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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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:

W. John McGuire

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, D.C. 20004

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

Date of fiscal year end: April 30, 2021

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders.

Cambria Shareholder Yield ETF (SYLD)

Cambria Foreign Shareholder Yield ETF (FYLD)

Cambria Global Value ETF (GVAL)

Cambria Global Momentum ETF (GMOM)

Cambria Global Asset Allocation ETF (GAA)

Cambria Value and Momentum ETF (VAMO)

Cambria Sovereign Bond ETF (SOVB)

Cambria Emerging Shareholder Yield ETF (EYLD)

Cambria Tail Risk ETF (TAIL)

Cambria Trinity ETF (TRTY)

Cambria Cannabis ETF (TOKE)

Cambria Global Real Estate ETF (BLDG)

Semi-Annual Report

October 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be available on the Funds’ website (www.cambriafunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.

Cambria Investment Management

Table of Contents

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 as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Funds’ Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

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 Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings

Cambria Shareholder Yield ETF

Consumer Discretionary			26.01%
Financial			14.62%
Materials			14.54%
Industrials			12.58%
Information Technology			10.24%
Energy			8.28%
Communication Services			6.32%
Consumer Staples			4.29%
Health Care			3.12%
			100.00%

Percentages based on total investments.

	Shares		Value
Common Stocks (97.86%)
Communication Services (6.18%)
Discovery, Inc., Class A^(a)(b)		28,120	$	569,149
DISH Network Corp.^(b)		21,546		549,207
Fox Corp., Class A		24,016		636,904
Fox Corp., Class B		21,736		568,179
Meredith Corp.^(a)		34,086		374,946
News Corp., Class A		50,084		657,603
ViacomCBS, Inc., Class B^(a)		25,422		726,307
				4,082,295
Consumer Discretionary (25.46%)
Abercrombie & Fitch Co., Class A^(a)		44,118		627,358
Brunswick Corp.		11,134		709,347
Buckle, Inc.^(a)		33,600		805,056
Dick's Sporting Goods, Inc.^(a)		16,758		949,341
Dillard's, Inc., Class A^(a)		10,678		477,627
Fiat Chrysler Automobiles NV^(a)(b)		73,682		905,552
Foot Locker, Inc.		16,150		595,612
GameStop Corp., Class A^(a)(b)		126,046		1,319,702
General Motors Co.^(a)		26,372		910,625
Guess?, Inc.^(a)		36,670		431,973
Kohl's Corp.^(a)		13,680		291,247
Lennar Corp., Class A^(a)		8,740		613,810
Marriott Vacations Worldwide Corp.^(a)		10,412		1,005,799
Qurate Retail, Inc.		102,182		691,772
Ralph Lauren Corp.^(a)		7,226		483,058
Rent-A-Center, Inc., Class A		37,696		1,164,806
Shoe Carnival, Inc.		20,824		645,128
Stamps.com, Inc.^(b)		4,884		1,090,304
Toll Brothers, Inc.		32,110		1,357,611

	Shares		Value
Consumer Discretionary (continued)
Whirlpool Corp.^(a)		6,688	$	1,237,012
Wyndham Destinations, Inc.		15,010		489,776
				16,802,516
Consumer Staples (4.20%)
Cal-Maine Foods, Inc.^(a)(b)		14,402		552,317
Nu Skin Enterprises, Inc., Class A		25,004		1,233,947
Tyson Foods, Inc., Class A		9,728		556,733
Walgreens Boots Alliance, Inc.		12,540		426,862
				2,769,859
Energy (8.10%)
Arch Resources, Inc., Class A		9,158		279,777
Baker Hughes Co.		38,950		575,291
Chevron Corp.		5,472		380,304
ConocoPhillips		11,780		337,144
CVR Energy, Inc.		27,512		302,907
Halliburton Co.^(a)		88,122		1,062,751
Helmerich & Payne, Inc.^(a)		31,996		475,781
HollyFrontier Corp.^(a)		23,940		443,129
Murphy Oil Corp.^(a)		86,146		665,047
Schlumberger NV		34,352		513,219
Valero Energy Corp.		8,057		311,081
				5,346,431
Financials (14.30%)
Aflac, Inc.		13,119		445,390
Allstate Corp.		6,319		560,811
Ameriprise Financial, Inc.^(a)		4,602		740,140
Assured Guaranty, Ltd.		15,208		388,260
CIT Group, Inc.		15,010		442,045
Citizens Financial Group, Inc.		19,191		522,955
Discover Financial Services		8,322		541,013
Franklin Resources, Inc.^(a)		23,674		443,888
JPMorgan Chase & Co.		5,780		566,671
Lincoln National Corp.		11,172		392,137
M&T Bank Corp.^(a)		4,294		444,773
MetLife, Inc.		14,364		543,677
PNC Financial Services Group, Inc.		4,826		539,933
Synchrony Financial^(a)		20,265		507,030
Unum Group^(a)		22,952		405,332
US Bancorp		12,274		478,072
Voya Financial, Inc.		12,388		593,757
Waddell & Reed Financial, Inc., Class A^(a)		39,030		599,111
Wells Fargo & Co.		13,338		286,100
				9,441,095

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

Semi-Annual Report | October 31, 2020

Cambria Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Health Care (3.06%)
Biogen, Inc.^(b)		2,584	$	651,349
McKesson Corp.^(a)		5,054		745,415
Universal Health Services, Inc., Class B		5,662		620,272
				2,017,036
Industrials (12.31%)
AerCap Holdings NV^(a)(b)		27,588		685,010
Copa Holdings SA, Class A^(a)		13,300		655,424
Cummins, Inc.		4,229		929,915
Delta Air Lines, Inc.		11,603		355,516
Eaton Corp. PLC^(a)		8,213		852,427
Howmet Aerospace, Inc.		36,594		631,246
MSC Industrial Direct Co., Inc., Class A^(a)		10,412		725,300
nVent Electric PLC^(a)		33,934		612,509
Regal Beloit Corp.		7,220		712,253
Schneider National, Inc., Class B		25,346		559,133
United Airlines Holdings, Inc.^(a)(b)		18,088		612,460
Werner Enterprises, Inc.^(a)		20,976		797,507
				8,128,700
Information Technology (10.02%)
Apple, Inc.^(a)		12,504		1,361,185
Arrow Electronics, Inc.^(a)(b)		8,550		665,960
Hewlett Packard Enterprise Co.		45,683		394,701
HP, Inc.		36,708		659,276
Intel Corp.		13,376		592,289
Juniper Networks, Inc.^(a)		29,374		579,255
Micron Technology, Inc.^(b)		13,984		703,955
Vishay Intertechnology, Inc.^(a)		42,978		697,103
Western Union Co.		29,531		574,083
Xerox Holdings Corp.		22,348		388,408
				6,616,215
Materials (14.23%)
Cabot Corp.^(a)		16,530		628,305
Domtar Corp.		23,978		572,595
DuPont de Nemours, Inc.		15,884		903,482
Element Solutions, Inc.^(b)		60,496		709,013
Huntsman Corp.^(a)		35,796		869,485
International Paper Co.		16,340		714,875
Louisiana-Pacific Corp.		27,095		774,375
LyondellBasell Industries NV, Class A^(a)		7,676		525,422
Olin Corp.^(a)		35,834		593,053
Reliance Steel & Aluminum Co.		6,194		675,084
Steel Dynamics, Inc.		23,104		727,314

	Shares		Value
Materials (continued)
Trinseo SA^(a)		26,714	$	850,039
Worthington Industries, Inc.		17,252		848,971
				9,392,013
Total Common Stocks
(Cost $66,300,577)				64,596,160

	Shares		Value
Short-Term Investment (31.22%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(c)(d)		20,610,775	$	20,610,775

Total Short-Term Investment
(Cost $20,610,775)				20,610,775

Total Investments (129.08%)
(Cost $86,911,352)			$	85,206,935

Liabilities Less Other Assets (-29.08%)				(19,196,885	)

Net Assets (100.00%)			$	66,010,050

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $19,973,845.

^(b)

Non-income producing security.

^(c)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(d)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $20,610,775.

Investment Abbreviations:

PLC - Public Limited Company

As of October 31, 2020, 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.

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

2	www.cambriafunds.com

Cambria Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

Semi-Annual Report | October 31, 2020

Cambria Foreign Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Materials			27.04%
Financial			19.61%
Consumer Discretionary			11.73%
Communication Services			11.15%
Energy			8.82%
Industrials			7.20%
Consumer Staples			4.73%
Utilities			3.46%
Information Technology			2.44%
Other			1.86%
Real Estate			1.14%
Health Care			0.82%
			100.00%

Percentages based on total investments.

	Shares		Value
Common Stocks (97.26%)
Australia (5.26%)
AGL Energy, Ltd.		14,552	$	127,653
Alumina, Ltd.		91,545		92,338
BHP Group, Ltd.		8,296		196,979
Fortescue Metals Group, Ltd.		20,162		246,165
South32, Ltd.		153,578		219,138
				882,273
Belgium (3.18%)
Ageas SA		4,980		200,388
Euronav NV		21,641		157,904
Solvay SA		2,159		175,258
				533,550
Canada (14.23%)
Canadian Natural Resources, Ltd.		6,800		108,204
Canadian Western Bank^(a)		6,800		125,047
Crescent Point Energy Corp.		78,200		97,434
Great-West Lifeco, Inc.^(a)		5,961		121,475
Imperial Oil, Ltd.^(a)		8,500		113,053
Labrador Iron Ore Royalty Corp.		9,940		182,715
Magna International, Inc.		5,168		263,889
Methanex Corp.^(a)		3,400		100,803
Norbord, Inc.^(a)		5,100		167,550
Seven Generations Energy, Ltd.^(b)		52,700		186,703
Sun Life Financial, Inc.		3,400		135,280
Suncor Energy, Inc.		6,800		76,712
Teck Resources, Ltd.^(a)(b)		13,600		178,741

	Shares		Value
Canada (continued)
TORC Oil & Gas, Ltd.		95,200	$	98,608
Tourmaline Oil Corp.		15,300		198,212
TransAlta Corp.^(a)		22,100		131,044
Whitecap Resources, Inc.^(a)		56,100		102,322
				2,387,792

Denmark (1.24%)
Scandinavian Tobacco Group A/S^(c)(d)		14,705		207,853

Finland (4.66%)
Nokian Renkaat Oyj^(a)		7,565		232,510
Sampo Oyj^(b)		4,743		178,975
Stora Enso Oyj^(a)		16,422		240,930
UPM-Kymmene Oyj		4,573		129,207
				781,622
France (1.64%)
Casino Guichard Perrachon SA^(a)(b)		3,129		70,424
Rexel SA^(b)		19,397		203,948
				274,372
Germany (3.63%)
DWS Group GmbH & Co. KGaA^(b)(c)		3,791		128,724
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,231		287,883
TUI AG^(b)		19,912		78,013
United Internet AG		3,281		115,018
				609,638
Great Britain (16.71%)
Anglo American PLC		4,692		110,094
Aviva PLC		43,129		143,875
Barratt Developments PLC^(b)		30,413		190,106
Berkeley Group Holdings PLC		2,414		126,877
Direct Line Insurance Group PLC		38,163		130,275
Hastings Group Holdings PLC^(c)		58,327		188,454
HSBC Holdings PLC		23,070		96,999
Inchcape PLC^(b)		27,557		177,002
Legal & General Group PLC		51,654		123,664
Man Group PLC		116,892		162,867
Mondi PLC		8,891		168,513
Quilter PLC^(c)		78,285		123,934
Redrow PLC^(b)		23,001		123,840
Rio Tinto PLC		4,630		261,341
Royal Mail PLC		34,372		101,081
Standard Life Aberdeen PLC		49,929		145,214
Tate & Lyle PLC		22,253		171,589

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

4	www.cambriafunds.com

Cambria Foreign Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Great Britain (continued)
Vodafone Group PLC		86,227	$	115,059
WPP PLC		17,884		142,859
				2,803,643
Hong Kong (8.53%)
China Resources Cement Holdings, Ltd.		110,500		144,245
China Resources Power Holdings Co., Ltd.		117,300		121,953
Kingboard Laminates Holdings, Ltd.		132,600		211,065
Kunlun Energy Co., Ltd.		287,300		185,295
New World Development Co., Ltd.		39,100		186,107
Nine Dragons Paper Holdings, Ltd.		153,000		203,276
Shandong Chenming Paper Holdings, Ltd.		216,750		86,113
Shougang Fushan Resources Group, Ltd.		1,258,000		293,709
				1,431,763
Italy (1.45%)
Eni SpA		16,116		112,823
UnipolSai Assicurazioni SpA		56,542		131,308
				244,131
Japan (21.94%)
Amada Co., Ltd.		17,000		146,951
Bridgestone Corp.		5,100		165,137
Concordia Financial Group, Ltd.		51,000		167,085
Ebara Corp.		6,800		187,642
GungHo Online Entertainment, Inc.		10,200		251,651
Japan Tobacco, Inc.		8,500		159,941
Kaken Pharmaceutical Co., Ltd.		3,400		133,311
KDDI Corp.		10,200		272,062
Kurabo Industries, Ltd.		6,800		121,782
Mitsubishi Gas Chemical Co., Inc.		13,600		245,903
Mixi, Inc.		8,500		233,091
Nikon Corp.		15,300		91,921
Nippon Carbon Co., Ltd.		5,100		176,584
Nippon Light Metal Holdings Co., Ltd.		10,030		157,403
Nitto Denko Corp.		3,400		237,394
NSK, Ltd.		23,800		188,454
NTT DOCOMO, Inc.		5,100		189,347
Ube Industries, Ltd.		10,200		174,100
Ushio, Inc.		15,300		170,252
Z Holdings Corp.		30,600		211,931
				3,681,942

	Shares		Value
Luxembourg (0.77%)
APERAM SA		4,811	$	129,320

Netherlands (3.72%)
ASR Nederland NV		5,268		160,133
Koninklijke Ahold Delhaize NV		5,933		163,003
NN Group NV		5,746		200,360
Royal Dutch Shell PLC, Class A		8,109		101,418
				624,914

Norway (1.54%)
Telenor ASA		8,588		132,418
Yara International ASA		3,621		126,116
				258,534

Singapore (1.12%)
UMS Holdings, Ltd.		272,000		187,181

Spain (0.53%)
Repsol SA		14,229		88,493

Sweden (2.77%)
Betsson AB		40,868		311,847
Telia Co. AB^(a)		39,751		152,421
				464,268

Switzerland (4.34%)
Glencore PLC^(b)		72,386		146,197
LafargeHolcim, Ltd.		4,165		178,737
Swatch Group AG		3,808		155,485
Zurich Insurance Group AG		748		247,987
				728,406
Total Common Stocks
(Cost $18,171,787)				16,319,695

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

Semi-Annual Report | October 31, 2020

Cambria Foreign Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Short-Term Investment (6.86%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(e)(f)		1,151,414	$	1,151,414

Total Short-Term Investment
(Cost $1,151,414)				1,151,414

Total Investments (104.12%)
(Cost $19,323,201)			$	17,471,109

Liabilities Less Other Assets (-4.12%)				(691,240	)

Net Assets (100.00%)			$	16,779,869
Percentages based on Net Assets.

(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $1,108,436.

(b)

Non-income producing security.

(c)

Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of October 31, 2020, these securities had a total aggregate market value of $648,965, which represented approximately 3.87% of net assets.

(d)

Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of October 31, 2020, the aggregate market value of those securities was $648,695 representing 3.87% of the Fund's net assets.

(e)

Rate shown is the 7-day effective yield as of October 31, 2020.

(f)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $1,151,414.

Investment Abbreviations:

PLC - Public Limited Company

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

6	www.cambriafunds.com

Cambria Global Value ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings

Cambria Global Value ETF

Financial			23.20%
Utilities			18.65%
Materials			16.03%
Other			9.16%
Energy			7.92%
Industrials			7.71%
Consumer Staples			7.18%
Communication Services			4.21%
Consumer Discretionary			3.26%
Real Estate			2.68%
			100.00%

Percentages based on total investments.

	Shares		Value
Common Stocks (88.49%)
Austria (8.23%)
BAWAG Group AG^(a)(b)(c)		33,915	$	1,240,268
Erste Group Bank AG^(a)		21,594		442,126
Erste Group Bank AG^(a)(d)		26,916		549,334
IMMOFINANZ AG^(a)		50,190		672,216
Raiffeisen Bank International AG^(a)		53,340		766,588
UNIQA Insurance Group AG		127,470		717,050
Voestalpine AG		42,630		1,184,125
Wienerberger AG		53,130		1,340,270
				6,911,977
Chile (7.77%)
Banco de Credito e Inversiones SA		27,469		859,673
CAP SA		196,455		1,620,824
Cencosud SA		765,660		1,064,379
Cia Cervecerias Unidas SA		123,585		687,205
Colbun SA		6,279,630		947,669
Empresa Nacional de Telecomunicaciones SA		173,670		978,890
Latam Airlines Group SA^(a)		245,910		370,375
				6,529,015
Czech Republic (8.61%)
CEZ AS		98,910		1,868,595
Komercni banka as^(a)		62,580		1,267,847
Moneta Money Bank AS^(b)(c)		571,935		1,295,613
PFNonwovens SA^(a)		43,155		1,398,148
Philip Morris CR AS		2,415		1,399,683
				7,229,886

	Shares		Value
Greece (8.11%)
FF Group^(a)(e)(f)		25,407	$	0
Hellenic Petroleum SA		130,935		640,470
Hellenic Telecommunications Organization SA		89,250		1,187,048
JUMBO SA		50,675		708,221
Karelia Tobacco Co. Inc SA		4,482		1,325,866
Motor Oil Hellas Corinth Refineries SA		97,020		903,952
Mytilineos SA		86,940		949,765
Public Power Corp. SA^(a)		195,195		1,091,199
				6,806,521
Italy (8.57%)
Atlantia SpA^(a)		44,052		674,917
Enel SpA		247,065		1,966,438
Eni SpA		70,878		496,195
Intesa Sanpaolo SpA^(a)		475,107		785,509
Telecom Italia SpA		2,111,997		716,765
UniCredit SpA^(a)		85,925		640,562
Unipol Gruppo SpA^(a)		239,604		872,880
UnipolSai Assicurazioni SpA		448,064		1,040,541
				7,193,807
Poland (7.53%)
Alior Bank SA^(a)(d)		200,130		573,049
Bank Polska Kasa Opieki SA^(a)		37,695		402,508
Eurocash SA^(a)		136,605		400,988
Grupa Lotos SA		60,931		429,131
Jastrzebska Spolka Weglowa SA^(a)		221,655		850,538
KGHM Polska Miedz SA^(a)		40,425		1,206,541
PGE Polska Grupa Energetyczna SA^(a)		442,785		504,461
Polski Koncern Naftowy ORLEN SA		42,105		405,244
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		109,095		522,381
Santander Bank Polska SA^(a)		10,815		336,039
Tauron Polska Energia SA^(a)		1,575,445		690,496
				6,321,376
Portugal (8.27%)
Altri SGPS SA		53,683		207,197
Corticeira Amorim SGPS SA		136,127		1,563,202
Energias de Portugal SA		339,814		1,674,869
Galp Energia SGPS SA		95,292		771,765
Jeronimo Martins SGPS SA		31,342		497,892
Mota-Engil SGPS SA^(a)(d)		185,850		237,662
Navigator Co. SA		255,465		562,622
NOS SGPS SA		158,025		542,559

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

Semi-Annual Report | October 31, 2020

Cambria Global Value ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Portugal (continued)
REN - Redes Energeticas Nacionais SGPS SA		77,949	$	204,716
Semapa-Sociedade de Investimento e Gestao		91,245		685,429
				6,947,913
Russia (7.79%)
Alrosa PJSC		1,275,120		1,146,334
Gazprom Neft PJSC		338,100		1,163,760
Gazprom PJSC		376,635		734,840
Rosneft Oil Co. PJSC		199,920		883,542
Sberbank of Russia PJSC		290,375		734,785
Severstal PAO		83,790		1,145,835
Unipro PJSC		22,637,580		736,599
				6,545,695
Singapore (7.50%)
CapitaLand, Ltd.		409,500		770,464
City Developments, Ltd.		157,500		731,030
ComfortDelGro Corp., Ltd.		567,000		560,379
Golden Agri-Resources, Ltd.		4,356,082		449,656
Jardine Cycle & Carriage, Ltd.		42,000		546,081
Oversea-Chinese Banking Corp., Ltd.		126,000		776,690
SATS, Ltd.		283,500		618,492
Sembcorp Industries, Ltd.		472,500		546,543
Sembcorp Marine, Ltd.^(a)		2,320,450		203,854
Singapore Airlines, Ltd.		147,000		364,823
United Overseas Bank, Ltd.		52,500		729,877
				6,297,889
Spain (8.93%)
Acciona SA		6,738		680,368
Banco Bilbao Vizcaya Argentaria SA		108,933		312,350
Banco Santander SA^(a)		151,313		301,488
CaixaBank SA		217,708		396,049
Enagas SA		35,726		770,999
Endesa SA		42,222		1,131,487
Ferrovial SA		24,373		527,268
Iberdrola SA		161,001		1,898,530
Mapfre SA		333,949		503,279
Naturgy Energy Group SA		52,427		973,889
				7,495,707
Turkey (7.18%)
Akbank T.A.S.^(a)		884,863		503,705
Eregli Demir ve Celik Fabrikalari TAS		635,762		723,052
Haci Omer Sabanci Holding AS		636,480		625,125
KOC Holding AS		339,306		573,372
Petkim Petrokimya Holding AS^(a)		1,551,560		761,013

	Shares		Value
Turkey (continued)
Turkiye Halk Bankasi AS^(a)		916,450	$	514,030
Turkiye Is Bankasi AS, Class C^(a)		959,855		585,340
Turkiye Sise ve Cam Fabrikalari AS		875,702		640,617
Turkiye Vakiflar Bankasi TAO, Class D^(a)		929,160		422,472
Yapi ve Kredi Bankasi AS^(a)		2,640,688		677,544
				6,026,270
Total Common Stocks
(Cost $107,603,323)				74,306,056

Exchange Traded Funds (8.20%)
United States (8.20%)
Equity ETF (8.20%)
iShares^®MSCI Colombia ETF		845,350		6,881,149

Total Exchange Traded Funds
(Cost $6,671,571)				6,881,149

	Shares		Value
Short-Term Investment (1.05%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(g)(h)		879,455	$	879,455

Total Short-Term Investment
(Cost $879,455)				879,455

Total Investments (97.74%)
(Cost $115,154,349)			$	82,066,660

Other Assets Less Liabilities (2.26%)
				1,900,011
Net Assets (100.00%)

Percentages based on Net Assets.			$	83,966,671

(a)

Non-income producing security.

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

8	www.cambriafunds.com

Cambria Global Value ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

^(b)

Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of October 31, 2020, these securities had a total aggregate market value of $2,535,881, which represented approximately 3.02% of net assets.

^(c)

Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of October 31, 2020, the aggregate market value of those securities was $2,535,881 representing 3.02% of the Fund's net assets.

^(d)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $816,812.

^(e)

Level 3 security in accordance with fair value hierarchy.

^(f)

These securities are considered to be illiquid. The aggregate value of these securities at October 31, 2020 was $0, which represent 0.00% of the Fund's Net Assets.

^(g)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(h)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $879,455.

Investment Abbreviations:

ETF- Exchange Traded Fund

PJSC - Private Joint Stock Company

Cambria Global Value ETF

Level 2 -

Level 1 -

Other

Level 3 -

Investments in

Quoted and

Significant

Securities at

Unadjusted

Observable

Unobservable

Value

Prices

Inputs

Inputs⁽¹⁾

Total

Common Stocks

Austria

6,911,977

–

6,911,977

Chile

6,529,015

–

6,529,015

Czech Republic

7,229,886

–

7,229,886

Greece

6,806,521

–

6,806,521

Italy

7,193,807

–

7,193,807

Poland

6,321,376

–

6,321,376

Portugal

6,947,913

–

6,947,913

Russia

6,545,695

–

6,545,695

Singapore

6,297,889

–

6,297,889

Spain

7,495,707

–

7,495,707

Turkey

6,026,270

–

6,026,270

Exchange Traded Funds
United States

6,881,149

–

6,881,149

Short-Term Investment

879,455

–

879,455

Total

82,066,660

–

82,066,660

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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

⁽¹⁾

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

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

Semi-Annual Report | October 31, 2020

Cambria Global Momentum ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Global Momentum ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

	Shares		Value
Exchange Traded Funds (98.76%)
United States (98.76%)
Affiliated ETF (12.00%)
Cambria Shareholder Yield ETF*		102,140	$	3,548,343
Cambria Sovereign Bond ETF*		139,448		3,409,504
				6,957,847
Equity ETF (66.02%)
iShares^® Global Consumer Discretionary ETF^(a)		27,585		3,676,805
iShares^® Global Healthcare ETF^(a)		64,844		4,425,603
iShares^® Global Materials ETF^(a)		71,050		4,828,558
iShares^® Global Tech ETF^(a)		17,836		4,468,810
iShares^® MSCI Global Gold Miners ETF		162,129		5,058,425
Invesco DB Base Metals Fund		246,655		3,845,351
Invesco DB Precious Metals Fund		99,000		5,082,660
Schwab US TIPS ETF		55,491		3,387,725
SPDR^® Portfolio TIPS ETF		114,292		3,487,049
				38,260,986
Fixed Income ETF (20.74%)
iShares^® 20+ Year Treasury Bond ETF^(a)		26,852		4,231,070
iShares^® 7-10 Year Treasury Bond ETF		29,401		3,529,884
Vanguard^® Long-Term Bond ETF		38,876		4,256,533
				12,017,487
Total Exchange Traded Funds
(Cost $54,632,436)				57,236,320

	Shares		Value
Short-Term Investment (8.65%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(b)(c)		5,012,426	$	5,012,426

Total Short-Term Investment
(Cost $5,012,426)				5,012,426

Total Investments (107.41%)
(Cost $59,644,862)			$	62,248,746

Liabilities Less Other Assets (-7.41%)				(4,295,724	)

Net Assets (100.00%)			$	57,953,022

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.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $4,889,417.

^(b)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(c)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $5,012,426.

Investment Abbreviations:

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

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

10	www.cambriafunds.com

Cambria Global Momentum ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Transactions with affiliated companies for the six months ended October 31, 2020 are as follows:

								Change in
								Unrealized						Value at		Shares at
	Value at		Purchases		Proceeds			Appreciation/			Realized			October 31,		October 31,		Dividend
Security Name	April 30, 2020		at Cost		from Sales			(Depreciation)			Gain/(Loss)			2020		2020		Income
Cambria Shareholder Yield ETF	$	–	$	4,479,350	$	(748,968	)	$	(171,943	)	$	(10,096	)	$	3,548,343		102,140	$	16,919
Cambria Sovereign Bond ETF		4,126,597		248,100		(1,262,386	)		329,302			(32,109	)		3,409,504		139,448		23,262
Cambria Tail Risk ETF		5,158,782		–		(4,911,879	)		(307,694	)		60,791			–		–		2,922
	$	9,285,379	$	4,727,450	$	(6,923,233	)	$	(150,335	)	$	18,586		$	6,957,847		241,588	$	43,103

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

Semi-Annual Report | October 31, 2020

Cambria Global Asset Allocation ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Global Asset Allocation ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

	Shares		Value
Exchange Traded Funds (96.35%)
United States (96.35%)
Affiliated ETF (38.79%)
Cambria Emerging Shareholder Yield ETF^*		150,274	$	4,220,505
Cambria Foreign Shareholder Yield ETF^*		90,379		1,780,466
Cambria Global Real Estate ETF^(a)*		92,362		2,296,046
Cambria Global Value ETF*		126,033		1,998,883
Cambria Shareholder Yield ETF*		86,916		3,019,462
Cambria Sovereign Bond ETF*		143,527		3,509,235
Cambria Value and Momentum ETF*		54,450		960,863
				17,785,460
Equity ETF (20.10%)
Alpha Architect International Quantitative Momentum ETF^(a)		37,244		1,047,554
Alpha Architect US Quantitative Momentum ETF^(b)		44,780		1,800,604
Schwab US TIPS ETF		24,640		1,504,272
Vanguard^® Intermediate-Term Government Bond ETF		27,708		1,938,452
Vanguard^® Long-Term Treasury ETF		19,404		1,867,441
Vanguard^® Total Stock Market ETF^(a)		6,342		1,059,051
				9,217,374
Fixed Income ETF (28.91%)
iShares^® Short Treasury Bond ETF^(a)		7,919		876,633
SPDR^® FTSE International Government Inflation-Protected Bond ETF^(a)		25,133		1,360,701
VanEck Vectors Emerging Markets High Yield Bond ETF^(a)		78,138		1,766,700
VanEck Vectors International High Yield Bond ETF		37,272		903,100
Vanguard^® Intermediate-Term Corporate Bond ETF		15,860		1,513,996
Vanguard^® Short-Term Corporate Bond ETF		11,222		928,957

	Shares		Value
Fixed Income ETF (continued)
Vanguard^® Total Bond Market ETF		41,177	$	3,606,282
Vanguard^® Total International Bond ETF		39,449		2,301,455
				13,257,824
Multi-Asset ETF (8.55%)
Alpha Architect Value Momentum Trend ETF		36,368		850,175
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		231,971		3,068,976
				3,919,151
Total Exchange Traded Funds
(Cost $46,296,542)				44,179,809

	Shares		Value
Short-Term Investment (5.78%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		2,652,477	$	2,652,477

Total Short-Term Investment
(Cost $2,652,477)				2,652,477

Total Investments (102.13%)
(Cost $48,949,019)			$	46,832,286

Liabilities Less Other Assets (-2.13%)				(978,118	)

Net Assets (100.00%)			$	45,854,168

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $2,586,909.

^(b)

Investment is or was considered to be an affiliate during the reporting period by virtue of the Fund owning at least 5% of shares of the issuer.

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

12	www.cambriafunds.com

Cambria Global Asset Allocation ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

^(c)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(d)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $2,652,477.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies for the six months ended October 31, 2020 are as follows:

								Change in
								Unrealized						Value at		Share at
	Value at		Purchases		Proceeds			Appreciation/			Realized			October 31,		October 31,		Dividend
Security Name	April 30, 2020		at Cost		from Sales			(Depreciation)			Gain/(Loss)			2020		2020		Income
Cambria Emerging Shareholder Yield ETF	$	4,325,986	$	–	$	(688,195	)	$	539,559		$	43,155		$	4,220,505		150,274	$	135,958
Cambria Foreign Shareholder Yield ETF		1,860,260		–		(290,898	)		296,649			(85,545	)		1,780,466		90,379		39,492
Cambria Global Real Estate ETF		–		2,379,465		(68,200	)		(17,345	)		2,126			2,296,046		92,362		–
Cambria Global Value ETF		2,397,560		–		(365,652	)		19,274			(52,299	)		1,998,883		126,033		36,379
Cambria Shareholder Yield ETF		2,880,265		1,044,610		(1,496,772	)		675,500			(84,141	)		3,019,462		86,916		44,860
Cambria Sovereign Bond ETF		3,829,933		–		(598,559	)		361,910			(84,049	)		3,509,235		143,527		22,577
Cambria Value and Momentum ETF		1,030,966		–		(155,808	)		76,243			9,462			960,863		54,450		6,723
	$	16,324,970	$	3,424,075	$	(3,664,084	)	$	1,951,790		$	(251,291	)	$	17,785,460		743,941	$	285,989

Investments no longer affiliated as of October 31, 2020
Alpha Architect US Quantitative Momentum ETF	$	2,802,605	$	–	$	(1,850,719	)	$	33,714		$	815,004		$	1,800,604		44,780	$	–
	$	2,802,605	$	–	$	(1,850,719	)	$	33,714		$	815,004		$	1,800,604		44,780	$	–
Grand Total	$	19,127,575	$	3,424,075	$	(5,514,803	)	$	1,985,504		$	563,713		$	19,586,064	$	788,721	$	285,989

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

Semi-Annual Report | October 31, 2020

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Value and Momentum ETF
Consumer Discretionary	24.32	%
Industrials	23.42	%
Energy	11.65	%
Financial	10.27	%
Health Care	9.75	%
Information Technology	7.16	%
Materials	5.67	%
Consumer Staples	5.05	%
Communication Services	2.71	%
	100.00	%

Percentages based on total investments.

	Shares		Value
Common Stocks (86.62%)
Communication Services (2.35%)
Bandwidth, Inc., Class A^(a)(b)		590	$	94,609
Eros STX Global Corp.^(a)(b)		24,303		46,662
Tribune Publishing Co.^(a)		7,810		89,503
				230,774
Consumer Discretionary (21.07%)
Big Lots, Inc.		2,260		107,576
Buckle, Inc.^(a)		3,190		76,432
Camping World Holdings, Inc., Class A^(a)		2,731		72,208
Haverty Furniture Cos., Inc.		2,849		71,282
Lennar Corp., Class A^(a)		1,656		116,301
Lennar Corp., Class B		1,657		94,267
MDC Holdings, Inc.		2,554		111,150
Meritage Homes Corp.^(a)(b)		1,623		141,347
Nautilus, Inc.^(b)		9,128		197,986
Overstock.com, Inc.^(a)(b)		1,395		78,259
PetMed Express, Inc.^(a)		2,162		63,952
PulteGroup, Inc.		2,546		103,775
Rent-A-Center, Inc., Class A		4,822		149,000
Stamps.com, Inc.^(a)(b)		599		133,721
Target Corp.^(a)		877		133,497
Thor Industries, Inc.		666		56,330
TopBuild Corp.^(a)(b)		920		140,953
TravelCenters of America, Inc.^(b)		3,201		76,184
Winnebago Industries, Inc.		1,077		50,565
XPEL, Inc.^(b)(c)		3,787		93,842
				2,068,627

	Shares		Value
Consumer Staples (4.37%)
Central Garden & Pet Co., Class A^(b)		2,459	$	87,024
Nu Skin Enterprises, Inc., Class A		1,210		59,713
Rite Aid Corp.^(a)(b)		5,720		52,281
SpartanNash Co.^(a)		5,044		92,860
United Natural Foods, Inc.^(a)(b)		4,371		63,685
Weis Markets, Inc.^(a)		1,616		73,383
				428,946
Energy (10.09%)
Antero Resources Corp.^(a)(b)		25,867		87,948
Bonanza Creek Energy, Inc.^(a)(b)		4,616		81,749
CNX Resources Corp.^(a)(b)		9,103		88,299
DHT Holdings, Inc.		8,371		40,264
EQT Corp.		4,367		66,116
Green Plains, Inc.^(a)(b)		4,257		64,281
Matador Resources Co.^(b)		7,408		52,375
Nordic American Tankers, Ltd.^(a)		15,879		46,208
Ovintiv, Inc.^(a)		7,288		67,050
Pacific Ethanol, Inc.^(b)		10,769		65,583
Range Resources Corp.^(a)		12,633		83,125
Renewable Energy Group, Inc.^(a)(b)		3,057		172,415
Southwestern Energy Co.^(a)(b)		28,264		75,465
				990,878
Financials (8.90%)
AMERISAFE, Inc.		946		55,795
Cannae Holdings, Inc.^(b)		2,585		95,593
Green Dot Corp., Class A^(b)		1,287		68,623
Morgan Stanley		1,274		61,343
Mr Cooper Group, Inc.^(b)		5,777		121,779
National General Holdings Corp.		1,870		63,524
Open Lending Corp.^(b)		2,871		74,531
PennyMac Financial Services, Inc.		1,853		94,170
Progressive Corp.		660		60,654
Stewart Information Services Corp.		1,463		62,017
SuRo Capital Corp.^(a)		5,093		41,966
SVB Financial Group^(b)		253		73,547
				873,542
Health Care (8.44%)
Cigna Corp.		385		64,283
Corcept Therapeutics, Inc.^(a)(b)		5,533		92,844
CVS Health Corp.		924		51,827
Humana, Inc.		231		92,234
Jounce Therapeutics, Inc.^(b)		6,732		56,010
McKesson Corp.^(a)		418		61,651
Molina Healthcare, Inc.^(b)		341		63,586

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

14	www.cambriafunds.com

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Health Care (continued)
Owens & Minor, Inc.		5,967	$	149,891
United Therapeutics Corp.^(b)		643		86,310
XBiotech, Inc.^(a)(b)		6,459		110,514
				829,150
Industrials (20.29%)
ArcBest Corp.		1,991		60,765
Arcosa, Inc.		2,227		102,821
Argan, Inc.^(a)		1,749		72,041
Astec Industries, Inc.^(a)		1,677		85,192
Atlas Air Worldwide Holdings, Inc.^(a)(b)		1,886		111,576
BMC Stock Holdings, Inc.^(b)		3,855		152,619
Builders FirstSource, Inc.^(a)(b)		4,335		131,350
Comfort Systems USA, Inc.^(a)		1,199		54,914
Construction Partners, Inc., Class A^(a)(b)		4,978		101,452
Cummins, Inc.		597		131,274
Gibraltar Industries, Inc.^(a)(b)		1,364		78,362
Hub Group, Inc., Class A^(b)		1,313		65,821
Kornit Digital, Ltd.^(a)(b)		1,571		105,760
Marten Transport, Ltd.		4,643		71,247
Nikola Corp.^(b)		1,903		34,844
Quanta Services, Inc.^(a)		2,105		131,415
Regal Beloit Corp.		627		61,853
Saia, Inc.^(a)(b)		927		136,881
Schneider National, Inc., Class B		3,311		73,041
UFP Industries, Inc.^(a)		2,227		111,150
Werner Enterprises, Inc.^(a)		1,573		59,805
YRC Worldwide, Inc.^(a)(b)		14,696		57,608
				1,991,791
Information Technology (6.20%)
Amkor Technology, Inc.^(a)(b)		6,349		75,236
Diodes, Inc.^(b)		1,529		88,422
ManTech International Corp., Class A		781		50,671
Micron Technology, Inc.^(a)(b)		1,821		91,669
NortonLifeLock, Inc.		2,992		61,546
Super Micro Computer, Inc.^(b)		2,926		66,479
Ultra Clean Holdings, Inc.^(b)		5,269		112,177
VirnetX Holding Corp.		11,323		62,729
				608,929
Materials (4.91%)
Boise Cascade Co.		2,288		87,813
Commercial Metals Co.^(a)		4,741		97,902
Hecla Mining Co.^(a)		25,184		115,343

	Shares		Value
Materials (continued)
Reliance Steel & Aluminum Co.		891	$	97,110
Stepan Co.		723		84,186
				482,354
Total Common Stocks
(Cost $6,785,243)				8,504,991

	Shares		Value
Short-Term Investment (28.18%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(d)(e)		2,766,488	$	2,766,488

Total Short-Term Investment
(Cost $2,766,488)				2,766,488

Total Investments (114.80%)
(Cost $9,551,731)			$	11,271,479

Liabilities Less Other Assets (-14.80%)				(1,452,712	)

Net Assets (100.00%)			$	9,818,767

Percentages based on Net Assets.

^(a)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $2,608,373.
^(b)	Non-income producing security.
^(c)	Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of October 31, 2020, the aggregate market value of those securities was $93,842 representing 0.96% of the Fund's net assets.
^(d)	Rate shown is the 7-day effective yield as of October 31, 2020.
^(e)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $2,766,488.

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

Semi-Annual Report | October 31, 2020

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

The open futures contracts held by the Fund as of October 31, 2020 are as follows:

Number of

Type of

Contracts

Expiration

Notional

Unrealized

Contract

Short

Date

Amount

Value

Appreciation

S&P 500^®

Index E-

MINI

Dec-2020

(4,010,612

)

(3,917,640

)

92,972

For the period ended October 31, 2020, the monthly average notional value of the short equity futures contracts held was $(4,439,513) and the ending notional value of the futures contacts was $(4,410,612).

Investment Abbreviations:

PLC - Public Limited Company

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

16	www.cambriafunds.com

Cambria Sovereign Bond ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Sovereign Bond ETF
Sovereign Debt	90.72	%
U.S. Treasury Obligations	9.28	%
	100.00	%

Percentages based on total investments.

Currency Face Amount

Value

Sovereign Debt (83.48%)

Brazil (6.10%)

Brazil Notas do Tesouro

Nacional Serie F,

10.000%, 1/1/2027

BRL

3,180,000

624,288

Brazilian Government

International Bond,

8.500%, 1/5/2024

BRL

3,850,000

730,875

1,355,163

Chile (2.50%)

Bonos de la Tesoreria de la

Republica en pesos

4.500%, 3/1/2026

CLP

160,000,000

238,310

6.000%, 1/1/2024

CLP

210,000,000

316,087

554,397

Colombia (3.09%)

Colombia Government

International Bond,

4.500%, 1/28/2026^(a)

USD

200,000

221,500

Colombian TES

7.000%, 5/4/2022

COP

819,000,000

225,279

7.500%, 8/26/2026

COP

812,500,000

240,076

686,855

Croatia (2.46%)

Croatia Government International

Bond

5.500%, 4/4/2023

USD

350,000

386,162

6.000%, 1/26/2024

USD

140,000

161,295

547,457

Czech Republic (3.96%)

Czech Republic

Government Bond,

0.250%, 2/10/2027

CZK

21,280,000

878,705

	Currency Face Amount			Value
Greece (3.29%)
Hellenic Republic
Government Bond,
3.650%, 2/24/2024^(b)		EUR	560,916	$	731,270

Hungary (3.24%)
Hungary Government Bond
5.500%, 6/24/2025		HUF	127,160,000		476,891
6.000%, 11/24/2023		HUF	67,200,000		243,238
					720,129
Indonesia (3.03%)
Indonesia Treasury Bond
7.000%, 5/15/2027		IDR	2,760,000,000		194,983
8.375%, 3/15/2024		IDR	6,390,000,000		479,130
					674,113
Italy (2.21%)
Italy Buoni Poliennali Del
Tesoro, 2.800%,
12/1/2028		EUR	357,000		490,853

Malaysia (3.38%)
Malaysia Government
Investment Issue,
4.070%, 9/30/2026		MYR	158,000		41,789
Malaysia Government Bond
4.181%, 7/15/2024		MYR	1,442,000		374,766
4.392%, 4/15/2026		MYR	158,000		42,298
4.498%, 4/15/2030		MYR	1,055,000		291,070
					749,923
Mexico (7.09%)
Mexican Bonos
7.500%, 6/3/2027		MXN	10,786,298		559,246
8.500%, 5/31/2029		MXN	8,906,716		489,856
10.000%, 12/5/2024		MXN	9,421,882		525,376
					1,574,478
New Zealand (2.44%)
New Zealand Government
Bond, 4.500%,
4/15/2027		NZD	643,000		542,333

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

Semi-Annual Report | October 31, 2020

Cambria Sovereign Bond ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Currency Face Amount			Value
Peru (5.57%)
Peruvian Government
International Bond,
4.125%, 8/25/2027		USD	1,064,000	$	1,236,900

Philippines (3.25%)
Philippine Government
Bond, 8.000%,
7/19/2031		PHP	23,853,684		721,074

Poland (3.37%)
Republic of Poland Government
Bond
2.500%, 7/25/2026		PLN	756,000		211,010
3.250%, 7/25/2025		PLN	693,000		198,469
5.750%, 4/25/2029		PLN	962,000		338,715
					748,194
Romania (3.12%)
Romania Government Bond
4.750%, 2/24/2025		RON	500,000		127,720
5.800%, 7/26/2027		RON	1,470,000		404,426
5.850%, 4/26/2023		RON	630,000		161,536
					693,682
Russia (6.02%)
Russian Federal Bond - OFZ
7.000%, 1/25/2023		RUB	63,875,000		843,425
7.600%, 7/20/2022		RUB	11,343,000		150,098
7.600%, 4/14/2021		RUB	26,859,000		342,897
					1,336,420
Singapore (3.97%)
Singapore Government
Bond, 2.875%,
7/1/2029		SGD	1,026,000		881,259

South Africa (7.32%)
Republic of South Africa
Government Bond
8.000%, 1/31/2030		ZAR	24,601,648		1,390,152
8.250%, 3/31/2032		ZAR	4,456,473		235,153
					1,625,305

Currency Face Amount

Value

Thailand (3.45%)

Thailand Government

Bond, 3.625%,

6/16/2023

THB

22,143,000

765,886

Turkey (4.62%)

Turkey Government Bond

8.500%, 9/14/2022

TRY

4,641,000

502,620

10.700%, 2/17/2021

TRY

4,431,000

523,767

1,026,387

Total Sovereign Debt

(Cost $19,581,910)

18,540,783

U.S. Treasury Obligations (8.54%)

U.S. Treasury Bond,

2.250%, 2/15/2027

USD

1,716,500

1,895,727

Total U.S. Treasury Obligations

(Cost $1,681,707)

1,895,727

Total Investments (92.02%)

(Cost $21,263,617)

20,436,510

Other Assets Less Liabilities (7.98%)

1,772,625

Net Assets (100.00%)

22,209,135

Percentages based on Net Assets.

^(a)

Security is callable. The next call date is October 28, 2025.

^(b)

Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

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

18	www.cambriafunds.com

Cambria Sovereign Bond ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Currency Abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

HUF — Hungarian Forint

IDR — Indonesian Rupiah

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thailand Baht

TRY— Turkish Lira

USD — United States Dollar

ZAR — South African Ran

As of October 31, 2020, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

Semi-Annual Report | October 31, 2020

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Materials	23.67	%
Information Technology	23.44	%
Industrials	15.75	%
Consumer Discretionary	8.14	%
Energy	7.80	%
Financial	5.71	%
Utilities	5.47	%
Communication Services	3.52	%
Consumer Staples	2.15	%
Real Estate	2.13	%
Health Care	1.33	%
Other	0.89	%
	100.00	%

Percentages based on total investments.

	Shares		Value
Common Stocks (97.25%)
Australia (1.24%)
BHP Group PLC		21,648	$	415,394

Brazil (1.20%)
Camil Alimentos SA		192,000		402,876

China (20.09%)
Anhui Conch Cement Co., Ltd., Class H		48,000		299,362
Bank of Communications Co., Ltd., Class H		480,000		235,898
China Lilang, Ltd.		480,000		303,386
China Medical System Holdings, Ltd.		144,000		150,826
China National Building Material Co., Ltd., Class H		144,000		165,129
China Petroleum & Chemical Corp., ADR^(a)		4,695		184,654
China Shenhua Energy Co., Ltd., Class H		168,000		290,384
China Telecom Corp., Ltd., Class H		1,152,000		362,577
CNOOC, Ltd.		288,000		261,531
Fufeng Group, Ltd.		678,858		214,538
Greatview Aseptic Packaging Co., Ltd.		666,286		285,336
Greenland Hong Kong Holdings, Ltd.		1,032,000		334,127
Lenovo Group, Ltd.		352,001		220,213

	Shares		Value
China (continued)
Lonking Holdings, Ltd.		1,032,000	$	274,224
Qingdao Port International Co., Ltd., Class H^(b)(c)		480,000		272,428
Shenzhen Expressway Co., Ltd., Class H^(a)		336,000		299,052
Sinopec Shanghai Petrochemical Co., Ltd., ADR^(a)		8,242		153,384
Sinotruk Hong Kong, Ltd.		180,000		458,794
Tianneng Power International, Ltd.^(a)		144,000		234,412
Yadea Group Holdings, Ltd.^(b)(c)		624,000		890,221
Yanzhou Coal Mining Co., Ltd., Class H		361,144		262,269
Zhejiang Expressway Co., Ltd., Class H		319,999		217,942
Zhengzhou Coal Mining Machinery Group Co., Ltd.		345,600		379,369
				6,750,056

Colombia (0.86%)
Banco De Bogota Sa		15,960		289,068

Czech Republic (0.98%)
O2 Czech Republic AS		35,304		331,216

Greece (2.14%)
Hellenic Petroleum SA		43,776		214,131
Holding Co. ADMIE IPTO SA		129,408		319,515
Motor Oil Hellas Corinth Refineries SA		20,064		186,939
				720,585

India (1.32%)
Tata Chemicals, Ltd.		102,384		445,346

Mexico (1.03%)
Industrias Penoles SAB de CV		21,600		345,005

Russia (10.88%)
Federal Grid Co. Unified Energy System PJSC		131,280,000		313,808
Gazprom Neft PJSC		89,280		307,307
Gazprom PJSC		169,200		330,120
Inter RAO UES PJSC		4,416,000		282,602
LUKOIL PJSC		6,864		349,491

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

20	www.cambriafunds.com

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Russia (continued)
Magnitogorsk Iron & Steel Works PJSC		624,000	$	295,805
Novolipetsk Steel PJSC		183,360		429,297
OGK-2 PJSC		37,680,000		323,803
Sberbank of Russia PJSC		110,640		279,971
Severstal PAO		34,080		466,047
Unipro PJSC		8,496,000		276,449
				3,654,700

South Africa (12.15%)
AECI, Ltd.		66,216		310,334
African Rainbow Minerals, Ltd.		60,768		849,735
Exxaro Resources, Ltd.		23,736		159,025
Impala Platinum Holdings, Ltd.		40,536		355,623
Kumba Iron Ore, Ltd.		23,712		699,846
Nedbank Group, Ltd.		55,728		328,675
Netcare, Ltd.		360,624		285,862
Reunert, Ltd.		137,726		283,513
Telkom SA SOC, Ltd.		290,837		457,869
Truworths International, Ltd.		183,154		351,930
				4,082,412

South Korea (8.43%)
Hanmi Semiconductor Co., Ltd.		54,912		525,069
Huchems Fine Chemical Corp.		25,032		505,184
KGMobilians Co., Ltd.		43,488		320,785
Kolon Global Corp.		22,632		351,038
Kumho Industrial Co., Ltd.		44,096		272,030
Motonic Corp.		34,968		348,232
Samsung C&T Corp.		1,848		179,963
Ssangyong Cement Industrial Co., Ltd.		67,345		329,395
				2,831,696

Taiwan (29.66%)
Acter Group Corp., Ltd.		48,000		314,647
ASROCK, Inc.		96,000		552,100
Asustek Computer, Inc.		24,000		203,472
Catcher Technology Co., Ltd.		48,000		302,900
Chenbro Micom Co., Ltd.		144,000		436,981
Chicony Electronics Co., Ltd.		120,000		361,214
CyberPower Systems, Inc.		72,000		191,053
Dimerco Express Corp.		180,000		415,334
Foxsemicon Integrated Technology, Inc.		24,000		145,157
Gigabyte Technology Co., Ltd.		72,000		180,733
Global Mixed Mode Technology, Inc.		72,000		375,059

	Shares		Value
Taiwan (continued)
Holy Stone Enterprise Co., Ltd.		120,000	$	421,627
Huaku Development Co., Ltd.		120,000		363,312
Iron Force Industrial Co., Ltd.		72,000		196,843
ITE Technology, Inc.		153,600		369,991
Micro-Star International Co., Ltd.		79,200		318,423
Nishoku Technology, Inc.		108,000		385,128
Radiant Opto-Electronics Corp.		96,000		377,576
Sea Sonic Electronics Co., Ltd.		151,200		359,981
Shin Foong Specialty & Applied Materials Co., Ltd.		144,000		1,165,452
Sino-American Silicon Products, Inc.		120,000		417,851
Sunonwealth Electric Machine Industry Co., Ltd.		168,000		343,594
Systex Corp.		120,000		339,819
TA-I Technology Co., Ltd.		168,000		396,455
Topco Scientific Co., Ltd.		96,000		384,289
Transcend Information, Inc.		120,000		267,240
Tripod Technology Corp.		96,000		380,932
				9,967,163

Thailand (0.75%)
Tisco Financial Group PLC		110,400		250,607

Turkey (6.52%)
Aksigorta AS		186,864		156,547
Alarko Holding AS		451,176		333,287
Coca-Cola Icecek AS		56,232		301,309
Eczacibasi Yatirim Holding Ortakligi AS		84,696		179,004
Enerjisa Enerji AS^(b)(c)		254,616		273,166
Is Yatirim Menkul Degerler AS		490,584		614,145
Tofas Turk Otomobil Fabrikasi AS		104,424		332,981
				2,190,439

Total Common Stocks
(Cost $33,027,939)				32,676,563

	Shares		Value
Rights (0.00%)
Simplo Technology Co., Ltd., Expires 12/31/2020, Strike Price $83^(d)		1,587		0

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

Semi-Annual Report | October 31, 2020

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
Short-Term Investment (1.97%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(e)(f)		662,444	$	662,444

Total Short-Term Investment
(Cost $662,444)				662,444

Total Investments (99.22%)
(Cost $33,690,383)			$	33,339,007

Other Assets Less Liabilities (0.78%)				260,796

Net Assets (100.00%)			$	33,599,803

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $633,490.

^(b)

Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of October 31, 2020, these securities had a total aggregate market value of $1,435,815, which represented approximately 4.27% of net assets.

^(c⁾

Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of October 31, 2020, the aggregate market value of those securities was $1,435,815 representing 4.27% of the Fund’s net assets.

^(d)

Non-income producing security.

^(e)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(f)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $662,444.

Cambria Emerging Shareholder Yield ETF

Level 2 -

Level 1 -

Other

Level 3 -

Quoted and

Significant

Unadjusted

Observable

Unobservable

Investments in Securities at Value

Prices

Inputs⁽¹⁾

Inputs

Total

Common Stocks

32,676,563

–

32,676,563

Rights

–

Short-Term Investment

662,444

–

662,444

Total

33,339,007

–

33,339,007

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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

⁽¹⁾

Included in Level 2 is one Rights holdings with total value of $0.

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

22	www.cambriafunds.com

Cambria Tail Risk ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	93.84	%
Purchased Options	6.16	%
	100.00	%

Percentages based on total investments.

	Face Amount		Value
U.S. Treasury Obligations (92.68%)
U.S. Treasury Bond, 0.625%, 5/15/2030	$	365,771,400	$	357,998,758
United States Treasury Inflation Indexed Bonds, 0.125%, 7/15/2030		18,404,640		20,181,829
				378,180,587

Total U.S. Treasury Obligations
(Cost $384,256,093)				378,180,587

		Notional
	Contracts	Amount		Value
Purchased Options (6.08%)
Put Options
S&P 500^® Index
Expires 12/18/20, Strike Price $3,250	9		2,942,964		130,095
Expires 12/18/20, Strike Price $3,100	17		5,558,932		164,560
Expires 12/18/20, Strike Price $3,000	42		13,733,832		306,390
Expires 12/18/20, Strike Price $3,200	29		9,482,884		368,155
Expires 03/19/21, Strike Price $3,200	77		25,178,692		1,573,880
Expires 03/19/21, Strike Price $3,150	11		3,596,956		206,305
Expires 03/19/21, Strike Price $3,100	24		7,847,904		412,680
Expires 03/19/21, Strike Price $2,750	14		4,577,944		127,330
Expires 03/19/21, Strike Price $2,925	8		2,615,968		100,720
Expires 03/19/21, Strike Price $2,900	18		5,885,928		216,450
Expires 03/19/21, Strike Price $2,800	10		3,269,960		99,850

		Notional
	Contracts	Amount		Value
Purchased Options (continued)
Expires 03/19/21, Strike Price $2,950	25	$	8,174,900	$	329,250
Expires 03/19/21, Strike Price $2,915	11		3,596,956		135,960
Expires 03/19/21, Strike Price $2,775	12		3,923,952		114,300
Expires 06/18/21, Strike Price $2,500	20		6,539,920		164,900
Expires 06/18/21, Strike Price $2,600	44		14,387,824		432,300
Expires 06/18/21, Strike Price $2,700	30		9,809,880		349,500
Expires 06/18/21, Strike Price $2,800	28		9,155,888		385,000
Expires 06/18/21, Strike Price $2,950	15		4,904,940		261,750
Expires 06/18/21, Strike Price $3,000	15		4,904,940		282,675
Expires 06/18/21, Strike Price $3,125	26		8,501,896		590,720
Expires 06/18/21, Strike Price $3,200	36		11,771,856		913,860
Expires 06/18/21, Strike Price $3,375	6		1,961,976		194,970
Expires 06/18/21, Strike Price $2,850	11		3,596,956		163,955
Expires 09/17/21, Strike Price $3,300	6		1,961,976		200,400
Expires 09/17/21, Strike Price $3,150	14		4,577,944		385,420
Expires 09/17/21, Strike Price $3,200	70		22,889,720		2,057,650
Expires 09/17/21, Strike Price $2,975	6		1,961,976		130,140
Expires 09/17/21, Strike Price $2,925	6		1,961,976		121,170
Expires 09/17/21, Strike Price $2,950	49		16,022,804		1,025,815
Expires 09/17/21, Strike Price $2,850	42		13,733,832		760,830
Expires 09/17/21, Strike Price $2,800	31		10,136,876		521,420
Expires 09/17/21, Strike Price $2,900	6		1,961,976		116,910
Expires 12/17/21, Strike Price $2,925	8		2,615,968		182,640
Expires 12/17/21, Strike Price $3,300	26		8,501,896		954,590

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

Semi-Annual Report | October 31, 2020

Cambria Tail Risk ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

		Notional
	Contracts	Amount		Value
Purchased Options (continued)
Expires 12/17/21, Strike Price $3,250	15	$	4,904,940	$	518,625
Expires 12/17/21, Strike Price $3,200	20		6,539,920		650,700
Expires 12/17/21, Strike Price $3,150	16		5,231,936		489,280
Expires 12/17/21, Strike Price $3,100	11		3,596,956		315,865
Expires 12/17/21, Strike Price $2,900	32		10,463,872		705,920
Expires 12/17/21, Strike Price $2,800	45		14,714,820		862,650
Expires 12/17/21, Strike Price $2,750	6		1,961,976		107,190
Expires 12/17/21, Strike Price $2,700	33		10,790,868		547,800
Expires 12/17/21, Strike Price $2,675	17		5,558,932		271,490
Expires 12/17/21, Strike Price $2,600	14		4,577,944		199,710
Expires 12/17/21, Strike Price $2,850	4		1,307,984		82,320
Expires 06/17/22, Strike Price $3,150	7		2,288,972		253,960
Expires 06/17/22, Strike Price $3,050	24		7,847,904		777,960
Expires 06/17/22, Strike Price $3,200	119		38,912,524		4,561,270

Total Purchased Options
(Cost $27,781,437)					24,827,280

	Value
Total Investments (98.76%)
(Cost $412,037,530)	$	403,007,867

Other Assets Less Liabilities (1.24%)		5,055,306

Net Assets (100.00%)	$	408,063,173

Percentages based on Net Assets.

Cambria Tail Risk ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Treasury Obligations	$	–	$	378,180,587	$	–	$	378,180,587
Short-Term Investment		–		–		–		–
Total	$	–	$	378,180,587	$	–	$	378,180,587
Other Financial
Instruments
Purchased Options	$	24,827,280	$	–	$	–	$	24,827,280
Total	$	24,827,280	$	–	$	–	$	24,827,280

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

24	www.cambriafunds.com

Cambria Trinity ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Trinity ETF
Exchange Traded Funds	100.00	%
	100.00	%

	Shares		Value
Exchange Traded Funds (98.93%)
United States (98.93%)
Affiliated ETF (36.29%)
Cambria Emerging Shareholder Yield ETF^*		49,518	$	1,390,733
Cambria Foreign Shareholder Yield ETF^*		76,764		1,512,251
Cambria Global Real Estate ETF^(a)*		45,590		1,133,331
Cambria Global Value ETF*		79,453		1,260,124
Cambria Shareholder Yield ETF*		69,553		2,416,271
Cambria Sovereign Bond ETF*		96,097		2,349,572
Cambria Value and Momentum ETF*		134,275		2,369,511
				12,431,793

Equity ETF (33.61%)
iShares^®Global Consumer Discretionary ETF		6,231		830,530
iShares^®Global Healthcare ETF		11,160		761,670
iShares^®Global Materials ETF^(a)		12,524		851,131
iShares^®Global Tech ETF		3,610		904,486
iShares^®MSCI Global Gold Miners ETF		26,660		831,792
Invesco DB Base Metals Fund		54,715		853,007
Invesco DB Precious Metals Fund		18,786		964,473
Schwab US TIPS ETF		24,374		1,488,033
SPDR^®Portfolio TIPS ETF		20,789		634,272
Vanguard^®Intermediate-Term Government Bond ETF		48,546		3,396,278
				11,515,672

Fixed Income ETF (15.40%)
iShares^®20+ Year Treasury Bond ETF		5,115		805,971
iShares^®7-10 Year Treasury Bond ETF		4,970		596,698
SPDR^®FTSE International Government Inflation- Protected Bond ETF^(a)		14,632		792,176
Vanguard^®Long-Term Bond ETF		8,821		965,811

	Shares		Value
Fixed Income ETF (continued)
Vanguard^® Total Bond Market ETF^(a)		24,167	$	2,116,546
				5,277,202

Multi-Asset ETF (13.63%)
Alpha Architect Value Momentum Trend ETF		30,449		711,806
First Trust Managed Futures Strategy Fund		23,630		1,011,837
iM DBi Managed Futures Strategy ETF		7,972		196,037
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		103,603		1,370,668
WisdomTree Managed Futures Strategy Fund		39,641		1,379,903
				4,670,251

Total Exchange Traded Funds
(Cost $35,747,945)				33,894,918

	Shares		Value
Short-Term Investment (4.30%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(b)(c)		1,473,434	$	1,473,434

Total Short-Term Investment
(Cost $1,473,434)				1,473,434

Total Investments (103.23%)
(Cost $37,221,379)			$	35,368,352

Liabilities Less Other Assets (-3.23%)				(1,106,418	)

Net Assets (100.00%)			$	34,261,934

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $1,438,896.

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

Semi-Annual Report | October 31, 2020

Cambria Trinity ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

^(b)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(c)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $1,473,434.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies for the six months ended October 31, 2020 are as follows:

								Change in
								Unrealized						Value at		Shares at
	Value at		Purchases		Proceeds			Appreciation/			Realized			October 31,		October 31,		Dividend
Security Name	April 30, 2020		at Cost		from Sales			(Depreciation)			Gain/(Loss)			2020		2020		Income
Cambria Emerging Shareholder Yield ETF	$	1,336,094	$	91,631	$	(226,741	)	$	198,652		$	(8,903	)	$	1,390,733		49,518	$	45,916
Cambria Foreign Shareholder Yield ETF		1,522,930		50,808		(249,907	)		205,262			(16,842	)		1,512,251		76,764		34,663
Cambria Global Real Estate ETF		–		1,333,500		(115,508	)		(82,554	)		(2,107	)		1,133,331		45,590		–
Cambria Global Value ETF		1,369,129		140,246		(216,319	)		(3,020	)		(29,912	)		1,260,124		79,453		22,994
Cambria Shareholder Yield ETF		1,539,048		1,034,631		(372,042	)		204,268			10,366			2,416,271		69,553		22,572
Cambria Sovereign Bond ETF		2,471,562		77,888		(379,425	)		184,640			(5,093	)		2,349,572		96,097		15,643
Cambria Tail Risk ETF		661,861		18,240		(645,990	)		16,720			(50,831	)		–		–		399
Cambria Value and Momentum ETF		2,450,571		78,835		(389,371	)		211,206			18,270			2,369,511		134,275		16,902
	$	11,351,195	$	2,825,779	$	(2,595,303	)	$	935,174		$	(85,052	)	$	12,431,793		551,250	$	159,089

As of October 31, 2020, 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.

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

26	www.cambriafunds.com

Cambria Cannabis ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings
Cambria Cannabis ETF
Health Care	42.47	%
Consumer Staples	32.80	%
Materials	7.97	%
Consumer Discretionary	7.44	%
Real Estate	6.67	%
Financial	2.65	%
	100.00	%

Percentages based on total investments.

	Shares		Value
Common Stocks (98.18%)
Consumer Discretionary (7.30%)
Greenlane Holdings, Inc., Class A^(a)(b)		231,700	$	563,031
GrowGeneration Corp.^(b)		14,180		236,806
				799,837

Consumer Staples (32.21%)
Altria Group, Inc.		10,000		360,800
British American Tobacco PLC		19,680		624,131
Constellation Brands, Inc., Class A		4,940		816,236
Neptune Wellness Solutions, Inc.^(a)(b)		84,840		163,741
NewAge, Inc.^(b)		111,100		259,974
Philip Morris International, Inc.		5,760		409,075
Turning Point Brands, Inc.		10,680		400,180
Universal Corp.		4,160		165,776
Village Farms International, Inc.^(a)(b)		70,160		326,244
				3,526,157

Financials (2.60%)
Canopy Rivers, Inc.^(a)(b)		440,780		284,524

Health Care (41.70%)
Aphria, Inc.^(a)(b)		202,600		911,700
Arena Pharmaceuticals, Inc.^(b)		4,440		380,597
Aurora Cannabis, Inc.^(a)(b)		21,893		88,667
CannTrust Holdings, Inc.^(a)(b)		229,762		57,395
Canopy Growth Corp.^(a)(b)		35,200		661,056
Charlottes Web Holdings, Inc.^(a)(b)		62,740		174,238
Corbus Pharmaceuticals Holdings, Inc.^(a)(b)		41,800		39,279
Cronos Group, Inc.^(b)		65,060		344,167
Green Organic Dutchman Holdings, Ltd.^(a)(b)		326,200		53,865
GW Pharmaceuticals PLC, ADR^(b)		10,620		955,906

	Shares		Value
Health Care (continued)
HEXO Corp.^(a)(b)		110,860	$	67,347
MediPharm Labs Corp.^(a)(b)		308,040		187,279
Organigram Holdings, Inc.^(a)(b)		164,600		196,438
Supreme Cannabis Co., Inc.^(a)(b)		713,860		65,637
Tilray, Inc.^(a)(b)		23,280		132,929
Valens Co., Inc.^(a)(b)		66,660		81,055
Vivo Cannabis, Inc.^(b)		1,382,620		129,721
Weedmd, Inc.^(b)		202,700		38,036
				4,565,312

Materials (7.82%)
Scotts Miracle-Gro Co.		5,708		856,485

Real Estate (6.55%)
Innovative Industrial Properties, Inc.^(c)		6,146		716,808

Total Common Stocks
(Cost $17,460,418)				10,749,123

	Shares		Value
Short-Term Investment (24.17%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(d)(e)		2,645,801	$	2,645,801

Total Short-Term Investment
(Cost $2,645,801)				2,645,801

Total Investments (122.35%)
(Cost $20,106,219)			$	13,394,924

Liabilities Less Other Assets (-22.35%)				(2,446,872	)

Net Assets (100.00%)			$	10,948,052

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $2,431,689.

^(b)

Non-income producing security.

^(c)

Real Estate Investment Trust.

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

Semi-Annual Report | October 31, 2020

Cambria Cannabis ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

^(d)

Rate shown is the 7-day effective yield as of October 31, 2020.

^(e)

This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of October 31, 2020 was $2,645,801.

Investment Abbreviations:

ADR - American Depository Receipt

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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.

28	www.cambriafunds.com

Cambria Global Real Estate ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

Sector Weightings

Cambria Global Real Estate ETF

Real Estate			100.00	%
			100.00	%

Percentages based on total investments.

	Shares		Value
Common Stocks (93.29%)

Australia (6.59%)
BWP Trust^(a)		22,664	$	63,881
Centuria Industrial REIT^(a)		29,552		63,770
Charter Hall Group^(a)		7,408		64,255
Ingenia Communities Group^(a)		20,568		66,648
Stockland^(a)		25,160		68,087
				326,641
Belgium (1.26%)
Montea C.V.A^(a)		571		62,644

Canada (2.43%)
Allied Properties Real Estate Investment Trust^(a)		2,344		56,845
Granite Real Estate Investment Trust^(a)		1,136		63,694
				120,539
Great Britain (2.65%)
AEW UK REIT PLC^(a)(b)		66,344		65,321
RDI REIT PLC^(a)		57,368		65,997
				131,318
Guernsey (1.34%)
UK Commercial Property REIT, Ltd.^(a)		75,324		66,551

Malaysia (3.86%)
Axis Real Estate Investment Trust^(a)		135,240		68,353
IGB Real Estate Investment Trust^(a)		148,140		59,541
KLCCP Stapled Group		34,772		63,602
				191,496
Mexico (4.19%)
Concentradora Fibra Danhos SA de CV^(a)		76,548		69,145
Macquarie Mexico Real Estate Management SA de CV^(a)(b)(c)		60,512		69,665
Prologis Property Mexico SA de CV^(a)		34,092		68,597
				207,407

	Shares		Value
Singapore (11.83%)
AIMS APAC REIT^(a)		75,612	$	65,319
EC World Real Estate Investment Trust^(a)(b)		132,320		67,809
Far East Hospitality Trust^(a)		162,112		66,461
IREIT Global^(a)		138,886		59,990
Keppel DC REIT^(a)		31,544		66,970
Mapletree Industrial Trust^(a)		29,360		65,342
Mapletree Logistics Trust^(a)		44,760		63,898
Parkway Life Real Estate Investment Trust^(a)		22,692		67,281
Soilbuild Business Space REIT^(a)		191,384		63,050
				586,120
South Africa (2.72%)
Emira Property Fund, Ltd.^(a)		200,160		76,626
Redefine Properties, Ltd.^(a)		474,275		57,996
				134,622
Thailand (1.16%)
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		120,436		57,576

United States (55.26%)
Agree Realty Corp.^(a)		1,004		62,318
American Finance Trust, Inc.^(a)		10,168		58,619
American Homes 4 Rent^(a)		2,300		65,021
AvalonBay Communities, Inc.^(a)		432		60,104
Brandywine Realty Trust^(a)		6,276		54,978
Brixmor Property Group, Inc.^(a)		5,564		60,981
CareTrust REIT, Inc.^(a)		3,412		58,345
CoreCivic, Inc.^(a)		7,268		46,588
Corporate Office Properties Trust^(a)		2,940		65,944
Cousins Properties, Inc.^(a)		2,344		59,725
Digital Realty Trust, Inc.^(a)		452		65,224
Diversified Healthcare Trust^(a)		18,428		53,349
Duke Realty Corp.^(a)		1,760		66,862
Easterly Government Properties, Inc.^(a)		2,716		56,764
Equity Commonwealth^(a)		2,144		56,645
Equity Residential^(a)		1,204		56,564
First Industrial Realty Trust, Inc.^(a)		1,640		65,288
Franklin Street Properties Corp.^(a)		14,820		62,244
Getty Realty Corp.^(a)		2,316		60,865
Highwoods Properties, Inc.^(a)		1,940		57,754
Industrial Logistics Properties Trust^(a)		3,152		60,455
Kimco Realty Corp.^(a)		5,724		58,728

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

Semi-Annual Report | October 31, 2020

Cambria Global Real Estate ETF	Schedule of Investments
	October 31, 2020 (Unaudited)

	Shares		Value
United States (continued)
Kite Realty Group Trust^(a)		5,968	$	61,828
Lexington Realty Trust^(a)		6,024		59,818
LTC Properties, Inc.^(a)		1,800		59,418
Monmouth Real Estate Investment Corp.^(a)		4,724		65,427
National Health Investors, Inc.^(a)		1,052		58,965
National Retail Properties, Inc.^(a)		1,852		59,283
Office Properties Income Trust^(a)		2,944		54,199
Piedmont Office Realty Trust, Inc.^(a)		4,592		52,441
Prologis, Inc.^(a)		668		66,266
PS Business Parks, Inc.^(a)		556		63,401
Public Storage^(a)		308		70,554
QTS Realty Trust, Inc.^(a)		996		61,264
Realty Income Corp.^(a)		1,052		60,869
Retail Properties of America, Inc.^(a)		10,876		56,990
Retail Value, Inc.^(a)		5,488		68,600
Rexford Industrial Realty, Inc.^(a)		1,432		66,531
Spirit Realty Capital, Inc.^(a)		1,928		57,936
STAG Industrial, Inc.^(a)		2,092		65,103
Terreno Realty Corp.^(a)		1,172		65,960
Urstadt Biddle Properties, Inc., Class A ^(a)		6,944		66,037
Washington Prime Group, Inc.^(a)		112,620		65,939
Washington Real Estate Investment Trust^(a)		3,252		56,845
Weingarten Realty Investors^(a)		3,852		61,093
				2,738,132
Total Common Stocks
(Cost $4,757,823)				4,623,046

	Shares		Value
Rights (0.00%)
Mapletree Logistics Trust, Expires 11/10/2020, Strike Price $2^(d)		637		0

Total Investments (93.29%)
(Cost $4,757,823)			$	4,623,046

Other Assets Less Liabilities (6.71%)
				332,462
Net Assets (100.00%)
			$	4,955,508
Percentages based on Net Assets.

^(a)

Real Estate Investment Trust.

^(b)

Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of October 31, 2020, the aggregate market value of those securities was $202,795 representing 4.09% of the Fund's net assets.

^(c)

Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of October 31, 2020, these securities had a total aggregate market value of $69,665, which represented approximately 1.41% of net assets.

^(d)

Non-income producing security.

Cambria Global Real Estate ETF

Level 2 -

Level 1 -

Other

Level 3 -

Quoted and

Significant

Unadjusted

Observable

Unobservable

Investments in Securities at Value

Prices

Inputs⁽¹⁾

Inputs

Total

Common Stocks

4,623,046

–

4,623,046

Rights

–

Total

4,623,046

–

4,623,046

For the period ended October 31, 2020 there have been no transfers in or out of Level 3.

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

⁽¹⁾

Included in Level 2 is one security with total value of $0.

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

30	www.cambriafunds.com

Cambria ETF Trust	Statements of Assets and Liabilities
	October 31, 2020 (Unaudited)

				Cambria Foreign
	Cambria Shareholder			Shareholder Yield			Cambria Global			Cambria Global
	Yield ETF			ETF			Value ETF			Momentum ETF
Assets
Unaffiliated Investments at Value*	$	85,206,935		$	17,471,109		$	82,066,660		$	55,290,899
Affiliated Investments at Value		–			–			–			6,957,847
Foreign Currency at Value		13,893			9,446			26,818			–
Cash and cash equivalents		1,337,435			253,981			2,594,066			742,279
Dividends receivable, Net		51,282			41,085			41,856			–
Reclaims receivable		14,867			164,620			221,447			–
Receivable for investments sold		–			–			61			–
Other assets		31,363			269			2,595			6,840
Total Assets		86,655,775			17,940,510			84,953,503			62,997,865

Liabilities
Payable upon return of securities loaned		20,610,775			1,151,414			879,455			5,012,426
Payable due to investment adviser		34,950			9,227			45,939			32,417
Custodian fees payable		–			–			61,438			–
Total Liabilities		20,645,725			1,160,641			986,832			5,044,843

Net Assets	$	66,010,050		$	16,779,869		$	83,966,671		$	57,953,022

Net Assets Consists of
Paid-in Capital	$	76,403,753		$	24,388,799		$	142,428,913		$	67,302,496
Total Distributable Loss		(10,393,703	)		(7,608,930	)		(58,462,242	)		(9,349,474	)

Net Assets	$	66,010,050		$	16,779,869		$	83,966,671		$	57,953,022

Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		1,900,000			850,010			5,250,010			2,450,001
Net Asset Value, Offering and Redemption Price Per Share	$	34.74		$	19.74		$	15.99		$	23.65
Unaffiliated Investments at Cost	$	86,911,352		$	19,323,201		$	115,154,349		$	52,425,519
Affiliated Investments at Cost	$	–		$	–		$	–		$	7,219,343
Cost of Foreign Currency	$	14,080		$	9,446		$	26,818		$	–
*Includes market value of securities on loan	$	19,973,845		$	1,108,436		$	816,812		$	4,889,417

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

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Statements of Assets and Liabilities
	October 31, 2020 (Unaudited)

										Cambria Emerging
	Cambria Global			Cambria Value and			Cambria Sovereign			Shareholder Yield
	Asset Allocation ETF			Momentum ETF			Bond ETF			ETF
Assets
Unaffiliated Investments at Value*	$	29,046,826		$	11,271,479		$	20,436,510		$	33,339,007
Affiliated Investments at Value		17,785,460			–			–			–
Foreign Currency at Value		–			–			50,111			185,746
Cash and cash equivalents		1,677,731			463,791			1,427,724			777,725
Cash at Broker for futures contracts		–			803,888			–			–
Dividends receivable, Net		–			5,810			–			13,619
Variation Margin Receivable		–			45,120			–			–
Reclaims receivable		–			–			7,637			1,218
Receivable for investments sold		908,186			–			–			–
Interest receivable		–			–			298,363			–
Other assets		3,706			708			–			1,813
Total Assets		49,421,909			12,590,796			22,220,345			34,319,128

Liabilities

Payable upon return of securities loaned		2,652,477			2,766,488			–			662,444
Payable for investments purchased		915,264			–			–			–
Capital gains tax payable		–			–			–			23,677
Payable due to investment adviser		–			5,541			11,210			17,185
Custodian fees payable		–			–			–			16,019
Total Liabilities		3,567,741			2,772,029			11,210			719,325

Net Assets	$	45,854,168		$	9,818,767		$	22,209,135		$	33,599,803

Net Assets Consists of
Paid-in Capital	$	48,521,397		$	19,293,349		$	24,449,139		$	36,270,849
Total Distributable Loss		(2,667,229	)		(9,474,582	)		(2,240,004	)		(2,671,046	)

Net Assets	$	45,854,168		$	9,818,767		$	22,209,135		$	33,599,803

Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		1,750,001			550,004			900,000			1,200,004
Net Asset Value, Offering and Redemption Price Per Share	$	26.20		$	17.85		$	24.68		$	28.00
Unaffiliated Investments at Cost	$	28,114,230		$	9,551,731		$	21,263,617		$	33,690,383
Affiliated Investments at Cost	$	20,834,789		$	–		$	–		$	–
Cost of Foreign Currency	$	–		$	–		$	47,305		$	185,806
*Includes market value of securities on loan	$	2,586,909		$	2,608,373		$	–		$	633,490

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

32	www.cambriafunds.com

Cambria ETF Trust	Statements of Assets and Liabilities
	October 31, 2020 (Unaudited)

	Cambria Tail Risk						Cambria Cannabis			Cambria Global Real
	ETF			Cambria Trinity ETF			ETF			Estate ETF
Assets
Unaffiliated Investments at Value*	$	403,007,867		$	22,936,559		$	13,394,924		$	4,623,046
Affiliated Investments at Value		–			12,431,793			–			–
Foreign Currency at Value		–			–			–			3,579
Cash and cash equivalents		8,605,106			374,673			161,480			239,036
Cash at Broker for futures contracts		–			–			–			–
Cash at Broker for options contracts		988,662			–			–			–
Dividends receivable, Net		–			–			17,445			8,689
Receivable for capital shares sold		–			–			–			1,238,910
Receivable for investments sold		–			1,095,039			–			31
Receivable due from Advisor		–			–			8,261			–
Interest receivable		1,062,880			–			–			–
Other assets		–			2,526			17,854			–
Total Assets		413,664,515			36,840,590			13,599,964			6,113,291

Liabilities
Payable upon return of securities loaned		–			1,473,434			2,645,801			–
Payable for investments purchased		–			–			–			1,155,951
Fund shares redeemed		5,398,376			1,105,222			–			–
Payable due to investment adviser		202,966			–			6,111			1,832
Total Liabilities		5,601,342			2,578,656			2,651,912			1,157,783


Net Assets	$	408,063,173		$	34,261,934		$	10,948,052		$	4,955,508

Net Assets Consists of
Paid-in Capital	$	422,510,735		$	38,358,008		$	18,338,880		$	5,069,596
Total Distributable Loss		(14,447,562	)		(4,096,074	)		(7,390,828	)		(114,088	)

Net Assets	$	408,063,173		$	34,261,934		$	10,948,052		$	4,955,508

Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		19,050,002			1,550,002			1,000,002			200,002
Net Asset Value, Offering and Redemption Price Per Share	$	21.42		$	22.10		$	10.95		$	24.78
Unaffiliated Investments at Cost	$	412,037,530		$	22,671,463		$	20,106,219		$	4,757,823
Affiliated Investments at Cost	$	–		$	14,549,916		$	–		$	–
Cost of Foreign Currency	$	–		$	–		$	–		$	3,598
*Includes market value of securities on loan	$	–		$	1,438,896		$	2,431,689		$	–

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

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Statements of Operations
	For the Six Months Ended October 31, 2020 (Unaudited)

				Cambria Foreign
	Cambria Shareholder			Shareholder Yield			Cambria Global			Cambria Global
	Yield ETF			ETF			Value ETF			Momentum ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	830,214		$	386,289		$	2,498,718		$	431,869
Dividend Income from Affiliated Investments		–			–			–			43,103
Income from Securities Lending		77,565			3,014			20,718			69,621
Less: Foreign Taxes Withheld		(3,248	)		(27,808	)		(294,366	)		–
Total Investment Income		904,531			361,495			2,225,070			544,593

Expenses:
Management Fees		192,517			55,698			290,468			212,448
Custodian Fees		–			–			47,911			–
Total Expenses		192,517			55,698			338,379			212,448
Net Expenses		192,517			55,698			338,379			212,448
Net Investment Income		712,014			305,797			1,886,691			332,145
Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain/(Loss) on Unaffiliated Investments^(a)		(1,607,686	)		(2,228,043	)		(820,743	)		1,655,557
Net Realized Gain on Affiliated Investments^(a)		–			–			–			18,586
Net Realized Loss on Foreign Currency Transactions		–			(2,570	)		(7,868	)		–
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated
Investments		10,993,592			4,168,793			(1,101,842	)		680,070
Net Change in Unrealized Depreciation on Affiliated Investments		–			–			–			(150,335	)
Net Change in Unrealized Appreciation on Foreign Currency
Translations		1,119			9,972			25,353			–
Net Realized and Unrealized Gain/(Loss) on Investments		9,387,025			1,948,152			(1,905,100	)		2,203,878
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	10,099,039		$	2,253,949		$	(18,409	)	$	2,536,023

^(a)

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.

34	www.cambriafunds.com

Cambria ETF Trust	Statements of Operations
	For the Six Months Ended October 31, 2020 (Unaudited)

										Cambria Emerging
	Cambria Global			Cambria Value and			Cambria Sovereign			Shareholder Yield
	Asset Allocation ETF			Momentum ETF			Bond ETF			ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	236,708		$	71,544		$	–		$	1,247,792
Dividend Income from Affiliated Investments		285,989			–			–			–
Interest Income		–			–			534,806			–
Income from Securities Lending		33,308			4,394			–			8,914
Less: Foreign Taxes Withheld		–			–			(7,350	)		(208,240	)
Total Investment Income		556,005			75,938			527,456			1,048,466
Expenses:
Management Fees		–			32,568			68,356			96,898
Custodian Fees		–			–			–			9,943
Total Expenses		–			32,568			68,356			106,841
Net Expenses		–			32,568			68,356			106,841
Net Investment Income		556,005			43,370			459,100			941,625
Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain/(Loss) on Unaffiliated Investments^(a)		(571,480	)		117,451			(54,060	)		26,763
Net Realized Gain on Affiliated Investments^(a)		563,713			–			–			–
Net Realized Loss on Futures Contracts		–			(2,163,654	)		–			–
Net Realized Loss on Foreign Currency Transactions		–			–			(1,043,058	)		(11,039	)
Net Change in Unrealized Appreciation on Unaffiliated Investments		1,930,191			1,615,171			1,813,077			3,507,475
Net Change in Unrealized Appreciation on Affiliated Investments		1,985,504			–			–			–
Net Change in Unrealized Appreciation on Futures Contracts		–			1,322,833			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translations		–			–			45,643			(992	)
Change in Accumulated Foreign Capital Gains Tax on Appreciated Securities		–			–			–			(8,608	)
Net Realized and Unrealized Gain on Investments		3,907,928			891,801			761,602			3,513,599
Net Increase in Net Assets Resulting From Operations	$	4,463,933		$	935,171		$	1,220,702		$	4,455,224

^(a)

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.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Statements of Operations
	For the Six Months Ended October 31, 2020 (Unaudited)

	Cambria Tail Risk						Cambria Cannabis			Cambria Global Real
	ETF			Cambria Trinity ETF			ETF			Estate ETF^(a)
Investment Income:
Dividend Income from Unaffiliated Investments	$	–		$	154,890		$	117,633		$	20,293
Dividend Income from Affiliated Investments		–			159,089			–			–
Interest Income		1,144,618			–			–			–
Income from Securities Lending		–			17,426			208,841			–
Less: Foreign Taxes Withheld		–			–			–			(360	)
Total Investment Income		1,144,618			331,405			326,474			19,933
Expenses:
Management Fees		864,067			–			33,996			2,119
Total Expenses		864,067			–			33,996			2,119
Waiver of Investment Advisory Fees		–			–			(9,796	)		–
Net Expenses		864,067			–			24,200			2,119
Net Investment Income		280,551			331,405			302,274			17,814
Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain/(Loss) on Unaffiliated Investments^(b)		4,857,014			(40,903	)		160,058			2,647
Net Realized Loss on Affiliated Investments^(b)		–			(85,052	)		–			–
Net Realized Loss on Purchased Options		(5,078,099	)		–			–			–
Net Realized Gain on Foreign Currency Transactions		–			–			7,744			225
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		(11,190,435	)		683,541			(809,103	)		(134,777	)
Net Change in Unrealized Appreciation on Affiliated Investments		–			935,174			–			–
Net Change in Unrealized Depreciation on Purchased Options		(4,371,121	)		–			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translations		–			–			(656	)		3
Net Realized and Unrealized Gain/(Loss) on Investments		(15,782,641	)		1,492,760			(641,957	)		(131,902	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(15,502,090	)	$	1,824,165		$	(339,683	)	$	(114,088	)

^(a)

For the period September 24, 2020 (Inception) to October 31, 2020.

^(b)

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.

36	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Period Ended						Period Ended
	October 31, 2020			Year Ended			October 31, 2020			Year Ended
	(Unaudited)			April 30, 2020			(Unaudited)			April 30, 2020
Operations
Net investment Income	$	712,014		$	2,418,685		$	305,797		$	957,754
Net realized Gain/(Loss) on Investments^(a)		(1,607,686	)		1,350,870			(2,228,043	)		(2,473,490	)
Net realized Gain/(Loss) on Foreign Currency Transactions		–			211			(2,570	)		29,598
Net Change in Unrealized Appreciation/(Depreciation) on Investments		10,993,592			(23,472,949	)		4,168,793			(3,873,183	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		1,119			(876	)		9,972			5,854
Net increase/(decrease) in net assets resulting from operations		10,099,039			(19,704,059	)		2,253,949			(5,353,467	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(717,390	)		(2,366,810	)		(391,129	)		(1,045,339	)
Net decrease from distributions		(717,390	)		(2,366,810	)		(391,129	)		(1,045,339	)

Capital Share Transactions
Issued		5,461,119			40,136,776			627			5,906,259
Redeemed		(9,959,670	)		(69,353,301	)		(2,945,839	)		(8,740,414	)
Decrease in Net Assets from Capital Share Transactions		(4,498,551	)		(29,216,525	)		(2,945,212	)		(2,834,155	)
Total Net Increase/(Decrease) in Net Assets		4,883,098			(51,287,394	)		(1,082,392	)		(9,232,961	)

Net Assets
Beginning of Period		61,126,952			112,414,346			17,862,261			27,095,222
End of Period	$	66,010,050		$	61,126,952		$	16,779,869		$	17,862,261
Share Transactions:
Issued		150,000			1,100,000			–			250,000
Redeemed		(300,000	)		(2,050,000	)		(150,000	)		(400,000	)
Net decrease in Shares Outstanding from Share Transactions		(150,000	)		(950,000	)		(150,000	)		(150,000	)

^(a)

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.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Period Ended						Period Ended
	October 31, 2020			Year Ended			October 31, 2020			Year Ended
	(Unaudited)			April 30, 2020			(Unaudited)			April 30, 2020
Operations
Net investment Income	$	1,886,691		$	4,123,136		$	332,145		$	2,453,576
Net realized Gain/(Loss) on Investments^(a)		(820,743	)		(22,000,147	)		1,674,143			(5,665,310	)
Net realized Loss on Foreign Currency Transactions		(7,868	)		(425,487	)		–			–
Capital Gain Distributions received from Affiliated Investments		–			–			–			143
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(1,101,842	)		(22,995,996	)		529,735			(1,152,517	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		25,353			(26,377	)		–			–
Net increase/(decrease) in net assets resulting from operations		(18,409	)		(41,324,871	)		2,536,023			(4,364,108	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(1,507,419	)		(4,668,914	)		(321,127	)		(2,351,015	)
Return of capital		–			–			–			(73,325	)
Net decrease from distributions		(1,507,419	)		(4,668,914	)		(321,127	)		(2,424,340	)

Capital Share Transactions
Issued		2,180			15,562,265			–			3,700,810
Redeemed		(11,097,150	)		(31,874,857	)		(22,710,893	)		(47,661,851	)
Decrease in Net Assets from Capital Share Transactions		(11,094,970	)		(16,312,592	)		(22,710,893	)		(43,961,041	)
Total Net Decrease in Net Assets		(12,620,798	)		(62,306,377	)		(20,495,997	)		(50,749,489	)

Net Assets
Beginning of Period		96,587,469			158,893,846			78,449,019			129,198,508
End of Period	$	83,966,671		$	96,587,469		$	57,953,022		$	78,449,019
Share Transactions:
Issued		–			650,000			–			150,000
Redeemed		(650,000	)		(1,550,000	)		(950,000	)		(1,900,000	)
Net decrease in Shares Outstanding from Share Transactions		(650,000	)		(900,000	)		(950,000	)		(1,750,000	)

^(a)

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.

38	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Period Ended						Period Ended
	October 31, 2020			Year Ended			October 31, 2020			Year Ended
	(Unaudited)			April 30, 2020			(Unaudited)			April 30, 2020
Operations
Net investment Income	$	556,005		$	1,988,834		$	43,370		$	134,731
Net realized Gain/(Loss) on Investments^(a)		(7,767	)		57,352			(2,046,203	)		(919,624	)
Capital Gain Distributions received from Affiliated Investments		–			18,099			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Investments		3,915,695			(5,607,550	)		2,938,004			(1,899,752	)
Net increase/(decrease) in net assets resulting from operations		4,463,933			(3,543,265	)		935,171			(2,684,645	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(868,285	)		(2,190,738	)		(73,613	)		(144,770	)
Net decrease from distributions		(868,285	)		(2,190,738	)		(73,613	)		(144,770	)

Capital Share Transactions
Issued		–			5,495,418			–			1,756,399
Redeemed		(7,670,985	)		(14,199,975	)		(1,860,858	)		(7,898,792	)
Decrease in Net Assets from Capital Share Transactions		(7,670,985	)		(8,704,557	)		(1,860,858	)		(6,142,393	)
Total Net Decrease in Net Assets		(4,075,337	)		(14,438,560	)		(999,300	)		(8,971,808	)

Net Assets
Beginning of Period		49,929,505			64,368,065			10,818,067			19,789,875
End of Period	$	45,854,168		$	49,929,505		$	9,818,767		$	10,818,067

Share Transactions:
Issued		–			200,000			–			100,000
Redeemed		(300,000	)		(550,000	)		(100,000	)		(400,000	)
Net decrease in Shares Outstanding from Share Transactions		(300,000	)		(350,000	)		(100,000	)		(300,000	)

^(a)

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.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Sovereign Bond ETF						Cambria Emerging Shareholder Yield ETF
	Period Ended						Period Ended
	October 31, 2020			Year Ended			October 31, 2020			Year Ended
	(Unaudited)			April 30, 2020			(Unaudited)			April 30, 2020
Operations
Net investment Income	$	459,100		$	1,069,703		$	941,625		$	1,274,729
Net realized Gain/(Loss) on Investments^(a)		(54,060	)		(509,942	)		26,763			(1,588,824	)
Net realized Loss on Foreign Currency Transactions		(1,043,058	)		(362,115	)		(11,039	)		(88,393	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments		1,813,077			(798,880	)		3,507,475			(5,139,202	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		45,643			(40,005	)		(992	)		1,380
Net Change in Unrealized Depreciation on Foreign Capital Gains on Appreciated Securities		–			–			(8,608	)		(15,069	)
Net increase/(decrease) in net assets resulting from operations		1,220,702			(641,239	)		4,455,224			(5,555,379	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(137,642	)		(896,995	)		(1,006,776	)		(1,265,482	)
Net decrease from distributions		(137,642	)		(896,995	)		(1,006,776	)		(1,265,482	)

Capital Share Transactions
Issued		–			12,860,852			1,438,681			21,381,344
Redeemed		(1,262,396	)		(7,557,472	)		–			(6,242,890	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,262,396	)		5,303,380			1,438,681			15,138,454
Total Net Increase/(Decrease) in Net Assets		(179,336	)		3,765,146			4,887,129	��		8,317,593

Net Assets
Beginning of Period		22,388,471			18,623,325			28,712,674			20,395,081
End of Period	$	22,209,135		$	22,388,471		$	33,599,803		$	28,712,674

Share Transactions:
Issued		–			500,000			50,000			700,000
Redeemed		(50,000	)		(300,000	)		–			(200,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		(50,000	)		200,000			50,000			500,000

^(a)

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.

40	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Tail Risk ETF						Cambria Trinity ETF
	Period Ended						Period Ended
	October 31, 2020			Year Ended			October 31, 2020			Year Ended
	(Unaudited)			April 30, 2020			(Unaudited)			April 30, 2020
Operations
Net investment Income	$	280,551		$	950,066		$	331,405		$	1,019,985
Net realized Gain/(Loss) on Investments^(a)		(221,085	)		883,287			(125,955	)		(2,213,651	)
Capital Gain Distributions received from Affiliated Investments		–			–			–			7,930
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(15,561,556	)		7,916,539			1,618,715			(3,280,241	)
Net increase/(decrease) in net assets resulting from operations		(15,502,090	)		9,749,892			1,824,165			(4,465,977	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(293,913	)		(954,741	)		(389,164	)		(1,047,196	)
Net decrease from distributions		(293,913	)		(954,741	)		(389,164	)		(1,047,196	)

Capital Share Transactions
Issued		345,725,622			129,176,457			1,150,415			15,802,912
Redeemed		(54,354,185	)		(43,228,645	)		(5,632,360	)		(3,261,007	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		291,371,437			85,947,812			(4,481,945	)		12,541,905
Total Net Increase/(Decrease) in Net Assets		275,575,434			94,742,963			(3,046,944	)		7,028,732

Net Assets
Beginning of Period		132,487,739			37,744,776			37,308,878			30,280,146
End of Period	$	408,063,173		$	132,487,739		$	34,261,934		$	37,308,878

Share Transactions:
Issued		15,700,000			5,850,000			50,000			650,000
Redeemed		(2,500,000	)		(1,900,000	)		(250,000	)		(150,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		13,200,000			3,950,000			(200,000	)		500,000

^(a)

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.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Cannabis ETF						Cambria Global Real Estate ETF
				For the Period			For the Period
	Period Ended			July 24, 2019			September 24, 2020
	October 31, 2020			(Inception) to			(Inception) to
	(Unaudited)			April 30, 2020			October 31, 2020
Operations
Net investment Income	$	302,274		$	407,449		$	17,814
Net realized Gain/(Loss) on Investments^(a)		160,058			(861,495	)		2,647
Net realized Gain on Foreign Currency Transactions		7,744			1,306			225
Net Change in Unrealized Depreciation on Investments		(809,103	)		(5,902,192	)		(134,777	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(656	)		727			3
Net increase/(decrease) in net assets resulting from operations		(339,683	)		(6,354,205	)		(114,088	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(336,923	)		(360,017	)		–
Net decrease from distributions		(336,923	)		(360,017	)		–

Capital Share Transactions
Issued		3,723,194			15,751,752			5,069,596
Redeemed		(1,136,066	)		–			–
Increase in Net Assets from Capital Share Transactions		2,587,128			15,751,752			5,069,596
Total Net Increase in Net Assets		1,910,522			9,037,530			4,955,508

Net Assets
Beginning of Period		9,037,530			–			–
End of Period	$	10,948,052		$	9,037,530		$	4,955,508

Share Transactions:
Issued		300,000			800,002			200,002
Redeemed		(100,000	)		–			–
Net increase in Shares Outstanding from Share Transactions		200,000			800,002			200,002

^(a)

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.

42	www.cambriafunds.com

Cambria Shareholder Yield ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year/Period	$	29.82		$	37.47		$	37.98		$	33.97		$	28.62		$	31.54
Income/(loss) from investment operations:
Net Investment Income^(a)		0.37			0.86			0.79			0.64			0.50			0.64
Net Realized and Unrealized Gain (Loss) on Investments		4.92			(7.66	)		(0.40	)		3.94			5.35			(1.45	)
Total from Operations		5.29			(6.80	)		0.39			4.58			5.85			(0.81	)

Distributions:
Distributions from Net Investment Income		(0.37	)		(0.85	)		(0.90	)		(0.54	)		(0.50	)		(0.69	)
Distributions from Net Realized Gains		–			–			–			(0.03	)		–			(1.39	)
Return of Capital		–			–			–			–			–			(0.03	)
Total Distributions		(0.37	)		(0.85	)		(0.90	)		(0.57	)		(0.50	)		(2.11	)

Net Asset Value, End of Year/Period	$	34.74		$	29.82		$	37.47		$	37.98		$	33.97		$	28.62

Total Return^(b)		17.85	%		(18.43	)%		1.10	%		13.58	%		20.62	%		(2.59	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	66,010		$	61,127		$	112,414		$	142,440		$	125,682		$	137,397

Ratio of Expenses to Average Net Assets^(c)		0.59	%^(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%

Ratio of Net Investment Income (Loss) to Average Net Assets		2.18	%^(d)		2.40	%		2.13	%		1.77	%		1.63	%		2.10	%
Portfolio Turnover^(b)(e)		24	%		30	%		28	%		16	%		50	%		43	%

^(a)

Per share data calculated using the average shares method.

^(b)

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 redemptions of Fund shares.

^(c)

Expense ratios do not include expenses of the underlying funds.

^(d)

Annualized.

^(e)

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

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

Semi-Annual Report | October 31, 2020

Cambria Foreign Shareholder Yield ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year/Period	$	17.86		$	23.56		$	26.58		$	23.03		$	21.20		$	23.80
Income/(loss) from investment operations:
Net Investment Income^(a)		0.32			0.90			1.06			0.70			0.81			0.81
Net Realized and Unrealized Gain (Loss) on Investments		1.97			(5.60	)		(2.79	)		3.60			1.59			(2.61	)
Total from Operations		2.29			(4.70	)		(1.73	)		4.30			2.40			(1.80	)

Distributions:
Distributions from Net Investment Income		(0.41	)		(1.00	)		(1.29	)		(0.75	)		(0.57	)		(0.68	)
Return of Capital		–			–			–			–			–			(0.12	)
Total Distributions		(0.41	)		(1.00	)		(1.29	)		(0.75	)		(0.57	)		(0.80	)

Net Asset Value, End of Year/Period	$	19.74		$	17.86		$	23.56		$	26.58		$	23.03		$	21.20

Total Return^(b)		12.89	%		(20.47	)%		(6.34	)%		19.03	%		11.93	%		(7.67	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	16,780		$	17,862		$	27,095		$	46,511		$	42,605		$	26,495

Ratio of Expenses to Average Net Assets^(c)		0.59	%^(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income (Loss) to Average Net Assets		3.24	%^(d)		4.04	%		4.32	%		2.78	%		3.80	%		3.83	%
Portfolio Turnover^(b)(e)		35	%		47	%		53	%		44	%		43	%		53	%

^(a)	Per share data calculated using the average shares method.
^(b)	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 redemptions of Fund shares.
^(c)	Expense ratios do not include expenses of the underlying funds.
^(d)	Annualized.
^(e)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

44	www.cambriafunds.com

Cambria Global Value ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year/Period	$	16.37		$	23.37		$	26.05		$	22.66		$	19.29		$	21.78
Income/(loss) from investment operations:
Net Investment Income^(a)		0.34			0.62			0.64			0.56			0.50			0.45
Net Realized and Unrealized Gain (Loss) on Investments		(0.45	)		(6.91	)		(2.33	)		3.34			3.38			(2.57	)
Total from Operations		(0.11	)		(6.29	)		(1.69	)		3.90			3.88			(2.12	)

Distributions:
Distributions from Net Investment Income		(0.27	)		(0.71	)		(0.61	)		(0.51	)		(0.51	)		(0.37	)
Distributions from Net Realized Gains		–			–			(0.38	)		–			–			–
Total Distributions		(0.27	)		(0.71	)		(0.99	)		(0.51	)		(0.51	)		(0.37	)

Net Asset Value, End of Year/Period	$	15.99		$	16.37		$	23.37		$	26.05		$	22.66		$	19.29

Total Return^(b)		(0.78	)%		(27.71	)%		(6.24	)%		17.42	%		20.85	%		(9.76	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	83,967		$	96,587		$	158,894		$	210,975		$	112,190		$	69,436

Ratio of Expenses to Average Net Assets^(c)		0.69	%^(d)		0.65	%		0.69	%		0.68	%		0.68	%		0.69	%
Ratio of Net Investment Income (Loss) to Average Net Assets		3.83	%^(d)		2.84	%		2.74	%		2.22	%		2.48	%		2.36	%
Portfolio Turnover^(b)(e)		1	%		25	%		20	%		14	%		16	%		15	%

(a)	Per share data calculated using the average shares method.
(b)	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 redemptions of Fund shares.
(c)	Expense ratios do not include expenses of the underlying funds.
(d)	Annualized.
(e)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

Semi-Annual Report | October 31, 2020

Cambria Global Momentum ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year/Period	$	23.07		$	25.09		$	27.39		$	24.72		$	22.78		$	25.35
Income/(loss) from investment operations:
Net Investment Income^(a)		0.11			0.56			0.62			0.42			0.42			0.34
Net Realized and Unrealized Gain (Loss) on Investments		0.58			2.02			(2.33	)		2.75			1.95			(2.51	)
Total from Operations		0.69			(1.46	)		(1.71	)		3.17			2.37			(2.17	)

Distributions:
Distributions from Net Investment Income		(0.11	)		(0.54	)		(0.59	)		(0.50	)		(0.40	)		(0.38	)
Return of Capital		–			(0.02	)		–			–			(0.03	)		(0.02	)
Total Distributions		(0.11	)		(0.56	)		(0.59	)		(0.50	)		(0.43	)		(0.40	)

Net Asset Value, End of Year/Period	$	23.65		$	23.07		$	25.09		$	27.39		$	24.72		$	22.78

Total Return^(b)		2.99	%		(6.02	)%		(6.23	)%		12.97	%		10.52	%		(8.61	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	57,953		$	78,449		$	129,199		$	105,457		$	59,328		$	21,639

Ratio of Expenses to Average Net Assets^(c)		0.59	%^(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.92	%^(d)		2.25	%		2.39	%		1.57	%		1.78	%		1.43	%
Portfolio Turnover^(b)^(e)		53	%		251	%		204	%		50	%		106	%		316	%

^(a)	Per share data calculated using the average shares method.
^(b)	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 redemptions of Fund shares.
^(c)	Expense ratios do not include expenses of the underlying funds.
^(d)	Annualized.
^(e)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

46	www.cambriafunds.com

Cambria Global Asset Allocation ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year/Period	$	24.36		$	26.82		$	27.38		$	25.64		$	24.15		$	25.43
Income/(loss) from investment operations:
Net Investment Income^(a)		0.30			0.86			0.75			0.74			0.65			0.58
Net Realized and Unrealized Gain (Loss) on Investments		2.01			(2.36	)		(0.53	)		1.66			1.51			(1.26	)
Total from Operations		2.31			(1.50	)		0.22			2.40			2.16			(0.68	)

Distributions:
Distributions from Net Investment Income		(0.47	)		(0.85	)		(0.77	)		(0.66	)		(0.67	)		(0.60	)
Distributions from Net Realized Gains		–			(0.11	)		(0.01	)		–			–			–
Total Distributions		(0.47	)		(0.96	)		(0.78	)		(0.66	)		(0.67	)		(0.60	)

Net Asset Value, End of Year/Period	$	26.20		$	24.36		$	26.82		$	27.38		$	25.64		$	24.15

Total Return^(b)		9.51	%		(5.87	)%		0.91	%		9.43	%		9.08	%		(2.58	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	45,854		$	49,930		$	64,368		$	67,073		$	37,182		$	24,152

Ratio of Expenses to Average Net Assets^(c)		0.00	%^(d)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.27	%^(d)		3.24	%		2.85	%		2.72	%		2.62	%		2.44	%
Portfolio Turnover^(b)(e)		9	%		9	%		2	%		30	%		9	%		8	%

^(a)	Per share data calculated using the average shares method.
^(b)	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 redemptions of Fund shares.
^(c)	Expense ratios do not include expenses of the underlying funds.
^(d)	Annualized.
^(e)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

Semi-Annual Report | October 31, 2020

Cambria Value and Momentum ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016 ^(a)
Net Asset Value, Beginning of Year/Period	$	16.64		$	20.83		$	25.09		$	23.69		$	22.69		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.07			0.18			0.21			0.24			0.12			0.08
Net Realized and Unrealized Gain (Loss) on Investments		1.25			(4.17	)		(4.23	)		1.27			1.01			(2.32	)
Total from Operations		1.32			(3.99	)		(4.02	)		1.51			1.13			(2.24	)

Distributions:
Distributions from Net Investment Income		(0.11	)		(0.20	)		(0.24	)		(0.11	)		(0.13	)		(0.07	)
Total Distributions		(0.11	)		(0.20	)		(0.24	)		(0.11	)		(0.13	)		(0.07	)

Net Asset Value, End of Year/Period	$	17.85		$	16.64		$	20.83		$	25.09		$	23.69		$	22.69

Total Return^(c)		8.02	%		(19.32	)%		(16.10	)%		6.40	%		4.98	%		(8.96	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	9,819		$	10,818		$	19,790		$	32,617		$	8,291		$	4,537

Ratio of Expenses to Average Net Assets^(d)		0.59	%^(e)		0.63	%^(f)		0.64	%^(g)		0.65	%^(h)		0.66	%⁽ⁱ⁾		0.66	%^(e)(i)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.79	%^(e)		0.92	%		0.86	%		1.00	%		0.50	%		0.55	%^(e)
Portfolio Turnover^(c)^(j)		44	%		76	%		89	%		93	%		76	%		48	%

^(a)	Inception date September 8, 2015.
^(b)	Per share data calculated using the average shares method.
^(c)	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 redemptions of Fund shares.
^(d)	Expense ratios do not include expenses of the underlying funds.
^(e)	Annualized.
^(f)	Includes broker expense of 0.04%.
^(g)	Includes broker expense of 0.05%.
^(h)	Includes broker expense of 0.06%.
⁽ⁱ⁾	Includes broker expense of 0.07%.
^(j)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

48	www.cambriafunds.com

Cambria Sovereign Bond ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016 ^(a)
Net Asset Value, Beginning of Year/Period	$	23.57		$	24.83		$	27.57		$	27.20		$	26.99		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.50			1.18			1.18			1.39			1.04			0.19
Net Realized and Unrealized Gain (Loss) on		0.76			(1.36	)		(2.70	)		0.64	^(c)		0.14			1.80
Investments
Total from Operations		1.26			(0.18	)		(1.52	)		2.03			1.18			1.99

Distributions:
Distributions from Net Investment Income		(0.15	)		(0.96	)		(1.09	)		(1.44	)		(0.93	)		–
Distributions from Net Realized Gains		–			(0.12	)		(0.13	)		(0.22	)		(0.04	)		–
Total Distributions		(0.15	)		(1.08	)		(1.22	)		(1.66	)		(0.97	)		–

Net Asset Value, End of Year/Period	$	24.68		$	23.57		$	24.83		$	27.57		$	27.20		$	26.99

Total Return^(d)		5.34	%		(1.00	)%		(5.44	)%		7.56	%		4.51	%		7.96	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	22,209		$	22,388		$	18,623		$	19,299		$	9,521		$	4,049

Ratio of Expenses to Average Net Assets^(e)		0.59	%^(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%^(f)
Ratio of Net Investment Income (Loss) to Average Net Assets		3.96	%^(f)		4.72	%		4.69	%		4.97	%		3.88	%		3.82	%^(f)
Portfolio Turnover^(d)(g)		1	%		36	%		37	%		25	%		86	%		0	%

^(a)

Inception date February 22, 2016.

^(b)

Per share data calculated using the average shares method.

^(c)

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

^(d)

^(e)

Expense ratios do not include expenses of the underlying funds.

^(f)

Annualized.

^(g)

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

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

Semi-Annual Report | October 31, 2020

Cambria Emerging Shareholder Yield ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017 ^(a)
Net Asset Value, Beginning of Year/Period	$	24.97		$	31.38		$	35.83		$	29.40		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.80			1.30			1.29			1.01			0.43
Net Realized and Unrealized Gain (Loss) on
Investments		3.09			(6.35	)		(3.58	)		6.40			4.18
Total from Operations		3.89			(5.05	)		(2.29	)		7.41			4.61

Distributions:
Distributions from Net Investment Income		(0.86	)		(1.36	)		(1.05	)		(0.98	)		(0.21	)
Distributions from Net Realized Gains		–			–			(1.11	)		–			–
Total Distributions		(0.86	)		(1.36	)		(2.16	)		(0.98	)		(0.21	)

Net Asset Value, End of Year/Period	$	28.00		$	24.97		$	31.38		$	35.83		$	29.40

Total Return^(c)		15.68	%		(16.89	)%		(5.80	)%		25.75	%		18.57	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	33,600		$	28,713		$	20,395		$	30,458		$	11,759

Ratio of Expenses to Average Net Assets^(d)		0.65	%^(e)		0.69	%		0.66	%		0.65	%		0.69	%^(e)
Ratio of Net Investment Income (Loss) to Average Net Assets		5.73	%^(e)		4.38	%		4.09	%		2.99	%		2.00	%^(e)
Portfolio Turnover^(c)(f)		22	%		81	%		115	%		26	%		33	%

^(a)

Inception date July 13, 2016.

^(b)

Per share data calculated using the average shares method.

^(c)

^(d)

Expense ratios do not include expenses of the underlying funds.

^(e)

Annualized.

^(f)

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

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

50	www.cambriafunds.com

Cambria Tail Risk ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2020			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017 ^(a)
Net Asset Value, Beginning of Year/Period
Income/(loss) from investment operations:	$	22.65		$	19.87		$	21.58		$	24.74		$	25.00
Net Investment Income^(b)		0.02			0.27			0.39			0.38			0.02	^(a)
Net Realized and Unrealized Gain (Loss) on
Investments		(1.23	)		2.77			(1.73	)		(3.27	)		(0.28	)
Total from Operations		(1.21	)		3.04			(1.34	)		(2.89	)		(0.26	)

Distributions:
Distributions from Net Investment Income		(0.02	)		(0.26	)		(0.37	)		(0.27	)		–
Total Distributions		(0.02	)		(0.26	)		(0.37	)		(0.27	)		–

Net Asset Value, End of Year/Period	$	21.42		$	22.65		$	19.87		$	21.58		$	24.74

Total Return^(c)		(5.34	)%		15.47	%		(6.31	)%		(11.74	)%		(1.04	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	408,063		$	132,488		$	37,745		$	22,658		$	2,474

Ratio of Expenses to Average Net Assets^(d)		0.59	%^(e)		0.59	%		0.59	%		0.59	%		0.59	%^(e)
Ratio of Net Investment Income (Loss) to
Average Net Assets		0.19	%^(e)		1.31	%		1.89	%		1.66	%		1.38	%^(e)
Portfolio Turnover^(c)(f)		99	%		19	%		56	%		56	%		0	%

^(a)

Inception date April 5, 2017.

^(b)

Per share data calculated using the average shares method.

^(c)

^(d)

Expense ratios do not include expenses of the underlying funds.

^(e)

Annualized.

^(f)

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

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

Semi-Annual Report | October 31, 2020

Cambria Trinity ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Year Ended			Period Ended
	October 31, 2020			April 30, 2020			April 30, 2019 ^(a)
Net Asset Value, Beginning of Year/Period
Income/(loss) from investment operations:	$	21.32		$	24.22		$	25.00
Net Investment Income^(b)		0.19			0.65			0.39
Net Realized and Unrealized Gain (Loss) on Investments		0.82			(2.91	)		(0.83	)
Total from Operations		1.01			(2.26	)		(0.44	)

Distributions:
Distributions from Net Investment Income		(0.23	)		(0.62	)		(0.34	)
Distributions from Net Realized Gains		–			(0.02	)		–
Total Distributions		(0.23	)		(0.64	)		(0.34	)

Net Asset Value, End of Year/Period	$	22.10		$	21.32		$	24.22

Total Return^(c)		4.74	%		(9.57	)%		(1.71	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	34,262		$	37,309		$	30,280

Ratio of Expenses to Average Net Assets^(d)		0.00	%^(e)		0.00	%		0.00	%^(e)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.72	%^(e)		2.74	%		2.55	%^(e)
Portfolio Turnover^(c)(f)		26	%		88	%		0	%

^(a)

Inception date September 7, 2018.

^(b)

Per share data calculated using the average shares method.

^(c)

^(d)

Expense ratios do not include expenses of the underlying funds.

^(e)

Annualized.

^(f)

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

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

52	www.cambriafunds.com

Cambria Cannabis ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended			Period Ended
	October 31, 2020			April 30, 2020 ^(a)
Net Asset Value, Beginning of Year/Period	$	11.30		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.32			0.70
Net Realized and Unrealized Loss on
Investments		(0.31	)		(13.87	)
Total from Operations		0.01			(13.17	)

Distributions:
Distributions from Net Investment Income		(0.36	)		(0.52	)
Distributions from Net Realized Gains		–			(0.01	)
Total Distributions		(0.36	)		(0.53	)

Net Asset Value, End of Year/Period	$	10.95		$	11.30

Total Return^(c)		(0.17	)%		(53.04	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	10,948		$	9,038

Ratio of Expenses to Average Net Assets Including Waivers^(d)		0.42	%^(e)		0.42	%^(e)
Ratio of Expenses to Average Net Assets Excluding Waivers^(d)		0.59	%^(e)		0.59	%^(e)
Ratio of Net Investment Income (Loss) to Average Net Assets		5.25	%^(e)		6.20	%^(e)
Portfolio Turnover^(c)(f)		0	%		4	%

^(a)

Inception date July 24, 2019

^(b)

Per share data calculated using the average shares method.

^(c)

^(d)

Expense ratios do not include expenses of the underlying funds.

^(e)

Annualized.

^(f)

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

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

Semi-Annual Report | October 31, 2020

Cambria Global Real Estate ETF	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Period Ended October 31, 2020 ^(a)
Net Asset Value, Beginning of Year/Period	$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.13
Net Realized and Unrealized Loss on Investments		(0.35	)
Total from Operations		(0.22	)

Net Asset Value, End of Year/Period	$	24.78

Total Return^(c)		(0.88	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	4,956

Ratio of Expenses to Average Net Assets^(d)		0.59	%^(e)
Ratio of Net Investment Income (Loss) to Average Net Assets		4.96	%^(e)
Portfolio Turnover^(c)(f)		0	%

^(a)	Inception date September 24, 2020.
^(b)	Per share data calculated using the average shares method.
^(c)	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 redemptions of Fund shares.
^(d)	Expense ratios do not include expenses of the underlying funds.
^(e)	Annualized.
^(f)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

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

54	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as an open–end registered management investment company under the Investment Company Act of 1940, as amended. The Trust is comprised of multiple exchange traded funds (“ETFs”). These financial statements relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign Bond ETF, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, Cambria Cannabis ETF and Cambria Global Real Estate ETF (each, a “Fund” and, collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified, except Cambria Sovereign Bond ETF. Each Fund is actively managed.

The investment objective of the Cambria Shareholder Yield ETF is to seek income and capital appreciation. Prior to June 1, 2020, the investment objective of Cambria Shareholder Yield ETF was to seek investment results that corresponded (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Shareholder Yield Index. The Fund inception date is May 13, 2013.

The investment objective of the Cambria Foreign Shareholder Yield ETF is to seek income and capital appreciation. Prior to June 1, 2020, the investment objective of the Cambria Foreign Shareholder Yield ETF was to seek investment results that corresponded (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Foreign Shareholder Yield Index. The Fund inception date is December 2, 2013.

The investment objective of the Cambria Global Value ETF is to seek income and capital appreciation. Prior to June 29, 2020, the investment objective of the Cambria Global Value ETF was to seek investment results that corresponded (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Value Index. The Fund inception date is March 11, 2014.

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

The investment objective of the Cambria Global Asset Allocation ETF is to seek income and capital appreciation. The Fund inception date is December 9, 2014.

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

The investment objective of the Cambria Sovereign Bond ETF is to seek income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi–sovereign bonds. The Fund inception date is February 22, 2016.

The investment objective of the Cambria Emerging Shareholder Yield ETF is to seek income and capital appreciation. Prior to June 29, 2020, the investment objective of the Cambria Emerging Shareholder Yield ETF was to seek investment results that corresponded (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Emerging Shareholder Yield Index. The Fund inception date is July 13, 2016.

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

The investment objective of the Cambria Trinity ETF is to seek income and capital appreciation. The Fund inception date is September 10, 2018.

The investment objective of the Cambria Cannabis ETF is to seek capital appreciation from investments in the global equity markets that have exposure to the broad cannabis industry. The Fund inception date is July 25, 2019.

The investment objective of the Cambria Global Real Estate ETF is to seek income and capital appreciation. The Fund inception date is September 24, 2020.

Shares of the Funds are listed and traded on the CBOE BZX Exchange, Inc. (the “Exchange”). 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 investment companies 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.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

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 the NASDAQ Stock Market (the “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.

Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices for financial futures are provided by an independent pricing agent.

Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is no reported sale, long options positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price.

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

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

•

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

•

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

•

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

For the period ended October 31, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.

56	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

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.

The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

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, 2020. The Fund’s investment in futures contracts is designed to enable the Fund to more closely approximate the performance of its benchmark index. 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, 2020. 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/payable. 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 Statements of Operations as part of net realized gain (loss) on futures contracts and any change in unrealized appreciation or depreciation is recognized on the Statements of Operations as net change in unrealized gain (loss) on futures contracts.

Options Written/Purchased — The Cambria Value and Momentum ETF and Cambria Tail Risk ETF may invest in equity options contracts for the purpose of hedging their existing portfolio securities, or securities that they intend to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. In particular, (1) the Cambria Value and Momentum ETF may use options to hedge up to 100% of the value of its long portfolio in an attempt to avoid overvalued and downtrending markets and (2) the Cambria Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative movement in the value of domestic equities over rolling one–month periods. A Fund may also invest in equity option contracts to enhance its returns. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

The risk in writing a call option is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is a Fund may pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities.

The Cambria Tail Risk ETF had options contracts as of October 31, 2020, as disclosed in the Fund’s Schedule of Investments. Any realized and change in unrealized gains or losses can be found on the Statements of Operations.

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Cambria Value and Momentum ETF
Equity Risk (Futures Contracts)^(a)	Unrealized appreciation on futures contracts	$	92,272	Unrealized depreciation on futures contracts	N/A
Total		$	92,272

Cambria Tail Risk ETF
Equity Contracts (Purchased Options)	Investments, at value	$	24,827,280	Investments, at value	N/A
Total		$	24,827,280

^(a)

Represents cumulative appreciation (depreciation) of futures contracts as reported in the Statement of Investments. Only the current day’s net variation margin is reported within the Statement of Assets and Liabilities.

Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Cambria Value and Momentum ETF
Equity Risk (Futures Contracts)	Net Realized Loss on Futures Contracts/ Net change in Unrealized Appreciation on Futures Contracts		(2,163,654	)		1,322,833
Total		$	(2,163,654	)	$	1,322,833
Cambria Tail Risk ETF
Equity Contracts (Purchased Options)	Net realized Loss on Purchased Options/ Net Change in Unrealized Depreciation on Purchased Options		(5,078,099	)		(4,371,121	)
Total		$	(5,078,099	)	$	(4,371,121	)

The average purchased option contracts notional amount during the year ended October 31, 2020 for Cambria Tail Risk ETF is $296,417,535.

Federal Income Taxes — The Funds intend to qualify as “regulated investment companies” under Sub–chapter M of the Internal Revenue Code of 1986 (the “Code”), 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.

58	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

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, 2020, 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 and Offering 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 Statements of Assets and Liabilities.

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

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Dividend income received from the underlying funds is recognized on the ex–dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the underlying funds are recognized on ex–dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recorded on the ex–dividend date. Dividend income is recorded net of unrecoverable withholding tax. 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. Capital gain taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.

Foreign Taxes — The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

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

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

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

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown for the year or period ended October 31, 2020:

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF	$	50,000	$	700	$	1,737,000	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,500		987,000		2,500	Up to 2.0%
Cambria Global Value ETF		50,000		3,500		799,500		3,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,182,500		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,310,000		500	None
Cambria Value and Momentum ETF		50,000		700		892,500		700	None
Cambria Sovereign Bond ETF		50,000		1,500		1,234,000		1,500	Up to 2.0%
Cambria Emerging Shareholder Yield ETF		50,000		3,500		1,400,000		3,500	Up to 2.0%
Cambria Tail Risk ETF		50,000		500		1,071,000		500	None
Cambria Trinity ETF		50,000		250		1,105,000		250	None
Cambria Cannabis ETF		50,000		500		547,500		500	Up to 2.0%
Cambria Global Real Estate ETF		50,000		1,500		1,239,000		1,500	Up to 2.0%

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

Illiquid Securities — A security is considered illiquid if the Fund reasonably expects that the investment cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

Cash and cash equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statements of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

3. OFFSETTING ASSETS AND LIABILITIES

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

As of October 31, 2020, the Funds’ financial instruments and derivative instruments are not subject to a master netting arrangement.

4. RELATED PARTIES

Investment Advisory Agreement — The Investment Adviser is responsible for overseeing the management and business affairs of the Funds, and has discretion to purchase and sell securities in accordance with the Funds’ objectives, policies, and restrictions. The Investment Adviser reviews, supervises, and administers each Fund’s investment program. The Investment Adviser has entered into an investment advisory agreement (“Management Agreement”) with respect to the Funds. Pursuant to that Management Agreement, the Funds pay the Investment Adviser, on a monthly basis, an annual advisory fee based on their 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 and Cambria Trinity ETF, neither of which is charged an advisory fee.

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

60	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

Cambria Cannabis ETF has agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2021, unless otherwise terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser.

Additionally, the Investment Adviser earned $24,797 in management fees from the Cambria Global Momentum ETF related to the Fund’s investment in affiliated funds, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Shareholder Yield ETF, and Cambria Sovereign Bond ETF.

Administrator, Custodian and Transfer Agent — ALPS Fund Services, Inc. (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 — ALPS Distributors Inc., an affiliate of the Administrator, serves as the Funds’ distributor of Creation Units pursuant to a distribution agreement. The distributor does not maintain any secondary market in Fund shares.

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 the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year for certain distribution–related activities. However, no such fee is currently paid by the Funds, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

Certain officers and trustees of the Funds during and as of the period ended October 31, 2020 are officers/employees of the Investment Adviser, the Administrator, or ALPS Distributors Inc.

5. INVESTMENT TRANSACTIONS

For the period ended October 31, 2020, the purchases and sales of investments in securities, excluding in–kind transactions, long–term U.S. Government and short–term securities, were:

	Purchases of		Proceeds from Sales
Fund	Securities		of Securities
Cambria Shareholder Yield ETF	$	14,730,038	$	15,840,813
Cambria Foreign Shareholder Yield ETF		6,108,935		6,052,060
Cambria Global Value ETF		548,529		2,124,169
Cambria Global Momentum ETF		37,274,794		36,563,051
Cambria Global Asset Allocation ETF		4,339,339		5,798,176
Cambria Value and Momentum ETF		4,113,664		4,690,098
Cambria Sovereign Bond ETF		–		–
Cambria Emerging Shareholder Yield ETF		7,823,362		6,704,230
Cambria Tail Risk ETF		–		–
Cambria Trinity ETF		9,871,262		9,602,888
Cambria Cannabis ETF		220,028		–
Cambria Global Real Estate ETF⁽¹⁾		353,715		–

⁽¹⁾

The Fund’s inception date is September 24, 2020.

For the period ended October 31, 2020, the Cambria Sovereign Bond ETF had purchases and sales of U.S. Government securities of $164,497 and $274,686, respectively.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

For the period ended October 31, 2020, the Cambria Tail Risk ETF had purchases and sales of U.S. Government securities of $459,758,649, and $265,112,797, respectively.

For the period ended October 31, 2020, in–kind transactions associated with creations and redemptions were:

			Proceeds from Sales of		Net Realized
Fund	Purchases of Securities		Securities		Gain/(Loss)
Cambria Shareholder Yield ETF	$	5,349,447	$	9,812,663	$	217,963
Cambria Foreign Shareholder Yield ETF		–		2,667,414		(240,347	)
Cambria Global Value ETF		–		9,916,066		(826,421	)
Cambria Global Momentum ETF		–		22,335,466		1,290,172
Cambria Global Asset Allocation ETF		–		7,580,090		20,964
Cambria Value and Momentum ETF		–		1,663,862		448,789
Cambria Emerging Shareholder Yield ETF		587,374		–		–
Cambria Tail Risk ETF		83,797,550		11,680,631		262,891
Cambria Trinity ETF		1,132,849		5,551,357		210,132
Cambria Cannabis ETF		3,602,607		1,110,625		153,962
Cambria Global Real Estate ETF⁽¹⁾		4,404,108		–		–

⁽¹⁾

The Fund’s inception date is September 24, 2020.

For the year ended April 30, 2020, in–kind transactions associated with creations and redemptions were:

			Proceeds from Sales of		Net Realized
Fund	Purchases of Securities		Securities		Gain/(Loss)
Cambria Shareholder Yield ETF	$	14,447,643	$	67,027,261	$	5,649,800
Cambria Foreign Shareholder Yield ETF		5,713,159		8,369,045		(414,519	)
Cambria Global Value ETF		13,432,396		27,655,007		275,292
Cambria Global Momentum ETF		3,632,317		46,104,872		2,059,302
Cambria Global Asset Allocation ETF		5,446,155		14,026,716		583,059
Cambria Value and Momentum ETF		1,470,220		7,203,023		683,405
Cambria Emerging Shareholder Yield ETF		10,678,115		3,421,339		325,912
Cambria Tail Risk ETF		48,969,170		26,597,319		2,660,594
Cambria Trinity ETF		15,287,194		3,188,161		(64,878	)
Cambria Cannabis ETF⁽¹⁾		12,066,496		–		–

⁽¹⁾

The Fund’s inception date is July 24, 2019.

6. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investments could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. An investment is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds are subject to the principal risks set forth in their prospectuses under the heading “Principal Risks.” Some of these risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return, or ability to meet its investment objective, are set forth below.

Cannabis Industry Risk — Cannabis Companies are subject to various laws and regulations that may differ at the local and federal level. These laws and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact the market for cannabis industry sales and services, and set limitations on marijuana use, production, transportation, and storage. Cannabis Companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, Cannabis Companies are subject to the risks associated with the agricultural, biotechnology, and pharmaceutical industries. TOKE invests in publicly–traded Cannabis Companies primarily listed and traded on a national securities exchange that operates in a jurisdiction where the Cannabis Companies’ cannabis–related business activities are legal under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws.

62	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

Cash Redemption Risk — Each Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, each Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in–kind. As a result, such Fund may be less tax efficient if it includes such a cash payment than if the in–kind redemption process was used exclusively (i.e., securities are distributed as payment of redemption proceeds). In addition, cash redemptions may incur higher brokerage costs than in–kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity–related companies may subject a Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings.

Cyber Security Risk — Each Fund, and its service providers, may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber–attacks. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of proprietary information, theft or corruption of data maintained online or digitally, denial–of–service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber–attacks affecting the Fund’s third–party service providers, including Cambria, the custodian, and the transfer agent, may subject the Fund to many of the same risks associated with direct cyber security breaches and adversely impact the Fund. For instance, cyber–attacks may impact the Fund’s ability to calculate its NAV, cause the release of confidential business information, impede trading, cause the Fund to incur additional compliance costs associated with corrective measures, subject the Fund to regulatory fines or other financial losses, and/or cause reputational damage to the Fund. Cyber security breaches of market makers, Authorized Participants, or the issuers of securities in which the Fund invests could also have material adverse consequences on the Fund’s business operations and cause financial losses for the Fund and its shareholders. While the Fund and its service providers have established business continuity plans and risk management systems designed to address cyber security risks, prevent cyber–attacks and mitigate the impact of cyber security breaches, there are inherent limitations on such plans and systems. In addition, the Fund has no control over the cyber security protections put in place by its service providers or any other third parties whose operations may affect the Fund or its shareholders.

Derivatives Risk — Derivatives are financial instruments that have a value which depends upon, or is derived from, a reference asset, such as one or more underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result in investment exposures that are greater than their cost would suggest; in other words, a small investment in a derivative may have a large impact on Fund performance. The successful use of derivatives generally depends on the ability to predict market movements. The use of these instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling securities. If the Adviser uses a derivative instrument at the wrong time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies may significantly reduce a Fund’s return. A Fund could also experience losses if it is unable to close out a position because the market for an instrument or position is or becomes illiquid.

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.

Emerging Markets Risk — Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to these securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume and liquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer protections of property rights; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from U.S. markets and markets of more developed countries. Each of these factors may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

Equity Investing Risk — 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. The Cambria Sovereign Bond ETF and Cambria Tail Risk ETF do not invest in equities.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

Exchange–Traded Funds and Exchange–Traded Products (“ETP”) 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, a Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund’s operating expenses may be higher and performance may be lower.

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 a Fund may “call” (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s 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.

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 a 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.

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.

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. 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.

Management Risk — The Funds that are actively managed (“Active Funds”) use proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that an Active Fund will achieve its investment objective. This could result in an Active Fund’s underperformance compared to other funds with similar investment objectives.

Market Events Risk — Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Funds. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund’s portfolio) may decline, regardless of their long–term prospects.

Market Risk of Recent Events — The respiratory illness COVID–19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of Fund investments. The ultimate economic fallout from the pandemic, and the long–term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.

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.

64	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

Options Risk — Options are subject to correlation risk because there may be an imperfect correlation between the prices of options and movements in the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them. The success of the Fund’s investment in options depends upon many factors, such as the price of the options which is a function of various factors that may change rapidly over time. If a counterparty defaults, the Fund’s only recourse will be to pursue contractual remedies against the counterparty, and the Fund may be unsuccessful in its pursuit. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to an over–the–counter options transaction.

Premium–Discount Risk — The shares may trade above or below their NAV. The NAV of the Fund will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the Exchange. The trading price of shares may deviate significantly from NAV during periods of market volatility. Cambria cannot predict whether shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, the same forces influencing the prices of the securities held by the Fund. However, given that shares can be purchased and redeemed in large blocks of shares, called Creation Units (unlike shares of closed–end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), and the Fund’s portfolio holdings are fully disclosed on a daily basis, Cambria believes that large discounts or premiums to the NAV of shares should not be sustained, but that may not be the case.

Real Estate Investments Risk — Investments in real estate are subject to certain risks, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. The availability of mortgages and changes in interest rates may also affect real estate values.

Real Estate Investment Trust “REIT” Risk. In addition to the risks associated with the direct ownership of real estate and real estate–related securities, REITs are subject to additional risks, including those related to adverse governmental actions, and the performance of a REIT may be affected by its failure to qualify for tax–free pass through of income or its failure to maintain exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self–liquidations. As a result, investments in REITs may be volatile. REITs also have their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

Secondary Market Trading Risk — Investors buying or selling shares in the secondary market will generally pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for shares (the “bid” price) and the price at which an investor is willing to sell shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread.” The bid/ask spread varies over time for shares based on trading volume and market liquidity, and is generally lower if the Fund’s shares have more trading volume and market liquidity and higher if the Fund’s shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads.

Although the shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. Further, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

Small and Medium Capitalization Company Risk — Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Small and medium capitalization companies are sometimes more dependent on key personnel or limited product lines than larger, more diversified companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

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. These differences are primarily attributable to redemption in kind transactions. 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 distributable earnings or paid–in capital, as appropriate, in the period that the differences arise.

For tax purposes, short–term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the fiscal year or period April 30, 2020, were as follows:

Long–Term Capital

Fund

Ordinary Income

Gains

Return of Capital

Cambria Shareholder Yield ETF

2,366,810

–

Cambria Foreign Shareholder Yield ETF

1,045,339

–

Cambria Global Value ETF

4,668,914

–

Cambria Global Momentum ETF

2,351,015

–

73,325

Cambria Global Asset Allocation ETF

1,942,060

248,678

–

Cambria Value and Momentum ETF

144,770

–

Cambria Sovereign Bond ETF

826,483

70,512

–

Cambria Emerging Shareholder Yield ETF

1,265,482

–

Cambria Tail Risk ETF

954,741

–

Cambria Trinity ETF

1,004,566

42,630

–

Cambria Cannabis ETF

360,017

–

For tax purposes, short term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the fiscal year or period April 30, 2019, were as follows:

Fund	Ordinary Income		Long–Term Capital Gains
Cambria Shareholder Yield ETF	$	3,004,745	$	–
Cambria Foreign Shareholder Yield ETF		1,779,049		–
Cambria Global Value ETF		4,113,334		2,423,857
Cambria Global Momentum ETF		2,556,119		–
Cambria Global Asset Allocation ETF		1,871,322		14,175
Cambria Value and Momentum ETF		325,364		–
Cambria Sovereign Bond ETF		839,784		70,840
Cambria Emerging Shareholder Yield ETF		657,225		610,107
Cambria Tail Risk ETF		456,126		–
Cambria Trinity ETF		300,532		–

66	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

As of April 30, 2020, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

							Net Unrealized
							Appreciation/			Other Cumulative
	(Over)/ Undistributed Accumulated Capital						(Depreciation) on			Effect of Timing			Total distributable
Fund	Ordinary Income			Gains/ (Losses)			Investments			Differences			earnings
Cambria Shareholder Yield ETF	$	112,356		$	(7,188,623	)	$	(12,699,085	)	$	–		$	(19,775,352	)
Cambria Foreign Shareholder Yield ETF		132,280			(3,563,106	)		(6,040,924	)		–			(9,471,750	)
Cambria Global Value ETF		(281,877	)		(24,618,760	)		(32,035,777	)		–			(56,936,414	)
Cambria Global Momentum ETF		–			(13,298,343	)		1,733,973			–			(11,564,370	)
Cambria Global Asset Allocation ETF		319,607			(513,480	)		(6,069,004	)		–			(6,262,877	)
Cambria Value and Momentum ETF		45,004			(10,440,594	)		(1,170,411	)		1,229,861			(10,336,140	)
Cambria Sovereign Bond ETF		–			(516,040	)		(2,700,682	)		(106,342	)		(3,323,064	)
Cambria Emerging Shareholder Yield ETF		110,569			(2,224,790	)		(4,005,238	)		(35	)		(6,119,494	)
Cambria Tail Risk ETF		59,940			(3,750,700	)		5,039,201			–			1,348,441
Cambria Trinity ETF		57,573			(2,033,089	)		(3,555,559	)		–			(5,531,075	)
Cambria Cannabis ETF		55,913			(866,986	)		(5,903,149	)		–			(6,714,222	)

The difference between the federal income tax cost of portfolio investments and other financial instruments and the financial statement cost is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales and certain market to market adjustments.

Funds are permitted to carry forward losses for an unlimited period and losses that are carried forward will retain their character as either short term or long term capital losses. As of April 30, 2020, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:

Fund	Short–Term		Long–Term
Cambria Shareholder Yield ETF	$	782,232	$	–
Cambria Foreign Shareholder Yield ETF		1,551,538		1,017,151
Cambria Global Value ETF		–		2,684,796
Cambria Global Momentum ETF		7,454,958		202,193
Cambria Global Asset Allocation ETF		4,138		90,972
Cambria Value and Momentum ETF		8,366,221		887,936
Cambria Sovereign Bond ETF		–		3,055
Cambria Emerging Shareholder Yield ETF		655,516		–
Cambria Tail Risk ETF		1,210,486		2,540,214
Cambria Trinity ETF		–		81,859

During the period ended April 30, 2020, the Cambria Shareholder Yield ETF, Cambria Tail Risk ETF and Cambria Global Value ETF utilized $2,107,081, $1,241,942 and $929,742 of capital loss carryforwards to offset capital gains, respectively.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

The Funds elect to defer to the period ending April 30, 2021, capital losses recognized during the period November 1, 2019 through April 30, 2020 in the amount of:

Fund	Capital Losses Recognized
Cambria Shareholder Yield ETF	$	6,406,391
Cambria Foreign Shareholder Yield ETF		994,417
Cambria Global Value ETF		21,933,964
Cambria Global Momentum ETF		5,641,192
Cambria Global Asset Allocation ETF		418,370
Cambria Value and Momentum ETF		1,186,437
Cambria Sovereign Bond ETF		512,985
Cambria Emerging Shareholder Yield ETF		1,569,274
Cambria Trinity ETF		1,951,230
Cambria Cannabis ETF		866,986

The Funds elect to defer to the period ending April 30, 2021, late year ordinary losses in the amount of:

Fund	Ordinary Losses Recognized
Cambria Global Value ETF	$	281,877
Cambria Sovereign Bond ETF		40,340

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2020, were as follows:

	Gross Appreciation		Gross Depreciation			Net Unrealized
	(excess of value		(excess of tax			Appreciation/			Cost of Investments for
Fund	over tax cost)		cost over value)			(Depreciation)*			Income Tax Purposes
Cambria Shareholder Yield ETF	$	9,471,729	$	(11,176,146	)	$	(1,704,417	)	$	86,911,352
Cambria Foreign Shareholder Yield ETF		1,691,861		(3,543,953	)		(1,852,092	)		19,323,201
Cambria Global Value ETF		5,140,859		(38,228,548	)		(33,087,689	)		115,154,349
Cambria Global Momentum ETF		3,243,995		(402,568	)		2,841,427			59,407,319
Cambria Global Asset Allocation ETF		2,405,476		(4,558,785	)		(2,153,309	)		48,985,595
Cambria Value and Momentum ETF		2,091,427		(278,707	)		1,812,720			5,541,119
Cambria Sovereign Bond ETF		1,178,283		(2,021,485	)		(843,202	)		21,279,712
Cambria Emerging Shareholder Yield ETF		4,345,308		(4,765,947	)		(420,639	)		33,759,646
Cambria Tail Risk ETF		1,849,917		(11,291,184	)		(9,441,267	)		412,449,134
Cambria Trinity ETF		928,677		(2,845,228	)		(1,916,551	)		37,284,903
Cambria Cannabis ETF		703,984		(7,415,279	)		(6,711,295	)		20,106,219
Cambria Global Real Estate ETF		47,589		(182,005	)		(134,416	)		4,757,462

9. SECURITIES LENDING

The Funds have entered into a Securities Lending Agreement with Brown Brothers Harriman & Co., (the “Lending Agent”) to lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the respective Fund (including the loan collateral). The Funds will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 102% of the then market value of domestic loaned securities and 105% of the value of foreign equity securities. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Funds may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan, which could give rise to loss because of adverse market actions, expenses and/or delays in connection with the disposition of the underlying securities. Any gain or loss in the market price of the securities loaned and income from lending activity by the Funds that might occur during the term of the loan would be for the account of that Fund.

68	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2020 (Unaudited)

Funds may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan, which could give rise to loss because of adverse market actions, expenses and/or delays in connection with the disposition of the underlying securities. Any gain or loss in the market price of the securities loaned and income from lending activity by the Funds that might occur during the term of the loan would be for the account of that Fund.

Cash collateral received in connection with securities lending is invested in Fidelity Investments Money Market Treasury Portfolio and is presented on the Statements of Investments.

Securities lending transactions are entered into by a Fund under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by a Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from a Fund.

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non–cash collateral, if any, which would be subject to offset as of October 31, 2020:

	Gross Amount of
	Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received⁽¹⁾		Net Amount
Cambria Shareholder Yield ETF	$	19,973,845	$	19,973,845	$	–
Cambria Foreign Shareholder Yield ETF		1,108,436		1,108,436		–
Cambria Global Value ETF		816,812		816,812		–
Cambria Global Momentum ETF		4,889,417		4,889,417		–
Cambria Global Asset Allocation ETF		2,586,909		2,586,909		–
Cambria Value and Momentum ETF		2,608,373		2,608,373		–
Cambria Emerging Shareholder Yield ETF		633,490		633,490		–
Cambria Trinity ETF		1,438,896		1,438,896		–
Cambria Cannabis ETF		2,431,689		2,431,689		–

⁽¹⁾

Excess collateral (received) in connection with the above securities lending transactions is not shown for financial reporting purposes. The value of loaned securities and related collateral outstanding at October 31, 2020 are shown in each Fund’s Schedule of Investments.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Disclosure of Fund Expenses
	October 31, 2020 (Unaudited)

All ETFs 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. Shareholder may incur brokerage commissions on their purchase and sales of Fund Shares, which are not reflected in the examples below.

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 do not reflect any brokerage commissions that you may pay on purchases and sales of Shares. 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, 2020 to October 31, 2020).

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.

						Expenses Paid
	Beginning Account		Ending Account			During period
	Value		Value			May 1, 2020 –
	May 1, 2020		October 31, 2020		Expense Ratio^(a)	October 31, 2020^(b)
Cambria Shareholder Yield ETF
Actual	$	1,000.00	$	1,178.50	0.59%	$	3.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Foreign Shareholder Yield ETF
Actual	$	1,000.00	$	1,128.90	0.59%	$	3.17
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Global Value ETF
Actual	$	1,000.00	$	992.20	0.69%	$	3.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	0.69%	$	3.52

Cambria Global Momentum ETF
Actual	$	1,000.00	$	1,029.90	0.59%	$	3.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

70	www.cambriafunds.com

Cambria ETF Trust	Disclosure of Fund Expenses
	October 31, 2020 (Unaudited)

						Expenses Paid
	Beginning Account		Ending Account			During period
	Value		Value			May 1, 2020 –
	May 1, 2020		October 31, 2020		Expense Ratio^(a)	October 31, 2020^(b)
Cambria Global Asset Allocation ETF
Actual	$	1,000.00	$	1,095.10	–%	$	–
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	–%	$	–

Cambria Value and Momentum ETF
Actual	$	1,000.00	$	1,080.20	0.59%	$	3.09
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Sovereign Bond ETF
Actual	$	1,000.00	$	1,053.40	0.59%	$	3.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Emerging Shareholder Yield ETF
Actual	$	1,000.00	$	1,156.80	0.65%	$	3.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	0.65%	$	3.31

Cambria Tail Risk ETF
Actual	$	1,000.00	$	946.60	0.59%	$	2.89
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Trinity ETF
Actual	$	1,000.00	$	1,047.40	–%	$	–
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	–%	$	–

Cambria Cannabis ETF
Actual	$	1,000.00	$	998.30	0.42%	$	2.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09	0.42%	$	2.14

Cambria Global Real Estate ETF
Actual	$	1,000.00	$	991.20	0.59%	$	0.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	0.62

^(a)

The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half–year expenses.

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year 184/365 (to reflect the half–year period).

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Approval of Advisory Agreement & Board Considerations
	October 31, 2020 (Unaudited)

The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended an in-person meeting on March 16, 2017, called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “Agreement”) between Cambria Investment Management, L.P. (“Cambria”) and the Trust, with respect to a newly proposed series of the Trust: Cambria Global Real Estate ETF (formerly, Cambria Global REIT ETF) (the “New Fund”). Subsequent to this initial meeting, the Board considered and voted to approve the Agreement, with respect to the New Fund, in-person on March 14, 2018, and telephonically at meetings held on March 10 and March 19, 2020 (collectively, with the initial meeting, the “Meetings”). In preparation for its deliberations at each Meeting, the Board requested and reviewed written responses from Cambria to due diligence questionnaires circulated on the Board’s behalf relating to the New Fund. During its deliberations at each Meeting, the Board received an oral presentation from Cambria and was assisted by the advice of independent legal counsel.

In evaluating the Agreement, the Board reviewed information regarding Cambria’s personnel, operations, and financial condition. In addition, the Board considered the evaluation process of Cambria to be ongoing and, in this regard, the Board considered information about Cambria derived from prior meetings of the Board concerning Cambria’s performance and services with respect to other series of the Trust (the “Funds”) as part of the 15(c) review process for the New Fund. At each Meeting, the Board considered: (1) the nature, extent and quality of the services to be provided to the New Fund by Cambria; (2) the investment performance of Cambria with respect to existing Funds with similar investment strategies and other Funds with the same portfolio manager; (3) the costs of the services to be provided by Cambria and the expected profitability to Cambria to be derived from its relationship with the New Fund; (4) the advisory fee and total expense ratio of the New Fund compared to a relevant peer group of funds; (5) the extent to which economies of scale would be realized as the New Fund grows and whether the advisory fee would enable investors to share in the benefits of economies of scale; (6) benefits (such as soft dollars, if any) to be derived by Cambria and its affiliates from their relationship with the New Fund; (7) Cambria’s reputation, expertise and resources in the financial markets; (8) Cambria’s investment management personnel; (9) Cambria’s operations and financial condition; (10) Cambria’s compliance program; and (11) other factors the Board deemed relevant.

The discussion immediately below outlines in greater detail the materials and information presented to the Board in connection with its consideration and approval of the Agreement, and the conclusions made by the Board at the Meetings when determining to approve the Agreement for the New Fund.

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

Performance. The Board noted that, since the New Fund had not yet commenced investment operations, the New Fund had no investment performance. The Board considered, however, that Cambria has been relatively successful managing Funds with similar investment strategies and/or portfolio holdings. Representatives from Cambria provided information regarding and led discussions of factors that may impact the future performance of the New Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Board also discussed and considered the performance track record, investment experience, professional background and qualifications of the New Fund’s portfolio manager. The Board further noted that Cambria had performed extensive research on the strategies underlying the New Fund.

Comparative Fees and Expenses. The Board considered the New Fund’s proposed advisory fee in relation to the estimated costs of the advisory and related services to be provided by Cambria. The Trustees noted that the New Fund charges a unitary advisory fee through which, Cambria, not the New Fund, is responsible for paying many of the expenses necessary to service the New Fund, including the expenses of other service providers. In considering the advisory fee and expense ratio, the Board reviewed and considered the fees in light of the nature, quality and extent of the services to be provided by Cambria. Because the New Fund charges unitary advisory fees, the Board considered how the New Fund’s total expense ratio compared to those of the funds in its peer group, noting how differences between fund strategies might impact fees. After comparing expense ratios, the Board noted that the New Fund’s total expense ratio was slightly higher, but generally consistent, with the range of total expense ratios charged by its peer group of funds. The Board also considered Cambria’s representation that it would continue to monitor the New Fund’s expense ratio, as compared to those of its peer group, and seek to ensure that the New Fund remains competitive. Based on its review, in the context of its full deliberations, the Board concluded for the New Fund that the proposed advisory fee appeared reasonable in light of the services to be rendered.

72	www.cambriafunds.com

Cambria ETF Trust	Approval of Advisory Agreement & Board Considerations
	October 31, 2020 (Unaudited)

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

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

Economies of Scale. The Board next considered the absence of breakpoints in Cambria’s fee schedule for the New Fund and whether economies of scale would be realized by the New Fund as its assets grow larger. The Board determined that it is difficult to predict when economies of scale might be realized for Cambria and the New Fund, which had not launched yet. The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints, as assets managed by the New Fund grow larger.

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

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Trustees and Officers
	October 31, 2020 (Unaudited)

			Number of Funds in
Name, Address and	Position(s) Held with Trust, Term of Office, and	Principal Occupation(s)	Fund Complex Overseen by	Other Directorships
Year of Birth¹	Length of Time Served²	During the Past 5 Years	Trustee	Held by Trustee
INTERESTED TRUSTEE³
Mebane Faber	Chairperson of the Board,	Co-Founder and Chief	12	None.
YOB: 1977	Trustee and President of the	Investment Officer (2006 –
	Trust since 2018; Vice	present), Chief Executive
	President of the Trust	Officer (2018 – present),
	(2013 – 2018); no set Term	Cambria Investment
		Management, L.P.
INDEPENDENT TRUSTEES
Dennis G. Schmal	Trustee since 2013;	Self-employed consultant	12	Director, AssetMark Mutual Funds
YOB: 1947	no set term	(since 2003).		(since 2007); Trustee, Wells Fargo GAI
				Hedge Funds (2007 – 2019); Director
				and Chairman, Owens Realty Mortgage
				Inc. (real estate) (2013 – 2019);
				Director, Blue Calypso (e-commerce)
				(2015 – 2018); Director, Merriman
				Holdings Inc. (financial services) (2003 –
				2016); Director and Chairman, Pacific
				Metrics Corporation (educational
				services) (2005 – 2014).
Michael Venuto	Trustee since 2019;	CIO, Toroso Investments, LLC	12	None.
YOB: 1977	no set term	(since 2012).

	¹	Unless otherwise noted, the business address of each Trustee is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo, CA 90245. Trustees oversee 12 Funds in the Cambria ETF Trust.
	²	Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Trust Instrument.
	³	Denotes Trustee who is deemed to be an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his employment with and ownership interest in Cambria.

74	www.cambriafunds.com

Cambria ETF Trust	Trustees and Officers
	October 31, 2020 (Unaudited)

Name, Address	Position(s) Held with Trust,
and Age⁴	Term of Office, and Length of Time Served⁵	Principal Occupation(s) During Past 5 Years
OFFICERS⁶
Jonathan Keetz	Vice President since Nov. 2020; no set term	Vice President, Cambria Investment Management, L.P.
YOB: 1988		(since 2015).
Douglas Tyre	Chief Compliance Officer since May 2018; no set term	Compliance Director, Cipperman Compliance Services, LLC
YOB: 1980		(since 2014).
Kelly McEwen⁷	Treasurer and Principal Financial Officer since Sept. 2020;	Fund Controller (since Aug. 2019) and Vice President (since
YOB: 1984	no set term	Apr. 2020), ALPS Fund Services, Inc.; Assistant Director,
		Invesco Ltd. (2019); Assistant Vice President,
		OppenheimerFunds, Inc. (2015 – 2019).

⁴	Unless otherwise noted, the business address of each officer is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo, CA 90245.
⁵	Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Trust Instrument.
⁶	Officers oversee 12 Funds in the Cambria ETF Trust.
⁷	The business address for Ms. McEwen is ALPS Fund Services, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203.

Semi-Annual Report | October 31, 2020

Cambria ETF Trust	Supplemental Information
	October 31, 2020 (Unaudited)

Net asset value, or “NAV”, is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. A Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fund generally fluctuates in response to changes in its NAV, as well as market supply and demand. The data represented in the table below represents past performance and cannot be used to predict future results.

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	Market Price Cumulative	Market Price,
	One Year Total Return	Inception Date Return	End of Period
Cambria Shareholder Yield ETF	-4.62%	–		$ 34.72
Cambria Foreign Shareholder Yield ETF	-10.65%	–		19.70
Cambria Global Value ETF	-28.69%	–		15.90
Cambria Global Momentum ETF	-5.96%	–		23.64
Cambria Global Asset Allocation ETF	-0.28%	–		26.24
Cambria Value and Momentum ETF	-13.20%	–		17.41
Cambria Sovereign Bond ETF	-0.29%	–		24.45
Cambria Emerging Shareholder Yield ETF	-6.54%	–		28.06
Cambria Tail Risk ETF	7.63%	–		21.50
Cambria Trinity ETF	-7.56%	–		22.08
Cambria Cannabis ETF	-31.96%	–		10.96
Cambria Global Real Estate ETF	–	-3.79%		24.88

76	www.cambriafunds.com

Cambria ETF Trust	Supplemental Information
	October 31, 2020 (Unaudited)

FUND PROXY VOTING POLICIES & PROCEDURES

The Funds’ policies and procedures used to determine how to vote proxies relating to portfolio securities are available, without charge and upon request, by calling 855–ETF–INFO (383–4636). This information is also available on the SEC’s website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12–month period ended June 30, is also available without charge and upon request, by calling 855–ETF–INFO (383–4636) or accessing the Trust’s Forms N–PX on the SEC’s website at www.sec.gov.

PORTFOLIO HOLDINGS

The Funds file complete schedules of their portfolio holdings with the SEC for the first and third fiscal quarters on Form N-PORT. Copies of the Funds’ Form N-PORT reports are available, without charge and upon request, by calling 855–ETF–INFO (383–4636). This information is also available on the SEC’s website at www.sec.gov.

PREMIUM/DISCOUNT INFORMATION

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the most recently completed calendar quarters since that year end (or the life of the Fund, if shorter) are available on the Funds’ website at www.cambriafunds.com.

Semi-Annual Report | October 31, 2020

Investment Adviser:

Cambria Investment Management, L.P.

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

Distributor:

ALPS Distributors Inc.

1290 Broadway Suite 1000

Denver, CO 80203

Legal Counsel:

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 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.

(b)

Not Applicable.

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.

(a)

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Items 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1)

Not applicable for semi-annual report.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith.

(a)(3)

None.

(a)(4)

None.

(b)

Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) are filed herewith.

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/ Mebane Faber
		Mebane Faber
		President

Date:

January 7, 2021

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/ Mebane Faber
		Mebane Faber
		President

Date:	January 7, 2021

By:	(Signature and Title)	/s/ Kelly McEwen
		Kelly McEwen
		Principal Financial Officer

Date:

January 7, 2021

Cambria Cannabis ETF (TOKE) N-CSRSCertified semi-annual shareholder report (management investment company)