Cambria Tail Risk ETF NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22704

CAMBRIA ETF TRUST

(Exact name of registrant as specified in charter)

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

(Address of principal executive offices) (Zip code)

Corporation Service Company

2711 Centerville Road

Suite 400

Wilmington, DE 19808

(Name and address of agent for service)

With a Copy to:

John McGuire

Morgan Lewis & Bockius LLP

2020 K Street, NW

Washington, DC 20006-1806

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

Date of fiscal year end: April 30, 2016

Date of reporting period: October 31, 2015

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)

Semi-Annual Report

October 31, 2015
(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	7
Cambria Global Momentum ETF	10
Cambria Global Asset Allocation ETF	11
Cambria Value and Momentum ETF	12
Statements of Assets and Liabilities	14
Statements of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	21
Notes to Financial Statements	23
Disclosure of Fund Expenses	33
Supplemental Information	35

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 adviser, 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, 2015 (Unaudited)

Description	Shares		Value
COMMON STOCK — 99.9%
Consumer Discretionary — 17.1%
Big Lots		39,638	$	1,827,312
CBS, Cl B		28,558		1,328,518
Children's Place		23,803		1,277,507
Cooper Tire & Rubber		47,067		1,966,930
Dillard's, Cl A		11,385		1,018,730
Gap		38,068		1,036,211
Guess?		79,400		1,671,370
Home Depot		19,783		2,445,970
Kohl's		30,019		1,384,476
Liberty Interactive QVC Group, Cl A*		64,699		1,770,812
Lowe's		33,790		2,494,716
Macy's		31,406		1,601,078
Newell Rubbermaid		27,883		1,183,076
O'Reilly Automotive*		11,077		3,060,132
PulteGroup		86,359		1,582,960
Six Flags Entertainment		40,203		2,092,164
Time Warner		6,248		470,724
Visteon*		9,276		1,011,733
				29,224,419
Consumer Staples — 11.0%
Archer-Daniels-Midland		35,316		1,612,529
Coca-Cola Enterprises		36,297		1,863,488
CVS Health		23,326		2,304,142
Dr Pepper Snapple Group		27,577		2,464,556
General Mills		30,761		1,787,522
Ingredion		24,316		2,311,479
Kimberly-Clark		14,272		1,708,501
Medifast*		64,642		1,808,037
Sanderson Farms		21,634		1,503,779
Universal		27,344		1,476,849
				18,840,882
Energy — 6.4%
CVR Energy		42,267		1,879,191
Hess		14,223		799,475
HollyFrontier		30,255		1,481,587
Marathon Petroleum		33,354		1,727,737
National Oilwell Varco		34,356		1,293,160
Phillips 66		11,052		984,180
Superior Energy Services		78,973		1,118,258
Valero Energy		23,991		1,581,487
				10,865,075
Financials — 27.2%
Aflac		25,955		1,654,631
Allied World Assurance Holdings		35,141		1,277,727
Allstate		31,028		1,920,013
American International Group		29,638		1,868,972
Ameriprise Financial		16,357		1,886,943
Aspen Insurance Holdings		35,098		1,706,114
Assurant		24,580		2,004,007
Assured Guaranty		65,272		1,791,064
Axis Capital Holdings		38,727		2,091,258
Cash America International		61,946		2,138,995
Chubb		17,792		2,301,395
CNO Financial Group		92,018		1,767,666
Everest Re Group		11,503		2,047,189
Fifth Third Bancorp		77,826		1,482,585
Hartford Financial Services Group		35,686		1,650,834
KeyCorp		113,190		1,405,820
Legg Mason		42,712		1,911,362
Lincoln National		26,745		1,431,125
LPL Financial Holdings		36,366		1,549,192
PartnerRe		14,497		2,015,083
Prudential Financial		17,919		1,478,318
State Street		24,849		1,714,581
SunTrust Banks		45,267		1,879,486
Travelers		20,253		2,286,361
Unum Group		48,723		1,688,252
Voya Financial		37,386		1,516,750
				46,465,723
Health Care — 3.5%
Anthem		15,841		2,204,275
Express Scripts Holding*		22,819		1,971,105
Pfizer		50,970		1,723,806
				5,899,186
Industrials — 12.7%
3M		9,107		1,431,711
AGCO		38,731		1,874,193
Briggs & Stratton		90,280		1,604,276
Delta Air Lines		37,626		1,912,906
EMCOR Group		32,850		1,585,998
General Dynamics		7,556		1,122,671
L-3 Communications Holdings		16,241		2,052,862

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

Cambria Investment Management

Schedule of Investments ● Cambria Shareholder Yield ETF

October 31, 2015 (Unaudited) (Concluded)

Description	Shares/Face Amount		Value
Manpowergroup		20,817	$	1,910,584
Northrop Grumman		13,888		2,607,472
Raytheon		20,845		2,447,203
Southwest Airlines		51,910		2,402,914
SPX		17,353		212,574
SPX FLOW*		17,353		588,267
				21,753,631
Information Technology — 13.5%
Apple		19,148		2,288,186
Avnet		41,945		1,905,561
Computer Sciences		27,286		1,816,975
Corning		78,760		1,464,936
Hewlett-Packard		49,825		1,343,282
Intel		52,951		1,792,921
Juniper Networks		72,195		2,266,201
Lexmark International, Cl A		45,126		1,466,144
NetApp		44,627		1,517,318
SanDisk		20,853		1,605,681
Tech Data*		27,609		2,009,659
Texas Instruments		36,733		2,083,496
Xerox		153,685		1,443,102
				23,003,462
Materials — 5.4%
Avery Dennison		36,323		2,359,905
Chemtura*		62,568		1,998,422
Domtar		38,015		1,567,739
Dow Chemical		35,050		1,811,034
International Paper		34,108		1,456,070
				9,193,170
Telecommunication Services — 1.8%
CenturyLink		53,649		1,513,438
TELUS		47,532		1,586,143
				3,099,581
Utilities — 1.3%
Ameren		37,714		1,647,347
Atlantic Power		247,718		505,345
				2,152,692
Total Common Stock
(Cost $157,454,621)				170,497,821

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/02/2015
(Cost $148,284)	$	148,284		148,284

Total Investments — 100.0%
(Cost $157,602,905)			$	170,646,105
Other Assets and Liabilities — 0.0%				31,587
Net Assets — 100.0%			$	170,677,692

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

The following is a list of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	170,497,821	$	—	$	—	$	170,497,821
Time Deposit		—		148,284		—		148,284
Total Investments in Securities	$	170,497,821	$	148,284	$	—	$	170,646,105

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, 2015 (Unaudited)

Description	Shares		Value
COMMON STOCK — 96.6%
Australia — 9.6%
Boral		80,522	$	309,495
Bradken		94,012		65,029
Cabcharge Australia		107,006		215,182
CIMIC Group		15,916		314,613
Decmil Group		300,342		201,323
JB Hi-Fi		23,726		303,865
Metcash		136,240		115,612
Mineral Resources		48,938		149,362
Rio Tinto		7,990		288,586
Seven Group Holdings		62,485		225,018
SMS Management & Technology		105,438		368,420
Woodside Petroleum		11,894		251,140
Woolworths		14,983		257,600
WorleyParsons		29,230		135,902
				3,201,147
Belgium — 1.2%
Ageas		9,360		413,613

Canada — 9.5%
Celestica*		3,268		36,639
Genworth MI Canada		12,272		303,421
IGM Financial		7,656		221,319
Labrador Iron Ore Royalty		18,700		217,518
Magna International		9,728		513,034
Metro, Cl A		19,979		571,287
National Bank of Canada		10,147		336,086
Rogers Sugar		78,924		245,053
Suncor Energy		11,280		335,657
Teck Resources, Cl B		16,170		94,725
WestJet Airlines, Cl A		14,762		273,203
				3,147,942
Denmark — 5.7%
Novo Nordisk, Cl B		6,808		361,662
Pandora		3,596		414,881
TDC		46,495		243,706
Topdanmark*		14,928		397,502
Tryg		26,053		468,638
				1,886,389
Finland — 0.8%
Fortum		17,098		256,645

France — 8.4%
AXA		11,597		310,208
CNP Assurances		20,650		294,974
Engie		14,905		261,507
Metropole Television		17,706		340,829
Orange		23,528		414,867
Total		6,472		314,177
Veolia Environnement		18,327		426,746
Vinci		6,581		444,195
				2,807,503
Germany — 4.9%
E.ON		21,197		223,699
Freenet		13,904		469,083
Muenchener Rueckversicherungs		2,311		461,244
RWE		14,282		198,750
Software		9,948		289,181
				1,641,957
Hong Kong — 3.4%
Belle International Holdings		333,254		324,199
Li & Fung		325,094		264,249
Power Assets Holdings		31,225		311,622
Television Broadcasts		62,996		230,019
				1,130,089
Japan — 13.1%
Aoyama Trading		8,798		322,990
Autobacs Seven		26,226		461,840
Casio Computer		20,263		384,874
FANUC		1,832		327,246
Kirin Holdings		25,202		359,432
Kuraray		23,140		287,644
Mabuchi Motor		5,944		297,520
Marui Group		27,739		361,593
Nippon Express		59,475		309,032
NTT DOCOMO		16,497		322,298
Omron		8,217		274,763
Tokio Marine Holdings		7,820		304,064
Yamato Holdings		17,851		353,632
				4,366,928

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

Cambria Investment Management

Schedule of Investments ● Cambria Foreign Shareholder Yield ETF

October 31, 2015 (Unaudited) (Continued)

Description	Shares		Value
Netherlands — 2.2%
BinckBank		38,594	$	340,453
Koninklijke Ahold		19,926		405,803
				746,256
New Zealand — 1.5%
Tower		340,779		482,285

Norway — 7.1%
Gjensidige Forsikring		27,599		419,665
Kvaerner		274,122		172,279
Salmar		29,462		481,975
Statoil		17,290		277,153
Telenor		16,170		305,064
TGS Nopec Geophysical		15,280		301,221
Yara International		9,264		420,528
				2,377,885
Portugal — 0.9%
Portucel		74,321		302,799

South Korea — 1.2%
Macquarie Korea Infrastructure Fund		54,348		381,373

Spain — 1.9%
Acciona		3,658		307,763
Mediaset Espana Comunicacion		27,933		339,571
				647,334
Sweden — 1.9%
JM		13,936		394,418
TeliaSonera		47,090		241,029
				635,447
Switzerland — 4.6%
Adecco		5,238		390,021
Logitech International		24,974		367,618
Swiss Re		4,274		397,370
Zurich Insurance Group		1,408		372,210
				1,527,219
United Kingdom — 18.7%
Amlin		54,060		549,201
BHP Billiton		16,496		264,600
BP		49,706		296,084
Cape		90,580		321,166
Carillion		82,220		387,220
Centrica		71,900		250,610
De La Rue		26,418		188,560
Direct Line Insurance Group		51,989		316,095
HSBC Holdings		43,410		339,689
Imperial Tobacco Group		7,353		396,623
Intermediate Capital Group		50,648		441,925
Kingfisher		72,139		392,679
Phoenix Group Holdings		31,659		417,529

Description		Shares/Face Amount⁽¹⁾		Value
Reckitt Benckiser Group			4,239	$	414,568
Rio Tinto			8,710		316,682
Royal Mail			41,570		285,366
Vodafone Group			112,298		370,905
WM Morrison Supermarkets			112,842		293,117
					6,242,619
Total Common Stock
(Cost $38,934,688)					32,195,430

TIME DEPOSITS — 2.8%
Brown Brothers Harriman 1.104%, 11/02/2015	AUD	11,981			8,544
Brown Brothers Harriman 0.050%, 11/02/2015	CAD	29,319			22,422
Brown Brothers Harriman (1.000)% (A), 11/02/2015	CHF	1,006			1,017
Brown Brothers Harriman (0.800)% (A), 11/02/2015	DKK	574			85
Brown Brothers Harriman (0.237)% (A), 11/02/2015	EUR	12,767			14,039
Brown Brothers Harriman 0.080%, 11/02/2015	GBP	257			397
Brown Brothers Harriman 0.005%, 11/02/2015	HKD	690			89
Brown Brothers Harriman 0.005%, 11/02/2015	JPY	149			1
Brown Brothers Harriman 0.121%, 11/02/2015	NOK	64,153			7,550
Brown Brothers Harriman 1.750%, 11/02/2015	NZD	16			11
Brown Brothers Harriman 0.030%, 11/02/2015			860,633		860,633

Total Time Deposits
(Cost $914,788)					914,788

Total Investments — 99.4%
(Cost $39,849,476)				$	33,110,218
Other Assets and Liabilities — 0.6%					205,265
Net Assets — 100.0%				$	33,315,483

Percentages based on Nets Assets.

*	Non-income producing security.

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

(A)	Rate is negative due to the decrease in value of the Swiss Franc, Danish Krone and the Euro against the U.S. Dollar.

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

Cambria Investment Management

Schedule of Investments ● Cambria Foreign Shareholder Yield ETF

October 31, 2015 (Unaudited) (Concluded)

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — Great British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

The following is a list of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,195,430	$	—	$	—	$	32,195,430
Time Deposits		—		914,788		—		914,788
Total Investments in Securities	$	32,195,430	$	914,788	$	—	$	33,110,218

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 Value ETF

October 31, 2015 (Unaudited)

Description	Shares		Value
COMMON STOCK — 96.2%
Austria — 10.5%
Agrana Beteiligungs		7,800	$	707,539
AMAG Austria Metall (C)		28,024		1,020,029
Erste Group Bank		26,700		783,049
EVN		63,525		702,046
Lenzing		15,340		1,173,382
OMV		20,925		556,846
Raiffeisen Bank International		28,800		455,414
UNIQA Insurance Group		71,325		662,833
Vienna Insurance Group Wiener Versicherung Gruppe		19,200		614,819
Voestalpine		21,225		768,706
				7,444,663
Brazil — 4.5%
AMBEV		129,375		640,409
Banco do Brasil		99,132		410,506
Banco Santander Brasil		176,332		632,346
Cia Siderurgica Nacional		227,325		255,822
Cosan Industria e Comercio		64,200		411,347
JBS		238,622		881,711
				3,232,141
Czech Republic — 7.0%
CEZ		47,126		942,845
Fortuna Entertainment Group*		143,700		427,167
Komercni Banka		5,263		1,089,272
Pegas Nonwovens		30,825		963,348
Philip Morris CR		1,725		821,915
Unipetrol*		124,500		748,268
				4,992,815
Greece — 9.4%
Alpha Bank AE*		855,564		108,195
Athens Water Supply & Sewage		81,375		515,428
Bank of Greece		44,100		467,973
Eurobank Ergasias*		4,032,631		137,469
FF Group		12,640		254,501
Hellenic Petroleum		93,525		545,077
Hellenic Telecommunications Organization		42,495		395,800
Intralot -Integrated Lottery Systems & Services*		303,525		503,995
JUMBO		36,216		350,460
Karelia Tobacco		3,150		811,765
Metka		51,750		496,797
Motor Oil Hellas Corinth Refineries		69,300		852,742
National Bank of Greece*		318,713		237,621
OPAP		40,159		355,495
Piraeus Bank*		976,540		99,868
Public Power		92,964		535,674
				6,668,860
Hungary — 6.3%
Magyar Telekom Telecommunications		554,399		769,194
MOL Hungarian Oil & Gas		23,702		1,071,699
OTP Bank		64,213		1,244,326
Richter Gedeon Nyrt		82,002		1,368,754
				4,453,973
Ireland — 9.9%
CPL Resources		94,875		615,439
CRH		32,550		893,685
FBD Holdings		38,175		284,409
Fyffes		603,687		1,033,010
Glanbia		40,856		789,822
Kingspan Group		38,510		932,069
Origin Enterprises PLC		94,875		704,223
Smurfit Kappa Group		24,152		690,527
Total Produce		696,900		1,063,592
				7,006,776
Italy — 10.1%
Atlantia		31,483		872,431
Enel		176,475		814,279
Eni		38,925		636,066
Intesa Sanpaolo		247,683		862,852
Pirelli & C.		48,994		805,450
Saipem		40,125		377,035
Telecom Italia		691,248		964,606
UniCredit		117,405		759,134
Unipol Gruppo Finanziario		129,825		605,311
UnipolSai		189,736		458,181
				7,155,345
Poland — 9.0%
Alior Bank*		14,151		297,496
Asseco Poland		19,979		295,367
Bank Millennium		177,264		280,734
Bank Pekao		6,413		249,344
Bank Zachodni WBK		3,418		275,697
CCC		6,446		281,904

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Value ETF

October 31, 2015 (Unaudited) (Continued)

Description	Shares		Value
Cyfrowy Polsat		47,247	$	304,559
Energa		47,341		202,137
Eurocash		36,006		486,279
Grupa Azoty		14,552		346,784
Grupa Lotos*		43,531		320,595
ING Bank Slaski		8,617		270,037
KGHM Polska Miedz		9,824		228,443
LLP SA*		167		315,227
Lubelski Wegiel Bogdanka		14,050		149,831
mBank		2,676		251,372
Orange Polska		123,692		226,940
PGE Polska Grupa Energetyczna		56,563		210,628
Polski Koncern Naftowy Orlen		19,894		323,145
Polskie Gornictwo Naftowe i Gazownictwo		214,328		380,476
Powszechna Kasa Oszczednosci Bank Polski		34,671		256,959
Powszechny Zaklad Ubezpieczen		2,411		234,434
Tauron Polska Energia		267,300		209,587
				6,397,975
Portugal — 9.7%
Altri SGPS		38,353		181,394
Banco BPI, Cl G*		107,051		130,197
Banco Comercial Portugues, Cl R*		2,811,398		161,688
Banco Espirito Santo* (A)(B)		318,087		—
BANIF - Banco Internacional do Funchal*		60,980,850		194,467
CIMPOR Cimentos de Portugal SGPS*		257,700		166,911
Corticeira Amorim SGPS		243,075		1,309,758
CTT-Correios de Portugal		15,248		173,292
EDP - Energias de Portugal		242,734		898,995
Galp Energia SGPS		68,083		736,471
Jeronimo Martins SGPS		21,349		300,146
Mota-Engil SGPS		44,252		111,192
NOS SGPS		22,582		187,707
Pharol SGPS*		440,988		186,214
Portucel		36,514		148,766
REN - Redes Energeticas Nacionais SGPS		55,721		170,157
Semapa-Sociedade de Investimento e Gestao		65,175		922,389
Sonae		525,750		629,018
Teixeira Duarte		638,325		319,380
				6,928,142
Russia — 9.5%
Alrosa AO		910,800		733,348
E.ON Russia JSC		16,169,700		769,256
Gazprom Neft OAO		241,500		551,189
Gazprom OAO		269,025		572,080
Rosneft OAO		142,800		577,352
Sberbank of Russia		414,825		588,276

Description		Shares/Number of Rights/Face Amount ⁽¹⁾		Value
Severstal PAO			119,700	$	1,391,305
Uralkali			213,075		517,354
VTB Bank			932,011,350		1,056,292
					6,756,452
Spain — 10.3%
Acciona			9,638		810,886
Banco Bilbao Vizcaya Argentaria			77,824		670,941
Banco Santander			108,083		606,153
CaixaBank			155,519		597,189
Enagas			25,526		773,460
Endesa			30,162		671,645
Ferrovial			34,283		865,576
Gas Natural SDG			37,457		811,847
Iberdrola			115,012		821,695
Mapfre			238,550		709,580
					7,338,972
Total Common Stock
(Cost $85,174,355)					68,376,114

PREFERRED STOCK — 2.2%
Brazil — 2.2%
Banco Bradesco			87,840		478,314
Cia Energetica de Minas Gerais			161,550		299,931
Telefonica Brasil			49,800		515,878
Vale			77,325		281,305

Total Preferred Stock (Cost $3,781,293)					1,575,428

RIGHTS — 0.0%
Portugal — 0.0%
Banco Espirito Santo* 11/3/15 (Cost $-)			108,083		5,943

TIME DEPOSITS — 0.2%
Brown Brothers Harriman (0.237)% (D), 11/02/2015	EUR	44,694			49,148
Brown Brothers Harriman 0.080%, 11/02/2015	GBP	1			1
Brown Brothers Harriman 0.030%, 11/02/2015			46,655		46,655

Total Time Deposits
(Cost $95,804)					95,804

Total Investments — 98.6%
(Cost $89,051,452)				$	70,053,289
Other Assets and Liabilities — 1.4%					1,028,618
Net Assets — 100.0%				$	71,081,907

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

Cambria Investment Management

Schedule of Investments ● Cambria Global Value ETF

October 31, 2015 (Unaudited) (Concluded)

Percentages based on Nets Assets.

*	Non-income producing security.

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

(A)	Security is fair valued by the Fund’s investment adviser using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2015 was $0 and represents 0.0% of Net Assets.

(B)	Security is considered illiquid. The total value of such security as of October 31, 2015 was $0 and represents 0.0% of Net Assets.

(C)

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

(D)	Rate is negative due to the decrease in value of the Euro against the U.S. Dollar.

Cl — Class

EUR — Euro

GBP — Great British Pound

PLC — Public Limited Company

The following is a list of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1			Level 2		Level 3⁽¹⁾		Total
Common Stock	$	68,376,114	��	$	—	$	—	$	68,376,114
Preferred Stock		1,575,428			—		—		1,575,428
Rights		5,943			—		—		5,943
Time Deposits		—			95,804		—		95,804
Total Investments in Securities	$	69,957,485		$	95,804	$	—	$	70,053,289

⁽¹⁾

Included in Level 3 is one security with total value of $0. A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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 Momentum ETF

October 31, 2015 (Unaudited)

Description	Shares/Face Amount		Value
EXCHANGE TRADED FUNDS — 99.5%
iShares 1-3 Year Treasury Bond ETF, Cl 3		38,096	$	3,231,684
iShares 3-7 Year Treasury Bond ETF, Cl 7		36,894		4,571,536
iShares 7-10 Year Treasury Bond ETF		43,881		4,696,145
iShares MBS ETF		14,657		1,604,062
iShares Residential Real Estate Capped ETF		27,066		1,632,351
Vanguard Short-Term Bond ETF		56,847		4,561,403
Vanguard Short-Term Corporate Bond ETF		20,143		1,604,994
Vanguard Total Bond Market ETF		35,746		2,923,665
Vanguard Total International Bond ETF		32,338		1,719,735

Total Exchange Traded Funds
(Cost $26,505,514)				26,545,575

TIME DEPOSIT — 0.6%
Brown Brothers Harriman 0.030%, 11/02/2015
(Cost $141,837)	$	141,837		141,837

Total Investments — 100.1% (Cost $26,647,351)			$	26,687,412
Other Assets and Liabilities — (0.1)%				(13,393	)
Net Assets — 100.0%			$	26,674,019

Percentages based on Nets Assets.

ETF — Exchange Traded Fund

The following is a list of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	26,545,575	$	—	$	—	$	26,545,575
Time Deposit		—		141,837		—		141,837
Total Investments in Securities	$	26,545,575	$	141,837	$	—	$	26,687,412

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, 2015 (Unaudited)

Description	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Cambria Foreign Shareholder Yield ETF‡		29,988	$	622,251
Cambria Global Value ETF‡		65,925		1,247,301
Cambria Shareholder Yield ETF‡		32,984		1,033,379
iShares 20+ Year Treasury Bond ETF		5,768		708,195
iShares 7-10 Year Treasury Bond ETF		9,940		1,063,779
iShares iBoxx $ Investment Grade Corporate Bond ETF		8,792		1,023,565
iShares MSCI USA Momentum Factor ETF		20,468		1,498,258
Market Vectors Emerging High Yield Bond ETF		57,288		1,319,343
Market Vectors Emerging Markets Local Currency Bond ETF		68,224		1,223,938
Market Vectors International High Yield Bond ETF		27,132		643,842
SPDR Barclays High Yield Bond ETF		17,920		653,542
SPDR Barclays International Corporate Bond ETF		21,520		671,209
SPDR Barclays TIPS ETF		18,648		1,032,913
SPDR DB International Government Inflation-Protected Bond ETF		19,188		1,009,864
United States Commodity Index Fund*		50,912		2,136,777
Vanguard Emerging Markets Government Bond ETF		20,840		1,582,798
Vanguard FTSE All World ex-US Small-Capital ETF		7,140		678,014
Vanguard FTSE Developed Markets ETF		35,392		1,346,312
Vanguard FTSE Emerging Markets ETF		59,192		2,062,249
Vanguard Global ex-U.S. Real Estate ETF		18,704		1,001,599
Vanguard Mid-Capital ETF		11,340		1,402,078
Vanguard REIT ETF		13,076		1,044,642
Vanguard Short-Term Bond ETF		8,708		698,730
Vanguard Short-Term Corporate Bond ETF		8,736		696,084
Vanguard Total Bond Market ETF		34,028		2,783,150
Vanguard Total International Bond ETF		33,152		1,763,023
Vanguard Total Stock Market ETF		13,244		1,410,883

Description	Shares/Face Amount		Value
WisdomTree Emerging Markets Equity Income Fund		9,899	$	348,049
WisdomTree Emerging Markets SmallCap Dividend Fund		15,708		582,138

Total Exchange Traded Funds
(Cost $35,082,646)				33,287,905

TIME DEPOSIT — 0.1%
Brown Brothers Harriman 0.030%, 11/02/2015
(Cost $45,034)	$	45,034		45,034

Total Investments — 100.0%
(Cost $35,127,459)			$	33,332,939
Other Assets and Liabilities — 0.0%				—
Net Assets — 100.0%			$	33,332,939

Percentages based on Nets Assets.

*	Non-income producing security.

‡	Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor (see Note 4).

ETF — Exchange Traded Fund

FTSE — Financial Times Stock Exchange

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

The following is a list of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	33,287,905	$	—	$	—	$	33,287,905
Time Deposit		—		45,034		—		45,034
Total Investments in Securities	$	33,287,905	$	45,034	$	—	$	33,332,939

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, 2015 (Unaudited)

Description	Shares		Value
COMMON STOCK — 93.6%
Consumer Discretionary — 17.7%
1-800-Flowers.com, Cl A*		2,590	$	25,719
Aaron's		592		14,605
Bassett Furniture Industries		792		25,312
BJ's Restaurants*		184		7,899
Cheesecake Factory		420		20,244
Columbia Sportswear		366		20,075
Culp		670		20,107
Del Taco Restaurants*		1,732		20,316
Express*		361		6,967
Foot Locker		318		21,545
GameStop, Cl A		548		25,246
Goodyear Tire & Rubber		772		25,353
Hooker Furniture		990		24,572
Houghton Mifflin Harcourt*		1,000		19,590
Kirkland's		357		8,207
Pep Boys*		1,888		28,396
Remy International		766		22,589
Ruth's Hospitality Group		1,376		21,342
Shake Shack, Cl A*		474		21,600
TravelCenters of America*		1,960		22,579
ZAGG*		3,118		26,441
				428,704
Consumer Staples — 5.9%
Cal-Maine Foods		428		22,881
Fresh Del Monte Produce		572		26,100
Natural Health Trends		934		46,009
SpartanNash		820		22,878
Universal		462		24,953
				142,821
Energy — 6.9%
Alon USA Energy		1,294		21,675
HollyFrontier		482		23,604
Marathon Petroleum		484		25,071
McDermott International*		4,762		21,953
Tesoro		246		26,304
Valero Energy		386		25,445
Western Refining		558		23,224
				167,276
Financials — 24.2%
American Financial Group		330		23,823
American International Group		386		24,341
AmTrust Financial Services		392		26,741
Assurant		310		25,274
Cash America International		834		28,798
Chubb		188		24,318
Cowen Group, Cl A*		4,482		18,869
First American Financial		588		22,420
Hanmi Financial		948		24,173
Hanover Insurance Group		290		24,433
Hartford Financial Services Group		502		23,223
Horace Mann Educators		700		23,968
National General Holdings		1,236		24,362
Old Republic International		1,472		26,555
Progressive		764		25,311
Reinsurance Group of America, Cl A		248		22,380
Selective Insurance Group		750		27,367
StanCorp Financial Group		198		22,715
Synovus Financial		754		23,849
Universal Insurance Holdings		914		28,836
Voya Financial		542		21,989
Walker & Dunlop*		964		27,966
Wintrust Financial		444		22,418
WR Berkley		424		23,672
				587,801
Health Care — 12.3%
Aetna		198		22,726
Anthem		160		22,264
Bio-Rad Laboratories, Cl A*		164		22,875
Centene*		374		22,246
Chemed		168		26,424
Enanta Pharmaceuticals*		578		16,236
HCA Holdings*		264		18,161
Health Net*		356		22,877
Humana		124		22,150
LHC Group*		482		21,721
Molina Healthcare*		306		18,972
NewLink Genetics*		498		19,058
SciClone Pharmaceuticals*		2,776		21,153
United Therapeutics*		150		21,995
				298,858
Industrials — 16.4%
ABM Industries		760		21,584
AGCO		468		22,647
Alaska Air Group		286		21,808
AO Smith		346		26,580
Atlas Air Worldwide Holdings*		588		24,249

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

Cambria Investment Management

Schedule of Investments ● Cambria Value and Momentum ETF

October 31, 2015 (Unaudited) (Concluded)

Description	Shares		Value
Babcock & Wilcox *		864	$	24,451
Brink's		822		25,466
Comfort Systems USA		804		25,672
Ennis		1,406		28,162
General Dynamics		160		23,773
Manpowergroup		264		24,230
Matson		622		28,506
Owens Corning		510		23,220
PowerSecure International*		1,944		24,222
SkyWest		1,302		24,790
Universal Forest Products		374		27,163
				396,523
Information Technology — 6.3%
Advanced Energy Industries*		936		26,470	��
Convergys		1,000		25,670
eBay*		848		23,659
Ebix		812		22,517
Hackett Group		1,598		23,778
Monster Worldwide*		3,196		20,039
Multi-Fineline Electronix*		550		10,219
				152,352
Materials — 2.0%
Chemtura*		816		26,064
Kaiser Aluminum		274		22,273
				48,337
Telecommunication Services — 1.9%
Boingo Wireless*		2,998		23,175
Telephone & Data Systems		826		23,656
				46,831
Total Common Stock
(Cost $2,201,354)				2,269,503

Total Investments — 93.6%
(Cost $2,201,354)			$	2,269,503
Other Assets and Liabilities — 6.4%				154,909
Net Assets — 100.0%			$	2,424,412

Percentages based on Nets Assets.

*	Non-income producing security.

Cl — Class

The open futures contracts held by the Fund at October 31, 2015, is as follows:

Type of Contract		Number of Contracts Short				Expiration Date				Unrealized Depreciation
S&P 500 Index EMINI			(19	)			12/2015			$	(128,003	)

For the period ended October 31, 2015, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

As of October 31, 2015, 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. GAAP.

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, 2015 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF
Assets:
Investments at Fair Value	$	170,646,105		$	33,110,218		$	70,053,289
Foreign Currency at Value		—			52,846			933,258
Dividends Receivable		112,503			59,543			53,895
Reclaims Receivable		3,861			111,102			141,121
Total Assets		170,762,469			33,333,709			71,181,563

Liabilities:
Payable Due to Investment Adviser		84,777			17,443			87,749
Payable Due to Custodian		—			783			11,907
Total Liabilities		84,777			18,226			99,656

Net Assets	$	170,677,692		$	33,315,483		$	71,081,907

Net Assets Consist of:
Paid-in Capital	$	146,234,453		$	45,247,061		$	90,892,169
Undistributed (Distributions in Excess of) Net Investment Income		(179,566	)		(860,639	)		321,710
Accumulated Net Realized Gain (Loss) on Investments		11,579,627			(4,320,126	)		(1,093,590	)
Net Unrealized Appreciation (Depreciation) on Investments		13,043,200			(6,739,258	)		(18,998,163	)
Net Unrealized Depreciation on Foreign Currency Translation		(22	)		(11,555	)		(40,219	)
Net Assets	$	170,677,692		$	33,315,483		$	71,081,907

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		5,450,000			1,600,010			3,750,010
Net Asset Value, Offering and Redemption Price Per Share	$	31.32		$	20.82		$	18.96

Investments at Cost	$	157,602,905		$	39,849,476		$	89,051,452
Cost of Foreign Currency		—			106,095			999,413

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

Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2015 (Unaudited)

	Cambria Global Momentum ETF			Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF
Assets:
Investments at Fair Value	$	26,687,412		$	30,430,008		$	2,269,503
Affiliated Investments at Value		—			2,902,931			—
Cash		27			—			—
Cash Collateral on Future Contracts		—			—			250,000
Dividends Receivable		—			—			1,667
Variation Margin Receivable		—			—			9,765
Total Assets		26,687,439			33,332,939			2,530,935

Liabilities:
Payable to Custodian		—			—			103,508
Payable Due to Investment Adviser		13,420			—			1,231
Variation Margin Payable		—			—			1,784
Total Liabilities		13,420			—			106,523

Net Assets	$	26,674,019		$	33,332,939		$	2,424,412

Net Assets Consist of:
Paid-in Capital	$	29,498,523		$	35,097,370		$	2,500,100
Undistributed Net Investment Income		18,945			41,542			1,121
Accumulated Net Realized Loss on Investments		(2,883,510	)		(11,453	)		(16,955	)
Net Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		40,061			(1,794,520	)		68,149
Net Unrealized Depreciation on Futures Contracts		—			—			(128,003	)
Net Assets	$	26,674,019		$	33,332,939		$	2,424,412

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,150,001			1,400,001			100,004
Net Asset Value, Offering and Redemption Price Per Share	$	23.19		$	23.81		$	24.24

Investments at Cost	$	26,647,351		$	32,041,158		$	2,201,354
Affiliated Investments at Cost		—			3,086,301			—

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

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2015 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF
Investment Income:
Dividend Income	$	2,652,694		$	1,321,626		$	1,653,987
Interest Income		357			152			75
Less: Foreign Taxes Withheld		(10,212	)		(125,803	)		(220,870	)
Total Investment Income		2,642,839			1,195,975			1,433,192

Expenses:
Management Fees		617,641			137,773			229,670
Custodian Fees		—			—			38,927
Total Expenses		617,641			137,773			268,597

Net Investment Income		2,025,198			1,058,202			1,164,595

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Investments⁽¹⁾		10,895,645			(3,601,919	)		(682,496	)
Net Realized Gain (Loss) on Foreign Currency Transactions		536			81,601			(251,701	)
Net Change in Unrealized Depreciation on Investments		(15,013,433	)		(2,660,674	)		(10,372,500	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(22	)		(15,913	)		190,572
Net Realized and Unrealized Loss on Investments		(4,117,274	)		(6,196,905	)		(11,116,125	)

Net Decrease in Net Assets Resulting from Operations	$	(2,092,076	)	$	(5,138,703	)	$	(9,951,530	)

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

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

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2015 (Unaudited)

	Cambria Global Momentum ETF			Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF⁽²⁾
Investment Income:
Dividend Income	$	353,799		$	439,043		$	3,449
Dividend Income from Affiliated Investments		—			57,925			—
Interest Income		51			32			—
Total Investment Income		353,850			497,000			3,449

Expenses:
Management Fees		96,930			—			2,328
Total Expenses		96,930			—			2,328

Net Investment Income		256,920			497,000			1,121

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Loss on Investments		(2,562,003	)		(13,941	)		(2,200	)
Net Realized Gain (Loss) on Affiliated Investments		(107,942	)⁽¹⁾		330	⁽¹⁾		—
Net Realized Loss on Futures Contracts		—			—			(14,755	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(143,998	)		(2,057,751	)		68,149
Net Change in Unrealized Depreciation on Affiliated Investments		(4,046	)		(304,814	)		—
Net Change in Unrealized Depreciation on Futures Contracts		—			—			(128,003	)
Net Realized and Unrealized Loss on Investments and Futures Contracts		(2,817,989	)		(2,376,176	)		(76,809	)

Net Decrease in Net Assets Resulting from Operations	$	(2,561,069	)	$	(1,879,176	)	$	(75,688	)

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

⁽²⁾	Commenced operations on September 9, 2015.

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, 2015 (Unaudited)			Year Ended April 30, 2015			Period Ended October 31, 2015 (Unaudited)			Year Ended April 30, 2015
Operations:
Net Investment Income	$	2,025,198		$	4,532,070		$	1,058,202		$	2,610,653
Net Realized Gain (Loss) on Investments⁽¹⁾		10,895,645			4,743,704			(3,601,919	)		(1,611,044	)
Net Realized Gain (Loss) on Foreign Currency Transactions		536			(454	)		81,601			(339,687	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(15,013,433	)		10,157,816			(2,660,674	)		(6,946,132	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(22	)		—			(15,913	)		1,617
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,092,076	)		19,433,136			(5,138,703	)		(6,284,593	)

Distributions to Shareholders:
Investment Income		(2,204,764	)		(3,886,783	)		(1,679,899	)		(2,308,659	)
Net Realized Gains		—			(5,471,028	)		—			(774,679	)
Total Distributions to Shareholders		(2,204,764	)		(9,357,811	)		(1,679,899	)		(3,083,338	)

Capital Share Transactions:
Issued		—			36,041,430			—			19,628,345
Redeemed		(52,121,213	)		(24,177,211	)		(20,559,836	)		(16,138,715	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(52,121,213	)		11,864,219			(20,559,836	)		3,489,630

Total Increase (Decrease) in Net Assets		(56,418,053	)		21,939,544			(27,378,438	)		(5,878,301	)

Net Assets:
Beginning of Period		227,095,745			205,156,201			60,693,921			66,572,222
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $(179,566), $0, $(860,639) and $(238,942), respectively)	$	170,677,692		$	227,095,745		$	33,315,483		$	60,693,921

Share Transactions:
Issued		—			1,150,000			—			750,000
Redeemed		(1,750,000	)		(800,000	)		(950,000	)		(700,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,750,000	)		350,000			(950,000	)		50,000

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

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

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Period Ended October 31, 2015 (Unaudited)			Year Ended April 30, 2015			Period Ended October 31, 2015 (Unaudited)			Period Ended April 30, 2015⁽²⁾
Operations:
Net Investment Income	$	1,164,595		$	1,788,526		$	256,920		$	351,264
Net Realized Loss on Investments		(682,496	)⁽¹⁾		(302,694	)⁽¹⁾		(2,669,945	)⁽¹⁾		(218,302	)
Net Realized Loss on Foreign Currency Transactions		(251,701	)		(155,462	)		—			—
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		—			—			—			41,115
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		(10,372,500	)		(8,797,323	)		(148,044	)		188,105
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		190,572			(229,134	)		—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,951,530	)		(7,696,087	)		(2,561,069	)		362,182

Distributions to Shareholders:
Investment Income		(1,171,116	)		(1,328,797	)		(260,993	)		(364,624	)
Net Realized Gains		—			(40,291	)		—			—
Total Distributions to Shareholders		(1,171,116	)		(1,369,088	)		(260,993	)		(364,624	)

Capital Share Transactions:
Issued		5,523,700			68,618,207			—			40,563,977
Redeemed		(3,899,584	)		(2,132,813	)		(11,065,454	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		1,624,116			66,485,394			(11,065,454	)		40,563,977

Total Increase (Decrease) in Net Assets		(9,498,530	)		57,420,219			(13,887,516	)		40,561,535

Net Assets:
Beginning of Period		80,580,437			23,160,218			40,561,535			—
End of Period (Includes Undistributed Net Investment Income of $321,710, $328,231, $18,945 and $23,018, respectively)	$	71,081,907		$	80,580,437		$	26,674,019		$	40,561,535

Share Transactions:
Issued		250,000			2,900,000			—			1,600,001
Redeemed		(200,000	)		(100,000	)		(450,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			2,800,000			(450,000	)		1,600,001

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

⁽²⁾	The Fund commenced operations on November 3, 2014.

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, 2015 (Unaudited)			Period Ended April 30, 2015⁽¹⁾			Period Ended October 31, 2015⁽²⁾ (Unaudited)
Operations:
Net Investment Income	$	497,000		$	131,471		$	1,121
Net Realized Gain (Loss) on Investments		(13,611	)⁽³⁾		568			(16,955	)
Capital Gain Distributions received from Unaffiliated and Affiliated Investments		—			7,352			—
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Futures Contracts		(2,362,565	)		568,045			(59,854	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,879,176	)		707,436			(75,688	)

Distributions to Shareholders:
Investment Income		(489,876	)		(102,815	)		—
Total Distributions to Shareholders		(489,876	)		(102,815	)		—

Capital Share Transactions:
Issued		6,325,166			31,181,876			2,500,100
Redeemed		(2,409,672	)		—			—
Increase in Net Assets from Capital Share Transactions		3,915,494			31,181,876			2,500,100

Total Increase in Net Assets		1,546,442			31,786,497			2,424,412

Net Assets:
Beginning of Period		31,786,497			—			—
End of Period (Includes Undistributed Net Investment Income of $41,542, $34,418 and $1,121, respectively)	$	33,332,939		$	31,786,497		$	2,424,412

Share Transactions:
Issued		250,000			1,250,001			100,004
Redeemed		(100,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		150,000			1,250,001			100,004

⁽¹⁾	The Fund commenced operations on December 9, 2014.

⁽²⁾	The Fund commenced operations on September 9, 2015.

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

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

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	Distri-butions from Investment Income	Distri-butions from Net Realized Capital Gains	Total Distri-butions	Net Asset Value, End of Period	Total Return⁽¹⁾	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets⁽⁷⁾	Ratio of Net Investment Income to Average Net Assets	Portfolio Turnover ^(1),(2)
Cambria Shareholder Yield ETF
10/31/2015**	$ 31.54	$ 0.30	$ (0.17)	$ 0.13	$ (0.35)	$ —	$ (0.35)	$ 31.32	0.47%	$ 170,678	0.59%	1.94%	25%
2015	$ 29.95	$ 0.65	$ 2.29	$ 2.94	$ (0.55)	$ (0.80)	$ (1.35)	$ 31.54	9.92%	$ 227,096	0.59%	2.09%	41%
2014⁽³⁾	$ 25.00	$ 0.45	$ 4.98	$ 5.43	$ (0.36)	$ (0.12)	$ (0.48)	$ 29.95	21.81%	$ 205,156	0.59%⁽⁴⁾	1.67%⁽⁴⁾	83%
Cambria Foreign Shareholder Yield ETF
10/31/2015**	$ 23.80	$ 0.50	$ (2.68)	$ (2.18)	$ (0.80)	$ —	$ (0.80)	$ 20.82	(9.32)%	$ 33,315	0.59%	4.54%	31%
2015	$ 26.63	$ 0.93	$ (2.70)	$ (1.77)	$ (0.77)	$ (0.29)	$ (1.06)	$ 23.80	(6.67)%	$ 60,694	0.59%	3.76%	48%
2014⁽⁵⁾	$ 25.00	$ 0.41	$ 1.33	$ 1.74	$ (0.11)	$ —	$ (0.11)	$ 26.63	6.96%	$ 66,572	0.59%⁽⁴⁾	3.91%⁽⁴⁾	15%
Cambria Global Value ETF
10/31/2015**	$ 21.78	$ 0.30	$ (2.82)	$ (2.52)	$ (0.30)	$ —	$ (0.30)	$ 18.96	(11.64)%	$ 71,082	0.69%	3.00%	3%
2015	$ 25.73	$ 0.68	$ (4.10)	$ (3.42)	$ (0.52)	$ (0.01)	$ (0.53)	$ 21.78	(13.29)%	$ 80,580	0.69%	3.10%	25%
2014⁽⁶⁾	$ 25.00	$ 0.14	$ 0.59	$ 0.73	$ —	$ —	$ —	$ 25.73	2.92%	$ 23,160	0.69%⁽⁴⁾	4.11%⁽⁴⁾	—%

*	Per share data calculated using average shares method.

**	For the six-month period ended October 31, 2015 (unaudited).

⁽¹⁾	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemption of Fund shares.

⁽²⁾	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

⁽³⁾	Inception date May 13, 2013.

⁽⁴⁾	Annualized.

⁽⁵⁾	Inception date December 2, 2013.

⁽⁶⁾	Inception date March 11, 2014.

⁽⁷⁾	Expense ratios do not include expenses of the underlying funds.

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	Distri-butions from Investment Income	Distri-butions from Net Realized Capital Gains	Total Distri-butions	Net Asset Value, End of Period	Total Return⁽¹⁾	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets⁽⁶⁾	Ratio of Net Investment Income to Average Net Assets	Portfolio Turnover ^(1),(2)
Cambria Global Momentum ETF
10/31/2015**	$ 25.35	$ 0.19	$ (2.16)	$ (1.97)	$ (0.19)	$ —	$ (0.19)	$ 23.19	(8.00)%	$ 26,674	0.59%	1.57%	125%
2015⁽⁴⁾	$ 25.00	$ 0.30	$ 0.39	$ 0.69	$ (0.34)	$ —	$ (0.34)	$ 25.35	2.76%	$ 40,562	0.59%⁽³⁾	2.40%⁽³⁾	16%
Cambria Global Asset Allocation ETF
10/31/2015**	$ 25.43	$ 0.35	$ (1.63)	$ (1.28)	$ (0.34)	$ —	$ (0.34)	$ 23.81	(5.00)%	$ 33,333	—%	2.86%	—%
2015⁽⁵⁾	$ 25.00	$ 0.18	$ 0.46	$ 0.64	$ (0.21)	$ —	$ (0.21)	$ 25.43	2.58%	$ 31,786	—%⁽³⁾	1.81%⁽³⁾	4%
Cambria Value and Momentum ETF
10/31/2015⁽⁷⁾**	$ 25.00	$ 0.01	$ (0.77)	$ (0.76)	$ —	$ —	$ —	$ 24.24	(3.04)%	$ 2,424	0.59%⁽³⁾	0.40%⁽³⁾	—%

*	Per share data calculated using average shares method.

**	For the six-month period ended October 31, 2015 (unaudited).

⁽¹⁾	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemption of Fund shares.

⁽²⁾	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

⁽³⁾	Annualized.

⁽⁴⁾	Inception date November 3, 2014.

⁽⁵⁾	Inception date December 9, 2014.

⁽⁶⁾	Expense ratios do not include expenses of the underlying funds.

⁽⁷⁾	Inception date September 9, 2015.

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited)

1. ORGANIZATION

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

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

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

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

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

The investment objective of the Cambria Global Asset Allocation ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Asset Allocation Index. The Fund commenced operations on December 9, 2014.

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

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.

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.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seeks to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Board. The Funds’ fair value procedures are implemented through a fair value committee (the ”Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

●

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

●

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

●

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

For the period ended October 31, 2015, there have been no significant changes to the Funds’ fair valuation methodologies.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Statement of Operations.

Futures Contracts — To the extent consistent with its investment objective and strategies, Cambria Value and Momentum ETF utilized futures contracts during the period ended October 31, 2015. The Fund’s investment in futures contracts are designed to enable the Fund to more closely approximate the performance of their benchmark indices. Cambria Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as to enhance the Funds’ 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.

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 Statement of Assets and Liabilities.

It is the Cambria Value and Momentum ETF’s policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts separately on the Statement 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, 2015, if applicable. The fair value of equity futures contracts held in the Cambria Value and Momentum ETF can be found on the Statements of Assets and Liabilities under the caption Variation Margin Payable. Only current day’s variation margin is reported within the Statement 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 Cambria Value and Momentum ETF 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 Statement of Operations as Net Change in Unrealized Gain (Loss) on Futures Contracts.

Federal Income Taxes — The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to their shareholders.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provisions in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the period ended October 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

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

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

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Dividend income received from the underlying funds is recognized on the ex-dividend date and is recorded as income distributions in the Statement of Operations. Capital gain distributions received from the underlying funds are recognized on ex-dividend date and are recorded on the Statement 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.

Dividends and Distributions to Shareholders — The Funds generally pay out dividends from their net investment income, if any, quarterly, and distribute their net capital gains, if any, to shareholders at least annually. All distributions are recorded on 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, 2015 (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 period ended October 31, 2015:

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	1,566,000	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,000		1,041,000		2,000	Up to 2.0%
Cambria Global Value ETF		50,000		2,500		948,000		2,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,159,500		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,190,500		500	None
Cambria Value and Momentum ETF		50,000		700		1,212,000		700	None

3. RELATED PARTIES

Investment Advisory Agreement — The Investment Adviser is responsible for overseeing the management and business affairs of the Funds, and has discretion to purchase and sell securities in accordance with the Funds’ objectives, policies, and restrictions. The Investment Adviser reviews, supervises, and administers the Funds’ investment program. The Investment Adviser has entered into an investment advisory agreement (“Management Agreement”) with respect to the Funds. Pursuant to that Management Agreement, the Funds pay the Investment Adviser an annual advisory fee based on its average daily nets assets for the services and facilities it provides payable at an annual rate of 0.59%, excluding the Cambria Global Asset Allocation ETF which is not charged advisory fee.

With the respect to the Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, and Cambria Value and Momentum ETF the Investment Adviser bears all of the costs of the Funds except for the advisory fee, payments under the Funds’ 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. With respect to the Cambria Global Value ETF, the Investment Adviser bears all of the costs of the Fund except for the advisory fee, payments under the Fund’s 12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. The Cambria Global Value ETF may pay up to 0.10% in custody fees. The Management Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, by the Board of Trustees or, with respect to the Funds, by a majority of the outstanding shares of the Funds, on 60 days’ written notice to the Investment Adviser, and by the Investment Adviser on 60 days’ written notice to the Trust and that it shall be automatically terminated if it is assigned.

Administrator, Custodian and Transfer Agent — SEI Investments Global Fund Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an administration agreement. Brown Brothers Harriman (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, 2015 (Unaudited) (Continued)

3. 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.

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2015, 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	$	51,338,930	$	51,521,570
Cambria Foreign Shareholder Yield ETF		13,728,704		13,838,407
Cambria Global Value ETF		3,266,818		2,412,456
Cambria Global Momentum ETF		40,597,650		40,684,695
Cambria Global Asset Allocation ETF		529,294		119,847
Cambria Value and Momentum ETF⁽¹⁾		—		103,196

⁽¹⁾	The Fund commenced operations on September 9, 2015.

For the period ended October 31, 2015 there were no purchases and sales of U.S. Government securities.

For the period ended October 31, 2015, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Net Realized Gain (Loss)
Cambria Shareholder Yield ETF	$	—	$	51,762,788	$	4,063,446
Cambria Foreign Shareholder Yield ETF		—		20,962,220		(2,418,851	)
Cambria Global Value ETF		4,840,816		3,496,514		18,314
Cambria Global Momentum ETF		—		11,020,759		18,255
Cambria Global Asset Allocation ETF		6,257,194		2,406,101		(8,265	)
Cambria Value and Momentum ETF⁽¹⁾		2,306,750		—		—

⁽¹⁾	The Fund commenced operations on September 9, 2015.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

4. INVESTMENT TRANSACTIONS (continued)

The following is a summary of investment transactions in affiliates for the period ended October 31, 2015:

Cambria Global Momentum ETF

Value of Shares Held as of 04/30/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Depreciation			Realized Loss			Value of Shares Held as of 10/31/15		Dividend Income
Cambria Shareholder Yield ETF
$	2,416,983	$	—	$	(2,304,995	)	$	(4,046	)	$	(107,942	)	$	—	$	—

Cambria Global Asset Allocation ETF

Value of Shares Held as of 04/30/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Depreciation			Realized Gain (Loss)			Value of Shares Held as of 10/31/15		Dividend Income
Cambria Foreign Shareholder Yield ETF
$	634,567	$	127,315	$	(45,218	)	$	(92,879	)	$	(1,534	)	$	622,251	$	25,184
Cambria Global Value ETF
$	1,275,300	$	261,418	$	(91,497	)	$	(199,395	)	$	1,475		$	1,247,301	$	20,856
Cambria Shareholder Yield ETF
$	929,147	$	188,889	$	(72,506	)	$	(12,540	)	$	389		$	1,033,379	$	11,885

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

5. PRINCIPAL RISKS (continued)

Foreign Investment Risk — Returns on investments in foreign securities in the Cambria Foreign Shareholder Yield ETF and the Cambria Global Value ETF could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities 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 their proportionate share of the fees and expenses of the underlying entity. As a result, the Funds’ operating expenses may be higher and performance may be lower.

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

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

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

6. GUARANTEES AND INDEMNIFICATIONS

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

7. INCOME TAXES

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Continued)

7. INCOME TAXES (continued)

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Cambria Shareholder Yield ETF
2015	$	9,022,877	$	334,934	$	—	$	9,357,811
2014		2,820,294		—		—		2,820,294
Cambria Foreign Shareholder Yield ETF
2015		3,083,338		—		—		3,083,338
2014		218,964		—		—		218,964
Cambria Global Value ETF
2015		1,369,088		—		—		1,369,088
2014		—		—		—		—
Cambria Global Momentum ETF
2015		364,624		—		—		364,624
Cambria Global Asset Allocation ETF
2015		102,815		—		—		102,815

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. As of April 30, 2015, there are no losses carried forward.

As of April 30, 2015, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Qualified Late-Year Losses			Unrealized Appreciation/ (Depreciation)			Other Temporary Differences			Total Distributable Earnings
Cambria Shareholder Yield ETF	$	—	$	3,722,880	$	(3,038,656	)	$	28,055,855		$	—		$	28,740,079
Cambria Foreign Shareholder Yield ETF		139,015		—		(784,317	)		(4,467,674	)		—			(5,112,976	)
Cambria Global Value ETF		328,231		—		—			(9,015,846	)		(1	)		(8,687,616	)
Cambria Global Momentum ETF		23,018		—		(213,565	)		188,105			—			(2,442	)
Cambria Global Asset Allocation ETF		35,745		831		—			568,045			—			604,621

Deferred Late-Year Losses represent ordinary losses realized on investment transactions from January 1, 2015 through April 30, 2015 and capital and specified losses realized on investment transactions from November 1, 2014 through April 30, 2015 that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following year.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2015 (Unaudited) (Concluded)

7. INCOME TAXES (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2015 were as follows:

Cambria Investment Management	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
Cambria Shareholder Yield ETF	$	157,602,905	$	21,302,449	$	(8,259,249	)	$	13,043,200
Cambria Foreign Shareholder Yield ETF		39,849,476		943,951		(7,683,209	)		(6,739,258	)
Cambria Global Value ETF		89,051,452		2,508,725		(21,506,888	)		(18,998,163	)
Cambria Global Momentum ETF		26,647,351		49,902		(9,841	)		40,061
Cambria Global Asset Allocation ETF		35,127,159		66,047		(1,860,567	)		(1,794,520	)
Cambria Value and Momentum ETF		2,201,354		142,884		(74,735	)		68,149

8. 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, 2015 to October 31, 2015).

The table on the next page 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 5/1/15		Ending Account Value 10/31/15		Annualized Expense Ratios		Expenses Paid During Period⁽¹⁾
Cambria Shareholder Yield ETF
Actual Fund Return	$	1,000.00	$	1,004.70		0.59%	$	2.98
Hypothetical 5% Return	$	1,000.00	$	1,022.16		0.59%	$	3.01
Cambria Foreign Shareholder Yield ETF
Actual Fund Return	$	1,000.00	$	906.80		0.59%	$	2.84
Hypothetical 5% Return	$	1,000.00	$	1021.80		0.59%	$	2.96
Cambria Global Value ETF
Actual Fund Return	$	1,000.00	$	883.60		0.69%	$	3.28
Hypothetical 5% Return	$	1,000.00	$	1021.31		0.69%	$	3.46
Cambria Global Momentum ETF
Actual Fund Return	$	1,000.00	$	922.00		0.59%	$	11.31
Hypothetical 5% Return	$	1,000.00	$	1043.37		0.59%	$	5.95
Cambria Global Asset Allocation ETF
Actual Fund Return	$	1,000.00	$	950.00		—	$	—
Hypothetical 5% Return	$	1,000.00	$	1,024.73		—	$	—
Cambria Value and Momentum ETF
Actual Fund Return	$	1,000.00	$	1025.80		0.59%	$	2.58	⁽²⁾
Hypothetical 5% Return	$	1,000.00	$	1021.80		0.59%	$	2.18

⁽¹⁾	Unless otherwise indicated, expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (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 52/366 (to reflect the actual time the Fund was operations from 09/09/15-10/31/15).

Cambria Investment Management

Supplemental Information

(Unaudited)

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

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

	Market Price One Year Total Return	Market Price, End of Period
Cambria Shareholder Yield ETF	5.14%	$ 31.32
Cambria Foreign Shareholder Yield ETF	(9.62)	20.82
Cambria Global Value ETF	(10.08)	18.96
Cambria Global Momentum ETF	(5.25)	23.19
Cambria Global Asset Allocation ETF	(2.44)	23.81
Cambria Value and Momentum ETF	(2.96)	24.24

Cambria Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 5/13/13

Analysis Period 5/13/13-10/31/15

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	1	0.16%
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	240	38.65%
Sold at Par	0.00%	—	—
	0.50%	380	61.19%
	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 Foreign Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 12/2/13

Analysis Period 12/2/13-10/31/15

	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	0.41%
	-2.50%	1	0.21%
	-2.00%	3	0.62%
	-1.50%	14	2.89%
	-1.00%	45	9.28%
	-0.50%	133	27.42%
Sold at Par	0.00%	—	—
	0.50%	194	40.00%
	1.00%	81	16.70%
	1.50%	11	2.27%
	2.00%	1	0.21%
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Global Value ETF

Premium/Discount Analysis

Inception Date 3/11/14

Analysis Period 3/11/14-10/31/15

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	1	0.24%
	-2.00%	—	—
	-1.50%	8	1.91%
	-1.00%	31	7.42%
	-0.50%	84	20.10%
Sold at Par	0.00%	—	—
	0.50%	186	44.50%
	1.00%	92	22.01%
	1.50%	13	3.11%
	2.00%	3	0.72%
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 Momentum ETF

Premium/Discount Analysis

Inception Date 11/3/14

Analysis Period 11/3/14-10/31/15

	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%	113	44.84%
Sold at Par	0.00%	—	—
	0.50%	139	55.16%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Global Asset Allocation ETF

Premium/Discount Analysis

Inception Date 12/9/14

Analysis Period 12/9/14-10/31/15

	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%	63	27.88%
Sold at Par	0.00%	—	—
	0.50%	163	72.12%
	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) (Concluded)

Cambria Value and Momentum ETF

Premium/Discount Analysis

Inception Date 9/9/15

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	1	2.56%
	-0.50%	10	25.64%
Sold at Par	0.00%	—	—
	0.50%	26	66.67%
	1.00%	2	5.13%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

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Investment Adviser:

Cambria Investment Management, L.P.

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

2020 K Street, NW

Washington, District of Columbia 20006-1806

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, Pennsylvania 19103

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

CIM-SA-001-0300

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

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

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

Not applicable to open-end management investment companies.

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

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

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

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

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

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

SIGNATURES

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

(Registrant)	Cambria ETF Trust

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

Date: January 4, 2016

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

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

Date: January 4, 2016

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

Date: January 4, 2016

Cambria Tail Risk ETF (TAIL) N-CSRSCertified semi-annual shareholder report (management investment company)