Cambria Cannabis ETF NCSR Certified 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)

3300 Highland Avenue

Manhattan Beach, CA 90266

(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

Date of reporting period: April 30, 2023

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)

Annual Report

April 30, 2023

Cambria Investment Management

Table of Contents

Shareholder Letter (Unaudited)	1
Manager’s Discussion and Analysis of Fund Performance (Unaudited)	7
Schedules of Investments
Cambria Shareholder Yield ETF	19
Cambria Foreign Shareholder Yield ETF	21
Cambria Global Value ETF	24
Cambria Global Momentum ETF	28
Cambria Global Asset Allocation ETF	30
Cambria Value and Momentum ETF	33
Cambria Global Tail Risk ETF	36
Cambria Emerging Shareholder Yield ETF	38
Cambria Tail Risk ETF	41
Cambria Trinity ETF	42
Cambria Cannabis ETF	45
Cambria Global Real Estate ETF	47
Statements of Assets and Liabilities	49
Statements of Operations	52
Statements of Changes in Net Assets	55
Financial Highlights	61
Notes to Financial Statements	73
Report of Independent Registered Public Accounting Firm	89
Disclosure of Fund Expenses (Unaudited)	91
Approval of Advisory Agreement & Board Considerations (Unaudited)	93
Liquidity Risk Management Program (Unaudited)	96
Trustees and Officers of the Cambria ETF Trust (Unaudited)	97
Notice to Shareholders (Unaudited)	98
Supplemental Information (Unaudited)	99

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 ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

Dear Shareholder:

We are pleased to present the following annual report for the Cambria ETF Trust.

SYLD

The Cambria Shareholder Yield ETF (“SYLD”) launched on May 13, 2013. For the three-month period ended April 30, 2023, SYLD posted a loss of 9.65%. For the 12-month period ended April 30, 2023, SYLD posted a loss of 1.59%. For the period since inception through April 30, 2023, SYLD gained 209.53%.

We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for SYLD. The table below shows the performance of the Fund (NAV) vs. S&P 500 for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	SYLD	S&P 500
Annualized Returns Since Inception	12.01%	11.98%
Cumulative Returns Since Inception	209.53%	208.81%
12 Months Ended 4/30/2023	-1.59%	2.66%
3 Months Ended 4/30/2023	-9.65%	2.72%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -1.59% (1 year), 11.62% (annualized five year), and 12.01% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: -1.67% (1 year), 11.58% (annualized five year), and 12.00% (annualized since inception).

FYLD

The Cambria Foreign Shareholder Yield ETF (“FYLD”) launched on December 2, 2013. For the three-month period ended April 30, 2023, FYLD posted a loss of 1.79%. For the 12-month period ended April 30, 2023, FYLD posted a gain of 2.72%. For the period since inception through April 30, 2023, FYLD posted a gain of 50.42%.

We believe that the MSCI EAFE Index (MSCI EAFE) serves as a suitable benchmark for FYLD. The table below shows the performance of the Fund (NAV) vs. MSCI EAFE for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	FYLD	MSCI EAFE
Annualized Returns Since Inception	4.44%	4.65%
Cumulative Returns Since Inception	50.42%	53.35%
12 Months Ended 4/30/2023	2.72%	9.00%
3 Months Ended 4/30/2023	-1.79%	3.42%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: 2.72% (1 year), 4.14% (annualized five year), and 4.44% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: 3.69% (1 year), 4.22% (annualized five year), and 4.50% (annualized since inception).

GVAL

The Cambria Global Value ETF (“GVAL”) launched on March 11, 2014. For the three-month period ended April 30, 2023, GVAL posted a gain of 0.71%. For the 12-month period ended April 30, 2023, GVAL posted a gain of 6.97%. For the period since inception through April 30, 2023, the Fund posted a gain of 9.72%.

Annual Report | April 30, 2023

Cambria ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

We believe that the MSCI ACWI Index (MSCI ACWI) serves as a suitable benchmark for GVAL. The table below shows the performance of the Fund (NAV) vs. MSCI ACWI for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	GVAL	MSCI ACWI
Annualized Returns Since Inception	1.02%	7.85%
Cumulative Returns Since Inception	9.72%	99.39%
12 Months Ended 4/30/2023	6.97%	2.59%
3 Months Ended 4/30/2023	0.71%	1.72%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: 6.97% (1 year), -0.80% (annualized five year), and 1.02% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: 7.40% (1 year), -0.86% (annualized five year), and 0.98% (annualized since inception).

GMOM

The Cambria Global Momentum ETF (“GMOM”) launched on November 3, 2014. For the three-month period ended April 30, 2023, GMOM posted a loss of 3.52%. For the 12-month period ended April 30, 2023, GMOM posted a loss of 8.81%. For the period since inception through April 30, 2023, GMOM posted a gain of 35.49%.

We believe that a suitable benchmark for GMOM is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity-bond blend is the precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	GMOM	SPBXMI
Annualized Returns Since Inception	3.64%	6.22%
Cumulative Returns Since Inception	35.49%	66.92%
12 Months Ended 4/30/2023	-8.81%	1.03%
3 Months Ended 4/30/2023	-3.52%	1.97%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -8.81% (1 year), 2.94% (annualized five year), and 3.64% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: -8.94% (1 year), 2.86% (annualized five year), and 3.61% (annualized since inception).

GAA

The Cambria Global Asset Allocation ETF (“GAA”) launched on December 9, 2014. For the three-month period ended April 30, 2023, GAA posted a loss of 2.40%. For the 12-month period ended April 30, 2023, GAA posted a loss of 1.58%. For the period since inception through April 30, 2023, GAA posted a gain of 43.94%.

We believe that a suitable benchmark for GAA is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity-bond blend is the precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	GAA	SPBXMI
Annualized Returns Since Inception	4.44%	6.07%
Cumulative Returns Since Inception	43.94%	63.98%
12 Months Ended 4/30/2023	-1.58%	1.03%
3 Months Ended 4/30/2023	-2.40%	1.97%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -1.58% (1 year), 3.83% (annualized five year), and 4.44% (annualized since inception). The Fund’s performance (Market Price) as April 30, 2023 is as follows: -2.46% (1 year), 3.78% (annualized five year), and 4.42% (annualized since inception).

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Cambria ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

VAMO

The Cambria Value and Momentum ETF (“VAMO”) launched on September 8, 2015. For the three-month period ended April 30, 2023, VAMO posted a loss of 9.51%. For the 12-month period ended April 30, 2023, VAMO posted a loss of 4.34%. For the period since inception through April 30, 2023, VAMO posted a gain of 6.05%.

We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for VAMO, as VAMO offers a diversified, value-oriented exposure to US equities with downside risk hedging. The table below shows the performance of the Fund (NAV) vs. S&P 500 for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	VAMO	S&P 500
Annualized Returns Since Inception	0.77%	12.39%
Cumulative Returns Since Inception	6.05%	144.12%
12 Months Ended 4/30/2023	-4.34%	2.66%
3 Months Ended 4/30/2023	-9.51%	2.72%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -4.34% (1 year), 0.85% (annualized five year), and 0.77% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows -3.64% (1 year), 0.83% (annualized five year), and 0.77% (annualized since inception).

FAIL

The Cambria Global Tail Risk ETF (“FAIL”) launched on February 22, 2016 and changed its name and investment objective on March 15, 2021. Fund performance prior to March 15, 2021 reflects the investment objective and principal investment strategy of the Fund when it was the Cambria Sovereign Bond ETF and it sought income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi-sovereign bonds. For the three-month period ended April 30, 2023, the Fund posted a loss of 0.86%. For the 12-month period ended April 30, 2023, the Fund posted a loss of 9.78%. For the period since inception through April 30, 2023, the Fund posted a loss of 4.86%.

We believe that a suitable benchmark for FAIL, given the Fund’s new investment objective and principal investment strategy, is the Bloomberg Barclays US Short Treasury Index (“Short Treasury”). Prior to March 15, 2021, the Fund’s performance benchmark was the FTSE World Government Bond Index (WGBI). The table below shows the performance of the Fund (NAV) vs. the spliced benchmark (WGBI/Short Treasury) and Short Treasury for the three-month, 12-month and since inception periods ended April 30, 2023.

		Vs Benchmark
	FAIL*	Spliced Index –WGBI/Short Treasury**	Short Treasury
Annualized Returns Since Inception	-0.69%	2.45%	1.25%
Cumulative Returns Since Inception	-4.86%	19.01%	9.36%
12 Months Ended 4/30/2023	-9.78%	2.62%	2.62%
3 Months Ended 4/30/2023	-0.86%	1.13%	1.13%

The Fund’s objective changed effective March 15, 2021.

Reflects performance of WGBI prior to March 15, 2021 and Short Treasury thereafter.

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -9.78% (1 year), -4.73% (annualized five year), and -0.69% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: -8.19% (1 year), -4.80% (annualized five year), and -0.63% (annualized since inception).

EYLD

The Cambria Emerging Shareholder Yield ETF (“EYLD”) launched on July 13, 2016. For the three-month period ended April 30, 2023, EYLD posted a loss of 2.50%. For the 12-month period ended April 30, 2023, EYLD posted a gain of 1.64%. For the period since inception through April 30, 2023, EYLD posted a gain of 60.32%.

Annual Report | April 30, 2023

Cambria ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

We believe that the MSCI Emerging Markets Index (MSCI EEM) serves as a suitable benchmark for EYLD. The table below shows the performance of the Fund (NAV) vs. MSCI EEM for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	EYLD	MSCI EEM
Annualized Returns Since Inception	7.19%	4.74%
Cumulative Returns Since Inception	60.32%	36.99%
12 Months Ended 4/30/2023	1.64%	-6.09%
3 Months Ended 4/30/2023	-2.50%	-4.68%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: 1.64% (1 year), 1.47% (annualized 5 year), and 7.19% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: 5.41% (1 year), 1.83% (annualized 5 year) and 7.50% (annualized since inception).

TAIL

The Cambria Tail Risk ETF (“TAIL”) launched on April 5, 2017. For the three-month period ended April 30, 2023, TAIL posted a loss of 1.30%. For the 12-month period ended April 30, 2023, TAIL posted a loss of 11.86%. For the period since inception through April 30, 2023, TAIL posted a loss of 37.30%.

We believe that a suitable benchmark for TAIL is the Bloomberg Barclays Short Treasury Index (Short Treasury). TAIL is not an aggressive hedging strategy, and as such, an index of short-term Treasuries which approximates a conservative money-market fund is a suitable benchmark. Short Treasury tracks the market for treasury bills issued by the US government. The table below shows the performance of the Fund (NAV) vs. Short Treasury for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	TAIL	Short Treasury
Annualized Returns Since Inception	-7.40%	1.39%
Cumulative Returns Since Inception	-37.30%	8.77%
12 Months Ended 4/30/2023	-11.86%	2.62%
3 Months Ended 4/30/2023	-1.30%	1.13%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -11.86% (1 year), -6.41% (annualized 5 year), and -7.40% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: -12.13% (1 year), -6.46% (annualized 5 year), and -7.42% (annualized since inception).

TRTY

The Cambria Trinity ETF (“TRTY”) launched on September 7, 2018. For the three-month period ended April 30, 2023, TRTY posted a loss of 3.06%. For the 12-month period ended April 30, 2023, TRTY posted a loss of 3.99%. For the period since inception through April 30, 2023, TRTY posted a gain of 16.03%.

We believe that a suitable benchmark for TRTY is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity-bond blend is the precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	TRTY	SPBXMI
Annualized Returns Since Inception	3.26%	5.85%
Cumulative Returns Since Inception	16.03%	30.17%
12 Months Ended 4/30/2023	-3.99%	1.03%
3 Months Ended 4/30/2023	-3.06%	1.97%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -3.99% (1 year) and 3.26% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows -4.70% (1 year) and 3.27% (annualized since inception).

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Cambria ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

TOKE

The Cambria Cannabis ETF (“TOKE”) launched on July 24, 2019. For the three-month period ended April 30, 2023, TOKE posted a loss of 12.52%. For the 12-month period ended April 30, 2023, TOKE posted a loss of 35.04%. For the period since inception through April 30, 2023, TOKE posted a loss of 71.62%.

We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for TOKE. The table below shows the performance of the Fund (NAV) vs. S&P 500 for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	TOKE	S&P 500
Annualized Returns Since Inception	-28.40%	10.77%
Cumulative Returns Since Inception	-71.62%	47.06%
12 Months Ended 4/30/2023	-35.04%	2.66%
3 Months Ended 4/30/2023	-12.52%	-2.72%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -35.04% (1 year) and -28.40% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: -35.84% (1 year) and -28.46% (annualized since inception).

BLDG

The Global Real Estate ETF (“BLDG”) launched on September 23, 2020. For the three-month period ended April 30, 2023, BLDG posted a loss of 10.28%. For the 12-month period ended April 30, 2023, BLDG posted a loss of 14.47%. For the period since inception through April 30, 2023, BLDG posted a gain of 14.95%.

We believe that a suitable benchmark for BLDG is the FTSE EPRA/NAREIT Global REIT Index (ENXG). The table below shows the performance of the Fund (NAV) vs. ENXG for the three-month, 12-month and since inception periods ended April 30, 2023.

	Vs Benchmark
	BLDG	ENXG
Annualized Returns Since Inception	5.51%	8.30%
Cumulative Returns Since Inception	14.95%	23.04%
12 Months Ended 4/30/2023	-14.47%	-14.12%
3 Months Ended 4/30/2023	-10.28%	-5.59%

The Fund’s performance (NAV) as of April 30, 2023 is as follows: -14.47% (1 year) and 14.95% (cumulative since inception). The Fund’s performance (Market Price) as of April 30, 2023 is as follows: (13.88)% (1 year) and 15.47% (cumulative since inception).

Sincerely,

Mebane Faber

Annual Report | April 30, 2023

Cambria ETF Trust

Shareholder Letter

April 30, 2023 (Unaudited)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market price returns are based upon the midpoint of the bid/ask spread at the close of the exchange and does not represent the returns an investor would receive if shares were traded at other times. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The information provided represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future events or investment advice.

Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

The S&P 500 Index is a diverse index that includes 500 American companies that represent over 70% of the total market capitalization of the U.S. stock market.

The MSCI EAFE Index is a free float-adjusted market capitalization weighted index, designed to measure developed market equity performance, excluding the U.S. and Canada, consisting of 21 stock markets in Europe, Australasia, and the Far East.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes.

The S&P Balanced Equity and Bond Index is comprised of three multi-asset class indices, each with a particular risk level. The indices consist of U.S. Treasury Bonds and Equities with the following asset mix proportions: Conservative: 75% Treasuries/25% Equities, Moderate: 50% Treasuries/50% Equities, Growth: 25% Treasuries/75% Equities. The Moderate Index (SPBXMI) has long been used by academia and practitioners alike as a measurement for broad asset allocation strategies.

The FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

The Bloomberg Barclays US Short Treasury Index is composed of zero-coupon Treasury Bills and fixed-rate Treasury bonds with a maturity between one and 12 months. As Treasury bonds and notes fall below one year -to-maturity and exit the US Treasury Index, they become eligible for the Short Treasury Index. Maturity sub-indices are published in three-month increments: 1-3 month, 3-6 month, 6-9 month, and 9-12 month and can be separated into sub-indices that only include bills or only include notes that have aged below 1-year.

MSCI Emerging Markets Index is a free-float weighted equity index that captures large- and mid-cap representation across emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The FTSE EPRA/NAREIT Global REIT Index measures the total return, stated in US dollar terms, of the size- and liquidity-screened stocks in both developed and emerging markets of the publicly traded real estate companies that qualify for REIT status under the tax law in the country of domicile.

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	Manager’s Discussion and
Cambria Shareholder Yield ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Shareholder Yield ETF versus the S&P 500 Index

For the 12-month period ended April 30, 2023, SYLD returned -1.59% at net asset value (NAV) and -1.67% at market underperforming its benchmark, the S&P 500 Index, by 4.25%. An underweight allocation and security selection in Technology, an overweight allocation to and security selection in consumer discretionary, and financials were main drivers of underperformance relative to the benchmark. Underperformance was offset somewhat by security selection in materials.

On a contribution to total return basis energy, materials, and healthcare were the best performers contributing 1.01%, 0.93% and 0.16% respectively. On a contribution to total return basis financials, consumer services, and information technology were the worst performing sectors contributing -1.61%, -0.72%, and -0.58% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Shareholder Yield ETF - NAV	-1.59%	28.07%	11.62%	12.01%
Cambria Shareholder Yield ETF - Market	-1.67%	28.08%	11.58%	12.00%
S&P 500 Index	2.66%	14.52%	11.45%	11.98%

Fund inception date is May 13, 2013.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The index is unmanaged and is not available for investment.

There are no assurances that the Fund will meet its stated objectives.

S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the Index proportionate to its market value.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Foreign Shareholder Yield ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Foreign Shareholder Yield ETF versus the MSCI EAFE Index

For the 12-month period ended April 30, 2023, FYLD returned 2.72% at net asset value (NAV) and 3.69% at market underperforming its benchmark, the MSCI EAFE Total Return Index, by 6.28%. During this period, an underweight allocation and security selection in France and Germany, as well as overweight allocation and security selection in Hong Kong drove underperformance relative to EAFE. Security selection in Japan and Sweden offset underperformance somewhat.

On a contribution to total return basis Japan, Sweden, and France allocations were the best performers contributing 3.21%, 1.34%, and 0.88% respectively. On a contribution to total return basis Hong Kong, Australia, and Netherlands allocations were the worst performers contributing -1.66%, -0.54% and -0.31% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Foreign Shareholder Yield ETF - NAV	2.72%	18.05%	4.14%	4.44%
Cambria Foreign Shareholder Yield ETF - Market	3.69%	18.89%	4.22%	4.50%
MSCI EAFE Index	9.00%	12.22%	4.14%	4.65%

Fund inception date is December 2, 2013.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

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	Manager’s Discussion and
Cambria Global Value ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Value ETF versus the MSCI ACWI

For the 12-month period ended April 30, 2023, GVAL returned 6.97% at net asset value (NAV) and 7.40% at market outperforming its benchmark, the MSCI ACWI Total Return Index, by 4.38%. Overweight allocation to and security selection in Turkey and Portugal, Security selection in Chile, as well as exposure to the Chilean peso drove outperformance relative to ACWI.

On a contribution to total return basis Turkey, Chile, and Portugal allocations were the best performers contributing 6.01%, 2.27%, and 2.00% respectively. On a contribution to total return Colombia, Malaysia and Norway allocations were the worst performers contributing -1.60%, -1.27% and -0.54% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Global Value ETF - NAV	6.97%	12.32%	-0.80%	1.02%
Cambria Global Value ETF - Market	7.40%	12.48%	-0.86%	0.98%
MSCI ACWI	2.59%	12.56%	7.56%	7.85%

Fund inception date is March 11, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Global Momentum ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Momentum ETF versus the S&P Balanced Equity & Bond – Moderate Index

For the 12-month period ended April 30, 2023, GMOM returned -8.81% at net asset value (NAV) and -8.94% at market underperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 9.84%. GMOM is a tactical trend and momentum strategy and was concentrated in Real Assets over the period. Negative performance was primarily driven by natural resources, commodities, and energy. Global value stocks, global consumer staples, and gold offset negative performance, somewhat.

On a contribution to total return basis global value equities, Gold, and emerging market equities were the best performers contributing 0.80%, 0.51% and 0.35% respectively. On a contribution to total return basis energy, commodities, gold miners were the worst performers contributing -1.63%, -1.40% and -0.70% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Global Momentum ETF - NAV	-8.81%	9.45%	2.94%	3.64%
Cambria Global Momentum ETF - Market	-8.94%	9.27%	2.86%	3.61%
S&P Balanced Equity & Bond – Moderate Index	1.03%	4.49%	6.52%	6.22%

Fund inception date is November 3, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

S&P Balanced Equity & Bond – Moderate Index the S&P 500 Balanced Equity & Bond – Moderate Index combines investable S&P indices for core equity and fixed income to provide a regularly rebalanced multi-asset measure for moderate risk-reward profiles. The construction of the index consists of a position in the S&P 500 Total Return Index with 50% weight, and a position in the S&P U.S. Treasury Bond 7-10 Year Index with 50% weight.

10	www.cambriafunds.com

	Manager’s Discussion and
Cambria Global Asset Allocation ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Asset Allocation ETF versus the S&P Balanced Equity Bond – Moderate Index

For the 12-month period ended April 30, 2023, GAA returned -1.58% at net asset value (NAV) and -2.46% at market underperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 2.61%. GAA is a buy and hold global asset allocation portfolio. Commodities and global real estate were the primary drivers of negative returns during the period. Negative performance was offset slightly by global value stocks and local currency emerging market government bonds.

On a contribution to total return basis global value equities, emerging market debt and emerging market equities were the best performers contributing 0.47%, 0.37% and 0.34% respectively. On a contribution to total return basis commodities, global real estate and US bonds were the worst performers contributing -1.16%, -0.82% and -0.24% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Global Asset Allocation ETF - NAV	-1.58%	8.30%	3.83%	4.44%
Cambria Global Asset Allocation ETF - Market	-2.46%	8.77%	3.78%	4.42%
S&P Balanced Equity & Bond – Moderate Index	1.03%	4.49%	6.52%	6.07%

Fund inception date is December 9, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Value and Momentum ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Value and Momentum ETF versus S&P 500 Index

For the 12-month period ended April 30, 2023, VAMO returned -4.34% at net asset value (NAV) and -3.64% at market underperforming its benchmark, the S&P 500 Index, by 7.00%. VAMO’s underperformance was driven by its target 50% hedge against the S&P 500 as well as an underweight allocation to Technology, as well as an underweight allocation to and security selection in health care relative to the S&P 500.

On a contribution to total return basis consumer discretionary and communication services were the best performing sectors contributing 0.59%b and 0.05% respectively. On a contribution to total return basis financials, materials and consumer staples were the worst performing sectors contributing -1.10%, -0.71% and -0.53% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Value and Momentum ETF - NAV	-4.34%	15.50%	0.85%	0.77%
Cambria Value and Momentum ETF - Market	-3.64%	16.64%	0.83%	0.77%
S&P 500 Index	2.66%	14.52%	11.45%	12.39%

Fund inception date is September 8, 2015.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

12	www.cambriafunds.com

	Manager’s Discussion and
Cambria Global Tail Risk ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Tail Risk ETF versus the FTSE/Citi World Government Bond Index

For the 12-month period ended April 30, 2023, FAIL returned -9.78% at net asset value and -8.19% at market underperforming its benchmark, the Barclays Short Treasury Total Return Index, by 12.40%. The performance of the Put Options on the MSCI EAFE and EM indices were mixed, however, as a whole, they drove negative performance. With the exception of Colombia bond positions, exposure to Local Currency Emerging Market Government Bonds offset negative performance somewhat over the period.

On a contribution to total return basis emerging market sovereign bonds were the best performers. MXEA and MXEF Index options and US Bonds were the worst performers.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Global Tail Risk ETF - NAV	-9.78%	-5.84%	-4.73%	-0.69%
Cambria Global Tail Risk ETF - Market	-8.19%	-4.44%	-4.80%	-0.63%
Bloomberg Barclays US Short Treasury Index	2.62%	0.86%	1.47%	1.25%
FTSE/Citi World Government Bond Index	-5.32%	-6.61%	-3.81%	-1.52%

Fund inception date is February 22, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

The put options purchased by FAIL give the Fund with the right to sell the underlying asset (index or ETF) to the put seller at a specified price (strike price) within a specified time period.

Bloomberg Barclays US Short Treasury Index is composed of zero-coupon Treasury Bills and fixed-rate. Treasury bonds with a maturity between 1 and 12 months. As Treasury bonds and notes fall below one year-to-maturity and exit the U.S. Treasury Index, they become eligible for the Short Treasury Index. Maturity subindices are published in three-month increments: 1-3 month, 3-6 month, 6-9 month, and 9-12 month and can be separated into subindices that only include bills or only include notes that have aged below 1-year.

FTSE/Citi World Government Bond Index measures the performance of fixed- rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Emerging Shareholder Yield ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Emerging Shareholder Yield ETF versus the MSCI Emerging Markets Index

For the 12-month period ended April 30, 2023, EYLD returned 1.64% at net asset value (NAV) and 5.41% at market outperforming its benchmark, the MSCI Emerging Markets Total Return Index, by 7.73%. Security selection in China and Taiwan, as well as an overweight allocation to Turkey relative to the MSCI Emerging Markets Total Return Index was the primary driver of outperformance.

On a contribution to total return basis China, Turkey, and Mexico allocations were the best performers contributing 3.53%, 1.48%, and 1.30% respectively. On a contribution to total return basis India, South Korea, and South Africa allocations were the worst performers contributing -1.35%, -1.23% and -0.93% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Emerging Shareholder Yield ETF - NAV	1.64%	11.23%	1.47%	7.19%
Cambria Emerging Shareholder Yield ETF - Market	5.41%	12.56%	1.83%	7.50%
MSCI Emerging Markets Index	-6.09%	4.71%	-0.67%	4.74%

Fund inception date is July 13, 2016 and the Fund commenced operations on July 14, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

MSCI Emerging Markets Index is a free-float weighted equity index that captures large and mid -cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

14	www.cambriafunds.com

	Manager’s Discussion and
Cambria Tail Risk ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Tail Risk ETF versus the Bloomberg Barclays US Short Treasury Index

For the 12-month period ended April 30, 2023, TAIL returned -11.86% at net asset value (NAV) and -12.13% at market underperforming its benchmark, the Barclays Short Treasury Total Return Index, by 14.48%. With the S&P 500 positive for the 12-month period, aside from a few select contracts, TAIL’s Put Options on the S&P 500 were the primary driver of negative performance. US treasuries offset negative performance somewhat.

On a contribution to total return SPX Index put options were the worst performer contributing -10.47% to performance.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	5 Year	Since Inception*
Cambria Tail Risk ETF - NAV	-11.86%	-12.78%	-6.41%	-7.40%
Cambria Tail Risk ETF - Market	-12.13%	-12.89%	-6.46%	-7.42%
Bloomberg Barclays US Short Treasury Index	2.62%	0.86%	1.47%	1.39%

Fund inception date is April 5, 2017.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Trinity ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Trinity ETF versus the S&P Balanced Equity Bond – Moderate Index

For the 12-month period ended April 30, 2023, TRTY returned -3.99% at net asset value (NAV) and -4.70% at market underperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 5.02%. The main drivers of negative performance were commodities, natural resources, global real estate, and energy.

On a contribution to total return basis global equities, emerging market debt, and emerging market equity were the best performers contributing 0.68%, 0.48% and 0.30% respectively. On a contribution to total return basis commodities, energy, and global real estate were the worst performers contributing -0.93%, -0.60% and -0.47% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	Since Inception*
Cambria Trinity ETF - NAV	-3.99%	9.29%	3.26%
Cambria Trinity ETF - Market	-4.70%	9.02%	3.27%
S&P Balanced Equity & Bond – Moderate Index	1.03%	4.49%	5.85%

Fund inception date is September 17, 2018.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

16	www.cambriafunds.com

	Manager’s Discussion and
Cambria Cannabis ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Cannabis ETF versus the S&P 500 Index

For the 12-month period ended April 30, 2023, TOKE returned -35.04% at net asset value (NAV) and -35.84% at market underperforming its benchmark, the S&P 500 Total Return Index, by 37.70%. Underperformance of TOKE over the period can be attributed to the underperformance of marijuana and ancillary marijuana companies relative to the S&P 500. As a thematic fund, we generally expect the Fund to underperform when the overall cannabis industry does poorly and vice versa.

On a contribution to total return basis Imperial Brands PLC, Philip Morris International, and Universal Corp were the best performers contributing 1.31%, 0.31% and 0.05% respectively. On a contribution to total return basis Scotts Miracle-Gro, Innovative Industrial Properties, and Tilray Brands were the worst performers contributing -3.14%, -2.93% and -2.60% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	3 Year	Since Inception
Cambria Cannabis ETF - NAV	-35.04%	-15.48%	-28.40%
Cambria Cannabis ETF - Market	-35.84%	-15.60%	-28.46%
S&P 500 Index	2.66%	14.52%	10.77%

Fund inception date is July 24, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call 855 -ETF-INFO (383 -4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%; however, TOKE’s investment adviser has agreed to waive 17 basis points (0.17%) of its management fees for the Fund until at least August 31, 2024. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees.

There are no assurances that the Fund will meet its stated objectives.

Annual Report | April 30, 2023

	Manager’s Discussion and
Cambria Global Real Estate ETF	Analysis of Fund Performance

April 30, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Real Estate ETF versus the FTSE EPRA Nareit Global REITs Index

For the 12-month period ended April 30, 2023, BLDG returned -14.47% at net asset value (NAV) and -13.88% at market underperforming its benchmark, the FTSE EPRA/NAREIT Global REIT Total Return Index, by 0.35%. From a global perspective, negative returns were driven primarily by the US, and were partially offset by positive returns in Turkey and Mexico. From a category perspective, negative returns were driven by office and diversified REITs.

On a contribution to total return basis Turkey, Mexico, and Netherlands allocations were the best performers contributing 2.27%, 1.96%, and 0.50% respectively. On a contribution to total return basis United States, Canada, and United Kingdom allocations were the worst performers contributing -10.45%, -2.16% and -1.18% respectively.

Average Annual Total Return for the Periods Ended April 30, 2023

	1 Year	Since Inception
Cambria Global Real Estate ETF - NAV	-14.47%	5.51%
Cambria Global Real Estate ETF - Market	-13.88%	5.69%
FTSE EPRA Nareit Global REITs Index	-14.12%	8.30%

Fund inception date is September 23, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

There are no assurances that the Fund will meet its stated objectives.

FTSE EPRA/NAREIT Global REIT Index: measures the total return, stated in US dollar terms, of the size- and liquidity-screened stocks in both developed and emerging markets of the publicly traded real estate companies that qualify for REIT status under the tax law in the country of domicile.

18	www.cambriafunds.com

Cambria Shareholder Yield ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Shareholder Yield ETF
Consumer Discretionary	25.12%
Financials	19.38%
Materials	18.73%
Energy	16.63%
Industrials	8.07%
Health Care	6.03%
Information Technology	5.19%
Consumer Staples	0.85%
	100.00%

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

	Shares		Value
Common Stocks (99.19%)
Consumer Discretionary (24.91%)
Abercrombie & Fitch Co., Class A^(a)		252,434	$	5,942,296
Adtalem Global Education, Inc.^(a)		179,075		7,265,073
Advance Auto Parts, Inc.		41,990		5,271,005
AutoNation, Inc.^(a)		79,781		10,507,158
Big 5 Sporting Goods Corp.^(b)		434,226		3,421,701
Big Lots, Inc.^(b)		300,352		2,700,164
Caleres, Inc.		267,748		6,104,654
Dick's Sporting Goods, Inc.		62,738		9,097,637
Dillard's, Inc., Class A^(b)		37,050		11,055,349
Ethan Allen Interiors, Inc.		262,808		7,340,227
Foot Locker, Inc.		181,298		7,612,703
Grand Canyon Education, Inc.^(a)		78,299		9,294,091
Haverty Furniture Cos., Inc.		203,775		6,141,779
Hibbett, Inc.		110,162		5,985,101
LKQ Corp.		133,627		7,714,287
Macy's, Inc.		320,853		5,242,738
ODP Corp.^(a)		150,917		6,521,124
Oxford Industries, Inc.		69,901		7,213,084
Penske Automotive Group, Inc.		72,741		10,080,448
PulteGroup, Inc.		155,857		10,465,798
Smith & Wesson Brands, Inc.		456,209		5,483,632
Tapestry, Inc.		189,202		7,721,334
Toll Brothers, Inc.		166,127		10,617,177
Whirlpool Corp.		43,472		6,068,256
Zumiez, Inc.^(a)		230,451		4,029,436
				178,896,252
Consumer Staples (0.84%)
Cal-Maine Foods, Inc.^(b)		127,293		6,046,418

	Shares		Value
Energy (16.50%)
APA Corp.		167,713	$	6,180,224
California Resources Corp.		154,128		6,242,184
Civitas Resources, Inc.		107,244		7,405,198
CNX Resources Corp.^(a)		432,744		6,720,514
ConocoPhillips		67,431		6,937,976
CONSOL Energy, Inc.		129,173		7,665,126
CVR Energy, Inc.		358,891		9,453,189
Devon Energy Corp.		123,747		6,611,802
Exxon Mobil Corp.		83,239		9,850,503
Marathon Oil Corp.		273,923		6,617,980
Marathon Petroleum Corp.		68,172		8,316,984
Ovintiv, Inc.		154,869		5,587,673
PDC Energy, Inc.		121,030		7,873,001
Pioneer Natural Resources Co.		30,134		6,555,652
Plains GP Holdings LP, Class A		619,229		8,297,669
Valero Energy Corp.		70,970		8,138,130
				118,453,805
Financials (19.22%)
Affiliated Managers Group, Inc.		50,145		7,239,935
Aflac, Inc.		120,536		8,419,440
Allstate Corp.		55,822		6,461,955
Ally Financial, Inc.		183,521		4,841,284
American Financial Group, Inc.		53,352		6,547,891
Ameriprise Financial, Inc.		29,887		9,119,121
Assured Guaranty, Ltd.		148,447		7,996,840
Cathay General Bancorp		181,792		5,793,711
Discover Financial Services		61,997		6,414,830
Federated Hermes, Inc.		216,866		8,976,084
Hilltop Holdings, Inc.		220,571		6,842,112
Jefferies Financial Group, Inc.		221,852		7,105,919
Lincoln National Corp.		103,740		2,254,270
Loews Corp.		121,771		7,010,356
MetLife, Inc.		103,246		6,332,077
Mr Cooper Group, Inc.^(a)		144,989		6,712,991
Principal Financial Group, Inc.		108,927		8,135,758
SLM Corp.		392,730		5,898,805
Synchrony Financial		152,893		4,511,872
Voya Financial, Inc.		100,035		7,650,677
Western Union Co.		343,330		3,752,597
				138,018,525
Health Care (5.98%)
AMN Healthcare Services, Inc.^(a)		61,997		5,353,441
Cigna Group		28,158		7,132,140
McKesson Corp.		33,098		12,055,615
Quest Diagnostics, Inc.		44,954		6,240,065

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

Annual Report | April 30, 2023

Cambria Shareholder Yield ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Health Care (continued)
Universal Health Services, Inc., Class B		55,081	$	8,281,428
Veradigm, Inc.^(a)		308,997		3,859,373
				42,922,062
Industrials (8.01%)
Atkore, Inc.^(a)		61,503		7,769,674
Crane Co.^(a)		64,008		4,613,056
Crane NXT Co.		63,246		2,995,331
Encore Wire Corp.		38,633		6,039,497
ManpowerGroup, Inc.		81,263		6,152,422
Matson, Inc.		96,330		6,553,330
Owens Corning		74,883		7,998,253
Ryder System, Inc.		80,321		6,358,210
Veritiv Corp.		78,299		8,994,206
				57,473,979
Information Technology (5.15%)
Arrow Electronics, Inc.^(a)		58,045		6,642,089
DXC Technology Co.^(a)		207,974		4,960,180
HP, Inc.		238,602		7,088,865
Kulicke & Soffa Industries, Inc.		132,677		6,323,386
Sanmina Corp.^(a)		139,308		7,280,236
Xerox Holdings Corp.		298,129		4,671,682
				36,966,438
Materials (18.58%)
Alpha Metallurgical Resources, Inc.		51,376		7,529,666
CF Industries Holdings, Inc.		65,455		4,685,269
Dow, Inc.		137,085		7,457,424
DuPont de Nemours, Inc.		103,246		7,198,311
Greif, Inc., Class A		110,162		6,917,072
Huntsman Corp.		232,674		6,233,336
International Paper Co.		159,315		5,274,920
Louisiana-Pacific Corp.		176,111		10,520,871
LyondellBasell Industries NV, Class A		70,395		6,660,071
Mosaic Co.		222,053		9,514,971
Nucor Corp.		68,760		10,188,857
Olin Corp.		128,934		7,142,944
Reliance Steel & Aluminum Co.		43,719		10,833,568
Ryerson Holding Corp.		332,709		12,566,419
Steel Dynamics, Inc.		75,088		7,805,398
Sylvamo Corp.		147,585		6,762,345
United States Steel Corp.		268,535		6,144,081
				133,435,523

	Shares	Value
Materials (continued)

Total Common Stocks
(Cost $745,809,992)		$	712,213,002

	Shares		Value
Short-Term Investment (2.01%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)		14,462,896	$	14,462,896

Total Short-Term Investment
(Cost $14,462,896)				14,462,896

Total Investments (101.20%)
(Cost $760,272,888)			$	726,675,898

Liabilities Less Other Assets (-1.20%)				(8,621,890	)

Net Assets (100.00%)			$	718,054,008

Percentages based on Net Assets.

^(a)

Non-income producing security.

^(b)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $14,240,689.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $14,462,896.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2023.

As of April 30, 2023, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

20	www.cambriafunds.com

Cambria Foreign Shareholder Yield ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Materials	21.51%
Financials	20.36%
Industrials	18.17%
Energy	16.37%
Consumer Discretionary	6.27%
Communication Services	5.50%
Information Technology	5.45%
Consumer Staples	4.58%
Real Estate	1.79%
	100.00%

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

	Shares		Value
Common Stocks (97.43%)
Australia (5.52%)
CSR, Ltd.		473,522	$	1,644,979
Downer EDI, Ltd.		591,530		1,389,524
Fortescue Metals Group, Ltd.		176,714		2,448,547
Super Retail Group, Ltd.		234,079		2,092,563
Whitehaven Coal, Ltd.		264,326		1,259,311
Yancoal Australia, Ltd.^(a)		416,008		1,530,514
				10,365,438
Austria (1.03%)
Wienerberger AG		64,219		1,931,835

Canada (15.11%)
Canadian Natural Resources, Ltd.		29,800		1,815,912
Corus Entertainment, Inc., Class B^(a)		983,400		1,030,688
Crescent Point Energy Corp.		253,300		1,873,319
Home Capital Group, Inc.		74,500		2,394,712
Imperial Oil, Ltd.		59,600		3,037,957
Interfor Corp.		89,400		1,402,845
International Petroleum Corp.^(b)		157,344		1,535,075
Labrador Iron Ore Royalty Corp.^(a)		87,028		1,962,361
MEG Energy Corp.^(b)		134,100		2,232,938
Mullen Group, Ltd.^(a)		193,700		2,145,947
Peyto Exploration & Development Corp.^(a)		163,900		1,492,804
Stelco Holdings, Inc.		74,500		2,603,115
Suncor Energy, Inc.		59,600		1,866,060
West Fraser Timber Co., Ltd.		14,900		1,077,758

	Shares		Value
Canada (continued)
Whitecap Resources, Inc.^(a)		238,400	$	1,879,257
				28,350,748
Denmark (2.53%)
D/S Norden A/S		35,760		2,243,557
Scandinavian Tobacco Group A/S, Class A^(c)		128,885		2,511,205
				4,754,762
Finland (1.08%)
Sampo Oyj^(b)		39,932		2,022,297

France (7.62%)
AXA SA		73,755		2,403,181
Carrefour SA		108,472		2,254,255
Coface SA		139,464		2,129,949
Metropole Television SA		87,910		1,418,153
Nexity SA		64,368		1,686,653
SCOR SE		83,291		2,149,457
TotalEnergies SE		35,313		2,254,535
				14,296,183
Germany (1.98%)
DWS Group GmbH & Co. KGaA^(c)		40,081		1,329,379
Freenet AG		84,036		2,392,774
				3,722,153
Great Britain (12.40%)
abrdn PLC		822,182		2,197,790
Anglo American PLC		36,505		1,121,713
Aviva PLC		287,278		1,527,191
Balfour Beatty PLC		445,659		2,145,122
BP PLC		437,911		2,941,054
British American Tobacco PLC		55,279		2,033,450
Direct Line Insurance Group PLC		683,346		1,474,128
Legal & General Group PLC		452,670		1,331,784
Man Group PLC		512,262		1,462,686
Persimmon PLC		82,844		1,368,066
Quilter PLC^(c)		1,179,945		1,261,949
Rio Tinto PLC		40,534		2,572,027
WPP PLC		156,748		1,826,527
				23,263,487
Hong Kong (7.65%)
China Resources Cement Holdings, Ltd.		2,384,000		1,075,126
Kingboard Holdings, Ltd.		372,500		1,136,532
Kingboard Laminates Holdings, Ltd.		1,192,000		1,225,461
New World Development Co., Ltd.		596,000		1,583,077

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

Annual Report | April 30, 2023

Cambria Foreign Shareholder Yield ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Hong Kong (continued)
Orient Overseas International, Ltd.		74,500	$	1,507,150
Pacific Basin Shipping, Ltd.		4,768,000		1,652,170
PC Partner Group, Ltd.^(a)		2,086,000		1,190,535
Shougang Fushan Resources Group, Ltd.		5,364,000		1,817,691
Skyworth Group, Ltd.		3,874,000		1,924,748
VTech Holdings, Ltd.		208,600		1,250,327
				14,362,817
Italy (3.81%)
Anima Holding SpA^(c)		372,649		1,546,408
Eni SpA		141,252		2,139,512
Unipol Gruppo SpA		344,488		1,934,404
UnipolSai Assicurazioni SpA		571,713		1,535,874
				7,156,198
Japan (24.58%)
Aozora Bank, Ltd.^(a)		74,500		1,329,840
Citizen Watch Co., Ltd.		432,100		2,375,448
Dai-ichi Life Holdings, Inc.		104,300		1,924,932
Hakuto Co., Ltd.		89,400		2,788,726
Inabata & Co., Ltd.		104,300		2,115,167
Iyogin Holdings, Inc.		357,600		2,078,749
Japan Petroleum Exploration Co., Ltd.		59,600		1,968,513
Japan Post Holdings Co., Ltd.		223,500		1,833,997
Japan Tobacco, Inc.		74,500		1,598,596
Joyful Honda Co., Ltd.		149,000		1,976,168
Kamigumi Co., Ltd.		89,400		1,952,108
Meiwa Corp.		120,375		620,230
Mitsubishi Logistics Corp.		59,600		1,469,823
Mitsuboshi Belting, Ltd.		74,500		2,124,353
Mitsui & Co., Ltd.		89,400		2,774,947
Nippon Yusen KK^(a)		103,600		2,435,545
Nisshinbo Holdings, Inc.		223,500		1,709,325
Niterra Co., Ltd.		89,400		1,859,588
Nitto Kogyo Corp.		104,300		2,054,690
Press Kogyo Co., Ltd.		566,200		2,256,572
Sumitomo Osaka Cement Co., Ltd.		59,600		1,666,674
Sumitomo Warehouse Co., Ltd.^(a)		119,200		1,972,012
Tokio Marine Holdings, Inc.		74,500		1,487,321
Yamato Kogyo Co., Ltd.		44,700		1,745,414
				46,118,738
Luxembourg (3.95%)
APERAM SA		51,405		1,900,385
ArcelorMittal SA		141,252		4,000,921

	Shares		Value
Luxembourg (continued)
RTL Group SA		32,184	$	1,506,497
				7,407,803
Netherlands (1.00%)
NN Group NV		50,362		1,874,036

New Zealand (0.61%)
Fletcher Building, Ltd.		408,707		1,137,347

Norway (3.57%)
Elkem ASA^(c)		520,755		1,759,134
Golden Ocean Group, Ltd.		193,849		1,783,686
Telenor ASA		150,642		1,879,306
Yara International ASA		31,737		1,276,979
				6,699,105
Spain (1.11%)
Repsol SA		141,550		2,081,480

Sweden (2.45%)
SSAB AB		668,563		4,595,621

Switzerland (1.43%)
Ferrexpo PLC		759,006		1,031,149
Glencore PLC		281,014		1,656,348
				2,687,497

Total Common Stocks
(Cost $182,845,829)				182,827,545

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

22	www.cambriafunds.com

Cambria Foreign Shareholder Yield ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Short-Term Investment (3.17%)
Fidelity Investments Money Market
Treasury Portfolio Institutional Class, 4.76%^(d)(e)		5,946,314	$	5,946,314

Total Short-Term Investment
(Cost $5,946,314)				5,946,314

Total Investments (100.60%)
(Cost $188,792,143)			$	188,773,859

Liabilities Less Other Assets (-0.60%)				(1,119,528	)

Net Assets (100.00%)			$	187,654,331

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $5,631,808.

^(b)

Non-income producing security.

^(c)

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 April 30, 2023, the fair value of securities restricted under Rule 144A in the aggregate was $8,408,075, representing 4.48% of net assets.

^(d)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $5,946,314.

^(e)

Rate shown is the 7-day effective yield as of April 30, 2023.

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

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

Annual Report | April 30, 2023

Cambria Global Value ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Global Value ETF
Financials	31.75	%
Utilities	16.44	%
Industrials	10.03	%
Materials	9.84	%
Energy	9.16	%
Real Estate	8.08	%
Consumer Staples	5.52	%
Consumer Discretionary	3.68	%
Information Technology	1.86	%
Health Care	1.49	%
Communication Services	1.47	%
Other	0.68	%
	100.00	%

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

	Shares		Value
Common Stocks (95.08%)

Austria (9.72%)
ANDRITZ AG		18,354	$	1,190,203
AT&S Austria Technologie & Systemtechnik AG		41,363		1,262,512
BAWAG Group AG^(a)		25,270		1,229,640
Erste Group Bank AG		59,452		2,156,457
EVN AG^(b)		53,599		1,290,482
OMV AG		26,866		1,268,225
Raiffeisen Bank International AG^(b)		79,268		1,214,979
Verbund AG		14,098		1,256,753
Voestalpine AG		37,107		1,283,076
Wienerberger AG		41,895		1,260,285
				13,412,612
Brazil (7.99%)
Atacadao SA		505,400		1,084,201
Banco Santander Brasil SA		186,200		997,487
Centrais Eletricas Brasileiras SA		159,600		1,078,655
Cia Siderurgica Nacional SA		399,000		1,131,932
Gerdau SA		237,405		1,196,116
Itau Unibanco Holding SA		266,000		1,378,050
JBS S/A		319,200		1,139,132
Petroleo Brasileiro SA		186,200		882,880
Telefonica Brasil SA		119,700		987,061
Vale SA		79,800		1,152,251
				11,027,765

	Shares		Value
Chile (9.33%)
Banco Santander Chile		24,307,612	$	1,162,309
CAP SA		100,681		704,798
Cencosud SA		751,716		1,531,834
Cia Sud Americana de Vapores SA		10,570,175		1,080,129
Colbun SA		11,978,512		1,676,917
Empresas CMPC SA		807,310		1,265,094
Empresas COPEC SA		167,314		1,164,203
Enel Americas SA		11,385,332		1,551,423
Falabella SA		444,752		953,689
Quinenco SA		435,442		1,788,158
				12,878,554
Czech Republic (8.18%)
CEZ AS		51,870		2,786,183
Komercni Banka AS		92,036		2,967,506
Moneta Money Bank AS^(a)		817,817		2,998,802
Philip Morris CR AS		3,059		2,529,881
				11,282,372
Great Britain (8.19%)
Anglo American PLC		27,531		845,963
Aviva PLC		168,982		898,321
Barclays PLC		646,912		1,299,840
BP PLC		231,287		1,553,347
Legal & General Group PLC		387,562		1,140,232
Lloyds Banking Group PLC		2,201,283		1,333,440
Rio Tinto PLC		17,689		1,122,430
Segro PLC		81,662		856,748
Shell PLC		42,294		1,303,317
Vodafone Group PLC		784,966		946,063
				11,299,701
Greece (–%)^(c)
FF Group^(b)(d)(e)(i)		25,407		–

Hong Kong (8.25%)
BOC Hong Kong Holdings, Ltd.		399,000		1,255,508
China Overseas Land & Investment, Ltd.		465,500		1,176,552
China Resources Land, Ltd.		266,000		1,233,482
CK Asset Holdings, Ltd.		199,500		1,176,721
CK Hutchison Holdings, Ltd.		199,500		1,334,295
Geely Automobile Holdings, Ltd.		931,000		1,144,529
Orient Overseas International, Ltd.		66,500		1,345,308
Sino Land Co., Ltd.		1,064,000		1,431,381
Swire Properties, Ltd.		478,800		1,283,973
				11,381,749

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

24	www.cambriafunds.com

Cambria Global Value ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Italy (8.91%)
A2A SpA		727,377	$	1,282,400
Assicurazioni Generali SpA		59,850		1,245,116
Banco BPM SpA		278,236		1,129,782
Enel SpA		196,574		1,342,739
Eni SpA		82,992		1,257,061
Intesa Sanpaolo SpA		456,988		1,200,732
Leonardo SpA		99,883		1,189,214
Pirelli & C SpA^(a)		238,735		1,248,497
UniCredit SpA		57,722		1,141,058
UnipolSai Assicurazioni SpA		468,426		1,258,399
				12,294,998
Malaysia (7.62%)
CIMB Group Holdings Bhd		1,024,100		1,161,741
Hartalega Holdings Bhd		2,261,000		952,960
Hong Leong Bank Bhd		252,700		1,140,988
Malayan Banking Bhd		585,200		1,136,158
Petronas Chemicals Group Bhd		665,000		1,055,532
Public Bank Bhd		1,130,500		985,908
RHB Bank Bhd		864,500		1,062,092
Sime Darby Bhd		2,221,100		1,080,549
Sime Darby Plantation Bhd		984,200		944,373
Top Glove Corp. Bhd		4,522,000		993,512
				10,513,813
Poland (8.29%)
Alior Bank SA^(b)(f)		155,078		1,617,065
Jastrzebska Spolka Weglowa SA^(b)(f)		76,874		792,363
KGHM Polska Miedz SA		38,437		1,102,659
Lubelski Wegiel Bogdanka SA^(f)		100,548		937,814
PGE Polska Grupa Energetyczna SA^(b)		553,546		914,752
Polski Koncern Naftowy ORLEN SA		239,457		3,648,730
Powszechny Zaklad Ubezpieczen SA		179,018		1,647,339
Tauron Polska Energia SA^(b)		1,573,390		782,140
				11,442,862
Russia (–%)^(c)
Alrosa PJSC^(d)(e)(i)		1,262,976		–
Gazprom Neft PJSC^(d)(e)(i)		334,880		–
Gazprom PJSC^(d)(e)(i)		373,048		–
Rosneft Oil Co. PJSC^(d)(e)(i)		198,016		–
Sberbank of Russia PJSC^(d)(e)(i)		287,609		–
Severstal PAO^(d)(e)(i)		82,992		–
Unipro PJSC^(d)(e)(i)		22,421,984		–
				0
Singapore (9.22%)
CapitaLand Ascott Trust		22,748		18,412

	Shares		Value
Singapore (continued)
Capitaland Investment, Ltd./Singapore		399,000	$	1,112,362
CDL Hospitality Trusts		23,850		22,521
City Developments, Ltd.		212,800		1,108,375
Genting Singapore, Ltd.		1,755,600		1,486,737
Jardine Cycle & Carriage, Ltd.		53,200		1,350,782
Oversea-Chinese Banking Corp., Ltd.		133,000		1,253,899
Sembcorp Industries, Ltd.		478,800		1,535,777
Singapore Airlines, Ltd.		305,900		1,341,114
United Overseas Bank, Ltd.		53,200		1,125,120
UOL Group, Ltd.		226,100		1,174,259
Venture Corp., Ltd.		93,100		1,184,027
				12,713,385
Spain (9.38%)
Acciona SA		6,118		1,132,563
Banco Bilbao Vizcaya Argentaria SA		167,846		1,229,919
Banco Santander SA^(f)		412,566		1,448,609
CaixaBank SA		374,262		1,382,368
Enagas SA		54,663		1,093,537
Endesa SA^(f)		56,924		1,277,704
Ferrovial SA		46,683		1,462,444
Iberdrola SA		103,873		1,348,316
Mapfre SA		663,404		1,328,241
Naturgy Energy Group SA		39,501		1,231,795
				12,935,496

Total Common Stocks
(Cost $141,771,766)				131,183,307

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

Annual Report | April 30, 2023

Cambria Global Value ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Short-Term Investment (2.07%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(g)(h)		2,862,287	$	2,862,287

Total Short-Term Investment
(Cost $2,862,287)				2,862,287

Total Investments (97.15%)
(Cost $144,634,053)			$	134,045,594

Other Assets Less Liabilities (2.85%)				3,932,782

Net Assets (100.00%)			$	137,978,376

Percentages based on Net Assets.

^(a)

^(b)

Non-income producing security.

^(c)

Less than 0.005%.

^(d)

Level 3 security in accordance with fair value hierarchy.

^(e)

Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of April 30, 2023, these securities had an aggregate market value of $0 or -% of total net assets.

^(f)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $2,679,779.

^(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $2,862,287.

^(h)

Rate shown is the 7-day effective yield as of April 30, 2023.

⁽ⁱ⁾

These securities are considered to be illiquid. The aggregate value of these securities at April 30, 2023 was $0, which represent 0.00% of the Fund's Net Assets.

Investment Abbreviations:

PJSC - Private Joint Stock Company

PLC - Public Limited Company

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

26	www.cambriafunds.com

Cambria Global Value ETF

Schedule of Investments

April 30, 2023

Investments no longer affiliated as of April 30, 2023:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Market Value as of April 30, 2023		Share Balance as of April 30, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
iShares MSCI Colombia ETF	$	9,137,885	$	–	$	–	$	(6,550,036	)	$	(635,957	)	$	–	$	–	$	328,977	$	(2,573,718	)	$	621,826
Grand Total	$	9,137,885	$	–	$	–	$	(6,550,036	)	$	(635,957	)	$	–	$	–	$	328,977	$	(2,573,718	)	$	621,826

Cambria Global Value ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs⁽¹⁾		Total
Common Stocks
Austria	$	13,412,612		–	$	–		13,412,612
Brazil		11,027,765		–		–		11,027,765
Chile		12,878,554		–		–		12,878,554
Czech Republic		11,282,372		–		–		11,282,372
Great Britain		11,299,701		–		–		11,299,701
Hong Kong		11,381,749		–		–		11,381,749
Italy		12,294,998		–		–		12,294,998
Malaysia		10,513,813		–		–		10,513,813
Poland		11,442,862		–		–		11,442,862
Singapore		12,713,385		–		–		12,713,385
Spain		12,935,496		–		–		12,935,496
Short-Term Investment		2,862,287		–		–		2,862,287
Total	$	134,045,594	$	–	$	–	$	134,045,594

⁽¹⁾

A reconciliation of Level 3 investments is 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.

Annual Report | April 30, 2023

Cambria Global Momentum ETF

Schedule of Investments

April 30, 2023

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.

	Shares		Value
Exchange Traded Funds (99.27%)
Global (24.06%)
Equity ETF (24.06%)
iShares^® Global Consumer Discretionary ETF		68,199	$	9,809,744
iShares^® Global Materials ETF		128,778		10,696,301
Cambria Global Value ETF^*(a)		1,079,246		22,308,015
				42,814,060
International (30.50%)
Equity ETF (24.45%)
Cambria Emerging Shareholder Yield ETF^*(a)		758,190		21,819,192
Cambria Foreign Shareholder Yield ETF^*(a)		854,583		21,697,862
				43,517,054
Fixed Income ETF (6.05%)
VanEck Emerging Markets High Yield Bond ETF^(a)		589,026		10,767,395

North America (37.96%)
Commodity ETF (12.90%)
Invesco DB Precious Metals Fund^#		229,997		11,918,973
VanEck Gold Miners ETF/USA		328,803		11,041,205
				22,960,178
Equity ETF (25.06%)
iShares^® Global Consumer Staples ETF		187,452		12,086,905
iShares^® Global Industrials ETF		98,552		11,308,842
iShares^® Global Tech ETF^(a)		198,755		10,752,646
WisdomTree Emerging Markets Local Debt Fund^(a)		386,207		10,435,429
				44,583,822

	Shares		Value
United States (6.75%)
Commodity ETF (6.75%)
Graniteshares Gold Trust^(a)(b)		610,108	$	12,013,026

Total Exchange Traded Funds
(Cost $170,783,652)				176,655,535

	Shares		Value
Short-Term Investment (5.27%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)		9,370,036	$	9,370,036

Total Short-Term Investment
(Cost $9,370,036)				9,370,036

Total Investments (104.54%)
(Cost $180,153,688)			$	186,025,571

Liabilities Less Other Assets (-4.54%)				(8,073,208	)

Net Assets (100.00%)			$	177,952,363

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.

Affiliated investment due to Fund holding more that 5% of outstanding shares.

^(a)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $9,194,963.

^(b)

Non-income producing security.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $9,370,036.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2023.

Investment Abbreviations:

ETF - Exchange Traded Fund

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

28	www.cambriafunds.com

Cambria Global Momentum ETF

Schedule of Investments

April 30, 2023

Transactions with affiliated companies during the period ended April 30, 2023 are as follows:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Market Value as of April 30, 2023		Share Balance as of April 30, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
Cambria Emerging Shareholder Yield ETF	$	—	$	21,992,148	$	446,003	$	—		$	(850,955	)	$	21,819,192		758,190	$	150,329	$	230,636		$	1,360
Cambria Foreign Shareholder Yield ETF		4,642,086		28,637,477		1,351,489		(11,231,651	)		(1,099,574	)		21,697,862		854,583		311,376		(193,554	)		(408,411	)
Cambria Global Value ETF		—		21,406,944		707,010		—			(1,038,803	)		22,308,015		1,079,246		215,632		1,194,611			38,253
Invesco DB Precious Metals Fund		4,897,716		11,334,189		1,262,165		(5,429,643	)		(809,395	)		11,918,973		229,997		—		1,180,298			(516,356	)
	$	9,539,802	$	83,370,758	$	3,766,667	$	(16,661,294	)	$b	(3,798,727)		$	77,744,042		2,922,016	$	677,337	$	2,411,991		$	(885,154	)

Investments no longer affiliated as of April 30, 2023

Cambria Global Real Estate ETF	$	4,975,645	$	—	$	—	$	(4,890,438.00	)	$	—		$	—	$	—	$	—	$	463,685		$	(548,892	)
Cambria Value and Momentum ETF		10,421,504		—		18,184,835		(24,789,704	)		(2,599,374	)		—		—		239,807		(695,054	)		(522,207	)
Cambria Shareholder Yield ETF		6,221,839		17,257,911		1,938,256		(23,748,343	)		(544,254	)		—		—		73,981		(1,620,523	)		495,114
Cambria Tail Risk ETF		—		6,544,062		6,244,670		(11,021,228	)		(546,084	)		—		—		48,476		—			(1,221,420	)
	$	21,618,988	$	23,801,973	$	26,367,761	$	(64,449,713	)	$	(3,689,712	)	$	—	$	—	$	362,264	$	(1,851,892	)	$	(1,797,405	)

Grand Total	$	31,158,790	$	107,172,731	$	30,134,428	$	(81,111,007	)	$	(7,488,439	)	$	77,744,042	$	2,922,016	$	1,039,601	$	560,099		$	(2,682,559	)

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

Annual Report | April 30, 2023

Cambria Global Asset Allocation ETF

Schedule of Investments

April 30, 2023

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.

	Shares		Value
Exchange Traded Funds (97.80%)
Global (12.91%)
Equity ETF (12.91%)
Alpha Architect Value Momentum Trend ETF		21,964	$	495,049
Cambria Global Real Estate ETF^*(a)		125,400		3,079,046
Cambria Global Value ETF^*		147,364		3,046,014
				6,620,109
International (36.30%)
Equity ETF (16.09%)
Alpha Architect International Quantitative Momentum ETF^(a)		39,520		1,045,699
Cambria Emerging Shareholder Yield ETF^*		166,136		4,781,062
Cambria Foreign Shareholder Yield ETF^*		95,418		2,422,663
				8,249,424
Fixed Income ETF (20.21%)
SPDR^® FTSE International Government Inflation-Protected Bond ETF		32,718		1,387,897
VanEck Emerging Markets High Yield Bond ETF		112,632		2,058,913
VanEck International High Yield Bond ETF		52,364		1,053,040
VanEck J. P. Morgan EM Local Currency Bond ETF		129,124		3,246,177
Vanguard^®Total International Bond ETF^(a)		53,428		2,615,301
				10,361,328
North America (1.03%)
Commodity ETF (1.03%)
VanEck Gold Miners ETF/USA		15,732		528,281

	Shares		Value
United States (47.56%)
Commodity ETF (9.03%)
Graniteshares Gold Trust^(b)		87,666	$	1,726,143
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		205,124		2,902,505
				4,628,648
Equity ETF (15.57%)
Alpha Architect US Quantitative Momentum ETF^(a)		46,550		2,035,096
Cambria Shareholder Yield ETF^*		67,070		3,896,096
Cambria Value and Momentum ETF^*		83,410		2,051,536
				7,982,728
Fixed Income ETF (22.96%)
Schwab US TIPS Bond ETF^(a)		27,626		1,479,096
Vanguard^® Intermediate-Term Corporate Bond ETF		19,950		1,606,972
Vanguard^®Intermediate-Term Government Bond ETF^(a)		35,454		2,136,813
Vanguard^® Long-Term Treasury Bond ETF		29,678		1,949,251
Vanguard^® Short-Term Corporate Bond ETF		14,174		1,083,461
Vanguard^® Total Bond Market ETF		47,500		3,518,800
				11,774,393

Total Exchange Traded Funds
(Cost $52,284,939)				50,144,911

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

30	www.cambriafunds.com

Cambria Global Asset Allocation ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Short-Term Investment (6.02%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)		3,088,172	$	3,088,172

Total Short-Term Investment
(Cost $3,088,172)				3,088,172

Total Investments (103.83%)
(Cost $55,373,111)			$	53,233,083

Liabilities Less Other Assets (-3.83%)				(1,961,346	)

Net Assets (100.00%)			$	51,271,737

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $3,033,101.

^(b)

Non-income producing security.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $3,088,172.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2023.

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.

Annual Report | April 30, 2023

Cambria Global Asset Allocation ETF

Schedule of Investments

April 30, 2023

Transactions with affiliated companies during the period ended April 30, 2023 are as follows:

Security Name	Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Value as of April 30, 2023		Share Balance as of April 30, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
Cambria Emerging Shareholder Yield ETF	$	4,171,210	$	—	$	881,936	$	—		$	(122,241	)	$	4,781,062		166,136	$	279,968	$	(121,478	)	$	3,672
Cambria Foreign Shareholder Yield ETF		2,086,741		—		437,683		—			(60,013	)		2,422,663		95,418		127,055		(42,112	)		364
Cambria Global Real Estate ETF		3,468,032		—		629,767		(330,318	)		(91,014	)		3,079,046		125,400		111,756		(665,872	)		68,452
Cambria Global Value ETF		2,521,469		—		538,368		—			(70,463	)		3,046,014		147,364		128,656		55,602			1,038
Cambria Shareholder Yield ETF		3,437,373		—		772,699		—			(108,106	)		3,896,096		67,070		103,186		(261,298	)		55,428
Cambria Value and Momentum ETF		1,859,253		—		413,779		—			(59,067	)		2,051,536		83,410		35,877		(187,067	)		24,638
	$	17,544,078	$	—	$	3,674,232	$	(330,318	)	$	(510,904	)	$	19,276,417		684,798	$	786,498	$	(1,222,225	)	$	153,592

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

32	www.cambriafunds.com

Cambria Value and Momentum ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Value and Momentum ETF
Financials	24.29	%
Consumer Discretionary	21.59	%
Energy	17.75	%
Materials	14.80	%
Industrials	10.35	%
Health Care	3.84	%
Information Technology	2.94	%
Communication Services	2.00	%
Consumer Staples	1.56	%
Utilities	0.88	%
	100.00	%

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

	Shares		Value
Common Stocks (89.70%)
Communication Services (1.80%)
Scholastic Corp.		15,444	$	594,131
Sciplay Corp.^(a)		32,619		557,132
				1,151,263
Consumer Discretionary (19.36%)
Academy Sports & Outdoors, Inc.		8,455		537,061
Adtalem Global Education, Inc.^(a)		13,000		527,410
Asbury Automotive Group, Inc.^(a)		2,627		508,219
AutoNation, Inc.^(a)		4,784		630,053
Century Communities, Inc.		9,076		611,178
Dillard's, Inc., Class A^(b)		1,720		513,231
DR Horton, Inc.		5,612		616,310
Foot Locker, Inc.		13,096		549,901
Green Brick Partners, Inc.^(a)		16,456		613,315
Group 1 Automotive, Inc.		2,964		665,359
Lennar Corp., Class A		5,242		591,350
M/I Homes, Inc.^(a)		9,023		610,316
MasterCraft Boat Holdings, Inc.^(a)		17,006		497,765
Meritage Homes Corp.		4,894		626,677
ODP Corp.^(a)		12,947		559,440
Patrick Industries, Inc.		7,887		541,285
Penske Automotive Group, Inc.		5,408		749,441
Perdoceo Education Corp.^(a)		43,886		569,640
PulteGroup, Inc.		9,659		648,602
Taylor Morrison Home Corp.^(a)		14,809		638,120
Toll Brothers, Inc.		9,302		594,491
				12,399,164

	Shares		Value
Consumer Staples (1.40%)
Cal-Maine Foods, Inc.^(b)		8,528	$	405,080
Ingles Markets, Inc., Class A		5,356		492,966
				898,046
Energy (15.92%)
Arch Resources, Inc., Class A		4,004		489,489
Chevron Corp.		3,016		508,437
Chord Energy Corp.		5,106		726,737
Civitas Resources, Inc.		9,152		631,946
ConocoPhillips		4,836		497,576
CONSOL Energy, Inc.		9,880		586,279
Delek US Holdings, Inc.		22,255		484,046
Diamondback Energy, Inc.		4,212		598,946
Exxon Mobil Corp.		6,032		713,827
Helix Energy Solutions Group, Inc.^(a)		85,769		621,825
Marathon Petroleum Corp.		5,200		634,400
PBF Energy, Inc.		16,951		590,912
PDC Energy, Inc.		10,608		690,050
Peabody Energy Corp.		24,232		582,053
Permian Resources Corp.		68,777		718,720
Plains GP Holdings LP, Class A		43,108		577,647
Valero Energy Corp.		4,732		542,619
Vitesse Energy, Inc.^(a)		8		147
				10,195,656
Financials (21.79%)
American Equity Investment Life Holding Co.		12,688		488,995
American Financial Group, Inc.		3,848		472,265
American International Group, Inc.		9,724		515,761
Bancorp, Inc.^(a)		18,102		577,635
Berkshire Hills Bancorp, Inc.		17,576		373,842
eHealth, Inc.^(a)		66,847		401,082
Employers Holdings, Inc.		14,143		559,921
Enova International, Inc.^(a)		12,430		545,926
First Horizon Corp.		21,684		380,554
Genworth Financial, Inc., Class A^(a)		119,335		693,336
Heritage Financial Corp.		19,292		339,732
Jackson Financial, Inc., Class A		14,782		532,300
Jefferies Financial Group, Inc.		16,068		514,658
Kemper Corp.		9,867		480,030
Loews Corp.		12,238		704,542
MetLife, Inc.		8,060		494,320
Mr Cooper Group, Inc.^(a)		13,676		633,199
NBT Bancorp, Inc.		14,091		454,294
Old Republic International Corp.		22,880		578,178
Pathward Financial, Inc.		12,267		546,249
Principal Financial Group, Inc.		7,592		567,046

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

Annual Report | April 30, 2023

Cambria Value and Momentum ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Financials (continued)
Regions Financial Corp.		23,556	$	430,133
Travelers Cos., Inc.		4,316		781,800
Unum Group		19,136		807,539
Voya Financial, Inc.		8,632		660,175
WesBanco, Inc.		15,651		416,630
				13,950,142
Health Care (3.44%)
Cardinal Health, Inc.		7,603		624,206
Cigna Group		1,872		474,159
Cross Country Healthcare, Inc.^(a)		23,640		519,607
McKesson Corp.		1,612		587,155
				2,205,127
Industrials (9.29%)
ArcBest Corp.		5,931		559,886
Atkore, Inc.^(a)		3,878		489,908
Boise Cascade Co.		10,816		738,841
Builders FirstSource, Inc.^(a)		6,446		610,887
EMCOR Group, Inc.		3,353		573,363
Encore Wire Corp.		4,264		666,591
Hub Group, Inc., Class A^(a)		6,567		495,152
Insteel Industries, Inc.		17,940		493,888
Mueller Industries, Inc.		9,776		702,406
Veritiv Corp.		5,356		615,244
				5,946,166
Information Technology (2.64%)
Avnet, Inc.		17,420		718,749
Photronics, Inc.^(a)		28,496		412,052
Sanmina Corp.^(a)		10,671		557,667
				1,688,468
Materials (13.27%)
Alpha Metallurgical Resources, Inc.		4,940		724,006
Commercial Metals Co.		13,148		613,880
Mosaic Co.		9,048		387,707
Nucor Corp.		5,044		747,420
Olin Corp.		10,712		593,445
Olympic Steel, Inc.		10,831		504,400
Reliance Steel & Aluminum Co.		2,548		631,394
Ryerson Holding Corp.		19,500		736,515
Steel Dynamics, Inc.		5,613		583,471
SunCoke Energy, Inc.		74,152		576,903
TimkenSteel Corp.^(a)		45,032		753,836
United States Steel Corp.		22,308		510,407
Warrior Met Coal, Inc.		15,704		542,887

	Shares		Value
Materials (continued)
Westlake Corp.		5,209	$	592,680
				8,498,951
Utilities (0.79%)
Vistra Corp.		21,164		504,973

Total Common Stocks
(Cost $57,384,153)				57,437,956

	Shares		Value
Rights (0.00%)
Resolute Forest Prod Cvr, Expires 12/31/2049, Strike Price $0		66,033		0

	Shares		Value
Short-Term Investment (1.16%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)		745,193	$	745,193

Total Short-Term Investment
(Cost $745,193)				745,193

Total Investments (90.86%)
(Cost $58,129,346)			$	58,183,149

Other Assets Less Liabilities (9.14%)				5,853,206

Net Assets (100.00%)			$	64,036,355

Percentages based on Net Assets.

^(a)

Non-income producing security.

^(b)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $726,496.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $745,193.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2023.

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

34	www.cambriafunds.com

Cambria Value and Momentum ETF

Schedule of Investments

April 30, 2023

The open futures contracts held by the Fund as of April 30, 2023 are as follows:

Type of Contract		Number of Contracts Short				Expiration Date		Notional Amount				Notional Value				Unrealized Depreciation
S&P^®500 E-Mini Future			156			Jun-2023		$	(32,670,300	)		$	(31,449,257	)		$	(1,221,043	)

For the period ended April 30, 2023, the monthly average notional value of the short equity futures contracts held was $(58,012,630) and the ending notional value of the futures contacts was $(32,670,300).

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

Annual Report | April 30, 2023

Cambria Global Tail Risk ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Global Tail Risk ETF
Exchange Traded Funds	89.34%
Purchased Options	6.15%
Sovereign Debt	4.51%
	100.00%

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

	Shares		Value
Exchange Traded Funds (78.10%)
International (36.36%)
Fixed Income ETF (36.36%)
VanEck J. P. Morgan EM Local Currency Bond ETF		29,150	$	732,831
Vanguard^® Total International Bond ETF		14,221		696,118
				1,428,949
United States (41.74%)
Fixed Income ETF (41.74%)
iShares^® 7-10 Year Treasury Bond ETF		8,435		841,222
iShares^® TIPS Bond ETF		7,254		799,246
				1,640,468

Total Exchange Traded Funds
(Cost $3,037,515)				3,069,417

	Currency	Face Amount	Value
Sovereign Debt (3.95%)
Colombian TES, 7.500%, 8/26/2026	COP	812,500,000		155,100

Total Sovereign Debt
(Cost $285,550)				155,100

	Contracts	Notional Amount		Value
Purchased Options (5.37%)
Put Options
MSCI EAFE Index-MXEA US 03/15/24 P2000
Expires 03/15/24, Strike Price $2,000	8	$	1,715,080	$	57,400
MSCI EAFE Index-MXEA US 06/16/23 P1700
Expires 06/16/23, Strike Price $1,700	8		1,715,080		480
MSCI EAFE Index-MXEA US 09/15/23 P1700
Expires 09/15/23, Strike Price $1,700	8		1,715,080		5,400
MSCI EAFE Index-MXEA US 12/15/23 P1900
Expires 12/15/23, Strike Price $1,900	8		1,715,080		28,320
MSCI Emerging Markets Index-MXEF US 03/15/24 P950
Expires 03/15/24, Strike Price $950	8		781,640		41,280
MSCI Emerging Markets Index-MXEF US 06/16/23 P950
Expires 06/16/23, Strike Price $950	8		781,640		8,400
MSCI Emerging Markets Index-MXEF US 09/15/23 P900
Expires 09/14/23, Strike Price $900	12		1,172,460		21,240
MSCI Emerging Markets Index-MXEF US 12/15/23 P950
Expires 12/15/23, Strike Price $950	12		1,172,460		48,600

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

36	www.cambriafunds.com

Cambria Global Tail Risk ETF

Schedule of Investments

April 30, 2023

	Contracts	Notional Amount	Value
Purchased Options (continued)

Total Purchased Options
(Cost $536,494)			$	211,120

Total Investments (87.42%)
(Cost $3,859,559)			$	3,435,637

Other Assets Less Liabilities (12.58%)				494,209

Net Assets (100.00%)			$	3,929,846

Percentages based on Net Assets.

Currency Abbreviations:

COP — Colombian Peso

Investment Abbreviations:

EAFE - Europe, Australasia and Far East

ETF - Exchange Traded Funds

MSCI- Morgan Stanley Capital International

TES- Trans European Banking Services

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	$	3,069,417	$	–	$	–	$	3,069,417
Sovereign Debt		–		155,100		–		155,100
Total	$	3,069,417	$	155,100	$	–	$	3,224,517
Other Financial Instruments
Purchased Options	$	211,120	$	–	$	–	$	211,120
Total	$	211,120	$	–	$	–	$	211,120

As of April 30, 2023, 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.

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

Annual Report | April 30, 2023

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Information Technology	19.05%
Energy	17.62%
Financials	15.29%
Materials	15.17%
Industrials	13.15%
Consumer Discretionary	9.51%
Consumer Staples	3.29%
Utilities	3.27%
Health Care	2.52%
Real Estate	1.13%
	100.00%

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

	Shares		Value
Common Stocks (95.53%)
Brazil (2.65%)
Cielo SA		1,955,700	$	2,129,085
Enauta Participacoes SA		504,300		1,159,694
Petroleo Brasileiro SA		258,300		1,373,892
				4,662,671
China (21.96%)
Anhui Conch Cement Co., Ltd., Class H		430,500		1,354,627
Bank of Communications Co., Ltd., Class H		3,075,000		1,982,190
China Coal Energy Co., Ltd., Class H		2,091,000		1,790,082
China Hongqiao Group, Ltd.		1,722,000		1,686,977
China Petroleum & Chemical Corp.		4,030,000		2,633,735
China Shenhua Energy Co., Ltd., Class H		861,000		2,851,847
E-Commodities Holdings, Ltd.		8,856,000		1,466,664
Fufeng Group, Ltd.		3,444,000		2,084,042
Huadian Power International Corp.,
Ltd., Class H^(a)		5,520,000		2,672,221
JNBY Design, Ltd.		1,168,500		1,284,663
Lonking Holdings, Ltd.		5,289,000		936,565
People's Insurance Co. Group of China, Ltd.^(b)		5,887,000		2,309,907
PetroChina Co., Ltd., Class H		3,600,000		2,490,302
Shenzhen Expressway Corp., Ltd., Class H		1,722,000		1,603,616
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,930,000		336,843

	Shares		Value
China (continued)
Sinotruk Hong Kong, Ltd.		1,660,500	$	2,525,765
Tianli International Holdings, Ltd.		6,765,000		1,749,499
Tianneng Power International, Ltd.^(a)		130,000		150,542
Xinte Energy Co., Ltd., Class H^(a)		787,200		1,937,501
Yankuang Energy Group Co., Ltd., Class H		984,000		3,365,806
Zhejiang Expressway Co., Ltd., Class H		1,722,000		1,425,924
				38,639,318
Hong Kong (1.16%)
China Medical System Holdings, Ltd.		1,230,000		2,037,034

India (6.87%)
Coal India, Ltd.		739,353		2,105,952
Indian Bank		742,161		2,923,798
Oil & Natural Gas Corp., Ltd.		1,084,122		2,105,683
Oil India, Ltd.		733,941		2,285,599
Vedanta, Ltd.		782,895		2,672,431
				12,093,463
Indonesia (1.95%)
Indo Tambangraya Megah Tbk PT		762,600		1,731,055
United Tractors Tbk PT		861,000		1,696,176
				3,427,231
Mexico (5.06%)
Arca Continental SAB de CV		246,000		2,349,926
Banco del Bajio SA^(c)		713,400		2,345,794
GCC SAB de CV		209,100		1,663,078
Grupo Financiero Inbursa SAB de CV		1,045,500		2,555,092
				8,913,890
Poland (1.09%)
Powszechny Zaklad Ubezpieczen SA		207,993		1,913,969

Russia (–%)^(d)
Alrosa PJSC^(e)(f)(g)		538,800		–
Beluga Group PJSC^(e)(f)(g)		20,340		–
Federal Grid Co. Unified Energy System PJSC^(e)(f)(g)		328,200,000		4
Gazprom Neft PJSC^(e)(f)(g)		223,200		–
Gazprom PJSC^(e)(f)(g)		423,000		–
Inter RAO UES PJSC^(e)(f)(g)		11,040,000		–
LUKOIL PJSC^(e)(f)(g)		17,160		–
Magnitogorsk Iron & Steel Works PJSC^(e)(f)(g)		1,560,000		–

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

38	www.cambriafunds.com

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Russia (continued)
Novolipetsk Steel PJSC^(e)(f)(g)		458,400	$	–
OGK-2 PJSC^(e)(f)(g)		94,200,000		1
Sberbank of Russia PJSC^(e)(f)(g)		276,600		–
Severstal PAO^(e)(f)(g)		85,200		–
Unipro PJSC^(e)(f)(g)		21,240,000		1
				6
South Africa (15.15%)
Absa Group, Ltd.		174,736		1,696,876
AECI, Ltd.		339,357		1,601,197
African Rainbow Minerals, Ltd.		161,622		2,029,497
Exxaro Resources, Ltd.		121,647		1,275,623
Investec PLC		402,456		2,240,377
Investec, Ltd.		395,568		2,175,435
Kumba Iron Ore, Ltd.		60,762		1,473,900
Motus Holdings, Ltd.		390,279		2,026,869
Nedbank Group, Ltd.		142,557		1,644,754
Reunert, Ltd.		705,887		2,274,042
Sasol, Ltd.		107,096		1,388,545
Sibanye Stillwater, Ltd.		731,358		1,614,045
Thungela Resources, Ltd.		113,652		1,063,921
Tiger Brands, Ltd.		126,567		1,371,289
Truworths International, Ltd.		938,623		2,790,341
				26,666,711
South Korea (10.37%)
GS Holdings Corp.		58,231		1,727,264
Hanmi Semiconductor Co., Ltd.		124,476		1,911,224
HD Hyundai Construction Equipment Co., Ltd.		40,467		2,052,980
HD Hyundai Infracore Co., Ltd.		275,889		2,032,476
IS Dongseo Co., Ltd.		49,077		1,358,564
Kia Corp.		32,533		2,053,974
KT&G Corp.		28,132		1,803,441
LX Semicon Co., Ltd.		26,937		2,115,271
S-Oil Corp.		30,249		1,686,025
SSANGYONG C&E Co., Ltd.		345,139		1,508,565
				18,249,784
Taiwan (22.25%)
Asustek Computer, Inc.		246,000		2,260,551
Catcher Technology Co., Ltd.		369,000		2,172,530
Chicony Electronics Co., Ltd.		615,000		1,940,473
Dimerco Express Corp.		984,000		2,768,675
Generalplus Technology, Inc.		1,107,000		2,005,689
Holy Stone Enterprise Co., Ltd.		615,000		2,040,498
Huaku Development Co., Ltd.		615,000		1,894,462
IEI Integration Corp.		984,000		2,528,617

	Shares		Value
Taiwan (continued)
ITE Technology, Inc.		738,000	$	2,124,518
Nantex Industry Co., Ltd.		1,476,000		1,894,062
O-TA Precision Industry Co., Ltd.		615,000		2,390,583
Radiant Opto-Electronics Corp.		492,000		1,808,441
Systex Corp.		615,000		1,632,398
TaiDoc Technology Corp.^(b)		369,000		2,208,539
Taiwan Semiconductor Co., Ltd.^(b)		492,000		1,467,558
Topco Scientific Co., Ltd.		492,000		2,984,728
Transcend Information, Inc.		615,000		1,420,347
Tripod Technology Corp.		492,000		1,840,449
Utechzone Co., Ltd.		615,000		1,774,433
				39,157,551
Thailand (1.03%)
Tisco Financial Group PLC		688,800		1,820,461

Turkey (5.99%)
Aksa Akrilik Kimya Sanayii AS		455,715		1,538,066
Dogus Otomotiv Servis ve Ticaret AS		317,832		1,999,982
Enerjisa Enerji AS^(c)		1,976,979		2,829,555
Eregli Demir ve Celik Fabrikalari TAS		1,274,649		2,171,651
Iskenderun Demir ve Celik AS^(b)		1,297,896		1,995,069
				10,534,323

Total Common Stocks
(Cost $178,735,938)				168,116,412

	Shares		Value
Short-Term Investment (1.20%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(h)(i)		2,103,407	$	2,103,407

Total Short-Term Investment
(Cost $2,103,407)				2,103,407

Total Investments (96.73%)
(Cost $180,839,345)			$	170,219,819

Other Assets Less Liabilities (3.27%)				5,755,407

Net Assets (100.00%)			$	175,975,226

Percentages based on Net Assets.

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

Annual Report | April 30, 2023

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

April 30, 2023

		Shares				Value
Short-Term Investment (continued)

^(a)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $1,996,887.

^(b)

Non-income producing security.

^(c)

^(d)

Less than 0.005%.

^(e)

Level 3 security in accordance with fair value hierarchy.

^(f)

These securities are considered to be illiquid. The aggregate value of these securities at April 30, 2023 was $6, which represent 0.00% of the Fund's Net Assets.

^(g)

^(h)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $2,103,407.

⁽ⁱ⁾

Rate shown is the 7-day effective yield as of April 30, 2023.

Investment Abbreviations:

ADR - American Depository Receipt

AS- Turkish Joint Stock Company

PAO- Russian Public Stock Company

PJSC - Private Joint Stock Company

PLC - Public Limited Company

SA- Brazilian Limited Liability Corporation

TAS- Turkish Joint Stock Company

Cambria Emerging Shareholder Yield ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs⁽¹⁾		Level 3 - Significant Unobservable Inputs⁽²⁾		Total
Common Stocks	$	168,116,406	$	–	$	6	$	168,116,412
Short-Term Investment		2,103,407		–		–		2,103,407
Total	$	170,219,813	$	–	$	6	$	170,219,819

⁽¹⁾

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

⁽²⁾

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

40	www.cambriafunds.com

Cambria Tail Risk ETF

Schedule of Investments

April 30, 2023

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	94.56%
Purchased Options	5.44%
	100.00%

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

	Face Amount		Value
U.S. Treasury Obligations (91.89%)
U.S. Treasury Bond 4.125%, 11/15/2032	$	181,744,000	$	191,825,112
United States Treasury Inflation Indexed Bonds 0.125%, 7/15/2030		15,486,753		14,339,564
				206,164,676

Total U.S. Treasury Obligations
(Cost $201,860,841)				206,164,676

	Contracts	Notional Amount		Value
Purchased Options (5.28%)
Put Options
S&P 500^® Index
Expires 06/16/23, Strike Price $3,800	106	$	44,196,488	$	180,200
Expires 09/15/23, Strike Price $3,500	406		169,280,888		1,447,390
Expires 12/15/23, Strike Price $3,600	294		122,582,712		2,277,030
Expires 03/15/24, Strike Price $3,600	277		115,494,596		2,902,960
Expires 03/15/24, Strike Price $3,800	98		40,860,904		1,368,080
Expires 06/21/24, Strike Price $3,500	116		48,365,968		1,336,900

	Contracts	Notional Amount		Value
Purchased Options (continued)
Expires 06/21/24, Strike Price $3,800	138	$	57,538,824	$	2,337,030

Total Purchased Options
(Cost $25,261,591)					11,849,590

Total Investments (97.17%)
(Cost $227,122,432)				$	218,014,266

Other Assets Less Liabilities (2.83%)					6,357,554

Net Assets (100.00%)				$	224,371,820

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	$	–	$	206,164,676	$	–	$	206,164,676
Total	$	–	$	206,164,676	$	–	$	206,164,676
Other Financial
Instruments
Purchased Options	$	11,849,590	$	–	$	–	$	11,849,590
Total	$	11,849,590	$	–	$	–	$	11,849,590

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

Annual Report | April 30, 2023

Cambria Trinity ETF

Schedule of Investments

April 30, 2023

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.

	Shares		Value
Exchange Traded Funds (97.85%)
Global (20.44%)
Alternative ETF (3.35%)
iMGP DBi Managed Futures Strategy ETF		150,252	$	3,990,693

Equity ETF (17.09%)
Alpha Architect Value Momentum Trend ETF		23,520		530,120
iShares^® Global Consumer Discretionary ETF		16,224		2,333,660
iShares^® Global Materials ETF		28,416		2,360,233
Cambria Global Real Estate ETF^*(a)		183,840		4,513,970
Cambria Global Value ETF^*		513,707		10,618,324
				20,356,307
International (27.67%)
Equity ETF (17.06%)
Cambria Emerging Shareholder Yield ETF^*		343,488		9,884,898
Cambria Foreign Shareholder Yield ETF^*		410,781		10,429,729
				20,314,627
Fixed Income ETF (10.61%)
SPDR^® FTSE International Government Inflation-Protected Bond ETF		57,504		2,439,320
VanEck Emerging Markets High Yield Bond ETF		137,376		2,511,233
VanEck J. P. Morgan EM Local Currency Bond ETF^(a)		305,568		7,681,980
				12,632,533
North America (12.67%)
Commodity ETF (4.28%)
Invesco DB Precious Metals Fund		50,208		2,601,894

	Shares		Value
Commodity ETF (continued)
VanEck Gold Miners ETF/USA		74,208	$	2,491,905
				5,093,799
Equity ETF (8.39%)
iShares^® Global Consumer Staples ETF		40,896		2,636,974
iShares^® Global Industrials ETF		22,464		2,577,744
iShares^® Global Tech ETF		44,832		2,425,411
WisdomTree Emerging Markets Local Debt Fund		87,168		2,355,306
				9,995,435
United States (37.07%)
Alternative ETF (3.91%)
First Trust Managed Futures Strategy Fund		97,219		4,653,873

Commodity ETF (5.59%)
Graniteshares Gold Trust^(b)		130,974		2,578,878
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		288,000		4,075,200
				6,654,078
Equity ETF (11.74%)
Cambria Shareholder Yield ETF^*		81,792		4,751,297
Cambria Value and Momentum ETF^*		375,360		9,232,280
				13,983,577
Fixed Income ETF (15.83%)
Schwab US TIPS Bond ETF^(a)		46,752		2,503,102
Vanguard^® Intermediate-Term Government Bond ETF^(a)		150,336		9,060,751
Vanguard^® Total Bond Market ETF		98,514		7,297,917
				18,861,770

Total Exchange Traded Funds
(Cost $118,419,639)				116,536,692

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

42	www.cambriafunds.com

Cambria Trinity ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Short-Term Investment (6.03%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)		7,182,450	$	7,182,450

Total Short-Term Investment
(Cost $7,182,450)				7,182,450

Total Investments (103.88%)
(Cost $125,602,089)			$	123,719,142

Liabilities Less Other Assets (-3.88%)				(4,619,310	)

Net Assets (100.00%)			$	119,099,832

Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $7,066,716.

^(b)

Non-income producing security.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $7,182,450.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2023.

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.

Annual Report | April 30, 2023

Cambria Trinity ETF

Schedule of Investments

April 30, 2023

Transactions with affiliated companies during the period ended April 30, 2023 are as follows:

Security Name	Market Value as of April 30, 2022		Purchases		Purchases In-Kind		Sales			Sales In-Kind			Market Value as of April 30, 2023		Share Balance as of April 30, 2023		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/ Loss
Cambria Foreign Shareholder Yield ETF	$	3,557,864	$	6,305,740	$	3,650,408	$	(2,583,621.00	)	$	(717,797	)	$	10,429,729		410,781	$	310,252	$	44,123		$	206,621
Cambria Global Real Estate ETF		2,684,615		134,191		3,164,314		(635,900	)		(333,424	)		4,513,970		183,840		159,463		(558,930	)		59,105
Cambria Value and Momentum ETF		6,598,945		—		11,154,913		(6,714,326	)		(739,128	)		9,232,280		375,360		217,823		(1,330,723	)		262,598
Cambria Shareholder Yield ETF		4,148,948		3,202,006		3,809,946		(5,765,909	)		(377,191	)		4,751,297		81,792		139,053		(994,806	)		728,303
Cambria Global Value ETF		1,997,674		4,996,775		3,576,197		—			(729,704	)		10,618,324		513,707		221,318		671,813			105,569
Cambria Emerging Shareholder Yield ETF		1,791,214		5,202,562		3,434,590		—			(686,387	)		9,884,898		343,488		283,006		98,366			44,553
	$	20,779,260	$	19,841,274	$	28,790,368	$	(15,699,756	)	$	3,583,631	)	$	49,430,498		1,908,968	$	1,330,915	$	(2,070,157	)	$	1,373,141

Investments no longer affiliated as of April 30, 2023

Cambria Tail Risk ETF	$	—	$	1,509,930	$	1,619,641	$	(2,835,608	)	$	—		$	—	$	—	$	11,885	$	—		$	(293,963	)
	$	—	$	1,509,930	$	1,619,641	$	(2,835,608	)	$	—		$	—	$	—	$	11,885	$	—		$	(293,963	)

Grand Total	$	20,779,260	$	21,351,204	$	30,410,009	$	(18,535,364	)	$	(3,583,631	)	$	49,430,498	$	1,908,968	$	1,342,800	$	(2,070,157	)	$	1,112,786

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

www.cambriafunds.com

Cambria Cannabis ETF

Schedule of Investments

April 30, 2023

Country Composition
United States	49.94%
Great Britain	13.53%
Canada	13.53%
Ireland	7.69%
Israel	1.24%
	85.93%

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
Consumer Staples	53.35%
Health Care	27.82%
Materials	7.50%
Real Estate	5.24%
Financials	2.14%
Consumer Discretionary	1.80%
Industrials	1.63%
Information Technology	0.52%
	100.00%

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

	Shares		Value
Common Stocks (85.93%)
Consumer Discretionary (1.55%)
Greenlane Holdings, Inc., Class A^(a)(b)		29,540	$	8,892
GrowGeneration Corp.^(a)		48,060		164,365
				173,257
Consumer Staples (45.84%)
Altria Group, Inc.		16,200		769,662
British American Tobacco PLC		14,400		529,707
Constellation Brands, Inc., Class A		4,320		991,310
Imperial Brands PLC		39,816		984,517
Philip Morris International, Inc.		7,560		755,773
Turning Point Brands, Inc.		20,880		496,735
Universal Corp.		9,180		503,890
Village Farms International, Inc.^(a)(b)		126,288		97,217
				5,128,811

	Shares		Value
Financials (1.84%)
AFC Gamma, Inc.		16,956	$	205,507

Health Care (23.91%)
Aurora Cannabis, Inc.^(a)(b)		184,392		110,635
Canopy Growth Corp.^(a)(b)		63,360		82,368
cbdMD, Inc.^(a)		6,026		19,765
Charlottes Web Holdings, Inc.^(a)(b)		372,060		127,695
Cronos Group, Inc.^(a)(b)		180,792		338,081
Intercure, Ltd.^(a)(b)		59,652		138,989
Jazz Pharmaceuticals PLC^(a)		6,120		859,676
MyMD Pharmaceuticals, Inc.^(a)(b)		61,956		112,140
Organigram Holdings, Inc.^(a)(b)		491,220		246,544
SNDL, Inc.^(a)(b)		175,428		261,388
Tilray Brands, Inc.^(a)(b)		160,596		377,401
				2,674,682
Industrials (1.40%)
Agrify Corp.^(a)		9,280		2,227
Hydrofarm Holdings Group, Inc.^(a)		50,544		79,354
Urban-Gro, Inc.^(a)		38,808		75,676
				157,257
Information Technology (0.44%)
WM Technology, Inc.^(a)(b)		68,544		49,681

Materials (6.45%)
Scotts Miracle-Gro Co.		10,800		721,548

Real Estate (4.50%)
Innovative Industrial Properties, Inc.		7,344		503,431


Total Common Stocks
(Cost $27,566,854)				9,614,174

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

Annual Report | April 30, 2023

Cambria Cannabis ETF

Schedule of Investments

April 30, 2023

	Shares		Value
Short-Term Investment (9.54%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 4.76%^(c)(d)(e)		1,066,948	$	1,066,948

Total Short-Term Investment
(Cost $1,066,948)				1,066,948

Total Investments (95.46%)
(Cost $28,633,802)			$	10,681,122

Other Assets Less Liabilities (4.54%)				507,424

Net Assets (100.00%)			$	11,188,546

Percentages based on Net Assets.

^(a)

Non-income producing security.

^(b)

This security or a partial position of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $980,938.

^(c)

To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov.

^(d)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2023 was $1,066,948.

^(e)

Rate shown is the 7-day effective yield as of April 30, 2023.

Investment Abbreviations:

ADR - American Depository Receipt

PLC - Public Limited Company

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

46	www.cambriafunds.com

Cambria Global Real Estate ETF

Schedule of Investments

April 30, 2023

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.

	Shares		Value
Common Stocks (96.32%)^(a)
Australia (5.39%)
BWP Trust		131,292	$	337,078
Charter Hall Retail REIT		131,313		335,395
Hotel Property Investments, Ltd.		153,762		347,965
Vicinity, Ltd.		261,429		363,274
				1,383,712
Canada (2.58%)
H&R Real Estate Investment Trust		36,666		317,987
RioCan Real Estate Investment Trust		22,176		343,398
				661,385
France (1.43%)
Klepierre SA		14,469		366,062

Great Britain (1.33%)
AEW UK REIT PLC^(b)		276,612		340,681

Japan (3.76%)
Ooedo Onsen Reit Investment Corp.		756		366,223
Tokyu REIT, Inc.		210		279,907
Tosei Reit Investment Corp.		336		320,106
				966,236
Malaysia (1.40%)
IGB Real Estate Investment Trust		917,700		360,044

Mexico (7.58%)
Concentradora Fibra Danhos SA de CV		392,700		522,668
FIBRA Macquarie Mexico^(b)(c)		296,100		486,322
Fibra Uno Administracion SA de CV		342,300		472,341
TF Administradora Industrial S de RL de CV		247,800		464,466
				1,945,797
Netherlands (2.94%)
Vastned Retail NV		14,322		325,887

	Shares		Value
Netherlands (continued)
Wereldhave NV		28,056	$	430,028
				755,915
Singapore (4.19%)
Mapletree Industrial Trust^(d)		205,800		367,073
PARAGON REIT^(d)		497,700		348,746
Sasseur Real Estate Investment Trust^(b)		667,800		360,338
				1,076,157
South Africa (6.25%)
Growthpoint Properties, Ltd.		437,304		304,326
Redefine Properties, Ltd.		1,614,312		342,410
SA Corporate Real Estate, Ltd.		2,948,820		301,451
Stor-Age Property REIT, Ltd.		449,211		323,417
Vukile Property Fund, Ltd.		482,874		333,135
				1,604,739
Thailand (2.80%)
Frasers Property Thailand Industrial Freehold & Leasehold REIT		1,125,600		359,295
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust		1,125,600		359,296
				718,591
Turkey (3.10%)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,216,740		375,941
Yeni Gimat Gayrimenkul Ortakligi AS		242,235		419,177
				795,118
United States (53.57%)
Agree Realty Corp.		6,300		428,337
Alpine Income Property Trust, Inc.		17,829		286,690
Armada Hoffler Properties, Inc.		29,652		347,521
Boston Properties, Inc.		4,263		227,474
Braemar Hotels & Resorts, Inc.		71,085		270,123
Brixmor Property Group, Inc.		16,800		358,344
CareTrust REIT, Inc.		16,926		329,888
Chatham Lodging Trust		27,531		281,917
Community Healthcare Trust, Inc.		8,148		291,617
Corporate Office Properties Trust		12,600		288,414
Empire State Realty Trust, Inc.		50,631		309,355
EPR Properties		8,820		370,087
Equity Commonwealth		13,503		279,782
Equity Residential		5,565		351,986
Four Corners Property Trust, Inc.		13,986		356,783
Franklin Street Properties Corp.		73,500		85,260

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

Annual Report | April 30, 2023

Cambria Global Real Estate ETF

Schedule of Investments

April 30, 2023

	Shares		Value
United States (continued)
Gaming and Leisure Properties, Inc.		5,733	$	298,116
Getty Realty Corp.		12,243		408,059
Global Net Lease, Inc.		25,452		286,590
Hersha Hospitality Trust		37,632		237,082
Highwoods Properties, Inc.		8,400		192,528
InvenTrust Properties Corp.		14,217		320,593
Iron Mountain, Inc.		5,649		312,051
Kilroy Realty Corp.		6,300		184,212
LTC Properties, Inc.		8,169		273,253
National Health Investors, Inc.		5,607		279,060
National Retail Properties, Inc.		8,400		365,400
Necessity Retail REIT, Inc.		54,348		299,458
Omega Healthcare Investors, Inc.		11,025		295,029
Paramount Group, Inc.		46,200		200,046
Physicians Realty Trust		20,034		288,890
Regency Centers Corp.		4,893		300,577
Retail Opportunity Investments Corp.		21,000		273,630
Rexford Industrial Realty, Inc.		6,300		351,351
RPT Realty		29,400		273,420
Sabra Health Care REIT, Inc.		26,628		303,559
Saul Centers, Inc.		8,400		302,652
SITE Centers Corp.		25,200		310,968
Spirit Realty Capital, Inc.		8,295		319,026
Tanger Factory Outlet Centers, Inc.		18,123		355,392
Universal Health Realty Income Trust		7,413		322,466
Urstadt Biddle Properties, Inc., Class A		21,000		361,620
VICI Properties, Inc.		14,700		498,918
Whitestone REIT		37,527		335,867
WP Carey, Inc.		4,557		338,129
				13,751,520

Total Common Stocks
(Cost $25,667,823)				24,725,957

	Shares		Value
Real Estate Investment Trusts (2.39%)
United States (2.39%)
Apple Hospitality REIT, Inc.		21,525		320,507
NexPoint Diversified Real Estate Trust		27,426		292,361

Total Real Estate Investment Trusts
(Cost $669,567)				612,868

Total Investments (98.71%)
(Cost $26,337,390)			$	25,338,825

Other Assets Less Liabilities (1.29%)				332,031

Net Assets (100.00%)			$	25,670,856

Percentages based on Net Assets.

^(a)

Real Estate Investment Trust.

^(b)

Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of April 30, 2023, the aggregate market value of those securities was $1,187,341 representing 4.63% of the Fund's net assets.

^(c)

^(d)

Non-income producing security.

Investment Abbreviations:

AS- Turkish Joint Stock Company

NV- Dutch Public Limited Liability Company

PLC- Public Limited Company

REIT- Real Estate Investment Trust

SA de CV- Mexican Public Limited Company with Variable Capital

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

48	www.cambriafunds.com

Cambria ETF Trust

Statements of Assets and Liabilities

April 30, 2023

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Assets
Unaffiliated Investments at Value*	$	726,675,898		$	188,773,859		$	134,045,594		$	108,281,529
Affiliated Investments at Value		–			–			–			77,744,042
Foreign Currency at Value		829			542,429			851,483			–
Cash and cash equivalents		5,434,735			2,670,756			4,647,458			1,351,253
Segregated cash balances with authorized participants for deposit securities		–			1,160,896			–			–
Dividends receivable, Net		712,002			1,480,128			1,037,914			–
Reclaims receivable		14,663			197,687			356,136			–
Receivable for investments sold		–			–			–			–
Other assets		8,191			16,218			2,961			33,694
Total Assets		732,846,318			194,841,973			140,941,546			187,410,518

Liabilities
Payable for collateral upon return of securities loaned		14,462,896			5,946,314			2,862,287			9,370,036
Payable for collateral upon return of deposit securities		–			1,160,896			–			–
Payable due to investment adviser		329,414			80,432			66,824			85,132
Custodian fees payable		–			–			34,059			–
Other liabilities		–			–			–			2,987
Total Liabilities		14,792,310			7,187,642			2,963,170			9,458,155

Net Assets	$	718,054,008		$	187,654,331		$	137,978,376		$	177,952,363

Net Assets Consists of
Paid-in Capital	$	775,565,444		$	192,208,454		$	171,472,121		$	187,707,758
Total Accumulated Loss		(57,511,436	)		(4,554,123	)		(33,493,745	)		(9,755,395	)

Net Assets	$	718,054,008		$	187,654,331		$	137,978,376		$	177,952,363
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		12,350,000			7,450,010			6,650,010			6,350,001
Net Asset Value, Offering and Redemption Price Per Share	$	58.14		$	25.19		$	20.75		$	28.02

Unaffiliated Investments at Cost	$	760,272,888		$	188,792,143		$	144,634,053		$	104,647,419
Affiliated Investments at Cost	$	–		$	–		$	–		$	75,506,269
Cost of Foreign Currency	$	835		$	541,545		$	859,713		$	–
*Includes value of securities on loan	$	14,240,689		$	5,631,808		$	2,679,779		$	9,194,963

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

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Assets and Liabilities

April 30, 2023

	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*	$	33,956,666		$	58,183,149		$	3,435,637		$	170,219,819
Affiliated Investments at Value		19,276,417			–			–			–
Foreign Currency at Value		–			–			12,873			181,819
Cash and cash equivalents		1,102,993			721,782			279,989			7,513,361
Cash at Broker for futures contracts		–			6,267,320			–			–
Cash at Broker for options contracts		–			–			189,275			–
Dividends receivable, Net		–			46,497			–			503,615
Reclaims receivable		–			–			5,520			841
Receivable for investments sold		–			1,103,761			–			–
Interest receivable		–			–			8,373			–
Other assets		23,833			18			86			2,257
Total Assets		54,359,909			66,322,527			3,931,753			178,421,712

Liabilities
Payable for collateral upon return of securities loaned		3,088,172			745,193			–			2,103,407
Variation Margin Payable		–			276,269			–			–
Deferred foreign capital gains tax payable		–			–			–			236,904
Payable for fund shares redeemed		–			1,231,507			–			–
Payable due to investment adviser		–			33,000			1,907			80,187
Custodian fees payable		–			–			–			25,988
Other liabilities		–			203			–			–
Total Liabilities		3,088,172			2,286,172			1,907			2,446,486

Net Assets	$	51,271,737		$	64,036,355		$	3,929,846		$	175,975,226

Net Assets Consists of
Paid-in Capital	$	53,391,241		$	84,487,786		$	5,218,048		$	189,288,176
Total Accumulated Loss		(2,119,504	)		(20,451,431	)		(1,288,202	)		(13,312,950	)

Net Assets	$	51,271,737		$	64,036,355		$	3,929,846		$	175,975,226
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		1,900,001			2,600,004			200,000			6,150,004
Net Asset Value, Offering and Redemption Price Per Share	$	26.99		$	24.63		$	19.65		$	28.61

Unaffiliated Investments at Cost	$	36,245,678		$	58,129,346		$	3,859,559		$	180,839,345
Affiliated Investments at Cost	$	19,127,433		$	–		$	–		$	–
Cost of Foreign Currency	$	–		$	–		$	34,194		$	181,846
*Includes value of securities on loan	$	3,033,101		$	726,496		$	–		$	1,996,887

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

50	www.cambriafunds.com

Cambria ETF Trust

Statements of Assets and Liabilities

April 30, 2023

	Cambria Tail Risk ETF			Cambria Trinity ETF			Cambria Cannabis ETF			Cambria Global Real Estate ETF
Assets
Unaffiliated Investments at Value*	$	218,014,266		$	74,288,644		$	10,681,122		$	25,338,825
Affiliated Investments at Value		–			49,430,498			–			–
Foreign Currency at Value		–			–			62,254			68,995
Cash and cash equivalents		1,402,036			2,544,513			1,303,048			172,732
Cash at Broker for options contracts		1,575,831			–			–			–
Dividends receivable, Net		–			–			18,979			88,361
Reclaims receivable		–			–			–			13,421
Receivable for investments sold		–			–			190,678			–
Interest receivable		3,464,202			–			–			–
Other assets		–			18,627			3,278			–
Total Assets		224,456,335			126,282,282			12,259,359			25,682,334

Liabilities
Payable for collateral upon return of securities loaned		–			7,182,450			1,066,948			–
Payable due to investment adviser		84,515			–			3,865			11,478
Other liabilities		–			–			–			–
Total Liabilities		84,515			7,182,450			1,070,813			11,478

Net Assets	$	224,371,820		$	119,099,832		$	11,188,546		$	25,670,856

Net Assets Consists of
Paid-in Capital	$	373,330,294		$	122,528,437		$	35,994,193		$	29,844,571
Total Accumulated Loss		(148,958,474	)		(3,428,605	)		(24,805,647	)		(4,173,715	)

Net Assets	$	224,371,820		$	119,099,832		$	11,188,546		$	25,670,856
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		15,350,002			4,800,002			1,800,002			1,050,002
Net Asset Value, Offering and Redemption Price Per Share	$	14.62		$	24.81		$	6.22		$	24.45

Unaffiliated Investments at Cost	$	227,122,432		$	75,547,257		$	28,633,802		$	26,337,390
Affiliated Investments at Cost	$	–		$	50,054,832		$	–		$	–
Cost of Foreign Currency	$	–		$	–		$	60,910		$	69,176
*Includes value of securities on loan	$	–		$	7,066,716		$	980,938		$	–

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

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Operations

For the Year Ended April 30, 2023

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	18,911,676		$	7,657,020		$	6,649,956		$	1,039,601
Dividend Income from Affiliated Investments		–			–			328,977			2,993,602
Income from Securities Lending		211,994			80,175			28,126			135,234
Less: Foreign Taxes Withheld		831			(609,053	)		(598,000	)		–
Other Income		130,167			74,878			42,820			81,193
Total Investment Income		19,254,668			7,203,020			6,451,879			4,249,630

Expenses:
Management Fees		3,717,386			592,687			618,488			883,989
Custodian Fees		–			–			86,812			–
Total Expenses		3,717,386			592,687			705,300			883,989
Net Expenses		3,717,386			592,687			705,300			883,989
Net Investment Income		15,537,282			6,610,333			5,746,579			3,365,641

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Gain/(Loss) on Unaffiliated Investments^(a)		(11,730,524	)		(3,221,161	)		2,778,756			(9,803,054	)
Net Realized Gain/(Loss) on Affiliated Investments^(a)		–			–			621,826			(2,682,559	)
Net Realized Gain/(Loss) on Foreign Currency Transactions		217			(223,205	)		(120,764	)		–
Long Term Capital Gains Received from registered investment companies		–			–			–			449,698
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		(22,392,024	)		1,905,268			3,346,466			(2,412,818	)
Net Change in Unrealized Depreciation on Affiliated Investments		–			–			(2,573,718	)		560,099
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(699	)		23,473			17,285			–
Net Realized and Unrealized Gain/(Loss) on Investments		(34,123,030	)		(1,515,625	)		4,069,851			(13,888,634	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(18,585,748	)	$	5,094,708		$	9,816,430		$	(10,522,993	)

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

52	www.cambriafunds.com

Cambria ETF Trust

Statements of Operations

For the Year Ended April 30, 2023

	Cambria Global Asset Allocation ETF			Cambria Value and Momentum ETF			Cambria Global Tail Risk ETF			Cambria Emerging Shareholder Yield ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	1,032,597		$	2,195,438		$	97,720		$	9,709,923
Dividend Income from Affiliated Investments		786,498			–			–			–
Interest Income		–			–			22,727			–
Income from Securities Lending		43,773			3,787			649			70,293
Less: Foreign Taxes Withheld		–			–			4,047			(1,297,556	)
Other Income		19,072			116,144			7,975			52,442
Total Investment Income		1,881,940			2,315,369			133,118			8,535,102

Expenses:
Management Fees		–			523,313			28,175			702,946
Custodian Fees		–			–			–			83,814
Broker fees		–			18,868			–			–
Total Expenses		–			542,181			28,175			786,760
Net Expenses		–			542,181			28,175			786,760
Net Investment Income		1,881,940			1,773,188			104,943			7,748,342

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Loss on Unaffiliated Investments^(a)		(29,067	)		(666,372	)		(442,591	)		(3,911,895	)
Net Realized Gain on Affiliated Investments^(a)		153,592			–			–			–
Net Realized Gain on Purchased Options		–			–			264,083			–
Net Realized Loss on Futures Contracts		–			(3,859,660	)		–			–
Net Realized Loss on Foreign Currency Transactions		–			–			(806,965	)		(181,142	)
Long Term Capital Gains Received from registered investment companies		23,361			–			10,862			–
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		(1,637,384	)		(2,672,747	)		1,041,560			336,945
Net Change in Unrealized Depreciation on Affiliated Investments		(1,222,225	)		–			–			–
Net Change in Unrealized Depreciation on Purchased Options		–			–			(659,768	)		–
Net Change in Unrealized Depreciation on Futures Contracts		–			(2,491,395	)		–			–
Net Change in Unrealized Appreciation/(Depreciation) on Foreign
Currency Translation		–			–			(14,958	)		12,668
Change in Accumulated Foreign Capital Gains Tax on Appreciated Securities		–			–			–			355,392
Net Realized and Unrealized (Loss) on Investments		(2,711,723	)		(9,690,174	)		(607,777	)		(3,388,032	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(829,783	)	$	(7,916,986	)	$	(502,834	)	$	4,360,310

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

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Operations

For the Year Ended April 30, 2023

	Cambria Tail Risk ETF			Cambria Trinity ETF			Cambria Cannabis ETF			Cambria Global Real Estate ETF
Investment Income:
Dividend Income from Unaffiliated Investments	$	–		$	1,830,123		$	422,727		$	1,131,751
Dividend Income from Affiliated Investments		–			1,342,800			–			–
Interest Income		7,835,212			–			–			–
Income from Securities Lending		–			56,295			82,113			4,993
Less: Foreign Taxes Withheld		–			–			–			(103,627	)
Other Income		342,215			36,090			15,759			10,639
Total Investment Income		8,177,427			3,265,308			520,599			1,043,756

Expenses:
Management Fees		2,019,152			–			85,543			126,185
Total Expenses		2,019,152			–			85,543			126,185
Waiver of Management Fees		–			–			(24,648	)		–
Net Expenses		2,019,152			–			60,895			126,185
Net Investment Income		6,158,275			3,265,308			459,704			917,571

Net Realized and Unrealized Gains/(Losses) on Investments:
Net Realized Loss on Unaffiliated Investments^(a)		(59,930,897	)		(1,543,519	)		(5,359,009	)		(3,139,418	)
Net Realized Gain on Affiliated Investments^(a)		–			1,112,786			–			–
Net Realized Loss on Purchased Options		(11,867,767	)		–			–			–
Net Realized Loss on Foreign Currency Transactions		–			–			(10,715	)		(31,979	)
Long Term Capital Gains Received		–			171,281			–			422,966
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		42,645,401			(1,989,253	)		(1,824,484	)		(1,249,423	)
Net Change in Unrealized Depreciation on Affiliated Investments		–			(2,070,157	)		–			–
Net Change in Unrealized Depreciation on Purchased Options		(21,202,027	)		–			–			–
Net Change in Unrealized Appreciation on Foreign Currency Translation		–			–			3,886			2,942
Net Realized and Unrealized (Loss) on Investments		(50,355,290	)		(4,318,862	)		(7,190,322	)		(3,994,912	)
Net Decrease in Net Assets Resulting From Operations	$	(44,197,015	)	$	(1,053,554	)	$	(6,730,618	)	$	(3,077,341	)

^(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.

54	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	15,537,282		$	6,723,591		$	6,610,333		$	2,103,271
Net realized Gain/(Loss) on Investments^(a)		(11,730,524	)		24,008,520			(3,221,161	)		3,912,779
Net realized Gain/(Loss) on Foreign Currency Transactions		217			–			(223,205	)		(77,817	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(22,392,024	)		(45,323,782	)		1,905,268			(7,425,477	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(699	)		(390	)		23,473			(50,342	)
Net increase/(decrease) in net assets resulting from operations		(18,585,748	)		(14,592,061	)		5,094,708			(1,537,586	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(18,508,788	)		(8,265,061	)		(5,789,832	)		(2,195,125	)
Net decrease from distributions		(18,508,788	)		(8,265,061	)		(5,789,832	)		(2,195,125	)

Capital Share Transactions
Issued		322,449,091			352,298,119			121,594,482			41,439,595
Redeemed		(81,834,941	)		(92,929,771	)		–			(1,367,461	)
Increase in Net Assets from Capital Share Transactions		240,614,150			259,368,348			121,594,482			40,072,134
Total Net Increase in Net Assets		203,519,614			236,511,226			120,899,358			36,339,423

Net Assets
Beginning of Year		514,534,394			278,023,168			66,754,973			30,415,550
End of Year	$	718,054,008		$	514,534,394		$	187,654,331		$	66,754,973

Share Transactions:
Issued		5,300,000			5,500,000			4,900,000			1,500,000
Redeemed		(1,400,000	)		(1,500,000	)		–			(50,000	)
Net increase in Shares Outstanding from Share Transactions		3,900,000			4,000,000			4,900,000			1,450,000

^(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.

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	5,746,579		$	5,108,664		$	3,365,641		$	2,690,972
Net realized Gain/(Loss) on Investments^(a)		3,400,582			2,469,071			(12,035,915	)		8,172,046
Net realized Loss on Foreign Currency Transactions		(120,764	)		(332,086	)		–			–
Net Change in Unrealized Appreciation/(Depreciation) on Investments		772,748			(15,809,759	)		(1,852,719	)		(5,150,719	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		17,285			(41,369	)		–			–
Net increase/(decrease) in net assets resulting from operations		9,816,430			(8,605,479	)		(10,522,993	)		5,712,299

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(5,123,088	)		(4,429,824	)		(3,308,682	)		(2,629,099	)
Return of capital		–			–			–			(137,036	)
Net decrease from distributions		(5,123,088	)		(4,429,824	)		(3,308,682	)		(2,766,135	)

Capital Share Transactions
Issued		45,063,719			4,834,036			134,679,294			20,685,690
Redeemed		(14,165,016	)		(12,262,971	)		(24,457,816	)		(4,502,967	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		30,898,703			(7,428,935	)		110,221,478			16,182,723
Total Net Increase/(Decrease) in Net Assets		35,592,045			(20,464,238	)		96,389,803			19,128,887

Net Assets
Beginning of Year		102,386,331			122,850,569			81,562,560			62,433,673
End of Year	$	137,978,376		$	102,386,331		$	177,952,363		$	81,562,560

Share Transactions:
Issued		2,400,000			200,000			4,600,000			650,000
Redeemed		(750,000	)		(550,000	)		(850,000	)		(150,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		1,650,000			(350,000	)		3,750,000			500,000

^(a)

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

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

56	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	1,881,940		$	3,300,531		$	1,773,188		$	244,878
Net realized Gain/(Loss) on Investments^(a)		147,886			1,389,064			(4,526,032	)		2,416,135
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(2,859,609	)		(6,066,013	)		(5,164,142	)		72,980
Net increase/(decrease) in net assets resulting from operations		(829,783	)		(1,376,418	)		(7,916,986	)		2,733,993

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(2,092,946	)		(3,290,869	)		(1,755,804	)		(252,960	)
Net decrease from distributions		(2,092,946	)		(3,290,869	)		(1,755,804	)		(252,960	)

Capital Share Transactions
Issued		9,647,654			1,598,155			110,716,425			12,729,952
Redeemed		(1,386,118	)		(3,059,032	)		(68,475,916	)		(2,308,993	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		8,261,536			(1,460,877	)		42,240,509			10,420,959
Total Net Increase/(Decrease) in Net Assets		5,338,807			(6,128,164	)		32,567,719			12,901,992

Net Assets
Beginning of Year		45,932,930			52,061,094			31,468,636			18,566,644
End of Year	$	51,271,737		$	45,932,930		$	64,036,355		$	31,468,636

Share Transactions:
Issued		350,000			50,000			4,100,000			500,000
Redeemed		(50,000	)		(100,000	)		(2,700,000	)		(100,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		300,000			(50,000	)		1,400,000			400,000

^(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.

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Global Tail Risk ETF						Cambria Emerging Shareholder Yield ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	104,943		$	194,294		$	7,748,342		$	4,226,440
Net realized Gain/(Loss) on Investments^(a)		(167,646	)		(685,535	)		(3,911,895	)		5,058,295
Net realized Loss on Foreign Currency Transactions		(806,965	)		(5,220	)		(181,142	)		(335,746	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments		381,792			1,870			336,945			(26,176,753	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(14,958	)		(8,332	)		12,668			(12,418	)
Change in Accumulated Foreign Capital Gains Tax on Appreciated Securities		–			–			355,392			(487,315	)
Net increase/(decrease) in net assets resulting from operations		(502,834	)		(502,923	)		4,360,310			(17,727,497	)

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		–			–			(7,385,645	)		(5,778,188	)
Net decrease from distributions		–			–			(7,385,645	)		(5,778,188	)

Capital Share Transactions
Issued		3,304,059			–			87,812,440			54,571,685
Redeemed		(3,227,221	)		(2,242,970	)		(2,492,086	)		–
Increase/(Decrease) in Net Assets from Capital Share Transactions		76,838			(2,242,970	)		85,320,354			54,571,685
Total Net Increase/(Decrease) in Net Assets		(425,996	)		(2,745,893	)		82,295,019			31,066,000

Net Assets
Beginning of Year		4,355,842			7,101,735			93,680,207			62,614,207
End of Year	$	3,929,846		$	4,355,842		$	175,975,226		$	93,680,207

Share Transactions:
Issued		150,000			–			3,150,000			1,500,000
Redeemed		(150,000	)		(100,000	)		(100,000	)		–
Net increase/(decrease) in Shares Outstanding from Share Transactions		–			(100,000	)		3,050,000			1,500,000

^(a)

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

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

58	www.cambriafunds.com

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Tail Risk ETF						Cambria Trinity ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	6,158,275		$	2,367,330		$	3,265,308		$	2,675,511
Net realized Gain/(Loss) on Investments^(a)		(71,798,664	)		(30,444,106	)		(259,452	)		2,433,778
Net Change in Unrealized Appreciation/(Depreciation) on Investments		21,443,374			(10,327,691	)		(4,059,410	)		(3,486,814	)
Net increase/(decrease) in net assets resulting from operations		(44,197,015	)		(38,404,467	)		(1,053,554	)		1,622,475

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(5,934,009	)		(2,160,957	)		(4,077,927	)		(2,736,330	)
Net decrease from distributions		(5,934,009	)		(2,160,957	)		(4,077,927	)		(2,736,330	)

Capital Share Transactions
Issued		287,583,821			389,348,766			81,891,017			11,021,009
Redeemed		(417,503,209	)		(226,356,387	)		(8,617,238	)		(2,727,635	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(129,919,388	)		162,992,379			73,273,779			8,293,374
Total Net Increase/(Decrease) in Net Assets		(180,050,412	)		122,426,955			68,142,298			7,179,519

Net Assets
Beginning of Year		404,422,232			281,995,277			50,957,534			43,778,015
End of Year	$	224,371,820		$	404,422,232		$	119,099,832		$	50,957,534

Share Transactions:
Issued		17,600,000			21,650,000			3,250,000			400,000
Redeemed		(26,150,000	)		(12,800,000	)		(350,000	)		(100,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		(8,550,000	)		8,850,000			2,900,000			300,000

^(a)

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

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

Annual Report | April 30, 2023

Cambria ETF Trust

Statements of Changes in Net Assets

	Cambria Cannabis ETF						Cambria Global Real Estate ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations
Net investment Income	$	459,704		$	529,964		$	917,571		$	568,427
Net realized Gain/(Loss) on Investments^(a)		(5,359,009	)		1,268,445			(2,716,452	)		1,171,151
Net realized Loss on Foreign Currency Transactions		(10,715	)		(9,442	)		(31,979	)		(125,068	)
Net Change in Unrealized Depreciation on Investments		(1,824,484	)		(19,371,844	)		(1,249,423	)		(1,199,398	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		3,886			(2,255	)		2,942			(5,219	)
Net increase/(decrease) in net assets resulting from operations		(6,730,618	)		(17,585,132	)		(3,077,341	)		409,893

Total Dividends and Distributions to Shareholders
Distributions to shareholders from distributable earnings		(415,452	)		(724,710	)		(783,635	)		(1,916,834	)
Return of capital		–			–			–			(115,789	)
Net decrease from distributions		(415,452	)		(724,710	)		(783,635	)		(2,032,623	)

Capital Share Transactions
Issued		1,144,071			1,574,943			14,885,328			14,340,841
Redeemed		(2,589,495	)		(2,156,187	)		(9,162,043	)		(3,154,770	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,445,424	)		(581,244	)		5,723,285			11,186,071
Total Net Increase/(Decrease) in Net Assets		(8,591,494	)		(18,891,086	)		1,862,309			9,563,341

Net Assets
Beginning of Year		19,780,040			38,671,126			23,808,547			14,245,206
End of Year	$	11,188,546		$	19,780,040		$	25,670,856		$	23,808,547

Share Transactions:
Issued		150,000			100,000			600,000			450,000
Redeemed		(350,000	)		(150,000	)		(350,000	)		(100,000	)
Net increase/(decrease) in Shares Outstanding from Share Transactions		(200,000	)		(50,000	)		250,000			350,000

^(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.

60	www.cambriafunds.com

Cambria Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	60.89		$	62.48		$	29.82		$	37.47		$	37.98
Income/(loss) from investment operations:
Net Investment Income^(a)		1.48			1.17			0.88			0.86			0.79
Net Realized and Unrealized Gain (Loss) on Investments		(2.54	)		(1.27	)		32.60			(7.66	)		(0.40	)
Total from Operations		(1.06	)		(0.10	)		33.48			(6.80	)		0.39

Distributions:
Distributions from Net Investment Income		(1.40	)		(1.23	)		(0.82	)		(0.85	)		(0.90	)
Distributions from Net Realized Gains		(0.29	)		(0.26	)		–			–			–
Total Distributions		(1.69	)		(1.49	)		(0.82	)		(0.85	)		(0.90	)

Net Asset Value, End of Year/Period	$	58.14		$	60.89		$	62.48		$	29.82		$	37.47

Total Return^(b)		(1.59	)%		(0.21	)%		113.92	%		(18.43	)%		1.10	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	718,054		$	514,534		$	278,023		$	61,127		$	112,414

Ratio of Expenses to Average Net Assets		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income to Average Net Assets		2.42	%		1.85	%		1.95	%		2.40	%		2.13	%
Portfolio Turnover^(b)(c)		41	%		51	%		37	%		30	%		28	%

^(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)

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.

Annual Report | April 30, 2023

Cambria Foreign Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	26.18		$	27.65		$	17.86		$	23.56		$	26.58
Income/(loss) from investment operations:
Net Investment Income^(a)		1.54			1.28			0.75			0.90			1.06
Net Realized and Unrealized Gain (Loss) on Investments		(1.01	)		(1.32	)		9.86			(5.60	)		(2.79	)
Total from Operations		0.53			(0.04	)		10.61			(4.70	)		(1.73	)

Distributions:
Distributions from Net Investment Income		(1.52	)		(1.43	)		(0.82	)		(1.00	)		(1.29	)
Total Distributions		(1.52	)		(1.43	)		(0.82	)		(1.00	)		(1.29	)

Net Asset Value, End of Year/Period	$	25.19		$	26.18		$	27.65		$	17.86		$	23.56

Total Return^(b)		2.72	%		(0.31	)%		60.72	%		(20.47	)%		(6.34	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	187,654		$	66,755		$	30,416		$	17,862		$	27,095

Ratio of Expenses to Average Net Assets		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income to Average Net Assets		6.56	%		4.68	%		3.29	%		4.04	%		4.32	%
Portfolio Turnover^(b)(c)		34	%		63	%		59	%		47	%		53	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

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.

62	www.cambriafunds.com

Cambria Global Value ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	20.48		$	22.96		$	16.37		$	23.37		$	26.05
Income/(loss) from investment operations:
Net Investment Income^(a)		1.03			0.96			0.53			0.62			0.64
Net Realized and Unrealized Gain (Loss) on Investments		0.24			(2.60	)		6.44			(6.91	)		(2.33	)
Total from Operations		1.27			(1.64	)		6.97			(6.29	)		(1.69	)

Distributions:
Distributions from Net Investment Income		(1.00	)		(0.84	)		(0.38	)		(0.71	)		(0.61	)
Distributions from Net Realized Gains		–			–			–			–			(0.38	)
Total Distributions		(1.00	)		(0.84	)		(0.38	)		(0.71	)		(0.99	)

Net Asset Value, End of Year/Period	$	20.75		$	20.48		$	22.96		$	16.37		$	23.37

Total Return^(b)		6.97	%		(7.47	)%		43.20	%		(27.71	)%		(6.24	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	137,978		$	102,386		$	122,851		$	96,587		$	158,894

Ratio of Expenses to Average Net Assets		0.67	%		0.66	%		0.66	%		0.65	%		0.69	%
Ratio of Net Investment Income to Average Net Assets		5.48	%		4.19	%		2.75	%		2.84	%		2.74	%
Portfolio Turnover^(b)(c)		94	%		3	%		14	%		25	%		20	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

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.

Annual Report | April 30, 2023

Cambria Global Momentum ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	31.37		$	29.73		$	23.07		$	25.09		$	27.39
Income/(loss) from investment operations:
Net Investment Income^(a)		0.65			1.28			0.29			0.56			0.62
Net Realized and Unrealized Gain (Loss) on Investments		(3.42	)		1.68			6.69			2.02			(2.33	)
Total from Operations		(2.77	)		2.96			6.98			(1.46	)		(1.71	)

Distributions:
Distributions from Net Investment Income		(0.58	)		(1.25	)		(0.30	)		(0.54	)		(0.59	)
Return of Capital		–			(0.07	)		(0.02	)		(0.02	)		–
Total Distributions		(0.58	)		(1.32	)		(0.32	)		(0.56	)		(0.59	)

Net Asset Value, End of Year/Period	$	28.02		$	31.37		$	29.73		$	23.07		$	25.09

Total Return^(b)		(8.81	)%		10.19	%		30.49	%		(6.02	)%		(6.23	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	177,952		$	81,563		$	62,434		$	78,449		$	129,199

Ratio of Expenses to Average Net Assets^(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income to Average Net Assets^(d)		2.25	%		4.19	%		1.13	%		2.25	%		2.39	%
Portfolio Turnover^(b)(e)		307	%		69	%		115	%		251	%		204	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

Expense ratios do not include expenses of the underlying funds.

^(d)

Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying 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.

^(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.

64	www.cambriafunds.com

Cambria Global Asset Allocation ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	28.71		$	31.55		$	24.36		$	26.82		$	27.38
Income/(loss) from investment operations:
Net Investment Income^(a)		1.11			1.99			0.58			0.86			0.75
Net Realized and Unrealized Gain (Loss) on Investments		(1.61	)		(2.85	)		7.33			(2.36	)		(0.53	)
Total from Operations		(0.50	)		(0.86	)		7.91			(1.50	)		0.22

Distributions:
Distributions from Net Investment Income		(1.07	)		(1.98	)		(0.72	)		(0.85	)		(0.77	)
Distributions from Net Realized Gains		(0.15	)		–			–			(0.11	)		(0.01	)
Total Distributions		(1.22	)		(1.98	)		(0.72	)		(0.96	)		(0.78	)

Net Asset Value, End of Year/Period	$	26.99		$	28.71		$	31.55		$	24.36		$	26.82

Total Return^(b)		(1.58	)%		(3.01	)%		33.00	%		(5.87	)%		0.91	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	51,272		$	45,933		$	52,061		$	49,930		$	64,368

Ratio of Expenses to Average Net Assets^(c)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of Net Investment Income to Average Net Assets^(d)		4.08	%		6.36	%		2.07	%		3.24	%		2.85	%
Portfolio Turnover^(b)(e)		0	%		8	%		20	%		9	%		2	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

Expense ratios do not include expenses of the underlying funds.

^(d)

^(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.

Annual Report | April 30, 2023

Cambria Value and Momentum ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	26.22		$	23.21		$	16.64		$	20.83		$	25.09
Income/(loss) from investment operations:
Net Investment Income^(a)		0.54			0.25			0.14			0.18			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(1.66	)		3.02			6.63			(4.17	)		(4.23	)
Total from Operations		(1.12	)		3.27			6.77			(3.99	)		(4.02	)

Distributions:
Distributions from Net Investment Income		(0.47	)		(0.26	)		(0.20	)		(0.20	)		(0.24	)
Total Distributions		(0.47	)		(0.26	)		(0.20	)		(0.20	)		(0.24	)

Net Asset Value, End of Year/Period	$	24.63		$	26.22		$	23.21		$	16.64		$	20.83

Total Return^(b)		(4.34	)%		14.17	%		41.05	%		(19.32	)%		(16.10	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	64,036		$	31,469		$	18,567		$	10,818		$	19,790

Ratio of Expenses to Average Net Assets		0.61	%^(c)		0.59	%		0.61	%^(c)		0.63	%^(d)		0.64	%^(e)
Ratio of Net Investment Income to Average Net Assets		2.00	%		1.02	%		0.70	%		0.92	%		0.86	%
Portfolio Turnover^(b)(f)		71	%		78	%		97	%		76	%		89	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

Includes broker expense of 0.02%.

^(d)

Includes broker expense of 0.04%.

^(e)

Includes broker expense of 0.05%.

^(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.

66	www.cambriafunds.com

Cambria Global Tail Risk ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021 ^(a)			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	21.78		$	23.67		$	23.57		$	24.83		$	27.57
Income/(loss) from investment operations:
Net Investment Income^(b)		0.46			0.71			0.94			1.18			1.18
Net Realized and Unrealized Loss on Investments		(2.59	)^(c)		(2.60	)		(0.69	)^(c)		(1.36	)		(2.70	)
Total from Operations		(2.13	)		(1.89	)		0.25			(0.18	)		(1.52	)

Distributions:
Distributions from Net Investment Income		–			–			–			(0.96	)		(1.09	)
Distributions from Net Realized Gains		–			–			–			(0.12	)		(0.13	)
Return of Capital		–			–			(0.15	)		–			–
Total Distributions		–			–			(0.15	)		(1.08	)		(1.22	)

Net Asset Value, End of Year/Period	$	19.65		$	21.78		$	23.67		$	23.57		$	24.83

Total Return^(d)		(9.78	)%		(7.98	)%		1.03	%		(1.00	)%		(5.44	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	3,930		$	4,356		$	7,102		$	22,388		$	18,623

Ratio of Expenses to Average Net Assets		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income to Average Net Assets		2.20	%		3.18	%		3.71	%		4.72	%		4.69	%
Portfolio Turnover^(d)(e)		62	%		1	%		53	%		36	%		37	%

^(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)

Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

^(d)

^(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.

Annual Report | April 30, 2023

Cambria Emerging Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	30.22		$	39.13		$	24.97		$	31.38		$	35.83
Income/(loss) from investment operations:
Net Investment Income^(a)		1.77			1.81			1.27			1.30			1.29
Net Realized and Unrealized Gain (Loss) on Investments		(1.44	)		(8.01	)		14.04			(6.35	)		(3.58	)
Total from Operations		0.33			(6.20	)		15.31			(5.05	)		(2.29	)

Distributions:
Distributions from Net Investment Income		(1.57	)		(2.16	)		(1.15	)		(1.36	)		(1.05	)
Distributions from Net Realized Gains		(0.37	)		(0.55	)		–			–			(1.11	)
Total Distributions		(1.94	)		(2.71	)		(1.15	)		(1.36	)		(2.16	)

Net Asset Value, End of Year/Period	$	28.61		$	30.22		$	39.13		$	24.97		$	31.38

Total Return^(b)		1.64	%		(16.81	)%		63.04	%		(16.89	)%		(5.80	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	175,975		$	93,680		$	62,614		$	28,713		$	20,395

Ratio of Expenses to Average Net Assets		0.66	%		0.64	%		0.65	%		0.69	%		0.66	%
Ratio of Net Investment Income to Average Net Assets		6.49	%		5.14	%		4.00	%		4.38	%		4.09	%
Portfolio Turnover^(b)(c)		43	%		45	%		29	%		81	%		115	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

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.

68	www.cambriafunds.com

Cambria Tail Risk ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Year/Period	$	16.92		$	18.74		$	22.65		$	19.87		$	21.58
Income/(loss) from investment operations:
Net Investment Income^(a)		0.29			0.13			0.04			0.27			0.39
Net Realized and Unrealized Gain (Loss) on Investments		(2.27	)		(1.84	)		(3.92	)		2.77			(1.73	)
Total from Operations		(1.98	)		(1.71	)		(3.88	)		3.04			(1.34	)

Distributions:
Distributions from Net Investment Income		(0.32	)		(0.11	)		(0.03	)		(0.26	)		(0.37	)
Total Distributions		(0.32	)		(0.11	)		(0.03	)		(0.26	)		(0.37	)

Net Asset Value, End of Year/Period	$	14.62		$	16.92		$	18.74		$	22.65		$	19.87

Total Return^(b)		(11.86	)%		(9.14	)%		(17.13	)%		15.47	%		(6.31	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	224,372		$	404,422		$	281,995		$	132,488		$	37,745

Ratio of Expenses to Average Net Assets		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of Net Investment Income to Average Net Assets		1.80	%		0.69	%		0.18	%		1.31	%		1.89	%
Portfolio Turnover^(b)(c)		129	%		60	%		155	%		19	%		56	%

^(a)

Per share data calculated using the average shares method.

^(b)

^(c)

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.

Annual Report | April 30, 2023

Cambria Trinity ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Period Ended April 30, 2019 ^(a)
Net Asset Value, Beginning of Year/Period	$	26.82		$	27.36		$	21.32		$	24.22		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.89			1.59			0.42			0.65			0.39
Net Realized and Unrealized Gain (Loss) on Investments		(1.96	)		(0.51	)		6.07			(2.91	)		(0.83	)
Total from Operations		(1.07	)		1.08			6.49			(2.26	)		(0.44	)

Distributions:
Distributions from Net Investment Income		(0.64	)		(1.60	)		(0.45	)		(0.62	)		(0.34	)
Distributions from Net Realized Gains		(0.30	)		(0.02	)		–			(0.02	)		–
Total Distributions		(0.94	)		(1.62	)		(0.45	)		(0.64	)		(0.34	)

Net Asset Value, End of Year/Period	$	24.81		$	26.82		$	27.36		$	21.32		$	24.22

Total Return^(c)		(3.99	)%		3.98	%		30.81	%		(9.57	)%		(1.71	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	119,100		$	50,958		$	43,778		$	37,309		$	30,280

Ratio of Expenses to Average Net Assets^(d)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%^(e)
Ratio of Net Investment Income to Average Net Assets^(f)		3.54	%		5.78	%		1.77	%		2.74	%		2.55	%^(e)
Portfolio Turnover^(c)(g)		102	%		26	%		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)

^(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.

70	www.cambriafunds.com

Cambria Cannabis ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Period Ended April 30, 2020 ^(a)
Net Asset Value, Beginning of Year/Period	$	9.89		$	18.86		$	11.30		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		0.24			0.25			0.47			0.70
Net Realized and Unrealized Gain (Loss) on Investments		(3.69	)		(8.87	)		7.63			(13.87	)
Total from Operations		(3.45	)		(8.62	)		8.10			(13.17	)

Distributions:
Distributions from Net Investment Income		(0.22	)		(0.35	)		(0.54	)		(0.52	)
Distributions from Net Realized Gains		–			–			–			(0.01	)
Total Distributions		(0.22	)		(0.35	)		(0.54	)		(0.53	)

Net Asset Value, End of Year/Period	$	6.22		$	9.89		$	18.86		$	11.30

Total Return^(c)		(35.04	)%		(46.49	)%		73.84	%		(53.04	)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	11,189		$	19,780		$	38,671		$	9,038

Ratio of Expenses to Average Net Assets Including Waivers		0.42	%		0.42	%		0.42	%		0.42	%^(d)
Ratio of Expenses to Average Net Assets Excluding Waivers		0.59	%		0.59	%		0.59	%		0.59	%^(d)
Ratio of Net Investment Income to Average Net Assets		3.17	%		1.80	%		2.94	%		6.20	%^(d)
Portfolio Turnover^(c)(e)		23	%		46	%		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.

Annual Report | April 30, 2023

Cambria Global Real Estate ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Year Ended April 30, 2023			Year Ended April 30, 2022			Period Ended April 30, 2021 ^(a)
Net Asset Value, Beginning of Year/Period	$	29.76		$	31.66		$	25.00
Income/(loss) from investment operations:
Net Investment Income^(b)		1.12			0.56			0.56
Net Realized and Unrealized Gain (Loss) on Investments		(5.44	)		0.99	(c)		6.51
Total from Operations		(4.32	)		1.55			7.07

Distributions:
Distributions from Net Investment Income		(0.99	)		(2.76	)		(0.41	)
Distributions from Net Realized Gains		–			(0.49	)		–
Return of Capital		–			(0.20	)		–
Total Distributions		(0.99	)		(3.45	)		(0.41	)

Net Asset Value, End of Year/Period	$	24.45		$	29.76		$	31.66

Total Return^(d)		(14.47	)%		4.70	%		28.40	%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)	$	25,671		$	23,809		$	14,245

Ratio of Expenses to Average Net Assets		0.59	%		0.59	%		0.59	%^(e)
Ratio of Net Investment Income to Average Net Assets		4.29	%		3.00	%		3.19	%^(e)
Portfolio Turnover^(d)(f)		94	%		120	%		51	%

^(a)

Inception date September 23, 2020.

^(b)

Per share data calculated using the average shares method.

^(c)

^(d)

^(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.

72	www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 “1940 Act”). 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, 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 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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 Board has designated the Adviser serve as its "Valuation Designee" and perform fair value determinations on behalf of all series of the Trust, subject to the Board's supervision and direction. The following securities may be fair valued by the Valuation Designee: (1) securities for which market quotations are insufficient or not readily available, (2) securities for which, in the judgment of the Valuation Designee, the prices or values do not represent the fair value of the instrument, and (3) securities deemed to be illiquid. 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. Fair valuation is based on subjective factors and, as a result, the fair value price of an asset may differ from the asset’s market price and may not be the current price at which the asset may be sold. Fair value estimates are based on judgments regarding the current economic environment, financial reports, credit, collateral and other such factors.

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).

As of September 8, 2022, the Funds’ valuation policies and procedures, including its fair valuation methodologies, were revised in response to the Securities and Exchange Commission's ("SEC") adoption of Rule 2a-5 under the 1940 Act.

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.

74	www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 year ended April 30, 2023. 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 April 30, 2023. 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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

The Cambria Tail Risk ETF and Cambria Global Tail Risk ETF had options contracts as of April 30, 2023, 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

1,221,043

Total

–

1,221,043

Cambria Global Tail Risk ETF

Equity Contracts (Purchased Options)

Investments, at value

211,120

Investments, at value

N/A

Total

211,120

–

Cambria Tail Risk ETF

Equity Contracts (Purchased Options)

Investments, at value

11,849,590

Investments, at value

N/A

Total

11,849,590

–

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		(3,859,660	)		(2,491,395	)
Total		$	(3,859,660	)	$	(2,491,395	)

Cambria Global Tail Risk ETF
Equity Contracts (Purchased Options)	Net realized Loss on Purchased Options/ Net Change in Unrealized Depreciation on Purchased Options		264,083			(659,768	)
Total		$	264,083		$	(659,768	)

Cambria Tail Risk ETF
Equity Contracts (Purchased Options)	Net realized Loss on Purchased Options/ Net Change in Unrealized Depreciation on Purchased Options		(11,867,767	)		(21,202,027	)
Total		$	(11,867,767	)	$	(21,202,027	)

76	www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

The average purchased option contracts’ notional amount during the year ended April 30, 2023 for Cambria Global Tail Risk ETF is $9,158,895, and for Cambria Tail Risk ETF is $735,325,207.

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 year ended April 30, 2023, 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.

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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 ended April 30, 2023:

	Creation Unit Shares	Creation Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF	50,000	$	700	$	2,907,000	$	700	None
Cambria Foreign Shareholder Yield ETF	50,000		2,500		1,259,500		2,500	Up to 2.0%
Cambria Global Value ETF	50,000		3,500		1,037,500		3,500	Up to 2.0%
Cambria Global Momentum ETF	50,000		500		1,401,000		500	Up to 2.0%
Cambria Global Asset Allocation ETF	50,000		500		1,349,500		500	None
Cambria Value and Momentum ETF	50,000		700		1,231,500		700	None
Cambria Global Tail Risk ETF	50,000		500		982,500		1,500	Up to 2.0%
Cambria Emerging Shareholder Yield ETF	50,000		3,500		1,430,500		3,500	Up to 2.0%
Cambria Tail Risk ETF	50,000		500		731,000		500	None
Cambria Trinity ETF	50,000		250		1,240,500		250	None
Cambria Cannabis ETF	50,000		500		311,000		500	Up to 2.0%
Cambria Global Real Estate ETF	50,000		1,500		1,222,500		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 April 30, 2023, 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.

78	www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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.

Cambria Cannabis ETF has agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2024, unless otherwise terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser.

Additionally, the Investment Adviser earned $256,733 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 Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Tail Risk ETF, Cambria Shareholder Yield ETF, and Cambria Global Real Estate 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 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 ended April 30, 2023 are officers/employees of the Investment Adviser, the Administrator, or ALPS Distributors Inc.

5. INVESTMENT TRANSACTIONS

For the year ended April 30, 2023, 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	$	261,657,005	$	256,989,166
Cambria Foreign Shareholder Yield ETF		40,892,549		34,037,661
Cambria Global Value ETF		103,067,201		97,706,381
Cambria Global Momentum ETF		451,878,483		449,203,761
Cambria Global Asset Allocation ETF		–		851,161
Cambria Value and Momentum ETF		59,151,532		54,609,725
Cambria Global Tail Risk ETF		2,855,995		2,507,745
Cambria Emerging Shareholder Yield ETF		98,995,693		50,078,662
Cambria Tail Risk ETF		–		–
Cambria Trinity ETF		92,976,029		93,915,016
Cambria Cannabis ETF		3,108,425		3,521,993
Cambria Global Real Estate ETF		20,509,390		19,633,089

For the year ended April 30, 2023, the Cambria Tail Risk ETF had purchases and sales of U.S. Government securities of $413,921,693, and $513,814,813, respectively.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

For the year ended April 30, 2023, 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	$	318,656,228	$	80,825,808	$	12,500,731
Cambria Foreign Shareholder Yield ETF		112,192,949		–		–
Cambria Global Value ETF		32,672,177		9,909,749		1,104,624
Cambria Global Momentum ETF		130,837,344		23,968,214		1,359,142
Cambria Global Asset Allocation ETF		9,494,167		1,362,554		147,377
Cambria Value and Momentum ETF		89,616,522		58,803,413		6,004,867
Cambria Emerging Shareholder Yield ETF		33,056,839		1,295,365		175,040
Cambria Tail Risk ETF		13,380,199		28,928,378		(1,020,462	)
Cambria Trinity ETF		80,495,704		8,442,484		486,734
Cambria Cannabis ETF		1,061,462		2,423,520		(405,117	)
Cambria Global Real Estate ETF		14,266,557		8,939,543		415,806

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.

80	www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

Depositary Receipts Risk — The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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.

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.

Large Capitalization Company Risk — A Fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

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.

Recent Events — The respiratory illness COVID-19 has spread worldwide since December 2019, resulting in a global pandemic and major disruption to economies and markets around the world, including the United States. Although the immediate effects of the COVID-19 pandemic, such as business closures, layoffs, travel restrictions, quarantines, and delays in the delivery of health care services, have begun to dissipate, global markets and economies continue to contend with the long-term impact of the COVID-19 pandemic and the resultant market volatility and economic disruptions. The speed at which global economies recover, or fail to recover, from the COVID-19 pandemic will affect certain sectors, industries, and issuers more dramatically than others, which in turn may adversely affect certain Fund investments. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time.

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Notes to Financial Statements

April 30, 2023

In addition, Russia’s military invasion of Ukraine initiated in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. While the extent and duration of Russia’s military actions and the repercussions of such actions are impossible to predict, the war in Ukraine could result in significant market disruptions, including in certain industries or sectors, and may negatively affect global supply chains, inflation and global growth.

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.

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.

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.

Quantitative Security Selection Risk — Cambria uses quantitative techniques to generate investment decisions and select stocks, and a Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on a Fund and its shareholders.

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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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.

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.

Value Investment Risk — A Fund may consider certain value metrics when selecting stocks for inclusion in its portfolio and, as a result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

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.

Fund	Paid-in Capital			Total Distributable Earnings
Cambria Shareholder Yield ETF	$	12,508,276		$	(12,508,276	)
Cambria Global Value ETF		1,100,451			(1,100,451	)
Cambria Global Momentum ETF		865,722			(865,722	)
Cambria Global Asset Allocation ETF		148,565			(148,565	)
Cambria Value and Momentum ETF		5,938,287			(5,938,287	)
Cambria Emerging Shareholder Yield ETF		175,040			(175,040	)
Cambria Tail Risk ETF		(2,763,224	)		2,763,224
Cambria Trinity ETF		493,185			(493,185	)
Cambria Cannabis ETF		(405,117	)		405,117
Cambria Global Real Estate ETF		358,248			(358,248	)
Cambria Global Tail Risk ETF		(705,329	)		705,329

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Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 ending April 30, 2022, were as follows:

Fund

Ordinary Income

Long-Term Capital
Gains

Return of Capital

Cambria Shareholder Yield ETF

6,890,165

1,374,896

–

Cambria Foreign Shareholder Yield ETF

2,195,125

–

Cambria Global Value ETF

4,429,824

–

Cambria Global Momentum ETF

2,629,099

–

137,036

Cambria Global Asset Allocation ETF

3,290,869

–

Cambria Value and Momentum ETF

252,960

–

Cambria Emerging Shareholder Yield ETF

4,467,930

1,310,258

–

Cambria Tail Risk ETF

2,160,957

–

Cambria Trinity ETF

2,670,015

66,315

–

Cambria Cannabis ETF

724,710

–

Cambria Global Real Estate ETF

1,625,722

291,112

115,789

Fund	Ordinary Income		Long-Term Capital Gains
Cambria Shareholder Yield ETF	$	15,158,346	$	3,350,442
Cambria Foreign Shareholder Yield ETF		5,789,832		–
Cambria Global Value ETF		5,123,088		–
Cambria Global Momentum ETF		3,308,682		–
Cambria Global Asset Allocation ETF		1,914,838		178,108
Cambria Value and Momentum ETF		1,755,804		–
Cambria Emerging Shareholder Yield ETF		5,803,121		1,582,524
Cambria Tail Risk ETF		5,934,009		–
Cambria Trinity ETF		3,255,280		822,647
Cambria Cannabis ETF		415,452		–
Cambria Global Real Estate ETF		783,635		–

As of April 30, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Fund	(Over)/ Undistributed Ordinary Income		Accumulated Gains/ (Losses)			Net Unrealized Appreciation/ (Depreciation) on Investments			Other Cumulative Effect of Timing Differences		Accumulated Losses
Cambria Shareholder Yield ETF	$	419,595	$	(24,334,061	)	$	(33,596,970	)	$	–	$	(57,511,436	)
Cambria Foreign Shareholder Yield ETF		2,114,088		(5,179,121	)		(1,489,090	)		–		(4,554,123	)
Cambria Global Value ETF		2,061,151		(24,341,352	)		(11,213,544	)		–		(33,493,745	)
Cambria Global Momentum ETF		–		(14,704,275	)		4,948,880			–		(9,755,395	)
Cambria Global Asset Allocation ETF		31,441		(716	)		(2,150,229	)		–		(2,119,504	)
Cambria Value and Momentum ETF		25,771		(20,528,382	)		51,180			–		(20,451,431	)
Cambria Emerging Shareholder Yield ETF		2,989,390		(3,739,108	)		(12,563,232	)		–		(13,312,950	)
Cambria Tail Risk ETF		552,150		(152,751,392	)		3,240,768			–		(148,958,474	)
Cambria Trinity ETF		–		(1,303,544	)		(2,125,061	)		–		(3,428,605	)
Cambria Cannabis ETF		12,555		(6,867,095	)		(17,951,106	)		–		(24,805,646	)
Cambria Global Real Estate ETF		371,748		(3,279,311	)		(1,266,152	)		–		(4,173,715	)
Cambria Global Tail Risk ETF		–		(877,068	)		(411,134	)		–		(1,288,202	)

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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

Funds are permitted to carry forward losses for an unlimited period and losses that are carried forward will retain their character as either short term or long term capital losses. As of April 30, 2023, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:

Fund	Non-Expiring Short-Term		Non-Expiring Long-Term
Cambria Shareholder Yield ETF	$	7,092,574	$	–
Cambria Foreign Shareholder Yield ETF		4,981,740		142,290
Cambria Global Value ETF		–		23,909,309
Cambria Global Momentum ETF		4,451,294		–
Cambria Value and Momentum ETF		10,414,249		–
Cambria Emerging Shareholder Yield ETF		2,185,111		–
Cambria Tail Risk ETF		26,876,809		45,607,001
Cambria Cannabis ETF		357,498		5,157,686
Cambria Global Real Estate ETF		1,618,897		–

During the period ended April 30, 2023, the Cambria Global Value ETF and the Cambria Global Tail Risk ETF, utilized $2,643,025 and $340,547 of capital loss carryforwards to offset capital gains, respectively.

The Funds elect to defer to the period ending April 30, 2023, post-October losses in the amount of:

Fund	Post-October Losses Deferred
Cambria Shareholder Yield ETF	$	17,241,487
Cambria Foreign Shareholder Yield ETF		55,091
Cambria Global Value ETF		432,043
Cambria Global Momentum ETF		10,252,981
Cambria Global Asset Allocation ETF		716
Cambria Value and Momentum ETF		10,114,133
Cambria Emerging Shareholder Yield ETF		1,553,997
Cambria Tail Risk ETF		80,267,582
Cambria Trinity ETF		1,303,545
Cambria Cannabis ETF		1,351,911
Cambria Global Real Estate ETF		1,660,416
Cambria Global Tail Risk ETF		877,068

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Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency held by the Funds at April 30, 2023, were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation/ (Depreciation) of Foreign Currency and Derivatives			Net Unrealized Appreciation/ (Depreciation)*			Cost of Investments for Income Tax Purposes
Cambria Shareholder Yield ETF	$	51,344,358	$	(84,941,348	)	$	20		$	(33,596,970	)	$	760,272,888
Cambria Foreign Shareholder Yield ETF		12,168,028		(13,637,219	)		(19,899	)		(1,489,090	)		190,243,050
Cambria Global Value ETF		10,426,768		(21,629,934	)		(10,378	)		(11,213,544	)		145,248,760
Cambria Global Momentum ETF		5,663,711		(714,831	)		–			4,948,880			181,076,691
Cambria Global Asset Allocation ETF		2,859,624		(5,009,853	)		–			(2,150,229	)		55,383,312
Cambria Value and Momentum ETF		4,788,294		(4,737,114	)		–			51,180			58,131,969
Cambria Global Tail Risk ETF		125,329		(514,768	)		(21,695	)		(411,134	)		3,825,076
Cambria Emerging Shareholder Yield ETF		15,989,210		(28,316,222	)		(236,220	)		(12,563,232	)		182,546,831
Cambria Tail Risk ETF		17,679,263		(14,438,495	)		–			3,240,768			214,773,498
Cambria Trinity ETF		2,993,576		(5,118,637	)		–			(2,125,061	)		125,844,203
Cambria Cannabis ETF		420,207		(18,372,887	)		1,574			(17,951,106	)		28,633,802
Cambria Global Real Estate ETF		1,049,774		(2,315,021	)		(905	)		(1,266,152	)		26,604,072

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.

Annual Report | April 30, 2023

Cambria ETF Trust

Notes to Financial Statements

April 30, 2023

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 April 30, 2023:

	Gross Amount of Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received⁽¹⁾		Net Amount
Cambria Shareholder Yield ETF	$	14,240,689	$	14,240,689	$	–
Cambria Foreign Shareholder Yield ETF		5,631,808		5,631,808		–
Cambria Global Value ETF		2,679,779		2,679,779		–
Cambria Global Momentum ETF		9,194,963		9,194,963		–
Cambria Global Asset Allocation ETF		3,033,101		3,033,101		–
Cambria Value and Momentum ETF		726,496		726,496		–
Cambria Emerging Shareholder Yield ETF		1,996,887		1,996,887		–
Cambria Trinity ETF		7,066,716		7,066,716		–
Cambria Cannabis ETF		980,938		980,938		–

⁽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 April 30, 2023 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, except as follows:

On or about June 22, 2023, Fund shareholders of record as of June 1, 2023, received a proxy statement related to a special meeting of shareholders to be held on July 14, 2023, called by the Board for the purpose of asking Fund shareholders to vote on proposals to (i) elect new independent trustees to the Board, (ii) approve a new investment sub-advisory agreement between Cambria and Toroso Investments, LLC, and (iii) approve a manager of managers arrangement that would grant Cambria, subject to prior approval by the Board, greater flexibility to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of a Fund’s shareholders.

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Cambria ETF Trust

Report of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of
Trustees of Cambria ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Cambria ETF Trust comprising the funds listed below (the “Funds”) as of April 30, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
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, Cambria Emerging Shareholder Yield ETF and Cambria Tail Risk ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Cambria Trinity ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021 and 2020, and for the period from September 7, 2018 (commencement of operations) through April 30, 2019

COHEN & COMPANY, LTD.
800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

Annual Report | April 30, 2023

Cambria ETF Trust

Report of Independent Registered Public Accounting Firm

Cambria Cannabis ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022 and 2021, and for the period from July 24, 2019 (commencement of operations) through April 30, 2020
Cambria Global Real Estate ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023 and 2022, and for the period from September 23, 2020 (commencement of operations) through April 30, 2021

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

COHEN & COMPANY, LTD.
Cleveland, Ohio
June 29, 2023

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Cambria ETF Trust

Disclosure of Fund Expenses

April 30, 2023 (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 (November 1, 2022 to April 30, 2023).

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 period, 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 November 1, 2022	Ending Account Value April 30, 2023	Expense Ratio^(a)	Expenses Paid During period November 1, 2022 - April 30, 2023^(b)
Cambria Shareholder Yield ETF
Actual	$1,000.00	$1,003.10	0.59%	$2.98
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

Cambria Foreign Shareholder Yield ETF
Actual	$1,000.00	$856.90	0.59%	$2.76
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

Cambria Global Value ETF
Actual	$1,000.00	$889.60	0.71%	$3.38
Hypothetical (5% return before expenses)	$1,000.00	$1,021.63	0.71%	$3.62

Cambria Global Momentum ETF
Actual	$1,000.00	$925.50	0.59%	$2.86
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

Annual Report | April 30, 2023

Cambria ETF Trust

Disclosure of Fund Expenses

April 30, 2023 (Unaudited)

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Expense Ratio^(a)	Expenses Paid During period November 1, 2022 - April 30, 2023^(b)
Cambria Global Asset Allocation ETF
Actual	$1,000.00	$924.00	–%	$–
Hypothetical (5% return before expenses)	$1,000.00	$1,025.21	–%	$–

Cambria Value and Momentum ETF
Actual	$1,000.00	$1,071.10	0.63%	$3.29
Hypothetical (5% return before expenses)	$1,000.00	$1,022.03	0.63%	$3.21

Cambria Global Tail Risk ETF
Actual	$1,000.00	$1,000.00	0.59%	$2.97
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

Cambria Emerging Shareholder Yield ETF
Actual	$1,000.00	$860.60	0.65%	$3.05
Hypothetical (5% return before expenses)	$1,000.00	$1,021.93	0.65%	$3.31

Cambria Tail Risk ETF
Actual	$1,000.00	$921.10	0.59%	$2.86
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

Cambria Trinity ETF
Actual	$1,000.00	$941.20	–%	$–
Hypothetical (5% return before expenses)	$1,000.00	$1,025.21	–%	$–

Cambria Cannabis ETF
Actual	$1,000.00	$764.30	0.42%	$1.87
Hypothetical (5% return before expenses)	$1,000.00	$1,023.09	0.42%	$2.14

Cambria Global Real Estate ETF
Actual	$1,000.00	$861.80	0.59%	$2.77
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01

92	www.cambriafunds.com

Cambria ETF Trust

Approval of Advisory Agreement & Board Considerations

April 30, 2023 (Unaudited)

The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended a meeting held on March 7, 2023 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of the investment advisory agreement (the “Agreement”) between Cambria Investment Management, L.P. (“Cambria”) and the Trust, with respect to each series of the Trust (each, a “Fund” and, collectively, the “Funds”). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria to a due diligence questionnaire circulated on the Board’s behalf relating to the Funds. During its deliberations, the Board received an oral presentation from Cambria and was assisted by the advice of independent legal counsel.

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

The discussion immediately below outlines in greater detail the materials and information presented to the Board in connection with its consideration and approval of the Agreement, and the conclusions made by the Board at the Meeting when determining to approve the Agreement on behalf of the Funds.

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

Performance. The Board noted that it considered the performance of the Funds throughout the year and reviewed each Fund’s performance for the three-month, 12-month, and since inception periods ended January 31, 2023. In this regard, among other things, the Board considered reports comparing each Fund’s total returns to the total returns of the Fund’s Peer Group and its benchmark index. Representatives from Cambria provided information regarding and led discussions of factors impacting the performance of each Fund, outlining current market conditions and explaining their expectations and strategies for the future.

Cambria Shareholder Yield ETF: The Board considered that the Fund outperformed, before fees and expenses, the S&P 500, its benchmark index, for the since inception, 12- and three-month periods. Primary drivers of the Fund’s outperformance for the 12- and three-month periods, relative to its benchmark, were an overweight allocation to the Materials sector and security selection within the Consumer Discretionary sector. The Board further noted that the Fund outperformed all of the funds in its Peer Group during all three periods.

Cambria Foreign Shareholder Yield ETF: The Board considered that the Fund outperformed, before fees and expenses, the MSCI EAFE Index, its benchmark index, for the since inception, 12- and three-month periods. Primary drivers of the Fund’s outperformance during the three-month period, relative to its benchmark, were its allocation to Canada, overweight allocation and security selection in Hong Kong, and security selection and currency exposure in Japan. The Fund’s security selection in Japan and Sweden, as well as its allocation to Canada, drove outperformance relative to its benchmark index for the 12-month period. The Board further noted that the Fund outperformed all of the funds in its Peer Group during all three periods, except the Fund slightly underperformed one of its three peer funds during the most recent three-month period.

Cambria Global Value ETF: The Board considered that the Fund outperformed, before fees and expenses, the MSCI ACWI Total Return Index, its benchmark index, for the three-month and 12-month periods, but the Fund significantly underperformed the same benchmark for the since inception period. Primary drivers of the Fund’s outperformance during the three-month period were overweight allocations to Poland and Turkey and currency exposure to Poland and Chile relative to its benchmark. The Fund’s overweight allocation to Turkey, underweight allocation to the United States, and security selection in Singapore, relative to its benchmark, drove Fund performance for the 12-month period. The Board further noted that the Fund outperformed all of the funds in its Peer Group for the three- and 12-month periods, but the Fund’s performance significantly lagged behind the performance of all funds in the Peer Group for the since inception period.

Annual Report | April 30, 2023

Cambria ETF Trust

Approval of Advisory Agreement & Board Considerations

April 30, 2023 (Unaudited)

Cambria Global Momentum ETF: The Board considered that the Fund outperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the 12-month period but underperformed the same benchmark for the three-month and since inception periods. A primary driver of the Fund’s outperformance of its benchmark during the 12-month period was an overweight allocation to the global Energy sector and its exposure to VAMO. The Fund’s exposure to Energy futures contributed to its underperformance for the three-month period. The Board further noted that the Fund generally performed within the high range of its Peer Group for the since inception period, but the Fund’s performance exceeded the performance of all funds in the Peer Group for the three- and 12-month periods.

Cambria Global Asset Allocation ETF: The Board considered that the Fund outperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the three- and 12-month periods, but the Fund underperformed the same benchmark for the since inception period. The primary driver of the Fund’s positive performance during the three-month period relative to its benchmark index was the Fund’s exposure to developed and emerging market equities; whereas, the Fund’s exposure to emerging market equities and global fixed income harmed the Fund’s relative performance over the 12-month period. The Board further noted that the Fund generally performed within the range of its Peer Group for each period, but the Fund’s performance exceeded the performance of all funds in the Peer Group for the 12-month period.

Cambria Value and Momentum ETF: The Board considered that the Fund significantly outperformed, before fees and expenses, the S&P 500, its benchmark index, for the three- and 12-month periods, but the Fund significantly underperformed the same benchmark for the since inception period. The primary driver of the Fund’s outperformance during the three- and 12-month periods was the Fund’s hedge against the S&P 500. The Board further noted that the Fund performed within the range of its Peer Group for the since inception period, slightly underperformed on a relative basis during the three-month period, and significantly outperformed all of the funds in its Peer Group for the 12-month period.

Cambria Global Tail Risk ETF: The Board considered that the Fund, which changed its objective and strategy on March 15, 2021, significantly underperformed, before fees and expenses, a blended benchmark of the FTSE/Citi World Government Bond Index and the Bloomberg Barclays U.S. Short Term Treasury Total Return Index Unhedged for the three-, 12-month, and since inception periods. The primary drivers of the Fund’s underperformance during the three-month period were the Fund’s put options on the MSCI EAFE and EMSI Emerging Markets Indices, each of which posted positive returns for the period. The primary driver of the Fund’s underperformance during the 12-month period was the Fund’s allocation to global bonds. The Board further noted that the Fund generally performed within the range of its Peer Group for each period. The Board also considered that the Fund changed its investment objective and principal strategy within the past three years, which was a relatively short period of time over which to evaluate the Fund’s performance and draw meaningful conclusions.

Cambria Emerging Shareholder Yield ETF: The Board considered that the Fund significantly outperformed, before fees and expenses, the MSCI Emerging Markets Total Return Index, its benchmark index, for the 12-month and since inception periods but slightly underperformed its benchmark for the three-month period. The primary drivers of the Fund’s underperformance during the three-month period, relative to its benchmark, was security selection and allocation within China as well as security selection and currency exposure to South Korea. The primary drivers of the Fund’s outperformance during the 12-month period, relative to its benchmark, was security selection in China and South Africa and an overweight allocation to Turkey and South Africa. The Board further noted that the Fund significantly outperformed its Peer Group for the since inception period, and the Fund’s performance was within the range of its Peer Group for the three- and 12-month periods.

Cambria Tail Risk ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the Bloomberg Barclays U.S. Short Term Treasury Total Return Index Unhedged, its benchmark index, for the three-, 12-month, and since inception periods. The Fund’s allocation to put options on the S&P 500, which had positive performance during the quarter, was the primary driver of the Fund’s underperformance for the three-month period. The core drivers of the Fund’s negative performance during the 12-month period were U.S. Treasuries. The Board further noted that the Fund generally performed within the range of its Peer Group for the since inception period, but the Fund’s performance exceeded the performance of all funds in its Peer Group for the three- and 12-month periods.

Cambria Trinity ETF: The Board considered that the Fund outperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the 12-month period, but the Fund underperformed the same benchmark for the three-month and since inception periods. The primary drivers of the Fund’s negative performance during the three-month period were international developed, emerging and US equities and emerging markets fixed income securities. The Fund’s exposure to VAMO, through which the Fund hedged its exposure to the S&P 500, contributed to the Fund’s relative outperformance of its benchmark index during the 12-month period. The Board further noted that the Fund exceeded the performance of all funds in its Peer Group for the 12-month period, underperformed all funds in its Peer Group for the three-month period, and performed within the range of its Peer Group for the since inception period.

Cambria Cannabis ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P 500, its benchmark index, for the three-, 12-month and since inception periods. The primary driver of the Fund’s underperformance during the three- and 12-month periods can be attributed to the general underperformance of the cannabis industry relative to the benchmark. The Board further noted that the Fund outperformed all of the funds in its Peer Group during all three periods.

94	www.cambriafunds.com

Cambria ETF Trust

Approval of Advisory Agreement & Board Considerations

April 30, 2023 (Unaudited)

Cambria Global Real Estate ETF: The Board considered that the Fund outperformed, before fees and expenses, the FTSE EPRA Nareit Global REITs Total Return Index, its benchmark index, for the 12-month period, but the Fund underperformed the same benchmark for the three-month and since inception periods. For the three-month period, positive returns were driven primarily by the Fund’s exposure to the United States and Turkey and the Retail and Diversified REITs categories. For the 12-month period, negative returns were driven primarily by the Fund’s exposure to the United States and Canada and the Office and Diversified REITs categories. The Board further noted that the Fund generally performed within the range of its Peer Group for each period, and the Fund’s performance exceeded the performance of all funds in the Peer Group for the 12-month period. The Board also considered that the Fund commenced operations on September 24, 2020, and thus had been operating for less than three years, which was a relatively short period of time over which to evaluate the Fund’s performance and draw meaningful conclusions.

The Trustees determined that each Fund’s performance was satisfactory, or, where the Fund’s performance was materially below its benchmark and/or Peer Group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by Cambria to improve the Fund’s performance. The Board also considered each Fund’s portfolio turnover rate. In addition, the Board discussed and considered the performance track record, investment experience, professional background and qualifications of Mebane Faber, the Funds’ portfolio manager. Based on this information, the Board concluded that it was satisfied with the investment results that Cambria had been able to achieve for each of the Funds.

Comparative Fees and Expenses. The Board considered each Fund’s advisory fees in relation to the estimated costs of the advisory and related services provided by Cambria. The Trustees noted that each Fund charges a unitary advisory fee through which, Cambria, not the Funds, is responsible for paying many of the expenses necessary to service the Funds, including the expenses of other service providers. In considering the advisory fees, the Board reviewed and considered the fees in light of the nature, quality and extent of the services to be provided by Cambria. Because the Funds charge unitary advisory fees, the Board considered how the Funds’ total expense ratios compared to those of the funds in their Peer Group, noting how differences between fund strategies might impact fees. After comparing expense ratios, the Board noted that each Fund’s total expense ratio was generally consistent with the range of total expense ratios charged by its Peer Group funds or, with respect to the Cambria Foreign Shareholder Yield ETF, Cambria Emerging Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Asset Allocation ETF, Cambria Trinity ETF, and Cambria Global Real Estate ETF, where the Fund’s expense ratio was materially higher than the range of expense ratios of its Peer Group funds, the Trustees were satisfied by the reasons for the Funds’ higher expenses, including, but not limited to, significant differences between the investment strategies, portfolio holdings, or asset size of a Fund and its Peer Group funds. The Board also considered Cambria’s representation that it would continue to monitor the Funds’ expense ratios, as compared to those of their Peer Groups, and seek to ensure that the Funds remain competitive. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory fees appeared reasonable in light of the services to be rendered.

Costs and Profitability. The Board then considered the profits realized by Cambria in connection with the services Cambria provides to the Funds. The Board reviewed profit and loss information provided by Cambria with respect to each Fund. In particular, the Board noted Cambria’s representation of its long-term commitment to the success of the Funds and the unitary fee structure under which Cambria bears the risk that the Funds’ expenses may increase. The Board further considered the costs associated with the personnel, systems and equipment necessary to manage the Funds and meet their regulatory and compliance requirements as well as other expenses Cambria pays in accordance with the Agreement. Based on its review, in the context of its full deliberations, the Board concluded that Cambria’s profitability, with respect to each Fund, appeared reasonable in light of the services Cambria renders to the Funds.

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

Economies of Scale. The Board next considered the absence of breakpoints in Cambria’s fee schedule for each Fund and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in each Fund’s asset levels. The Board determined that it is difficult to predict when economies of scale might be realized for Cambria and the Funds, some of which launched less than five years ago. The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints in the future, as assets managed by each Fund grow larger.

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

Annual Report | April 30, 2023

Cambria ETF Trust

Liquidity Risk Management Program

April 30, 2023 (Unaudited)

Pursuant to the requirements of Rule 22e-4 under the 1940 Act (the “Rule”), Cambria ETF Trust (the “Trust”), on behalf of each of its Funds, adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Rule seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Funds’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Funds. The Board has appointed Jonathan Keetz, the Chief Operating Officer of Cambria Investment Management L.P., the investment adviser to the Funds, to serve as the program administrator for each Fund’s Program (the “Program Administrator”).

At the December 6, 2022, quarterly meeting of the Board, the Trustees received a written report from the Program Administrator pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the year ended October 31, 2022. The report concluded that the Program remains adequately designed to assess and manage the Funds’ liquidity risk and continues to be adequately and effectively implemented to monitor and (as applicable) respond to any liquidity developments that impact the Funds. The report reflected that there were no liquidity events that impacted the Funds’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that none of the Funds have been required to set a highly liquid investment minimum, and no Fund breached the 15% limitation on illiquid assets during the reporting period. In addition, the report indicated that no material changes have been made to the Program over the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

96	www.cambriafunds.com

Cambria ETF Trust

Trustees and Officers

April 30, 2023 (Unaudited)

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

Unless otherwise noted, the business address of each trustee is Cambria ETF Trust, 3300 Highland Avenue, Manhattan Beach, California 90266.

Each Trustee shall hold office during the lifetime of the Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Trust Instrument.

Denotes Trustees who may be deemed to be “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Adviser.

Name, Address and Year of Birth⁴	Position(s) Held with Trust, Term of Office, and Length of Time Served⁵	Principal Occupation(s) During Past 5 Years
OFFICERS⁶
Ryan Johanson YOB: 1982	Treasurer and Principal Financial Officer since Dec. 2021; no set term	Fund Controller (since 2016) and Financial Reporting Manager (2012 – 2016), ALPS Fund Services, Inc.
Jonathan Keetz YOB: 1988	Vice President since Nov. 2020; no set term	Chief Operating Officer (since Nov. 2020) and Vice President (2015 – 2020), Cambria Investment Management, L.P.
Douglas Tyre YOB: 1980	Chief Compliance Officer since May 2018; no set term	Senior Principal Consultant, ACA Group, Compliance (May 2022 – present); Compliance Director, Foreside Financial Group, LLC (April 2022 – May 2022); Compliance Director (2019 – 2022), Assistant Compliance Director (2018 – 2019) and Manager (2014 – 2017), Cipperman Compliance Services, LLC.

⁴

Unless otherwise noted, the business address of each Officer is Cambria ETF Trust, 3300 Highland Avenue, Manhattan Beach, California 90266.

⁵

Each Officer shall hold office during the lifetime of the Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Trust Instrument.

⁶

Officers oversee 12 Funds in the Trust.

Annual Report | April 30, 2023

Cambria ETF Trust

Notice to Shareholders

April 30, 2023 (Unaudited)

In early 2023, if applicable, shareholders of record received information for the distributions paid to them by the Funds during the calendar year 2022 via Form 1099. The Funds will notify shareholders in early 2024 of amounts paid to them by the Funds, if any, during the calendar year 2023.

	Long-Term Capital Gain Distributions⁽¹⁾	Dividend Received Deduction⁽²⁾	Qualified Dividend Income⁽³⁾	Foreign Taxes Paid⁽⁴⁾	Foreign Source Income⁽⁴⁾
Cambria Shareholder Yield ETF	$0.29	100.00%	100.00%	N/A	N/A
Cambria Foreign Shareholder Yield ETF	$0.00	0.00%	62.39%	$380,632	$6,164,680
Cambria Global Value ETF	$0.00	0.00%	44.04%	$583,401	$6,239,055
Cambria Global Momentum ETF	$0.00	27.94%	38.93%	N/A	N/A
Cambria Global Asset Allocation ETF	$0.14	4.01%	21.17%	N/A	N/A
Cambria Value and Momentum ETF	$0.00	100.00%	100.00%	N/A	N/A
Cambria Global Tail Risk ETF	$0.00	0.00%	0.00%	N/A	N/A
Cambria Emerging Shareholder Yield ETF	$0.37	0.00%	68.74%	$1,164,334	$9,240,179
Cambria Tail Risk ETF	$0.00	0.00%	0.00%	N/A	N/A
Cambria Cannabis ETF	$0.00	82.10%	100.00%	N/A	N/A
Cambria Trinity ETF	$0.34	10.82%	23.38%	N/A	N/A
Cambria Global Real Estate ETF	$0.00	0.00%	38.58%	N/A	N/A

⁽¹⁾

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the amounts above as long-term capital gain dividends

⁽²⁾

Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions.

⁽³⁾

The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and it’s reflected as a percentage of ordinary income distributions. It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽⁴⁾

Pursuant to Section 853(c) of the Internal Revenue Code, the Funds will designate the amounts as foreign taxes paid and foreign source income earned between May 1, 2022 and April 30, 2023.

The information reported herein may differ from the information and distributions taxable to the shareholders for the year ending April 30, 2023. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

98	www.cambriafunds.com

Cambria ETF Trust

Supplemental Information

April 30, 2023 (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 One Year Total Return	Market Price, End of Period
Cambria Shareholder Yield ETF	-1.67%	$58.12
Cambria Foreign Shareholder Yield ETF	3.69%	25.33
Cambria Global Value ETF	7.40%	20.67
Cambria Global Momentum ETF	-8.94%	27.94
Cambria Global Asset Allocation ETF	-2.46%	26.96
Cambria Value and Momentum ETF	-3.64%	24.62
Cambria Global Tail Risk ETF	-8.19%	19.74
Cambria Emerging Shareholder Yield ETF	5.41%	29.18
Cambria Tail Risk ETF	-12.13%	14.60
Cambria Trinity ETF	-4.70%	24.82
Cambria Cannabis ETF	-35.84%	6.20
Cambria Global Real Estate ETF	-13.88%	24.56

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.

Annual Report | April 30, 2023

Investment Adviser:
Cambria Investment Management, L.P.
3300 Highland Ave
Manhattan Beach, CA 90266

Distributor:
ALPS Distributors Inc.
1290 Broadway Suite 1000
Denver, CO 80203

Legal Counsel:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004-2541

Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio, 44115

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

(b)

Not Applicable.

Item 2. Code of Ethics.

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)	During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report.

(d)	During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(f)	The registrant’s code of ethics referred to in Item 2(a) above is attached as an Exhibit 13(a)(1), herewith.

Item 3. Audit Committee Financial Expert.

(a) (1) The registrant’s Board of Trustees has determined that the registrant has an audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert, Dennis G. Schmal, is an independent trustee as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: For the registrant’s last two fiscal years ended April 30, 2023 and April 30, 2022, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $179,500 and $175,875, respectively.

(b)

Audit-Related Fees: For the registrant’s last two fiscal years ended April 30, 2023 and April 30, 2022, the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and not otherwise reported under paragraph (a) of this Item were $0 and $0, respectively.

(c)	Tax Fees: For the registrant’s last two fiscal years ended April 30, 2023 and April 30, 2022, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $24,000 and $24,000, respectively.

(d)	All Other Fees: For the registrant’s last two fiscal years ended April 30, 2023 and April 30, 2022, the aggregate fees billed for products and services, provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 and $0, respectively.

(e) (1)

The Trust’s Audit Committee has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust may be pre-approved.

(2)

No services described in paragraphs (b) through (d) of this Item were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable to the registrant.

(g)	The aggregate non-audit fees and services billed by the principal accountant for the fiscal year 2023 were $0.

(h)

During the past fiscal year, registrant’s principal accountant provided certain non-audit services to registrant's investment adviser or to entities controlling, controlled by, or under common control with registrant's investment adviser that provide ongoing services to registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by registrant's principal accountant to registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i)	Not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are Dennis Schmal and Michael Venuto.

Item 6. Schedule of Investments.

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

(b)	Not applicable.

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)

Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is filed herewith as Ex99.13(a)(1)Code of Ethics.

(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, as amended (17 CFR 270.30a-2(b)) are filed herewith as Ex99.906Cert.

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.

Cambria ETF Trust

By:	/s/ Mebane Faber
	Mebane Faber
	President

Date:

July 10, 2023

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:	/s/ Mebane Faber
	Mebane Faber
	President

Date:

July 10, 2023

By:	/s/ Ryan Johanson
	Ryan Johanson
	Principal Financial Officer

Date:

July 10, 2023

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