0001398344-18-000045.txt : 20180102 0001398344-18-000045.hdr.sgml : 20180102 20180102154556 ACCESSION NUMBER: 0001398344-18-000045 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20171031 FILED AS OF DATE: 20180102 DATE AS OF CHANGE: 20180102 EFFECTIVENESS DATE: 20180102 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: 18501679 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 Bond ETF

C000134057 Cambria Sovereign 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

0001529390 S000054369 Cambria Tail Risk ETF

C000170791 Cambria Tail Risk ETF TAIL

0001529390 S000057737 Cambria Core Equity ETF

C000186156 Cambria Core Equity ETF CCOR

N-CSRS 1 fp0029883_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

1111 Pennysylvania Avenue, NW

Washington, DC 20004-2541

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

Date of fiscal year end: April 30, 2018

Date of reporting period: October 31, 2017

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 Bond ETF (SOVB)
Cambria Emerging Shareholder Yield ETF (EYLD)
Cambria Tail Risk ETF (TAIL)
Cambria Core Equity ETF (CCOR)

Semi-Annual Report

October 31, 2017
(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	12
Cambria Sovereign Bond ETF	14
Cambria Emerging Shareholder Yield ETF	16
Cambria Tail Risk ETF	18
Cambria Core Equity ETF	19
Statements of Assets and Liabilities	21
Statements of Operations	23
Statements of Changes in Net Assets	25
Financial Highlights	30
Notes to Financial Statements	32
Disclosure of Fund Expenses	46
Board Consideration of the Investment Advisory Agreement	48
Supplemental Information	50

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.

Cambria Investment Management

Schedule of Investments ● Cambria Shareholder Yield ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 99.2%
Consumer Discretionary — 20.9%
American Eagle Outfitters		89,508	$	1,165,394
Best Buy		21,977		1,230,272
CalAtlantic Group		23,651		1,166,940
Carnival		12,328		818,456
CBS, Cl B		17,554		985,131
Children's Place		14,634		1,592,179
Cooper Tire & Rubber		28,950		949,560
Dillard's, Cl A		6,259		317,957
Finish Line, Cl A		41,899		388,404
Gap		37,252		968,180
Group 1 Automotive		13,144		1,032,724
Guess?		57,491		931,929
H&R Block		33,769		835,445
Home Depot		12,166		2,016,880
Kohl's		20,531		857,375
Lear		6,824		1,198,226
Lowe's		20,770		1,660,562
Macy's		13,227		248,138
Office Depot		148,003		458,809
O'Reilly Automotive*		6,820		1,438,679
Six Flags Entertainment		24,732		1,552,922
Sturm Ruger		12,194		604,213
Target		11,965		706,414
Visteon*		7,205		908,118
Whirlpool		6,785		1,112,265
				25,145,172
Consumer Staples — 4.8%
Archer-Daniels-Midland		10,814		441,968
CVS Health		14,338		982,583
Dr Pepper Snapple Group		16,951		1,452,023
Nu Skin Enterprises, Cl A		25,236		1,605,262
Wal-Mart Stores		15,373		1,342,217
				5,824,053
Energy — 2.4%
CVR Energy		30,572		839,202
Murphy Oil		32,355		865,496
Valero Energy		14,751		1,163,706
				2,868,404
Financials — 29.7%
Aflac		15,959		1,338,801
Allstate		19,085		1,791,318
American Express		12,185		1,163,911
American Financial Group		9,751		1,028,633
American International Group		18,225		1,177,517
Ameriprise Financial		10,057		1,574,323
Assurant		15,117		1,521,526
Assured Guaranty		40,141		1,489,231
Axis Capital Holdings		23,817		1,295,407
Bank of America		52,217		1,430,224
CNO Financial Group		56,584		1,356,318
Everest Re Group		7,080		1,681,146
Fairfax Financial Holdings		1,255		661,849
Fifth Third Bancorp		47,838		1,382,518
Green Dot, Cl A*		50,620		2,866,105
Hartford Financial Services Group		21,937		1,207,632
JPMorgan Chase		10,445		1,050,871
Leucadia National		38,775		981,008
Lincoln National		16,453		1,246,808
MetLife		15,678		840,027
PNC Financial Services Group		7,973		1,090,627
State Street		9,380		862,960
SunTrust Banks		27,843		1,676,427
Synovus Financial		21,879		1,025,031
Travelers		12,468		1,651,387
Unum Group		29,949		1,558,546
US Bancorp		16,204		881,173
				35,831,324
Health Care — 2.1%
Aetna		5,845		993,825
Express Scripts Holding*		14,041		860,573
McKesson		4,891		674,371
				2,528,769
Industrials — 20.0%
Boeing		3,532		911,185
Cummins		10,290		1,820,095
Delta Air Lines		23,142		1,157,794
Eaton		22,389		1,791,568
GATX		16,146		959,234
General Dynamics		4,658		945,481
Greenbrier		24,456		1,276,603
Huntington Ingalls Industries		4,034		939,236
Ingersoll-Rand		10,237		906,998
ManpowerGroup		12,799		1,577,861
MRC Global*		58,958		1,011,130

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

Cambria Investment Management

Schedule of Investments ● Cambria Shareholder Yield ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Shares		Value
Northrop Grumman		8,541	$	2,524,122
Parker-Hannifin		10,698		1,953,562
Robert Half International		17,286		894,896
Southwest Airlines		31,918		1,719,104
Spirit AeroSystems Holdings, Cl A		14,539		1,164,574
United Continental Holdings*		25,509		1,491,766
Wabash National		47,218		1,062,405
				24,107,614
Information Te3chnology — 9.0%
Apple		11,783		1,991,798
Applied Materials		24,664		1,391,790
Corning		48,423		1,516,124
HP		40,698		877,042
NetApp		13,263		589,143
Sanmina*		42,621		1,394,772
Texas Instruments		22,579		2,183,163
Xerox		29,011		879,323
				10,823,155
Materials — 8.7%
Alcoa*		39,565		1,890,416
Eastman Chemical		10,318		936,978
Huntsman		56,478		1,808,425
LyondellBasell Industries, Cl A		8,677		898,330
Packaging Corp of America		17,181		1,997,635
Steel Dynamics		26,431		983,497
Trinseo		15,416		1,094,536
Worthington Industries		20,070		913,185
				10,523,002
Real Estate — 0.7%
Realogy Holdings		25,996		840,451

Telecommunication Services — 0.3%
CenturyLink		17,850		338,971

Utilities — 0.6%
AES		70,052		744,653

Total Common Stock
(Cost $95,268,926)				119,575,568

Total Investments — 99.2%
(Cost $95,268,926)			$	119,575,568
Other Assets and Liabilities — 0.8%				954,370
Net Assets — 100.0%			$	120,529,938

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

As of October 31, 2017, 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.

Cambria Investment Management

Schedule of Investments ● Cambria Foreign Shareholder Yield ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 95.2%
Australia — 5.4%
Cabcharge Australia		127,057	$	161,424
Caltex Australia		15,203		398,637
Fortescue Metals Group		90,136		320,093
Monadelphous Group		85,711		1,113,215
Myer Holdings		318,640		186,562
Qantas Airways		91,656		431,416
				2,611,347
Belgium — 1.1%
Ageas		11,112		539,045

Canada — 10.0%
BRP		19,000		638,586
Dominion Diamond *		45,600		648,954
Ensign Energy Services		64,600		332,489
Genworth MI Canada		14,570		452,764
Great Canadian Gaming *		600		14,259
Great-West Lifeco		13,311		370,409
IGM Financial		9,090		320,380
Labrador Iron Ore Royalty		22,204		359,367
Magna International		11,552		630,207
Metro, Cl A		23,716		746,537
TFI International		14,562		351,493
				4,865,445
Denmark — 4.0%
Novo Nordisk, Cl B		8,073		401,612
Pandora		4,261		402,205
Spar Nord Bank		30,514		388,097
Tryg		30,937		736,589
				1,928,503
Finland — 2.1%
Kesko, Cl B		8,972		458,278
Metso		509		18,505
Stora Enso, Cl R		1,392		21,776
UPM-Kymmene		17,062		512,766
				1,011,325
France — 9.1%
AXA		13,769		415,887
BNP Paribas		8,671		677,132
Casino Guichard Perrachon		6,972		398,229
CNP Assurances		24,513		570,365
Engie		17,688		298,962
Metropole Television		21,017		485,960
Natixis		80,560		631,733
Neopost		14,592		537,800
Solocal Group *		381,444		422,109
				4,438,177
Germany — 2.4%
E.ON		662		7,812
Freenet		16,508		551,593
Muenchener Rueckversicherungs		2,743		613,635
				1,173,040
Hong Kong — 6.4%
Hang Lung Properties		131,412		301,856
Li & Fung		386,048		194,474
Shandong Chenming Paper Holdings, Cl H		323,000		587,092
Shanghai Industrial Holdings		102,912		315,936
Shimao Property Holdings		304,000		636,727
Shougang Fushan Resources Group		2,812,000		605,553
Swire Pacific, Cl A		833		8,227
Television Broadcasts		1,968		7,442
Xinyi Glass Holdings		456,000		441,305
				3,098,612
Italy — 3.8%
Saras		164,160		438,280
Societa Cattolica di Assicurazioni SCRL		48,412		524,734
STMicroelectronics		37,333		879,314
				1,842,328
Japan — 21.9%
Aoyama Trading		300		11,081
Autobacs Seven		800		13,706
Brother Industries		15,200		366,147
Dai Nippon Printing		17,526		416,937
Denka		19,000		629,128
Duskin		15,200		414,406
Hokkoku Bank		11,400		518,341
Hosiden		41,800		716,487
ITOCHU		30,400		528,835
Mixi *		7,600		368,955
Nikkiso		34,200		318,825
Nippon Express		7,600		479,240
Nitto Boseki		15,200		508,650
NOF		19,000		544,743

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

Cambria Investment Management

Schedule of Investments ● Cambria Foreign Shareholder Yield ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Shares		Value
NTT DOCOMO		19,370	$	466,938
Sankyo		8,149		261,946
Sumitomo Bakelite		76,000		614,256
Suzuki Motor		7,600		412,735
Taisei		11,400		628,627
Toyo Kanetsu		19,000		717,690
Tsugami		38,000		362,939
UT Group *		64,600		1,314,669
Zeon		1,000		13,219
				10,628,500
Netherlands — 1.6%
Aegon		95,532		563,969
BinckBank		45,830		233,560
				797,529
New Zealand — 0.5%
SKY Network Television		145,283		248,542
Tower *		10,649		5,903
				254,445
Norway — 5.2%
DNB		31,319		603,911
Grieg Seafood		51,110		485,257
Salmar		34,982		1,043,721
Telenor		19,193		407,687
				2,540,576
Portugal — 2.0%
EDP - Energias de Portugal		130,852		466,871
Galp Energia SGPS		27,788		516,607
				983,478
Spain — 2.6%
Endesa		16,954		388,065
Gas Natural SDG		23,048		493,188
Mediaset Espana Comunicacion		33,158		360,440
				1,241,693
Sweden — 2.1%
JM		16,546		436,594
Peab		31,654		307,214
Telia		55,916		258,819
				1,002,627
Switzerland — 2.1%
Adecco Group		163		12,932
Swiss Re		5,065		476,470
Zurich Insurance Group		1,672		510,323
				999,725
United Kingdom — 12.9%
Carillion		97,634		59,001
Centamin		193,154		357,355
EI Group *		245,898		439,261
HSBC Holdings		51,546		502,706
Intermediate Capital Group		53,448		690,700
J Sainsbury		122,791		395,479
Kingfisher		85,663		355,654
Legal & General Group		84,676		300,273
Persimmon		19,532		726,876
Rio Tinto		10,342		487,411
Royal Mail		49,364		245,466
South32		258,514		675,529
Sports Direct International *		120,992		635,388
Vodafone Group		133,345		381,831
				6,252,930
Total Common Stock
(Cost $42,726,210)				46,209,325

Total Investments — 95.2%
(Cost $42,726,210)			$	46,209,325
Other Assets and Liabilities — 4.8%				2,312,538
Net Assets — 100.0%			$	48,521,863

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

As of October 31, 2017, all of the Fund’s investments were considered level 1 in accordance with the authoritative guidance of 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.

For the period ended October 31, 2017, there were transfers between Level 1 and Level 2 investments in securities. Securities with a value of $7,442 transferred from Level 2 to Level 1. The primary reason for the changes in the classification occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is primarily trading. There have been no transfers between 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.

Cambria Investment Management

Schedule of Investments ● Cambria Global Value ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 96.1%
Austria — 12.4%
Agrana Beteiligungs		13,832	$	1,716,755
AMAG Austria Metall (A)		49,657		3,129,881
Erste Group Bank *		47,348		2,034,605
EVN		112,651		1,778,051
Lenzing		27,171		3,677,745
OMV		37,107		2,229,497
Raiffeisen Bank International *		51,072		1,779,382
UNIQA Insurance Group		126,483		1,297,420
Vienna Insurance Group Wiener Versicherung Gruppe		34,048		998,064
Voestalpine		37,639		2,070,960
				20,712,360
Brazil — 5.7%
AMBEV		233,064		1,487,597
Banco do Brasil *		178,538		1,887,276
Banco Santander Brasil		317,651		2,786,838
Cia Siderurgica Nacional *		409,521		1,060,326
Cosan Industria e Comercio		115,658		1,319,462
JBS		429,838		988,103
				9,529,602
Czech Republic — 8.2%
CEZ		83,550		1,831,883
Fortuna Entertainment Group *		254,828		1,712,037
Komercni Banka		46,615		2,003,918
Pegas Nonwovens		54,663		2,144,927
Philip Morris CR		3,059		2,263,452
Unipetrol		220,780		3,769,357
				13,725,574
Greece — 8.6%
Alpha Bank AE *		30,335		60,424
Athens Water Supply & Sewage		144,305		1,033,776
Bank of Greece		78,204		1,273,520
FF Group *		22,383		468,789
Hellenic Petroleum		165,851		1,464,391
Hellenic Telecommunications Organization		75,322		894,936
Holding ADMIE IPTO *		164,825		353,273
Intralot -Integrated Lottery Systems & Services *		538,251		670,870
JUMBO		64,171		1,031,544
Karelia Tobacco		5,502		1,935,519
Motor Oil Hellas Corinth Refineries		122,892		2,941,747
Mytilineos Holdings *		91,770		961,015
National Bank of Greece *		37,661		12,459
OPAP		74,359		833,256
Piraeus Bank *		854		2,457
Public Power *		164,825		357,113
				14,295,089
Italy — 5.8%
Atlantia		55,784		1,819,439
Enel		312,949		1,941,168
Eni		69,027		1,128,901
Intesa Sanpaolo		439,199		1,476,480
Saipem *		7,100		29,840
Telecom Italia *		1,225,775		1,063,743
UniCredit *		21,973		420,530
Unipol Gruppo		230,223		1,038,910
UnipolSai		336,417		766,508
				9,685,519
Norway — 6.6%
Aker Solutions *		208,882		1,146,191
DNB		62,164		1,198,682
Gjensidige Forsikring		47,627		896,213
Norsk Hydro		192,591		1,488,996
Petroleum Geo-Services *		278,803		456,366
Statoil		47,119		954,148
Storebrand		205,887		1,763,198
Telenor		48,184		1,023,497
TGS Nopec Geophysical		49,754		1,142,125
Yara International		20,230		960,479
				11,029,895
Poland — 9.0%
Alior Bank *		28,619		568,692
Asseco Poland		35,407		463,994
Bank Millennium *		314,317		689,089
Bank Pekao		12,967		423,571
Bank Zachodni WBK		6,554		657,750
CCC		12,138		910,196
Cyfrowy Polsat		90,641		631,507
Energa		83,939		291,715
Eurocash		67,343		681,025
Grupa Azoty		25,804		517,505
Grupa Lotos		77,171		1,399,909
ING Bank Slaski *		16,016		871,212

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Value ETF

October 31, 2017 (Unaudited) (Continued)

Description	Shares		Value
KGHM Polska Miedz		18,810	$	635,363
LLP SA *		307		723,134
Lubelski Wegiel Bogdanka		24,896		504,288
mBank *		4,705		595,178
Orange Polska *		219,334		338,044
PGE Polska Grupa Energetyczna *		100,295		359,579
Polski Koncern Naftowy ORLEN		35,264		1,246,851
Polskie Gornictwo Naftowe i Gazownictwo		410,220		753,959
Powszechna Kasa Oszczednosci Bank Polski *		67,706		720,781
Powszechny Zaklad Ubezpieczen		48,849		630,483
Tauron Polska Energia *		474,012		458,392
				15,072,217
Portugal — 10.2%
Altri SGPS		67,991		434,408
Banco BPI, Cl G *		189,817		256,486
Banco Comercial Portugues, Cl R *		66,433		19,849
Banco Espirito Santo *(B) (C)		318,087		—
BANIF - Banco Internacional do Funchal *(B) (C)		60,980,850		—
CIMPOR Cimentos de Portugal SGPS *(B) (C)		450,116		183,511
Corticeira Amorim SGPS		431,053		6,010,279
CTT-Correios de Portugal		27,022		159,145
EDP - Energias de Portugal		430,422		1,535,717
Galp Energia SGPS		120,688		2,243,710
Jeronimo Martins SGPS		39,686		721,160
Mota-Engil SGPS		78,472		315,175
Navigator		64,701		330,032
NOS SGPS		40,040		239,919
Pharol SGPS *		781,969		388,033
REN - Redes Energeticas Nacionais SGPS		98,756		313,703
Semapa-Sociedade de Investimento e Gestao		115,577		2,310,921
Sonae		932,330		1,116,433
Teixeira Duarte		1,131,963		417,986
				16,996,467
Russia — 9.4%
Alrosa PJSC		1,615,152		2,076,939
Gazprom Neft PJSC		428,260		1,794,181
Gazprom PJSC		477,071		1,027,073
Rosneft PJSC		253,232		1,380,045
Sberbank of Russia PJSC		735,623		2,437,821
Severstal PJSC		212,268		3,260,608
Unipro PJSC		28,674,268		1,257,686
Uralkali *		377,853		841,899
VTB Bank PJSC		1,652,766,794		1,695,725
				15,771,977
Singapore — 5.9%
CapitaLand		372,400		1,002,647
City Developments		119,700		1,136,320
ComfortDelGro		505,400		748,960
Golden Agri-Resources		3,843,700		1,113,830
Jardine Cycle & Carriage		26,600		768,670
Oversea-Chinese Banking		133,000		1,161,104
SATS		266,000		917,174
Sembcorp Industries		438,900		1,062,556
Singapore Airlines		133,000		1,002,061
United Overseas Bank		53,200		960,886
				9,874,208
Spain — 8.1%
Acciona		17,061		1,413,204
Banco Bilbao Vizcaya Argentaria		137,969		1,207,438
Banco Santander		191,661		1,300,021
CaixaBank		275,752		1,290,620
Enagas		45,246		1,303,389
Endesa		53,478		1,224,074
Ferrovial		60,789		1,320,607
Gas Natural SDG		66,399		1,420,825
Iberdrola		203,925		1,648,066
Mapfre		422,989		1,384,046
				13,512,290
Turkey — 6.2%
Akbank Turk		372,267		982,297
Eregli Demir ve Celik Fabrikalari		561,260		1,316,765
Haci Omer Sabanci Holding		333,165		925,665
KOC Holding		214,263		957,916
Petkim Petrokimya Holding		733,761		1,284,331
Turkiye Halk Bankasi		298,984		871,681
Turkiye Is Bankasi, Cl C		509,789		959,495
Turkiye Sise ve Cam Fabrikalari		871,752		1,022,603
Turkiye Vakiflar Bankasi TAO, Cl D		584,269		974,924
Yapi ve Kredi Bankasi *		827,526		1,003,445
				10,299,122
Total Common Stock
(Cost $149,399,704)				160,504,320

PREFERRED STOCK — 3.2%
Brazil — 3.2%
Banco Bradesco*		191,425		2,034,033
Cia Energetica de Minas Gerais		291,028		688,581
Telefonica Brasil		89,717		1,384,439
Vale*		137,123		1,256,252
Total Preferred Stock
(Cost $5,932,759)				5,363,305

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Value ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Number of Rights		Value
RIGHTS — 0.0%
Brazil — 0.0%
Cia Energetica de Minas Gerais* Expires 12/04/17		46,237	$	16,537

Spain — 0.0%
Banco Santander* (D)		191,661		9,153
Ferrovial* (D)		60,789		29,245
				38,398
Total Rights
(Cost $—)				54,935

Total Investments — 99.3%
(Cost $155,332,463)			$	165,922,560
Other Assets and Liabilities — 0.7%				1,136,304
Net Assets — 100.0%			$	167,058,864

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 Board of Trustees. The total value of such securities at October 31, 2017 was $3,129,881 and represents 1.9% of Net Assets.

(B)	Securities considered illiquid. The total value of such securities as of October 31, 2017 was $183,511 and represented 0.1% of Net Assets. See Note 2 in Notes to Financial Statements.

(C)	Level 3 security in accordance with fair value hierarchy. 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, 2017, was $183,511 and represents 0.1% of Net Assets.

(D)	Expiration date unavailable.

Cl — Class

PJSC — Private Joint Stock Company

The following is a list of the inputs used as of October 31, 2017, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	160,320,809	$	—	$	183,511	$	160,504,320
Preferred Stock		5,363,305		—		—		5,363,305
Rights		54,935		—		—		54,935
Total Investments in Securities	$	165,739,049	$	—	$	183,511	$	165,922,560

⁽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.

Cambria Investment Management

Schedule of Investments ● Cambria Global Momentum ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
EXCHANGE TRADED FUNDS — 99.5%
Cambria Emerging Shareholder Yield ETF‡		271,722	$	8,991,172
Cambria Foreign Shareholder Yield ETF‡		180,880		4,656,394
Cambria Global Value ETF‡		359,509		9,034,461
iShares Global Financials ETF		74,347		5,035,522
iShares Global Infrastructure ETF		86,496		3,939,028
iShares Global Materials ETF		81,110		5,481,414
iShares Global Tech ETF		35,912		5,494,177
iShares Global Utilities ETF		84,741		4,416,701
iShares Micro-Capital ETF		44,628		4,201,280
iShares Mortgage Real Estate Capped ETF		95,922		4,359,655
PowerShares DB Base Metals Fund		326,309		6,147,661
Vanguard FTSE All World ex-US Small-Capital ETF		38,610		4,503,084
Vanguard FTSE Developed Markets ETF		103,406		4,568,477
Vanguard FTSE Emerging Markets ETF		144,663		6,456,310
WisdomTree Emerging Markets SmallCap Dividend Fund		98,915		4,878,488

Total Exchange Traded Funds
(Cost $73,722,845)				82,163,824

Total Investments — 99.5%
(Cost $73,722,845)			$	82,163,824
Other Assets and Liabilities — 0.5%				432,514
Net Assets — 100.0%			$	82,596,338

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. Transactions with affiliated companies during the period ended October 31, 2017 are as follows:

Value of Shares Held as of 04/30/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)
Cambria Emerging Shareholder Yield ETF
$	3,867,209	$	4,764,868	$	—		$	359,095
Cambria Foreign Shareholder Yield ETF
$	3,129,618	$	1,113,353	$	—		$	413,423
Cambria Global Value ETF
$	3,566,743	$	5,102,817	$	—		$	364,901
Cambria Shareholder Yield ETF
$	3,003,050	$	682,939	$	(3,710,219	)	$	(94,930	)
Totals
$	13,566,620	$	11,663,977	$	(3,710,219	)	$	1,042,489

Realized Gain (Loss)		Value of Shares Held as of 10/31/2017		Dividend Income
Cambria Emerging Shareholder Yield ETF
$	—	$	8,991,172	$	155,568
Cambria Foreign Shareholder Yield ETF
$	—	$	4,656,394	$	90,398
Cambria Global Value ETF
$	—	$	9,034,461	$	87,774
Cambria Shareholder Yield ETF
$	119,160	$	—	$	12,232
Totals
$	119,160	$	22,682,027	$	345,972

ETF — Exchanged Traded Fund

FTSE — Financial Times Stock Exchange

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

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Asset Allocation ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
EXCHANGE TRADED FUNDS — 99.5%
Cambria Emerging Shareholder Yield ETF‡		168,175	$	5,564,843
Cambria Foreign Shareholder Yield ETF‡		39,627		1,020,118
Cambria Global Value ETF‡		87,111		2,189,099
Cambria Shareholder Yield ETF‡		43,586		1,568,660
Cambria Sovereign High Yield Bond ETF‡		61,356		1,674,970
iShares 20+ Year Treasury Bond ETF		7,622		948,634
iShares 7-10 Year Treasury Bond ETF		13,135		1,394,412
iShares Edge MSCI USA Momentum Factor ETF		27,047		2,718,223
iShares iBoxx $ Investment Grade Corporate Bond ETF		11,618		1,407,405
PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio		169,388		2,957,514
SPDR Bloomberg Barclays High Yield Bond ETF		23,680		881,843
SPDR Bloomberg Barclays International Corporate Bond ETF		28,426		979,276
SPDR Bloomberg Barclays TIPS ETF		24,642		1,392,766
SPDR Citi International Government Inflation-Protected Bond ETF		25,353		1,425,853
VanEck Vectors Emerging Markets High Yield Bond ETF		75,702		1,883,466
VanEck Vectors International High Yield Bond ETF		35,853		922,139
Vanguard Emerging Markets Government Bond ETF		27,536		2,229,315
Vanguard FTSE All World ex-US Small-Capital ETF		9,435		1,100,404
Vanguard FTSE Developed Markets ETF		46,768		2,066,210
Vanguard Global ex-U.S. Real Estate ETF		24,716		1,474,557
Vanguard Mid-Capital ETF		14,985		2,234,713
Vanguard REIT ETF		17,279		1,420,334
Vanguard Short-Term Bond ETF		11,507		916,993
Vanguard Short-Term Corporate Bond ETF		11,544		923,982
Vanguard Total Bond Market ETF		44,963		3,676,624
Vanguard Total International Bond ETF		43,808		2,404,183
Vanguard Total Stock Market ETF		17,501		2,315,907

Total Exchange Traded Funds
(Cost $46,409,467)				49,692,443

Total Investments — 99.5%
(Cost $46,409,467)			$	49,692,443
Other Assets and Liabilities — 0.5%				237,153
Net Assets — 100.0%			$	49,929,596

Percentages based on Net Assets.

‡

Value of Shares Held as of 04/30/17		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)
Cambria Emerging Shareholder Yield ETF
$	3,950,496	$	1,181,887	$	—	$	432,460
Cambria Foreign Shareholder Yield ETF
$	719,637	$	213,903	$	—	$	86,578
Cambria Global Value ETF
$	1,558,127	$	465,150	$	—	$	165,822
Cambria Shareholder Yield ETF
$	1,161,508	$	330,973	$	—	$	76,179
Cambria Sovereign Bond ETF
$	1,324,935	$	374,027	$	—	$	(23,992	)
Totals
$	8,714,703	$	2,565,940	$	—	$	737,047

Realized Gain (Loss)		Value of Shares Held as of 10/31/2017		Dividend Income
Cambria Emerging Shareholder Yield ETF
$	—	$	5,564,843	$	118,621
Cambria Foreign Shareholder Yield ETF
$	—	$	1,020,118	$	19,545
Cambria Global Value ETF
$	—	$	2,189,099	$	30,442
Cambria Shareholder Yield ETF
$	—	$	1,568,660	$	11,205
Cambria Sovereign Bond ETF
$	—	$	1,674,970	$	55,130
Totals
$	—	$	12,017,690	$	234,943

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Asset Allocation ETF

October 31, 2017 (Unaudited) (Concluded)

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

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

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

Cambria Investment Management

Schedule of Investments ● Cambria Value and Momentum ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 97.2%
Consumer Discretionary — 16.2%
Aaron's		1,656	$	60,941
Adtalem Global Education		2,054		75,895
Best Buy		1,512		84,642
Caesars Entertainment*		5,121		66,317
Career Education*		10,919		116,615
Conn's*		3,729		114,666
Crocs*		9,601		97,930
Eldorado Resorts*		4,206		108,095
Guess?		5,230		84,778
ILG		3,393		100,670
K12*		4,760		77,207
KB Home		2,845		78,039
Lumber Liquidators Holdings*		2,863		88,123
MDC Holdings		1,832		67,857
Movado Group		3,223		89,277
Office Depot		11,385		35,294
Penn National Gaming*		3,415		89,097
Scientific Games, Cl A*		2,392		113,860
Taylor Morrison Home, Cl A*		2,708		65,398
				1,614,701
Consumer Staples — 3.0%
Central Garden & Pet, Cl A*		2,951		108,922
Sanderson Farms		562		84,058
Universal		1,848		105,983
				298,963
Energy — 2.2%
Delek US Holdings		2,479		64,578
Renewable Energy Group*		5,100		61,710
SandRidge Energy*		4,931		92,555
				218,843
Financials — 26.9%
American Equity Investment Life Holding		3,743		110,456
American Financial Group		1,320		139,247
American National Insurance		539		65,612
B. Riley Financial		5,365		89,327
Bancorp*		10,975		92,300
Bank of America		3,735		102,302
Cincinnati Financial		903		63,364
Citizens Financial Group		2,503		95,139
CNA Financial		2,001		108,314
Employers Holdings		1,727		82,378
Encore Capital Group*		1,566		72,741
Enova International*		4,443		65,979
Fairfax Financial Holdings		95		50,100
Fidelity & Guaranty Life		2,062		64,128
First American Financial		1,858		101,112
Green Dot, Cl A*		2,118		119,920
Health Insurance Innovations, Cl A*		3,622		77,873
Lincoln National		992		75,174
Old Republic International		5,888		119,468
Principal Financial Group		1,392		91,663
Progressive		3,056		148,674
Regions Financial		4,578		70,867
Reinsurance Group of America, Cl A		992		148,185
Selective Insurance Group		3,000		178,799
State National		3,886		81,684
Walker & Dunlop*		1,348		73,992
World Acceptance*		1,006		88,025
WR Berkley		1,696		116,312
				2,693,135
Health Care — 6.5%
Anthem		334		69,876
Centene*		973		91,141
Cigna		495		97,623
Humana		382		97,544
Lantheus Holdings*		11,114		221,169
WellCare Health Plans*		347		68,616
				645,969
Industrials — 17.4%
ArcBest		2,768		90,237
Boeing		357		92,099
Brink's		3,288		250,216
Chart Industries*		3,095		134,632
Greenbrier		1,559		81,380
Heritage-Crystal Clean*		4,174		81,602
Insteel Industries		2,203		56,287
Kimball International, Cl B		4,276		81,971
Korn		2,307		96,502
ManpowerGroup		767		94,556
MRC Global*		3,919		67,211
MYR Group*		3,300		105,237
Owens Corning		1,179		97,491
Rush Enterprises, Cl A*		1,809		91,861
Tutor Perini*		4,631		130,594

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

Cambria Investment Management

Schedule of Investments ● Cambria Value and Momentum ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Shares		Value
Wabash National		4,323	$	97,268
Werner Enterprises		2,526		90,052
				1,739,196
Information Technology — 14.0%
Advanced Energy Industries*		3,744		317,191
Benchmark Electronics*		2,741		84,834
Comtech Telecommunications		4,278		92,020
HP		4,590		98,914
II-VI*		2,273		102,740
InterDigital		1,025		75,184
Jabil		2,118		59,897
KEMET*		5,056		129,888
Kimball Electronics*		3,610		79,420
MoneyGram International*		5,550		86,303
Sanmina*		3,355		109,792
Ultra Clean Holdings*		3,142		80,184
Xerox		2,686		81,413
				1,397,780
Materials — 7.7%
Alcoa		2,246		107,314
Century Aluminum*		7,097		99,358
Huntsman		2,476		79,282
Intrepid Potash*		21,310		85,666
Louisiana-Pacific*		3,195		86,840
Schnitzer Steel Industries, Cl A		3,223		94,917
Trinseo		1,349		95,779
Tronox, Cl A		4,620		122,291
				771,447
Telecommunication Services — 2.8%
Boingo Wireless*		11,992		280,373

Utilities — 0.5%
Spark Energy, Cl A		3,337		46,718

Total Common Stock
(Cost $8,124,733)				9,707,125

Total Investments — 97.2%
(Cost $8,124,733)			$	9,707,125
Other Assets and Liabilities — 2.8%				283,815
Net Assets — 100.0%			$	9,990,940

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

The open futures contracts held by the Fund at October 31, 2017, is as follows:

A summary of the open futures contracts held by the Fund at October 31, 2017, is as follows:

Type of Contract		Number of Contracts Short				Expiration Date		Notional Amount				Value				Unrealized Depreciation
S&P 500 Index EMINI			(40)			Dec-2017		$	(5,000,418	)		$	(5,145,400	)		$	(144,982	)

For the period ended October 31, 2017, the monthly average notional value of the short equity futures contracts held was $(4,605,583) and the ending notional value of short equity futures contracts held was $(5,145,400).

As of October 31, 2017, all of the Fund’s investments in securities and other financial instruments 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.

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

Cambria Investment Management

Schedule of Investments ● Cambria Sovereign Bond ETF

October 31, 2017 (Unaudited)

Description	Face Amount⁽¹⁾		Value
SOVEREIGN DEBT — 89.0%
Argentina — 4.7%
Argentine Bonos del Tesoro
18.200%, 10/03/21		ARS 3,346,092	$	193,449
16.000%, 10/17/23		ARS 3,317,616		188,973
15.500%, 10/17/26		ARS 3,178,467		187,472
				569,894
Australia — 3.9%
Queensland Treasury
5.750%, 07/22/24		AUD 261,000		236,729
4.750%, 07/21/25 (A)		AUD 279,000		241,203
				477,932
Brazil — 8.0%
Brazilian Government International Bond
8.500%, 01/05/24		BRL 3,150,000		977,268

China — 5.3%
China Government Bond
3.160%, 06/27/23		CNY 4,500,000		652,708

Colombia — 4.7%
Colombian TES
11.000%, 07/24/20		COP 513,000,000		191,229
7.500%, 08/26/26		COP 562,500,000		195,417
7.000%, 05/04/22		COP 567,000,000		193,824
				580,470
Greece — 7.3%
Hellenic Republic Government Bond
4.750%, 04/17/19 (A)		EUR 144,000		171,616
3.650%, 02/24/23 (B)		EUR 104,652		115,499
3.650%, 02/24/24 (B)		EUR 561,762		608,098
				895,213
Hungary — 4.8%
Hungary Government Bond
6.000%, 11/24/23		HUF 59,670,000		282,042
5.500%, 06/24/25		HUF 60,930,000		281,766
3.000%, 06/26/24		HUF 7,380,000		29,689
				593,497
Indonesia — 2.8%
Indonesia Government International Bond
8.375%, 03/15/24		IDR 2,124,000,000		169,628
7.000%, 05/15/27		IDR 2,286,000,000		171,334
				340,962
Malaysia — 4.5%
Malaysia Government Bond
4.498%, 04/15/30		MYR 1,279,000		304,845
4.392%, 04/15/26		MYR 90,000		21,697
4.181%, 07/15/24		MYR 826,000		197,323
Malaysia Government Investment Issue
4.070%, 09/30/26		MYR 90,000		20,982
				544,847
Mexico — 4.2%
Mexican Bonos
10.000%, 12/05/24		MXN 2,272,500		137,472
8.500%, 05/31/29		MXN 5,647,500		321,380
7.500%, 06/03/27		MXN 1,071,900		56,712
				515,564
New Zealand — 2.4%
New Zealand Government Bond
4.500%, 04/15/27		NZD 387,000		298,809

Philippines — 4.0%
Philippine Government Bond
8.000%, 07/19/31		PHP 19,520,742		487,215

Poland — 4.9%
Poland Government Bond
5.750%, 04/25/29		PLN 1,278,000		431,260
Republic of Poland Government Bond
3.250%, 07/25/25		PLN 297,000		81,554
2.500%, 07/25/26		PLN 324,000		83,173
				595,987
Portugal — 5.9%
Portugal Obrigacoes do Tesouro OT
4.125%, 04/14/27 (A)		EUR 260,544		356,412
3.875%, 02/15/30 (A)		EUR 272,838		360,463
				716,875
Romania — 4.4%
Romania Government Bond
5.850%, 04/26/23		RON 630,000		176,966
5.800%, 07/26/27		RON 630,000		177,463
4.750%, 02/24/25		RON 675,000		178,040
				532,469
Russia — 7.8%
Russian Federal Bond - OFZ
7.600%, 04/14/21		RUB 34,875,000		602,143
7.600%, 07/20/22		RUB 11,214,000		194,097
7.000%, 01/25/23		RUB 9,072,000		153,110
				949,350
South Africa — 5.6%
Republic of South Africa Government Bond
8.250%, 03/31/32		ZAR 1,909,917		118,677

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

Cambria Investment Management

Schedule of Investments ● Cambria Sovereign Bond ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Face Amount⁽¹⁾		Value
8.000%, 01/31/30	ZAR	7,159,167	$	447,949
7.000%, 02/28/31	ZAR	2,142,468		120,952
				687,578
Thailand — 3.8%
Thailand Government Bond
3.625%, 06/16/23	THB	14,307,000		469,068

Total Sovereign Debt
(Cost $10,692,985)				10,885,706

Total Investments — 89.0%
(Cost $10,692,985)			$	10,885,706
Other Assets and Liabilities — 11.0%				1,340,983
Net Assets — 100.0%			$	12,226,689

Percentages based on Net Assets.

(1)	In U.S. dollars unless otherwise indicated.

(A)

(B)	Step Bond - The rate reflected on the Schedule of Investments is the effective yield on October 31, 2017. The coupon on a step bond changes on a specified date.

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CNY — Chinese Yuan

COP — Colombian Peso

EUR — Euro

HUF — Hungarian Forint

IDR — Indonesian Rupiah

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

THB — Thailand Baht

ZAR — South African Rand

As of October 31, 2017, all of the Fund’s investments in securities were considered Level 2, 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.

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

Cambria Investment Management

Schedule of Investments ● Cambria Emerging Shareholder Yield ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 94.2%
Brazil — 9.7%
Ez Tec Empreendimentos e Participacoes		31,200	$	205,819
Magazine Luiza		87,400		1,704,558
SLC Agricola		26,000		175,410
				2,085,787
China — 1.6%
China Petroleum & Chemical ADR		2,171		159,872
CNOOC ADR		1,261		172,379
				332,251
Colombia — 0.8%
Banco de Bogota		7,943		167,631

Czech Republic — 1.1%
O2 Czech Republic		19,123		232,906

Greece — 2.8%
Aegean Airlines		21,333		194,076
Hellenic Petroleum		17,563		155,074
Motor Oil Hellas Corinth Refineries		10,868		260,154
				609,304
Hong Kong — 12.7%
China Lilang		260,000		202,297
CPMC Holdings		364,000		305,145
Fantasia Holdings Group		546,000		77,686
Greatview Aseptic Packaging		247,000		154,506
Greenland Hong Kong Holdings		455,000		218,128
Guangzhou R&F Properties		114,400		243,715
Guolian Securities, Cl H		292,500		143,224
Industrial & Commercial Bank of China, Cl H		234,000		185,667
Red Star Macalline Group, Cl H (A)		156,000		186,367
Sino-Ocean Group Holding		325,000		212,045
Sinopec Shanghai Petrochemical ADR		3,289		198,985
Tianneng Power International		234,000		225,560
Weiqiao Textile, Cl H		99,000		51,648
Xingda International Holdings		390,000		148,973
Zoomlion Heavy Industry Science and Technology		338,000		163,771
				2,717,717
Hungary — 2.5%
MOL Hungarian Oil & Gas		20,904		250,323
OTP Bank		6,916		278,908
				529,231
India — 6.2%
Chennai Petroleum		35,817		259,236
Hindustan Petroleum		16,887		116,580
Hindustan Zinc		55,016		267,770
Indian Oil		41,706		267,539
Rural Electrification		86,320		230,822
Sonata Software		65,248		181,778
				1,323,725
Mexico — 0.6%
Rassini, Cl A		70,200		131,453

Poland — 2.5%
Budimex		3,588		183,838
Polski Koncern Naftowy ORLEN		9,698		342,899
				526,737
Russia — 5.6%
Center for Cargo Container Traffic TransContainer PJSC		3,315		255,087
Gazprom PJSC ADR		36,725		157,367
LUKOIL PJSC ADR		3,718		197,166
M.Video PJSC *		34,073		246,400
Rosneft PJSC GDR		18,784		102,936
Tatneft PJSC ADR		5,330		236,119
				1,195,075
South Africa — 10.2%
Assore		11,986		262,147
Barclays Africa Group		12,779		126,662
BHP Billiton		11,726		211,709
Coronation Fund Managers		34,307		173,127
Exxaro Resources		10,088		102,573
FirstRand		49,478		179,347
Imperial Holdings		15,379		220,405
Kumba Iron Ore		12,844		247,092
Liberty Holdings		18,239		143,242
Sanlam		36,972		184,876
Standard Bank Group		17,823		206,735
Telkom SOC		35,412		132,644
				2,190,559
South Korea — 10.9%
Dongbu Insurance		216		13,592
GS Holdings		3,809		225,069

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

Cambria Investment Management

Schedule of Investments ● Cambria Emerging Shareholder Yield ETF

October 31, 2017 (Unaudited) (Concluded)

Description	Shares		Value
Hana Financial Group		7,852	$	336,058
Hyundai Marine & Fire Insurance		6,292		254,691
Korea Electric Power ADR		6,175		108,804
LS		3,250		229,169
Meritz Fire & Marine Insurance		8,970		205,765
POSCO ADR		3,445		251,416
Samsung Electronics		130		319,561
S-Oil		1,014		116,302
Woori Bank		18,824		275,551
				2,335,978
Taiwan — 19.9%
Actron Technology		39,000		143,537
Asustek Computer		13,000		112,502
Aten International		65,000		166,382
Chang Wah Electromaterials		39,000		182,331
Chaun-Choung Technology		26,000		86,639
Chicony Electronics		65,380		163,669
Chilisin Electronics		65,000		221,986
Chin-Poon Industrial		78,000		162,675
Chunghwa Telecom ADR		4,212		143,292
CyberPower Systems		39,000		148,709
Elite Advanced Laser		46,800		190,089
Elite Material		52,000		206,900
Hon Hai Precision Industry		52,000		193,107
Micro-Star International		52,000		126,726
MPI		52,000		125,692
Nishoku Technology		26,000		61,984
Pegatron		52,000		134,485
Phison Electronics		26,000		309,056
Powertech Technology		65,000		203,236
Simplo Technology		32,800		188,690
Sitronix Technology		52,000		147,244
Syncmold Enterprise		13,000		30,130
Thinking Electronic Industrial		52,000		158,106
Topco Scientific		52,000		131,037
Tripod Technology		78,000		287,074
Vivotek		65,000		228,452
				4,253,730
Thailand — 2.9%
PTT Exploration & Production		68,653		178,246
PTT Global Chemical		88,400		212,884
Thai Oil		75,400		231,511
				622,641
Turkey — 4.2%
Aksa Akrilik Kimya Sanayii		39,949		140,586
Aygaz		40,170		170,589
Kordsa Teknik Tekstil		73,242		140,169
Tekfen Holding		38,636		130,465
Tupras Turkiye Petrol Rafinerileri		6,084		218,915
Vestel Beyaz Esya Sanayi ve Ticaret		35,399		97,233
				897,957
Total Common Stock
(Cost $17,649,333)				20,152,682

Total Investments — 94.2%
(Cost $17,649,333)			$	20,152,682
Other Assets and Liabilities — 5.8%				1,248,335
Net Assets — 100.0%			$	21,401,017

Percentages based on Net Assets.

*	Non-income producing security.

(A)

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Private Joint Stock Company

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Common Stock
Beginning Balance as of April 30, 2017	$	59,184
Transfers out of Level 3		(59,184	)
Ending Balance as of October 31, 2017	$	—

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 out of 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.

Cambria Investment Management

Schedule of Investments ● Cambria Tail Risk ETF

October 31, 2017 (Unaudited)

Description	Face Amount/Contracts		Value
U.S. TREASURY OBLIGATION — 95.3%
U.S. Treasury Note
2.250%, 02/15/27 (A)	$	14,461,200	$	14,321,672

Total U.S. Treasury Obligations
(Cost $14,455,151)				14,321,672

Total Investments — 95.3%
(Cost $14,455,151)			$	14,321,672
Other Assets and Liabilities — 4.7%				704,064
Net Assets — 100.0%			$	15,025,736

PURCHASED OPTIONS — 3.7%(B)‡
Total Purchased Options
(Cost $1,007,395)		220	$	553,700

Percentages based on Net Assets.

‡	For the period ended October 31, 2017, the average notional value of equity purchased options held was $356,557 and the ending notional value of equity purchased options held was $553,700.

(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(B)	Refer to table below for details on Options Contracts.

A list of the exchange traded option contracts held by the Fund at October 31, 2017, is as follows:

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 3.69%
Put Options
SPX, Expires 12/15/2017, Strike Price $2,125		9	$	2,317,734	$	1,035
SPX, Expires 12/15/2017, Strike Price $2,150		11		2,832,786		1,485
SPX, Expires 03/16/2018, Strike Price $2,125		27		6,953,202		23,625
SPX, Expires 03/16/2018, Strike Price $2,150		31		7,983,306		29,915
SPX, Expires 06/15/2018, Strike Price $2,125		18		4,635,468		36,270
SPX, Expires 06/15/2018, Strike Price $2,150		18		4,635,468		39,420
SPX, Expires 06/15/2018, Strike Price $2,200		18		4,635,468		46,350
SPX, Expires 06/15/2018, Strike Price $2,225		44		11,331,144		122,980
SPX, Expires 09/21/2018, Strike Price $2,300		26		6,695,676		141,830
SPX, Expires 12/21/2018, Strike Price $2,250		18		4,635,468		110,790
Total Purchased Options					$	553,700

The following is a list of the inputs used as of July 31, 2017 in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligation	$	—	$	14,321,672	$	—	$	14,321,672
Total Investments in Securities	$	—	$	14,321,672	$	—	$	14,321,672

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Purchased Options	$	553,700	$	—	$	—	$	553,700
Total Other Financial Instruments	$	553,700	$	—	$	—	$	553,700

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

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

Cambria Investment Management

Schedule of Investments ● Cambria Core Equity ETF

October 31, 2017 (Unaudited)

Description	Shares		Value
COMMON STOCK — 97.8%
Consumer Discretionary — 5.7%
Genuine Parts		24,165	$	2,132,078
McDonald's		14,747		2,461,422
Starbucks		41,044		2,250,853
				6,844,353
Consumer Staples — 15.3%
Altria Group		35,254		2,264,012
Diageo ADR		17,423		2,387,126
Hershey		21,046		2,234,664
Kimberly-Clark		19,434		2,186,519
PepsiCo		20,440		2,253,101
Procter & Gamble		24,999		2,158,414
Sysco		41,954		2,333,481
Wal-Mart Stores		28,663		2,502,567
				18,319,884
Energy — 7.6%
Chevron		19,424		2,251,047
ExxonMobil		27,971		2,331,383
Magellan Midstream Partners(A)		32,040		2,201,469
Occidental Petroleum		35,091		2,265,826
				9,049,725
Financials — 13.8%
Aflac		27,266		2,287,345
CME Group, Cl A		16,977		2,328,735
Eaton Vance		46,474		2,345,543
FactSet Research Systems		12,684		2,408,311
JPMorgan Chase		23,971		2,411,722
US Bancorp		42,067		2,287,603
Wells Fargo		41,892		2,351,817
				16,421,076
Health Care — 11.4%
Abbott Laboratories		43,848		2,377,877
Amgen		12,346		2,163,266
Eli Lilly		26,950		2,208,283

Description	Shares/Contracts			Value
Johnson & Johnson		17,504		$	2,440,232
Merck		35,196			1,938,948
UnitedHealth Group		11,749			2,469,875
					13,598,481
Industrials — 17.7%
3M		10,869			2,501,935
Cummins		13,533			2,393,717
Emerson Electric		35,971			2,318,691
General Dynamics		10,995			2,231,765
Illinois Tool Works		15,412			2,412,286
Lockheed Martin		7,355			2,266,517
Norfolk Southern		17,293			2,272,646
United Technologies		19,471			2,331,847
Waste Management		29,072			2,388,846
					21,118,250
Information Technology — 18.6%
Accenture, Cl A		16,674			2,373,711
Apple		14,728			2,489,621
Broadridge Financial Solutions		28,047			2,409,798
Cisco Systems		67,843			2,316,838
Harris		17,421			2,427,094
Intel		60,845			2,767,839
Microsoft		30,882			2,568,765
Oracle		47,228			2,403,905
Paychex		37,735			2,407,116
					22,164,687
Materials — 2.0%
Air Products & Chemicals		15,066			2,401,972

Telecommunication Services — 1.6%
AT&T		58,662			1,973,976

Utilities — 4.1%
NextEra Energy		15,531			2,408,392
Southern		46,756			2,440,663
					4,849,055
Total Common Stock
(Cost $109,271,030)					116,741,459

Total Investments — 97.8%
(Cost $109,271,030)				$	116,741,459
Other Assets and Liabilities — 2.2%					2,618,358
Net Assets — 100.0%				$	119,359,817

PURCHASED OPTIONS — 1.8%(B) ‡
Total Purchased Options
(Cost $4,924,322)		7,284		$	2,106,342

WRITTEN OPTION — (1.1)%(B) ‡‡
Total Written Option
(Cost $(560,631))		(300	)	$	(1,237,500	)

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

Cambria Investment Management

Schedule of Investments ● Cambria Core Equity ETF

October 31, 2017 (Unaudited) (Concluded)

Percentages based on Net Assets.

‡	For the period ended October 31, 2017, the average notional value of equity purchased options held was $3,073,004 and the ending notional value of equity purchased options held was $2,106,342. For the period ended

‡‡	For the period ended October 31, 2017, the average notional value of equity written options held was $(934,435) and the ending notional value of equity purchased options held was $(1,237,500). For the period ended

(A)	Securities considered Master Limited Partnership. At October 31, 2017, these securities amounted to $2,201,468 or 1.8% of Net Assets.

(B)	Refer to table below for details on Options Contracts.

ADR — American Depositary Receipt

Cl — Class

A list of the exchange traded option contracts held by the Fund at October 31, 2017, is as follows:

	Contracts			Notional Amount			Value
PURCHASED OPTIONS — 1.8%
Put Options
SPY, Put Option, Expires 11/18/2017, Strike Price $240		2000		$	51,430,000		$	31,000
SPY, Put Option, Expires 12/15/2017, Strike Price $250		1500			38,572,500			228,750
SPY, Put Option, Expires 12/21/2018, Strike Price $215		3784			97,305,560			1,846,592
Total Purchased Options							$	2,106,342

WRITTEN OPTION — (1.1)%
Call Options
SPX, Call Option, Expires 12/15/2017, Strike Price $2,555		(300	)		(77,257,800	)	$	(1,237,500	)
Total Written Options							$	(1,237,500	)

The following is a list of the inputs used as of October 31, 2017 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	116,741,459	$	—	$	—	$	116,741,459
Total Investments in Securities	$	116,741,459	$	—	$	—	$	116,741,459

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Purchased Options	$	2,106,342		$	—	$	—	$	2,106,342
Written Option		(1,237,500	)		—		—		(1,237,500	)
Total Other Financial Instruments	$	868,842		$	—	$	—	$	868,842

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

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

Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF			Cambria Global Asset Allocation ETF
Assets:
Investments at Fair Value	$	119,575,568		$	46,209,325		$	165,922,560		$	59,481,797		$	37,674,753
Affiliated Investments at Value		—			—			—			22,682,027			12,017,690
Foreign Currency at Value		—			61,893			733,398			—			—
Cash and Cash Equivalents		931,987			2,031,809			273,972			473,228			230,661
Dividends Receivable, Net		64,099			76,259			87,122			—			—
Receivable for Capital Shares Sold		—			—			—			—			1,349,448
Reclaims Receivable		19,088			166,836			188,175			—			—
Total Assets		120,590,742			48,546,122			167,205,227			82,637,052			51,272,552

Liabilities:
Payable for Investment Securities Purchased		—			—			—			—			1,342,956
Payable Due to Investment Adviser		60,804			24,259			83,885			40,714			—
Custodian Fees Payable		—			—			62,478			—			—
Total Liabilities		60,804			24,259			146,363			40,714			1,342,956

Net Assets	$	120,529,938		$	48,521,863		$	167,058,864		$	82,596,338		$	49,929,596

Net Assets Consist of:
Paid-in Capital	$	94,394,037		$	48,144,731		$	157,303,292		$	77,067,787		$	47,173,910
Undistributed (Distributions in Excess of) Net Investment Income		76,656			(1,527	)		145,016			(45,208	)		51,614
Accumulated Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments		1,752,736			(3,100,964	)		(972,950	)		(2,867,220	)		(578,904	)
Net Unrealized Appreciation on Unaffiliated Investments and Affiliated Investments		24,306,642			3,483,115			10,590,097			8,440,979			3,282,976
Net Unrealized Depreciation on Foreign Currency Transactions		(133	)		(3,492	)		(6,591	)		—			—
Net Assets	$	120,529,938		$	48,521,863		$	167,058,864		$	82,596,338		$	49,929,596

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		3,350,000			1,900,010			6,650,010			3,100,001			1,850,001
Net Asset Value, Offering and Redemption Price Per Share	$	35.98		$	25.54		$	25.12		$	26.64		$	26.99

Investments at Cost	$	95,268,926		$	42,726,210		$	155,332,463		$	53,129,849		$	35,894,551
Affiliated Investments at Cost		—			—			—			20,592,996			10,514,916
Cost of Foreign Currency		—			62,305			741,390			—			—

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

Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

	Cambria Value and Momentum ETF			Cambria Sovereign Bond ETF			Cambria Emerging Shareholder Yield ETF			Cambria Tail Risk ETF			Cambria Core Equity ETF
Assets:
Investments at Fair Value	$	9,707,125		$	10,885,706		$	20,152,682		$	14,321,672		$	116,741,459
Purchased Options at Value		—			—			—			553,700			2,106,342
Foreign Currency at Value		—			1,935			363,064			—			—
Cash and Cash Equivalents		—			1,145,789			903,034			88,220			1,332,300
Cash at Broker		1,180,000			—			—			—			387,752
Dividends Receivable, Net		2,400			—			6,072			—			129,769
Interest Receivable		—			199,485			—			68,966			—
Reclaims Receivable		—			—			3,697			—			4,389
Total Assets		10,889,525			12,232,915			21,428,549			15,032,558			120,702,011

Liabilities:
Written Options Contract		—			—			—			—			1,237,500
Payable Due to Custodian		879,487			—			—			—			—
Payable Due to Investment Adviser		10,198			6,226			10,476			6,822			104,694
Custodian Fees Payable		—			—			5,046			—			—
Accrued foreign capital gains tax on appreciated securities		—			—			12,010			—			—
Variation Margin Payable		8,900			—			—			—			—
Total Liabilities		898,585			6,226			27,532			6,822			1,342,194

Net Assets	$	9,990,940		$	12,226,689		$	21,401,017		$	15,025,736		$	119,359,817

Net Assets Consist of:
Paid-in Capital	$	9,506,309		$	12,035,192		$	19,137,466		$	15,816,781		$	118,015,436
Undistributed (Distributions in Excess of) Net Investment Income		(1,748	)		(79,671	)		(44,084	)		22,283			82,275
Accumulated Net Realized Gain (Loss) on Investments and Purchased Options		(951,031	)		81,762			(185,682	)		(226,154	)		(2,713,474	)
Net Unrealized Appreciation (Depreciation) on Investments		1,582,392			192,721			2,503,349			(133,479	)		7,470,429
Net Unrealized Appreciation (Depreciation) on Options		—			—			—			(453,695	)		(3,494,849	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		—			(3,315	)		1,977			—			—
Net Unrealized Depreciation on Futures Contracts		(144,982	)		—			—			—			—
Accumulated foreign capital gains tax on appreciated securities		—			—			(12,009	)		—			—
Net Assets	$	9,990,940		$	12,226,689		$	21,401,017		$	15,025,736		$	119,359,817

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		400,004			450,000			650,004			650,002			4,700,002
Net Asset Value, Offering and Redemption Price Per Share	$	24.98		$	27.17		$	32.92		$	23.12		$	25.40

Investments at Cost	$	8,124,733		$	10,692,985		$	17,649,333		$	14,455,151		$	109,271,030
Cost of Purchased Options		—			—			—			1,007,395			4,924,322
Premiums of Written Options		—			—			—			—			(560,631	)
Cost of Foreign Currency		—			2,227			360,935			—			—

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

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2017 (Unaudited)

	Cambria Shareholder Yield ETF		Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF		Cambria Global Asset Allocation ETF
Investment Income:
Dividend Income	$	1,449,869	$	980,124		$	2,912,976		$	827,005	$	357,019
Dividend Income from Affiliated Investments		—		—			—			345,972		234,943
Interest Income		1,585		5,945			2,065			2,753		549
Less: Foreign Taxes Withheld		—		(95,419	)		(409,554	)		—		—
Total Investment Income		1,451,454		890,650			2,505,487			1,175,730		592,511

Expenses:
Management Fees		365,285		137,403			422,473			213,675		—
Custodian Fees		—		—			61,802			—		—
Total Expenses		365,285		137,403			484,275			213,675		—

Net Investment Income		1,086,169		753,247			2,021,212			962,055		592,511

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽¹⁾		1,635,567		1,880,376			263,637			722,398		(1,885	)
Net Realized Gain on Affiliated Investments		—		—			—			119,160		—
Net Realized Gain (Loss) on Foreign Currency Transactions		—		23,188			(17,421	)		—		—
Net Change in Unrealized Appreciation on Unaffiliated Investments		5,196,142		3,163,441			13,341,069			3,671,662		1,327,684
Net Change in Unrealized Appreciation on Affiliated Investments		—		—			—			1,042,489		737,047
Net Change in Unrealized Appreciation on Foreign Currency Translation		99		5,568			37,287			—		—
Net Realized and Unrealized Gain on Investments		6,831,808		5,072,573			13,624,572			5,555,709		2,062,846

Net Increase in Net Assets Resulting from Operations	$	7,917,977	$	5,825,820		$	15,645,784		$	6,517,764	$	2,655,357

⁽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.

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2017 (Unaudited)

	Cambria Value and Momentum ETF			Cambria Sovereign Bond ETF			Cambria Emerging Shareholder Yield ETF			Cambria Tail Risk ETF			Cambria Core Equity ETF⁽¹⁾
Investment Income:
Dividend Income	$	44,223		$	—		$	404,908		$	—		$	1,105,854
Interest Income		—			304,365			1,292			84,975			505
Less: Foreign Taxes Withheld		—			(4,065	)		(52,097	)		—			—
Total Investment Income		44,223			300,300			354,103			84,975			1,106,359

Expenses:
Management Fees		26,942			31,666			45,160			23,210			491,208
Broker Expense		3,631			—			—			—			—
Custodian Fees		—			—			4,346			—			—
Total Expenses		30,573			31,666			49,506			23,210			491,208

Net Investment Income		13,650			268,634			304,597			61,765			615,151

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽²⁾		183,426			52,627			(45,173	)		(15,620	)		(691,074	)
Net Realized Loss on Purchased Options		—			—			—			(211,536	)		(2,022,400	)
Net Realized Loss on Futures Contracts		(232,429	)		—			—			—			—
Net Realized Loss on Foreign Currency Transactions		—			(1,229	)		(7,623	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments		703,758			(55,427	)		1,497,226			(147,118	)		7,470,429
Net Change in Unrealized Loss on Purchased Options		—			—			—			(410,529	)		(3,494,849	)
Net Change in Unrealized Depreciation on Futures Contracts		(130,232	)		—			—			—			—
Foreign Capital Gains Tax on Appreciated Securities		—			364			18,242			—			—
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		—			(4,959	)		871			—			—
Net Realized and Unrealized Gain (Loss) on Investments		524,523			(8,624	)		1,463,543			(784,803	)		1,262,106

Net Increase (Decrease) in Net Assets Resulting from Operations	$	538,173		$	260,010		$	1,768,140		$	(723,038	)	$	1,877,257

⁽¹⁾	Commenced operations on May 24, 2017.

⁽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.

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
Operations:
Net Investment Income	$	1,086,169		$	2,110,868		$	753,247		$	1,100,866
Net Realized Gain (Loss) on Investments⁽¹⁾		1,635,567			9,915,364			1,880,376			(857,118	)
Net Realized Gain (Loss) on Foreign Currency Transactions		—			115			23,188			(8,615	)
Net Change in Unrealized Appreciation on Investments and Futures Contracts		5,196,142			11,411,349			3,163,441			3,344,104
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		99			(270	)		5,568			(7,642	)
Net Increase in Net Assets Resulting from Operations		7,917,977			23,437,426			5,825,820			3,571,595

Distributions to Shareholders:
Investment Income		(1,039,529	)		(2,080,769	)		(1,102,960	)		(683,048	)
Total Distributions to Shareholders		(1,039,529	)		(2,080,769	)		(1,102,960	)		(683,048	)

Capital Share Transactions:
Issued		—			6,673,132			1,194,096			16,416,416
Redeemed		(12,030,840	)		(39,744,687	)		—			(3,195,354	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(12,030,840	)		(33,071,555	)		1,194,096			13,221,062

Total Increase (Decrease) in Net Assets		(5,152,392	)		(11,714,898	)		5,916,956			16,109,609

Net Assets:
Beginning of Period		125,682,330			137,397,228			42,604,907			26,495,298
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $76,656, $30,016, $(1,527) and $348,186, respectively)	$	120,529,938		$	125,682,330		$	48,521,863		$	42,604,907

Share Transactions:
Issued		—			200,000			50,000			750,000
Redeemed		(350,000	)		(1,300,000	)		—			(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(350,000	)		(1,100,000	)		50,000			600,000

⁽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.

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
Operations:
Net Investment Income	$	2,021,212		$	2,075,370		$	962,055		$	552,812
Net Realized Gain on Investments⁽¹⁾		263,637			1,630,071			841,558			10,408
Net Realized Loss on Foreign Currency Transactions		(17,421	)		(805	)		—			—
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		—			—			—			1,568
Net Change in Unrealized Appreciation on Investments and Affiliated Investments		13,341,069			13,518,072			4,714,151			3,355,066
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		37,287			(47,292	)		—			—
Net Increase in Net Assets Resulting from Operations		15,645,784			17,175,416			6,517,764			3,919,854

Distributions to Shareholders:
Investment Income		(2,332,225	)		(1,965,865	)		(1,007,263	)		(530,781	)
Return of Capital		—			—			—			(39,767	)
Total Distributions to Shareholders		(2,332,225	)		(1,965,865	)		(1,007,263	)		(570,548	)

Capital Share Transactions:
Issued		41,555,181			28,631,893			17,757,978			35,515,650
Redeemed		—			(1,087,609	)		—			(1,176,541	)
Increase in Net Assets from Capital Share Transactions		41,555,181			27,544,284			17,757,978			34,339,109

Total Increase in Net Assets		54,868,740			42,753,835			23,268,479			37,688,415

Net Assets:
Beginning of Period		112,190,124			69,436,289			59,327,859			21,639,444
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $145,016, $456,029, $(45,208) and $—, respectively)	$	167,058,864		$	112,190,124		$	82,596,338		$	59,327,859

Share Transactions:
Issued		1,700,000			1,400,000			700,000			1,500,000
Redeemed		—			(50,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		1,700,000			1,350,000			700,000			1,450,000

⁽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.

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
Operations:
Net Investment Income	$	592,511		$	766,833		$	13,650		$	27,999
Net Realized Loss on Investments and Futures Contracts⁽¹⁾		(1,885	)		(122,039	)		(49,003	)		(516,266	)
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		—			13,111			—			—
Net Change in Unrealized Appreciation on Investments and Futures Contracts		2,064,731			2,061,906			573,526			723,219
Net Increase in Net Assets Resulting from Operations		2,655,357			2,719,811			538,173			234,952

Distributions to Shareholders:
Investment Income		(552,629	)		(777,368	)		(15,552	)		(28,879	)
Total Distributions to Shareholders		(552,629	)		(777,368	)		(15,552	)		(28,879	)

Capital Share Transactions:
Issued		10,644,473			14,843,502			1,177,427			3,547,675
Redeemed		—			(3,755,694	)		—			—
Increase in Net Assets from Capital Share Transactions		10,644,473			11,087,808			1,177,427			3,547,675

Total Increase in Net Assets		12,747,201			13,030,251			1,700,048			3,753,748

Net Assets:
Beginning of Period		37,182,395			24,152,144			8,290,892			4,537,144
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $51,614, $11,732, $(1,748) and $154, respectively)	$	49,929,596		$	37,182,395		$	9,990,940		$	8,290,892

Share Transactions:
Issued		400,000			600,000			50,000			150,000
Redeemed		—			(150,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		400,000			450,000			50,000			150,000

⁽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.

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Sovereign Bond ETF						Cambria Emerging Shareholder Yield ETF
	Period Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Period Ended October 31, 2017 (Unaudited)			Period Ended April 30, 2017⁽¹⁾
Operations:
Net Investment Income	$	268,634		$	264,116		$	304,597		$	111,687
Net Realized Gain (Loss) on Investments⁽²⁾		52,627			28,207			(45,173	)		(20,751	)
Net Realized Gain (Loss) on Foreign Currency Transactions		(1,229	)		4,549			(7,623	)		(14,206	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		(55,427	)		46,318			1,497,226			1,006,123
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(4,959	)		591			871			1,106
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		364			(364	)		18,242			(30,251	)
Net Increase in Net Assets Resulting from Operations		260,010			343,417			1,768,140			1,053,708

Distributions to Shareholders:
Investment Income		(409,762	)		(218,944	)		(394,795	)		(55,329	)
Net Realized Gains		—			(10,215	)		—			—
Total Distributions to Shareholders		(409,762	)		(229,159	)		(394,795	)		(55,329	)

Capital Share Transactions:
Issued		2,855,072			6,666,175			8,268,883			12,207,140
Redeemed		—			(1,308,551	)		—			(1,446,730	)
Increase in Net Assets from Capital Share Transactions		2,855,072			5,357,624			8,268,883			10,760,410

Total Increase in Net Assets		2,705,320			5,471,882			9,642,228			11,758,789

Net Assets:
Beginning of Period		9,521,369			4,049,487			11,758,789			—
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $(79,671), $61,457, $(44,084) and $46,114, respectively)	$	12,226,689		$	9,521,369		$	21,401,017		$	11,758,789

Share Transactions:
Issued		100,000			250,000			250,000			450,004
Redeemed		—			(50,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		100,000			200,000			250,000			400,004

⁽¹⁾	Commenced operations on July 14, 2016.

⁽²⁾	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.

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Tail Risk ETF						Cambria Core Equity ETF
	Period Ended October 31, 2017 (Unaudited)			Period Ended April 30, 2017⁽¹⁾			Period Ended October 31, 2017⁽²⁾
Operations:
Net Investment Income	$	61,765		$	2,278		$	615,151
Net Realized Gain (Loss) on Investments⁽³⁾		(227,156	)		1,002			(2,713,474	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		(557,647	)		(29,527	)		3,975,580
Net Increase (Decrease) in Net Assets Resulting from Operations		(723,038	)		(26,247	)		1,877,257

Distributions to Shareholders:
Investment Income		(41,760	)		—			(532,876	)
Total Distributions to Shareholders		(41,760	)		—			(532,876	)

Capital Share Transactions:
Issued		15,705,742			2,500,050			120,530,387
Redeemed		(2,389,011	)		—			(2,514,951	)
Increase in Net Assets from Capital Share Transactions		13,316,731			2,500,050			118,015,436

Total Increase in Net Assets		12,551,933			2,473,803			119,359,817

Net Assets:
Beginning of Period		2,473,803			—			—
End of Period (Includes Undistributed Net Investment Income of $22,283, $2,278 and $82,275 respectively)	$	15,025,736		$	2,473,803		$	119,359,817

Share Transactions:
Issued		650,000			100,002			4,800,002
Redeemed		(100,000	)		—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		550,000			100,002			4,700,002

⁽¹⁾	Commenced operations on April 6, 2017.

⁽²⁾	Commenced operations on May 24, 2017.

⁽³⁾	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.

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	Return of Capital	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
10/31/2017**	$ 33.97	$ 0.31	$ 2.00	$ 2.31	$ (0.30)	$ —	$ —	$ (0.30)	$ 35.98	6.83%	$ 120,530	0.59%⁽⁴⁾	1.75%⁽⁴⁾	16%
2017	$ 28.62	$ 0.50	$ 5.35	$ 5.85	$ (0.50)	$ —	$ —	$ (0.50)	$ 33.97	20.62%	$ 125,682	0.59%	1.63%	50%
2016	$ 31.54	$ 0.64	$ (1.45)	$ (0.81)	$ (0.69)	$ (1.39)	$ (0.03)	$ (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⁽⁵⁾	$ 25.00	$ 0.45	$ 4.98	$ 5.43	$ (0.36)	$ (0.12)	$ —	$ (0.48)	$ 29.95	21.81%	$ 205,156	0.59%⁽⁴⁾	1.67%⁽⁴⁾	89%
Cambria Foreign Shareholder Yield ETF
10/31/2017**	$ 23.03	$ 0.40	$ 2.69	$ 3.09	$ (0.58)	$ —	$ —	$ (0.58)	$ 25.54	13.62%	$ 48,522	0.59%⁽⁴⁾	3.23%⁽⁴⁾	25%
2017	$ 21.20	$ 0.81	$ 1.59	$ 2.40	$ (0.57)	$ —	$ —	$ (0.57)	$ 23.03	11.93%	$ 42,605	0.59%	3.80%	43%
2016	$ 23.80	$ 0.81	$ (2.61)	$ (1.80)	$ (0.68)	$ —	$ (0.12)	$ (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⁽⁶⁾	$ 25.00	$ 0.41	$ 1.33	$ 1.74	$ (0.11)	$ —	$ —	$ (0.11)	$ 26.63	6.96%	$ 66,572	0.59%⁽⁴⁾	3.91%⁽⁴⁾	15%
Cambria Global Value ETF
10/31/2017**	$ 22.66	$ 0.35	$ 2.52	$ 2.87	$ (0.41)	$ —	$ —	$ (0.41)	$ 25.12	12.78%	$ 167,059	0.68%⁽⁴⁾	2.82%⁽⁴⁾	1%
2017	$ 19.29	$ 0.50	$ 3.38	$ 3.88	$ (0.51)	$ —	$ —	$ (0.51)	$ 22.66	20.85%	$ 112,190	0.68%	2.48%	16%
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(7)	$ 25.00	$ 0.14	$ 0.59	$ 0.73	$ —	$ —	$ —	$ —	$ 25.73	2.92%	$ 23,160	0.69%⁽⁴⁾	4.11%⁽⁴⁾	—%
Cambria Global Momentum ETF
10/31/2017**	$ 24.72	$ 0.34	$ 1.95	$ 2.29	$ (0.37)	$ —	$ —	$ (0.37)	$ 26.64	9.33%	$ 82,596	0.59%⁽⁴⁾	2.66%⁽⁴⁾	32%
2017	$ 22.78	$ 0.42	$ 1.95	$ 2.37	$ (0.40)	$ —	$ (0.03)	$ (0.43)	$ 24.72	10.52%	$ 59,328	0.59%	1.77%	106%
2016	$ 25.35	$ 0.34	$ (2.51)	$ (2.17)	$ (0.38)	$ —	$ (0.02)	$ (0.40)	$ 22.78	(8.61)%	$ 21,639	0.59%	1.43%	316%
2015⁽⁸⁾	$ 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, 2017.

⁽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 May 13, 2013.

⁽⁶⁾	Inception date December 2, 2013.

⁽⁷⁾	Inception date March 11, 2014.

⁽⁸⁾	Inception date November 3, 2014.

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

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
10/31/2017**	$ 25.64	$ 0.37	$ 1.33	$ 1.70	$ (0.35)	$ —	$ (0.35)	$ 26.99	6.66%	$ 49,930	—%⁽⁴⁾	2.79%⁽⁴⁾	—%
2017	$ 24.15	$ 0.65	$ 1.51	$ 2.16	$ (0.67)	$ —	$ (0.67)	$ 25.64	9.08%	$ 37,182	—%	2.60%	9%
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
10/31/2017**	$ 23.69	$ 0.04	$ 1.29	$ 1.33	$ (0.04)	$ —	$ (0.04)	$ 24.98	5.63%	$ 9,991	0.67%⁽⁴⁾⁽⁶⁾	0.30%⁽⁴⁾	44%
2017	$ 22.69	$ 0.12	$ 1.01	$ 1.13	$ (0.13)	$ —	$ (0.13)	$ 23.69	4.98%	$ 8,291	0.66%⁽⁷⁾	0.50%	76%
2016⁽⁸⁾	$ 25.00	$ 0.08	$ (2.32)	$ (2.24)	$ (0.07)	$ —	$ (0.07)	$ 22.69	(8.96)%	$ 4,537	0.66%⁽⁴⁾⁽⁷⁾	0.55%⁽⁴⁾	48%
Cambria Sovereign Bond ETF
10/31/2017**	$ 27.20	$ 0.70	$ 0.31^	$ 1.01	$ (1.04)	$ —	$ (1.04)	$ 27.17	3.68%	$ 12,227	0.59%⁽⁴⁾	5.01%⁽⁴⁾	20%
2017	$ 26.99	$ 1.04	$ 0.14	$ 1.18	$ (0.93)	$ (0.04)	$ (0.97)	$ 27.20	4.51%	$ 9,521	0.59%	3.88%	86%
2016⁽⁹⁾	$ 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
10/31/2017**	$ 29.40	$ 0.64	$ 3.70	$ 4.34	$ (0.82)	$ —	$ (0.82)	$ 32.92	15.00%	$ 21,401	0.65%⁽⁴⁾	3.98%⁽⁴⁾	17%
2017⁽¹⁰⁾	$ 25.00	$ 0.43	$ 4.18	$ 4.61	$ (0.21)	$ —	$ (0.21)	$ 29.40	18.57%	$ 11,759	0.69%⁽⁴⁾	2.00%⁽⁴⁾	33%
Cambria Tail Risk ETF
10/31/2017**	$ 24.74	$ 0.19	$ (1.69)	$ (1.50)	$ (0.12)	$ —	$ (0.12)	$ 23.12	(6.10)%	$ 15,026	0.59%⁽⁴⁾	1.57%⁽⁴⁾	34%
2017⁽¹¹⁾	$ 25.00	$ 0.02	$ (0.28)	$ (0.26)	$ —	$ —	$ —	$ 24.74	(1.04)%	$ 2,474	0.59%⁽⁴⁾	1.38%⁽⁴⁾	—%
Cambria Core Equity ETF
2017⁽¹²⁾**	$ 25.00	$ 0.15	$ 0.37	$ 0.52	$ (0.12)	$ —	$ (0.12)	$ 25.40	2.10%	$ 119,360	1.05%⁽⁴⁾	1.31%⁽⁴⁾	8%

*	Per share data calculated using average shares method.

**	For the six month period ended October 31, 2017.

^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

⁽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 0.08%.

⁽⁷⁾	Includes broker expense of 0.07%.

⁽⁸⁾	Inception date September 8, 2015.

⁽⁹⁾	Inception date February 22, 2016.

⁽¹⁰⁾	Inception date July 14, 2016.

⁽¹¹⁾	Inception date April 5, 2017.

⁽¹²⁾	Inception date May 23, 2017

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (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 multiple 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 Bond ETF (formerly Cambria Sovereign High Yield Bond ETF), Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Value and Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Tail Risk ETF and Cambria Core Equity 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 Bond ETF (formerly Cambria Sovereign High Yield Bond ETF), Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, and Cambria Core Equity 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 inception date is May 13, 2013. The Fund commenced operations on May 14, 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 inception date is December 2, 2013. The Fund commenced operations on December 3, 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 inception date is March 11, 2014. The Fund commenced operations on March 12, 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 inception date is November 3, 2014. The Fund commenced operations on November 4, 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 inception date is December 9, 2014. The Fund commenced operations on December 10, 2014.

The investment objective of the Cambria Value and Momentum ETF is to seek income and capital appreciation from investments in the U.S. equity market. The Fund inception date is September 8, 2015. The Fund commenced operations on September 9, 2015.

The investment objective of the Cambria Sovereign 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 inception date is February 22, 2016. The Fund commenced operations on February 23, 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 inception date is July 13, 2016. The Fund commenced operations on July 14, 2016.

The investment objective of the Cambria Tail Risk ETF is to provide income and capital appreciation from investments in the U.S. market while protecting against significant downside risk. The Fund inception date is April 5, 2017. The Fund commenced operations on April 6, 2017.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

1. ORGANIZATION (continued)

The investment objective of the Cambria Core Equity ETF is to seek capital appreciation and capital preservation with a low correlation to the broader U.S. equity market. The Fund inception date is May 23, 2017. The Fund commenced operations on May 24, 2017.

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 an 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.

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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

For the year or period ended October 31, 2017, 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 year ended October 31, 2017. The Fund’s investment in futures contracts are designed to enable the Fund to more closely approximate their 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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2017. 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.

Options — The Cambria Tail Risk ETF and Cambria Core Equity ETF may purchase put and call options on securities. A put option on a security gives the purchaser of the option the right (but not the obligation) to sell, and the writer of the option the obligation to buy, the underlying security at a stated price (the “exercise price”) at any time before the option expires. A call option on a security gives the purchaser the right (but not the obligation) to buy, and the writer the obligation to sell, the underlying security at the exercise price at any time before the option expires. The purchase price for a put or call option is the “premium” paid by the purchaser for the right to sell or buy. The Cambria Tail Risk ETF and Cambria Core Equity ETF may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund would reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. In similar fashion, the Cambria Tail Risk ETF and Cambria Core Equity ETF may purchase call options to protect against an increase in the price of securities that the Fund anticipates purchasing in the future, a practice sometimes referred to as “anticipatory hedging.” The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Cambria Tail Risk ETF and Cambria Core Equity ETF upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire unexercised. Refer to the Cambria Tail Risk ETF and Cambria Core Equity ETF Schedule of Investments for details regarding option contracts as of October 31, 2017.

Federal Income Taxes — The Funds selected a tax year end of April 30, 2017, other than the Cambria Sovereign Bond ETF, which has selected a tax year end of May 31, 2017. 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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2017, 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.

Offering Expenses — All 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 Statements 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.

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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 year or period ended October 31, 2017:

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	1,799,000	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,000		1,277,000		2,000	Up to 2.0%
Cambria Global Value ETF		50,000		3,500		1,256,000		3,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,332,000		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,349,500		500	None
Cambria Value and Momentum ETF		50,000		700		1,249,000		700	None
Cambria Sovereign Bond ETF		50,000		550		1,358,500		550	Up to 2.0%
Cambria Emerging Shareholder Yield ETF		50,000		3,500		1,646,000		3,500	Up to 2.0%
Cambria Tail Risk ETF		50,000		500		1,156,000		500	None
Cambria Core Equity ETF		50,000		500		1,270,000		500	None

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Fund of all or a portion of the applicable Deposit Securities. In these circumstances, the Fund may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.

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

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

⁽¹⁾

747,095

CIMPOR Cimentos de Portugal SGPS

450,116

3/11/14

⁽¹⁾

897,684

⁽¹⁾	Purchased on various dates beginning on 3/11/14.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

3. OFFSETTING ASSETS AND LIABILITIES

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the statements of assets and liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on 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, 2017, 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 each Fund’s 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 Core Equity EFT which pays an annual rate of 1.05% and the Cambria Global Asset Allocation ETF which is not charged an advisory fee. This allows the cost-conscious investor to hold a diversified, low cost asset allocation portfolio in the Cambria Global Asset Allocation ETF.

With respect to each Fund, except the Cambria Global Value 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 each Fund’s 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. With respect to the Cambria Global Value ETF and Cambria Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of each Fund, except for the advisory fee, payments under the Fund’s 12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. The Cambria Global Value ETF and Cambria Emerging Shareholder Yield 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.

Additionally, the Investment Adviser earned $52,968 in management fees from the Cambria Global Momentum ETF related to the Fund’s investment in affiliated funds, Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF and Cambria Emerging Shareholder Yield ETF.

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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (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.

Certain officers and trustees of the funds are officers/employees of the Investment Adviser or the Administrator.

5. INVESTMENT TRANSACTIONS

For the period ended October 31, 2017, 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	$	19,817,087	$	20,560,986
Cambria Foreign Shareholder Yield ETF		11,367,335		12,781,766
Cambria Global Value ETF		3,919,230		1,412,548
Cambria Global Momentum ETF		23,042,826		22,632,739
Cambria Global Asset Allocation ETF		—		20,501
Cambria Value and Momentum ETF		3,853,839		3,813,016
Cambria Sovereign Bond ETF		4,791,283		1,780,863
Cambria Emerging Shareholder Yield ETF		6,296,447		2,518,215
Cambria Tail Risk ETF		6,727,904		2,513,424
Cambria Core Equity ETF⁽¹⁾		8,249,288		9,890,610

⁽¹⁾	The Fund commenced operations on May 24, 2017.

For the period ended October 31, 2017 there were no purchases and sales of U.S. Government securities.

For the period ended October 31, 2017, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities			Net Realized Gain (Loss)
Cambria Shareholder Yield ETF	$	—	$	11,920,903		$	2,568,917
Cambria Foreign Shareholder Yield ETF		1,140,205		—			—
Cambria Global Value ETF		37,341,832		—			—
Cambria Global Momentum ETF		17,745,441		—			—
Cambria Global Asset Allocation ETF		10,590,651		—			—
Cambria Value and Momentum ETF		1,098,651		—			—
Cambria Sovereign Bond ETF		—		—			—
Cambria Emerging Shareholder Yield ETF		3,685,680		(11,840	)(2)		(1,417	)
Cambria Tail Risk ETF		7,975,116		—			—
Cambria Core Equity ETF⁽¹⁾		113,987,429		2,384,004			24,032

⁽¹⁾	The Fund commenced operations on May 24, 2017.

⁽²⁾	Includes a reversed in-kind sale.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

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’’.

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, Cambria Sovereign Bond ETF and Cambria Tail Risk 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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

6. PRINCIPAL RISKS (continued)

Cash and Cash Equivalents — Cash and 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.

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 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 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.

Options Risk — The value of the Funds’ positions in options fluctuates in response to changes in the value of the underlying index. The Funds also risk losing all or part of the cash paid for purchasing put options. Writing index call options reduces the Funds’ ability to profit from increases in the value of the Funds’ equity portfolio. Because the Cambria Tail Risk ETF only purchases put options, the Fund’s losses from its exposure to put options is limited to the amount of premiums paid to the option seller. To the extent that the Cambria Core Equity ETF reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

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.

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
	2017	$	2,080,769	$	—	$	—	$	2,080,769
	2016		3,914,264		7,476,072		176,238		11,566,574
Cambria Foreign Shareholder Yield ETF
	2017	$	683,048	$	—	$	—	$	683,048
	2016		1,478,338		—		201,561		1,679,899
Cambria Global Value ETF
	2017	$	1,965,865	$	—	$	—	$	1,965,865
	2016		1,427,287		—		—		1,427,287
Cambria Global Momentum ETF
	2017	$	530,781	$	—	$	39,767	$	570,548
	2016		449,733		—		24,940		474,673
Cambria Global Asset Allocation ETF
	2017	$	777,368	$	—	$	—	$	777,368
	2016		794,101		21,052		—		815,153
Cambria Value and Momentum ETF
	2017	$	28,879	$	—	$	—	$	28,879
	2016		9,518		—		—		9,518
Cambria Sovereign Bond ETF
	2017	$	229,159	$	—	$	—	$	229,159
	2016		—		—		—		—
Cambria Emerging Shareholder Yield ETF
	2017	$	55,329	$	—	$	—	$	55,329
Cambria Tail Risk ETF
	2017	$	—	$	—	$	—	$	—

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

8. INCOME TAXES (continued)

As of October 31, 2017, 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	$	30,015	$	434,996		$	459,035		$	—
Undistributed Long-Term Capital Gain		117,168		—			—			—
Capital Loss Carryforwards		—		(5,004,528	)		(1,025,220	)		(3,611,136	)
Unrealized Appreciation (Depreciation)		19,110,268		223,804			(2,991,802	)		3,629,186
Other Temporary Differences		2		—			—			—
Total Distributable Earnings (Accumulated Losses)	$	19,257,453	$	(4,345,728	)	$	(3,557,987	)	$	18,050

	Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF			Cambria Sovereign Bond ETF			Cambria Emerging Shareholder Yield ETF
Undistributed Ordinary Income	$	11,732		$	154		$	199,378		$	110,574
Undistributed Long-Term Capital Gain		—			—			12,338			—
Capital Loss Carryforwards		(577,019	)		(916,779	)		—			(84,513	)
Unrealized Appreciation		1,218,245			878,634			221,380			864,145
Other Temporary Differences		—			1			(91,847	)		—
Total Distributable Earnings (Accumulated Losses)	$	652,958		$	(37,990	)	$	341,249		$	890,206

	Cambria Tail Risk ETF
Undistributed Ordinary Income	$	2,278
Post October Losses		(42,164	)
Unrealized Depreciation		(29,527	)
Other Temporary Differences		43,166
Total Accumulated Losses	$	(26,247	)

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Continued)

8. INCOME TAXES (continued)

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment losses that are carried forward will retain their character as either short term or long term capital losses. As of October 31, 2017 2017, 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 Shareholder Yield ETF	$	—	$	—	$	—
Cambria Foreign Shareholder Yield ETF		—		5,004,528		5,004,528
Cambria Global Value ETF		146,182		879,038		1,025,220
Cambria Global Momentum ETF		3,611,136		—		3,611,136
Cambria Global Asset Allocation ETF		—		577,019		577,019
Cambria Value and Momentum ETF		636,342		280,437		916,779
Cambria Sovereign Bond ETF		—		—		—
Cambria Emerging Shareholder Yield ETF		84,513		—		84,513
Cambria Tail Risk ETF		—		—		—

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2015 through April 30, 2017, 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, 2017, 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	$	95,268,926	$	28,493,920	$	(4,187,278	)	$	24,306,642
Cambria Foreign Shareholder Yield ETF		42,726,210		6,195,287		(2,712,172	)		3,483,115
Cambria Global Value ETF		155,332,463		23,579,085		(12,988,988	)		10,590,097
Cambria Global Momentum ETF		73,722,845		8,440,979		—			8,440,979
Cambria Global Asset Allocation ETF		46,409,467		3,438,326		(155,350	)		3,282,976
Cambria Value and Momentum ETF		8,124,733		1,761,046		(178,654	)		1,582,392
Cambria Sovereign Bond ETF		10,692,985		387,287		(194,566	)		192,721
Cambria Emerging Shareholder Yield ETF		17,649,333		2,977,251		(473,902	)		2,503,349
Cambria Tail Risk ETF		14,455,151		—		(133,479	)		(133,479	)
Cambria Core Equity ETF		109,271,030		9,201,291		(1,730,862	)		7,470,429

Cambria Investment Management

Notes to the Financial Statements

October 31, 2017 (Unaudited) (Concluded)

9. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

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.

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, 2017 to October 31, 2017).

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.

Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited) (Concluded)

	Beginning Account Value 5/1/17	Ending Account Value 10/31/17	Annualized Expense Ratios	Expenses Paid During Period⁽¹⁾
Cambria Shareholder Yield ETF
Actual Fund Return	$ 1,000.00	$ 1,068.30	0.59%	$ 3.08
Hypothetical 5% Return	$ 1,000.00	$ 1,022.23	0.59%	$ 3.01
Cambria Foreign Shareholder Yield ETF
Actual Fund Return	$ 1,000.00	$ 1,136.20	0.59%	$ 3.18
Hypothetical 5% Return	$ 1,000.00	$ 1,022.23	0.59%	$ 3.01
Cambria Global Value ETF
Actual Fund Return	$ 1,000.00	$ 1,127.80	0.68%	$ 3.65
Hypothetical 5% Return	$ 1,000.00	$ 1,021.78	0.68%	$ 3.47
Cambria Global Momentum ETF
Actual Fund Return	$ 1,000.00	$ 1,093.30	0.59%	$ 3.11
Hypothetical 5% Return	$ 1,000.00	$ 1,021.99	0.59%	$ 2.97
Cambria Global Asset Allocation ETF
Actual Fund Return	$ 1,000.00	$ 1,066.60	—%	$ —
Hypothetical 5% Return	$ 1,000.00	$ 1,024.79	—%	$ —
Cambria Value and Momentum ETF
Actual Fund Return	$ 1,000.00	$ 1,056.30	0.67%	$ 3.47
Hypothetical 5% Return	$ 1,000.00	$ 1,021.83	0.67%	$ 3.41
Cambria Sovereign Bond ETF
Actual Fund Return	$ 1,000.00	$ 1,036.80	0.59%	$ 3.03
Hypothetical 5% Return	$ 1,000.00	$ 1,022.23	0.59%	$ 3.01
Cambria Emerging Shareholder Yield ETF
Actual Fund Return	$ 1,000.00	$ 1,150.00	0.65%	$ 3.52
Hypothetical 5% Return	$ 1,000.00	$ 1,021.93	0.65%	$ 3.31
Cambria Tail Risk ETF
Actual Fund Return	$ 1,000.00	$ 939.00	0.59%	$ 2.88
Hypothetical 5% Return	$ 1,000.00	$ 1,022.23	0.59%	$ 3.01
Cambria Core Equity ETF
Actual Fund Return	$ 1,000.00	$ 1,021.00	1.05%	$ 4.68⁽²⁾
Hypothetical 5% Return	$ 1,000.00	$ 1,017.42	1.05%	$ 4.67

⁽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 161/365 (to reflect the actual time the Fund was operations from 05/23/2017-10/31/2017).

Cambria Investment Management

Approval of Advisory Agreement & Board Considerations

October 31, 2017 (Unaudited)

Board Consideration of the Cambria Core Equity ETF Investment Advisory Agreement

The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended an in-person meeting held on March 16, 2017, and a subsequent in-person meeting held on June 15, 2017, called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “Agreement”) between the Trust and Cambria Investment Management, L.P. (“Cambria”) pertaining to the Cambria Core Equity ETF (“CCOR”). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria to a due diligence questionnaire circulated on the Board’s behalf. During its deliberations, the Board received an oral presentation from Cambria and was assisted by the advice of independent legal counsel.

In evaluating the Agreement, the Board reviewed information regarding Cambria’s personnel, operations, and financial condition. In addition, the Board considered that the evaluation process with respect to Cambria is an ongoing one and, in this regard, the Board considers information at each regularly scheduled meeting including, among other things, information concerning performance and services provided by Cambria. At the meetings, the Board considered: (1) the nature, extent and quality of the services to be provided by Cambria to CCOR; (2) the investment performance of Cambria with respect to other actively-managed Cambria ETFs; (3) the costs of the services provided by Cambria and the expected profitability to Cambria derived from its relationship with CCOR; (4) the advisory fee and total expense ratio of CCOR compared to a relevant peer group of funds; (5) the extent to which economies of scale would be realized as CCOR grows and whether the advisory fee would enable investors to share in the benefits of economies of scale; (6) benefits (such as soft dollars, if any) received by Cambria and its affiliates from their relationship with CCOR; (7) Cambria’s reputation, expertise and resources in the financial markets; and (8) other factors the Board deemed relevant.

Nature, Quality and Extent of Services. The Board reviewed the nature, quality and extent of the overall services to be provided by Cambria to CCOR. In particular, the Board considered the responsibilities of Cambria, recognizing that Cambria had invested significant time and effort in structuring the Trust and CCOR, obtaining the necessary exemptive relief from the U.S. Securities and Exchange Commission (“SEC”), arranging service providers, exploring various sales channels and assessing the appeal for CCOR’s investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory services to CCOR, monitoring compliance with CCOR’s objectives, policies and restrictions, and carrying out directives of the Board. The Board also considered the services provided by Cambria in the oversight of the Trust’s distributor, administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of Cambria’s personnel, the professional qualifications and experience of the portfolio management team in managing assets, their experiences with Cambria’s services, and the adequacy of Cambria’s resources and financial condition.

Performance. The Board noted that, since CCOR had not yet commenced investment operations, CCOR had no investment performance. The Board noted, however, that Cambria has been relatively successful in advising other ETFs, including other series of the Trust, using different quantitative investment strategies. The Board also discussed and considered the performance track record, investment experience, professional background and qualifications of David Pursell, a new portfolio manager for CCOR. The Board further noted that Cambria had performed extensive research on the strategy underlying CCOR.

Comparative Fees and Expenses. The Board considered that Cambria proposed charging a unitary advisory fee of 1.05% to CCOR. The Trustees noted that under the unitary fee structure proposed, Cambria, and not CCOR, would be responsible for paying many of the expenses necessary to service CCOR, including those of other service providers. In considering the advisory fee, the Board reviewed and considered the fee in light of the nature, quality and extent of the services to be provided by Cambria to CCOR. With respect to the proposed advisory fee and estimated total expense ratio for CCOR, the Board considered how the proposed fee and expense ratio compared to the advisory fees and expense ratios of ETFs with comparable strategies, noting how differences between fund strategies might impact fees. The Board then noted that although CCOR’s proposed unitary advisory fee is higher than the average total expense ratio of its peer funds, CCOR’s

Cambria Investment Management

Approval of Advisory Agreement & Board Considerations

October 31, 2017 (Unaudited) (Concluded)

total expense ratio is comparable to the total expense ratios of half of its peer funds. In addition, the Board considered that CCOR is actively managed, whereas, half of CCOR’s peer funds are index funds. The Board then considered Cambria’s representation that it would continue to monitor CCOR’s expense ratio as compared to those of its peer funds and seek to ensure that CCOR remains competitive.

Costs and Profitability. The Board then considered the estimated profits to be realized by Cambria in connection with providing services to CCOR. The Board noted that since CCOR had not yet launched, it was difficult to estimate how profitable it would be to Cambria. The Board, however, reviewed estimated profit and loss information provided by Cambria with respect to CCOR. In particular, the Board noted Cambria’s representation of its long-term commitment to the success of CCOR and its unitary fee structure under which it bears the risk that CCOR expenses may increase. The Board further considered the costs associated with the personnel, systems and equipment necessary to manage CCOR and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies as well as other expenses Cambria would pay in accordance with the Agreement.

Other Benefits. The Board then considered the extent to which Cambria derives ancillary benefits from CCOR’s operations. The Board discussed the potential benefits to Cambria resulting from its ability to use CCOR’s assets to engage in soft dollar transactions. The Board noted that Cambria did not have any affiliates that would benefit from CCOR’s operations. The Board also reviewed the degree to which Cambria may receive compensation from other Cambria ETFs based upon CCOR’s investment in other Cambria ETFs.

Economies of Scale. The Board also considered whether economies of scale would be realized by CCOR as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board noted that the proposed advisory fee for CCOR does not include breakpoints, but that it was premature - before the commencement of investment operations - to evaluate potential economies of scale. The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints, as assets managed by CCOR grow larger.

Conclusion. In approving the Agreement, the Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from Fund counsel discussing the legal standards applicable to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangement, as outlined in the Agreement, was fair and reasonable in light of the services to be performed, expenses to be incurred, and such other matters as the Board considered relevant. In light of the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the Agreement for CCOR.

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 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		21.77	%		—	%	$	35.97
Cambria Foreign Shareholder Yield ETF		22.66			—			25.71
Cambria Global Value ETF		24.64			—			25.09
Cambria Global Momentum ETF		15.48			—			26.71
Cambria Global Asset Allocation ETF		8.90			—			27.04
Cambria Value and Momentum ETF		11.37			—			24.98
Cambria Sovererign Bond ETF		(2.32	)		—			27.32
Cambria Emerging Shareholder Yield ETF		25.28			—			33.20
Cambria Tail Risk ETF		—			(7.28	)		23.18
Cambria Core Equity ETF		—			1.60			25.40

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 5/13/13

Analysis Period 5/13/13-10/31/17

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	1	0.09%
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	1	0.09%
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	752	66.61%
Sold at Par	0.00%	—	—
	0.50%	375	33.22%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Foreign Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 12/2/13

Analysis Period 12/2/13-10/31/17

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	1	0.09%
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	1	0.09%
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	752	66.61%
Sold at Par	0.00%	—	—
	0.50%	375	33.22%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Global Value ETF

Premium/Discount Analysis

Inception Date 3/11/14

Analysis Period 3/11/14-10/31/17

	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	0.20%
	-2.50%	2	0.20%
	-2.00%	6	0.61%
	-1.50%	32	3%
	-1.00%	124	12.55%
	-0.50%	331	33.50%
Sold at Par	0.00%	—	—
	0.50%	335	33.91%
	1.00%	139	14.07%
	1.50%	16	1.62%
	2.00%	1	0.10%
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Global Momentum ETF

Premium/Discount Analysis

Inception Date 11/3/14

Analysis Period 11/3/14-10/31/17

	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%	376	49.74%
Sold at Par	0.00%	—	—
	0.50%	376	49.74%
	1.00%	4	0.53%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Global Asset Allocation ETF

Premium/Discount Analysis

Inception Date 12/9/14

Analysis Period 12/9/14-10/31/17

	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%	351	48.02%
Sold at Par	0.00%	—	—
	0.50%	375	51.30%
	1.00%	5	0.68%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Value and Momentum ETF

Premium/Discount Analysis

Inception Date 9/8/15

Analysis Period 9/8/15-10/31/17

	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%	4	1%
	-0.50%	203	37.38%
Sold at Par	0.00%	—	—
	0.50%	313	57.64%
	1.00%	23	4.24%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Sovereign Bond ETF

Premium/Discount Analysis

Inception Date 2/22/16

Analysis Period 2/22/16-10/31/17

	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%	1	0.23%
Sold at Par	0.00%	—	—
	0.50%	8	1.86%
	1.00%	116	27.04%
	1.50%	156	36.36%
	2.00%	48	11.19%
Fund Sold at Premium	2.50%	50	11.66%
	3.00%	33	7.69%
	3.50%	14	3.26%
	4.00%	2	0.47%
	4.50%	1	0.23%
	5.00%	—	—

Cambria Emerging Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 7/13/16

Analysis Period 7/13/16-10/31/17

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	1	0.30%
	-1.50%	—	—
	-1.00%	8	2.42%
	-0.50%	19	5.76%
Sold at Par	0.00%	—	—
	0.50%	44	13.33%
	1.00%	82	25%
	1.50%	92	27.88%
	2.00%	68	20.61%
Fund Sold at Premium	2.50%	12	3.64%
	3.00%	2	0.61%
	3.50%	2	0.61%
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Concluded)

Cambria Tail Risk ETF

Premium/Discount Analysis

Inception Date 4/6/17

Analysis Period 4/5/17-10/31/17

	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%	29	19.86%
Sold at Par	0.00%	—	—
	0.50%	102	69.86%
	1.00%	15	10.27%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Core Equity ETF

Premium/ Discount Analysis

Inception Date 5/23/17

Analysis Period 5/23/17-10/31/17

	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%	48	42.48%
Sold at Par	0.00%	—	—
	0.50%	65	57.52%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

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

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-001-0500

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 to open-end management investment companies.

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 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) Separate certifications 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 Exhibits.

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 & Principal Executive Officer

Date: January 2, 2018

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 & Principal Executive Officer

Date: January 2, 2018

By (Signature and Title):	/s/ Eric Kleinschmidt
	Eric Kleinschmidt, Principal Financial Officer

Date: January 2, 2018

EX-99.CERT 2 fp0029883_ex99cert.htm

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Eric Richardson, certify that:

I have reviewed this semi-annual report on Form N-CSRS of Cambria ETF Trust for the semi-annual period ended October 31, 2017;

Based on my knowledge, this semi-annual 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;

Based on my knowledge, the financial statements, and other financial information included in this semi-annual 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;

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 we have:

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 semi-annual report is being prepared;

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;

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 semi-annual report, based on such evaluation; and

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 semi-annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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):

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

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 2, 2018

/s/ Eric Richardson
Eric Richardson
President & Principal Executive Officer

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Eric Kleinschmidt, certify that:

I have reviewed this semi-annual report on Form N-CSRS of Cambria ETF Trust for the semi-annual period ended October 31, 2017;

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 2, 2018

/s/ Eric Kleinschmidt
Eric Kleinschmidt
Principal Financial Officer

EX-99.906 CERT 3 fp0029883_ex99906cert.htm

Certification

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Principal Executive Officer of Cambria ETF Trust, with respect to the registrant’s Form N-CSRS for the semi-annual period ended October 31, 2017, 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:

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

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 2, 2018

	/s/ Eric Richardson
	Eric Richardson
	President & Principal Executive Officer

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 semi-annual period ended October 31, 2017, 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:

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

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 2, 2018

	/s/ Eric Kleinschmidt
	Eric Kleinschmidt
	Principal Financial Officer