,730,373)

           

4,013,440

 
                 

Total Investments - 89.6%

               

(Cost $3,730,373)

         

$

4,013,440

 

Other Assets and Liabilities - 10.4%

           

467,056

 

Net Assets - 100.0%

         

$

4,480,496

 

 

Percentages based on Net Assets.

 

*

Non-income producing security.

 

Cl — Class

 

The open futures contracts held by the Fund at October 31, 2016, is as follows:

 

Type of Contract

 

Number of
Contracts
Short

   

Expiration
Date

   

Unrealized
Appreciation

 

S&P 500 Index EMINI

   

(18)

 

   

12/2016

   

$

35,073

 

 

For the period ended October 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

 

As of October 31, 2016, all of the Fund’s investments in securities and futures contracts were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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.

 

12

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Sovereign High Yield Bond ETF

October 31, 2016 (Unaudited)


 

 

Description

   

Face Amount(1)

   

Value

 

SOVEREIGN DEBT — 74.3%

       

Australia — 4.0%

             

Queensland Treasury

             

5.750%, 07/22/24

AUD  

174,000

   

$

162,666

 

4.750%, 07/21/25 (A)

AUD  

186,000

     

165,117

 
             

327,783

 

Brazil — 8.2%

               

Brazilian Government International Bond

               

4.875%, 01/22/21

     

630,000

     

665,897

 
                   

Chile — 4.9%

                 

Chile Government International Bond

                 

6.000%, 01/01/18

CLP  

67,500,000

     

106,141

 

6.000%, 01/01/20

CLP  

180,000,000

     

293,640

 
               

399,781

 

China — 4.5%

                 

China Government Bond

                 

3.160%, 06/27/23

CNY  

2,500,000

     

367,992

 
                   

Greece — 6.1%

                 

Hellenic Republic Government Bond

                 

4.750%, 04/17/19 (A)

EUR  

174,000

     

175,308

 

3.000%, 02/24/23 (B)

EUR  

195,125

     

160,114

 

3.000%, 02/24/24 (B)

EUR  

200,425

     

160,041

 
               

495,463

 

Hungary — 3.9%

                 

Hungary Government Bond

                 

6.000%, 11/24/23

HUF  

35,700,000

     

156,724

 

5.500%, 06/24/25

HUF  

36,360,000

     

156,107

 
               

312,831

 

Indonesia — 1.4%

                 

Indonesia Government International Bond

                 

6.875%, 01/17/18

     

103,000

     

109,067

 
                   

Malaysia — 4.2%

                 

Malaysia Government Bond

                 

4.498%, 04/15/30

MYR  

750,000

     

185,841

 

4.181%, 07/15/24

MYR  

642,000

     

157,765

 
               

343,606

 

Mexico — 3.8%

                 

Mexican Bonos

                 

8.500%, 05/31/29

MXN  

2,410,800

   

 

153,122

 

7.500%, 06/03/27

MXN  

2,596,800

     

153,176

 
               

306,298

 

New Zealand — 2.6%

                 

New Zealand Government Bond

                 

4.500%, 04/15/27

NZD  

258,000

     

213,939

 
                   

Peru — 5.4%

                 

Peruvian Government International Bond

                 

8.200%, 08/12/26

PEN  

1,248,000

     

440,538

 
                   

Poland — 3.3%

                 

Poland Government Bond

                 

5.750%, 04/25/29

PLN  

852,000

     

269,941

 
                   

Russia — 7.4%

                 

Russian Federal Bond - OFZ

                 

7.600%, 04/14/21

RUB  

12,966,000

     

197,267

 

7.600%, 07/20/22

RUB  

13,230,000

     

199,594

 

7.000%, 01/25/23

RUB  

13,794,000

     

201,750

 
               

598,611

 

South Africa — 6.9%

                 

Republic of South Africa Government Bond

                 

8.000%, 01/31/30

ZAR  

2,732,928

     

185,295

 

7.000%, 02/28/31

ZAR  

3,027,870

     

186,292

 

South Africa Government Bond

                 

8.250%, 03/31/32

ZAR  

2,727,132

     

186,484

 
               

558,071

 

Thailand — 3.8%

                 

Thailand Government Bond

                 

4.750%, 12/20/24

THB  

290,000

     

9,889

 

3.625%, 06/16/23

THB  

9,557,000

     

299,650

 
               

309,539

 

Turkey — 3.9%

                 

Turkey Government Bond

                 

8.000%, 03/12/25

TRY  

539,180

     

155,834

 

7.100%, 03/08/23

TRY  

553,105

     

156,408

 
               

312,242

 

Total Sovereign Debt

                 

(Cost $5,844,872)

             

6,031,599

 

 

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

 

13

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Sovereign High Yield Bond ETF

October 31, 2016 (Unaudited) (Concluded)


 

Description

 

Shares

   

Value

 

EXCHANGE-TRADED FUND — 8.2%

           

WisdomTree Indian Rupee Strategy Fund

   

30,345

   

$

664,556

 
                 

Total Exchange-Traded Fund

               

(Cost $641,015)

           

664,556

 
                 

Total Investments — 82.5%

               

(Cost $6,485,887)

         

$

6,696,155

 

Other Assets and Liabilities — 17.5%

           

1,418,847

 

Net Assets — 100.0%

         

$

8,115,002

 

 

Percentages based on Net Assets.

 

(1)

In U.S. dollars unless otherwise indicated.

(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 are deemed to be liquid by the Adviser. The total value of such securities at October 31, 2016 was $340,425 and represents 4.2% of Net Assets.

(B)

Step Bond - The rate reflected on the Schedule of Investments is the effective yield on October 31, 2016. The coupon on a step bond changes on a specified date.

 

AUD — Australian Dollar

CLP — Chilean Peso

CNY — Chinese Yuan

EUR — Euro

HUF — Hungarian Forint

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PEN — Peruvian Sol

PLN — Polish Zloty

RUB — Russian Ruble

THB — Thailand Baht

TRY— Turkish Lira

ZAR — South African Rand

 

The following is a list of the inputs used as of October 31, 2016 in valuing the Fund’s investments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Sovereign Debt

 

$

   

$

6,031,599

   

$

   

$

6,031,599

 

Exchange-Traded Fund

   

664,556

     

     

     

664,556

 

Total Investments in Securities

 

$

664,556

   

$

6,031,599

   

$

   

$

6,696,155

 

 

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.

 

14

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Emerging Shareholder Yield ETF

October 31, 2016 (Unaudited)


 

 

Description

 

Shares

   

Value

 

COMMON STOCK — 95.8%

       

Brazil — 7.0%

           

Cia de Gas de Sao Paulo - COMGAS

   

4,000

   

$

59,211

 

Cyrela Brazil Realty Empreendimentos e Participacoes

   

20,000

     

67,293

 

Ez Tec Empreendimentos e Participacoes

   

12,000

     

62,256

 

Magazine Luiza *

   

5,000

     

143,640

 

MRV Engenharia e Participacoes

   

17,500

     

67,434

 

Qualicorp

   

10,000

     

64,630

 
             

464,464

 

China — 1.8%

               

China Petroleum & Chemical ADR

   

835

     

60,471

 

CNOOC ADR

   

485

     

60,858

 
             

121,329

 

Colombia — 1.0%

               

Banco de Bogota

   

3,055

     

63,076

 
                 

Czech Republic — 1.0%

               

O2 Czech Republic

   

7,355

     

67,487

 
                 

Greece — 0.8%

               

Aegean Airlines

   

8,205

     

52,872

 
                 

Hong Kong — 12.6%

               

China Communications Services, Cl H

   

120,000

     

71,330

 

Greatview Aseptic Packaging

   

120,000

     

60,963

 

Guangzhou Automobile Group, Cl H

   

50,000

     

60,473

 

Guangzhou R&F Properties

   

44,000

     

62,180

 

Guolian Securities, Cl H

   

112,500

     

59,474

 

Qingdao Port International, Cl H (A)

   

100,000

     

60,989

 

Red Star Macalline Group, Cl H (A)

   

60,000

     

64,676

 

Shenzhen Expressway, Cl H

   

70,000

     

70,311

 

Sinopec Engineering Group, Cl H

   

65,000

     

57,494

 

Sinopec Shanghai Petrochemical ADR

   

1,265

   

 

64,616

 

Tianneng Power International

   

90,000

     

81,231

 

Weiqiao Textile, Cl H

   

82,500

     

55,528

 

Xingda International Holdings

   

150,000

     

62,278

 
             

831,543

 

Hungary — 2.1%

               

MOL Hungarian Oil & Gas

   

1,005

     

64,660

 

OTP Bank

   

2,660

     

74,717

 
             

139,377

 

India — 7.3%

               

Chennai Petroleum

   

13,777

     

58,482

 

GHCL

   

20,290

     

84,503

 

Hindustan Zinc

   

21,160

     

80,000

 

Indian Oil

   

16,042

     

77,739

 

Mphasis

   

7,585

     

58,279

 

Rural Electrification

   

33,200

     

67,060

 

Sonata Software

   

25,096

     

58,845

 
             

484,908

 

Mexico — 0.9%

               

Rassini, Cl A

   

27,000

     

62,654

 
                 

Poland — 2.2%

               

Budimex

   

1,380

     

71,493

 

Polski Koncern Naftowy ORLEN

   

3,730

     

73,968

 
             

145,461

 

Russia — 7.3%

               

Bashneft PJSC

   

1,390

     

72,787

 

Center for Cargo Container Traffic TransContainer PJSC

   

1,275

     

73,502

 

Gazprom PJSC ADR

   

14,125

     

61,161

 

LUKOIL PJSC ADR

   

1,430

     

69,512

 

M.Video PJSC

   

13,105

     

70,216

 

Rosneft PJSC GDR

   

11,740

     

63,983

 

Tatneft PJSC ADR

   

2,050

     

69,188

 
             

480,349

 

South Africa — 12.4%

               

Assore

   

4,610

     

62,389

 

Bidvest Group

   

6,370

     

79,088

 

Coronation Fund Managers

   

13,195

     

70,977

 

FirstRand

   

19,030

     

68,195

 

Imperial Holdings

   

5,915

     

74,715

 

Liberty Holdings

   

7,015

     

60,324

 

Old Mutual

   

22,965

     

56,307

 

Sanlam

   

14,220

     

68,928

 

Sasol ADR

   

2,230

     

61,347

 

Standard Bank Group

   

6,855

     

72,730

 

Telkom SOC

   

13,620

     

62,839

 

Wilson Bayly Holmes-Ovcon

   

7,210

     

81,277

 
             

819,116

 

 

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

 

15

 


Cambria Investment Management

Schedule of Investments Ÿ Cambria Emerging Shareholder Yield ETF

October 31, 2016 (Unaudited) (Concluded)


 

Description

 

Shares

   

Value

 

South Korea — 15.2%

           

Daeduck GDS

   

5,510

   

$

57,303

 

Dongbu Insurance

   

1,080

     

67,107

 

Dongwon Development

   

16,445

     

65,679

 

GS Holdings

   

1,465

     

65,424

 

Hana Financial Group

   

3,020

     

86,568

 

Hyosung

   

545

     

63,823

 

Hyundai Marine & Fire Insurance

   

2,420

     

74,762

 

Korea Electric Power ADR

   

2,375

     

51,799

 

Korean Reinsurance

   

5,975

     

61,617

 

LG Uplus

   

6,465

     

66,670

 

LS

   

1,250

     

59,974

 

POSCO ADR

   

1,325

     

68,834

 

Samsung Electronics

   

50

     

71,619

 

SK Innovation

   

515

     

68,187

 

Woori Bank

   

7,240

     

79,091

 
             

1,008,457

 

Taiwan — 20.6%

               

Actron Technology

   

15,000

     

49,196

 

Asustek Computer

   

5,000

     

43,809

 

Aten International

   

25,000

     

62,822

 

Chang Wah Electromaterials

   

15,000

     

70,585

 

Chaun-Choung Technology

   

10,000

     

44,205

 

Chicony Electronics

   

25,055

     

64,151

 

Chin-Poon Industrial

   

30,000

     

57,514

 

Chunghwa Telecom ADR

   

1,620

     

55,323

 

CyberPower Systems

   

15,000

     

42,969

 

Elite Advanced Laser

   

15,000

     

54,662

 

Elite Material

   

20,000

     

55,835

 

Eurocharm Holdings

   

20,000

     

56,595

 

Ibase Technology

   

25,000

     

52,048

 

Micro-Star International

   

20,000

     

57,609

 

On-Bright Electronics

   

12,000

     

78,143

 

Phison Electronics

   

10,000

     

70,982

 

Powertech Technology

   

25,000

     

71,378

 

Shin Zu Shing

   

20,000

     

60,271

 

Simplo Technology

   

20,000

     

61,792

 

Sitronix Technology

   

20,000

     

74,150

 

Topco Scientific

   

20,000

     

51,335

 

Tripod Technology

   

30,000

     

71,012

 

Wistron NeWeb

   

20,600

     

57,379

 
             

1,363,765

 

Thailand — 1.0%

               

PTT Exploration & Production

   

26,405

     

62,811

 
                 

Turkey — 2.6%

               

Aygaz

   

15,450

   

 

54,525

 

Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret

   

28,170

     

60,087

 

Vestel Beyaz Esya Sanayi ve Ticaret

   

13,615

     

56,497

 
             

171,109

 

Total Common Stock

               

(Cost $6,167,443)

           

6,338,778

 
                 

Total Investments — 95.8%

               

(Cost $6,167,443)

         

$

6,338,778

 

Other Assets and Liabilities — 4.2%

           

279,205

 

Net Assets — 100.0%

         

$

6,617,983

 

 

Percentages based on Net Assets.

 

*

Non-income producing security.

(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 are deemed to be liquid by the Adviser. The total value of such securities at October 31, 2016 was $125,665 and represents 1.9% of Net Assets.

 

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

 

As of October 31, 2016, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

 

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.

 

16

 


Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2016 (Unaudited)


 

 

 

Cambria

Shareholder

Yield ETF

   

Cambria

Foreign

Shareholder

Yield ETF

   

Cambria

Global Value

ETF

   

Cambria

Global

Momentum ETF

 

Assets:

                       

Investments at Fair Value

 

$

115,031,266

   

$

24,617,635

   

$

82,459,942

   

$

19,115,566

 

Affiliated Investments at Value

   

     

     

     

4,005,658

 

Foreign Currency at Value

   

2,386

     

20,349

     

64,529

     

 

Cash and Cash Equivalents

   

3,212,476

     

297,400

     

574,668

     

1,080,018

 

Receivable for Investment Securities Sold

   

1,431,897

     

     

     

 

Dividends Receivable, Net

   

43,914

     

65,863

     

83,084

     

 

Reclaims Receivable

   

5,039

     

105,075

     

126,577

     

 

Total Assets

   

119,726,978

     

25,106,322

     

83,308,800

     

24,201,242

 
                                 

Liabilities:

                               

Payable for Capital Shares Redeemed

   

1,473,313

     

     

     

 

Payable Due to Investment Adviser

   

60,962

     

12,480

     

39,899

     

11,499

 

Custodian Fees Payable

   

     

     

45,547

     

 

Total Liabilities

   

1,534,275

     

12,480

     

85,446

     

11,499

 
                                 

Net Assets

 

$

118,192,703

   

$

25,093,842

   

$

83,223,354

   

$

24,189,743

 
                                 

Net Assets Consist of:

                               

Paid-in Capital

 

$

110,716,593

   

$

32,651,442

   

$

98,353,041

   

$

27,226,064

 

Undistributed (Distributions in Excess of) Net Investment Income

   

364,140

     

(240,951

)

   

76,646

     

39,882

 

Accumulated Net Realized Loss on Unaffiliated Investments and Affiliated Investments

   

(761,817

)

   

(5,081,343

)

   

(2,608,264

)

   

(3,510,330

)

Net Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments

   

7,873,900

     

(2,221,146

)

   

(12,592,778

)

   

434,127

 

Net Unrealized Depreciation on Foreign Currency Transactions

   

(113

)

   

(14,160

)

   

(5,291

)

   

 

Net Assets

 

$

118,192,703

   

$

25,093,842

   

$

83,223,354

   

$

24,189,743

 
                                 

Outstanding Shares of Beneficial Interest

                               

(unlimited authorization — no par value)

   

4,000,000

     

1,200,010

     

4,150,010

     

1,050,001

 

Net Asset Value, Offering and Redemption Price Per Share

 

$

29.55

   

$

20.91

   

$

20.05

   

$

23.04

 
                                 

Investments at Cost

 

$

107,157,366

   

$

26,838,781

   

$

95,052,720

   

$

18,803,318

 

Affiliated Investments at Cost

   

     

     

     

3,883,779

 

Cost of Foreign Currency

   

2,441

     

20,369

     

64,033

     

 

 

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

 

17

 


Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2016 (Unaudited)


 

   

Cambria

Global Asset

Allocation ETF

   

Cambria

Value and

Momentum

ETF

   

Cambria

Sovereign

High Yield

Bond ETF

   

Cambria

Emerging

Shareholder

Yield ETF

 

Assets:

                       

Investments at Fair Value

 

$

21,139,566

   

$

4,013,440

   

$

6,696,155

   

$

6,338,778

 

Affiliated Investments at Value

   

5,973,769

     

     

     

 

Foreign Currency at Value

   

     

     

7,747

     

5,338

 

Cash and Cash Equivalents

   

121,951

     

     

1,760,177

     

276,303

 

Cash at Broker

   

     

500,000

     

     

 

Receivable for Investment Securities Sold

   

     

     

544,407

     

 

Variation Margin Receivable

   

     

1,110

     

     

 

Interest Receivable

   

     

     

91,411

     

2,442

 

Dividends Receivable, Net

   

     

1,582

     

     

 

Reclaims Receivable

   

     

31

     

     

 

Total Assets

   

27,235,286

     

4,516,163

     

9,099,897

     

6,622,861

 
                                 

Liabilities:

                               

Payable for Investment Securities Purchased

   

     

     

981,841

     

 

Payable Due to Custodian

   

     

33,373

     

     

 

Payable Due to Investment Adviser

   

     

2,294

     

3,054

     

3,309

 

Custodian Fees Payable

   

     

     

     

1,569

 

Total Liabilities

   

     

35,667

     

984,895

     

4,878

 
                                 

Net Assets

 

$

27,235,286

   

$

4,480,496

   

$

8,115,002

   

$

6,617,983

 
                                 

Net Assets Consist of:

                               

Paid-in Capital

 

$

27,658,154

   

$

4,781,207

   

$

7,872,732

   

$

6,455,063

 

Undistributed (Distributions in Excess of)
Net Investment Income

   

81,998

     

(28

)

   

25,388

     

32,794

 

Accumulated Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments

   

(450,313

)

   

(618,823

)

   

6,910

     

(41,094

)

Net Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments

   

(54,553

)

   

283,067

     

210,268

     

171,335

 

Net Unrealized Depreciation on Foreign Currency Transactions

   

     

     

(296

)

   

(115

)

Net Unrealized Appreciation on Futures Contracts

   

     

35,073

     

     

 

Net Assets

 

$

27,235,286

   

$

4,480,496

   

$

8,115,002

   

$

6,617,983

 
                                 

Outstanding Shares of Beneficial Interest

                               

(unlimited authorization — no par value)

   

1,100,001

     

200,004

     

300,000

     

250,004

 

Net Asset Value, Offering and Redemption Price Per Share

 

$

24.76

   

$

22.40

   

$

27.05

   

$

26.47

 
                                 

Investments at Cost

 

$

21,192,016

   

$

3,730,373

   

$

6,485,887

   

$

6,167,443

 

Affiliated Investments at Cost

   

5,975,872

     

     

     

 

Cost of Foreign Currency

   

     

     

7,882

     

5,448

 

 

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

 

18

 


Cambria Investment Management

Statements of Operations

For the period ended October 31, 2016 (Unaudited)


 

   

Cambria

Shareholder

Yield ETF

   

Cambria

Foreign

Shareholder

Yield ETF

   

Cambria

Global Value

ETF

   

Cambria

Global

Momentum

ETF

 

Investment Income:

                       

Dividend Income from Unaffiliated Investments

 

$

1,544,271

   

$

616,340

   

$

1,823,556

   

$

291,685

 

Dividend Income from Affiliated Investments

   

     

     

     

26,044

 

Interest Income

   

1,430

     

401

     

683

     

1,202

 

Less: Foreign Taxes Withheld

   

(796

)

   

(36,633

)

   

(219,723

)

   

 

Total Investment Income

   

1,544,905

     

580,108

     

1,604,516

     

318,931

 
                                 

Expenses:

                               

Management Fees

   

376,736

     

74,259

     

216,512

     

64,769

 

Custodian Fees

   

     

     

33,027

     

 

Total Expenses

   

376,736

     

74,259

     

249,539

     

64,769

 
                                 

Net Investment Income

   

1,168,169

     

505,849

     

1,354,977

     

254,162

 
                                 

Net Realized and Unrealized Gains (Losses) on Investments:

                               

Net Realized Gain (Loss) on Unaffiliated Investments(1)

   

3,438,501

     

(962,852

)

   

10,460

     

214,668

 

Net Realized Loss on Affiliated Investments(1)

   

     

     

     

(52,600

)

Net Realized Gain (Loss) on Foreign Currency Transactions

   

19

     

271

     

(4,694

)

   

 

Net Change in Unrealized Appreciation on Unaffiliated Investments

   

174,749

     

803,284

     

3,676,266

     

30,473

 

Net Change in Unrealized Appreciation on Affiliated Investments

   

     

     

     

31,892

 

Net Change in Unrealized Depreciation on Foreign Currency Translation

   

(151

)

   

(12,742

)

   

(8,705

)

   

 

Net Realized and Unrealized Gain (Loss) on Investments

   

3,613,118

     

(172,039

)

   

3,673,327

     

224,433

 
                                 

Net Increase in Net Assets Resulting from Operations

 

$

4,781,287

   

$

333,810

   

$

5,028,304

   

$

478,595

 

 

(1)

Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

 

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

 

19

 


Cambria Investment Management

Statements of Operations

For the period ended October 31, 2016 (Unaudited)


 

   

Cambria

Global Asset

Allocation ETF

   

Cambria

Value and

Momentum

ETF

   

Cambria

Sovereign

High Yield

Bond ETF

   

Cambria

Emerging

Shareholder

Yield ETF(1)

 

Investment Income:

                       

Dividend Income from Unaffiliated Investments

 

$

276,046

   

$

30,323

   

$

   

$

49,247

 

Dividend Income from Affiliated Investments

   

59,747

     

     

     

 

Interest Income

   

255

     

     

115,703

     

 

Less: Foreign Taxes Withheld

   

     

31

     

852

     

(5,629

)

Total Investment Income

   

336,048

     

30,354

     

116,555

     

43,618

 
                                 

Expenses:

                               

Management Fees

   

     

13,538

     

15,594

     

9,256

 

Broker Expense

   

     

1,498

     

     

 

Custodian Fees

   

     

     

     

1,568

 

Total Expenses

   

     

15,036

     

15,594

     

10,824

 
                                 

Net Investment Income

   

336,048

     

15,318

     

100,961

     

32,794

 
                                 

Net Realized and Unrealized Gains (Losses) on Investments:

                               

Net Realized Gain (Loss) on Unaffiliated Investments(2)

   

(194,978

)

   

(75,324

)

   

4,720

     

(30,478

)

Net Realized Gain on Affiliated Investments(2)

   

31,848

     

     

     

 

Net Realized Loss on Futures Contracts

   

     

(157,737

)

   

     

 

Net Realized Gain (Loss) on Foreign Currency Transactions

   

     

     

2,190

     

(10,616

)

Net Change in Unrealized Appreciation on Unaffiliated Investments

   

627,357

     

98,799

     

8,438

     

171,335

 

Net Change in Unrealized Appreciation on Affiliated Investments

   

161,751

     

     

     

 

Net Change in Unrealized Appreciation on Futures Contracts

   

     

78,676

     

     

 

Net Change in Unrealized Depreciation on Foreign Currency Translation

   

     

     

(1,349

)

   

(115

)

Net Realized and Unrealized Gain (Loss) on Investments

   

625,978

     

(55,586

)

   

13,999

     

130,126

 
                                 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

962,026

   

$

(40,268

)

 

$

114,960

   

$

162,920

 

 

(1)

Commenced operations on July 14, 2016.

(2)

Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

 

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

 

20

 


Cambria Investment Management

Statements of Changes in Net Assets

 


 

   

Cambria Shareholder Yield ETF

   

Cambria Foreign Shareholder

Yield ETF

 
   

Period Ended
October 31,
2016
(Unaudited)

   

Year Ended

April 30,
2016

   

Period Ended
October 31,
2016
(Unaudited)

   

Year Ended

April 30,
2016

 

Operations:

                       

Net Investment Income

 

$

1,168,169

   

$

3,756,107

   

$

505,849

   

$

1,408,400

 

Net Realized Gain (Loss) on Investments(1)

   

3,438,501

     

8,220,198

     

(962,852

)

   

(7,426,632

)

Net Realized Gain on Foreign Currency Transactions

   

19

     

338

     

271

     

71,284

 

Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts

   

174,749

     

(20,357,482

)

   

803,284

     

1,054,154

 

Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency

   

(151

)

   

38

     

(12,742

)

   

(5,776

)

Net Increase (Decrease) in Net Assets Resulting from Operations

   

4,781,287

     

(8,380,801

)

   

333,810

     

(4,898,570

)

                                 

Distributions to Shareholders:

                               

Investment Income

   

(803,831

)

   

(3,873,914

)

   

(683,048

)

   

(1,478,338

)

Net Realized Gains

   

     

(7,516,422

)

   

     

 

Return of Capital

   

     

(176,238

)

   

     

(201,561

)

Total Distributions to Shareholders

   

(803,831

)

   

(11,566,574

)

   

(683,048

)

   

(1,679,899

)

                                 

Capital Share Transactions:

                               

Issued

   

     

4,477,385

     

     

 

Redeemed

   

(23,181,981

)

   

(74,228,527

)

   

(1,052,218

)

   

(27,620,154

)

Decrease in Net Assets from Capital Share Transactions

   

(23,181,981

)

   

(69,751,142

)

   

(1,052,218

)

   

(27,620,154

)

                                 

Total Decrease in Net Assets

   

(19,204,525

)

   

(89,698,517

)

   

(1,401,456

)

   

(34,198,623

)

                                 

Net Assets:

                               

Beginning of Period

   

137,397,228

     

227,095,745

     

26,495,298

     

60,693,921

 

End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $364,140, $(198), $(240,951) and $(63,752), respectively)

 

$

118,192,703

   

$

137,397,228

   

$

25,093,842

   

$

26,495,298

 
                                 

Share Transactions:

                               

Issued

   

     

150,000

     

     

 

Redeemed

   

(800,000

)

   

(2,550,000

)

   

(50,000

)

   

(1,300,000

)

Net Decrease in Shares Outstanding from Share Transactions

   

(800,000

)

   

(2,400,000

)

   

(50,000

)

   

(1,300,000

)

 

(1)

Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

 

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

 

21

 


Cambria Investment Management

Statements of Changes in Net Assets

 


 

   

Cambria Global Value ETF

   


Cambria Global Momentum ETF

 
   

Period Ended
October 31,
2016
(Unaudited)

   

Year Ended

April 30,
2016

   

Period Ended
October 31,
2016
(Unaudited)

   

Year Ended

April 30,
2016

 

Operations:

                       

Net Investment Income

 

$

1,354,977

   

$

1,679,970

   

$

254,162

   

$

403,361

 

Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments

   

10,460

     

(2,715,464

)(1)

   

162,068

(1) 

   

(3,572,734

)(1)

Net Realized Loss on Foreign Currency Transactions

   

(4,694

)

   

(234,783

)

   

     

 

Capital Gain Distributions Received from Unaffiliated and Affiliated Investments

   

     

     

     

129,573

 

Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments

   

3,676,266

     

(7,643,381

)

   

62,365

     

183,657

 

Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency

   

(8,705

)

   

234,205

     

     

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   

5,028,304

     

(8,679,453

)

   

478,595

     

(2,856,143

)

                                 

Distributions to Shareholders:

                               

Investment Income

   

(1,624,462

)

   

(1,427,287

)

   

(199,120

)

   

(449,733

)

Return of Capital

   

     

     

     

(24,940

)

Total Distributions to Shareholders

   

(1,624,462

)

   

(1,427,287

)

   

(199,120

)

   

(474,673

)

                                 

Capital Share Transactions:

                               

Issued

   

10,383,223

     

5,536,613

     

3,447,366

     

1,134,445

 

Redeemed

   

     

(6,574,021

)

   

(1,176,542

)

   

(16,725,720

)

Increase (Decrease) in Net Assets from Capital Share Transactions

   

10,383,223

     

(1,037,408

)

   

2,270,824

     

(15,591,275

)

                                 

Total Increase (Decrease) in Net Assets

   

13,787,065

     

(11,144,148

)

   

2,550,299

     

(18,922,091

)

                                 

Net Assets:

                               

Beginning of Period

   

69,436,289

     

80,580,437

     

21,639,444

     

40,561,535

 

End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $76,646, $346,131, $39,882 and $(15,160), respectively)

 

$

83,223,354

   

$

69,436,289

   

$

24,189,743

   

$

21,639,444

 
                                 

Share Transactions:

                               

Issued

   

550,000

     

250,000

     

150,000

     

50,000

 

Redeemed

   

     

(350,000

)

   

(50,000

)

   

(700,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

   

550,000

     

(100,000

)

   

100,000

     

(650,000

)

 

(1)

Includes realized gain as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

 

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

 

22

 


Cambria Investment Management

Statements of Changes in Net Assets

 


 

   

Cambria Global Asset
Allocation ETF

   

Cambria Value and
Momentum ETF

 
   

Period Ended
October 31,
2016
(Unaudited)

   

Year Ended

April 30,

2016

   

Period Ended
October 31,
2016
(Unaudited)

   

Period Ended

April 30,

2016(1)

 

Operations:

                       

Net Investment Income

 

$

336,048

   

$

758,017

   

$

15,318

   

$

10,552

 

Net Realized Loss on Investments and Futures Contracts

   

(163,130

)(2)

   

(1,218,889

)(2)

   

(233,061

)

   

(361,602

)(2)

Capital Gain Distributions Received from Unaffiliated and Affiliated Investments

   

     

128,122

     

     

 

Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments and Futures Contracts

   

789,108

     

(1,411,706

)

   

177,475

     

140,665

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   

962,026

     

(1,744,456

)

   

(40,268

)

   

(210,385

)

                                 

Distributions to Shareholders:

                               

Investment Income

   

(254,050

)

   

(812,989

)

   

(16,380

)

   

(9,518

)

Net Realized Gains

   

     

(2,164

)

   

     

 

Total Distributions to Shareholders

   

(254,050

)

   

(815,153

)

   

(16,380

)

   

(9,518

)

                                 

Capital Share Transactions:

                               

Issued

   

6,130,860

     

6,325,166

     

     

8,035,273

 

Redeemed

   

(3,755,694

)

   

(11,399,910

)

   

     

(3,278,226

)

Increase (Decrease) in Net Assets from Capital Share Transactions

   

2,375,166

     

(5,074,744

)

   

     

4,757,047

 
                                 

Total Increase (Decrease) in Net Assets

   

3,083,142

     

(7,634,353

)

   

(56,648

)

   

4,537,144

 
                                 

Net Assets:

                               

Beginning of Period

   

24,152,144

     

31,786,497

     

4,537,144

     

 

End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $81,998, $—, $(28) and $1,034, respectively)

 

$

27,235,286

   

$

24,152,144

   

$

4,480,496

   

$

4,537,144

 
                                 

Share Transactions:

                               

Issued

   

250,000

     

250,000

     

     

350,004

 

Redeemed

   

(150,000

)

   

(500,000

)

   

     

(150,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

   

100,000

     

(250,000

)

   

     

200,004

 

 

(1)

Inception date September 8, 2015.

(2)

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

 

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

 

23

 


Cambria Investment Management

Statements of Changes in Net Assets

 


 

   

Cambria Sovereign
High Yield Bond ETF

   

Cambria Emerging Shareholder

Yield ETF

 
   

Period Ended

October 31,
2016
(Unaudited)

   

Period Ended

April 30,

2016(1)

   

Period Ended
October 31,
2016
(2)
(Unaudited)

 

Operations:

                 

Net Investment Income

 

$

100,961

   

$

21,691

   

$

32,794

 

Net Realized Gain (Loss) on Investments

   

4,720

     

     

(30,478

)

Net Realized Gain (Loss) on Foreign Currency Transactions

   

2,190

     

2,417

     

(10,616

)

Net Change in Unrealized Appreciation on Investments

   

8,438

     

201,830

     

171,335

 

Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency

   

(1,349

)

   

1,053

     

(115

)

Net Increase in Net Assets Resulting from Operations

   

114,960

     

226,991

     

162,920

 
                         

Distributions to Shareholders:

                       

Investment Income

   

(99,681

)

   

     

 

Total Distributions to Shareholders

   

(99,681

)

   

     

 
                         

Capital Share Transactions:

                       

Issued

   

4,050,236

     

3,822,496

     

6,455,063

 

Increase in Net Assets from Capital Share Transactions

   

4,050,236

     

3,822,496

     

6,455,063

 
                         

Total Increase in Net Assets

   

4,065,515

     

4,049,487

     

6,617,983

 
                         

Net Assets:

                       

Beginning of Period

   

4,049,487

     

     

 

End of Period (Includes Distributions in Excess of Net Investment Income of $25,388, $24,108 and $32,794, respectively)

 

$

8,115,002

   

$

4,049,487

   

$

6,617,983

 
                         

Share Transactions:

                       

Issued

   

150,000

     

150,000

     

250,004

 

Net Increase in Shares Outstanding from Share Transactions

   

150,000

     

150,000

     

250,004

 

 

(1)

Inception date February 22, 2016.

(2)

Inception date July 14, 2016.

 

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

 

24

 


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(1)

   

Net Assets

End of

Period (000)

   

Ratio of

Expenses to

Average Net

Assets(2)

   

Ratio of Net

Investment

Income to

Average

Net Assets

   

Portfolio

Turnover(1)(3)

 

Cambria Shareholder Yield ETF

                                                             

10/31/2016**

 

$

28.62

   

$

0.27

   

$

0.85

   

$

1.12

   

$

(0.19

)

 

$

   

$

(0.19

)

 

$

29.55

     

3.94

%

 

$

118,193

     

0.59

%(4)

   

1.82

%(4)

   

28

%

2016

 

$

31.54

   

$

0.64

   

$

(1.45

)

 

$

(0.81

)

 

$

(0.72

)(5)

 

$

(1.39

)

 

$

(2.11

)

 

$

28.62

     

(2.59

)%

 

$

137,397

     

0.59

%

   

2.10

%

   

43

%

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(6)

 

$

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

 

10/31/2016**

 

$

21.20

   

$

0.42

   

$

(0.14

)

 

$

0.28

   

$

(0.57

)

 

$

   

$

(0.57

)

 

$

20.91

     

1.62

%

 

$

25,094

     

0.59

%(4)

   

4.01

%(4)

   

24

%

2016

 

$

23.80

   

$

0.81

   

$

(2.61

)

 

$

(1.80

)

 

$

(0.80

)(7)

 

$

   

$

(0.80

)

 

$

21.20

     

(7.67

)%

 

$

26,495

     

0.59

%

   

3.83

%

   

53

%

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(8)

 

$

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

                                                         

10/31/2016**

 

$

19.29

   

$

0.35

   

$

0.84

   

$

1.19

   

$

(0.43

)

 

$

   

$

(0.43

)

 

$

20.05

     

6.50

%

 

$

83,223

     

0.68

%(4)

   

3.68

%(4)

   

%

2016

 

$

21.78

   

$

0.45

   

$

(2.57

)

 

$

(2.12

)

 

$

(0.37

)

 

$

   

$

(0.37

)

 

$

19.29

     

(9.76

)%

 

$

69,436

     

0.69

%

   

2.36

%

   

15

%

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(9)

 

$

25.00

   

$

0.14

   

$

0.59

   

$

0.73

   

$

   

$

   

$

   

$

25.73

     

2.92

%

 

$

23,160

     

0.69

%(4)

   

4.11

%(4)

   

%

Cambria Global Momentum ETF

                                                         

10/31/2016**

 

$

22.78

   

$

0.27

   

$

0.20

   

$

0.47

   

$

(0.21

)

 

$

   

$

(0.21

)

 

$

23.04

     

2.05

%

 

$

24,190

     

0.59

%(4)

   

2.31

%(4)

   

104

%

2016

 

$

25.35

   

$

0.34

   

$

(2.51

)

 

$

(2.17

)

 

$

(0.40

)(10)

 

$

   

$

(0.40

)

 

$

22.78

     

(8.61

)%

 

$

21,639

     

0.59

%

   

1.43

%

   

316

%

2015(11)

 

$

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

%

 

*

Per share data calculated using average shares method.

**

For the six-month period ended October 31, 2016 (unaudited).

(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)

Expense ratios do not include expenses of the underlying funds.

(3)

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

(4)

Annualized.

(5)

Includes a return of capital of $0.03 per share.

(6)

Inception date May 13, 2013.

(7)

Includes a return of capital of $0.12 per share.

(8)

Inception date December 2, 2013.

(9)

Inception date March 11, 2014.

(10)

Includes a return of capital of $0.02 per share.

(11)

Inception date November 3, 2014.

 

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

 

25

 


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(1)

   

Net Assets

End of

Period (000)

   

Ratio of

Expenses to

Average Net

Assets(2)

   

Ratio of Net

Investment

Income to

Average

Net Assets

   

Portfolio Turnover(1)(3)

 

Cambria Global Asset Allocation ETF

 

10/31/2016**

 

$

24.15

   

$

0.30

   

$

0.53

   

$

0.83

   

$

(0.22

)

 

$

   

$

(0.22

)

 

$

24.76

     

3.46

%

 

$

27,235

     

%(4)

   

2.42

%(4)

   

24

%

2016

 

$

25.43

   

$

0.58

   

$

(1.26

)

 

$

(0.68

)

 

$

(0.60

)

 

$

   

$

(0.60

)

 

$

24.15

     

(2.58

)%

 

$

24,152

     

%

   

2.44

%

   

8

%

2015(5)

 

$

25.00

   

$

0.18

   

$

0.46

   

$

0.64

   

$

(0.21

)

 

$

   

$

(0.21

)

 

$

25.43

     

2.58

%

 

$

31,786

     

%(4)

   

1.81

%(4)

   

4

%

Cambria Value and Momentum ETF

 

10/31/2016**

 

$

22.69

   

$

0.08

   

$

(0.29

)

 

$

(0.21

)

 

$

(0.08

)

 

$

   

$

(0.08

)

 

$

22.40

     

(0.92

)%

 

$

4,480

     

0.65

%(4)(6)

   

0.67

%(4)

   

29

%

2016(7)

 

$

25.00

   

$

0.08

   

$

(2.32

)

 

$

(2.24

)

 

$

(0.07

)

 

$

   

$

(0.07

)

 

$

22.69

     

(8.96

)%

 

$

4,537

     

0.66

%(4)(6)

   

0.55

%(4)

   

48

%

Cambria Sovereign High Yield Bond ETF

 

10/31/2016**

 

$

26.99

   

$

0.52

   

$

0.04

   

$

0.56

   

$

(0.50

)

 

$

   

$

(0.50

)

 

$

27.05

     

2.06

%

 

$

8,115

     

0.59

%(4)

   

3.81

%(4)

   

3

%

2016(8)

 

$

25.00

   

$

0.19

   

$

1.80

   

$

1.99

   

$

   

$

   

$

   

$

26.99

     

7.96

%

 

$

4,049

     

0.59

%(4)

   

3.82

%(4)

   

%

Cambria Emerging Shareholder Yield ETF

 

10/31/2016 (9)

 

$

25.00

   

$

0.16

   

$

1.31

   

$

1.47

   

$

   

$

   

$

   

$

26.47

     

5.88

%

 

$

6,618

     

0.69

%(4)

   

2.10

%(4)

   

17

%

 

*

Per share data calculated using average shares method.

**

For the six-month period ended October 31, 2016 (unaudited).

(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)

Expense ratios do not include expenses of the underlying funds.

(3)

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

(4)

Annualized.

(5)

Inception date December 9, 2014.

(6)

Includes broker expense of 0.07%.

(7)

Inception date September 8, 2015.

(8)

Inception date February 22, 2016.

(9)

Inception date July 14, 2016.

 

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

 

26

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (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 nine 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, Cambria Value and Momentum ETF, and Cambria Global Asset Allocation ETF. These financial statements relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign High Yield Bond ETF, and Cambria Emerging Shareholder Yield ETF (each a “Fund” and collectively, the “Funds”). Cambria Global Income and Currency Strategies ETF has not yet commenced operations. 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.

 

The investment objective of the Cambria Global Momentum ETF is to seek to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction. The Fund commenced operations on November 3, 2014.

 

The investment objective of the Cambria Global Asset Allocation ETF is to seek to track performance (before fees and expenses) of the Cambria Global Asset Allocation Index. The Fund commenced operations on December 9, 2014.

 

The investment objective of the Cambria Value and Momentum 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 September 8, 2015.

 

The investment objective of the Cambria Sovereign High Yield Bond ETF is to seek income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi-sovereign bonds. The Fund commenced operations on February 22, 2016.

 

The investment objective of the Cambria Emerging 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 Emerging Shareholder Yield Index. The Fund commenced operations on July 14, 2016.

 

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 to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.

 

The Funds are in investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

 

27

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

Use of Estimates — The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S.GAAP”).Therefore, the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

 

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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.

 

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 its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

 

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

 

 

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

 

 

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

28

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

For the period ended October 31, 2016, 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 Statements of Operations.

 

Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. These gains and losses are included in net realized and unrealized gains and losses on foreign currency transactions on the Statements of Operations.

 

Futures Contracts — To the extent consistent with its investment objective and strategies, Cambria Value and Momentum ETF utilized futures contracts during the period ended October 31, 2016. The Fund’s investment in futures contracts are designed to enable the Fund to more closely approximate the performance of their benchmark indices. Cambria Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, Cambria Value and Momentum ETF records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. A margin deposit was made upon entering into futures contracts and is included in Cash at Broker on the Statements of Assets and Liabilities.

 

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that Cambria Value and Momentum ETF could lose more than the original margin deposit required to initiate a futures transaction.

 

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

 

It is the Fund’s policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts separately on the Statements of Assets and Liabilities, as Cambria Value and Momentum ETF does not have a master netting agreement with the counterparty to the futures contracts. Refer to the Cambria Value and Momentum ETF Schedule of Investments for details regarding open future contracts as of October 31, 2016. The fair value of equity futures contracts held in the Fund can be found on the Statements of Assets and Liabilities under the captions Variation Margin Receivable. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) of futures contracts are reported in the Cambria Value and Momentum ETF Schedule of Investments. Realized gains or losses on equity rate futures contracts related to the Fund is recognized on the Statement of Operations as part of Net Realized Gain (Loss) on Futures Contracts and any change in unrealized appreciation or depreciation is recognized on the Statements of Operations as Net Change in Unrealized Gain (Loss) on Futures Contracts.

 

29

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Federal Income Taxes — The Funds selected a tax year end of April 30, 2016, other than the Cambria Sovereign High Yield Bond ETF, which has selected a tax year end of May 31, 2016. 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 period.

 

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, 2016, 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 Statements of Operations. During the period, the Funds did not incur any interest or penalties.

 

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

 

Expenses — Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the underlying funds.

 

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Dividend income received from the underlying funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the underlying funds are recognized on ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.

 

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.

 

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.

 

30

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

The Distributor has entered into Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Fund and/or serve as counterparty to derivative transactions with the Fund.

 

Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

 

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown for the period ended October 31, 2016:

 

   

Creation Unit

Shares

   

Transaction

Fee

   

Value

   

Redemption

Fee

 

Variable

Charge

Cambria Shareholder Yield ETF

   

50,000

   

$

700

   

$

1,477,500

   

$

700

 

None

Cambria Foreign Shareholder Yield ETF

   

50,000

     

2,000

     

1,045,500

     

2,000

 

Up to 2.0%

Cambria Global Value ETF

   

50,000

     

3,500

     

1,002,500

     

3,500

 

Up to 2.0%

Cambria Global Momentum ETF

   

50,000

     

500

     

1,152,000

     

500

 

Up to 2.0%

Cambria Global Asset Allocation ETF

   

50,000

     

500

     

1,238,000

     

500

 

None

Cambria Value and Momentum ETF

   

50,000

     

700

     

1,120,000

     

700

 

None

Cambria Sovereign High Yield Bond ETF

   

50,000

     

550

     

1,352,500

     

550

 

Up to 2.0%

Cambria Emerging Shareholder Yield ETF

   

50,000

     

3,500

     

1,323,500

     

3,500

 

Up to 2.0%

 

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

 

Information concerning illiquid securities is as follows:

 

Cambria Global Value ETF

 

Security

 

Shares

 

Dates

Acquired

 

Cost Basis

 

Banco Espirito Santo

   

318,087

 

3/11/14

 

$

449,606

 

BANIF - Banco Internacional do Funchal

   

60,980,850

 

3/11/14

   

747,095

 

 

31

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

3. OFFSETTING ASSETS AND LIABILITIES

 

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the statement of assets and liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Funds to another party are determinable, the Funds has the right to set off the amounts owed with the amounts owed by the other party, the Funds intends to set off, and the Funds right of setoff is enforceable at law.

 

As of October 31, 2016, the Funds financial instruments and derivative instruments are not subject to a master netting arrangement.

 

4. 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%, excluding the Cambria Global Asset Allocation ETF which is not charged advisory fee.

 

With the respect to the Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign High Yield Bond ETF, and Cambria Emerging 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.

 

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 & Co. (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.

 

32

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

4. RELATED PARTIES (continued)

 

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.

 

5. INVESTMENT TRANSACTIONS

 

For the period ended October 31, 2016, 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

 

$

35,490,772

   

$

35,916,315

 

Cambria Foreign Shareholder Yield ETF

   

6,201,686

     

4,836,486

 

Cambria Global Value ETF

   

2,600,403

     

66,586

 

Cambria Global Momentum ETF

   

22,815,279

     

20,789,171

 

Cambria Global Asset Allocation ETF

   

2,570,800

     

2,637,943

 

Cambria Value and Momentum ETF

   

1,177,898

     

1,298,143

 

Cambria Sovereign High Yield Bond ETF

   

2,625,700

     

152,929

 

Cambria Emerging Shareholder Yield ETF(1)

   

5,114,714

     

900,539

 

 

(1)

The Fund commenced operations on July 14, 2016.

 

For the period ended October 31, 2016 the purchases and sales of U.S. Government securities were:

 

   

Purchases

   

Sales and

Maturities

 

Cambria Sovereign High Yield Bond ETF

 

$

368,968

   

$

152,929

 

 

For the period ended October 31, 2016, in-kind transactions associated with creations and redemptions were:

 

   

Purchases

   

Sales and

Maturities

   

Net Realized

Gain (Loss)

 

Cambria Shareholder Yield ETF

 

$

   

$

22,846,832

   

$

2,225,946

 

Cambria Foreign Shareholder Yield ETF

   

     

1,014,268

     

(115,540

)

Cambria Global Value ETF

   

9,185,039

     

     

 

Cambria Global Momentum ETF

   

3,307,966

     

1,146,097

     

54,612

 

Cambria Global Asset Allocation ETF

   

6,095,059

     

3,735,247

     

156,745

 

Cambria Emerging Shareholder Yield ETF(1)

   

1,983,745

     

     

 

 

(1)

The Fund commenced operations on July 14, 2016.

 

33

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

5. INVESTMENT TRANSACTIONS (continued)

 

The following is a summary of investment transactions in affiliates for the period ended October 31, 2016:

 

Cambria Global Momentum ETF

                               
                                 

Value of

Shares

Held as of

04/30/16

   

Purchases

at Cost

   

Proceeds

from Sales

   

Change in
Unrealized

Appreciation
(Depreciation)

   

Realized
Gain (Loss)

   

Long Term
Capital Gain
Distributions

   

Value of
Shares

Held as of

10/31/16

   

Dividend
Income

 

Cambria Emerging Shareholder Yield ETF(1)

                               

$

   

$

1,562,437

   

$

   

$

(11,416

)

 

$

   

$

   

$

1,551,021

   

$

4,338

 

Cambria Global Value ETF

                                         

$

   

$

2,314,517

   

$

(1,209,747

)

 

$

17,742

   

$

(12,258

)

 

$

   

$

1,110,254

   

$

 

Cambria Shareholder Yield ETF

                                         

$

   

$

1,216,360

   

$

(1,171,007

)

 

$

   

$

(45,353

)

 

$

   

$

   

$

 

Cambria Sovereign High Yield Bond ETF

                                         

$

1,185,431

   

$

191,038

   

$

(62,663

)

 

$

25,566

   

$

5,011

   

$

   

$

1,344,383

   

$

21,706

 
                                                             
 

Cambria Global Asset Allocation ETF

                                         
                                           

Value of
Shares

Held as of

04/30/16

   

Purchases

at Cost

   

Proceeds

from Sales

   

Change in
Unrealized

Appreciation
(Depreciation)

   

Realized
Gain

   

Long Term
Capital Gain
Distributions

   

Value of
Shares

Held as of

10/31/16

   

Dividend
Income

 

Cambria Emerging Shareholder Yield ETF(1)

                                         

$

   

$

2,928,233

   

$

(359,873

)

 

$

81,296

   

$

9,344

   

$

   

$

2,659,000

   

$

 

Cambria Foreign Shareholder Yield ETF

                                         

$

446,609

   

$

110,224

   

$

(66,852

)

 

$

(1,815

)

 

$

1,049

   

$

   

$

489,215

   

$

13,493

 

Cambria Global Value ETF

                                         

$

909,385

   

$

222,830

   

$

(138,437

)

 

$

39,797

   

$

7,107

   

$

   

$

1,040,682

   

$

22,683

 

Cambria Shareholder Yield ETF

                                         

$

673,580

   

$

171,405

   

$

(105,490

)

 

$

22,253

   

$

4,070

   

$

   

$

765,818

   

$

4,951

 

Cambria Sovereign High Yield Bond ETF

                                         

$

902,887

   

$

225,554

   

$

(139,885

)

 

$

20,220

   

$

10,278

   

$

   

$

1,019,054

   

$

18,620

 

 

(1)

The Fund commenced operations on July 14, 2016.

 

6. PRINCIPAL RISKS

 

As with all exchange traded funds (‘‘ETFs’’), shareholders of the Funds are subject to the risk that their 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’’.

 

34

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

6. PRINCIPAL RISKS (continued)

 

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.

 

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, Cambria Global Momentum ETF, Cambria Value and Momentum ETF, and Cambria Sovereign High Yield Bond ETF (the “Active Funds”) are actively managed using proprietary investment strategies and processes. The Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Asset Allocation ETF and Cambria Emerging Shareholder Yield ETF (the “Index Funds”) 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 could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities by each Fund 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.

 

Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk — The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Funds bear its proportionate share of the fees and expenses of the underlying entity. As a result, the Funds’ operating expenses may be higher and performance may be lower.

 

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

 

Index Risk — Unlike many investment companies, the Index Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, an Index 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.

 

Cash — Cash equivalents may consist of cash balances and time deposits maintained or held at Brown Brothers Harriman. Such amounts may be in excess of Federal Deposit Insurance Corporation limitations.

 

35

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

6. PRINCIPAL RISKS (continued)

 

Futures Contracts Risk — Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.

 

Fixed Income Risk — A decline in an issuer’s credit rating may cause a decrease in the value of its fixed income securities and an increase in their investment risk and volatility. During periods of falling interest rates, an issuer of a callable bond held by the Funds may “call” (or repay) the security before its stated maturity, and the Funds may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds’ income. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase.

 

High Yield Securities Risk — High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations in the Funds. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

 

Sovereign Debt Securities Risk — Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Sovereign High Yield Bond ETF may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Sovereign High Yield Bond ETF’s net asset value, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts.

 

7. GUARANTEES AND INDEMNIFICATIONS

 

In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Investment Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

 

8. INCOME TAXES

 

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.

 

36

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

8. INCOME TAXES (continued)

 

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

   

Totals

 

Cambria Shareholder Yield ETF

                       

2016

 

$

3,914,264

   

$

7,476,072

   

$

176,238

   

$

11,566,574

 

2015

   

9,022,877

     

334,934

     

     

9,357,811

 

Cambria Foreign Shareholder Yield ETF

                               

2016

 

$

1,478,338

   

$

   

$

201,561

   

$

1,679,899

 

2015

   

3,083,338

     

     

     

3,083,338

 

Cambria Global Value ETF

                               

2016

 

$

1,427,287

   

$

   

$

   

$

1,427,287

 

2015

   

1,369,088

     

     

     

1,369,088

 

Cambria Global Momentum ETF

                               

2016

 

$

449,733

   

$

   

$

24,940

   

$

474,673

 

2015

   

364,624

     

     

     

364,624

 

Cambria Global Asset Allocation ETF

                               

2016

 

$

794,101

   

$

21,052

   

$

   

$

815,153

 

2015

   

102,815

     

     

     

102,815

 

Cambria Value and Momentum ETF

                               

2016

 

$

9,518

   

$

   

$

   

$

9,518

 

Cambria Sovereign High Yield Bond ETF

                               

2016

 

$

   

$

   

$

   

$

 

 

As of April 30, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

 

   

Cambria

Shareholder

Yield ETF

   

Cambria

Foreign

Shareholder

Yield ETF

   

Cambria

Global

Value ETF

   

Cambria

Global

Momentum

ETF

 

Undistributed Ordinary Income

 

$

   

$

   

$

336,406

   

$

 

Capital Loss Carryforwards

   

     

(1,744,630

)

   

(700,810

)

   

(2,855,489

)

Post October Losses

   

(4,192,317

)

   

(2,374,132

)

   

(1,756,024

)

   

(742,120

)

Late Year Loss Deferral

   

(198

)

   

     

     

(15,161

)

Unrealized Appreciation (Depreciation)

   

7,691,169

     

(3,089,600

)

   

(16,422,824

)

   

296,974

 

Other Temporary Differences

   

     

     

9,723

     

 

Total Distributable Earnings (Accumulated Losses)

 

$

3,498,654

   

$

(7,208,362

)

 

$

(18,533,529

)

 

$

(3,315,796

)

 

37

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)


 

8. INCOME TAXES (continued)

 

   

Cambria

Global Asset

Allocation ETF

   

Cambria

Value and

Momentum

ETF

   

Cambria

Sovereign

High Yield

Bond ETF

 

Undistributed Ordinary Income

 

$

   

$

1,034

   

$

24,108

 

Undistributed Long-Term Capital Gain

   

10,798

     

     

 

Capital Loss Carryforwards

   

     

(144,958

)

   

 

Post October Losses

   

(297,981

)

   

(284,407

)

   

 

Unrealized Appreciation (Depreciation)

   

(843,661

)

   

184,268

     

202,883

 

Total Distributable Earnings (Accumulated Losses)

 

$

(1,130,844

)

 

$

(244,063

)

 

$

226,991

 

 

The Funds are permitted to utilize capital losses that are carried forward and will retain their character as either short-term or long-term capital losses. As of April 30, 2016, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:

 

   

Non-Expiring

Short-Term

Loss

   

Non-Expiring

Long-Term

Loss

   

Total

 

Cambria Foreign Shareholder Yield ETF

 

$

   

$

1,744,630

   

$

1,744,630

 

Cambria Global Value ETF

   

310,769

     

390,041

     

700,810

 

Cambria Global Momentum ETF

   

2,854,527

     

962

     

2,855,489

 

Cambria Value and Momentum ETF

   

59,303

     

85,655

     

144,958

 

 

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2015 through April 30, 2016, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

 

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2016, 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

 

$

107,157,366

   

$

14,172,935

   

$

(6,299,035

)

 

$

7,873,900

 

Cambria Foreign Shareholder Yield ETF

   

26,838,781

     

2,059,098

     

(4,280,244

)

   

(2,221,146

)

Cambria Global Value ETF

   

95,052,720

     

6,865,127

     

(19,457,905

)

   

(12,592,778

)

Cambria Global Momentum ETF

   

22,687,097

     

509,749

     

(75,622

)

   

434,127

 

Cambria Global Asset Allocation ETF

   

27,167,888

     

407,202

     

(461,755

)

   

(54,553

)

Cambria Value and Momentum ETF

   

3,730,373

     

440,088

     

(157,021

)

   

283,067

 

Cambria Sovereign High Yield Bond ETF

   

6,485,887

     

243,108

     

(32,840

)

   

210,268

 

Cambria Emerging Shareholder Yield ETF

   

6,167,443

     

360,936

     

(189,601

)

   

171,335

 

 

38

 


Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Concluded)


 

9. REGULATORY MATTERS

 

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

 

10. 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.

 

39

 


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 (May 1, 2016 to October 31, 2016).

 

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.

 

40

 


Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited) (Concluded)


 

 

 

Beginning
Account
Value
5/1/16

   

Ending
Account
Value
10/31/16

   

Annualized
Expense
Ratios

   

Expenses
Paid
During
Period
(1)

 

Cambria Shareholder Yield ETF

                       

Actual Fund Return

 

$

1,000.00

   

$

1,039.40

     

0.59%

 

 

$

3.03

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,022.23

     

0.59%

 

 

$

3.01

 

Cambria Foreign Shareholder Yield ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,016.20

     

0.59%

 

 

$

3.00

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,022.23

     

0.59%

 

 

$

3.01

 

Cambria Global Value ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,065.00

     

0.68%

 

 

$

3.54

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,021.78

     

0.68%

 

 

$

3.47

 

Cambria Global Momentum ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,020.50

     

0.59%

 

 

$

3.00

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,022.23

     

0.59%

 

 

$

3.01

 

Cambria Global Asset Allocation ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,034.60

     

—%

 

 

$

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,025.21

     

—%

 

 

$

 

Cambria Value and Momentum ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

990.80

     

0.65%

 

 

$

3.26

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,021.93

     

0.65%

 

 

$

3.31

 

Cambria Sovereign High Yield Bond ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,020.60

     

0.59%

 

 

$

3.00

 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,022.23

     

0.59%

 

 

$

3.01

 

Cambria Emerging Shareholder Yield ETF

                             

Actual Fund Return

 

$

1,000.00

   

$

1,058.80

     

0.69%

 

 

$

2.12

(2) 

Hypothetical 5% Return

 

$

1,000.00

   

$

1,012.87

     

0.69%

 

 

$

2.07

 

 

(1)

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (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 109/365 (to reflect the actual time the Fund was operations from 07/14/16-10/31/2016).

 

41

 


Cambria Investment Management

Supplemental Information

(Unaudited)


 

Net asset value, or “NAV”, is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a 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. A Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The NAV of a Fund may also be impacted by the accrual of deferred taxes. The Market Price of a Fund generally fluctuates in response to 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 a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of a NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

 

   

Market Price

One Year

Total Return

   

Market Price

Cumulative

Inception Date

Total Return

   

Market Price,

End of Period

 

Cambria Shareholder Yield ETF

   

3.94%

 

   

   

$

29.54

 

Cambria Foreign Shareholder Yield ETF

   

2.40

     

     

20.81

 

Cambria Global Value ETF

   

6.34

     

     

20.13

 

Cambria Global Momentum ETF

   

2.45

     

     

23.13

 

Cambria Global Asset Allocation ETF

   

3.75

     

     

24.83

 

Cambria Value and Momentum ETF

   

(0.79)

 

   

     

22.43

 

Cambria Sovereign High Yield Bond ETF

   

4.80

     

     

27.97

 

Cambria Emerging Shareholder Yield ETF

   

     

6.00%

 

   

26.50

 

 

Cambria Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 5/13/13

Analysis Period 5/13/13-10/31/16

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%

55

84.62%

Sold at Par

0.00%

 

0.50%

10

15.38%

 

1.00%

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

 

42

 


Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)


 

Cambria Foreign Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 12/2/13

Analysis Period 12/2/13-10/31/16

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%

2

3.08%

 

-1.00%

16

24.62%

-0.50%

42

64.62%

Sold at Par

0.00%

 

0.50%

5

7.69%

 

1.00%

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

Cambria Global Value ETF

Premium/Discount Analysis

Inception Date 3/11/14

Analysis Period 3/11/14-10/31/16

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

1.54%

 

-1.00%

2

3.08%

-0.50%

23

35.38%

Sold at Par

0.00%

 

0.50%

32

49.23%

 

1.00%

7

10.77%

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

 

43

 


Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)


 

Cambria Global Momentum ETF

Premium/Discount Analysis

Inception Date 11/3/14

Analysis Period 11/3/14-10/31/16

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%

15

23.08%

Sold at Par

0.00%

 

0.50%

46

70.77%

 

1.00%

4

6.15%

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

Cambria Global Asset Allocation ETF

Premium/Discount Analysis

Inception Date 12/9/14

Analysis Period 12/9/14-10/31/16

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%

13

20.00%

Sold at Par

0.00%

 

0.50%

48

73.85%

 

1.00%

4

6.15

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

 

44

 


Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)


 

Cambria Value and Momentum ETF

Premium/Discount Analysis

Inception Date 9/8/15

Analysis Period 9/8/15-10/31/16

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%

1

1.54%

-0.50%

35

53.85%

Sold at Par

0.00%

 

0.50%

29

44.62%

 

1.00%

 

1.50%

 

2.00%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

Cambria Sovereign High Yield Bond ETF

Premium/Discount Analysis

Inception Date 2/22/16

Analysis Period 2/22/16-10/31/16

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%

Sold at Par

0.00%

 

0.50%

4

6.25%

 

1.00%

24

36.92%

 

1.50%

11

16.92%

 

2.00%

5

7.69%

Fund Sold at Premium

2.50%

3

4.62%

 

3.00%

10

15.38%

 

3.50%

9

13.85%

 

4.00%

2

3.08%

 

4.50%

1

1.54%

 

5.00%

 

 

45

 


Cambria Investment Management

Supplemental Information

(Unaudited) (Concluded)


 

Cambria Emerging Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 7/13/16

Analysis Period 7/13/16-10/31/16

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

1.54

 

-1.50%

 
 

-1.00%

5

7.69

-0.50%

12

18.46

Sold at Par

0.00%

 

0.50%

22

33.85%

 

1.00%

13

20.00%

 

1.50%

10

15.38%

 

2.00%

2

3.08%

Fund Sold at Premium

2.50%

 

3.00%

 

3.50%

 

4.00%

 

4.50%

 

5.00%

 

 

46

 


 

 

 

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THIS PAGE INTENTIONALLY LEFT BLANK

 

 

 


 

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

 


 

 

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:

 

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, District of Columbia 20004 -2541

 

Independent Registered Public Accounting Firm:

 

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

 

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

 

CIM-SA-001-0400


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 6, 2017
   
 
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 6, 2017
   
     
By (Signature and Title)
/s/ Eric Kleinschmidt  
 
Eric Kleinschmidt, Principal Financial Officer
     
Date: January 6, 2017
   






EX-99.CERT 2 fp0023143_ex99cert.htm

Certification
Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002
 
I, Eric Richardson, certify that:
 
1. I have reviewed this report on Form N-CSRS of Cambria ETF Trust;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and
 
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:  January 6, 2017

/s/ Eric Richardson  
Eric Richardson
 
President
 
 
 

Certification
Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002

I, Eric Kleinschmidt, certify that:

1. I have reviewed this report on Form N-CSRS of Cambria ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  January 6, 2017

/s/ Eric Kleinschmidt  
Eric Kleinschmidt
 
Principal Financial Officer
 


EX-99.906 CERT 3 fp0023143_ex99906cert.htm
 
Certification
Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

The undersigned, the President of Cambria ETF Trust, with respect to the registrant’s Form N-CSRS for the period ended October 31, 2016 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Dated: January 6, 2017
   
     
  /s/ Eric Richardson  
 
Eric Richardson
 
 
President
 


Certification
Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

The undersigned, the Principal Financial Officer of Cambria ETF Trust, with respect to the registrant’s Form N-CSRS for the period ended October 31, 2016 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Dated: January 6, 2017
   
     
 
/s/ Eric Kleinschmidt
 
 
Eric Kleinschmidt
 
Principal Financial Officer
 






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