Cambria Global Real Estate 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, 2017

Date of reporting period: October 31, 2016

Item 1. Reports to Stockholders.

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

Semi-Annual Report

October 31, 2016
(Unaudited)

Cambria Investment Management

Table of Contents

Schedules of Investments
Cambria Shareholder Yield ETF	2
Cambria Foreign Shareholder Yield ETF	4
Cambria Global Value ETF	6
Cambria Global Momentum ETF	9
Cambria Global Asset Allocation ETF	10
Cambria Value and Momentum ETF	11
Cambria Sovereign High Yield Bond ETF	13
Cambria Emerging Shareholder Yield ETF	15
Statements of Assets and Liabilities	17
Statements of Operations	19
Statements of Changes in Net Assets	21
Financial Highlights	25
Notes to Financial Statements	27
Disclosure of Fund Expenses	40
Supplemental Information	42

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

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Shareholder Yield ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
COMMON STOCK — 97.3%
Consumer Discretionary — 19.3%
American Eagle Outfitters		106,876	$	1,821,167
Best Buy		26,241		1,021,037
Big Lots		29,109		1,263,331
CBS, Cl B		20,960		1,186,755
Children's Place		17,481		1,327,682
Cooper Tire & Rubber		34,566		1,270,300
Dillard's, Cl A		2,527		154,905
Finish Line, Cl A		42,248		831,863
Groupon, Cl A*		188,258		751,150
Guess?		58,288		786,888
Home Depot		14,532		1,773,050
Kohl's		22,044		964,425
Lowe's		24,800		1,652,920
Macy's		6,886		251,270
Murphy USA*		13,902		956,180
O'Reilly Automotive*		8,146		2,154,128
Six Flags Entertainment		29,529		1,643,289
Target		12,411		853,008
Time Warner		4,595		408,909
Visteon		6,811		480,925
Whirlpool		8,098		1,213,242
				22,766,424
Consumer Staples — 8.2%
Archer-Daniels-Midland		7,743		337,363
CVS Health		17,120		1,439,792
Dr Pepper Snapple Group		20,240		1,776,870
Nu Skin Enterprises, Cl A		30,137		1,857,946
Pilgrim's Pride		40,405		882,445
Sanderson Farms		15,890		1,429,782
Wal-Mart Stores		18,350		1,284,867
Whole Foods Market		25,922		733,333
				9,742,398
Energy — 3.9%
CVR Energy		31,050		411,723
HollyFrontier		22,220		554,389
Murphy Oil		38,634		999,461
Nabors Industries		137,516		1,636,441
Valero Energy		17,611		1,043,276
				4,645,290
Financials — 26.4%
Aflac		19,053		1,312,180
Allied World Assurance Holdings		25,801		1,108,927
Allstate		22,790		1,547,441
American Capital*		82,553		1,402,576
American International Group		21,761		1,342,654
Ameriprise Financial		12,007		1,061,299
Assurant		18,055		1,453,789
Assured Guaranty		47,928		1,432,568
Axis Capital Holdings		28,432		1,619,771
Chubb		7,866		998,982
CNO Financial Group		67,556		1,018,745
Everest Re Group		8,458		1,721,372
Fifth Third Bancorp		57,120		1,242,931
FirstCash		38,207		1,803,370
Green Dot, Cl A*		60,448		1,341,946
Hartford Financial Services Group		26,201		1,155,726
Legg Mason		31,371		900,975
Lincoln National		19,638		964,029
LPL Financial Holdings		19,195		594,277
Navient		71,486		913,591
Prospect Capital		130,962		1,033,290
SunTrust Banks		33,238		1,503,355
Travelers		14,886		1,610,367
Unum Group		35,760		1,265,904
Voya Financial		27,450		838,597
				31,188,662
Health Care — 1.0%
Express Scripts Holding*		16,758		1,129,489

Industrials — 19.4%
3M		6,698		1,107,179
AGCO		28,436		1,452,511
Cummins		12,279		1,569,502
Delta Air Lines		27,627		1,153,980
Dover		15,058		1,007,230
Eaton		26,731		1,704,636
General Dynamics		5,555		837,360
Greenbrier		29,201		919,831
Insperity		14,051		1,056,635
L-3 Communications Holdings, Cl 3		11,920		1,632,325
ManpowerGroup		15,282		1,173,658
MRC Global*		70,398		1,037,667

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Shareholder Yield ETF

October 31, 2016 (Unaudited) (Concluded)

Description	Shares		Value
Northrop Grumman		10,205	$	2,336,945
Parker-Hannifin		12,778		1,568,499
Quanta Services*		39,666		1,140,398
Southwest Airlines		38,106		1,526,145
United Continental Holdings*		30,462		1,712,878
				22,937,379
Information Technology — 10.9%
Apple		14,071		1,597,621
Avnet		30,815		1,292,689
Corning		57,822		1,313,138
Dell Technologies - VMware Inc, Cl V*		3,900		191,451
Hewlett Packard Enterprise		36,572		821,773
HP		36,572		529,928
NCR*		31,546		1,105,687
NetApp		9,805		332,782
Sanmina*		50,889		1,407,081
Symantec		43,915		1,099,192
Texas Instruments		26,960		1,910,116
Western Digital		3,664		214,124
Xerox		112,806		1,102,115
				12,917,697
Materials — 7.9%
Chemtura*		36,372		1,193,001
Dow Chemical		25,739		1,385,015
Huntsman		67,437		1,143,057
LyondellBasell Industries, Cl A		10,354		823,661
Packaging Corp of America		20,522		1,693,065
Reliance Steel & Aluminum		15,433		1,061,482
Trinseo		18,406		965,395
Worthington Industries		23,970		1,126,590
				9,391,266
Telecommunication Services — 0.3%
CenturyLink		11,763		312,661

Total Common Stock
(Cost $107,157,366)				115,031,266

Total Investments — 97.3%
(Cost $107,157,366)			$	115,031,266
Other Assets and Liabilities — 2.7%				3,161,437
Net Assets — 100.0%			$	118,192,703

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

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

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

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

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Foreign Shareholder Yield ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
COMMON STOCK — 98.1%
Australia — 11.2%
Boral		60,387	$	289,399
Cabcharge Australia		80,255		219,780
Caltex Australia		9,603		224,482
CIMIC Group		11,940		268,758
Decmil Group		225,262		189,349
JB Hi-Fi		17,791		384,219
Monadelphous Group		54,141		383,844
Myer Holdings		201,250		179,882
Rio Tinto		5,998		247,206
Seven Group Holdings		46,869		324,088
SMS Management & Technology		79,079		91,737
				2,802,744
Austria — 1.0%
OMV		8,458		264,385

Belgium — 1.0%
Ageas		7,024		256,571

Canada — 10.6%
Canadian Imperial Bank of Commerce		3,748		280,828
Capital Power		15,000		230,933
Genworth MI Canada		9,208		199,977
Great-West Lifeco, Cl Common Subscription Receipt		8,411		211,263
IGM Financial		5,744		154,167
Labrador Iron Ore Royalty		14,028		153,635
Magna International		7,296		299,553
Metro, Cl A		14,980		463,036
Rogers Sugar		59,196		277,157
Sandvine		85,500		191,870
TransForce		9,200		208,720
				2,671,139
Denmark — 4.8%
Novo Nordisk, Cl B		5,105		182,628
Pandora		2,693		350,546
Topdanmark *		11,200		301,662
Tryg		19,541		381,833
				1,216,669
Finland — 4.7%
Kesko, Cl B		5,668		281,735
Metso		12,222		320,661
Stora Enso, Cl R		33,413		315,992
UPM-Kymmene		11,234		261,442
				1,179,830
France — 5.6%
AXA		8,701		196,142
BNP Paribas		5,479		317,811
Casino Guichard Perrachon		4,410		219,447
CNP Assurances		15,483		268,290
Engie		11,178		161,176
Metropole Television		13,275		231,342
				1,394,208
Germany — 3.1%
E.ON		15,901		116,463
Freenet		10,432		298,949
Muenchener Rueckversicherungs		1,735		336,353
Uniper *		1,590		21,163
				772,928
Hong Kong — 5.7%
Belle International Holdings		249,942		151,469
Hang Lung Properties		83,000		183,218
Li & Fung		243,822		120,095
Shanghai Industrial Holdings		65,000		199,051
Swire Pacific, Cl A		20,000		207,980
Television Broadcasts		47,245		171,179
Wharf Holdings		52,800		396,908
				1,429,900
Italy — 0.9%
STMicroelectronics		23,585		225,248

Japan — 17.6%
Aoyama Trading		6,599		232,825
Autobacs Seven		19,667		280,180
COMSYS Holdings		14,887		262,762
Dai Nippon Printing		21,052		211,584
DIC		5,900		179,188
Geo Holdings		17,957		228,251
Komatsu		17,213		384,572
Mitsui		24,972		347,184
Nabtesco		9,100		272,471
Nippon Telegraph & Telephone		5,282		234,711
NTT DOCOMO		12,370		311,462

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Foreign Shareholder Yield ETF

October 31, 2016 (Unaudited) (Concluded)

Description	Shares		Value
Sankyo		5,349	$	188,722
Sanwa Holdings		19,800		197,868
Sekisui Chemical		15,899		250,909
Suruga Bank		10,000		244,588
TOKAI Holdings		28,600		183,812
Tokyo Electron		4,402		398,266
				4,409,355
Netherlands — 0.7%
BinckBank		28,946		171,779

New Zealand — 1.9%
SKY Network Television		91,761		303,156
Tower		255,580		164,488
				467,644
Norway — 6.6%
DNB		19,783		286,126
Salmar		22,102		717,442
Statoil		12,963		212,432
Telenor		12,123		192,944
Yara International		6,952		245,691
				1,654,635
Portugal — 2.0%
EDP - Energias de Portugal		82,650		273,186
Galp Energia SGPS		17,554		237,985
				511,171
Singapore — 0.8%
Venture		28,100		191,878

Spain — 3.0%
Endesa		10,710		227,674
Gas Natural SDG		14,564		287,379
Mediaset Espana Comunicacion		20,950		234,004
				749,057
Sweden — 2.6%
JM		10,456		301,103
SSAB, Cl A		69,571		220,525
Telia		35,322		141,176
				662,804
Switzerland — 3.2%
Adecco Group		3,927		233,544
Swiss Re		3,203		297,464
Zurich Insurance Group		1,056		276,286
				807,294
United Kingdom — 11.1%
BP		37,282		220,729
Cape		67,940		172,762
Carillion		61,668		189,535
De La Rue		19,811		139,067
HSBC Holdings		32,562		245,593
Intermediate Capital Group		33,764		250,240
J Sainsbury		77,557		238,180
Johnson Matthey		7,181		299,725
Kingfisher		54,107		239,279
Legal & General Group		53,484		137,083
Rio Tinto		6,534		227,093
Royal Mail		31,178		187,376
Vodafone Group		84,219		231,734
				2,778,396
Total Common Stock
(Cost $26,838,781)				24,617,635

Total Investments — 98.1%
(Cost $26,838,781)			$	24,617,635
Other Assets and Liabilities — 1.9%				476,207
Net Assets — 100.0%			$	25,093,842

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

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 Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
COMMON STOCK — 95.5%
Austria — 10.9%
Agrana Beteiligungs		8,632	$	1,035,233
AMAG Austria Metall (A)		31,007		1,091,261
Erste Group Bank		29,548		928,007
EVN		70,301		821,895
Lenzing		16,971		2,210,450
OMV		23,157		723,855
Raiffeisen Bank International		31,872		522,366
UNIQA Insurance Group		78,933		508,804
Vienna Insurance Group Wiener Versicherung Gruppe		21,248		419,152
Voestalpine		23,489		831,056
				9,092,079
Brazil — 7.3%
AMBEV		143,175		844,607
Banco do Brasil		109,699		1,008,324
Banco Santander Brasil		195,140		1,610,883
Cia Siderurgica Nacional *		251,573		846,458
Cosan Industria e Comercio		71,048		950,645
JBS		264,069		804,120
				6,065,037
Czech Republic — 6.9%
CEZ		52,150		982,865
Fortuna Entertainment Group *		159,028		587,810
Komercni Banka		29,115		1,066,470
Pegas Nonwovens		34,113		1,094,633
Philip Morris CR		1,909		942,890
Unipetrol		137,780		1,029,456
				5,704,124
Greece — 7.7%
Alpha Bank AE *		18,935		32,426
Athens Water Supply & Sewage		90,055		533,835
Bank of Greece		48,804		544,856
FF Group *		13,983		334,935
Hellenic Petroleum		103,501		473,790
Hellenic Telecommunications Organization		47,022		431,016
Intralot -Integrated Lottery Systems & Services *		335,901		453,547
JUMBO		40,071		569,646
Karelia Tobacco		3,486		912,877
Metka Industrial - Construction		57,270		481,572
Motor Oil Hellas Corinth Refineries		76,692		918,503
National Bank of Greece *		23,511		4,826
OPAP		44,439		379,045
Piraeus Bank *		10,805		1,791
Public Power		102,875		336,536
				6,409,201
Hong Kong — 5.8%
Beijing Enterprises Holdings		92,866		464,597
China Mobile		41,277		472,882
China Overseas Land & Investment		157,054		485,000
China Power International Development		1,062,606		387,745
China Resources Land		200,613		500,268
China Resources Power Holdings		277,410		471,438
China Taiping Insurance Holdings *		235,677		455,215
China Unicom Hong Kong		408,262		478,509
CITIC		321,025		461,117
Shanghai Industrial Holdings		214,413		656,602
				4,833,373
Hungary — 8.0%
Magyar Telekom Telecommunications		613,526		1,014,370
MOL Hungarian Oil & Gas		26,230		1,687,592
OTP Bank		71,061		1,996,038
Richter Gedeon Nyrt		90,746		1,950,448
				6,648,448
Italy — 5.8%
Atlantia		34,834		853,117
Enel		195,299		840,411
Eni		43,077		624,674
Intesa Sanpaolo		274,099		634,886
Saipem		44,405		18,280
Telecom Italia		764,975		663,826
UniCredit		129,925		322,334
Unipol Gruppo Finanziario		143,673		439,402
UnipolSai		209,967		401,056
				4,797,986
Norway — 6.4%
Aker Solutions		130,382		600,123
DNB		38,814		561,375
Gjensidige Forsikring		29,727		532,847
Norsk Hydro		120,191		537,505
Petroleum Geo-Services		156,822		421,932
Statoil		29,419		482,107

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited) (Continued)

Description	Shares/ Number of Rights		Value
Storebrand *		128,487	$	661,224
Telenor		30,084		478,804
TGS Nopec Geophysical		31,054		629,548
Yara International		12,630		446,357
				5,351,822
Poland — 7.6%
Alior Bank *		15,654		188,131
Asseco Poland		22,107		294,985
Bank Millennium		196,167		288,507
Bank Pekao		7,092		218,820
Bank Zachodni WBK		3,777		305,183
CCC		7,125		361,585
Cyfrowy Polsat *		52,278		322,736
Energa		52,389		107,362
Eurocash		39,846		403,817
Grupa Azoty		16,104		256,547
Grupa Lotos *		48,171		417,586
ING Bank Slaski		9,528		349,718
KGHM Polska Miedz		10,863		196,812
LLP SA *		183		274,273
Lubelski Wegiel Bogdanka		15,546		275,396
mBank		2,955		266,483
Orange Polska		136,884		195,387
PGE Polska Grupa Energetyczna		62,595		163,857
Polski Koncern Naftowy ORLEN		22,014		436,549
Polskie Gornictwo Naftowe i Gazownictwo		237,183		303,488
Powszechna Kasa Oszczednosci Bank Polski		38,367		268,738
Powszechny Zaklad Ubezpieczen		26,679		185,238
Tauron Polska Energia		295,812		199,809
				6,281,007
Portugal — 9.4%
Altri SGPS		42,441		148,016
Banco BPI, Cl G *		118,467		146,954
Banco Comercial Portugues, Cl R *		41,483		55,238
Banco Espirito Santo *(B) (C)		318,087		—
BANIF - Banco Internacional do Funchal *(B) (C)		60,980,850		—
CIMPOR Cimentos de Portugal SGPS *		285,188		97,364
Corticeira Amorim SGPS		269,003		2,700,513
CTT-Correios de Portugal		16,872		111,665
EDP - Energias de Portugal		268,622		887,887
Galp Energia SGPS		75,338		1,021,378
Jeronimo Martins SGPS		23,620		406,307
Mota-Engil SGPS		48,972		95,691
Navigator		40,401		118,415
NOS SGPS		24,990		166,024
Pharol SGPS		488,019		135,003
REN - Redes Energeticas Nacionais SGPS		61,656		180,173

Semapa-Sociedade de Investimento e Gestao	72,127		927,964
Sonae	581,830		463,062
Teixeira Duarte	706,413		145,013
			7,806,667
Russia — 11.0%
Alrosa PJSC	1,007,952		1,408,562
Gazprom Neft PJSC	267,260		778,579
Gazprom PJSC	297,721		651,968
Rosneft PJSC	158,032		866,542
Sberbank of Russia PJSC	459,073		1,067,288
Severstal PJSC	132,468		1,852,008
Unipro PJSC	17,894,468		823,581
Uralkali	235,803		616,646
VTB Bank PJSC	1,031,425,894		1,102,172
			9,167,346
Spain — 8.7%
Acciona	10,661		811,498
Banco Bilbao Vizcaya Argentaria	86,119		621,868
Banco Santander	119,611		587,846
CaixaBank	172,102		520,869
Enagas	28,246		810,838
Endesa	33,378		709,550
Ferrovial	37,939		738,206
Gas Natural SDG	41,449		817,878
Iberdrola	127,275		867,501
Mapfre	263,989		784,476
			7,270,530
Total Common Stock
(Cost $91,116,154)			79,427,620

PREFERRED STOCK — 3.6%
Brazil — 3.6%
Banco Bradesco, Cl Preference	106,927		1,121,193
Cia Energetica de Minas Gerais	178,782		546,092
Telefonica Brasil, Cl Preference	55,112		794,393
Vale, Cl Preference*	85,573		554,401
Total Preferred Stock
(Cost $3,936,566)			3,016,079

RIGHTS — 0.0%
Spain — 0.0%
Ferrovial*#	37,939		16,243
Total Rights
(Cost $–)			16,243

Total Investments — 99.1%
(Cost $95,052,720)		$	82,459,942
Other Assets and Liabilities — 0.9%			763,412
Net Assets — 100.0%		$	83,223,354

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Value ETF

October 31, 2016 (Unaudited) (Concluded)

Percentages based on Net Assets.

*	Non-income producing security.

#	Expiration date is unavailable.

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities are deemed to be liquid by the Adviser. The total value of such securities at October 31, 2016 was $1,091,261 and represents 1.3% of Net Assets.

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

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

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	79,427,620	$	—	$	—	$	79,427,620
Preferred Stock		3,016,079		—		—		3,016,079
Rights		16,243		—		—		16,243
Total Investments in Securities	$	82,459,942	$	—	$	—	$	82,459,942

⁽¹⁾

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

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

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

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Global Momentum ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
EXCHANGE TRADED FUNDS — 95.6%
Cambria Emerging Shareholder Yield ETF‡		58,331	$	1,551,021
Cambria Global Value ETF‡		55,264		1,110,254
Cambria Sovereign High Yield Bond ETF‡		48,134		1,344,383
FlexShares Global Upstream Natural Resources Index Fund		51,966		1,425,947
iShares 20+ Year Treasury Bond ETF		9,514		1,248,713
iShares Global Energy ETF		45,370		1,468,173
iShares Global Infrastructure ETF		33,821		1,360,281
iShares Global Materials ETF		27,481		1,467,760
iShares Global Tech ETF		12,173		1,337,204
iShares Mortgage Real Estate Capped ETF		129,983		1,366,121
PowerShares DB Base Metals Fund		110,526		1,591,574
PowerShares DB Precious Metals Fund		33,290		1,298,643
VanEck Vectors Emerging Markets High Yield Bond ETF		57,595		1,405,894
Vanguard Extended Duration Treasury ETF		9,807		1,255,590
Vanguard FTSE Emerging Markets ETF		13,998		528,425
Vanguard REIT ETF		18,630		1,523,189
Vanguard Small-Capital Value ETF		12,652		1,359,204
WisdomTree Emerging Markets SmallCap Dividend Fund		11,665		478,848

Total Exchange Traded Funds
(Cost $22,687,097)				23,121,224

Total Investments — 95.6%
(Cost $22,687,097)			$	23,121,224
Other Assets and Liabilities — 4.4%				1,068,519
Net Assets — 100.0%			$	24,189,743

Percentages based on Net Assets.

‡	Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor (see Note 5).

ETF — Exchanged Traded Fund

FTSE — Financial Times Stock Exchange

REIT — Real Estate Investment Trust

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 Ÿ Cambria Global Asset Allocation ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
EXCHANGE TRADED FUNDS — 99.6%
Cambria Emerging Shareholder Yield ETF‡		100,000	$	2,659,000
Cambria Foreign Shareholder Yield ETF‡		23,562		489,215
Cambria Global Value ETF‡		51,801		1,040,682
Cambria Shareholder Yield ETF‡		25,916		765,818
Cambria Sovereign High Yield Bond ETF‡		36,486		1,019,054
iShares 20+ Year Treasury Bond ETF		4,532		594,825
iShares 7-10 Year Treasury Bond ETF		7,810		859,569
iShares Edge MSCI USA Momentum Factor ETF		16,082		1,220,141
iShares iBoxx $ Investment Grade Corporate Bond ETF		6,908		835,730
PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio		101,640		1,769,552
SPDR Bloomberg Barclays High Yield Bond ETF		14,080		510,541
SPDR Bloomberg Barclays International Corporate Bond ETF		16,906		539,978
SPDR Bloomberg Barclays TIPS ETF		14,652		846,335
SPDR Citi International Government Inflation-Protected Bond ETF		15,078		832,909
VanEck Vectors Emerging Markets High Yield Bond ETF		45,012		1,098,743
VanEck Vectors International High Yield Bond ETF		21,318		517,533
Vanguard Emerging Markets Government Bond ETF		16,376		1,313,519
Vanguard FTSE All World ex-US Small-Capital ETF		5,610		541,870
Vanguard FTSE Developed Markets ETF		27,808		1,015,270
Vanguard Global ex-U.S. Real Estate ETF		14,696		785,501
Vanguard Mid-Capital ETF		8,910		1,117,938
Vanguard REIT ETF		10,274		840,002
Vanguard Short-Term Bond ETF		6,842		550,918
Vanguard Short-Term Corporate Bond ETF		6,864		551,316
Vanguard Total Bond Market ETF		26,738		2,224,334
Vanguard Total International Bond ETF		26,048		1,439,933
Vanguard Total Stock Market ETF		10,406		1,133,109

Total Exchange Traded Funds
(Cost $27,167,888)				27,113,335

Total Investments — 99.6%
(Cost $27,167,888)			$	27,113,335
Other Assets and Liabilities — 0.4%				121,951
Net Assets — 100.0%			$	27,235,286

Percentages based on Net Assets.

‡	Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor (see Note 5).

ETF — Exchanged Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

TIPS — Treasury Inflation Protected Security

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 Ÿ Cambria Value and Momentum ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
COMMON STOCK — 89.6%
Consumer Discretionary — 9.0%
Career Education*		5,459	$	39,250
Children's Place		296		22,481
Cooper-Standard Holding*		338		30,849
Duluth Holdings, Cl B*		1,693		45,965
Eldorado Resorts*		2,102		25,434
Ethan Allen Interiors		786		24,130
Genesco*		344		18,507
Hooker Furniture		1,980		52,074
Smith & Wesson Holding*		1,059		27,989
Spartan Motors		4,985		42,623
Superior Industries International		1,098		26,901
Urban Outfitters*		1,311		43,853
				400,056
Consumer Staples — 7.2%
Cal-Maine Foods		856		33,084
Central Garden & Pet, Cl A*		1,475		34,427
Fresh Del Monte Produce		1,144		69,039
Omega Protein*		1,913		42,660
Sanderson Farms		258		23,215
SpartanNash		1,640		45,920
Tyson Foods, Cl A		356		25,223
Universal		924		50,081
				323,649
Financials — 23.4%
Aflac		652		44,903
Allstate		358		24,308
American Financial Group		660		49,170
American National Insurance		212		24,838
Assurant		620		49,922
Banc of California		1,362		18,115
Chubb		225		28,575
Cincinnati Financial		370		26,189
Employers Holdings		863		27,055
EZCORP, Cl A*		4,744		46,254
First American Financial		1,176		45,935
FirstCash		1,401		66,132
Genworth Financial, Cl A*		9,694		40,133
Green Dot, Cl A*		1,058		23,488
Horace Mann Educators		1,400		50,330
MBIA*		2,883		22,199
National General Holdings		2,472		50,800
Old Republic International		2,944		49,636
Progressive		1,528		48,147
Reinsurance Group of America, Cl A		496		53,499
Selective Insurance Group		1,500		55,424
State National		1,942		19,867
Stewart Information Services		1,036		46,568
Travelers		206		22,285
Trupanion*		2,895		46,870
United Insurance Holdings		1,311		19,010
WR Berkley		848		48,421
				1,048,073
Health Care — 2.8%
Five Prime Therapeutics*		586		28,439
Lantheus Holdings*		5,522		47,765
SciClone Pharmaceuticals*		5,552		49,690
				125,894
Industrials — 26.4%
ABM Industries		1,520		59,402
ACCO Brands*		2,720		30,192
AO Smith		1,384		62,515
Astec Industries		837		46,336
Brady, Cl A		886		29,327
Brink's		1,644		65,020
BWX Technologies, Cl W		1,728		67,772
Chart Industries*		1,547		42,914
Energy Recovery*		2,350		28,694
Ennis		2,812		41,196
ExOne*		3,361		40,097
Fluor		458		23,811
Gibraltar Industries*		894		34,777
Hawaiian Holdings*		506		22,783
Insteel Industries		842		22,650
Jacobs Engineering Group*		936		48,279
Kelly Services, Cl A		1,257		23,543
Manitowoc		5,586		22,567
Matson		1,244		49,685
Mistras Group*		952		19,935
MYR Group*		1,632		48,699
NOW*		2,479		53,447
Owens Corning		1,020		49,756
SkyWest		2,604		78,510
Supreme Industries, Cl A		2,582		31,475
Tetra Tech		820		31,529

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Value and Momentum ETF

October 31, 2016 (Unaudited) (Concluded)

Description	Shares		Value
Tutor Perini*		2,319	$	44,177
Universal Forest Products		748		64,321
				1,183,409
Information Technology — 18.8%
Advanced Energy Industries*		1,872		89,295
Alpha & Omega Semiconductor*		2,047		43,253
Apigee*		2,712		47,052
Arrow Electronics*		378		23,103
Convergys		2,000		58,400
Datalink*		4,498		42,641
Ebix		1,624		90,944
Hackett Group		3,196		51,520
II-VI*		1,137		31,609
Ingram Micro, Cl A		676		25,147
Liquidity Services*		4,716		41,737
ManTech International, Cl A		1,192		46,285
MeetMe*		8,303		40,602
NETGEAR*		598		30,199
Quotient Technology*		3,483		36,920
Rofin-Sinar Technologies*		747		24,315
Sanmina*		1,675		46,314
Sykes Enterprises*		806		21,552
SYNNEX		268		27,481
Tech Data*		316		24,338
				842,707
Materials — 0.7%
Schnitzer Steel Industries, Cl A		1,299		31,371

Telecommunication Services — 1.3%
Boingo Wireless*		5,996		58,281

Total Common Stock
(Cost $3,730,373)				4,013,440

Total Investments - 89.6%
(Cost $3,730,373)			$	4,013,440
Other Assets and Liabilities - 10.4%				467,056
Net Assets - 100.0%			$	4,480,496

Percentages based on Net Assets.

*	Non-income producing security.

Cl — Class

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

Type of Contract

Number of
Contracts
Short

Expiration
Date

Unrealized
Appreciation

S&P 500 Index EMINI

(18)

12/2016

35,073

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

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

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

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Sovereign High Yield Bond ETF

October 31, 2016 (Unaudited)

Description		Face Amount⁽¹⁾		Value
SOVEREIGN DEBT — 74.3%
Australia — 4.0%
Queensland Treasury
5.750%, 07/22/24	AUD	174,000		$	162,666
4.750%, 07/21/25 (A)	AUD	186,000			165,117
					327,783
Brazil — 8.2%
Brazilian Government International Bond
4.875%, 01/22/21			630,000		665,897

Chile — 4.9%
Chile Government International Bond
6.000%, 01/01/18	CLP	67,500,000			106,141
6.000%, 01/01/20	CLP	180,000,000			293,640
					399,781
China — 4.5%
China Government Bond
3.160%, 06/27/23	CNY	2,500,000			367,992

Greece — 6.1%
Hellenic Republic Government Bond
4.750%, 04/17/19 (A)	EUR	174,000			175,308
3.000%, 02/24/23 (B)	EUR	195,125			160,114
3.000%, 02/24/24 (B)	EUR	200,425			160,041
					495,463
Hungary — 3.9%
Hungary Government Bond
6.000%, 11/24/23	HUF	35,700,000			156,724
5.500%, 06/24/25	HUF	36,360,000			156,107
					312,831
Indonesia — 1.4%
Indonesia Government International Bond
6.875%, 01/17/18			103,000		109,067

Malaysia — 4.2%
Malaysia Government Bond
4.498%, 04/15/30	MYR	750,000			185,841
4.181%, 07/15/24	MYR	642,000			157,765
					343,606
Mexico — 3.8%
Mexican Bonos
8.500%, 05/31/29	MXN	2,410,800			153,122
7.500%, 06/03/27	MXN	2,596,800			153,176
					306,298
New Zealand — 2.6%
New Zealand Government Bond
4.500%, 04/15/27	NZD	258,000			213,939

Peru — 5.4%
Peruvian Government International Bond
8.200%, 08/12/26	PEN	1,248,000			440,538

Poland — 3.3%
Poland Government Bond
5.750%, 04/25/29	PLN	852,000			269,941

Russia — 7.4%
Russian Federal Bond - OFZ
7.600%, 04/14/21	RUB	12,966,000			197,267
7.600%, 07/20/22	RUB	13,230,000			199,594
7.000%, 01/25/23	RUB	13,794,000			201,750
					598,611
South Africa — 6.9%
Republic of South Africa Government Bond
8.000%, 01/31/30	ZAR	2,732,928			185,295
7.000%, 02/28/31	ZAR	3,027,870			186,292
South Africa Government Bond
8.250%, 03/31/32	ZAR	2,727,132			186,484
					558,071
Thailand — 3.8%
Thailand Government Bond
4.750%, 12/20/24	THB	290,000			9,889
3.625%, 06/16/23	THB	9,557,000			299,650
					309,539
Turkey — 3.9%
Turkey Government Bond
8.000%, 03/12/25	TRY	539,180			155,834
7.100%, 03/08/23	TRY	553,105			156,408
					312,242
Total Sovereign Debt
(Cost $5,844,872)					6,031,599

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Sovereign High Yield Bond ETF

October 31, 2016 (Unaudited) (Concluded)

Description	Shares		Value
EXCHANGE-TRADED FUND — 8.2%
WisdomTree Indian Rupee Strategy Fund		30,345	$	664,556

Total Exchange-Traded Fund
(Cost $641,015)				664,556

Total Investments — 82.5%
(Cost $6,485,887)			$	6,696,155
Other Assets and Liabilities — 17.5%				1,418,847
Net Assets — 100.0%			$	8,115,002

Percentages based on Net Assets.

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

(A)

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

AUD — Australian Dollar

CLP — Chilean Peso

CNY — Chinese Yuan

EUR — Euro

HUF — Hungarian Forint

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PEN — Peruvian Sol

PLN — Polish Zloty

RUB — Russian Ruble

THB — Thailand Baht

TRY— Turkish Lira

ZAR — South African Rand

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Sovereign Debt	$	—	$	6,031,599	$	—	$	6,031,599
Exchange-Traded Fund		664,556		—		—		664,556
Total Investments in Securities	$	664,556	$	6,031,599	$	—	$	6,696,155

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

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Emerging Shareholder Yield ETF

October 31, 2016 (Unaudited)

Description	Shares		Value
COMMON STOCK — 95.8%
Brazil — 7.0%
Cia de Gas de Sao Paulo - COMGAS		4,000	$	59,211
Cyrela Brazil Realty Empreendimentos e Participacoes		20,000		67,293
Ez Tec Empreendimentos e Participacoes		12,000		62,256
Magazine Luiza *		5,000		143,640
MRV Engenharia e Participacoes		17,500		67,434
Qualicorp		10,000		64,630
				464,464
China — 1.8%
China Petroleum & Chemical ADR		835		60,471
CNOOC ADR		485		60,858
				121,329
Colombia — 1.0%
Banco de Bogota		3,055		63,076

Czech Republic — 1.0%
O2 Czech Republic		7,355		67,487

Greece — 0.8%
Aegean Airlines		8,205		52,872

Hong Kong — 12.6%
China Communications Services, Cl H		120,000		71,330
Greatview Aseptic Packaging		120,000		60,963
Guangzhou Automobile Group, Cl H		50,000		60,473
Guangzhou R&F Properties		44,000		62,180
Guolian Securities, Cl H		112,500		59,474
Qingdao Port International, Cl H (A)		100,000		60,989
Red Star Macalline Group, Cl H (A)		60,000		64,676
Shenzhen Expressway, Cl H		70,000		70,311
Sinopec Engineering Group, Cl H		65,000		57,494
Sinopec Shanghai Petrochemical ADR		1,265		64,616
Tianneng Power International		90,000		81,231
Weiqiao Textile, Cl H		82,500		55,528
Xingda International Holdings		150,000		62,278
				831,543
Hungary — 2.1%
MOL Hungarian Oil & Gas		1,005		64,660
OTP Bank		2,660		74,717
				139,377
India — 7.3%
Chennai Petroleum		13,777		58,482
GHCL		20,290		84,503
Hindustan Zinc		21,160		80,000
Indian Oil		16,042		77,739
Mphasis		7,585		58,279
Rural Electrification		33,200		67,060
Sonata Software		25,096		58,845
				484,908
Mexico — 0.9%
Rassini, Cl A		27,000		62,654

Poland — 2.2%
Budimex		1,380		71,493
Polski Koncern Naftowy ORLEN		3,730		73,968
				145,461
Russia — 7.3%
Bashneft PJSC		1,390		72,787
Center for Cargo Container Traffic TransContainer PJSC		1,275		73,502
Gazprom PJSC ADR		14,125		61,161
LUKOIL PJSC ADR		1,430		69,512
M.Video PJSC		13,105		70,216
Rosneft PJSC GDR		11,740		63,983
Tatneft PJSC ADR		2,050		69,188
				480,349
South Africa — 12.4%
Assore		4,610		62,389
Bidvest Group		6,370		79,088
Coronation Fund Managers		13,195		70,977
FirstRand		19,030		68,195
Imperial Holdings		5,915		74,715
Liberty Holdings		7,015		60,324
Old Mutual		22,965		56,307
Sanlam		14,220		68,928
Sasol ADR		2,230		61,347
Standard Bank Group		6,855		72,730
Telkom SOC		13,620		62,839
Wilson Bayly Holmes-Ovcon		7,210		81,277
				819,116

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

Cambria Investment Management

Schedule of Investments Ÿ Cambria Emerging Shareholder Yield ETF

October 31, 2016 (Unaudited) (Concluded)

Description	Shares		Value
South Korea — 15.2%
Daeduck GDS		5,510	$	57,303
Dongbu Insurance		1,080		67,107
Dongwon Development		16,445		65,679
GS Holdings		1,465		65,424
Hana Financial Group		3,020		86,568
Hyosung		545		63,823
Hyundai Marine & Fire Insurance		2,420		74,762
Korea Electric Power ADR		2,375		51,799
Korean Reinsurance		5,975		61,617
LG Uplus		6,465		66,670
LS		1,250		59,974
POSCO ADR		1,325		68,834
Samsung Electronics		50		71,619
SK Innovation		515		68,187
Woori Bank		7,240		79,091
				1,008,457
Taiwan — 20.6%
Actron Technology		15,000		49,196
Asustek Computer		5,000		43,809
Aten International		25,000		62,822
Chang Wah Electromaterials		15,000		70,585
Chaun-Choung Technology		10,000		44,205
Chicony Electronics		25,055		64,151
Chin-Poon Industrial		30,000		57,514
Chunghwa Telecom ADR		1,620		55,323
CyberPower Systems		15,000		42,969
Elite Advanced Laser		15,000		54,662
Elite Material		20,000		55,835
Eurocharm Holdings		20,000		56,595
Ibase Technology		25,000		52,048
Micro-Star International		20,000		57,609
On-Bright Electronics		12,000		78,143
Phison Electronics		10,000		70,982
Powertech Technology		25,000		71,378
Shin Zu Shing		20,000		60,271
Simplo Technology		20,000		61,792
Sitronix Technology		20,000		74,150
Topco Scientific		20,000		51,335
Tripod Technology		30,000		71,012
Wistron NeWeb		20,600		57,379
				1,363,765
Thailand — 1.0%
PTT Exploration & Production		26,405		62,811

Turkey — 2.6%
Aygaz		15,450		54,525
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret		28,170		60,087
Vestel Beyaz Esya Sanayi ve Ticaret		13,615		56,497
				171,109
Total Common Stock
(Cost $6,167,443)				6,338,778

Total Investments — 95.8%
(Cost $6,167,443)			$	6,338,778
Other Assets and Liabilities — 4.2%				279,205
Net Assets — 100.0%			$	6,617,983

Percentages based on Net Assets.

*	Non-income producing security.

(A)

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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, 2016 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Assets:
Investments at Fair Value	$	115,031,266		$	24,617,635		$	82,459,942		$	19,115,566
Affiliated Investments at Value		—			—			—			4,005,658
Foreign Currency at Value		2,386			20,349			64,529			—
Cash and Cash Equivalents		3,212,476			297,400			574,668			1,080,018
Receivable for Investment Securities Sold		1,431,897			—			—			—
Dividends Receivable, Net		43,914			65,863			83,084			—
Reclaims Receivable		5,039			105,075			126,577			—
Total Assets		119,726,978			25,106,322			83,308,800			24,201,242

Liabilities:
Payable for Capital Shares Redeemed		1,473,313			—			—			—
Payable Due to Investment Adviser		60,962			12,480			39,899			11,499
Custodian Fees Payable		—			—			45,547			—
Total Liabilities		1,534,275			12,480			85,446			11,499

Net Assets	$	118,192,703		$	25,093,842		$	83,223,354		$	24,189,743

Net Assets Consist of:
Paid-in Capital	$	110,716,593		$	32,651,442		$	98,353,041		$	27,226,064
Undistributed (Distributions in Excess of) Net Investment Income		364,140			(240,951	)		76,646			39,882
Accumulated Net Realized Loss on Unaffiliated Investments and Affiliated Investments		(761,817	)		(5,081,343	)		(2,608,264	)		(3,510,330	)
Net Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments		7,873,900			(2,221,146	)		(12,592,778	)		434,127
Net Unrealized Depreciation on Foreign Currency Transactions		(113	)		(14,160	)		(5,291	)		—
Net Assets	$	118,192,703		$	25,093,842		$	83,223,354		$	24,189,743

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,000,000			1,200,010			4,150,010			1,050,001
Net Asset Value, Offering and Redemption Price Per Share	$	29.55		$	20.91		$	20.05		$	23.04

Investments at Cost	$	107,157,366		$	26,838,781		$	95,052,720		$	18,803,318
Affiliated Investments at Cost		—			—			—			3,883,779
Cost of Foreign Currency		2,441			20,369			64,033			—

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

Cambria Investment Management

Statements of Assets and Liabilities

October 31, 2016 (Unaudited)

	Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF			Cambria Sovereign High Yield Bond ETF			Cambria Emerging Shareholder Yield ETF
Assets:
Investments at Fair Value	$	21,139,566		$	4,013,440		$	6,696,155		$	6,338,778
Affiliated Investments at Value		5,973,769			—			—			—
Foreign Currency at Value		—			—			7,747			5,338
Cash and Cash Equivalents		121,951			—			1,760,177			276,303
Cash at Broker		—			500,000			—			—
Receivable for Investment Securities Sold		—			—			544,407			—
Variation Margin Receivable		—			1,110			—			—
Interest Receivable		—			—			91,411			2,442
Dividends Receivable, Net		—			1,582			—			—
Reclaims Receivable		—			31			—			—
Total Assets		27,235,286			4,516,163			9,099,897			6,622,861

Liabilities:
Payable for Investment Securities Purchased		—			—			981,841			—
Payable Due to Custodian		—			33,373			—			—
Payable Due to Investment Adviser		—			2,294			3,054			3,309
Custodian Fees Payable		—			—			—			1,569
Total Liabilities		—			35,667			984,895			4,878

Net Assets	$	27,235,286		$	4,480,496		$	8,115,002		$	6,617,983

Net Assets Consist of:
Paid-in Capital	$	27,658,154		$	4,781,207		$	7,872,732		$	6,455,063
Undistributed (Distributions in Excess of) Net Investment Income		81,998			(28	)		25,388			32,794
Accumulated Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments		(450,313	)		(618,823	)		6,910			(41,094	)
Net Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments		(54,553	)		283,067			210,268			171,335
Net Unrealized Depreciation on Foreign Currency Transactions		—			—			(296	)		(115	)
Net Unrealized Appreciation on Futures Contracts		—			35,073			—			—
Net Assets	$	27,235,286		$	4,480,496		$	8,115,002		$	6,617,983

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,100,001			200,004			300,000			250,004
Net Asset Value, Offering and Redemption Price Per Share	$	24.76		$	22.40		$	27.05		$	26.47

Investments at Cost	$	21,192,016		$	3,730,373		$	6,485,887		$	6,167,443
Affiliated Investments at Cost		5,975,872			—			—			—
Cost of Foreign Currency		—			—			7,882			5,448

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

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2016 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	1,544,271		$	616,340		$	1,823,556		$	291,685
Dividend Income from Affiliated Investments		—			—			—			26,044
Interest Income		1,430			401			683			1,202
Less: Foreign Taxes Withheld		(796	)		(36,633	)		(219,723	)		—
Total Investment Income		1,544,905			580,108			1,604,516			318,931

Expenses:
Management Fees		376,736			74,259			216,512			64,769
Custodian Fees		—			—			33,027			—
Total Expenses		376,736			74,259			249,539			64,769

Net Investment Income		1,168,169			505,849			1,354,977			254,162

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽¹⁾		3,438,501			(962,852	)		10,460			214,668
Net Realized Loss on Affiliated Investments⁽¹⁾		—			—			—			(52,600	)
Net Realized Gain (Loss) on Foreign Currency Transactions		19			271			(4,694	)		—
Net Change in Unrealized Appreciation on Unaffiliated Investments		174,749			803,284			3,676,266			30,473
Net Change in Unrealized Appreciation on Affiliated Investments		—			—			—			31,892
Net Change in Unrealized Depreciation on Foreign Currency Translation		(151	)		(12,742	)		(8,705	)		—
Net Realized and Unrealized Gain (Loss) on Investments		3,613,118			(172,039	)		3,673,327			224,433

Net Increase in Net Assets Resulting from Operations	$	4,781,287		$	333,810		$	5,028,304		$	478,595

⁽¹⁾	Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

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

Cambria Investment Management

Statements of Operations

For the period ended October 31, 2016 (Unaudited)

	Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF			Cambria Sovereign High Yield Bond ETF			Cambria Emerging Shareholder Yield ETF⁽¹⁾
Investment Income:
Dividend Income from Unaffiliated Investments	$	276,046		$	30,323		$	—		$	49,247
Dividend Income from Affiliated Investments		59,747			—			—			—
Interest Income		255			—			115,703			—
Less: Foreign Taxes Withheld		—			31			852			(5,629	)
Total Investment Income		336,048			30,354			116,555			43,618

Expenses:
Management Fees		—			13,538			15,594			9,256
Broker Expense		—			1,498			—			—
Custodian Fees		—			—			—			1,568
Total Expenses		—			15,036			15,594			10,824

Net Investment Income		336,048			15,318			100,961			32,794

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽²⁾		(194,978	)		(75,324	)		4,720			(30,478	)
Net Realized Gain on Affiliated Investments⁽²⁾		31,848			—			—			—
Net Realized Loss on Futures Contracts		—			(157,737	)		—			—
Net Realized Gain (Loss) on Foreign Currency Transactions		—			—			2,190			(10,616	)
Net Change in Unrealized Appreciation on Unaffiliated Investments		627,357			98,799			8,438			171,335
Net Change in Unrealized Appreciation on Affiliated Investments		161,751			—			—			—
Net Change in Unrealized Appreciation on Futures Contracts		—			78,676			—			—
Net Change in Unrealized Depreciation on Foreign Currency Translation		—			—			(1,349	)		(115	)
Net Realized and Unrealized Gain (Loss) on Investments		625,978			(55,586	)		13,999			130,126

Net Increase (Decrease) in Net Assets Resulting from Operations	$	962,026		$	(40,268	)	$	114,960		$	162,920

⁽¹⁾	Commenced operations on July 14, 2016.

⁽²⁾	Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

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

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Period Ended October 31, 2016 (Unaudited)			Year Ended April 30, 2016			Period Ended October 31, 2016 (Unaudited)			Year Ended April 30, 2016
Operations:
Net Investment Income	$	1,168,169		$	3,756,107		$	505,849		$	1,408,400
Net Realized Gain (Loss) on Investments⁽¹⁾		3,438,501			8,220,198			(962,852	)		(7,426,632	)
Net Realized Gain on Foreign Currency Transactions		19			338			271			71,284
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		174,749			(20,357,482	)		803,284			1,054,154
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(151	)		38			(12,742	)		(5,776	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,781,287			(8,380,801	)		333,810			(4,898,570	)

Distributions to Shareholders:
Investment Income		(803,831	)		(3,873,914	)		(683,048	)		(1,478,338	)
Net Realized Gains		—			(7,516,422	)		—			—
Return of Capital		—			(176,238	)		—			(201,561	)
Total Distributions to Shareholders		(803,831	)		(11,566,574	)		(683,048	)		(1,679,899	)

Capital Share Transactions:
Issued		—			4,477,385			—			—
Redeemed		(23,181,981	)		(74,228,527	)		(1,052,218	)		(27,620,154	)
Decrease in Net Assets from Capital Share Transactions		(23,181,981	)		(69,751,142	)		(1,052,218	)		(27,620,154	)

Total Decrease in Net Assets		(19,204,525	)		(89,698,517	)		(1,401,456	)		(34,198,623	)

Net Assets:
Beginning of Period		137,397,228			227,095,745			26,495,298			60,693,921
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $364,140, $(198), $(240,951) and $(63,752), respectively)	$	118,192,703		$	137,397,228		$	25,093,842		$	26,495,298

Share Transactions:
Issued		—			150,000			—			—
Redeemed		(800,000	)		(2,550,000	)		(50,000	)		(1,300,000	)
Net Decrease in Shares Outstanding from Share Transactions		(800,000	)		(2,400,000	)		(50,000	)		(1,300,000	)

⁽¹⁾	Includes realized gain or loss as a result of in-kind transactions. (See Note 5 in Notes to Financial Statements).

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

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Period Ended October 31, 2016 (Unaudited)			Year Ended April 30, 2016			Period Ended October 31, 2016 (Unaudited)			Year Ended April 30, 2016
Operations:
Net Investment Income	$	1,354,977		$	1,679,970		$	254,162		$	403,361
Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments		10,460			(2,715,464	)⁽¹⁾		162,068	⁽¹⁾		(3,572,734	)⁽¹⁾
Net Realized Loss on Foreign Currency Transactions		(4,694	)		(234,783	)		—			—
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		—			—			—			129,573
Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments		3,676,266			(7,643,381	)		62,365			183,657
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(8,705	)		234,205			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		5,028,304			(8,679,453	)		478,595			(2,856,143	)

Distributions to Shareholders:
Investment Income		(1,624,462	)		(1,427,287	)		(199,120	)		(449,733	)
Return of Capital		—			—			—			(24,940	)
Total Distributions to Shareholders		(1,624,462	)		(1,427,287	)		(199,120	)		(474,673	)

Capital Share Transactions:
Issued		10,383,223			5,536,613			3,447,366			1,134,445
Redeemed		—			(6,574,021	)		(1,176,542	)		(16,725,720	)
Increase (Decrease) in Net Assets from Capital Share Transactions		10,383,223			(1,037,408	)		2,270,824			(15,591,275	)

Total Increase (Decrease) in Net Assets		13,787,065			(11,144,148	)		2,550,299			(18,922,091	)

Net Assets:
Beginning of Period		69,436,289			80,580,437			21,639,444			40,561,535
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $76,646, $346,131, $39,882 and $(15,160), respectively)	$	83,223,354		$	69,436,289		$	24,189,743		$	21,639,444

Share Transactions:
Issued		550,000			250,000			150,000			50,000
Redeemed		—			(350,000	)		(50,000	)		(700,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		550,000			(100,000	)		100,000			(650,000	)

⁽¹⁾	Includes realized gain as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

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

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Period Ended October 31, 2016 (Unaudited)			Year Ended April 30, 2016			Period Ended October 31, 2016 (Unaudited)			Period Ended April 30, 2016⁽¹⁾
Operations:
Net Investment Income	$	336,048		$	758,017		$	15,318		$	10,552
Net Realized Loss on Investments and Futures Contracts		(163,130	)⁽²⁾		(1,218,889	)⁽²⁾		(233,061	)		(361,602	)⁽²⁾
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		—			128,122			—			—
Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments and Futures Contracts		789,108			(1,411,706	)		177,475			140,665
Net Increase (Decrease) in Net Assets Resulting from Operations		962,026			(1,744,456	)		(40,268	)		(210,385	)

Distributions to Shareholders:
Investment Income		(254,050	)		(812,989	)		(16,380	)		(9,518	)
Net Realized Gains		—			(2,164	)		—			—
Total Distributions to Shareholders		(254,050	)		(815,153	)		(16,380	)		(9,518	)

Capital Share Transactions:
Issued		6,130,860			6,325,166			—			8,035,273
Redeemed		(3,755,694	)		(11,399,910	)		—			(3,278,226	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,375,166			(5,074,744	)		—			4,757,047

Total Increase (Decrease) in Net Assets		3,083,142			(7,634,353	)		(56,648	)		4,537,144

Net Assets:
Beginning of Period		24,152,144			31,786,497			4,537,144			—
End of Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $81,998, $—, $(28) and $1,034, respectively)	$	27,235,286		$	24,152,144		$	4,480,496		$	4,537,144

Share Transactions:
Issued		250,000			250,000			—			350,004
Redeemed		(150,000	)		(500,000	)		—			(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		100,000			(250,000	)		—			200,004

⁽¹⁾	Inception date September 8, 2015.

⁽²⁾	Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

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

Cambria Investment Management

Statements of Changes in Net Assets

	Cambria Sovereign High Yield Bond ETF					Cambria Emerging Shareholder Yield ETF
	Period Ended October 31, 2016 (Unaudited)			Period Ended April 30, 2016⁽¹⁾		Period Ended October 31, 2016⁽²⁾ (Unaudited)
Operations:
Net Investment Income	$	100,961		$	21,691	$	32,794
Net Realized Gain (Loss) on Investments		4,720			—		(30,478	)
Net Realized Gain (Loss) on Foreign Currency Transactions		2,190			2,417		(10,616	)
Net Change in Unrealized Appreciation on Investments		8,438			201,830		171,335
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(1,349	)		1,053		(115	)
Net Increase in Net Assets Resulting from Operations		114,960			226,991		162,920

Distributions to Shareholders:
Investment Income		(99,681	)		—		—
Total Distributions to Shareholders		(99,681	)		—		—

Capital Share Transactions:
Issued		4,050,236			3,822,496		6,455,063
Increase in Net Assets from Capital Share Transactions		4,050,236			3,822,496		6,455,063

Total Increase in Net Assets		4,065,515			4,049,487		6,617,983

Net Assets:
Beginning of Period		4,049,487			—		—
End of Period (Includes Distributions in Excess of Net Investment Income of $25,388, $24,108 and $32,794, respectively)	$	8,115,002		$	4,049,487	$	6,617,983

Share Transactions:
Issued		150,000			150,000		250,004
Net Increase in Shares Outstanding from Share Transactions		150,000			150,000		250,004

⁽¹⁾	Inception date February 22, 2016.

⁽²⁾	Inception date July 14, 2016.

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

Cambria Investment Management

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Period		Total Return⁽¹⁾			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets⁽²⁾			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover⁽¹⁾⁽³⁾
Cambria Shareholder Yield ETF
10/31/2016**	$	28.62	$	0.27	$	0.85		$	1.12		$	(0.19	)	$	—		$	(0.19	)	$	29.55		3.94	%	$	118,193		0.59	%⁽⁴⁾		1.82	%⁽⁴⁾		28	%
2016	$	31.54	$	0.64	$	(1.45	)	$	(0.81	)	$	(0.72	)⁽⁵⁾	$	(1.39	)	$	(2.11	)	$	28.62		(2.59	)%	$	137,397		0.59	%		2.10	%		43	%
2015	$	29.95	$	0.65	$	2.29		$	2.94		$	(0.55	)	$	(0.80	)	$	(1.35	)	$	31.54		9.92	%	$	227,096		0.59	%		2.09	%		41	%
2014⁽⁶⁾	$	25.00	$	0.45	$	4.98		$	5.43		$	(0.36	)	$	(0.12	)	$	(0.48	)	$	29.95		21.81	%	$	205,156		0.59	%⁽⁴⁾		1.67	%⁽⁴⁾		89	%
Cambria Foreign Shareholder Yield ETF
10/31/2016**	$	21.20	$	0.42	$	(0.14	)	$	0.28		$	(0.57	)	$	—		$	(0.57	)	$	20.91		1.62	%	$	25,094		0.59	%⁽⁴⁾		4.01	%⁽⁴⁾		24	%
2016	$	23.80	$	0.81	$	(2.61	)	$	(1.80	)	$	(0.80	)⁽⁷⁾	$	—		$	(0.80	)	$	21.20		(7.67	)%	$	26,495		0.59	%		3.83	%		53	%
2015	$	26.63	$	0.93	$	(2.70	)	$	(1.77	)	$	(0.77	)	$	(0.29	)	$	(1.06	)	$	23.80		(6.67	)%	$	60,694		0.59	%		3.76	%		48	%
2014⁽⁸⁾	$	25.00	$	0.41	$	1.33		$	1.74		$	(0.11	)	$	—		$	(0.11	)	$	26.63		6.96	%	$	66,572		0.59	%⁽⁴⁾		3.91	%⁽⁴⁾		15	%
Cambria Global Value ETF
10/31/2016**	$	19.29	$	0.35	$	0.84		$	1.19		$	(0.43	)	$	—		$	(0.43	)	$	20.05		6.50	%	$	83,223		0.68	%⁽⁴⁾		3.68	%⁽⁴⁾		—	%
2016	$	21.78	$	0.45	$	(2.57	)	$	(2.12	)	$	(0.37	)	$	—		$	(0.37	)	$	19.29		(9.76	)%	$	69,436		0.69	%		2.36	%		15	%
2015	$	25.73	$	0.68	$	(4.10	)	$	(3.42	)	$	(0.52	)	$	(0.01	)	$	(0.53	)	$	21.78		(13.29	)%	$	80,580		0.69	%		3.10	%		25	%
2014⁽⁹⁾	$	25.00	$	0.14	$	0.59		$	0.73		$	—		$	—		$	—		$	25.73		2.92	%	$	23,160		0.69	%⁽⁴⁾		4.11	%⁽⁴⁾		—	%
Cambria Global Momentum ETF
10/31/2016**	$	22.78	$	0.27	$	0.20		$	0.47		$	(0.21	)	$	—		$	(0.21	)	$	23.04		2.05	%	$	24,190		0.59	%⁽⁴⁾		2.31	%⁽⁴⁾		104	%
2016	$	25.35	$	0.34	$	(2.51	)	$	(2.17	)	$	(0.40	)⁽¹⁰⁾	$	—		$	(0.40	)	$	22.78		(8.61	)%	$	21,639		0.59	%		1.43	%		316	%
2015⁽¹¹⁾	$	25.00	$	0.30	$	0.39		$	0.69		$	(0.34	)	$	—		$	(0.34	)	$	25.35		2.76	%	$	40,562		0.59	%⁽⁴⁾		2.40	%⁽⁴⁾		16	%

*	Per share data calculated using average shares method.

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

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

⁽²⁾	Expense ratios do not include expenses of the underlying funds.

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

⁽⁴⁾	Annualized.

⁽⁵⁾	Includes a return of capital of $0.03 per share.

⁽⁶⁾	Inception date May 13, 2013.

⁽⁷⁾	Includes a return of capital of $0.12 per share.

⁽⁸⁾	Inception date December 2, 2013.

⁽⁹⁾	Inception date March 11, 2014.

⁽¹⁰⁾	Includes a return of capital of $0.02 per share.

⁽¹¹⁾	Inception date November 3, 2014.

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

Cambria Investment Management

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Net Asset Value, End of Period		Total Return⁽¹⁾			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets⁽²⁾			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover⁽¹⁾⁽³⁾
Cambria Global Asset Allocation ETF
10/31/2016**	$	24.15	$	0.30	$	0.53		$	0.83		$	(0.22	)	$	—	$	(0.22	)	$	24.76		3.46	%	$	27,235		—	%⁽⁴⁾		2.42	%⁽⁴⁾		24	%
2016	$	25.43	$	0.58	$	(1.26	)	$	(0.68	)	$	(0.60	)	$	—	$	(0.60	)	$	24.15		(2.58	)%	$	24,152		—	%		2.44	%		8	%
2015⁽⁵⁾	$	25.00	$	0.18	$	0.46		$	0.64		$	(0.21	)	$	—	$	(0.21	)	$	25.43		2.58	%	$	31,786		—	%⁽⁴⁾		1.81	%⁽⁴⁾		4	%
Cambria Value and Momentum ETF
10/31/2016**	$	22.69	$	0.08	$	(0.29	)	$	(0.21	)	$	(0.08	)	$	—	$	(0.08	)	$	22.40		(0.92	)%	$	4,480		0.65	%⁽⁴⁾⁽⁶⁾		0.67	%⁽⁴⁾		29	%
2016⁽⁷⁾	$	25.00	$	0.08	$	(2.32	)	$	(2.24	)	$	(0.07	)	$	—	$	(0.07	)	$	22.69		(8.96	)%	$	4,537		0.66	%⁽⁴⁾⁽⁶⁾		0.55	%⁽⁴⁾		48	%
Cambria Sovereign High Yield Bond ETF
10/31/2016**	$	26.99	$	0.52	$	0.04		$	0.56		$	(0.50	)	$	—	$	(0.50	)	$	27.05		2.06	%	$	8,115		0.59	%⁽⁴⁾		3.81	%⁽⁴⁾		3	%
2016⁽⁸⁾	$	25.00	$	0.19	$	1.80		$	1.99		$	—		$	—	$	—		$	26.99		7.96	%	$	4,049		0.59	%⁽⁴⁾		3.82	%⁽⁴⁾		—	%
Cambria Emerging Shareholder Yield ETF
10/31/2016 ⁽⁹⁾	$	25.00	$	0.16	$	1.31		$	1.47		$	—		$	—	$	—		$	26.47		5.88	%	$	6,618		0.69	%⁽⁴⁾		2.10	%⁽⁴⁾		17	%

*	Per share data calculated using average shares method.

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

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

⁽²⁾	Expense ratios do not include expenses of the underlying funds.

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

⁽⁴⁾	Annualized.

⁽⁵⁾	Inception date December 9, 2014.

⁽⁶⁾	Includes broker expense of 0.07%.

⁽⁷⁾	Inception date September 8, 2015.

⁽⁸⁾	Inception date February 22, 2016.

⁽⁹⁾	Inception date July 14, 2016.

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited)

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as a diversified, open-end registered management investment company under the Investment Company Act of 1940, as amended. The Trust is comprised of nine Exchange Traded Funds (ETFs): Cambria Global Income and Currency Strategies ETF, Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Emerging Shareholder Yield ETF, Cambria Sovereign High Yield Bond ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Value and Momentum ETF, and Cambria Global Asset Allocation ETF. These financial statements relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign High Yield Bond ETF, and Cambria Emerging Shareholder Yield ETF (each a “Fund” and collectively, the “Funds”). Cambria Global Income and Currency Strategies ETF has not yet commenced operations. Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified.

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

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

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

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

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

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

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

The investment objective of the Cambria Emerging Shareholder Yield ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Emerging Shareholder Yield Index. The Fund commenced operations on July 14, 2016.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 50,000 Shares, called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

●

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

●

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

●

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended October 31, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

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

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

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

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

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

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Income Taxes — The Funds selected a tax year end of April 30, 2016, other than the Cambria Sovereign High Yield Bond ETF, which has selected a tax year end of May 31, 2016. The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to their shareholders.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period.

The Funds did not record any tax provisions in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended October 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

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

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

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

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

Creation Units — The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares called ‘‘Creation Units.’’ Purchasers of Creation Units (“Authorized Participants”) must pay a creation transaction fee per transaction. The fee is typically a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a Redemption Fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	1,477,500	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,000		1,045,500		2,000	Up to 2.0%
Cambria Global Value ETF		50,000		3,500		1,002,500		3,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,152,000		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,238,000		500	None
Cambria Value and Momentum ETF		50,000		700		1,120,000		700	None
Cambria Sovereign High Yield Bond ETF		50,000		550		1,352,500		550	Up to 2.0%
Cambria Emerging Shareholder Yield ETF		50,000		3,500		1,323,500		3,500	Up to 2.0%

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

Information concerning illiquid securities is as follows:

Cambria Global Value ETF

Security

Dates

Acquired

Cost Basis

Banco Espirito Santo

318,087

3/11/14

449,606

BANIF - Banco Internacional do Funchal

60,980,850

3/11/14

747,095

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

3. OFFSETTING ASSETS AND LIABILITIES

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

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

4. RELATED PARTIES

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

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

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

Distribution Agreement — SEI Investments Distribution Co., a wholly-owned subsidiary of SEI Investments and an affiliate of the Administrator (the “Distributor”), serves as the Funds’ distributor of Creation Units pursuant to a distribution agreement. The Distributor does not maintain any secondary market in Fund shares.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

4. RELATED PARTIES (continued)

The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”). In accordance with its Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. However, no such fee is currently paid by the Funds, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

5. INVESTMENT TRANSACTIONS

For the period ended October 31, 2016, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
Cambria Shareholder Yield ETF	$	35,490,772	$	35,916,315
Cambria Foreign Shareholder Yield ETF		6,201,686		4,836,486
Cambria Global Value ETF		2,600,403		66,586
Cambria Global Momentum ETF		22,815,279		20,789,171
Cambria Global Asset Allocation ETF		2,570,800		2,637,943
Cambria Value and Momentum ETF		1,177,898		1,298,143
Cambria Sovereign High Yield Bond ETF		2,625,700		152,929
Cambria Emerging Shareholder Yield ETF⁽¹⁾		5,114,714		900,539

⁽¹⁾	The Fund commenced operations on July 14, 2016.

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

Purchases

Sales and

Maturities

Cambria Sovereign High Yield Bond ETF

368,968

152,929

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

	Purchases		Sales and Maturities		Net Realized Gain (Loss)
Cambria Shareholder Yield ETF	$	—	$	22,846,832	$	2,225,946
Cambria Foreign Shareholder Yield ETF		—		1,014,268		(115,540	)
Cambria Global Value ETF		9,185,039		—		—
Cambria Global Momentum ETF		3,307,966		1,146,097		54,612
Cambria Global Asset Allocation ETF		6,095,059		3,735,247		156,745
Cambria Emerging Shareholder Yield ETF⁽¹⁾		1,983,745		—		—

⁽¹⁾	The Fund commenced operations on July 14, 2016.

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

5. INVESTMENT TRANSACTIONS (continued)

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

Cambria Global Momentum ETF

Value of Shares Held as of 04/30/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Long Term Capital Gain Distributions		Value of Shares Held as of 10/31/16		Dividend Income
Cambria Emerging Shareholder Yield ETF⁽¹⁾
$	—	$	1,562,437	$	—		$	(11,416	)	$	—		$	—	$	1,551,021	$	4,338
Cambria Global Value ETF
$	—	$	2,314,517	$	(1,209,747	)	$	17,742		$	(12,258	)	$	—	$	1,110,254	$	—
Cambria Shareholder Yield ETF
$	—	$	1,216,360	$	(1,171,007	)	$	—		$	(45,353	)	$	—	$	—	$	—
Cambria Sovereign High Yield Bond ETF
$	1,185,431	$	191,038	$	(62,663	)	$	25,566		$	5,011		$	—	$	1,344,383	$	21,706

Cambria Global Asset Allocation ETF

Value of Shares Held as of 04/30/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Long Term Capital Gain Distributions		Value of Shares Held as of 10/31/16		Dividend Income
Cambria Emerging Shareholder Yield ETF⁽¹⁾
$	—	$	2,928,233	$	(359,873	)	$	81,296		$	9,344	$	—	$	2,659,000	$	—
Cambria Foreign Shareholder Yield ETF
$	446,609	$	110,224	$	(66,852	)	$	(1,815	)	$	1,049	$	—	$	489,215	$	13,493
Cambria Global Value ETF
$	909,385	$	222,830	$	(138,437	)	$	39,797		$	7,107	$	—	$	1,040,682	$	22,683
Cambria Shareholder Yield ETF
$	673,580	$	171,405	$	(105,490	)	$	22,253		$	4,070	$	—	$	765,818	$	4,951
Cambria Sovereign High Yield Bond ETF
$	902,887	$	225,554	$	(139,885	)	$	20,220		$	10,278	$	—	$	1,019,054	$	18,620

⁽¹⁾	The Fund commenced operations on July 14, 2016.

6. PRINCIPAL RISKS

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

6. PRINCIPAL RISKS (continued)

Dividend Paying Security Risk — Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Funds and the capital resources available for these companies’ dividend payments may adversely affect the Funds.

Equity Investing Risk — An investment in the Funds involves risks similar to those of investing in any Fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally

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

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

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

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

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

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

6. PRINCIPAL RISKS (continued)

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

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

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

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

7. GUARANTEES AND INDEMNIFICATIONS

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

8. INCOME TAXES

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

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

8. INCOME TAXES (continued)

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Cambria Shareholder Yield ETF
2016	$	3,914,264	$	7,476,072	$	176,238	$	11,566,574
2015		9,022,877		334,934		—		9,357,811
Cambria Foreign Shareholder Yield ETF
2016	$	1,478,338	$	—	$	201,561	$	1,679,899
2015		3,083,338		—		—		3,083,338
Cambria Global Value ETF
2016	$	1,427,287	$	—	$	—	$	1,427,287
2015		1,369,088		—		—		1,369,088
Cambria Global Momentum ETF
2016	$	449,733	$	—	$	24,940	$	474,673
2015		364,624		—		—		364,624
Cambria Global Asset Allocation ETF
2016	$	794,101	$	21,052	$	—	$	815,153
2015		102,815		—		—		102,815
Cambria Value and Momentum ETF
2016	$	9,518	$	—	$	—	$	9,518
Cambria Sovereign High Yield Bond ETF
2016	$	—	$	—	$	—	$	—

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

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Undistributed Ordinary Income	$	—		$	—		$	336,406		$	—
Capital Loss Carryforwards		—			(1,744,630	)		(700,810	)		(2,855,489	)
Post October Losses		(4,192,317	)		(2,374,132	)		(1,756,024	)		(742,120	)
Late Year Loss Deferral		(198	)		—			—			(15,161	)
Unrealized Appreciation (Depreciation)		7,691,169			(3,089,600	)		(16,422,824	)		296,974
Other Temporary Differences		—			—			9,723			—
Total Distributable Earnings (Accumulated Losses)	$	3,498,654		$	(7,208,362	)	$	(18,533,529	)	$	(3,315,796	)

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Continued)

8. INCOME TAXES (continued)

	Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF			Cambria Sovereign High Yield Bond ETF
Undistributed Ordinary Income	$	—		$	1,034		$	24,108
Undistributed Long-Term Capital Gain		10,798			—			—
Capital Loss Carryforwards		—			(144,958	)		—
Post October Losses		(297,981	)		(284,407	)		—
Unrealized Appreciation (Depreciation)		(843,661	)		184,268			202,883
Total Distributable Earnings (Accumulated Losses)	$	(1,130,844	)	$	(244,063	)	$	226,991

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

	Non-Expiring Short-Term Loss		Non-Expiring Long-Term Loss		Total
Cambria Foreign Shareholder Yield ETF	$	—	$	1,744,630	$	1,744,630
Cambria Global Value ETF		310,769		390,041		700,810
Cambria Global Momentum ETF		2,854,527		962		2,855,489
Cambria Value and Momentum ETF		59,303		85,655		144,958

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

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

Cambria Investment Management	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cambria Shareholder Yield ETF	$	107,157,366	$	14,172,935	$	(6,299,035	)	$	7,873,900
Cambria Foreign Shareholder Yield ETF		26,838,781		2,059,098		(4,280,244	)		(2,221,146	)
Cambria Global Value ETF		95,052,720		6,865,127		(19,457,905	)		(12,592,778	)
Cambria Global Momentum ETF		22,687,097		509,749		(75,622	)		434,127
Cambria Global Asset Allocation ETF		27,167,888		407,202		(461,755	)		(54,553	)
Cambria Value and Momentum ETF		3,730,373		440,088		(157,021	)		283,067
Cambria Sovereign High Yield Bond ETF		6,485,887		243,108		(32,840	)		210,268
Cambria Emerging Shareholder Yield ETF		6,167,443		360,936		(189,601	)		171,335

Cambria Investment Management

Notes to the Financial Statements

October 31, 2016 (Unaudited) (Concluded)

9. REGULATORY MATTERS

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

10. SUBSEQUENT EVENTS

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

Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2016 to October 31, 2016).

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

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

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

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

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

Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited) (Concluded)

	Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Annualized Expense Ratios		Expenses Paid During Period⁽¹⁾
Cambria Shareholder Yield ETF
Actual Fund Return	$	1,000.00	$	1,039.40		0.59%	$	3.03
Hypothetical 5% Return	$	1,000.00	$	1,022.23		0.59%	$	3.01
Cambria Foreign Shareholder Yield ETF
Actual Fund Return	$	1,000.00	$	1,016.20		0.59%	$	3.00
Hypothetical 5% Return	$	1,000.00	$	1,022.23		0.59%	$	3.01
Cambria Global Value ETF
Actual Fund Return	$	1,000.00	$	1,065.00		0.68%	$	3.54
Hypothetical 5% Return	$	1,000.00	$	1,021.78		0.68%	$	3.47
Cambria Global Momentum ETF
Actual Fund Return	$	1,000.00	$	1,020.50		0.59%	$	3.00
Hypothetical 5% Return	$	1,000.00	$	1,022.23		0.59%	$	3.01
Cambria Global Asset Allocation ETF
Actual Fund Return	$	1,000.00	$	1,034.60		—%	$	—
Hypothetical 5% Return	$	1,000.00	$	1,025.21		—%	$	—
Cambria Value and Momentum ETF
Actual Fund Return	$	1,000.00	$	990.80		0.65%	$	3.26
Hypothetical 5% Return	$	1,000.00	$	1,021.93		0.65%	$	3.31
Cambria Sovereign High Yield Bond ETF
Actual Fund Return	$	1,000.00	$	1,020.60		0.59%	$	3.00
Hypothetical 5% Return	$	1,000.00	$	1,022.23		0.59%	$	3.01
Cambria Emerging Shareholder Yield ETF
Actual Fund Return	$	1,000.00	$	1,058.80		0.69%	$	2.12	⁽²⁾
Hypothetical 5% Return	$	1,000.00	$	1,012.87		0.69%	$	2.07

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

⁽²⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 109/365 (to reflect the actual time the Fund was operations from 07/14/16-10/31/2016).

Cambria Investment Management

Supplemental Information

(Unaudited)

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

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

	Market Price One Year Total Return		Market Price Cumulative Inception Date Total Return		Market Price, End of Period
Cambria Shareholder Yield ETF		3.94%		—	$	29.54
Cambria Foreign Shareholder Yield ETF		2.40		—		20.81
Cambria Global Value ETF		6.34		—		20.13
Cambria Global Momentum ETF		2.45		—		23.13
Cambria Global Asset Allocation ETF		3.75		—		24.83
Cambria Value and Momentum ETF		(0.79)		—		22.43
Cambria Sovereign High Yield Bond ETF		4.80		—		27.97
Cambria Emerging Shareholder Yield ETF		—		6.00%		26.50

Cambria Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 5/13/13

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	55	84.62%
Sold at Par	0.00%	—	—
	0.50%	10	15.38%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Foreign Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 12/2/13

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	2	3.08%
	-1.00%	16	24.62%
	-0.50%	42	64.62%
Sold at Par	0.00%	—	—
	0.50%	5	7.69%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Global Value ETF

Premium/Discount Analysis

Inception Date 3/11/14

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	1	1.54%
	-1.00%	2	3.08%
	-0.50%	23	35.38%
Sold at Par	0.00%	—	—
	0.50%	32	49.23%
	1.00%	7	10.77%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Global Momentum ETF

Premium/Discount Analysis

Inception Date 11/3/14

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	15	23.08%
Sold at Par	0.00%	—	—
	0.50%	46	70.77%
	1.00%	4	6.15%
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Global Asset Allocation ETF

Premium/Discount Analysis

Inception Date 12/9/14

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	13	20.00%
Sold at Par	0.00%	—	—
	0.50%	48	73.85%
	1.00%	4	6.15
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Continued)

Cambria Value and Momentum ETF

Premium/Discount Analysis

Inception Date 9/8/15

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	1	1.54%
	-0.50%	35	53.85%
Sold at Par	0.00%	—	—
	0.50%	29	44.62%
	1.00%	—	—
	1.50%	—	—
	2.00%	—	—
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

Cambria Sovereign High Yield Bond ETF

Premium/Discount Analysis

Inception Date 2/22/16

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	—	—
	-1.50%	—	—
	-1.00%	—	—
	-0.50%	—	—
Sold at Par	0.00%	—	—
	0.50%	4	6.25%
	1.00%	24	36.92%
	1.50%	11	16.92%
	2.00%	5	7.69%
Fund Sold at Premium	2.50%	3	4.62%
	3.00%	10	15.38%
	3.50%	9	13.85%
	4.00%	2	3.08%
	4.50%	1	1.54%
	5.00%	—	—

Cambria Investment Management

Supplemental Information

(Unaudited) (Concluded)

Cambria Emerging Shareholder Yield ETF

Premium/Discount Analysis

Inception Date 7/13/16

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

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	—	—
	-2.50%	—	—
	-2.00%	1	1.54
	-1.50%	—
	-1.00%	5	7.69
	-0.50%	12	18.46
Sold at Par	0.00%	—	—
	0.50%	22	33.85%
	1.00%	13	20.00%
	1.50%	10	15.38%
	2.00%	2	3.08%
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

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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

1111 Pennsylvania Avenue, NW

Washington, District of Columbia 20004 -2541

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

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

CIM-SA-001-0400

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

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

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

Not applicable to open-end management investment companies.

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

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

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

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

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

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

SIGNATURES

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

(Registrant)	Cambria ETF Trust

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

Date: January 6, 2017

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

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

Date: January 6, 2017

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

Date: January 6, 2017

Cambria Global Real Estate ETF (BLDG) N-CSRSCertified semi-annual shareholder report (management investment company)