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, 2021

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 Global Tail Risk ETF (FAIL)

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, 2021

Cambria Investment Management

Table of Contents

Schedules of Investments
Cambria Shareholder Yield ETF	1
Cambria Foreign Shareholder Yield ETF	4
Cambria Global Value ETF	7
Cambria Global Momentum ETF	11
Cambria Global Asset Allocation ETF	13
Cambria Value and Momentum ETF	16
Cambria Global Tail Risk ETF	19
Cambria Emerging Shareholder Yield ETF	21
Cambria Tail Risk ETF	24
Cambria Trinity ETF	25
Cambria Cannabis ETF	28
Cambria Global Real Estate ETF	30
Statements of Assets and Liabilities	32
Statements of Operations	35
Statements of Changes in Net Assets	38
Financial Highlights	44
Notes to Financial Statements	56
Disclosure of Fund Expenses (Unaudited)	70
Supplemental Information (Unaudited)	72

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at 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, 2021 (Unaudited)

Sector Weightings
Cambria Shareholder Yield ETF
Financials	26.33	%
Consumer Discretionary	23.35	%
Materials	13.76	%
Industrials	10.93	%
Energy	7.92	%
Information Technology	7.36	%
Health Care	3.57	%
Communication Services	3.22	%
Consumer Staples	2.50	%
Utilities	1.06	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Shareholder Yield ETF	Shares		Value
Common Stocks (99.14%)

Communication Services (3.19%)
AMC Networks, Inc., Class A^(a)(b)		61,281	$	2,438,371
Discovery, Inc., Class C^(a)		80,289		1,811,320
Fox Corp., Class B		71,379		2,638,168
Lumen Technologies, Inc.^(b)		253,836		3,010,495
				9,898,354
Consumer Discretionary (23.15%)
Abercrombie & Fitch Co., Class A^(a)		68,698		2,716,319
Advance Auto Parts, Inc.		16,830		3,795,502
AutoNation, Inc.^(a)		31,977		3,873,054
Bed Bath & Beyond, Inc.^(a)(b)		115,444		1,620,834
Big 5 Sporting Goods Corp.^(b)		101,822		2,462,056
Big Lots, Inc.^(b)		53,361		2,361,224
Brunswick Corp.		29,007		2,700,262
Buckle, Inc.^(b)		87,516		3,642,416
Citi Trends, Inc.^(a)		42,075		3,254,922
Dillard's, Inc., Class A^(b)		29,403		6,796,209
Foot Locker, Inc.		44,055		2,100,102
Haverty Furniture Cos., Inc.^(b)		81,675		2,344,072
Hibbett, Inc.^(b)		34,006		2,633,425
LKQ Corp.		53,018		2,920,231
Penske Automotive Group, Inc.		36,729		3,895,110
PulteGroup, Inc.		62,469		3,003,510
Qurate Retail, Inc., Series A		266,211		2,779,243
Smith & Wesson Brands, Inc.		182,853		3,931,340
Sturm Ruger & Co., Inc.^(b)		39,798		3,139,266

	Shares		Value
Consumer Discretionary (continued)
Toll Brothers, Inc.		83,655	$	5,033,521
Tri Pointe Homes, Inc.^(a)		129,690		3,137,201
Whirlpool Corp.		17,424		3,673,502
				71,813,321
Consumer Staples (2.48%)
Nu Skin Enterprises, Inc., Class A^(b)		65,142		2,615,451
Tyson Foods, Inc., Class A		34,749		2,778,878
Walgreens Boots Alliance, Inc.		48,708		2,290,250
				7,684,579
Energy (7.86%)
Chevron Corp.		24,057		2,754,286
CVR Energy, Inc.		143,847		2,757,547
Delek US Holdings, Inc.^(a)		6		117
Helmerich & Payne, Inc.		104,841		3,254,265
HollyFrontier Corp.		80,982		2,737,191
Murphy Oil Corp.		224,433		6,245,970
Oasis Petroleum, Inc.		28,616		3,451,089
Valero Energy Corp.^(b)		40,887		3,161,792
				24,362,257
Financials (26.10%)
Aflac, Inc.		48,312		2,592,905
Allstate Corp.		22,374		2,766,993
Ally Financial, Inc.		55,638		2,656,158
Ameriprise Financial, Inc.		11,979		3,619,215
Assured Guaranty, Ltd.		59,499		3,306,954
Cathay General Bancorp		72,864		3,074,132
Citizens Financial Group, Inc.		54,945		2,603,294
Comerica, Inc.		41,877		3,563,314
Discover Financial Services		24,849		2,815,889
Federated Hermes, Inc.		86,922		2,895,372
Hilltop Holdings, Inc.		88,407		3,133,144
Hope Bancorp, Inc.		197,208		2,877,265
Investors Bancorp, Inc.		202,851		3,103,620
JPMorgan Chase & Co.		15,840		2,691,058
Lincoln National Corp.		41,580		2,999,997
MetLife, Inc.		41,382		2,598,790
PacWest Bancorp		76,824		3,646,835
PNC Financial Services Group, Inc.		13,860		2,924,876
SLM Corp.		157,410		2,888,473
Sterling Bancorp		129,690		3,300,611
SVB Financial Group^(a)		5,200		3,730,480
Synchrony Financial		61,281		2,846,502
Unum Group		89,496		2,279,463
US Bancorp		46,629		2,814,993
Voya Financial, Inc.		40,095		2,797,428

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	1

Cambria Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Financials (continued)
Webster Financial Corp.		53,757	$	3,008,242
Zions Bancorp NA		54,252		3,417,333
				80,953,336
Health Care (3.54%)
Biogen, Inc.^(a)		10,791		2,877,744
McKesson Corp.		13,266		2,757,736
Quest Diagnostics, Inc.		17,836		2,617,968
Universal Health Services, Inc., Class B		22,077		2,739,756
				10,993,204
Industrials (10.83%)
Acuity Brands, Inc.		19,305		3,965,826
Boise Cascade Co.		46,332		2,623,318
Cummins, Inc.		10,989		2,635,602
Eaton Corp. PLC		21,384		3,523,228
ManpowerGroup, Inc.		24,849		2,401,656
MSC Industrial Direct Co., Inc., Class A^(b)		27,918		2,347,066
nVent Electric PLC		90,189		3,197,200
Quanta Services, Inc.		34,749		4,214,359
Ryder System, Inc.		33,908		2,880,484
Snap-on, Inc.		12,177		2,474,731
Veritiv Corp.^(a)		31,066		3,332,450
				33,595,920
Information Technology (7.30%)
Apple, Inc.		32,472		4,864,306
Arrow Electronics, Inc.^(a)		23,265		2,692,924
HP, Inc.		95,634		2,900,579
Intel Corp.		56,133		2,750,517
Juniper Networks, Inc.		99,297		2,931,248
Sanmina Corp.^(a)		67,815		2,560,016
Western Union Co.^(b)		99,792		1,818,210
Xerox Holdings Corp.		119,493		2,126,975
				22,644,775
Materials (13.64%)
Cabot Corp.		57,123		3,047,512
Domtar Corp.^(a)		81,180		4,431,616
DuPont de Nemours, Inc.		41,382		2,880,187
Huntsman Corp.		93,258		3,038,346
International Paper Co.		48,015		2,384,905
Louisiana-Pacific Corp.		70,587		4,159,692
LyondellBasell Industries NV, Class A		28,215		2,618,916
Nucor Corp.		39,600		4,421,340
Reliance Steel & Aluminum Co.		17,523		2,561,162

	Shares		Value
Materials (continued)
Resolute Forest Products, Inc.		299,673	$	3,524,155
Schweitzer-Mauduit International, Inc.		77,157		2,688,150
Steel Dynamics, Inc.		60,192		3,977,487
Sylvamo Corp.^(a)		4,365		122,913
Worthington Industries, Inc.		44,946		2,441,467
				42,297,848
Utilities (1.05%)
UGI Corp.		74,943		3,253,276

Total Common Stocks
(Cost $295,331,143)				307,496,870

	Shares		Value
Short-Term Investment (5.31%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(c)(d)		16,458,630	$	16,458,630

Total Short-Term Investment
(Cost $16,458,630)				16,458,630

Total Investments (104.45%)
(Cost $311,789,773)			$	323,955,500

Liabilities Less Other Assets (-4.45%)				(13,785,647	)

Net Assets (100.00%)			$	310,169,853

Percentages based on Net Assets.

^(a)

Non-income producing security.

^(b)

This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $25,957,095.

^(c)

Rate shown is the 7-day effective yield as of October 31, 2021.

^(d)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $16,458,630.

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

2	www.cambriafunds.com

Cambria Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Investment Abbreviations:

PLC - Public Limited Company

As of October 31, 2021, 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, 2021 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, 2021

Cambria Foreign Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Financials	25.52	%
Materials	18.50	%
Industrials	13.60	%
Consumer Discretionary	7.83	%
Information Technology	7.60	%
Communication Services	7.41	%
Consumer Staples	7.01	%
Energy	6.73	%
Other	1.71	%
Real Estate	1.68	%
Utilities	1.47	%
Health Care	0.94	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Foreign Shareholder Yield ETF	Shares		Value
Common Stocks (95.04%)

Australia (5.99%)
AGL Energy, Ltd.		24,824	$	106,814
BHP Group, Ltd.		14,152		389,424
Challenger, Ltd.		85,405		445,865
Downer EDI, Ltd.		83,694		396,639
Fortescue Metals Group, Ltd.		34,394		360,408
Super Retail Group, Ltd.		45,559		443,132
Worley, Ltd.		29,551		240,525
				2,382,807
Belgium (2.14%)
Ageas SA		8,484		412,897
Solvay SA		3,683		437,677
				850,574
Canada (11.82%)
Canadian Natural Resources, Ltd.		11,600		493,019
Canadian Tire Corp., Ltd., Class A		2,900		411,896
Corus Entertainment, Inc., Class B		81,200		368,077
Finning International, Inc.		14,500		429,282
Great-West Lifeco, Inc.		10,161		298,935
Home Capital Group, Inc.^(a)		14,500		470,524
Imperial Oil, Ltd.		11,600		392,728
Labrador Iron Ore Royalty Corp.		16,948		490,665
Mullen Group, Ltd.		37,700		389,916
Suncor Energy, Inc.		11,600		305,090

	Shares		Value
Canada (continued)
Teck Resources, Ltd		23,200	$	647,485
				4,697,617
Denmark (1.42%)
Scandinavian Tobacco Group A/S, Class A^(b)		25,085		563,682

Finland (1.08%)
Sampo Oyj^(a)		8,091		430,248

France (5.80%)
AXA SA		14,355		417,516
Carrefour SA		21,112		382,068
Cie de Saint-Gobain		5,655		389,355
Metropole Television SA		17,110		376,992
Nexity SA		7,627		348,089
Rexel SA		19,778		392,336
				2,306,356
Germany (4.21%)
DWS Group GmbH & Co. KGaA^(b)		6,467		279,747
Evonik Industries AG		10,817		350,375
Freenet AG		16,356		421,261
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,095		620,472
				1,671,855
Great Britain (13.16%)
abrdn PLC		85,173		296,072
Aviva PLC		73,573		397,417
Berkeley Group Holdings PLC		3,802		226,601
BP PLC		85,231		408,484
British American Tobacco PLC		10,759		374,953
Direct Line Insurance Group PLC		65,079		260,423
Legal & General Group PLC		88,110		348,364
Man Group PLC		199,404		635,025
Mondi PLC		15,167		378,812
Persimmon PLC		9,425		350,971
Quilter PLC^(b)		133,545		284,379
Rio Tinto PLC		7,894		492,686
Tate & Lyle PLC		37,961		336,750
WPP PLC		30,508		440,898
				5,231,835
Hong Kong (8.10%)
China Resources Cement Holdings, Ltd.		188,500		158,931
Kingboard Holdings, Ltd.		72,500		317,284

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, 2021 (Unaudited)

	Shares		Value
Hong Kong (continued)
Kingboard Laminates Holdings, Ltd.		226,200	$	354,687
Kunlun Energy Co., Ltd.		490,100		448,495
Lee & Man Paper Manufacturing, Ltd.		406,000		304,741
New World Development Co., Ltd.		66,700		289,329
PC Partner Group, Ltd.		406,000		515,555
Shougang Fushan Resources Group, Ltd.		2,146,000		565,426
VTech Holdings, Ltd.		34,800		267,692
				3,222,140
Italy (3.63%)
Anima Holding SpA^(b)		72,529		384,843
Eni SpA		27,492		394,209
Unipol Gruppo SpA		67,048		385,213
UnipolSai Assicurazioni SpA		96,454		279,199
				1,443,464
Japan (18.91%)
Aozora Bank, Ltd.		14,500		331,538
Asahi Holdings, Inc.		20,300		362,096
Dai Nippon Printing Co., Ltd.		14,500		357,491
Dai-ichi Life Holdings, Inc.		20,300		427,729
Daiwabo Holdings Co., Ltd.		23,200		406,903
H.U. Group Holdings, Inc.		14,500		356,855
Isuzu Motors, Ltd.		29,000		389,041
Japan Tobacco, Inc.		14,500		284,402
Kewpie Corp.		17,400		380,899
Marubeni Corp.		43,500		366,854
Mixi, Inc.		14,500		331,410
Nippon Carbon Co., Ltd.		8,700		335,481
Nippon Electric Glass Co., Ltd.		17,400		443,034
Nippon Yusen KK		8,700		624,400
Nishimatsu Construction Co., Ltd.		11,600		334,337
Nitto Denko Corp.		5,800		451,889
Sumitomo Rubber Industries, Ltd.		29,000		356,473
Tama Home Co., Ltd.^(c)		14,500		298,333
Ube Industries, Ltd.		17,400		323,650
Yamato Holdings Co., Ltd.		14,500		355,837
				7,518,652
Luxembourg (3.26%)
APERAM SA		8,207		489,356
ArcelorMittal SA		13,108		444,585
RTL Group SA		6,264		361,191
				1,295,132
Netherlands (5.93%)
Aegon NV		82,447		417,930

	Shares		Value
Netherlands (continued)
ASR Nederland NV		8,976	$	419,824
Boskalis Westminster		12,093		360,672
Flow Traders^(b)		8,990		305,123
Koninklijke Ahold Delhaize NV		10,121		329,118
NN Group NV		9,802		524,858
				2,357,525
New Zealand (1.03%)
Fletcher Building, Ltd.		79,547		408,714

Norway (1.39%)
Telenor ASA		14,648		231,218
Yara International ASA		6,177		322,308
				553,526
Singapore (1.43%)
UMS Holdings, Ltd.		580,000		567,742

Spain (0.78%)
Repsol SA		24,273		310,227

Sweden (1.89%)
Betsson AB		69,716		485,447
Telia Co. AB^(c)		67,807		266,830
				752,277

Switzerland (3.07%)
Ferrexpo PLC		70,412		300,650
Holcim, Ltd.		7,105		354,707
Zurich Insurance Group AG		1,276		565,671
				1,221,028

Total Common Stocks
(Cost $35,893,659)				37,785,401

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	5

Cambria Foreign Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Short-Term Investment (1.05%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(d)(e)		417,830	$	417,830

Total Short-Term Investment
(Cost $417,830)				417,830

Total Investments (96.09%)
(Cost $36,311,489)			$	38,203,231

Other Assets Less Liabilities (3.91%)				1,555,581

Net Assets (100.00%)			$	39,758,812

Percentages based on Net Assets.

^(a)

Non-income producing security.

^(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2021, the fair value of securities restricted under Rule 144A in the aggregate was $1,817,774, representing 4.57% of net assets.

^(c)

This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $394,349.

^(d)

Rate shown is the 7-day effective yield as of October 31, 2021.

^(e)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $417,830.

Investment Abbreviations:

GmbH - German Company with limited liability

KGaA - German Master Limited Partnership

Oyj - Finnish public stock company

PLC - Public Limited Company

SpA - Italian Public Limited Company

For the period ended October 31, 2021 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, 2021 (Unaudited)

Sector Weightings
Cambria Global Value ETF
Financials	27.87	%
Materials	16.59	%
Utilities	16.03	%
Energy	9.58	%
Other	8.71	%
Consumer Staples	7.03	%
Industrials	5.73	%
Consumer Discretionary	3.44	%
Real Estate	2.68	%
Communication Services	2.34	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Value ETF	Shares		Value
Common Stocks (87.81%)

Austria (9.28%)
BAWAG Group AG^(a)		34,884	$	2,195,750
Erste Group Bank AG		21,594		926,117
Erste Group Bank AG^(b)		28,302		1,214,999
IMMOFINANZ AG		51,624		1,236,517
Raiffeisen Bank International AG		54,864		1,604,600
UNIQA Insurance Group AG		131,112		1,220,105
Voestalpine AG		43,848		1,664,607
Wienerberger AG		54,648		1,934,364
				11,997,059

Chile (5.14%)
Banco de Credito e Inversiones SA		29,604		996,888
CAP SA		202,068		2,000,063
Cencosud SA		787,536		1,152,020
Cia Cervecerias Unidas SA		127,116		1,065,009
Colbun SA		6,459,048		445,424
Empresa Nacional de Telecomunicaciones SA		178,632		612,421
Latam Airlines Group SA^(b)		252,936		369,159
				6,640,984

Czech Republic (9.00%)
CEZ AS		129,384		4,271,291
Komercni Banka AS^(b)		64,368		2,497,468
Moneta Money Bank AS^(a)(b)		792,072		3,096,414
Philip Morris CR AS		2,484		1,765,360
				11,630,533

	Shares		Value
Great Britain (6.87%)
Aviva PLC		185,436	$	1,001,664
Barratt Developments PLC		97,308		882,923
Direct Line Insurance Group PLC		249,264		997,465
J Sainsbury PLC		297,432		1,218,710
Kingfisher PLC		210,060		963,051
Legal & General Group PLC		273,456		1,081,175
M&G PLC		345,924		945,882
Persimmon PLC		23,760		884,781
Phoenix Group Holdings PLC		101,088		908,367
				8,884,018

Greece (7.99%)
FF Group^(b)(c)		25,407		0
Hellenic Petroleum SA		134,676		927,887
Hellenic Telecommunications
Organization SA		91,800		1,623,652
JUMBO SA		52,121		773,636
Karelia Tobacco Co. Inc SA		4,605		1,501,197
Motor Oil Hellas Corinth Refineries SA^(b)		99,792		1,693,482
Mytilineos SA		89,424		1,630,214
Public Power Corp. SA^(b)		200,772		2,175,871
				10,325,939

Poland (12.53%)
Alior Bank SA^(b)		205,848		3,248,453
Bank Polska Kasa Opieki SA		38,772		1,280,366
Eurocash SA		140,508		346,898
Grupa Lotos SA^(b)		62,671		973,606
Jastrzebska Spolka Weglowa SA^(b)(d)		227,988		2,960,104
KGHM Polska Miedz SA		41,580		1,598,730
PGE Polska Grupa Energetyczna SA^(b)		455,436		1,119,626
Polski Koncern Naftowy ORLEN SA		43,308		934,189
Powszechna Kasa Oszczednosci Bank Polski SA^(b)		112,212		1,372,538
Santander Bank Polska SA		11,124		1,033,033
Tauron Polska Energia SA^(b)		1,620,457		1,334,659
				16,202,202

Portugal (6.37%)
Altri SGPS SA		55,216		357,447
Corticeira Amorim SGPS SA		140,015		1,952,004
Energias de Portugal SA		349,522		1,973,372
Galp Energia SGPS SA		98,013		1,018,823
Greenvolt-Energias Renovaveis SA^(b)		994		7,837
Jeronimo Martins SGPS SA		32,236		730,392
Mota-Engil SGPS SA^(b)(d)		191,160		298,325

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	7

Cambria Global Value ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Portugal (continued)
Navigator Co. SA		262,764	$	1,026,695
NOS SGPS SA		162,540		633,963
REN - Redes Energeticas Nacionais SGPS SA		80,178		244,227
				8,243,085

Russia (9.98%)
Alrosa PJSC		1,311,552		2,310,929
Gazprom Neft PJSC		347,760		2,477,080
Gazprom PJSC		387,396		1,912,132
Rosneft Oil Co. PJSC		205,632		1,846,403
Sberbank of Russia PJSC		298,673		1,500,200
Severstal PAO		86,184		1,958,354
Unipro PJSC		23,284,368		895,938
				12,901,036

Singapore (6.88%)
CapitaLand Integrated Commercial Trust		65,148		103,869
Capitaland Investment, Ltd.^(b)		421,200		1,074,474
City Developments, Ltd.		162,000		879,377
ComfortDelGro Corp., Ltd.		583,200		674,669
Golden Agri-Resources, Ltd.		4,480,540		880,492
Jardine Cycle & Carriage, Ltd.		43,200		720,801
Oversea-Chinese Banking Corp., Ltd.		129,600		1,134,060
SATS, Ltd.^(b)		291,600		906,047
Sembcorp Industries, Ltd.		486,000		724,405
Sembcorp Marine, Ltd.^(b)		2,386,746		139,824
Singapore Airlines, Ltd.^(b)		151,200		583,048
United Overseas Bank, Ltd.		54,000		1,071,190
				8,892,256

Spain (7.78%)
Acciona SA		6,930		1,328,240
Banco Bilbao Vizcaya Argentaria SA		112,044		785,169
Banco Santander SA^(d)		155,636		589,493
CaixaBank SA		223,927		643,268
Enagas SA		36,746		824,295
Endesa SA		43,428		1,001,296
Ferrovial SA		25,057		789,612
Iberdrola SA		165,600		1,955,499
Mapfre SA		343,489		726,844
Naturgy Energy Group SA^(d)		53,924		1,416,904
				10,060,620

Turkey (5.99%)
Akbank TAS		910,141		554,756
Eregli Demir ve Celik Fabrikalari TAS		653,924		1,339,272
Haci Omer Sabanci Holding AS		654,666		757,217

	Shares		Value
Turkey (continued)
KOC Holding AS		348,999	$	855,981
Petkim Petrokimya Holding AS^(b)		1,915,064		1,300,746
Turkiye Halk Bankasi AS^(b)		942,631		434,352
Turkiye Is Bankasi AS, Class C		987,278		578,154
Turkiye Sise ve Cam Fabrikalari AS		900,722		811,343
Turkiye Vakiflar Bankasi TAO, Class D^(b)		955,707		341,963
Yapi ve Kredi Bankasi AS		2,716,135		771,276
				7,745,060

Total Common Stocks
(Cost $106,517,960)				113,522,792

	Shares		Value
Exchange Traded Funds (7.35%)

Colombia (7.35%)

Equity ETF (7.35%)
iShares^®MSCI Colombia ETF^*(d)		869,500		9,499,288

Total Exchange Traded Funds
(Cost $7,027,693)				9,499,288

	Shares		Value
Short-Term Investment (1.52%)
Fidelity Investments Money Market
Treasury Portfolio Institutional Class, 0.01%^(e)(f)		1,967,547	$	1,967,547

Total Short-Term Investment
(Cost $1,967,547)				1,967,547

Total Investments (96.68%)
(Cost $115,513,200)			$	124,989,627

Other Assets Less Liabilities (3.32%)				4,292,445

Net Assets (100.00%)			$	129,282,072

Percentages based on Net Assets.

The accompanying notes are an integral part of the financial statements.
8	www.cambriafunds.com

Cambria Global Value ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

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)

^(b)

Non-income producing security.

^(c)

Level 3 security in accordance with fair value hierarchy.

^(d)

This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $1,861,750.

^(e)

Rate shown is the 7-day effective yield as of October 31, 2021.

^(f)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $1,967,547.

Investment Abbreviations:

ETF- Exchange Traded Fund

PJSC - Private Joint Stock Company

PLC - Public Limited Company

MSCI - Morgan Stanley Capital International

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	9

Cambria Global Value ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2021 are as follows:

Security Name	Value at April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)		Value at October 31, 2021		Shares at October 31, 2021		Dividends
iShares MSCI
Colombia ETF	$	8,347,450	$	177,704	$	(74,865	)	$	1,037,665	$	11,334	$	9,499,288		869,500	$	33,319
	$	8,347,450	$	177,704	$	(74,865	)	$	1,037,665	$	11,334	$	9,499,288		869,500	$	33,319

Cambria Global Value ETF

Level 2 -

Other

Level 3 -

Level 1 - Quoted

Significant

Investments in Securities at

and Unadjusted

Observable

Unobservable

Value

Prices

Inputs

Inputs⁽¹⁾

Total

Common Stocks

Austria

11,997,059

–

11,997,059

Chile

6,640,984

–

6,640,984

Czech Republic

11,630,533

–

11,630,533

Great Britain

8,884,018

–

8,884,018

Greece

10,325,939

–

10,325,939

Poland

16,202,202

–

16,202,202

Portugal

8,243,085

–

8,243,085

Russia

12,901,036

–

12,901,036

Singapore

8,892,256

–

8,892,256

Spain

10,060,620

–

10,060,620

Turkey

7,745,060

–

7,745,060

Exchange Traded Funds

Colombia

9,499,288

–

9,499,288

Short-Term Investment

1,967,547

–

1,967,547

Total

124,989,627

–

124,989,627

For the period ended October 31, 2021 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.
10	www.cambriafunds.com

Cambria Global Momentum ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

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

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Momentum ETF	Shares		Value
Exchange Traded Funds (99.44%)
Global (27.73%)
Commodity ETF (15.03%)
Invesco DB Base Metals Fund^(a)		206,759	$	4,428,777
Invesco DB Energy Fund^(a)		272,445		4,969,397
				9,398,174
Equity ETF (12.70%)
Cambria Global Real Estate ETF^*(b)		131,692		4,295,582
Cambria Global Value ETF^*(b)		151,525		3,645,692
				7,941,274
International (14.35%)
Equity ETF (14.35%)
Cambria Emerging Shareholder Yield ETF^*(b)	142,248		5,078,182
Cambria Foreign Shareholder Yield ETF^*(b)		140,941		3,891,381
				8,969,563
North America (7.31%)
Commodity ETF (7.31%)
iShares® Global Energy ETF^(b)		157,358		4,571,250

United States (50.05%)

Commodity ETF (6.94%)
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		196,021		4,337,945

Equity ETF (43.11%)
Cambria Shareholder Yield ETF^*(b)		161,228		10,113,833
Cambria Value and Momentum ETF^*		310,429		7,816,602
Vanguard^® Small-Cap ETF^(b)		19,229		4,412,863
Vanguard^® Small-Cap Value ETF^(b)		26,035		4,607,414
				26,950,712

	Shares		Value
Equity ETF (continued)

Total Exchange Traded Funds
(Cost $51,528,879)			$	62,168,918

	Shares		Value
Short-Term Investment (10.47%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		6,547,246	$	6,547,246

Total Short-Term Investment
(Cost $6,547,246)		6,547,246

Total Investments (109.91%)
(Cost $58,076,125)	$	68,716,164

Liabilities Less Other Assets (-9.91%)		(6,199,444	)

Net Assets (100.00%)	$	62,516,720

Percentages based on Net Assets.

	^(a)	Non-income producing security.
	^(b)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $6,382,163.

	^(c)	Rate shown is the 7-day effective yield as of October 31, 2021.
	^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $6,547,246.

Investment Abbreviations:

ETF - Exchange Traded Fund

FTSE - Financial Times Stock Exchange

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	11

Cambria Global Momentum ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2021 are as follows:

								Change in
								Unrealized						Value at		Shares at
	Value at		Purchases		Proceeds			Appreciation/			Realized			October 31,		October 31,
Security Name	April 30, 2021		at Cost		from Sales			(Depreciation)			Gain/(Loss)			2021		2021		Dividends
Cambria Emerging Shareholder Yield ETF	$	5,783,508	$	125,240	$	(252,485	)	$	(632,156	)	$	54,075		$	5,078,182		142,248	$	256,579
Cambria Foreign Shareholder Yield ETF		4,020,942		94,724		(187,660	)		(62,093	)		25,468			3,891,381		140,941		145,977
Cambria Global Real Estate ETF		–		4,449,037		(102,332	)		(47,492	)		(3,631	)		4,295,582		131,692		19,932
Cambria Global Value ETF		3,553,933		88,828		(174,534	)		166,842			10,623			3,645,692		151,525		77,667
Cambria Shareholder Yield ETF		10,330,758		252,592		(488,925	)		(183,083	)		202,491			10,113,833		161,228		88,682
Cambria Value and Momentum ETF		3,875,793		4,039,263		(360,076	)		246,552			15,070			7,816,602		310,429		29,869
	$	27,564,934	$	9,049,684	$	(1,566,012	)	$	(511,430	)	$	304,096		$	34,841,272		1,038,063	$	618,706

For the period ended October 31, 2021 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.
12	www.cambriafunds.com

Cambria Global Asset Allocation ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

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

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Asset Allocation ETF	Shares		Value
Exchange Traded Funds (99.18%)
Global (16.08%)
Commodity ETF (0.90%)
Graniteshares Gold Trust^(a)(b)		26,697	$	472,270

Equity ETF (14.75%)
Alpha Architect Value Momentum Trend ETF		34,254		948,264
Cambria Global Real Estate ETF^*		120,054		3,915,969
Cambria Global Value ETF^*		118,800		2,858,328
				7,722,561
Fixed Income ETF (0.43%)
Cambria Global Tail Risk Bond ETF*^(a)		10,072		224,203

International (32.36%)
Equity ETF (16.50%)
Alpha Architect International Quantitative Momentum ETF^(b)		35,079		1,233,241
Cambria Emerging Shareholder Yield ETF^*(b)		141,669		5,057,512
Cambria Foreign Shareholder Yield ETF^*		85,173		2,351,627
				8,642,380
Fixed Income ETF (15.86%)
SPDR^®FTSE International Government Inflation- Protected Bond ETF^(b)		25,311		1,398,686
VanEck Emerging Markets High Yield Bond ETF		77,550		1,771,242
VanEck International High Yield Bond ETF		38,709		947,360
VanEck J. P. Morgan EM Local Currency Bond ETF		67,584		1,989,673

	Shares		Value
Fixed Income ETF (continued)
Vanguard^®Total International Bond ETF^(b)		38,808	$	2,199,249
				8,306,210
United States (50.74%)

Commodity ETF (9.24%)
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		218,691		4,839,632

Equity ETF (18.78%)
Alpha Architect US Quantitative Momentum ETF^(a)(b)		42,207		2,214,268
Cambria Shareholder Yield ETF^*		81,939		5,140,033
Cambria Value and Momentum ETF^*		98,439		2,478,694
				9,832,995
Fixed Income ETF (22.72%)
iShares^®Short Treasury Bond ETF^(b)		8,283		914,774
Schwab US TIPS Bond ETF		24,717		1,556,677
Vanguard^®Intermediate-Term Corporate Bond ETF^(b)		15,939		1,496,513
Vanguard^®Intermediate-Term Government Bond ETF		27,489		1,841,763
Vanguard^®Long-Term Treasury Bond ETF^(b)		19,371		1,728,474
Vanguard^®Short-Term Corporate Bond ETF		11,682		956,522
Vanguard^®Total Bond Market ETF		39,897		3,406,406
				11,901,129
Total Exchange Traded Funds
(Cost $45,035,132)				51,941,380

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	13

Cambria Global Asset Allocation ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Short-Term Investment (10.23%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		5,358,978	$	5,358,978

Total Short-Term Investment
(Cost $5,358,978)				5,358,978

Total Investments (109.41%)
(Cost $50,394,110)			$	57,300,358

Liabilities Less Other Assets (-9.41%)
				(4,930,279	)

Net Assets (100.00%)			$	52,370,079

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)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $5,209,068.
^(c)	Rate shown is the 7-day effective yield as of October 31, 2021.
^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $5,358,978.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

The accompanying notes are an integral part of the financial statements.
14	www.cambriafunds.com

Cambria Global Asset Allocation ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2021 are as follows:

Security Name	Value at April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)		Value at October 31, 2021		Shares at October 31, 2021		Dividends
Cambria Emerging Shareholder Yield ETF	$	5,622,843	$	168,510	$	(152,402	)	$	(611,337	)	$	29,898	$	5,057,512		141,669	$	259,491
Cambria Foreign Shareholder Yield ETF		2,372,077		73,351		(69,868	)		(26,853	)		2,920		2,351,627		85,173		89,521
Cambria Global Real Estate ETF		3,801,330		118,104		(115,498	)		86,905			25,128		3,915,969		120,054		96,858
Cambria Global Tail Risk ETF		235,634		–		–			(11,431	)		–		224,203		10,072		–
Cambria Global Value ETF		2,720,057		85,068		(83,304	)		132,696			3,811		2,858,328		118,800		61,593
Cambria Shareholder Yield ETF		5,125,284		158,292		(153,549	)		(69,435	)		79,441		5,140,033		81,939		45,789
Cambria Value and Momentum ETF		2,271,007		72,595		(72,294	)		181,882			25,504		2,478,694		98,439		9,609
	$	22,148,232	$	675,920	$	(646,915	)	$	(317,573	)	$	166,702	$	22,026,366		656,146	$	562,861

For the period ended October 31, 2021 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, 2021	15

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Value and Momentum ETF
Financials	25.48	%
Consumer Discretionary	21.61	%
Energy	14.85	%
Materials	13.04	%
Industrials	12.29	%
Health Care	4.89	%
Information Technology	3.85	%
Consumer Staples	2.27	%
Communication Services	0.88	%
Real Estate	0.84	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Value and Momentum ETF	Shares		Value
Common Stocks (93.68%)
Communication Services (0.83%)
IDT Corp.^(a)		4,085	$	197,592

Consumer Discretionary (20.25%)
Bed Bath & Beyond, Inc.^(a)(b)		7,749		108,796
Big 5 Sporting Goods Corp.^(b)		15,118		365,553
Buckle, Inc.^(b)		5,510		229,326
Century Communities, Inc.		2,793		187,299
Citi Trends, Inc.^(a)(b)		2,128		164,622
Container Store Group, Inc.^(a)		10,317		114,106
Dick's Sporting Goods, Inc.		1,311		162,839
Dillard's, Inc., Class A		1,824		421,599
Ethan Allen Interiors, Inc.		5,966		138,471
G-III Apparel Group, Ltd.^(a)		5,377		154,105
Green Brick Partners, Inc.^(a)		6,315		164,506
Group 1 Automotive, Inc.		1,083		194,723
Haverty Furniture Cos., Inc.		4,921		141,233
Hibbett, Inc.		3,402		263,451
Hovnanian Enterprises, Inc., Class A^(a)		1,653		139,282
Kohl's Corp.		3,230		156,752
Macy's, Inc.		7,733		204,693
MarineMax, Inc.^(a)		3,211		166,298
Movado Group, Inc.		5,434		180,952
Rent-A-Center, Inc., Class A		4,160		221,562
Shoe Carnival, Inc.		4,750		160,882
Smith & Wesson Brands, Inc.		8,549		183,803

	Shares		Value

Consumer Discretionary (continued)
TravelCenters of America, Inc.^(a)		5,529	$	298,068
Vista Outdoor, Inc.^(a)		7,108		297,399
				4,820,320
Consumer Staples (2.13%)
Sanderson Farms, Inc.		950		179,978
United Natural Foods, Inc.^(a)		7,547		327,464
				507,442
Energy (13.91%)
Antero Resources Corp.^(a)		14,900		296,063
Centennial Resource Development, Inc., Class A^(a)		36,917		265,802
CONSOL Energy, Inc.^(a)		7,201		198,099
Green Plains, Inc.^(a)		7,353		279,046
Marathon Oil Corp.		14,269		232,870
Matador Resources Co.		12,800		535,680
Oasis Petroleum, Inc.		1,881		226,849
Ovintiv, Inc.		12,592		472,452
Patterson-UTI Energy, Inc.		22,325		191,102
PDC Energy, Inc.		3,876		202,754
SandRidge Energy, Inc.^(a)(b)		15,827		202,586
Whiting Petroleum Corp.^(a)		3,211		209,132
				3,312,435
Financials (23.87%)
Ally Financial, Inc.		3,496		166,899
American Financial Group, Inc.		1,406		191,272
American National Group, Inc.		931		176,620
Berkshire Hills Bancorp, Inc.		6,422		174,357
Cadence Bank		5,014		145,509
Capital One Financial Corp.		1,121		169,305
CIT Group, Inc.		3,382		167,510
CNO Financial Group, Inc.		6,645		160,410
Cowen, Inc.		5,629		212,382
Customers Bancorp, Inc.^(a)		5,244		279,453
Donnelley Financial Solutions, Inc.^(a)		6,213		238,082
Great Western Bancorp, Inc.		5,282		179,852
Hanmi Financial Corp.		8,455		187,616
Jefferies Financial Group, Inc.		4,864		209,152
Meta Financial Group, Inc.		4,195		232,571
Morgan Stanley		2,194		225,499
Mr Cooper Group, Inc.^(a)		9,977		437,392
PacWest Bancorp		4,256		202,032
Regions Financial Corp.		8,607		203,814
Silvergate Capital Corp., Class A^(a)		2,526		395,622
SLM Corp.		8,588		157,590
State Auto Financial Corp.		3,534		181,330

The accompanying notes are an integral part of the financial statements.
16	www.cambriafunds.com

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Financials (continued)
Sterling Bancorp		6,935	$	176,496
Stewart Information Services Corp.		2,527		179,847
SuRo Capital Corp.^(b)		9,416		135,025
SVB Financial Group^(a)		437		313,504
Synovus Financial Corp.		3,952		184,124
				5,683,265
Health Care (4.58%)
Civitas Solutions, Inc.^(a)		7,976		447,772
Community Health Systems, Inc.^(a)		11,362		148,842
Fulgent Genetics, Inc.^(a)(b)		1,501		124,463
Owens & Minor, Inc.		10,303		369,672
				1,090,749
Industrials (11.51%)
ArcBest Corp.		3,439		308,994
Atkore, Inc.^(a)		1,900		179,607
Boise Cascade Co.		3,952		223,762
Infrastructure and Energy Alternatives, Inc.^(a)(b)		10,123		112,062
Manitowoc Co., Inc.^(a)		8,398		179,969
MasTec, Inc.^(a)		1,862		165,960
MYR Group, Inc.^(a)		2,489		254,252
Quanta Services, Inc.		3,633		440,610
Resideo Technologies, Inc.^(a)		7,559		186,405
RR Donnelley & Sons Co.^(a)		41,800		267,520
Veritiv Corp.^(a)		3,933		421,893
				2,741,034
Information Technology (3.61%)
Amkor Technology, Inc.		10,965		240,353
Aviat Networks, Inc.^(a)		4,902		140,197
Kulicke & Soffa Industries, Inc.		2,755		157,035
SYNNEX Corp.		1,482		155,610
Turtle Beach Corp.^(a)		5,788		166,463
				859,658
Materials (12.21%)
AdvanSix, Inc.		6,042		293,641
Alcoa Corp.		6,702		307,957
Alpha Metallurgical Resources, Inc.^(a)		3,610		223,062
Domtar Corp.^(a)		3,287		179,437
Intrepid Potash, Inc.^(a)		5,187		252,659
Louisiana-Pacific Corp.		3,173		186,985
Nucor Corp.		1,843		205,771
Olympic Steel, Inc.		6,194		167,052
Resolute Forest Products, Inc.		18,126		213,162

	Shares		Value
Materials (continued)
Schnitzer Steel Industries, Inc., Class A		4,351	$	234,084
Steel Dynamics, Inc.		3,021		199,628
TimkenSteel Corp.^(a)		16,454		229,533
United States Steel Corp.		8,151		215,105
				2,908,076
Real Estate (0.78%)
Jones Lang LaSalle, Inc.^(a)		722		186,442

Total Common Stocks
(Cost $17,858,954)				22,307,013

		Shares		Value
Short-Term Investment (4.50%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		1,070,627	$	1,070,627

Total Short-Term Investment
(Cost $1,070,627)				1,070,627

Total Investments (98.18%)
(Cost $18,929,581)			$	23,377,640

Other Assets Less Liabilities (1.82%)				433,577

Net Assets (100.00%)			$	23,811,217

Percentages based on Net Assets.

	^(a)	Non-income producing security.
	^(b)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $724,728.
	^(c)	Rate shown is the 7-day effective yield as of October 31, 2021.
	^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $1,070,627.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	17

Cambria Value and Momentum ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

The open futures contracts held by the Fund as of October 31, 2021 are as follows:

Type of	Number of Contracts		Expiration	Notional			Notional			Unrealized
Contract	Short		Date	Amount			Value			Depreciation
S&P^®500 Mini Future		40	Dec-2021	$	(8,938,416	)	$	(9,194,000	)	$	(255,584	)

For the period ended October 31, 2021, the monthly average notional value of the short equity futures contracts held was $(9,933,335) and the ending notional value of the futures contacts was $(9,194,000).

For the period ended October 31, 2021 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.
18	www.cambriafunds.com

Cambria Global Tail Risk ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Global Tail Risk ETF
Exchange Traded Funds	75.08	%
Sovereign Debt	16.51	%
Purchased Options	8.41	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Tail Risk ETF	Shares		Value

Exchange Traded Funds (72.91%)
International (27.10%)
Fixed Income ETF (27.10%)
VanEck J. P. Morgan EM Local Currency Bond ETF		24,910	$	733,350
Vanguard^®Total International Bond ETF		13,635		772,696
				1,506,046
United States (45.81%)
Fixed Income ETF (45.81%)
iShares^®7-10 Year Treasury Bond ETF		10,981		1,258,752
iShares^®TIPS Bond ETF^(a)		10,000		1,286,700
				2,545,452
Total Exchange Traded Funds
(Cost $4,060,069)				4,051,498

	Currency	Face Amount		Value
Sovereign Debt (16.03%)
Turkey Government Bond,
8.500%, 9/14/2022	TRY		4,641,000		451,356
Colombian TES
7.000%, 5/4/2022	COP		819,000,000		221,167
7.500%, 8/26/2026	COP		812,500,000		218,506
					891,029

Total Sovereign Debt
(Cost $1,530,301)					891,029

		Notional
	Contracts	Amount		Value
Purchased Options (8.16%)
Put Options
MSCI EAFE Index-MXEA US
Expires 12/16/21, Strike
Price $2,100	3	$	700,659	$	2,085
Expires 03/17/22, Strike
Price $2,150	18		4,203,952		70,920
Expires 06/17/22, Strike
Price $2,200	9		2,101,976		77,265
Expires 09/16/22, Strike
Price $2,200	3		700,659		33,810
MSCI Emerging Markets Index-MXEF US
Expires 12/17/21, Strike
Price $1,300	3		379,426		15,915
Expires 03/18/22, Strike
Price $1,250	20		2,529,508		116,600
Expires 06/17/22, Strike
Price $1,250	9		1,138,278		75,510
Expires 09/15/22, Strike
Price $1,200	7		885,328		61,460

Total Purchased Options
(Cost $678,004)					453,565

	Shares		Value
Short-Term Investment (5.40%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(b)(c)		299,863	$	299,863

Total Short-Term Investment
(Cost $299,863)				299,863

Total Investments (102.50%)
(Cost $6,568,237)			$	5,695,955

Liabilities Less Other Assets (-2.50%)				(138,649	)

Net Assets (100.00%)			$	5,557,306

Percentages based on Net Assets.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	19

Cambria Global Tail Risk ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	^(a)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $295,941.
	^(b)	Rate shown is the 7-day effective yield as of October 31, 2021.
	^(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $299,863.

Currency Abbreviations:

COP — Colombian Peso

TRY— Turkish Lira

Investment Abbreviations:

EAFE - Europe, Australasia and Far East

ETF - Exchange Traded Funds

MSCI - Morgan Stanley Capital International

MXEA - Ticker for MSCI EAFE Index

MXEF - Ticker for MSCI Emerging Markets Index

TIPS - Treasury Inflation Protected Security

Cambria Global 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
Exchange Traded Funds	$	4,051,498	$	–	$	–	$	4,051,498
Sovereign Debt		–		891,029		–		891,029
Short-Term Investment		299,863		–		–		299,863
Total	$	4,351,361	$	891,029	$	–	$	5,242,390
Other Financial Instruments
Purchased Options	$	453,565	$	–	$	–	$	453,565
Total	$	453,565	$	–	$	–	$	453,565

As of October 31, 2021, all of the Fund's investments in securities were considered Level 1 or 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, 2021 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.
20	www.cambriafunds.com

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Materials	28.33	%
Information Technology	23.03	%
Industrials	12.69	%
Consumer Discretionary	11.54	%
Energy	8.70	%
Financials	4.75	%
Utilities	3.99	%
Consumer Staples	3.14	%
Real Estate	1.48	%
Communication Services	0.98	%
Other	0.78	%
Health Care	0.59	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Emerging Shareholder Yield ETF	Shares		Value
Common Stocks (97.05%)
Australia (1.34%)
BHP Group PLC		43,296	$	1,140,974

Brazil (0.78%)
Camil Alimentos SA		384,000		662,702

China (16.55%)
Angang Steel Co., Ltd., Class H		1,632,000		878,874
Anhui Conch Cement Co., Ltd., Class H		96,000		477,502
Bank of Communications Co., Ltd., Class H		960,000		571,274
China Hongqiao Group, Ltd.		638,400		709,744
China Lilang, Ltd.		960,000		546,597
China Medical System Holdings, Ltd.		288,000		490,827
China Petroleum & Chemical Corp., ADR		9,399		457,543
China Sanjiang Fine Chemicals Co., Ltd.		1,790,400		538,466
China Shenhua Energy Co., Ltd., Class H		336,000		723,779
Fufeng Group, Ltd.		1,344,000		464,669
Greatview Aseptic Packaging Co., Ltd.		1,344,000		552,767

	Shares		Value
China (continued)
Greenland Hong Kong Holdings, Ltd.		2,064,000	$	440,362
Greentown Management Holdings Co., Ltd.^(a)(b)		1,680,000		829,150
JNBY Design, Ltd.^(b)		456,000		765,421
Lonking Holdings, Ltd.		2,064,000		604,835
Qingdao Port International Co., Ltd., Class H^(a)(b)		960,000		482,437
Shenzhen Expressway Co., Ltd., Class H		672,000		633,090
Sinopec Shanghai Petrochemical Co., Ltd., ADR		16,474		384,833
Sinotruk Hong Kong, Ltd.		360,000		496,935
Tianneng Power International, Ltd.^(c)		288,000		329,069
Xinte Energy Co., Ltd.^(c)		307,200		989,057
Yanzhou Coal Mining Co., Ltd., Class H		768,000		1,139,094
Zhejiang Expressway Co., Ltd., Class H		672,000		596,815
				14,103,140

Colombia (0.75%)
Banco De Bogota Sa		31,920		643,361

Czech Republic (0.95%)
O2 Czech Republic AS		70,608		810,903

India (9.92%)
Balrampur Chini Mills, Ltd.^(d)		234,816		1,025,265
Cosmo Films, Ltd.		42,144		890,142
GHCL, Ltd.		139,392		785,835
HSIL, Ltd.		339,072		1,077,695
Phillips Carbon Black, Ltd.^(d)		343,824		1,009,231
Polyplex Corp., Ltd.		58,416		1,315,430
Redington India, Ltd.		575,328		1,104,077
Vedanta, Ltd.		305,520		1,240,338
				8,448,013
Russia (16.05%)
Alrosa PJSC		431,040		759,484
Beluga Group PJSC		16,272		906,582
Federal Grid Co. Unified Energy System PJSC		262,560,000		686,606
Gazprom Neft PJSC		178,560		1,271,876
Gazprom PJSC		338,400		1,670,294
Inter RAO UES PJSC		8,832,000		598,517
LUKOIL PJSC		13,728		1,401,796

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	21

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Russia (continued)
Magnitogorsk Iron & Steel Works PJSC		1,248,000	$	1,164,870
Novolipetsk Steel PJSC		366,720		1,156,890
OGK-2 PJSC		75,360,000		744,060
Sberbank of Russia PJSC		221,280		1,111,464
Severstal PAO		68,160		1,548,796
Unipro PJSC		16,992,000		653,820
				13,675,055
South Africa (9.52%)
AECI, Ltd.		132,432		974,491
African Rainbow Minerals, Ltd.		121,536		1,619,393
Exxaro Resources, Ltd.		47,472		519,783
Impala Platinum Holdings, Ltd.		81,072		1,050,831
Kumba Iron Ore, Ltd.		23,712		720,596
Motus Holdings, Ltd.		152,304		1,016,324
Reunert, Ltd.		275,462		914,480
Truworths International, Ltd.		366,298		1,293,014
				8,108,912
South Korea (8.23%)
Chungdahm Learning, Inc.		33,360		984,913
Hanmi Semiconductor Co., Ltd.		54,912		1,510,779
Huchems Fine Chemical Corp.		50,064		1,128,909
Iones Co., Ltd.		109,440		809,175
Kolon Global Corp.		45,264		1,007,115
Motonic Corp.		69,936		664,318
SSANGYONG C&E Co., Ltd.		134,689		904,804
				7,010,013
Taiwan (24.82%)
ASROCK, Inc.		192,000		1,197,907
Asustek Computer, Inc.		48,000		609,310
Catcher Technology Co., Ltd.		96,000		555,801
Chenbro Micom Co., Ltd.		288,000		778,812
Chicony Electronics Co., Ltd.		240,000		685,258
CyberPower Systems, Inc.		144,000		390,960
Dimerco Express Corp.		414,720		1,284,046
Generalplus Technology, Inc.		336,000		792,621
Gigabyte Technology Co., Ltd.		144,000		582,556
Global Mixed Mode Technology, Inc.		144,000		1,162,522
Holy Stone Enterprise Co., Ltd.		240,000		1,018,394
Huaku Development Co., Ltd.		240,000		785,371
ITE Technology, Inc.		307,200		1,148,886
Micro-Star International Co., Ltd.		158,400		797,454
Nantex Industry Co., Ltd.		336,000		984,735
Nishoku Technology, Inc.		240,000		730,136

	Shares		Value
Taiwan (continued)
O-TA Precision Industry Co., Ltd.		144,000	$	901,020
Radiant Opto-Electronics Corp.		192,000		671,795
Sea Sonic Electronics Co., Ltd.		302,400		864,513
Sunonwealth Electric Machine Industry Co., Ltd.		336,000		465,182
Systex Corp.		240,000		744,808
TA-I Technology Co., Ltd.		336,000		767,247
Thinking Electronic Industrial Co., Ltd.		144,000		880,306
Topco Scientific Co., Ltd.		192,000		952,802
Transcend Information, Inc.		240,000		582,556
Tripod Technology Corp.		192,000		811,263
				21,146,261
Thailand (0.72%)
Tisco Financial Group PLC		220,800		613,842

Turkey (7.42%)
Aksa Akrilik Kimya Sanayii AS		355,680		867,187
Dogus Otomotiv Servis ve Ticaret AS		239,040		903,051
Enerjisa Enerji AS^(a)(b)		509,232		622,901
Eregli Demir ve Celik Fabrikalari TAS		497,424		1,018,752
Is Yatirim Menkul Degerler AS		981,168		1,632,899
Tofas Turk Otomobil Fabrikasi AS		208,848		1,277,331
				6,322,121
Total Common Stocks
(Cost $77,209,008)				82,685,297

The accompanying notes are an integral part of the financial statements.
22	www.cambriafunds.com

Cambria Emerging Shareholder Yield ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Short-Term Investment (1.25%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(e)(f)		1,068,336	$	1,068,336

Total Short-Term Investment
(Cost $1,068,336)				1,068,336

Total Investments (98.30%)
(Cost $78,277,344)			$	83,753,633

Other Assets Less Liabilities (1.70%)				1,447,768

Net Assets (100.00%)			$	85,201,401

Percentages based on Net Assets.

^(a)

^(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, 2021, the aggregate market value of those securities was $2,699,909 representing 3.17% of the Fund's net assets.

^(c)

This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $985,824.

^(d)

Non-income producing security.

^(e)

Rate shown is the 7-day effective yield as of October 31, 2021.

^(f)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $1,068,336.

Investment Abbreviations:

ADR - American Depository Receipt

AS - Turkish Joint Stock Companies

PAO - Russian Public Stock Companies

PJSC - Private Joint Stock Company

PLC - Public Limited Company

SA - Brazilian Limited Liability Corporation

TAS - Turkish Joint Stock Companies

For the period ended October 31, 2021 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, 2021	23

Cambria Tail Risk ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	94.54	%
Purchased Options	5.46	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Tail Risk ETF	Face Amount		Value
U.S. Treasury Obligations (92.53%)
U.S. Treasury Bond, 0.625%, 5/15/2030	$	307,216,000	$	285,435,000
United States Treasury Inflation Indexed Bonds, 0.125%, 7/15/2030		16,699,432		18,580,289
				304,015,289

Total U.S. Treasury Obligations
(Cost $315,833,272)				304,015,289

			Notional
	Contracts		Amount		Value
Purchased Options (5.34%)
Put Options
S&P 500® Index
Expires 12/16/21, Strike Price $4,100		25	$	11,513,450	$	45,875
Expires 03/17/22, Strike Price $4,100		76		35,000,888		600,780
Expires 03/18/22, Strike Price $3,900		138		63,554,244		787,290
Expires 06/16/22, Strike Price $4,100		95		43,751,110		1,304,350
Expires 06/17/22, Strike Price $3,900		244		112,371,272		2,569,320
Expires 09/15/22, Strike Price $4,100		400		184,215,200		7,494,000
Expires 12/15/22, Strike Price $4,000		88		40,527,344		1,823,800

			Notional
	Contracts		Amount		Value
Purchased Options (continued)
Expires 12/15/22, Strike Price $4,200		115	$	52,961,870	$	2,933,650

Total Purchased Options
(Cost $28,144,085)						17,559,065

Total Investments (97.87%)
(Cost $343,977,357)					$	321,574,354

Other Assets Less Liabilities (2.13%)						6,991,214

Net Assets (100.00%)					$	328,565,568

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	$	–	$	304,015,289	$	–	$	304,015,289
Total	$	–	$	304,015,289	$	–	$	304,015,289
Other Financial
Instruments
Purchased Options	$	17,559,065	$	–	$	–	$	17,559,065
Total	$	17,559,065	$	–	$	–	$	17,559,065

For the period ended October 31, 2021 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, 2021 (Unaudited)

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

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Trinity ETF	Shares		Value
Exchange Traded Funds (98.45%)
Global (19.86%)
Alternative ETF (1.03%)
iM DBi Managed Futures Strategy ETF		16,281	$	473,289

Commodity ETF (5.24%)
Invesco DB Base Metals Fund^(a)		58,245		1,247,608
Invesco DB Energy Fund^(a)		63,657		1,161,103
				2,408,711
Equity ETF (13.59%)
Alpha Architect Value Momentum Trend ETF		32,405		897,077
Cambria Global Real Estate ETF^*(b)		78,263		2,552,814
Cambria Global Value ETF^*		116,479		2,802,485
				6,252,376
International (18.88%)
Equity ETF (13.71%)
Cambria Emerging Shareholder Yield ETF^*(b)		84,632		3,021,320
Cambria Foreign Shareholder Yield ETF*^(b)		118,974		3,284,872
				6,306,192
Fixed Income ETF (5.17%)
SPDR^®FTSE International Government Inflation-Protected Bond ETF^(b)		15,576		860,730
VanEck J. P. Morgan EM Local Currency Bond ETF		51,612		1,519,457
				2,380,187
North America (2.55%)
Commodity ETF (2.55%)
iShares^®Global Energy ETF^(b)		40,359		1,172,429

	Shares		Value
United States (57.16%)
Alternative ETF (5.96%)
First Trust Managed Futures Strategy Fund^(b)		25,144	$	1,207,347
WisdomTree Managed Futures Strategy Fund		42,219		1,531,705
				2,739,052
Commodity ETF (7.81%)
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		162,373		3,593,315

Equity ETF (29.35%)
Cambria Shareholder Yield ETF^*		90,007		5,646,139
Cambria Value and Momentum ETF^*		216,499		5,451,445
Vanguard^® Small-Cap ETF		5,115		1,173,842
Vanguard^® Small-Cap Value ETF		6,930		1,226,402
				13,497,828
Fixed Income ETF (14.04%)
Schwab US TIPS Bond ETF		12,708		800,350
Vanguard^® Intermediate-Term Government Bond ETF		51,678		3,462,426
Vanguard^® Total Bond Market ETF		25,725		2,196,400
				6,459,176

Total Exchange Traded Funds
(Cost $39,798,719)				45,282,555

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	25

Cambria Trinity ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
Short-Term Investment (5.00%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		2,300,540	$	2,300,540

Total Short-Term Investment
(Cost $2,300,540)				2,300,540

Total Investments (103.45%)
(Cost $42,099,259)			$	47,583,095

Liabilities Less Other Assets (-3.45%)
				(1,589,038	)
Net Assets (100.00%)
			$	45,994,057

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)	Non-income producing security.
	^(b)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $2,224,057.
	^(c)	Rate shown is the 7-day effective yield as of October 31, 2021.
	^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $2,300,540.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

The accompanying notes are an integral part of the financial statements.
26	www.cambriafunds.com

Cambria Trinity ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2021 are as follows:

							Change in
							Unrealized					Value at		Shares at
	Value at		Purchases		Proceeds		Appreciation/			Realized		October 31,		October 31,
Security Name	April 30, 2021		at Cost		from Sales		(Depreciation)			Gain/(Loss)		2021		2021		Dividends
Cambria Emerging Shareholder Yield ETF	$	3,257,557	$	101,268	$	–	$	(337,505	)	$	–	$	3,021,320		84,632	$	150,459
Cambria Foreign Shareholder Yield ETF		3,213,038		104,816		–		(32,982	)		–		3,284,872		118,974		121,370
Cambria Global Real Estate ETF		1,490,084		1,030,215		–		32,515			–		2,552,814		78,263		42,502
Cambria Global Tail Risk ETF		–		–		–		–			–		–		–		–
Cambria Global Value ETF		2,586,481		85,190		–		130,814			–		2,802,485		116,479		58,613
Cambria Shareholder Yield ETF		5,459,364		182,300		–		4,475			–		5,646,139		90,007		48,818
Cambria Tail Risk ETF		–		–		–		–			–		–		–		–
Cambria Value and Momentum ETF		3,689,825		1,449,746		–		311,874			–		5,451,445		216,499		20,511
	$	19,696,349	$	2,953,535	$	–	$	109,191		$	–	$	22,759,075		704,854	$	442,273

As of October 31, 2021, 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, 2021 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, 2021	27

Cambria Cannabis ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Country Composition (October 31, 2021) (Unaudited)
United States	52.58	%
Canada	31.14	%
Great Britain	8.50	%
Ireland	4.39	%
	96.61	%

Percentages are based upon corporate bonds, U.S. Treasury obligations, common stocks, preferred stocks and convertible preferred stocks as a percentage of net assets.

Sector Weightings
Cambria Cannabis ETF
Health Care	39.88	%
Consumer Staples	36.94	%
Real Estate	12.56	%
Materials	5.52	%
Consumer Discretionary	5.10	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Cannabis ETF	Shares		Value
Common Stocks (96.61%)
Consumer Discretionary (4.92%)
Greenlane Holdings, Inc., Class A^(a)(b)		449,135	$	768,021
GrowGeneration Corp.^(a)		30,487		642,666
				1,410,687
Consumer Staples (35.69%)
Altria Group, Inc.		21,500		948,365
British American Tobacco PLC		34,744		1,210,834
Constellation Brands, Inc., Class A		8,655		1,876,491
Imperial Brands PLC		57,964		1,223,217
Neptune Wellness Solutions,
Inc.(a)(b)		480,181		244,604
NewAge, Inc.^(a)(b)		334,067		494,419
Philip Morris International, Inc.		12,384		1,170,783
Turning Point Brands, Inc.		30,186		1,152,200
Universal Corp.		16,168		759,896
Village Farms International, Inc.^(a)(b)		150,844		1,141,889
				10,222,698

	Shares		Value
Health Care (38.53%)
Arena Pharmaceuticals, Inc.^(a)		24,894	$	1,428,667
Aurora Cannabis, Inc.^(a)(b)		88,593		587,372
Canopy Growth Corp.^(a)		75,680		955,838
cbdMD, Inc.^(a)(b)		195,099		345,325
Charlottes Web Holdings, Inc.^(a)		287,894		469,898
Cronos Group, Inc.^(a)		139,879		725,972
HEXO Corp.^(a)(b)		122,182		179,607
Jazz Pharmaceuticals PLC^(a)		9,454		1,257,760
MediPharm Labs Corp.^(a)(b)		662,286		133,784
Organigram Holdings, Inc.^(a)(b)		353,890		780,640
Tilray, Inc.^(a)(b)		316,819		3,263,236
Valens Co., Inc.^(a)(b)		605,139		909,469
				11,037,568

Materials (5.34%)
Scotts Miracle-Gro Co.		10,297		1,528,692

Real Estate (12.13%)
Innovative Industrial Properties, Inc.^(c)		13,207		3,474,630

Total Common Stocks
(Cost $36,903,170)				27,674,275

	Shares		Value
Short-Term Investment (22.58%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(d)(e)(f)		6,468,814	$	6,468,814

Total Short-Term Investment
(Cost $6,468,814)				6,468,814

Total Investments (119.19%)
(Cost $43,371,984)			$	34,143,089

Liabilities Less Other Assets (-19.19%)				(5,497,347	)

Net Assets (100.00%)			$	28,645,742

Percentages based on Net Assets.

The accompanying notes are an integral part of the financial statements.
28	www.cambriafunds.com

Cambria Cannabis ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	^(a)	Non-income producing security.
	^(b)	This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $5,624,903.
	^(c)	Real Estate Investment Trust.
	^(d)	Rate shown is the 7-day effective yield as of October 31, 2021.
	^(e)	To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov.
	^(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $6,468,814.

Investment Abbreviations:

ADR - American Depository Receipt

PLC - Public Limited Company

For the period ended October 31, 2021 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, 2021	29

Cambria Global Real Estate ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

Sector Weightings
Cambria Global Real Estate ETF
Real Estate	100.00	%
	100.00	%

Percentages based on total investments, excluding investments purchased with collateral from securities loaned.

Cambria Global Real Estate ETF	Shares		Value
Common Stocks (97.30%)^(a)
Canada (9.19%)
Artis Real Estate Investment Trust		26,400	$	250,006
Dream Industrial Real Estate Investment Trust		27,568		377,568
H&R Real Estate Investment Trust		24,997		343,567
RioCan Real Estate Investment Trust		13,200		237,741
Slate Office REIT		56,400		234,696
SmartCentres Real Estate Investment Trust		13,791		347,561
				1,791,139
Great Britain (1.50%)
AEW UK REIT PLC^(b)		199,032		291,452

Guernsey (1.32%)
BMO Commercial Property Trust, Ltd.		183,420		257,044

Hong Kong (1.16%)
Prosperity REIT		576,000		225,795

Japan (13.55%)
AEON REIT Investment Corp.		180		243,211
Frontier Real Estate Investment Corp.		60		265,321
Fukuoka REIT Corp.		156		231,451
Hoshino Resorts REIT, Inc.		36		234,683
Ichigo Hotel REIT Investment Corp.		300		256,635
Japan Metropolitan Fund Invest		264		242,053
Japan Prime Realty Investment Corp.		72		263,742
Mirai Corp.		480		221,944
Ooedo Onsen Reit Investment Corp.		324		231,683
Samty Residential Investment Corp.		216		227,797

	Shares		Value
Japan (continued)
Tosei Reit Investment Corp.		192	$	221,017
				2,639,537
Mexico (1.44%)
Concentradora Fibra Danhos SA de CV		229,644		279,861

Netherlands (2.23%)
Eurocommercial Properties NV		9,552		222,941
Wereldhave NV		13,704		212,439
				435,380
Singapore (2.42%)
AIMS APAC REIT		226,836		242,228
EC World Real Estate Investment Trust^(b)		386,400		229,232
				471,460
South Africa (4.92%)
Arrowhead Properties, Ltd., Class B		1,041,528		271,377
Hyprop Investments, Ltd.		125,280		242,687
SA Corporate Real Estate, Ltd.		1,537,884		214,448
Vukile Property Fund, Ltd.		290,136		230,779
				959,291
Turkey (2.13%)
Sinpas Gayrimenkul Yatirim Ortakligi AS^(c)		462,552		193,893
Yeni Gimat Gayrimenkul Ortakligi AS		141,564		221,902
				415,795
United States (57.44%)
Alpine Income Property Trust, Inc.		12,000		221,280
American Finance Trust, Inc.		27,732		229,621
American Homes 4 Rent, Class A		6,600		267,960
Armada Hoffler Properties, Inc.		19,116		262,080
AvalonBay Communities, Inc.		1,200		284,016
Bluerock Residential Growth REIT, Inc.		20,160		272,765
Brandywine Realty Trust		17,076		226,257
Brixmor Property Group, Inc.		10,488		245,839
Broadstone Net Lease, Inc.		8,400		223,356
Camden Property Trust		1,200		195,720
Cedar Realty Trust, Inc.		13,200		293,964
Columbia Property Trust, Inc.		13,572		260,175
CubeSmart		5,184		285,172
Duke Realty Corp.		4,884		274,676
Equity Residential		2,400		207,360
Extra Space Storage, Inc.		1,500		296,055

The accompanying notes are an integral part of the financial statements.
30	www.cambriafunds.com

Cambria Global Real Estate ETF	Schedule of Investments
	October 31, 2021 (Unaudited)

	Shares		Value
United States (continued)
Franklin Street Properties Corp.		44,460	$	200,070
Highwoods Properties, Inc.		5,304		237,831
Industrial Logistics Properties Trust		9,456		265,619
Kimco Realty Corp.		11,532		260,623
Kite Realty Group Trust		11,076		224,843
Life Storage, Inc.		2,244		300,270
LTC Properties, Inc.		5,400		172,044
Mid-America Apartment Communities, Inc.		1,200		245,052
National Health Investors, Inc.		3,156		169,730
National Retail Properties, Inc.		5,136		232,969
Omega Healthcare Investors, Inc.		6,252		183,559
One Liberty Properties, Inc.		8,856		276,839
Paramount Group, Inc.		25,200		213,696
Piedmont Office Realty Trust, Inc., Class A		12,804		227,399
PS Business Parks, Inc.		1,608		285,742
Public Storage		864		287,003
Realty Income Corp.		3,636		259,719
Retail Opportunity Investments Corp.		13,524		240,321
Retail Value, Inc.		11,268		70,538
RPT Realty		18,000		239,220
Sabra Health Care REIT, Inc.		14,268		201,892
Saul Centers, Inc.		5,424		251,674
SITE Centers Corp.		16,032		254,748
Spirit Realty Capital, Inc.		5,088		248,956
STAG Industrial, Inc.		6,276		273,194
STORE Capital Corp.		7,188		246,764
Tanger Factory Outlet Centers, Inc.^(d)		12,324		207,043
UMH Properties, Inc.		11,124		266,309
Urstadt Biddle Properties, Inc., Class A		12,912		253,592
Ventas, Inc.		2,237		119,389
VICI Properties, Inc.^(d)		7,884		231,395
				11,194,339
Total Common Stocks
(Cost $18,208,247)				18,961,093

	Shares	Value
United States (continued)

Total Investments (98.91%)
(Cost $18,522,497)		$	19,275,343

Other Assets Less Liabilities (1.09%)			211,819

Net Assets (100.00%)		$	19,487,162

Percentages based on Net Assets.

^(a)

Real Estate Investment Trust.

^(b)

^(c)

Non-income producing security.

^(d)

This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $302,525.

Investment Abbreviations:

AS- Turkish Joint Stock Companies

NV- Dutch Public Limited Liability Companies

PLC- Public Limited Company

REIT- Real Estate Investment Trust

SA de CV- Mexican Public Limited Company with Variable Capital

For the period ended October 31, 2021 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, 2021	31

Cambria ETF Trust		Statements of Assets and Liabilities
		October 31, 2021 (Unaudited)

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Assets
Unaffiliated Investments at Value*	$	323,955,500		$	38,203,231		$	115,490,339		$	33,874,892
Affiliated Investments at Value		–			–			9,499,288			34,841,272
Foreign Currency at Value		–			21,010			372,223			–
Cash and cash equivalents		2,625,885			1,702,803			5,376,673			372,233
Dividends receivable, Net		186,615			85,017			383,485			–
Unrealized Appreciation on Foreign Currency Spot Contracts		–			13			–			–
Reclaims receivable		15,802			183,392			246,200			–
Other assets		1,935			47			1,340			6,368
Total Assets		326,785,737			40,195,513			131,369,548			69,094,765

Liabilities
Payable for collateral upon return of securities loaned		16,458,630			417,830			1,967,547			6,547,246
Foreign Currency Overdraft at Value		4,222			–			–			–
Payable due to investment adviser		153,032			18,871			63,561			30,799
Custodian fees payable		–			–			56,368			–
Total Liabilities		16,615,884			436,701			2,087,476			6,578,045

Net Assets	$	310,169,853		$	39,758,812		$	129,282,072		$	62,516,720

Net Assets Consists of
Paid-in Capital	$	279,261,758		$	39,974,664		$	145,425,794		$	58,535,642
Total Distributable Earnings/(Loss)		30,908,095			(215,852	)		(16,143,722	)		3,981,078

Net Assets	$	310,169,853		$	39,758,812		$	129,282,072		$	62,516,720
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		4,950,000			1,450,010			5,400,010			2,050,001
Net Asset Value, Offering and Redemption Price Per Share	$	62.66		$	27.42		$	23.94		$	30.50

Unaffiliated Investments at Cost	$	311,789,773		$	36,311,489		$	108,485,506		$	28,704,061
Affiliated Investments at Cost	$	–		$	–		$	7,027,694		$	29,372,064
Cost of Foreign Currency	$	–		$	21,019		$	375,142		$	–
Cost of Foreign Currency Overdraft	$	(4,103	)	$	–		$	–		$	–
*Includes value of securities on loan	$	25,957,095		$	394,349		$	1,861,750		$	6,382,163

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, 2021 (Unaudited)

	Cambria Global Asset Allocation ETF		Cambria Value and Momentum ETF			Cambria Global Tail Risk ETF			Cambria Emerging Shareholder Yield ETF
Assets
Unaffiliated Investments at Value*	$	35,273,992	$	23,377,640		$	5,695,955		$	83,753,633
Affiliated Investments at Value		22,026,366		–			–			–
Foreign Currency at Value		–		–			31,566			36,743
Cash and cash equivalents		424,708		759,656			–			2,540,683
Cash at Broker for futures contracts		–		765,288			–			–
Cash at Broker for options contracts		–		–			140,099			–
Dividends receivable, Net		–		5,860			–			90,775
Reclaims receivable		–		–			5,572			1,209
Interest receivable		–		–			15,351			–
Other assets		3,991		144			54			1,541
Total Assets		57,729,057		24,908,588			5,888,597			86,365,205

Liabilities
Payable for collateral upon return of securities loaned		5,358,978		1,070,627			299,863			1,068,336
Cash and cash equivalents overdraft		–		–			28,319			–
Variation Margin Payable		–		19,019			–			–
Deferred foreign capital gains tax payable		–		–			–			91,458
Payable due to investment adviser		–		7,725			3,109			41,015
Custodian fees payable		–		–			–			22,374
Total Liabilities		5,358,978		1,097,371			331,291			1,163,804

Net Assets	$	52,370,079	$	23,811,217		$	5,557,306		$	85,201,401

Net Assets Consists of
Paid-in Capital	$	45,987,839	$	29,094,897		$	7,559,578		$	78,887,522
Total Distributable Earnings/(Loss)		6,382,240		(5,283,680	)		(2,002,272	)		6,313,879

Net Assets	$	52,370,079	$	23,811,217		$	5,557,306		$	85,201,401
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		1,650,001		950,004			250,000			2,400,004
Net Asset Value, Offering and Redemption Price Per Share	$	31.74	$	25.06		$	22.23		$	35.50

Unaffiliated Investments at Cost	$	32,301,479	$	18,929,581		$	6,568,237		$	78,277,344
Affiliated Investments at Cost	$	18,092,630	$	–		$	–		$	–
Cost of Foreign Currency	$	–	$	–		$	34,191		$	36,655
*Includes value of securities on loan	$	5,209,068	$	724,728		$	295,941		$	985,824

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report \| October 31, 2021	33

Cambria ETF Trust		Statements of Assets and Liabilities
		October 31, 2021 (Unaudited)

	Cambria Tail Risk ETF			Cambria Trinity ETF		Cambria Cannabis ETF			Cambria Global Real Estate ETF
Assets
Unaffiliated Investments at Value*	$	321,574,354		$	24,824,020	$	34,143,089		$	19,275,343
Affiliated Investments at Value		–			22,759,075		–			–
Foreign Currency at Value		–			–		–			40,689
Cash and cash equivalents		4,632,057			706,859		936,343			485,743
Cash at Broker for options contracts		1,635,643			–		–			–
Dividends receivable, Net		–			–		38,240			33,494
Reclaims receivable		–			–		–			3,698
Receivable for investments sold		–			–		–			102,975
Receivable due from Advisor		–			–		4,296			–
Interest receivable		893,186			–		–			–
Other assets		–			4,643		7,499			32
Total Assets		328,735,240			48,294,597		35,129,467			19,941,974

Liabilities
Payable for collateral upon return of securities loaned		–			2,300,540		6,468,814			314,250
Payable for investments purchased		–			–		–			130,769
Payable due to investment adviser		169,672			–		14,911			9,793
Total Liabilities		169,672			2,300,540		6,483,725			454,812

Net Assets	$	328,565,568		$	45,994,057	$	28,645,742		$	19,487,162

Net Assets Consists of
Paid-in Capital	$	407,048,871		$	41,518,889	$	39,463,043		$	17,270,284
Total Distributable Earnings/(Loss)		(78,483,303	)		4,475,168		(10,817,301	)		2,216,878

Net Assets	$	328,565,568		$	45,994,057	$	28,645,742		$	19,487,162
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		18,200,002			1,650,002		2,150,002			600,002
Net Asset Value, Offering and Redemption Price Per Share	$	18.05		$	27.88	$	13.32		$	32.48
Unaffiliated Investments at Cost	$	343,977,357		$	22,799,951	$	43,371,984		$	18,522,497
Affiliated Investments at Cost	$	–		$	19,299,308	$	–		$	–
Cost of Foreign Currency	$	–		$	–	$	–		$	41,888
*Includes value of securities on loan	$	–		$	2,224,057	$	5,624,903		$	302,525

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

www.cambriafunds.com

Cambria ETF Trust		Statements of Operations
		For the Six Months Ended October 31, 2021 (Unaudited)

	Cambria Shareholder			Cambria Foreign Shareholder Yield			Cambria Global			Cambria Global
	Yield ETF			ETF			Value ETF			Momentum ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	3,479,654		$	1,195,584		$	3,907,223		$	164,040
Dividend Income from Affiliated Investments		–			–			33,319			618,706
Income from Securities Lending		5,619			2,899			17,361			33,472
Less: Foreign Taxes Withheld		–			(116,304	)		(676,523	)		–
Total Investment Income		3,485,273			1,082,179			3,281,380			816,218

Expenses:
Management Fees		921,162			106,667			373,666			185,399
Custodian Fees		–			–			43,318			–
Total Expenses		921,162			106,667			416,984			185,399
Net Expenses		921,162			106,667			416,984			185,399
Net Investment Income		2,564,111			975,512			2,864,396			630,819

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain on Unaffiliated Investments^(a)		18,276,738			3,586,000			48,413			3,658,071
Net Realized Gain on Affiliated Investments^(a)		–			–			11,334			304,096
Net Realized Loss on Foreign Currency Transactions		–			(24,363	)		(67,736	)		–
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		(21,953,089	)		(3,610,183	)		3,990,210			(1,723,852	)
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated Investments		–			–			1,037,665			(511,430	)
Net Change in Unrealized Depreciation on Foreign Currency Translation		(62	)		(5,603	)		(14,661	)		–
Net Realized and Unrealized Gain/(Loss) on Investments		(3,676,413	)		(54,149	)		5,005,225			1,726,885
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,112,302	)	$	921,363		$	7,869,621		$	2,357,704

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

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Statements of Operations
	For the Six Months Ended October 31, 2021 (Unaudited)

	Cambria Global			Cambria Value and			Cambria Global Tail			Cambria Emerging Shareholder Yield
	Asset Allocation ETF			Momentum ETF			Risk ETF			ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	283,886		$	183,814		$	78,539		$	3,228,379
Dividend Income from Affiliated Investments		562,861			–			–			–
Interest Income		–			–			45,818			–
Income from Securities Lending		32,299			2,307			527			8,204
Less: Foreign Taxes Withheld		–			–			10,960			(438,827	)
Total Investment Income		879,046			186,121			135,844			2,797,756

Expenses:
Management Fees		–			66,978			20,284			216,449
Custodian Fees		–			–			–			19,200
Total Expenses		–			66,978			20,284			235,649
Net Expenses		–			66,978			20,284			235,649
Net Investment Income		879,046			119,143			115,560			2,562,107

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain on Unaffiliated Investments^(a)		122,004			2,182,653			1,124			3,500,186
Net Realized Gain on Affiliated Investments^(a)		166,702			–			–			–
Net Realized Loss on Purchased Options		–			–			(461,373	)		–
Net Realized Loss on Futures Contracts		–			(1,129,451	)		–			–
Net Realized Loss on Foreign Currency Transactions		–			–			(1,603	)		(73,348	)
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		438,228			219,217			(111,352	)		(9,743,993	)
Net Change in Unrealized Depreciation on Affiliated Investments		(317,573	)		–			–			–
Net Change in Unrealized Appreciation on Purchased Options		–			–			46,654			–
Net Change in Unrealized Appreciation on Futures Contracts		–			49,336			–			–
Net Change in Unrealized Depreciation on Foreign Currency Translation		–			–			(4,411	)		(332	)
Change in Accumulated Foreign Capital Gains Tax on Appreciated Securities		–			–			–			72,902
Net Realized and Unrealized Gain/(Loss) on Investments		409,361			1,321,755			(530,961	)		(6,244,585	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,288,407		$	1,440,898		$	(415,401	)	$	(3,682,478	)

The accompanying notes are an integral part of the financial statements.
36	www.cambriafunds.com

Cambria ETF Trust	Statements of Operations
	For the Six Months Ended October 31, 2021 (Unaudited)

	Cambria Tail Risk						Cambria Cannabis			Cambria Global Real
	ETF			Cambria Trinity ETF			ETF			Estate ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	–		$	378,476		$	233,447		$	626,352
Dividend Income from Affiliated Investments		–			442,273			–			–
Interest Income		1,584,634			–			–			–
Income from Securities Lending		–			25,581			114,255			1,063
Less: Foreign Taxes Withheld		–			–			–			(27,694	)
Other Income		324,563			–			–			–
Total Investment Income		1,909,197			846,330			347,702			599,721

Expenses:
Management Fees		951,521			–			100,554			49,079
Total Expenses		951,521			–			100,554			49,079
Waiver of Management Fees		–			–			(28,973	)		–
Net Expenses		951,521			–			71,581			49,079
Net Investment Income		957,676			846,330			276,121			550,642

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain/(Loss) on Unaffiliated Investments^(a)		(2,651,274	)		853,426			1,300,437			858,591
Net Realized Loss on Purchased Options		(8,574,213	)		–			–			–
Net Realized Gain/(Loss) on Foreign Currency Transactions		–			–			19,916			(28,475	)
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		4,604,726			(288,632	)		(12,472,543	)		(697,410	)
Net Change in Unrealized Appreciation on Affiliated Investments		–			109,191			–			–
Net Change in Unrealized Depreciation on Purchased Options		(6,783,880	)		–			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		–			–			453			(2,970	)
Net Realized and Unrealized Gain/(Loss) on Investments		(13,404,641	)		673,985			(11,151,737	)		129,736
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(12,446,965	)	$	1,520,315		$	(10,875,616	)	$	680,378

^(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, 2021	37

Cambria ETF Trust

Statements of Changes in Net Assets

		Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
		Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021
Operations
Net investment Income	$	2,564,111		$	1,955,149		$	975,512		$	732,707
Net realized Gain/(Loss) on Investments^(a)		18,276,738			20,935,359			3,586,000			(2,026,188	)
Net realized Gain/(Loss) on Foreign Currency Transactions		–			385			(24,363	)		(20,864	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(21,953,089	)		46,816,825			(3,610,183	)		11,522,810
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(62	)		2,185			(5,603	)		14,724
Net increase/(decrease) in net assets resulting from operations		(1,112,302	)		69,709,903			921,363			10,223,189

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(2,701,989	)		(1,860,874	)		(1,313,254	)		(817,590	)
Net decrease from distributions		(2,701,989	)		(1,860,874	)		(1,313,254	)		(817,590	)

Capital Share Transactions
Issued		119,343,075			223,169,361			11,102,614			6,093,530
Redeemed		(83,382,099	)		(74,122,174	)		(1,367,461	)		(2,945,840	)
Increase in Net Assets from Capital Share Transactions		35,960,976			149,047,187			9,735,153			3,147,690
Total Net Increase in Net Assets		32,146,685			216,896,216			9,343,262			12,553,289

Net Assets
Beginning of Period		278,023,168			61,126,952			30,415,550			17,862,261
End of Period	$	310,169,853		$	278,023,168		$	39,758,812		$	30,415,550

Share Transactions:
Issued		1,850,000			3,800,000			400,000			250,000
Redeemed		(1,350,000	)		(1,400,000	)		(50,000	)		(150,000	)
Net increase in Shares Outstanding from Share Transactions		500,000			2,400,000			350,000			100,000

^(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 Value ETF						Cambria Global Momentum ETF
	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021
Operations
Net investment Income	$	2,864,396		$	2,893,138		$	630,819		$	753,531
Net realized Gain/(Loss) on Investments^(a)		59,747			(2,644,970	)		3,962,167			5,581,107
Net realized Loss on Foreign Currency Transactions		(67,736	)		(19,096	)		–			–
Net Change in Unrealized Appreciation/(Depreciation) on Investments		5,027,875			36,434,399			(2,235,282	)		10,801,172
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(14,661	)		47,728			–			–
Net increase/(decrease) in net assets resulting from operations		7,869,621			36,711,199			2,357,704			17,135,810

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(2,686,202	)		(2,069,920	)		(846,344	)		(736,098	)
Return of capital		–			–			–			(62,066	)
Net decrease from distributions		(2,686,202	)		(2,069,920	)		(846,344	)		(798,164	)

Capital Share Transactions
Issued		2,411,750			4,441,041			1,542,372			–
Redeemed		(1,163,666	)		(12,819,220	)		(2,970,685	)		(32,352,992	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		1,248,084			(8,378,179	)		(1,428,313	)		(32,352,992	)
Total Net Increase/(Decrease) in Net Assets		6,431,503			26,263,100			83,047			(16,015,346	)

Net Assets
Beginning of Period		122,850,569			96,587,469			62,433,673			78,449,019
End of Period	$	129,282,072		$	122,850,569		$	62,516,720		$	62,433,673

Share Transactions:
Issued		100,000			200,000			50,000			–
Redeemed		(50,000	)		(750,000	)		(100,000	)		(1,300,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		50,000			(550,000	)		(50,000	)		(1,300,000	)

^(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, 2021	39

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021
Operations
Net investment Income	$	879,046		$	1,020,266		$	119,143		$	88,307
Net realized Gain/(Loss) on Investments^(a)		288,706			130,227			1,053,202			(857,281	)
Net Change in Unrealized Appreciation on Investments		120,655			12,818,022			268,553			5,049,206
Net increase/(decrease) in net assets resulting from operations		1,288,407			13,968,515			1,440,898			4,280,232

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(1,015,122	)		(1,293,079	)		(90,003	)		(129,877	)
Net decrease from distributions		(1,015,122	)		(1,293,079	)		(90,003	)		(129,877	)

Capital Share Transactions
Issued		1,598,155			–			6,202,673			5,459,082
Redeemed		(1,562,455	)		(10,543,847	)		(2,308,995	)		(1,860,860	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		35,700			(10,543,847	)		3,893,678			3,598,222
Total Net Increase in Net Assets		308,985			2,131,589			5,244,573			7,748,577

Net Assets
Beginning of Period		52,061,094			49,929,505			18,566,644			10,818,067
End of Period	$	52,370,079		$	52,061,094		$	23,811,217		$	18,566,644

Share Transactions:
Issued		50,000			–			250,000			250,000
Redeemed		(50,000	)		(400,000	)		(100,000	)		(100,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		–			(400,000	)		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.
40	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Tail Risk ETF						Cambria Emerging Shareholder Yield ETF
	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021^(a)			Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021

Operations
Net investment Income	$	115,560		$	752,741		$	2,562,107		$	1,679,467
Net realized Gain/(Loss) on Investments^(b)		(460,249	)		542,650			3,500,186			298,974
Net realized Loss on Foreign Currency Transactions		(1,603	)		(1,742,403	)		(73,348	)		(19,814	)
Net Change in Unrealized Appreciation/(Depreciation) on
Investments		(64,698	)		1,832,600			(9,743,993	)		19,079,133
Net Change in Unrealized Appreciation/(Depreciation) on Foreign
Currency Translation		(4,411	)		46,389			(332	)		(270	)
Change in Accumulated Foreign Capital Gains Tax on Appreciated
Securities		–			–			72,902			(89,912	)
Net increase/(decrease) in net assets resulting from operations		(415,401	)		1,431,977			(3,682,478	)		20,947,578

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		–			–			(3,396,753	)		(1,434,973	)
Return of capital		–			(137,642	)		–			–
Net decrease from distributions		–			(137,642	)		(3,396,753	)		(1,434,973	)

Capital Share Transactions
Issued		–			–			29,666,425			14,388,928
Redeemed		(1,129,028	)		(16,581,071	)		–			–
Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,129,028	)		(16,581,071	)		29,666,425			14,388,928
Total Net Increase/(Decrease) in Net Assets		(1,544,429	)		(15,286,736	)		22,587,194			33,901,533

Net Assets
Beginning of Period		7,101,735			22,388,471			62,614,207			28,712,674
End of Period	$	5,557,306		$	7,101,735		$	85,201,401		$	62,614,207

Share Transactions:
Issued		–			–			800,000			450,000
Redeemed		(50,000	)		(650,000	)		–			–
Net increase/(decrease) in Shares Outstanding from Share Transactions		(50,000	)		(650,000	)		800,000			450,000

^(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, 2021	41

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Tail Risk ETF						Cambria Trinity ETF
	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021
Operations
Net investment Income	$	957,676		$	567,405		$	846,330		$	683,334
Net realized Gain/(Loss) on Investments^(a)		(11,225,487	)		(38,381,528	)		853,426			436,007
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(2,179,154	)		(26,755,742	)		(179,441	)		9,135,019
Net increase/(decrease) in net assets resulting from operations		(12,446,965	)		(64,569,865	)		1,520,315			10,254,360

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(972,652	)		(505,834	)		(726,974	)		(727,809	)
Net decrease from distributions		(972,652	)		(505,834	)		(726,974	)		(727,809	)

Capital Share Transactions
Issued		134,298,630			519,630,973			1,422,701			3,840,098
Redeemed		(74,308,722	)		(305,047,736	)		–			(6,897,512	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		59,989,908			214,583,237			1,422,701			(3,057,414	)
Total Net Increase in Net Assets		46,570,291			149,507,538			2,216,042			6,469,137

Net Assets
Beginning of Period		281,995,277			132,487,739			43,778,015			37,308,878
End of Period	$	328,565,568		$	281,995,277		$	45,994,057		$	43,778,015

Share Transactions:
Issued		7,150,000			24,300,000			50,000			150,000
Redeemed		(4,000,000	)		(15,100,000	)		–			(300,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		3,150,000			9,200,000			50,000			(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.
42	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Cannabis ETF						Cambria Global Real Estate ETF
										For the Period
	Period Ended						Period Ended			September 23, 2020
	October 31, 2021			Year Ended			October 31, 2021			(Inception) to
	(Unaudited)			April 30, 2021			(Unaudited)			April 30, 2021
Operations
Net investment Income	$	276,121		$	574,483		$	550,642		$	183,700
Net realized Gain/(Loss) on Investments^(a)		1,300,437			(1,466,127	)		858,591			435,833
Net realized Gain/(Loss) on Foreign Currency Transactions		19,916			10,625			(28,475	)		(2,823	)
Net Change in Unrealized Appreciation/(Depreciation) on
Investments		(12,472,543	)		9,145,840			(697,410	)		1,450,256
Net Change in Unrealized Appreciation/(Depreciation) on Foreign
Currency Translation		453			(784	)		(2,970	)		1,372
Net increase/(decrease) in net assets resulting from operations		(10,875,616	)		8,264,037			680,378			2,068,338

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(724,710	)		(614,512	)		(375,081	)		(156,757	)
Net decrease from distributions		(724,710	)		(614,512	)		(375,081	)		(156,757	)

Capital Share Transactions
Issued		1,574,942			23,120,137			8,091,429			12,333,625
Redeemed		–			(1,136,066	)		(3,154,770	)		–
Increase in Net Assets from Capital Share Transactions		1,574,942			21,984,071			4,936,659			12,333,625
Total Net Increase/(Decrease) in Net Assets		(10,025,384	)		29,633,596			5,241,956			14,245,206

Net Assets
Beginning of Period		38,671,126			9,037,530			14,245,206			–
End of Period	$	28,645,742		$	38,671,126		$	19,487,162		$	14,245,206

Share Transactions:
Issued		100,000			1,350,000			250,000			450,002
Redeemed		–			(100,000	)		(100,000	)		–
Net increase in Shares Outstanding from Share Transactions		100,000			1,250,000			150,000			450,002

^(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.
Semi-Annual Report \| October 31, 2021	43

Cambria Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Period Ended October 31, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			April 30, 2021			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017
Net Asset Value, Beginning of Year/Period	$	62.48		$	29.82		$	37.47		$	37.98		$	33.97		$	28.62
Income/(loss) from investment operations:
Net Investment Income^(a)		0.52			0.88			0.86			0.79			0.64			0.50
Net Realized and Unrealized Gain (Loss) on Investments		0.20			32.60			(7.66	)		(0.40	)		3.94			5.35
Total from Operations		0.72			33.48			(6.80	)		0.39			4.58			5.85

Distributions:
Distributions from Net Investment Income		(0.54	)		(0.82	)		(0.85	)		(0.90	)		(0.54	)		(0.50	)
Distributions from Net Realized Gains		–			–			–			–			(0.03	)		–
Total Distributions		(0.54	)		(0.82	)		(0.85	)		(0.90	)		(0.57	)		(0.50	)

Net Asset Value, End of Year/Period	$	62.66		$	62.48		$	29.82		$	37.47		$	37.98		$	33.97

Total Return^(b)		1.16	%		113.92	%		(18.43	)%		1.10	%		13.58	%		20.62	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	310,170		$	278,023		$	61,127		$	112,414		$	142,440		$	125,682

Ratio of Expenses to Average Net Assets		0.59	%^(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment
Income/(Loss) to Average Net Assets		1.64	%^(c)		1.95	%		2.40	%		2.13	%		1.77	%		1.63	%
Portfolio Turnover^(b)(d)		21	%		37	%		30	%		28	%		16	%		50	%

^(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)

Annualized.

^(d)

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 Foreign Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Period Ended
	October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017
Net Asset Value, Beginning of Year/Period	$	27.65		$	17.86		$	23.56		$	26.58		$	23.03		$	21.20
Income/(loss) from investment operations:
Net Investment Income^(a)		0.76			0.75			0.90			1.06			0.70			0.81
Net Realized and Unrealized Gain (Loss) on Investments		0.03			9.86			(5.60	)		(2.79	)		3.60			1.59
Total from Operations		0.79			10.61			(4.70	)		(1.73	)		4.30			2.40

Distributions:
Distributions from Net Investment Income		(1.02	)		(0.82	)		(1.00	)		(1.29	)		(0.75	)		(0.57	)
Total Distributions		(1.02	)		(0.82	)		(1.00	)		(1.29	)		(0.75	)		(0.57	)

Net Asset Value, End of Year/Period	$	27.42		$	27.65		$	17.86		$	23.56		$	26.58		$	23.03

Total Return^(b)		2.86	%		60.72	%		(20.47	)%		(6.34	)%		19.03	%		11.93	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	39,759		$	30,416		$	17,862		$	27,095		$	46,511		$	42,605

Ratio of Expenses to Average Net Assets		0.59	%^(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income/(Loss) to Average Net Assets		5.40	%^(c)		3.29	%		4.04	%		4.32	%		2.78	%		3.80	%
Portfolio Turnover^(b)(d)		34	%		59	%		47	%		53	%		44	%		43	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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, 2021	45

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

	Period Ended
	October 31, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			April 30, 2021			April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017
Net Asset Value, Beginning of Year/Period	$	22.96		$	16.37		$	23.37		$	26.05		$	22.66		$	19.29
Income/(loss) from investment operations:
Net Investment Income^(a)		0.54			0.53			0.62			0.64			0.56			0.50
Net Realized and Unrealized Gain (Loss) on Investments		0.94			6.44			(6.91	)		(2.33	)		3.34			3.38
Total from Operations		1.48			6.97			(6.29	)		(1.69	)		3.90			3.88

Distributions:
Distributions from Net Investment Income		(0.50	)		(0.38	)		(0.71	)		(0.61	)		(0.51	)		(0.51	)
Distributions from Net Realized Gains		–			–			–			(0.38	)		–			–
Total Distributions		(0.50	)		(0.38	)		(0.71	)		(0.99	)		(0.51	)		(0.51	)

Net Asset Value, End of Year/Period	$	23.94		$	22.96		$	16.37		$	23.37		$	26.05		$	22.66

Total Return^(b)		6.51	%		43.20	%		(27.71	)%		(6.24	)%		17.42	%		20.85	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	129,282		$	122,851		$	96,587		$	158,894		$	210,975		$	112,190

Ratio of Expenses to Average Net Assets		0.66	%^(c)		0.66	%		0.65	%		0.69	%		0.68	%		0.68	%
Ratio of Net Investment Income/(Loss) to Average Net Assets		4.52	%^(c)		2.75	%		2.84	%		2.74	%		2.22	%		2.48	%
Portfolio Turnover^(b)(d)		1	%		14	%		25	%		20	%		14	%		16	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017
Net Asset Value, Beginning of Year/Period	$	29.73		$	23.07		$	25.09		$	27.39		$	24.72		$	22.78
Income/(loss) from investment operations:
Net Investment Income^(a)		0.30			0.29			0.56			0.62			0.42			0.42
Net Realized and Unrealized Gain (Loss) on Investments		0.88			6.69			2.02			(2.33	)		2.75			1.95
Total from Operations		1.18			6.98			(1.46	)		(1.71	)		3.17			2.37

Distributions:
Distributions from Net Investment Income		(0.41	)		(0.30	)		(0.54	)		(0.59	)		(0.50	)		(0.40	)
Return of Capital		–			(0.02	)		(0.02	)		–			–			(0.03	)
Total Distributions		(0.41	)		(0.32	)		(0.56	)		(0.59	)		(0.50	)		(0.43	)

Net Asset Value, End of Year/Period	$	30.50		$	29.73		$	23.07		$	25.09		$	27.39		$	24.72

Total Return^(b)		4.00	%		30.49	%		(6.02	)%		(6.23	)%		12.97	%		10.52	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	62,517		$	62,434		$	78,449		$	129,199		$	105,457		$	59,328

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^(e)		2.01	%^(d)		1.13	%		2.25	%		2.39	%		1.57	%		1.78	%

Portfolio Turnover^(b)(f)		27	%		115	%		251	%		204	%		50	%		106	%

	^(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)	Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
	^(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, 2021	47

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017
Net Asset Value, Beginning of Year/Period	$	31.55		$	24.36		$	26.82		$	27.38		$	25.64		$	24.15
Income/(loss) from investment operations:
Net Investment Income^(a)		0.52			0.58			0.86			0.75			0.74			0.65
Net Realized and Unrealized Gain (Loss) on Investments		0.27			7.33			(2.36	)		(0.53	)		1.66			1.51
Total from Operations		0.79			7.91			(1.50	)		0.22			2.40			2.16

Distributions:
Distributions from Net Investment Income		(0.60	)		(0.72	)		(0.85	)		(0.77	)		(0.66	)		(0.67	)
Distributions from Net Realized Gains		–			–			(0.11	)		(0.01	)		–			–
Total Distributions		(0.60	)		(0.72	)		(0.96	)		(0.78	)		(0.66	)		(0.67	)

Net Asset Value, End of Year/Period	$	31.74		$	31.55		$	24.36		$	26.82		$	27.38		$	25.64

Total Return^(b)		2.51	%		33.00	%		(5.87	)%		0.91	%		9.43	%		9.08	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	52,370		$	52,061		$	49,930		$	64,368		$	67,073		$	37,182

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^(e)		3.27	%^(d)		2.07	%		3.24	%		2.85	%		2.72	%		2.62	%
Portfolio Turnover^(b)(f)		0	%		20	%		9	%		2	%		30	%		9	%

	^(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)	Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
	^(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.
48	www.cambriafunds.com

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017
Net Asset Value, Beginning of Year/Period	$	23.21		$	16.64		$	20.83		$	25.09		$	23.69		$	22.69
Income/(loss) from investment operations:
Net Investment Income^(a)		0.13			0.14			0.18			0.21			0.24			0.12
Net Realized and Unrealized Gain (Loss) on Investments		1.81			6.63			(4.17	)		(4.23	)		1.27			1.01
Total from Operations		1.94			6.77			(3.99	)		(4.02	)		1.51			1.13

Distributions:
Distributions from Net Investment Income		(0.09	)		(0.20	)		(0.20	)		(0.24	)		(0.11	)		(0.13	)
Total Distributions		(0.09	)		(0.20	)		(0.20	)		(0.24	)		(0.11	)		(0.13	)

Net Asset Value, End of Year/Period	$	25.06		$	23.21		$	16.64		$	20.83		$	25.09		$	23.69

Total Return^(b)		8.39	%		41.05	%		(19.32	)%		(16.10	)%		6.40	%		4.98	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	23,811		$	18,567		$	10,818		$	19,790		$	32,617		$	8,291

Ratio of Expenses to Average Net Assets		0.59	%^(c)		0.61	%^(d)		0.63	%^(e)		0.64	%^(f)		0.65	%^(g)		0.66	%^(h)
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.05	%^(c)		0.70	%		0.92	%		0.86	%		1.00	%		0.50	%
Portfolio Turnover^(b)(i)		37	%		97	%		76	%		89	%		93	%		76	%

	^(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)	Annualized.
	^(d)	Includes broker expense of 0.02%.
	^(e)	Includes broker expense of 0.04%.
	^(f)	Includes broker expense of 0.05%.
	^(g)	Includes broker expense of 0.06%.
	^(h)	Includes broker expense of 0.07%.
	⁽ⁱ⁾	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, 2021	49

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021^(a)			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017
Net Asset Value, Beginning of Year/Period	$	23.67		$	23.57		$	24.83		$	27.57		$	27.20		$	26.99
Income/(loss) from investment operations:
Net Investment Income^(b)		0.39			0.94			1.18			1.18			1.39			1.04
Net Realized and Unrealized Gain (Loss) on Investments		(1.83	)^(c)		(0.69	)^(c)		(1.36	)		(2.70	)		0.64	^(c)		0.14
Total from Operations		(1.44	)		0.25			(0.18	)		(1.52	)		2.03			1.18

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

Net Asset Value, End of Year/Period	$	22.23		$	23.67		$	23.57		$	24.83		$	27.57		$	27.20

Total Return^(d)		(6.08	)%		1.03	%		(1.00	)%		(5.44	)%		7.56	%		4.51	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	5,557		$	7,102		$	22,388		$	18,623		$	19,299		$	9,521

Ratio of Expenses to Average Net Assets		0.59	%^(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment
Income/(Loss) to Average Net Assets		3.36	%^(e)		3.71	%		4.72	%		4.69	%		4.97	%		3.88	%
Portfolio Turnover^(d)(f)		1	%		53	%		36	%		37	%		25	%		86	%

	^(a)	Prior to March 15, 2021, the Cambria Global Tail Risk ETF was known as the Cambria Sovereign Bond ETF.
	^(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)	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.
	^(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 Emerging Shareholder Yield ETF	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Period Ended April 30, 2017^(a)
Net Asset Value, Beginning of Year/Period	$	39.13		$	24.97		$	31.38		$	35.83		$	29.40		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		1.31			1.27			1.30			1.29			1.01			0.43
Net Realized and Unrealized Gain (Loss) on Investments		(3.16	)		14.04			(6.35	)		(3.58	)		6.40			4.18
Total from Operations		(1.85	)		15.31			(5.05	)		(2.29	)		7.41		��	4.61

Distributions:
Distributions from Net Investment Income		(1.78	)		(1.15	)		(1.36	)		(1.05	)		(0.98	)		(0.21	)
Distributions from Net Realized Gains		–			–			–			(1.11	)		–			–
Total Distributions		(1.78	)		(1.15	)		(1.36	)		(2.16	)		(0.98	)		(0.21	)

Net Asset Value, End of Year/Period	$	35.50		$	39.13		$	24.97		$	31.38		$	35.83		$	29.40

Total Return(c)		(4.88	)%		63.04	%		(16.89	)%		(5.80	)%		25.75	%		18.57	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	85,201		$	62,614		$	28,713		$	20,395		$	30,458		$	11,759

Ratio of Expenses to Average Net Assets		0.64	%^(d)		0.65	%		0.69	%		0.66	%		0.65	%		0.69	%^(d)
Ratio of Net Investment Income/(Loss) to Average Net Assets		6.98	%^(d)		4.00	%		4.38	%		4.09	%		2.99	%		2.00	%^(d)
Portfolio Turnover^(c)(e)		27	%		29	%		81	%		115	%		26	%		33	%

^(a)

Inception date July 13, 2016.

^(b)

Per share data calculated using the average shares method.

^(c)

^(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, 2021	51

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Period Ended April 30, 2017^(a)
Net Asset Value, Beginning of Year/Period	$	18.74		$	22.65		$	19.87		$	21.58		$	24.74		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.06			0.04			0.27			0.39			0.38			0.02	^(a)
Net Realized and Unrealized Gain (Loss) on Investments		(0.69	)		3.92			2.77			(1.73	)		(3.27	)		(0.28	)
Total from Operations		(0.63	)		3.88			3.04			(1.34	)		(2.89	)		(0.26	)

Distributions:
Distributions from Net Investment Income		(0.06	)		(0.03	)		(0.26	)		(0.37	)		(0.27	)		–
Total Distributions		(0.06	)		(0.03	)		(0.26	)		(0.37	)		(0.27	)		–

Net Asset Value, End of Year/Period	$	18.05		$	18.74		$	22.65		$	19.87		$	21.58		$	24.74

Total Return^(c)		(3.39	)%		(17.13	)%		15.47	%		(6.31	)%		(11.74	)%		(1.04	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	328,566		$	281,995		$	132,488		$	37,745		$	22,658		$	2,474

Ratio of Expenses to Average Net Assets		0.59	%^(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%^(d)
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.59	%^(d)		0.18	%		1.31	%		1.89	%		1.66	%		1.38	%^(d)
Portfolio Turnover^(c)(e)		0	%		155	%		19	%		56	%		56	%		0	%

^(a)

Inception date April 5, 2017.

^(b)

Per share data calculated using the average shares method.

^(c)

^(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.
52	www.cambriafunds.com

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Year Ended April 30, 2020			Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Year/Period	$	27.36		$	21.32		$	24.22		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.52			0.42			0.65			0.39
Net Realized and Unrealized Gain (Loss) on Investments		0.44			6.07			(2.91	)		(0.83	)
Total from Operations		0.96			6.49			(2.26	)		(0.44	)

Distributions:
Distributions from Net Investment Income		(0.44	)		(0.45	)		(0.62	)		(0.34	)
Distributions from Net Realized Gains		–			–			(0.02	)		–
Total Distributions		(0.44	)		(0.45	)		(0.64	)		(0.34	)

Net Asset Value, End of Year/Period	$	27.88		$	27.36		$	21.32		$	24.22

Total Return^(c)		3.54	%		30.81	%		(9.57	)%		(1.71	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	45,994		$	43,778		$	37,309		$	30,280

Ratio of Expenses to Average Net Assets^(d)		0.00	%^(e)		0.00	%		0.00	%		0.00	%^(e)
Ratio of Net Investment Income/(Loss) to Average Net Assets^(f)		3.70	%^(e)		1.77	%		2.74	%		2.55	%^(e)
Portfolio Turnover^(c)(g)		10	%		50	%		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)

Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.

^(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, 2021	53

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

	Period Ended October 31, 2021 (Unaudited)			Year Ended April 30, 2021			Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Year/Period	$	18.86		$	11.30		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.13			0.47			0.70
Net Realized and Unrealized Gain (Loss) on Investments		(5.32	)		7.63			(13.87	)
Total from Operations		(5.19	)		8.10			(13.17	)

Distributions:
Distributions from Net Investment Income		(0.35	)		(0.54	)		(0.52	)
Distributions from Net Realized Gains		–			–			(0.01	)
Total Distributions		(0.35	)		(0.54	)		(0.53	)

Net Asset Value, End of Year/Period	$	13.32		$	18.86		$	11.30

Total Return^(c)		(27.93	)%		73.84	%		(53.04	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	28,646		$	38,671		$	9,038

Ratio of Expenses to Average Net Assets Including Waivers		0.42	%^(d)		0.42	%		0.42	%^(d)
Ratio of Expenses to Average Net Assets Excluding Waivers		0.59	%^(d)		0.59	%		0.59	%^(d)
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.62	%^(d)		2.94	%		6.20	%^(d)
Portfolio Turnover^(c)(e)		30	%		8	%		4	%

^(a)

Inception date July 24, 2019

^(b)

Per share data calculated using the average shares method.

^(c)

^(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.
54	www.cambriafunds.com

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

	Period Ended October 31, 2021 (Unaudited)			Period Ended April 30, 2021^(a)
Net Asset Value, Beginning of Year/Period	$	31.66		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		1.07			0.56
Net Realized and Unrealized Gain on Investments		0.53			6.51
Total from Operations		1.60			7.07
Distributions:
Distributions from Net Investment Income		(0.78	)		(0.41	)
Total Distributions		(0.78	)		(0.41	)
Net Asset Value, End of Year/Period	$	32.48		$	31.66

Total Return^(c)		5.11	%		28.40	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	19,487		$	14,245

Ratio of Expenses to Average Net Assets		0.59	%^(d)		0.59	%^(d)
Ratio of Net Investment Income/(Loss) to Average Net Assets		6.62	%^(d)		3.19	%^(d)
Portfolio Turnover^(c)(e)		84	%		51	%

^(a)

Inception date September 23, 2020.

^(b)

Per share data calculated using the average shares method.

^(c)

^(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, 2021	55

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (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 Global Tail Risk ETF (formerly known as 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 and actively managed.

The investment objective of the Cambria Shareholder Yield ETF is to seek income and capital appreciation. 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. The Fund inception date is December 2, 2013.

The investment objective of the Cambria Global Value ETF is to seek income and capital appreciation. 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 Global Tail Risk ETF is to seek income and capital appreciation. The Prior to March 15, 2021, the Fund was known as the Cambria Sovereign Bond ETF and its investment objective was 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. Fund inception date is February 22, 2016.

The investment objective of the Cambria Emerging Shareholder Yield ETF is to seek income and capital appreciation. The Fund inception date is July 13, 2016.

The investment objective of the Cambria Tail Risk ETF is to seek 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 7, 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 24, 2019.

The investment objective of the Cambria Global Real Estate ETF is to seek income and capital appreciation. The Fund inception date is September 23, 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.

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.

56	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

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 their 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, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. These gains and losses are included in net realized and unrealized gains and losses on foreign currency transactions on the Statements of Operations.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

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 — Consistent with its investment objective and strategies, Cambria Value and Momentum ETF utilized futures contracts during the period ended October 31, 2021. 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 for futures contracts 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, 2021. 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, Cambria Tail Risk ETF, and Cambria Global 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, (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, and (3) the Cambria Global Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative movement in the value of global ex-U.S. equities on a month-by-month basis. 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. 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.

58	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

The Cambria Tail Risk ETF and Cambria Global Tail Risk ETF had options contracts as of October 31, 2021, 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)

Unrealized appreciation on
futures contracts

N/A

Unrealized depreciation on futures contracts

255,584

Total

–

255,584

Cambria Global Tail Risk ETF

Equity Contracts (Purchased Options)

Investments, at value

453,565

Investments, at value

N/A

Total

453,565

–

Cambria Tail Risk ETF

Equity Contracts (Purchased Options)

Investments, at value

17,559,065

Investments, at value

N/A

Total

17,559,065

–

Includes cumulative appreciation/depreciation on futures contracts as reported on the Schedules of Investments. Only current day's variation margin for futures contracts are reported within the Statements 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		(1,129,451	)		49,336
Total		$	(1,129,451	)	$	49,336

Cambria Global Tail Risk ETF
Equity Contracts (Purchased Options)	Net realized Loss on Purchased Options/ Net Change in Unrealized Depreciation on Purchased Options		(461,373	)		46,654
Total		$	(461,373	)	$	46,654

Cambria Tail Risk ETF
Equity Contracts (Purchased Options)	Net realized Loss on Purchased Options/ Net Change in Unrealized Depreciation on Purchased Options		(8,574,213	)		(6,783,880	)
Total		$	(8,574,213	)	$	(6,783,880	)

The average purchased option contracts’ notional amount during the period ended October 31, 2021 for Cambria Global Tail Risk ETF is $15,287,118, and for Cambria Tail Risk ETF is $441,771,333.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

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.

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 year. 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, 2021, 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 financial statements.

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 dividend income 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 and foreign capital gains tax 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.

60	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (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/period ended October 31, 2021:

	Creation Unit Shares		Creation Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	3,133,000	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,500		1,371,000		2,500	Up to 2.0%
Cambria Global Value ETF		50,000		3,500		1,197,000		3,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,525,000		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,587,000		500	None
Cambria Value and Momentum ETF		50,000		700		1,253,000		700	None
Cambria Global Tail Risk ETF		50,000		1,500		1,111,500		1,500	Up to 2.0%
Cambria Emerging Shareholder Yield ETF		50,000		3,500		1,775,000		3,500	Up to 2.0%
Cambria Tail Risk ETF		50,000		500		902,500		500	None
Cambria Trinity ETF		50,000		250		1,394,000		250	None
Cambria Cannabis ETF		50,000		500		666,000		500	Up to 2.0%
Cambria Global Real Estate ETF		50,000		1,500		1,624,000		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. Amounts are disclosed as segregated cash balances with authorized participants for deposit securities and Payable for collateral upon return of deposit securities on the Statements of Assets and Liabilities.

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 and 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, 2021, the Funds’ financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 9 for offsetting related to securities lending.

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.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

Cambria Cannabis ETF has agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2022, unless otherwise terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser.

Additionally, the Investment Adviser earned $95,928 in management fees from the Cambria Global Momentum ETF related to the Fund’s investment in affiliated funds, Cambria Value and Momentum ETF, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Shareholder Yield ETF, and Cambria Global Tail Risk 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 year/period ended October 31, 2021 are officers/employees of the Investment Adviser, the Administrator, or ALPS Distributors Inc.

5. INVESTMENT TRANSACTIONS

For the period ended October 31, 2021, the purchases and sales of investments in securities, excluding in–kind transactions, long–term U.S. Government and short–term securities, were:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Cambria Shareholder Yield ETF	$	64,225,093	$	61,969,635
Cambria Foreign Shareholder Yield ETF		11,678,901		13,111,596
Cambria Global Value ETF		1,062,349		3,701,826
Cambria Global Momentum ETF		16,699,661		16,710,948
Cambria Global Asset Allocation ETF		–		–
Cambria Value and Momentum ETF		7,538,445		8,226,484
Cambria Global Tail Risk ETF		68,441		814,819
Cambria Emerging Shareholder Yield ETF		35,841,370		19,310,304
Cambria Tail Risk ETF		–		–
Cambria Trinity ETF		4,458,414		4,519,163
Cambria Cannabis ETF		8,168,701		8,816,922
Cambria Global Real Estate ETF		11,855,456		11,710,700

For the period ended October 31, 2021, the Cambria Tail Risk ETF had purchases and sales of U.S. Government securities of $86,323,779, and $57,791,546, respectively.

62	www.cambriafunds.com

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

For the period ended October 31, 2021, in–kind transactions associated with creations and redemptions were:

Fund	Purchases of Securities		Proceeds from Sales of Securities		Net Realized Gain/(Loss)
Cambria Shareholder Yield ETF	$	117,230,821	$	82,024,545	$	17,297,342
Cambria Foreign Shareholder Yield ETF		10,647,447		1,341,943		317,143
Cambria Global Value ETF		2,168,661		1,026,960		262,248
Cambria Global Momentum ETF		1,532,407		2,934,835		543,887
Cambria Global Asset Allocation ETF		1,571,503		1,544,058		288,702
Cambria Value and Momentum ETF		5,795,212		2,161,829		687,305
Cambria Emerging Shareholder Yield ETF		11,002,317		–		–
Cambria Tail Risk ETF		22,200,974		17,623,356		283,536
Cambria Trinity ETF		1,406,743		–		–
Cambria Cannabis ETF		1,515,151		–		–
Cambria Global Real Estate ETF		7,892,816		3,110,255		367,507

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. The Cambria Cannabis ETF 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.

Cash Redemption Risk — A Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, a 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.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Fund’s investments.

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.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Notes to Financial Statements
	October 31, 2021 (Unaudited)

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.

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.

64	www.cambriafunds.com

Cambria ETF Trust		Notes to Financial Statements
		October 31, 2021 (Unaudited)

Geographic Investment Risk – To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

Hedging Risk – Options used by a Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that a Fund’s put option strategy will be effective. It may expose a Fund to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested, directly or indirectly, in U.S. government bonds and ex-U.S. sovereign bonds. Further, the put option strategy may not fully protect a Fund against declines in the value of its portfolio securities.

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.

Inflation-Protected Security Risk — Inflation-protected securities, such as Treasury inflation-protected securities (TIPS), provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.

Interest Rate Risk — 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. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments.

International Closed-Market Trading Risk — Because a Fund’s investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk — An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Liquidity Risk — A Fund may purchase options and fixed income securities that may be less liquid than other types of investments. The options and fixed income securities purchased by a Fund may not always be liquid. This could have a negative effect on a Fund’s ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk — The Funds are all actively managed and 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 a Fund will achieve its investment objective. This could result in a Fund’s underperformance compared to other funds with similar investment objectives.

Market Events Risk — Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively affect issuers, which could have an adverse effect on certain Fund holdings. 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 certain Fund holdings. 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 the Fund’s investments.

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.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust		Notes to Financial Statements
		October 31, 2021 (Unaudited)

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.

Portfolio Turnover Risk — Because the Cambria Tail Risk ETF and Cambria Global Tail Risk ETF “turn over” their put options every month, the Funds will incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in a Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause a Fund’s performance to be less than you expect. While the turnover of the put options is not deemed “portfolio turnover” for accounting purposes, the economic impact to the Cambria Tail Risk ETF and Cambria Global Tail Risk ETF is similar to what could occur if the Fund experienced high portfolio turnover (e.g., in excess of 100% per year). Other Funds' strategies may also result in high portfolio turnover rates.

Real Estate Investments Risk — The Cambria Global Real Estate ETF's investments are concentrated in real estate-related industries, and the Fund may be susceptible to loss due to adverse occurrences affecting these industries. 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.

Sector Risk — To the extent that a Fund invests a significant portion of its assets in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector.

Consumer Staples Sector Risk. The consumer staples sector includes, for example, food and drug retail and companies whose primary lines of business are food, beverage and other household items, including agricultural products. This sector can be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions.

Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

www.cambriafunds.com

Cambria ETF Trust		Notes to Financial Statements
		October 31, 2021 (Unaudited)

Health Care Sector Risk. The health care sector includes, for example, biotechnology, pharmaceutical, health care facilities, and health care equipment and supply companies. This sector can be significantly affected by, among other things, lapsing patent protection, technological developments that make drugs obsolete, government regulation, price controls, and approvals for drugs.

Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

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.

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 and net operating loss. 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.

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, 2021, were as follows:

Fund

Ordinary Income

Long-Term Capital
Gains

Return of Capital

Cambria Shareholder Yield ETF

1,860,874

–

Cambria Foreign Shareholder Yield ETF

817,590

–

Cambria Global Value ETF

2,069,920

–

Cambria Global Momentum ETF

736,098

–

62,066

Cambria Global Asset Allocation ETF

1,293,079

–

Cambria Value and Momentum ETF

129,877

–

Cambria Global Tail Risk ETF

–

137,642

Cambria Emerging Shareholder Yield ETF

1,434,973

–

Cambria Tail Risk ETF

505,834

–

Cambria Trinity ETF

727,809

–

Cambria Cannabis ETF

614,512

–

Cambria Global Real Estate ETF

156,757

–

Semi-Annual Report | October 31, 2021

Cambria ETF Trust		Notes to Financial Statements
		October 31, 2021 (Unaudited)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2021, were as follows:

Fund	Gross Appreciation (excess of value over tax cost)			Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)*			Cost of Investments for Income Tax Purposes
Cambria Shareholder Yield ETF	$	29,958,379		$	(17,792,703	)	$	12,165,676		$	311,789,824
Cambria Foreign Shareholder Yield ETF		3,889,567			(1,997,825	)		1,891,742			36,311,489
Cambria Global Value ETF		27,477,329			(18,000,912	)		9,476,417			115,513,210
Cambria Global Momentum ETF		10,766,539			(136,161	)		10,630,378			58,085,786
Cambria Global Asset Allocation ETF		7,592,371			(704,047	)		6,888,324			50,412,034
Cambria Value and Momentum ETF		5,138,955			(946,480	)		4,192,475			9,991,165
Cambria Global Tail Risk ETF		33,479			(916,767	)		(883,288	)		6,579,243
Cambria Emerging Shareholder Yield ETF		11,261,882			(5,835,318	)		5,426,564			78,327,069
Cambria Tail Risk ETF		(6,820,375	)		(22,757,309	)		(29,577,684	)		351,152,038
Cambria Trinity ETF		5,793,013			(369,363	)		5,423,650			42,159,445
Cambria Cannabis ETF		3,122,984			(12,351,879	)		(9,228,895	)		43,371,984
Cambria Global Real Estate ETF		1,401,160			(643,518	)		757,642			18,517,701

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.

Cash collateral received in connection with securities lending of each applicable Fund is invested in Fidelity Investments Money Market Treasury Portfolio Institutional Class and is presented on the Schedules 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.

www.cambriafunds.com

Cambria ETF Trust		Notes to Financial Statements
		October 31, 2021 (Unaudited)

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight and continuous maturities and non-cash collateral, if any, which would be subject to offset as of October 31, 2021:

	Gross Amount of Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received⁽¹⁾		Net Amount
Cambria Shareholder Yield ETF	$	25,957,095	$	25,957,095	$	–
Cambria Foreign Shareholder Yield ETF		394,349		394,349		–
Cambria Global Value ETF		1,861,750		1,861,750		–
Cambria Global Momentum ETF		6,382,163		6,382,163		–
Cambria Global Asset Allocation ETF		5,209,068		5,209,068		–
Cambria Value And Momentum ETF		724,728		724,728		–
Cambria Global Tail Risk ETF		295,941		295,941		–
Cambria Emerging Shareholder Yield ETF		985,824		985,824		–
Cambria Trinity ETF		2,224,057		2,224,057		–
Cambria Cannabis ETF		5,624,903		5,624,903		–
Cambria Global Real Estate ETF		302,525		302,525		–

⁽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, 2021 are shown in each Fund’s Schedule of Investments.

10. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

Semi-Annual Report | October 31, 2021

Cambria ETF Trust	Disclosure of Fund Expenses
	October 31, 2021 (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 and brokerage fees. 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, 2021 to October 31, 2021).

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.

	Beginning Account Value		Ending Account Value			Expenses Paid During period May 1, 2021 -
	May 1, 2021		October 31, 2021		Expense Ratio^(a)	October 31, 2021^(b)
Cambria Shareholder Yield ETF
Actual	$	1,000.00	$	1,011.60	0.59%	$	2.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Foreign Shareholder Yield ETF
Actual	$	1,000.00	$	1,028.60	0.59%	$	3.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	0.59%	$	3.01

Cambria Global Value ETF
Actual	$	1,000.00	$	1,065.10	0.66%	$	3.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	0.66%	$	3.36

Cambria Global Momentum ETF
Actual	$	1,000.00	$	1,040.00	0.59%	$	3.03
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, 2021 (Unaudited)

	Beginning Account Value		Ending Account Value				Expenses Paid During period May 1, 2021 –
	May 1, 2021		October 31, 2021		Expense Ratio^(a)		October 31, 2021^(b)
Cambria Global Asset Allocation ETF
Actual	$	1,000.00	$	1,025.10		–%	$	–
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21		–%	$	–

Cambria Value and Momentum ETF
Actual	$	1,000.00	$	1,083.90		0.59%	$	3.10
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23		0.59%	$	3.01

Cambria Global Tail Risk ETF
Actual	$	1,000.00	$	939.20		0.59%	$	2.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23		0.59%	$	3.01

Cambria Emerging Shareholder Yield ETF
Actual	$	1,000.00	$	951.20		0.64%	$	3.15
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.98		0.64%	$	3.26

Cambria Tail Risk ETF
Actual	$	1,000.00	$	966.10		0.59%	$	2.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23		0.59%	$	3.01

Cambria Trinity ETF
Actual	$	1,000.00	$	1,035.40		–%	$	–
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21		–%	$	–

Cambria Cannabis ETF
Actual	$	1,000.00	$	720.70		0.42%	$	1.82
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09		0.42%	$	2.14

Cambria Global Real Estate ETF
Actual	$	1,000.00	$	1,051.10		0.59%	$	3.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23		0.59%	$	3.01

^(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, 2021

Cambria ETF Trust	Supplemental Information
	October 31, 2021 (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,
	One Year Total Return	End of Period
Cambria Shareholder Yield ETF	83.73%	$	62.66
Cambria Foreign Shareholder Yield ETF	47.91%		27.65
Cambria Global Value ETF	55.37%		24.06
Cambria Global Momentum ETF	31.75%		30.48
Cambria Global Asset Allocation ETF	25.17%		31.96
Cambria Value and Momentum ETF	45.58%		25.14
Cambria Global Tail Risk ETF	-8.96%		22.26
Cambria Emerging Shareholder Yield ETF	34.39%		35.71
Cambria Tail Risk ETF	-15.79%		18.04
Cambria Trinity ETF	29.70%		27.94
Cambria Cannabis ETF	26.02%		13.40
Cambria Global Real Estate ETF	36.07%		32.59

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

Quarterly holdings as of the first and third fiscal quarters are available on the Funds’ website at www.cambriafunds.com. 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.

72	www.cambriafunds.com

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.

342 N Water St Suite 830

Milwaukee, WI 53202

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, 2022

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, 2022

By:	(Signature and Title)	/s/ Ryan Johanson
		Ryan Johanson
		Principal Financial Officer

Date:	January 7, 2022

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